<PAGE>
[LOGO] CANADA LIFE
RONALD E. BEETTAM, F.S.A., F.C.I.A.
President
Canada Life Insurance Company
of America
P.O. Box 105662
Atlanta, GA 30348-5662
(770) 953-1959, x2861
(800) 905-1959
FAX: (888) 670-4836
August, 2000
Dear Trillium(R) Policyowner:
Enclosed is the Trillium Semi-Annual Report for the period ending June 30, 2000.
We encourage you to review this information and to refer to it as needed
throughout the year.
Please call your Registered Representative or Canada Life if you have any
questions.
Thank you for selecting Trillium for your financial needs.
Sincerely,
/s/ Ronald E. Beettam
Ronald E. Beettam
Encl.
6201 Powers Ferry Road, N.W. Atlanta, Georgia 30339
<PAGE>
TRILLIUM [LOGO]
A Variable Annuity
<TABLE>
<CAPTION>
VARIABLE ACCOUNT PERFORMANCE
----------------------------
Average Annual Total Returns for Periods Ending June 30, 2000
Assuming Contract Continues
Year-to- Since Inception
Date* 1 Year 3 Year 5 Year Inception Date
<S> <C> <C> <C> <C> <C> <C>
Seligman Communications and Information Portfolio 4.08% 58.76% 42.39% 26.39% 30.83% 10/4/94
Seligman Global Technology Portfolio 5.01 80.74 49.28 -- 36.87 5/1/96
Seligman Frontier Portfolio 3.34 27.31 6.61 12.94 14.94 10/4/94
Seligman Small-Cap Value Portfolio 6.29 (0.55) -- -- 7.29 5/1/98
Seligman Global Smaller Companies Portfolio 1.50 26.63 8.08 12.15 11.92 10/4/94
Seligman Capital Portfolio 27.74 79.62 36.90 28.51 21.62 5/3/93
Seligman Large-Cap Growth Portfolio 8.92 26.19 -- -- 26.17 5/1/99
Seligman Global Growth Portfolio (3.50) 27.79 19.57 -- 16.52 5/1/96
Seligman Large-Cap Value Portfolio (6.07) (18.45) -- -- (5.28) 5/1/98
Seligman Common Stock Portfolio (0.95) 0.51 12.59 16.13 14.00 5/3/93
Seligman International Growth Portfolio (24.42) (9.06) 0.41 5.64 5.74 5/3/93
Seligman Income Portfolio 0.90 2.38 4.69 6.23 5.35 5/3/93
Seligman High-Yield Bond Portfolio (2.68) (4.29) 0.76 5.14 5.00 5/1/95
Seligman Bond Portfolio 2.83 1.91 2.88 3.10 3.24 5/3/93
Seligman Cash Management Portfolio Current Yield 5.89%+ 2.24 4.19 3.90 3.84 3.28 5/3/93
</TABLE>
*Not annualized.
+ Annualized for the seven-day period ending June 30, 2000. The current yield
figure shown more closely reflects the current earnings of the Portfolio than
total return figures. Although Seligman Cash Management Portfolio seeks to
preserve the value of investments at $1.00 per share, it is possible to lose
money by investing in the Portfolio.
Trillium Fixed Account's rate for the one-year Guarantee Period was 4.95% as of
June 30, 2000. Rates for each Guarantee Period will be different, and are
subject to change on a monthly basis. The three-, five-, seven-, and 10-year
Guarantee Periods are currently not approved in all states. Please call 800-221-
2783 for state approval and the current rates on these Guarantee Periods.
Prior to March 31, 2000, Seligman employed a sub-advisor which was responsible
for providing portfolio management services with respect to the non-US
investments of the Global Technology, Global Smaller Companies, Global Growth,
and International Growth Portfolios. After March 31, 2000, Seligman will
continue to use such sub-advisory services only for Seligman Global Smaller
Companies Portfolio.
Performance quoted represents past performance, and the investment return and
principal value of an investment will fluctuate so that units, when surrendered,
may be worth more or less than their original cost. Performance for Seligman
Communications and Information and Seligman Global Technology Portfolios was
achieved during a market favorable to companies in the technology sector and
benefited significantly from investments in IPOs. There can be no assurances
that these Portfolios will continue to achieve, by investing in IPOs or
otherwise, similar performance in the future. Performance of the variable
portfolios reflects the performance of Seligman Portfolios, Inc., the underlying
investment vehicle for the Trillium Variable Account, adjusted for the current
fees and charges (excluding CDSC) associated with Trillium since the variable
account commenced operations on 5/3/93. For performance figures with CDSC,
please see reverse side. The fixed account is held in the general account of
Canada Life Insurance Company of America (CLICA) and provides a guarantee, by
CLICA, against loss of principal, and guarantees payment of a specified current
rate of interest. Please contact your financial advisor or call Seligman
Advisors at 800-221-2783 for a prospectus containing full details including
information on fees and charges. Please read the prospectus carefully before
investing or sending money.
Withdrawals may be subject to federal income tax, and a 10% federal tax penalty
if made before age 59 1/2. Withdrawals will reduce a policy's cash value and
death benefit. Depending on the performance of the underlying investment
options, the cash value available for withdrawals may be worth more or less than
the original amount invested.
There are specific risks associated with technology investing, such as greater
price fluctuations, government regulation, and limited liquidity. A portfolio
that concentrates its investments in one sector of the economy, such as
technology, may be subject to greater share price fluctuations than a more
diversified portfolio. The stocks of smaller companies may be subject to above-
average market price fluctuations. There are specific risks associated with
global investing, such as currency fluctuations, foreign taxation, differences
in financial reporting practices, and rapid changes in political conditions. A
portfolio with fewer holdings, such as Seligman Large-Cap Value Portfolio and
Seligman Small-Cap Value Portfolio, may be subject to greater volatility than a
portfolio with a greater number of holdings. High-yield bonds are subject to a
greater risk of loss of principal and interest than higher-rated investment-
grade bonds. Purchasers should carefully assess the risks associated with an
investment in Seligman High-Yield Bond Portfolio.
<PAGE>
<TABLE>
<CAPTION>
Average Annual Total Returns for Periods Ending June 30, 2000
VARIABLE ACCOUNT PERFORMANCE Assuming Contract Is Surrendered at End of Period
----------------------------
Year-to- Since Inception
Date* 1 Year 3 Year 5 Year Inception Date
<S> <C> <C> <C> <C> <C> <C>
Seligman Communications and Information Portfolio (1.32)% 53.36% 41.65% 26.17% 30.70% 10/4/94
Seligman Global Technology Portfolio (0.39) 75.34 48.60 -- 36.55 5/1/96
Seligman Frontier Portfolio (2.06) 21.91 5.27 12.60 14.70 10/4/94
Seligman Small-Cap Value Portfolio 0.89 (5.95) -- -- 5.36 5/1/98
Seligman Global Smaller Companies Portfolio (3.90) 21.23 6.78 11.81 11.64 10/4/94
Seligman Capital Portfolio 22.34 74.22 36.09 28.31 21.62 5/3/93
Seligman Large-Cap Growth Portfolio 3.52 20.79 -- -- 21.71 5/1/99
Seligman Global Growth Portfolio (8.90) 22.39 18.51 -- 15.98 5/1/96
Seligman Large-Cap Value Portfolio (11.47) (23.85) -- -- (7.52) 5/1/98
Seligman Common Stock Portfolio (6.35) (4.89) 11.40 15.83 14.00 5/3/93
Seligman International Growth Portfolio (29.82) (14.46) (1.10) 5.21 5.74 5/3/93
Seligman Income Portfolio (4.50) (3.02) 3.30 5.81 5.35 5/3/93
Seligman High-Yield Bond Portfolio (8.08) (9.69) (0.74) 4.69 4.57 5/1/95
Seligman Bond Portfolio (2.57) (3.49) 1.44 2.62 3.24 5/3/93
Seligman Cash Management Portfolio Current Yield 5.89%+ (3.16) (1.21) 2.50 3.37 3.28 5/3/93
</TABLE>
*Not annualized.
+ Annualized for the seven-day period ending June 30, 2000. The current yield
figure shown more closely reflects the current earnings of the Portfolio than
total return figures. Although Seligman Cash Management Portfolio seeks to
preserve the value of investments at $1.00 per share, it is possible to lose
money by investing in the Portfolio.
Trillium Fixed Account's rate for the one-year Guarantee Period was 4.95% as of
June 30, 2000. Rates for each Guarantee Period will be different, and are
subject to change on a monthly basis. The three-, five-, seven-, and 10-year
Guarantee Periods are currently not approved in all states. Please call 800-221-
2783 for state approval and the current rates on these Guarantee Periods.
Issued by: Canada Life Insurance Company of America, 6201 Powers Ferry Road,
N.W., Atlanta, GA 30339
For more information contact: Seligman Advisors, Inc., 100 Park Avenue, New
York, NY 10017 . (800) 221-2783
Prior to March 31, 2000, Seligman employed a sub-advisor which was responsible
for providing portfolio management services with respect to the non-US
investments of the Global Technology, Global Smaller Companies, Global Growth,
and International Growth Portfolios. After March 31, 2000, Seligman will
continue to use such sub-advisory services only for Seligman Global Smaller
Companies Portfolio.
Performance quoted represents past performance, and the investment return and
principal value of an investment will fluctuate so that units, when surrendered,
may be worth more or less than their original cost. Performance for Seligman
Communications and Information and Seligman Global Technology Portfolios was
achieved during a market favorable to companies in the technology sector and
benefited significantly from investments in IPOs. There can be no assurances
that these Portfolios will continue to achieve, by investing in IPOs or
otherwise, similar performance in the future. Performance of the variable
portfolios reflects the performance of Seligman Portfolios, Inc., the underlying
investment vehicle for the Trillium Variable Account, adjusted for Trillium's
current fees and charges and including the maximum CDSC of 6% since the variable
account commenced operations on 5/3/93. Trillium's CDSC for current premiums
(premiums paid during the current and previous six policy years) starts at 6%
and decreases in steps, depending on the number of policy years since the
premium was paid, as follows: less than two years, 6%; at least two, but less
than four, 5%; at least four, but less than five, 4%; at least five, but less
than six, 3%; at least six, but less than seven, 2%; at least seven, no charge.
The fixed account is held in the general account of Canada Life Insurance
Company of America (CLICA) and provides a guarantee, by CLICA, against loss of
principal, and guarantees payment of a specified current rate of interest.
Please contact your financial advisor or call Seligman Advisors at 800-221-2783
for a prospectus containing full details including information on fees and
charges. Please read the prospectus carefully before investing or sending money.
Withdrawals may be subject to federal income tax, and a 10% federal tax penalty
if made before age 59 1/2. Withdrawals will reduce a policy's cash value and
death benefit. Depending on the performance of the underlying investment
options, the cash value available for withdrawals may be worth more or less than
the original amount invested.
Investing in Trillium portfolios involves risk, including possible loss of
principal. Shares of the Trillium portfolios are not deposits or obligations of,
or guaranteed or endorsed by, any bank. Shares are not insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency, and are subject to market fluctuations.
<PAGE>
The attached are incorporated by reference herein to the Semi-annual Report
filed by and on behalf of the following:
Seligman Portfolios, Inc., filed August 31, 2000
Portfolios include: Seligman Bond, Seligman Capital, Seligman Cash
Management, Seligman Common Stock, Seligman Communications and Information,
Seligman Frontier, Seligman Global Growth, Seligman Global Smaller Companies,
Seligman Global Technology, Seligman High-Yield Bond, Seligman Income, Seligman
International Growth, Seligman Large-Cap Growth, Seligman Large-Cap Value, and
Seligman Small-Cap Value.
<PAGE>
-------------------------------------------------------------------------------
MID-YEAR REPORT
-------------------------------------------------------------------------------
TRILLIUM
A VARIABLE ANNUITY
JUNE 30, 2000
<PAGE>
Total Returns*
For the Six Months Ended June 30, 2000
Sub-Accounts:
Bond ................................................. 2.84%
Capital .............................................. 27.77
Cash Management ...................................... 2.26
Common Stock ......................................... (0.93)
Communications and Information ....................... 4.10
Frontier ............................................. 3.36
Global Growth ........................................ (3.47)
Global Smaller Companies ............................. 1.52
Global Technology .................................... 5.03
High-Yield Bond ...................................... (2.66)
Income ............................................... 0.91
International Growth ................................. (24.40)
Large-Cap Growth ..................................... 8.95
Large-Cap Value ...................................... (6.04)
Small-Cap Value ...................................... 6.32
------------------------
* Total returns of the Sub-Accounts are based on the performance of the
Seligman Portfolios, Inc., the underlying investment vehicle for the Canada
Life of America Variable Annuity Account 2 (Variable Annuity Account 2),
less current fees and charges. The returns exclude any contingent deferred
sales charge ("CDSC") applicable to the Variable Annuity Account 2.
<PAGE>
Seligman Portfolios, Inc.
the underlying investment vehicle for
-------------------------------------
TRILLIUM
A Variable
Annuity
-------------------------------------
-------------------------------------
-------------------------------------
August 11, 2000
Dear Contract Owner:
J. & W. Seligman & Co. Incorporated, the Manager of Seligman Portfolios,
Inc., the underlying investment vehicle for your Trillium Variable Annuity, and
Canada Life Insurance Company of America, as issuer of The Canada Life of
America Variable Annuity Account 2, are pleased to provide the enclosed
unaudited report for the six months ended June 30, 2000.
The first six months of 2000 presented a challenging investment environment
as markets considered the possible ramifications of the Federal Reserve Board's
tighter monetary policy. As early as June 1999, in an effort to slow the
economy, the Fed began raising interest rates. For nearly a year, these efforts
seemed to have little effect on the roaring US economy, and investors became
concerned that the Fed would be unable to achieve its objective of an economic
"soft landing." Ongoing economic strength could also prompt the Fed to continue
raising interest rates, possibly significantly, which could adversely affect
corporate profits and stock prices.
Investor fear finally induced a significant correction in the Nasdaq
Composite Index (a technology-heavy index) in March. From March 10 through May
23, 2000, this index lost 37% of its market value. Meanwhile, stocks with solid
earnings and strong underlying fundamentals strengthened, while "concept
stocks," those of companies with interesting ideas but no earnings, fell out of
favor. The market also broadened, and small- and mid-cap stocks delivered strong
relative performance. The bond market, particularly US government bonds and
high-quality corporate bonds, rallied during this time.
As the six months came to a close, the economy finally showed signs of a
slowdown. Growth and concept stocks temporarily regained some momentum, erasing
some of the damage that had occurred earlier in the period. By the end of the
six months, in which investors wavered between growth and value stocks, the
broad market averages had delivered generally flat results.
Looking ahead, we believe that the US economy will continue to moderate and
that the stock market will continue to broaden. Thus, we believe that investors
should work with their financial advisors to ensure that their portfolios
include a broad range of asset classes, such as small- and mid-cap stocks,
international stocks, and fixed-income securities. While we feel that the
economic slowdown and the corresponding moderation of the stock market are
healthy long-term trends, the investment environment could become more
challenging.
The rest of 2000 may present a more complex environment, making professional
management, such as is offered through variable insurance products, crucial.
These investment vehicles provide investors with an opportunity to obtain the
services of investment managers who have years of experience in specific
disciplines, such as global investing, small- and mid-cap investing, and
technology investing, and who have the support of research teams to find the
best opportunities throughout the world and across markets. They can also
provide diversification, which is important for long-term investment success.
Thank you for your continued support of Trillium. We look forward to serving
your investment needs for many years to come.
Respectfully,
/s/Ronald E. Beettam /s/William C. Morris
Ronald E. Beettam William C. Morris
President Chairman
Canada Life Insurance Company of America J.& W.Seligman & Co. Incorporated
-- 1 --
<PAGE>
Canada Life of America Variable Annuity Account 2
--------------------------------------------------------------------------------
Statement of Net Assets (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Common Communications
Bond Capital Management Stock and Information Frontier
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS:
Investment in Seligman
Portfolios, Inc., at market
value (see Note 3 for
cost values) ................. $5,458,013 $44,037,690 $12,829,251 $38,690,304 $176,951,045 $18,737,287
Due from (to) Canada Life
Insurance Company of
America ...................... 150,490 (1,675,322) (32,242) 1,327,448 348,698 487,036
---------- ----------- ----------- ----------- ------------ -----------
Net Assets ..................... $5,608,503 $42,362,368 $12,797,009 $40,017,752 $177,299,743 $19,224,323
========== =========== =========== =========== ============ ===========
NET ASSETS
ATTRIBUTABLE TO:
Policyholders' liability
reserve ..................... $5,608,503 $42,362,368 $12,797,009 $40,017,752 $177,299,743 $19,224,323
---------- ----------- ----------- ----------- ------------ -----------
Net Assets ..................... $5,608,503 $42,362,368 $12,797,009 $40,017,752 $177,299,743 $19,224,323
========== =========== =========== =========== ============ ===========
Number of Units
Outstanding ................. 332,215 590,725 8,325,756 902,886 3,782,826 861,838
========== =========== =========== =========== ============ ===========
Net Asset Value Per Unit ....... $16.8821 $71.7125 $1.5370 $44.3220 $46.8697 $22.3062
========== =========== =========== =========== ============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Global
Global Smaller Global High-Yield
Growth Companies Technology Bond Income
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSETS:
Investment in Seligman
Portfolios, Inc., at market
value (see Note 3 for
cost values) ................. $ 8,151,364 $18,668,968 $29,164,778 $17,855,967 $6,683,590
Due from (to) Canada Life
Insurance Company of
America ...................... 1,886,767 (336,100) (131,067) (256,830) 100,544
----------- ----------- ----------- ----------- ----------
Net Assets ..................... $10,038,131 $18,332,868 $29,033,711 $17,599,137 $6,784,134
=========== =========== =========== =========== ==========
NET ASSETS
ATTRIBUTABLE TO:
Policyholders' liability
reserve ..................... $10,038,131 $18,332,868 $29,033,711 $17,599,137 $6,784,134
----------- ----------- ----------- ----------- ----------
Net Assets ..................... $10,038,131 $18,332,868 $29,033,711 $17,599,137 $6,784,134
=========== =========== =========== =========== ==========
Number of Units
Outstanding ................. 529,998 958,278 784,057 1,364,333 290,772
=========== =========== =========== =========== ==========
Net Asset Value Per Unit ....... $18.9399 $19.1311 $37.0301 $12.8994 $23.3315
=========== =========== =========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
International Large-Cap Large-Cap Small-Cap
Growth Growth Value Value Sub-Accounts
Sub-Account Sub-Account Sub-Account Sub-Account Combined
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSETS:
Investment in Seligman
Portfolios, Inc., at market
value (see Note 3 for
cost values) ................. $8,246,889 $6,419,782 $4,762,755 $4,151,602 $400,809,285
Due from (to) Canada Life
Insurance Company of
America ...................... (555,241) (1,377,824) (592,641) (80,128) (736,412)
---------- ---------- ---------- ---------- ------------
Net Assets ..................... $7,691,648 $5,041,958 $4,170,114 $4,071,474 $400,072,873
========== ========== ========== ========== ============
NET ASSETS
ATTRIBUTABLE TO:
Policyholders' liability
reserve ..................... $7,691,648 $5,041,958 $4,170,114 $4,071,474 $400,072,873
---------- ---------- ---------- ---------- ------------
Net Assets ..................... $7,691,648 $5,041,958 $4,170,114 $4,071,474 $400,072,873
========== ========== ========== ========== ============
Number of Units
Outstanding ................. 514,206 384,177 468,485 349,208 20,439,760
========== ========== ========== ========== ============
Net Asset Value Per Unit ....... $14.9583 $13.1240 $8.9013 $11.6592
========== ========== ========== ==========
<FN>
------------------
See accompanying notes.
</FN>
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
Statement of Operations For the Six Months Ended June 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Common Communications
Bond Capital Management Stock and Information Frontier
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME:
Dividend and capital
gain distributions .......... $ -- $5,991,515 $ -- $ -- $ -- $ --
Less mortality and expense
risk charges (Note 6) ....... 34,556 250,752 92,378 280,159 1,273,939 139,424
--------- ---------- -------- ---------- ----------- -----------
Net Investment Income
(loss) ...................... (34,556) (250,752) 299,997 (280,159) (1,273,939) (139,424)
--------- ---------- -------- ---------- ----------- -----------
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments .............. (69,821) 992,792 -- (991,730) 9,246,713 2,709,536
Net unrealized appreciation
(depreciation) of
investments ................. 247,132 8,373,859 -- 678,347 (986,158) (2,002,776)
--------- ---------- -------- ---------- ----------- -----------
Net Realized and Unrealized
Gain (Loss) on
Investments ................. 177,311 9,366,651 -- (313,383) 8,260,555 706,760
--------- ---------- -------- ---------- ----------- -----------
Net Increase (Decrease) in
Net Assets Resulting
from Operations ............. $142,755 $9,115,899 $299,997 $(593,542) $6,986,616 $ 567,336
========= ========== ======== ========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Global
Global Smaller Global High-Yield
Growth Companies Technology Bond Income
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME:
Dividend and capital
gain distributions .......... $ -- $ -- $ -- $ -- $ --
Less mortality and expense
risk charges (Note 6) ....... 66,717 134,254 194,820 146,716 49,124
---------- ---------- ---------- ---------- --------
Net Investment Income
(loss) ...................... (66,717) (134,254) (194,820) (146,716) (49,124)
---------- ---------- ---------- ---------- --------
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments .............. 1,230,383 529,415 2,302,020 (1,449,061) (162,248)
Net unrealized appreciation
(depreciation) of
investments ................. (1,386,698) (120,235) (1,169,660) 1,003,255 249,277
---------- ---------- ---------- ---------- --------
Net Realized and Unrealized
Gain (Loss) on
Investments ................. (156,315) 409,180 1,132,360 (445,806) 87,029
---------- ---------- ---------- ---------- --------
Net Increase (Decrease) in
Net Assets Resulting
from Operations ............. $ (223,032) $274,926 $ 937,540 $ (592,522) $ 37,905
========== ========== ========== ========== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
International Large-Cap Large-Cap Small-Cap
Growth Growth Value Value Sub-Accounts
Sub-Account Sub-Account Sub-Account Sub-Account Combined
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME:
Dividend and capital
gain distributions .......... $ -- $ -- $ -- $ -- $ 392,375
Less mortality and expense
risk charges (Note 6) ....... 63,995 33,426 33,750 29,051 2,823,061
---------- --------- --------- -------- ------------
Net Investment Income
(loss) ...................... (63,995) (33,426) (33,750) (29,051) (2,430,686)
---------- --------- --------- -------- ------------
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments .............. 30,066 35,834 (140,231) 16,531 14,280,199
Net unrealized appreciation
(depreciation) of
investments ................. (2,578,562) 537,984 (145,612) 217,291 2,917,444
---------- --------- --------- -------- ------------
Net Realized and Unrealized
Gain (Loss) on
Investments ................. (2,548,496) 573,818 (285,843) 233,822 17,197,643
---------- --------- --------- -------- ------------
Net Increase (Decrease) in
Net Assets Resulting
from Operations ............. $(2,612,491) $540,392 $(319,593) $204,771 $14,766,957
=========== ======== ========= ======== ============
<FN>
------------------
See accompanying notes.
</FN>
</TABLE>
-- 2 and 3 --
<PAGE>
Canada Life of America Variable Annuity Account 2
--------------------------------------------------------------------------------
Statements of Changes in Net Assets
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bond Capital Cash Management
Sub-Account Sub-Account Sub-Account
---------------------- ------------------------ -----------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
6/30/00 Ended 6/30/00 Ended 6/30/00 Ended
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
--------- --------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).......... $ (34,556) $ 257,454 $ (250,752) $ 5,722,122 $ 299,997 $ 498,174
Net realized gain (loss) on
investments......................... (69,821) (144,807) 992,792 1,347,782 -- --
Net unrealized appreciation
(depreciation) of investments....... 247,132 (426,084) 8,373,859 2,021,410 -- --
---------- ---------- ----------- ----------- ----------- ----------
Net Increase (Decrease) in Net
Assets Resulting from Operations.... 142,755 (313,437) 9,115,899 9,091,314 299,997 498,174
---------- ---------- ----------- ----------- ----------- ----------
CAPITAL TRANSACTIONS:
Net increase (decrease) from
unit transactions (Note 5).......... 555,100 (48,827) 6,590,550 (453,005) (4,360,615) 7,396,543
---------- ---------- ----------- ----------- ----------- ----------
Net Increase (Decrease) in Net
Assets Arising from Capital
Transactions........................ 555,100 (48,827) 6,590,550 (453,005) (4,360,615) 7,396,543
---------- ---------- ----------- ----------- ----------- ----------
Total Increase (Decrease)
in Net Assets....................... 697,855 (362,264) 15,706,449 8,638,309 (4,060,618) 7,894,717
Net Assets, Beginning of Period....... 4,910,648 5,272,912 26,655,919 18,017,610 16,857,627 8,962,910
---------- ---------- ----------- ----------- ----------- -----------
Net Assets, End of Period............. $5,608,503 $4,910,648 $42,362,368 $26,655,919 $12,797,009 $16,857,627
========== ========== =========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Communications and
Common Stock Information Frontier
Sub-Account Sub-Account Sub-Account
---------------------- ----------------------- ------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
6/30/00 Ended 6/30/00 Ended 6/30/00 Ended
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
--------- --------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).......... $ (280,159) $ 8,858,927 $ (1,273,939) $ 23,834,219 $ (139,424) $ (309,166)
Net realized gain (loss) on
investments......................... (991,730) 1,788,619 9,246,713 8,073,059 2,709,536 (1,417,941)
Net unrealized appreciation
(depreciation) of investments....... 678,347 (5,762,124) (986,158) 47,083,794 (2,002,776) 2,941,214
----------- ----------- ------------ ----------- ----------- ------------
Net Increase (Decrease) in Net
Assets Resulting from Operations.... (593,542) 4,885,422 6,986,616 78,991,072 567,336 1,214,107
----------- ----------- ------------ ----------- ----------- ------------
CAPITAL TRANSACTIONS:
Net increase (decrease) from
unit transactions (Note 5).......... (5,064,023) (1,075,059) (1,726,755) (4,332,148) (2,282,424) (11,892,873)
----------- ----------- ------------ ----------- ------------ ------------
Net Increase (Decrease) in Net
Assets Arising from Capital
Transactions........................ (5,064,023) (1,075,059) (1,726,755) (4,332,148) (2,282,424) (11,892,873)
----------- ----------- ------------ ----------- ------------ ------------
Total Increase (Decrease)
in Net Assets....................... (5,657,565) 3,810,363 5,259,861 74,658,924 (1,715,088) (10,678,766)
Net Assets, Beginning of Period....... 45,675,317 41,864,954 172,039,882 97,380,958 20,939,411 31,618,177
----------- ----------- ------------ ------------ ----------- ------------
Net Assets, End of Period............. $40,017,752 $45,675,317 $177,299,743 $172,039,882 $19,224,323 $ 20,939,411
=========== =========== ============ ============ =========== ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Global Smaller
Global Growth Companies
Sub-Account Sub-Account
----------------------- -------------------------
Six Months Six Months
Ended Year Ended Year
6/30/00 Ended 6/30/00 Ended
(unaudited) 12/31/99 (unaudited) 12/31/99
----------- --------- ---------- ----------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).......... $ (66,717) $ 923,651 $ (134,254) $ (237,320)
Net realized gain (loss) on
investments......................... 1,230,383 790,461 529,415 246,754
Net unrealized appreciation
(depreciation) of investments....... (1,386,698) 2,051,588 (120,235) 3,855,334
----------- ---------- ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from Operations.... (223,032) 3,765,700 274,926 3,864,768
----------- ---------- ----------- -----------
CAPITAL TRANSACTIONS:
Net increase (decrease) from
unit transactions (Note 5).......... (700,042) (691,469) (721,952) (4,591,356)
----------- ---------- ----------- -----------
Net Increase (Decrease) in Net
Assets Arising from Capital
Transactions........................ (700,042) (691,469) (721,952) (4,591,356)
----------- ---------- ----------- -----------
Total Increase (Decrease)
in Net Assets....................... (923,074) 3,074,231 (447,026) (726,588)
Net Assets, Beginning of Period....... 10,961,205 7,886,974 18,779,894 19,506,482
----------- ----------- ----------- -----------
Net Assets, End of Period............. $10,038,131 $10,961,205 $18,332,868 $18,779,894
=========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Global Technology High-Yield Bond Income
Sub-Account Sub-Account Sub-Account
------------------------ ------------------------- ------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
6/30/00 Ended 6/30/00 Ended 6/30/00 Ended
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
--------- --------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).......... $ (194,820) $ 1,585,236 $ (146,716) $ 2,476,831 $ (49,124) $ 854,002
Net realized gain (loss) on
investments......................... 2,302,020 3,349,814 (1,449,061) (1,389,315) (162,248) (19,359)
Net unrealized appreciation
(depreciation) of investments....... (1,169,660) 4,867,611 1,003,255 (1,657,637) 249,277 (717,827)
----------- ----------- ----------- ----------- ---------- -----------
Net Increase (Decrease) in Net
Assets Resulting from Operations.... 937,540 9,802,661 (592,522) (570,121) 37,905 116,816
----------- ----------- ----------- ----------- ---------- -----------
CAPITAL TRANSACTIONS:
Net increase (decrease) from
unit transactions (Note 5).......... 8,016,266 5,006,209 (7,034,444) (5,068,977) (1,134,370) (1,222,331)
----------- ----------- ----------- ----------- ---------- -----------
Net Increase (Decrease) in Net
Assets Arising from Capital
Transactions........................ 8,016,266 5,006,209 (7,034,444) (5,068,977) (1,134,370) (1,222,331)
----------- ----------- ----------- ----------- ---------- -----------
Total Increase (Decrease)
in Net Assets....................... 8,953,806 14,808,870 (7,626,966) (5,639,098) (1,096,465) (1,105,515)
Net Assets, Beginning of Period....... 20,079,905 5,271,035 25,226,103 30,865,201 7,880,599 8,986,114
----------- ----------- ----------- ----------- ---------- -----------
Net Assets, End of Period............. $29,033,711 $20,079,905 $17,599,137 $25,226,103 $6,784,134 $ 7,880,599
=========== =========== =========== =========== ========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
International Growth Large-Cap Growth Large-Cap Value
Sub-Account Sub-Account Sub-Account
------------------------ ------------------------- ------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
6/30/00 Ended 6/30/00 Ended 6/30/00 Ended
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
--------- --------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).......... $ (63,995) $ 1,216,038 $ (33,426) $ (15,838) $ (33,750) $ (7,789)
----------- ----------- ------------ ---------- ---------- ----------
Net realized gain (loss) on
investments......................... 30,066 488,026 35,834 15,637 (140,231) 28,971
Net unrealized appreciation
(depreciation) of investments....... (2,578,562) 322,636 537,984 484,748 (145,612) (294,330)
----------- ----------- ------------ ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from Operations.... (2,612,491) 2,026,700 540,392 484,547 (319,593) (273,148)
----------- ----------- ------------ ---------- ---------- ----------
CAPITAL TRANSACTIONS:
Net increase (decrease) from
unit transactions (Note 5).......... 444,814 (1,534,864) 1,530,873 2,486,146 (1,101,650) 2,286,079
----------- ----------- ------------ ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Arising from Capital
Transactions........................ 444,814 (1,534,864) 1,530,873 2,486,146 (1,101,650) 2,286,079
----------- ----------- ------------ ---------- ---------- ----------
Total Increase (Decrease)
in Net Assets....................... (2,167,677) 491,836 2,071,265 2,970,693 (1,421,243) 2,012,931
Net Assets, Beginning of Period....... 9,859,325 9,367,489 2,970,693 -- 5,591,357 3,578,426
----------- ----------- ------------ ---------- ---------- ----------
Net Assets, End of Period............. $ 7,691,648 $ 9,859,325 $ 5,041,958 $2,970,693 $4,170,114 $5,591,357
=========== =========== ============ ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Small-Cap Value Sub-Accounts
Sub-Account Combined
------------------------ --------------------------
Six Months Six Months
Ended Year Ended Year
6/30/00 Ended 6/30/00 Ended
(unaudited) 12/31/99 (unaudited) 12/31/99
------------ --------- ---------- -----------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).......... $ (29,051) $ 704,760 $ (2,430,686) $ 46,361,301
Net realized gain (loss) on
investments......................... 16,531 181,803 14,280,199 13,339,504
Net unrealized appreciation
(depreciation) of investments....... 217,291 36,494 2,917,444 54,806,827
---------- ---------- ------------ ------------
Net Increase (Decrease) in Net
Assets Resulting from Operations.... 204,771 923,057 14,766,957 114,507,632
---------- ---------- ------------ ------------
CAPITAL TRANSACTIONS:
Net increase (decrease) from
unit transactions (Note 5).......... (220,778) 955,227 (7,209,450) (12,780,705)
---------- ---------- ------------ ------------
Net Increase (Decrease) in Net
Assets Arising from Capital
Transactions........................ (220,778) 955,227 (7,209,450) (12,780,705)
---------- ---------- ------------ ------------
Total Increase (Decrease)
in Net Assets....................... (16,007) 1,878,284 7,557,507 101,726,927
Net Assets, Beginning of Period....... 4,087,481 2,209,197 392,515,366 290,788,439
---------- ---------- ------------ ------------
Net Assets, End of Period............. $4,071,474 $4,087,481 $400,072,873 $392,515,366
========== ========== ============ ============
<FN>
-----------------
* Commencement of operations.
See accompanying notes.
</FN>
</TABLE>
-- 4 and 5 --
<PAGE>
Canada Life of America Variable Annuity Account 2
--------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
--------------------------------------------------------------------------------
1. Organization
Canada Life of America Variable Annuity Account 2 ("Variable Annuity Account
2") was established on February 26, 1993 as a separate investment account of
Canada Life Insurance Company of America ("CLICA") to receive and invest premium
payments under variable annuity policies issued by CLICA. Variable Annuity
Account 2 is registered as a unit investment trust under the Investment Company
Act of 1940, as amended. The assets of Variable Annuity Account 2 are invested
in the shares of Seligman Portfolios, Inc. (the "Fund"), a diversified,
open-end, management investment company. Variable Annuity Account 2 has fifteen
sub-accounts, each of which invests only in the shares of the corresponding
portfolio of the Fund.
The assets of Variable Annuity Account 2 are the property of CLICA. The
portion of Variable Annuity Account 2 assets applicable to the policies will not
be charged with liabilities arising out of any other business CLICA may conduct.
2. Significant Accounting Policies
Investments
Investments in shares of the Fund are valued at the reported net asset values of
the respective portfolios. Realized gains and losses are computed on the basis
of average cost. The difference between cost and current market value of
investments owned is recorded as an unrealized gain or loss on investments.
Dividends and Capital Gain Distributions
Dividends and capital gain distributions are recorded on the ex-dividend date
and reflect the dividends declared by the Fund from their accumulated net
investment income and net realized investment gains. Except for the Cash
Management Portfolio, whose dividends are declared daily and paid monthly,
dividends and capital gain distributions are declared and paid annually.
Dividends and capital gain distributions paid to the Variable Annuity Account 2
are reinvested in additional shares of the respective portfolio of the Fund at
the net asset value per share.
Federal Income Taxes Variable
Annuity Account 2 is not taxed separately because the operations of Variable
Annuity Account 2 will be included in the federal income tax return of CLICA,
which is taxed as a "life insurance company" under the provisions of the
Internal Revenue Code.
3. Investments
The investment by Variable Annuity Account 2 in the individual portfolios of
the Fund at June 30, 2000, is as follows:
<TABLE>
<CAPTION>
Number of Shares Market Price Market Value Cost
---------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
Bond 568,543 $ 9.60 $ 5,458,013 $ 5,679,133
Capital 1,432,120 30.75 44,037,690 31,171,503
Cash Management 12,829,251 1.00 12,829,251 12,829,251
Common Stock 2,334,961 16.57 38,690,304 40,858,510
Communications and Information 6,321,938 27.99 176,951,045 114,912,818
Frontier 992,967 18.87 18,737,287 17,057,858
Global Growth 460,269 17.71 8,151,364 6,400,822
Global Smaller Companies 1,044,710 17.87 18,668,968 14,270,512
Global Technology 1,005,682 29.00 29,164,778 24,776,751
High-Yield Bond 1,899,571 9.40 17,855,967 21,036,644
Income 663,713 10.07 6,683,590 7,158,899
International Growth 651,413 12.66 8,246,889 9,253,044
Large-Cap Growth 481,243 13.34 6,419,782 5,397,050
Large-Cap Value 542,455 8.78 4,762,755 5,093,625
Small-Cap Value 479,954 8.65 4,151,602 3,932,297
------------ ------------
$400,809,285 $319,828,717
============ ============
</TABLE>
<PAGE>
4. Security Purchases and Sales
The aggregate cost of purchases and the proceeds from sales of investments are
presented below:
<TABLE>
<CAPTION>
Aggregate Cost of Purchases Proceeds from Sales
--------------------------- -------------------
<S> <C> <C>
Bond $ 1,721,236 $ 1,248,743
Capital 14,088,695 6,109,989
Cash Management 23,063,102 27,050,878
Common Stock 4,919,007 11,531,995
Communications and Information 20,087,186 23,656,926
Frontier 14,839,022 17,755,117
Global Growth 2,036,770 4,673,845
Global Smaller Companies 1,631,302 2,113,465
Global Technology 18,290,836 10,465,779
High-Yield Bond 1,904,073 8,598,357
Income 274,955 1,558,420
International Growth 1,808,991 883,443
Large-Cap Growth 3,176,006 338,438
Large-Cap Value 1,181,366 1,743,094
Small-Cap Value 754,369 1,090,475
------------ ------------
$109,776,916 $118,818,964
============ ============
</TABLE>
-- 6 --
<PAGE>
Canada Life of America Variable Annuity Account 2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
5. Summary of Changes from Unit Transactions
The following table represents a summary of changes from unit transactions
attributable to contract holders for the periods indicated.
<TABLE>
<CAPTION>
Six Months Ended June 30, 2000 Year Ended December 31, 1999
------------------------------ ----------------------------
Units Amount Units Amount
---------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Bond Sub-Account
Accumulation Units:
Contract purchases and net transfers in 1,447,005 $ 25,188,353 322,587 $ 5,568,576
Terminated contracts and net transfers out (1,413,943) (24,633,253) (325,992) (5,617,403)
---------- ------------ ----------- -----------
33,062 555,100 (3,405) (48,827)
---------- ------------ ----------- -----------
Capital Sub-Account
Accumulation Units:
Contract purchases and net transfers in 284,792 18,171,826 299,549 11,994,851
Terminated contracts and net transfers out (169,007) (11,581,276) (310,008) (12,447,856)
---------- ------------ ----------- -----------
115,785 6,590,550 10,459 (453,005)
---------- ------------ ----------- -----------
Cash Management Sub-Account
Accumulation Units:
Contract purchases and net transfers in 28,733,215 43,726,902 40,947,833 60,392,520
Terminated contracts and net transfers out (31,622,864) (48,087,517) (35,911,189) (52,995,977)
---------- ------------ ----------- -----------
(2,889,649) (4,360,615) 5,036,644 7,396,543
---------- ------------ ----------- -----------
Common Stock Sub-Account
Accumulation Units:
Contract purchases and net transfers in 230,914 12,251,234 585,115 24,933,937
Terminated contracts and net transfers out (348,985) (17,315,257) (608,245) (26,008,996)
---------- ------------ ----------- -----------
(118,071) (5,064,023) (23,130) (1,075,059)
---------- ------------ ----------- -----------
Communications and Information Sub-Account
Accumulation Units:
Contract purchases and net transfers in 657,131 34,096,248 1,216,263 35,884,214
Terminated contracts and net transfers out (695,562) (35,823,003) (1,358,367) (40,216,362)
---------- ------------ ----------- -----------
(38,431) (1,726,755) (142,104) (4,332,148)
---------- ------------ ----------- -----------
Frontier Sub-Account
Accumulation Units:
Contract purchases and net transfers in 902,826 21,412,465 848,373 14,699,046
Terminated contracts and net transfers out (1,011,271) (23,694,889) (1,562,533) (26,591,919)
---------- ------------ ----------- -----------
(108,445) (2,282,424) (714,160) (11,892,873)
---------- ------------ ----------- -----------
Global Growth Sub-Account
Accumulation Units:
Contract purchases and net transfers in 198,537 6,307,435 514,496 7,656,906
Terminated contracts and net transfers out (227,181) (7,007,477) (560,299) (8,348,375)
---------- ------------ ----------- -----------
(28,644) (700,042) (45,803) (691,469)
---------- ------------ ----------- -----------
Global Smaller Companies Sub-Account
Accumulation Units:
Contract purchases and net transfers in 233,083 6,760,186 487,918 7,603,927
Terminated contracts and net transfers out (271,416) (7,482,138) (801,390) (12,195,283)
---------- ------------ ----------- -----------
(38,333) (721,952) (313,472) 4,591,356
---------- ------------ ----------- -----------
Global Technology Sub-Account
Accumulation Units:
Contract purchases and net transfers in 597,094 22,569,543 1,084,404 24,282,406
Terminated contracts and net transfers out (382,580) (14,553,277) (837,452) (19,276,197)
---------- ------------ ----------- -----------
214,514 8,016,266 246,952 5,006,209
---------- ------------ ----------- -----------
High-Yield Bond Sub-Account
Accumulation Units:
Contract purchases and net transfers in 352,062 7,003,469 1,232,239 16,959,707
Terminated contracts and net transfers out (891,343) (14,037,913) (1,608,165) (22,028,684)
---------- ------------ ----------- -----------
(539,281) (7,034,444) (375,926) (5,068,977)
---------- ------------ ----------- -----------
</TABLE>
-- 7 --
<PAGE>
Canada Life of America Variable Annuity Account 2
-------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 2000 Year Ended December 31, 1999
------------------------------- ----------------------------
Units Amount Units Amount
---------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Income Sub-Account
Accumulation Units:
Contract purchases and net transfers in 77,131 $ 1,880,928 116,816 $ 2,770,238
Terminated contracts and net transfers out (127,210) (3,015,298) (170,231) (3,992,569)
---------- ----------- ---------- ---------
(50,079) (1,134,370) (53,415) (1,222,331)
---------- ----------- ---------- ----------
International Growth Sub-Account
Accumulation Units:
Contract purchases and net transfers in 130,525 3,488,202 192,473 3,273,321
Terminated contracts and net transfers out (114,615) (3,043,388) (285,428) (4,808,185)
---------- ----------- ---------- ----------
15,910 444,814 (92,955) (1,534,864)
---------- ----------- ---------- ----------
Large-Cap Growth Sub-Account*
Accumulation Units:
Contract purchases and net transfers in 177,354 1,998,270 254,809 2,574,416
Terminated contracts and net transfers out (39,784) (467,397) (8,202) (88,270)
---------- ----------- ---------- ----------
137,570 1,530,873 246,607 2,486,146
---------- ----------- ---------- ----------
Large-Cap Value Sub-Account
Accumulation Units:
Contract purchases and net transfers in 235,043 3,406,397 693,579 6,974,655
Terminated contracts and net transfers out (356,763) (4,508,047) (465,548) (4,688,576)
---------- ----------- ---------- ----------
(121,720) (1,101,650) 228,031 2,286,079
---------- ----------- ---------- ----------
Small-Cap Value Sub-Account
Accumulation Units:
Contract purchases and net transfers in 157,351 3,274,839 508,816 5,203,249
Terminated contracts and net transfers out (180,863) (3,495,617) (404,793) (4,248,022)
---------- ----------- ---------- ----------
(23,512) (220,778) 104,023 955,227
---------- ----------- ---------- ----------
Net decrease from unit transactions $(7,209,450) (12,780,705)
----------- ----------
</TABLE>
------------------
* For the period May 1, 1999 (commencement of operations) to December 31, 1999.
<PAGE>
6. Mortality and Expense Risk (M and E) Charges
CLICA assumes mortality and expense risks related to the operations of Variable
Annuity Account 2 and deducts a charge equal to an effective annual rate of
1.25% of the net asset value of each Sub-Account at each valuation period. In
addition, at each valuation period an effective annual rate of 0.15% of the net
asset value of each Sub-Account was deducted as daily administration fees.
7. Net Assets
Net assets at June 30, 2000, consisted of the following:
<TABLE>
<CAPTION>
Net
Accumulated Net Unrealized
Investment Realized Appreciation
Accumulated Income Gain (Loss) (Depreciation) Combined
Unit M and E and Capital on of Net
Sub-Account Transactions Charges Gains Investments Investments Assets
------------ ------------ ------------ ------------ ------------ ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
Bond $ 5,034,653 $ (284,529) $ 1,210,252 $ (130,753) $ (221,120) $ 5,608,503
Capital 18,002,358 (1,100,731) 9,019,763 3,574,791 12,866,187 42,362,368
Cash Management 11,029,585 (756,035) 2,523,459 -- -- 12,797,009
Common Stock 20,168,273 (2,143,639) 21,926,017 2,235,307 (2,168,206) 40,017,752
Communications and Information 51,681,581 (5,937,204) 50,620,608 18,896,531 62,038,227 177,299,743
Frontier 10,434,537 (1,698,382) 6,306,959 2,501,780 1,679,429 19,224,323
Global Growth 5,207,601 (334,230) 1,144,797 2,269,421 1,750,542 10,038,131
Global Smaller Companies 11,509,057 (1,116,910) 2,062,353 1,479,912 4,398,456 18,332,868
Global Technology 16,708,714 (432,647) 2,404,704 5,964,913 4,388,027 29,033,711
High-Yield Bond 16,074,675 (1,306,348) 8,064,833 (2,053,346) (3,180,677) 17,599,137
Income 4,474,549 (582,751) 3,447,909 (80,264) (475,309) 6,784,134
International Growth 5,971,036 (569,208) 2,104,479 1,191,496 (1,006,155) 7,691,648
Large-Cap Growth 4,017,019 (49,264) -- 51,471 1,022,732 5,041,958
Large-Cap Value 4,599,907 (121,640) 173,326 (150,609) (330,870) 4,170,114
Small-Cap Value 2,828,461 (93,432) 1,001,607 115,533 219,305 4,071,474
------------ ------------ ------------ ----------- ----------- ------------
$187,742,006 $(16,526,950) $112,011,066 $35,866,183 $80,980,568 $400,072,873
============ ============ ============ =========== =========== ============
</TABLE>
8. Unit Values
Unit Values as reported are calculated by dividing total net assets by total
units for each Sub-Account.
-- 8 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
PORTFOLIO OVERVIEW (unaudited)
--------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES+
DURING THE SIX MONTHS ENDED JUNE 30, 2000
PRINCIPAL AMOUNT
OR SHARES
-------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- --------
SELIGMAN BOND PORTFOLIO
US GOVERNMENT SECURITIES
US Treasury Bonds
6-5/8%, 5/15/2007 .......... $100,000 $300,000
MORTGAGE-BACKED SECURITIES
FHLMC Gold
5-1/8%, 10/15/2008 ......... 100,000 100,000
FHLMC Gold 7-1/2%,
10/1/2017 .................. 72,673 72,673
CORPORATE BONDS
Allstate 7.785%, 5/1/2005 .... 75,000 75,000
Bank One 5-5/8%, 2/17/2004 ... 75,000 75,000
DaimlerChrysle
7-1/4%, 6/15/2005 .......... 80,000 80,000
Global Crossing
9-1/8%, 11/15/2006 ......... 75,000 75,000
Heller Financial
7-7/8%, 5/15/2003 .......... 75,000 75,000
Household Finance
7-7/8%, 3/1/2007 ........... 100,000 100,000
Saks 7%, 7/15/2004 ........... 75,000 75,000
PRINCIPAL AMOUNT
OR SHARES
--------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
----------- --------- --------
US GOVERNMENT AGENCY
SECURITIES
Federal Home Loan Bank
5-1/8%, 4/17/2001 ............ $100,000 --
CORPORATE BONDS
Allstate 7.20%, 12/1/2009 ...... 75,000 --
Bank of New York
7.30%, 12/1/2009 ............. 75,000 --
Dell Computer
6.55%, 4/15/2008 ............. 200,000 --
Dime Bancorp 7%, 7/25/2001 ..... 50,000 --
First Data, 5.80%, 12/15/2008 .. 100,000 --
Household Finance
6%, 5/1/2004 ................. 100,000 --
Philip Morris 7-1/8%, 8/15/20 200,000 --
Textron 6-3/8%, 7/15/2004 ...... 60,000 --
ASSET-BACKED SECURITIES
Wal-Mart Stores
6.55%, 8/10/2004 ............. 85,000 --
<PAGE>
--------------------------------------------------------------------------------
SELIGMAN CAPITAL PORTFOLIO
COMMON STOCKS
Aether Systems ................. 5,200 shs. 5,200 shs.
Computer Sciences .............. 10,500 10,500
El Paso Energy ................. 17,800 17,800
Entercom Communications ........ 18,300 18,300
GlobeSpan ...................... 9,400 9,400
Phone.com ...................... 10,300 10,300
Quest Software ................. 16,200 20,300(1)
SunGard Data Systems ........... 27,300 27,300
Sycamore Networks .............. 12,000 12,000
Watson Pharmaceuticals ......... 16,750 24,550
COMMON STOCKS
American Power Conversion...... 16,400 shs. --
Broadcom (Class A)............. 3,700(2) --
Cadence Design Systems......... 31,200 --
Cintas......................... 15,200(3) --
Corning........................ 4,200 --
Gentex......................... 16,400 --
JDS Uniphase .................. 8,450(4) --
Limited........................ 13,400 --
Royal Caribbean Cruises........ 8,600 --
Veritas Software............... 4,350(5) --
--------------------------------------------------------------------------------
SELIGMAN COMMON STOCK PORTFOLIO
COMMON STOCKS
Chubb .......................... 8,000 15,400
Coastal ........................ 10,300 10,300
CVS ............................ 15,200 15,200
Dell Computer .................. 5,400 15,600
Guidant ........................ 8,600 8,600
Home Depot ..................... 4,800 4,800
Oracle Systems ................. 2,400 5,400(6)
Pitney Bowes ................... 11,450 20,450
Sprint ......................... 7,200 7,200
Sun Microsystems ............... 3,350 3,350
COMMON STOCKS
Bestfoods ...................... 12,100 --
Clorox ......................... 13,600 --
ConAgra ........................ 19,700 --
DaimlerChrysler ................ 7,099 --
Exxon Mobil .................... 4,400 10,800 shs.
Honeywell International. ....... 7,300 --
Intel .......................... 4,900 10,400
Mellon Financial ............... 18,000 --
Philip Morris .................. 17,400 --
Sara Lee ....................... 23,400 --
-----------------------
See footnotes on page P-9.
--P-1--
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
PORTFOLIO OVERVIEW (unaudited) (continued)
--------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES+
DURING THE SIX MONTHS ENDED JUNE 30, 2000
SHARES
-------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- --------
SELIGMAN COMMUNICATIONS
AND INFORMATION PORTFOLIO
Adaptec ........................ 74,900 142,200
BMC Software ................... 42,000 57,300
Computer Associates ............
International ................ 43,500 68,700
CTS ............................ 30,200 30,200
Fairchild Semiconductor
International ................ 53,100 71,900
Kulicke & Soffa Industries ..... 28,500 28,500
Microsoft ...................... 21,600 104,250(7)
National Semiconductor ......... 32,800 62,900
Sawtek ......................... 38,000 38,000
Vishay Intertechnology ......... 61,700 85,500(8)
SHARES
----------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
----------- --------- --------
Advanced Micro Devices ......... 2,600 47,800
AT&T-LibertyMedia Group
(Class A) .................... 45,900 --
C-Cube Microsystems ............ 26,900 47,200
Check Point Software
Technologies ................. 60,300(9) 15,300
DII Group ...................... 30,600(10) --
Fox Entertainment Group
(Class A) .................... 61,100 --
Hadco .......................... 26,500(11) --
MediaOne Group ................. 45,400 --
Rational Software .............. 16,400 34,500
Viacom (Class B)(12) ........... 79,422 --
--------------------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO
COMMON STOCKS
Advent Software ................ 7,900 7,900
Alpha Industries ............... 3,500 6,200 (13)
Antec .......................... 8,300 8,300
C-cor.net ...................... 8,400 8,400
Dobson Communications .......... 12,100 12,100
Powertel ....................... 5,300 5,300
Remec .......................... 6,800 6,800
Rural Cellular (Class A) ....... 7,140 7,140
SonicWALL ...................... 3,100 3,100
Western Wireless (Class A) ..... 11,600 11,600
COMMON STOCKS
Apex ........................... 10,700 --
AVX ............................ 11,200(14) --
Burr-Brown ..................... 22,600 1,475
Cognex ......................... 8,700 900
Doubleclick .................... 4,310(15) --
Engage Technologies ............ 10,400(16) --
Microchip Technology ........... 8,700(17) --
National Instrument ............ 12,000 --
Teva Pharmaceutical
Industries (ADRs) ............ 14,700(18) 2,700
US Foodservice ................. 33,100 --
--------------------------------------------------------------------------------
SELIGMAN GLOBAL
GROWTH PORTFOLIO
COMMON STOCKS
Alza ........................... 4,700 4,700
Bombardier (B shares) .......... 4,500 4,500
Disetronic Holding ............. 15 15
Pfizer ......................... 2,700 2,700
Precision Drilling ............. 3,200 3,200
Straumann Holding .............. 70 70
Tandberg ....................... 3,300 3,300
VeriSign ....................... 1,200 1,200
Watson Pharmaceutical .......... 4,500 4,500
Williams Companies (The) ....... 4,600 4,600
COMMON STOCKS
American International Group ... 1,593 --
Cintas ......................... 5,550(19)
General Electric ............... 1,300 --
Koninklijke (Royal)
Philips Electronics .......... 5,400(20) 1,592
Medtronic ...................... 3,000 1,900
Nokia .......................... 5,800(21) 2,260
Sonera Group ................... 4,450 --
Terra Networks ................. 3,500 --
Viacom (Class B) ............... 4,100(12) --
WPP Group ...................... 15,000 --
----------------------
See footnotes on page P-9
--P-2--
<PAGE>
SELIGMAN PORTFOLIOS, INC.
SELIGMAN GLOBAL GROWTH PORTFOLIO
DIVERSIFICATION OF NET ASSETS*
JUNE 30, 2000
<TABLE>
<CAPTION>
PERCENT OF NET ASSETS
---------------------
JUNE 30, DECEMBER 31,
ISSUES COST VALUE 2000 1999
------ ---- ----- ---- ----
<S> <C> <C> <C> <C> <C>
COMMON STOCKS
Automotive and Related .............. 1 78,503 $ 116,523 1.3% 1.0%
Business Goods and Services ......... 3 199,220 341,867 3.8 7.4
Commercial Services ................. -- -- -- -- 1.4
Communications Services ............. -- -- -- -- 0.5
Computer and Technology Related ..... 9 676,608 1,175,221 12.9 18.9
Construction and Property ........... 1 53,619 32,025 0.4 1.0
Consumer Goods and Services ......... 6 496,595 509,230 5.6 5.2
Consumer Staples .................... -- -- -- -- 0.6
Diversified ......................... 5 473,880 817,121 9.0 5.4
Drugs and Health Care ............... 18 1,316,403 1,836,271 20.3 5.4
Electric Gas Utilities .............. 3 373,415 482,975 5.3 1.6
Electronics ......................... 6 289,461 357,328 3.9 4.1
Electronics Capital Equipment ....... -- -- -- -- 1.7
Entertainment and Leisure ........... 6 409,988 524,477 5.8 3.7
Financial Services .................. 7 511,202 766,278 8.4 8.6
Industrial Goods and Services ....... 1 20,815 16,672 0.2 0.8
Manufacturing and Industrial Equipment -- -- -- -- 0.6
Media ............................... 1 15,636 18,581 0.2 2.2
Resources ........................... 1 126,809 123,600 1.4 1.1
Restaurants ......................... -- -- -- -- 0.8
Retailing ........................... 3 151,080 194,319 2.1 3.5
Support Services .................... -- -- -- -- 0.2
Telecommunications .................. 15 699,231 441,328 15.9 20.6
Tobacco ............................. -- -- -- -- 0.8
Transportation ...................... 1 75,700 124,985 1.4 1.2
--- --------- --------- ---- ----
87 5,968,165 8,878,801 97.9 98.3
Other Assets Less Liabilities ....... -- 189,685 189,685 2.1 1.7
--- --------- --------- ---- -----
NET ASSETS .......................... 87 $6,157,850 $9,068,486 100.0% 100.0%
=== ========== ========== ===== =====
</TABLE>
<PAGE>
SELIGMAN GLOBAL
SMALLER COMPANIES PORTFOLIO
LARGEST PORTFOLIO CHANGES+
DURING THE SIX MONTHS ENDED JUNE 30, 2000
SHARES
-------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- --------
COMMON STOCKS
Advent Software ................ 3,100 3,100
Alpha Industries ............... 1,100 2,100(22)
Antec .......................... 3,300 3,300
C-cor.net ...................... 3,200 3,200
Dobson Communications .......... 4,800 4,800
Powertel ....................... 2,300 2,300
Rural Cellular (Class A) ....... 2,800 2,800
SonicwalL ...................... 1,200 1,200
Taiyo Ink Manufacturing ........ 1,400 1,600(23)
Western Wireless (Class A) ..... 4,500 4,500
SHARES
--------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
----------- -------- --------
COMMON STOCKS
AVX ............................ 3,400(24) --
Burr-Brown ..................... 6,300 450
East Telecom Group (ADSs) ...... 2,700 --
Engage Technologies ............ 3,500(25) --
Informa Group .................. 26,426 20,000
Intershop Communications ....... 400 560
Om Group ....................... 3,900 --
Swisslog Holding ............... 500 671
Teva Pharmaceutical Industries . 4,100(26) 1,000
US Foodservice ................. 9,200 --
-----------------------
See footnotes on page P-9.
--P-3--
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
PORTFOLIO OVERVIEW (unaudited) (continued)
--------------------------------------------------------------------------------
SELIGMAN GLOBAL
SMALLER COMPANIES PORTFOLIO
DIVERSIFICATION OF NET ASSETS*
JUNE 30, 2000
<TABLE>
<CAPTION>
PERCENT OF NET ASSETS
--------------------
JUNE 30, DECEMBER 31,
ISSUES COST VALUE 2000 1999
------ ---------- ---------- ------- -----------
<S> <C> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS
Advertising ......................... 2 $ 41,025 $ 50,279 0.3% 0.3%
Automotive Parts Manufacturing ...... 2 152,226 202,865 1.0 1.4
Cable Systems and Satellite Video ... -- -- -- -- 0.4
Capital Goods ....................... 1 83,552 55,212 0.3 0.6
Chemicals ........................... 2 181,136 135,074 0.7 1.1
Communications Infrastructure ....... -- -- -- -- 0.1
Computer Software ................... 23 1,554,582 2,446,247 12.6 14.9
Computer and Business Services ...... 21 1,090,816 1,568,660 8.0 9.0
Construction and Property ........... 7 566,392 618,165 3.2 3.8
Consulting Services ................. 3 59,885 165,506 0.9 0.5
Consumer Goods and Services ......... 12 778,071 1,018,278 5.2 6.4
Contract Manufacturing/Circuit Boards -- -- -- -- 0.3
Distribution ........................ 1 25,512 27,090 0.1 0.2
Drugs and Health Care ............... 19 787,935 1,309,467 6.7 4.7
Electric Utilities .................. -- -- -- -- 0.1
Electrical Distribution ............. 1 47,169 130,701 0.7 0.7
Electronics ......................... 20 718,354 927,133 4.8 5.1
Energy .............................. 1 39,770 66,825 0.3 1.0
Financial Services .................. 11 482,302 661,332 3.4 4.0
Industrial Goods and Services ....... 8 391,218 639,873 3.3 2.4
Internet/Online ..................... 4 207,874 217,179 1.1 --
Leisure and Hotels .................. 8 457,589 413,559 2.1 0.9
Manufacturing ....................... 17 902,801 1,276,519 6.6 6.2
Media ............................... 11 546,815 838,614 4.3 7.2
Medical Products and Technology ..... 7 231,950 407,499 2.1 2.0
Metals .............................. -- -- -- -- 0.2
Paper and Printing .................. 3 155,106 140,667 0.7 0.8
Real Estate Investment Trust ........ 1 85,221 101,887 0.5 --
Resources ........................... 4 156,199 153,247 0.8 0.4
Restaurants ......................... 6 315,349 395,200 2.0 1.5
Retailing ........................... 17 1,053,594 831,195 4.3 4.5
Schools ............................. 3 136,560 156,494 0.8 0.9
Support Services .................... -- -- -- -- 0.3
Technology .......................... 9 257,539 483,637 2.5 7.1
Telecommunications .................. 36 2,608,801 2,593,079 13.3 5.4
Transportation ...................... 8 362,626 516,787 2.7 3.0
Utilities ........................... 1 52,277 40,824 0.2 --
Veterinary Products ................. -- -- -- -- 0.7
Miscellaneous ....................... 1 24,550 29,750 0.1 0.1
--- ---------- ---------- ----- -----
270 14,554,796 18,618,844 95.6 98.2
Other Assets Less Liabilities ....... -- 851,546 851,546 4.4 1.8
--- ---------- ---------- ----- -----
NET ASSETS .......................... 270 $15,406,342 $19,470,390 100.0% 100.0%
=== =========== =========== ===== =====
</TABLE>
------------------------
See footnotes on page P-9.
--P-4-
<PAGE>
Seligman Portfolios, Inc.
SELIGMAN GLOBAL
TECHNOLOGY PORTFOLIO
LARGEST PORTFOLIO CHANGES+
DURING THE SIX MONTHS ENDED JUNE 30, 2000
SHARES
-------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- --------
Alcatel ........................ 1,700 8,500(27)
Autonomy (ADRs) ................ 2,919 2,919
Credence Systems ............... 6,100 11,800(28)
EchoStar Communications
(Class A) ................... 3,600 6,100(29)
Electronics for Imaging ........ 13,000 18,700
HOYA ........................... 6,000 6,000
Integrated Device Technology ... 8,700 8,700
National Semiconductor ......... 6,300 6,300
Samsung Electronics ............ 5,100 5,100
Siemens ........................ 5,000 5,000
SHARES
-------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
---------- -------- --------
Amdocs ......................... 6,200 1,800
ASM Lithography ................ 2,600 --
Caliper Technologies ........... 3,000 --
Check Point Software
Technologies ................ 4,000(30) 2,200
CMG ............................ 3,000 --
Compuware ...................... 11,400 --
Epcos .......................... 3,000 --
Miracle Holding ................ 600 --
Murata Manufacturing ........... 2,000 --
Vodafone Group ................. 35,000 --
<PAGE>
DIVERSIFICATION OF NET ASSETS*
JUNE 30, 2000
<TABLE>
<CAPTION>
PERCENT OF NET ASSETS
----------------------
JUNE 30, DECEMBER 31,
ISSUES COST VALUE 2000 1999
------ ---------- ---------- ------- -----------
<S> <C> <C> <C> <C> <C>
COMMON STOCKS
Cable Systems and Satellite Video . .......... -- -- -- -- 0.4%
Computer and Business Services ............... 9 $ 1,694,044 $ 1,882,898 5.6% 8.1
Computer Hardware/Peripherals ................ 7 2,238,575 2,314,271 6.9 5.6
Computer Software ............................ 11 2,851,565 3,200,281 9.5 21.4
Contract Manufacturing/Circuit Boards ........ 3 835,588 1,199,047 3.6 3.1
Electronics .................................. 9 1,749,066 2,403,270 7.2 15.6
Electronics Capital Equipment ................ 15 3,530,117 4,829,878 14.4 13.2
Machinery and Equipment ...................... -- -- -- -- 0.9
Manufacturing ................................ 3 930,670 882,539 2.6 0.8
Media ........................................ 2 516,808 248,559 0.7 0.8
Medical Products and Technology .............. -- -- -- -- 0.3
Networking/Communications Infrastructure ..... 7 1,543,764 1,699,704 5.1 1.4
Semiconductors ............................... 18 3,915,105 5,620,770 16.7 15.5
Telecommunications ........................... 16 2,647,279 3,291,304 9.8 10.7
--- ---------- ---------- ----- -----
100 22,452,581 27,572,521 82.1 97.8
Other Assets Less Liabilities ................ -- 6,022,288 6,022,288 17.9 2.2
--- ---------- ---------- ----- -----
NET ASSETS ................................... 100 $28,474,869 $33,594,809 100.0% 100.0%
=== =========== =========== ===== =====
</TABLE>
------------------------
See footnotes on page P-9.
--P-5--
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
PORTFOLIO OVERVIEW (unaudited) (continued)
--------------------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES+
DURING THE SIX MONTHS ENDED JUNE 30, 2000
PRINCIPAL AMOUNT
OR SHARES
--------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- --------
SELIGMAN HIGH-YIELD BOND PORTFOLIO
CORPORATE BONDS
Advanstar Communications
9-1/4%, 5/1/2008 ........... $ 75,000 $200,000
Centennial Cellular
10-1/4%, 12/15/2008 ........ 75,000 300,000
Charter Communications
Holdings 10%, 4/1/2009 ..... 160,000 160,000
Exodus Communications
11-5/8%, 7/15/2010 ......... 105,000 105,000
Level 3 Communications
11%, 3/15/2008 ............. 100,000 100,000
Pierce Leahy 11-1/8%,
7/15/2006 .................. 75,000 100,000
United Pan-Europe
Communications
11-1/2%, 2/1/2010 .......... 75,000 75,000
Viatel 11-1/2%, 3/15/2009 .... 100,000 275,000
Williams Communications
10-7/8%, 10/1/2009 ......... 150,000 200,000
CONVERTIBLE PREFERRED STOCKS
Global Crossing Holding 7% ... 295 shs. 600 shs
PRINCIPAL AMOUNT
OR SHARES
--------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
----------- -------- --------
Advanced Micro Devices 11%,
8/1/2003 ..................... $125,000 $360,000
American Cellular
10-1/2%, 5/15/2008 ........... 175,000 --
Charter Communications
Southeast Holdings 0%,
4/1/2011 ..................... 450,000 --
Hadco 9-1/2%, 6/15/2008 ........ 160,000 --
Paging Network
10%, 10/15/2008 .............. 715,000 --
Pinnacle Holdings 0%,
3/15/2008 .................... 625,000 --
Therma-Wave
10-5/8%, 5/15/2004 ........... 185,000 --
Trump Atlantic City Funding
11-1/4%, 5/1/2006 ............ 570,000 10,000
Viasystems 9-1/4%, 6/1/2007 .... 450,000 --
PREFERRED STOCKS
Nextel Communications 11-1/8% 140 shs. 113 shs.
-----------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO
COMMON STOCKS
CVS ............................ 1,800 shs. 1,800 shs.
Pitney Bowes ................... 1,100 2,200
CORPORATE BONDS
Global Crossing Holding
9-1/8%, 11/15/2006 ........... $ 75,000 $ 75,000
Heller Financial
7-7/8%, 5/15/2003 ............ 50,000 50,000
Household Finance
7-7/8%, 3/1/2007 ............. 100,000 100,000
Saks 7%, 7/15/2004 ............. 75,000 75,000
Charles Schwab
8.05%, 3/1/2010 .............. 50,000 50,000
US GOVERNMENT AND
GOVERNMENT AGENCY SECURITIES
FHLMC Gold
7-1/2%, 10/1/2017 ............ 48,449 48,449
US Treasury Bonds
7-1/2%, 5/15/2016 ............ 100,000 100,000
US Treasury Notes
6-5/8%, 5/15/2007 ............ 100,000 100,000
COMMON STOCKS
Bestfoods ...................... 1,400 shs. --
CORPORATE BONDS
Bank of New York
7.30%, 12/1/2009 ............. $ 75,000 --
Dell Computer
6.55%, 4/15/2008 ............. 100,000 --
First Data
5.80%, 12/15/2008 ............ 100,000 --
First USA Bank
6-1/8%, 6/25/2001 ............ 100,000 --
Household Finance
6%, 5/1/2004 ................. 100,000 --
Phillips Petroleum
6-3/8%, 3/30/2009 ............ 100,000 --
MORTGAGE-BACKED SECURITIES
FHLMC Gold 5-1/2%, 7/1/2013 .... 100,513 $177,124
FNMA 6%, 12/1/2028 ............. 190,343 --
GNMA 6-1/2%, 12/15/2028 ........ 193,863 91,890
--------------------------
See footnotes on page P-9.
--P-6-
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
SELIGMAN INTERNATIONAL GROWTH PORTFOLIO
----------------------------------------------------------------------
LARGEST PORTFOLIO CHANGES+
DURING THE SIX MONTHS ENDED JUNE 30, 2000
SHARES
----------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- ---------
COMMON STOCKS
BCE ............................ 1,175 1,175
Bombardier (B shares) .......... 8,600 8,600
Centrica ....................... 46,500 46,500
Chugai Pharmaceutical .......... 10,000 10,000
Fujisawa Pharmaceutical ........ 4,000 4,000
Mediolanum ..................... 8,400 8,400
ProSafe ........................ 10,300 10,300
Schering ....................... 1,600 4,000(31)
Shionogi ....................... 8,000 8,000
Tandberg ....................... 6,850 6,850
SHARES
----------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
---------- -------- ---------
COMMON STOCKS
ABB ............................ 1,088 --
Acom ........................... 1,200 --
Deutsche Telekom ............... 2,260 --
Granada Group .................. 12,500 --
Itochu Techno-Science .......... 400 --
Namco .......................... 2,400 --
Oracle ......................... 300 --
Telefonica ..................... 6,221 --
Vivendi ........................ 1,628 --
WPP Group ...................... 12,500 --
<PAGE>
DIVERSIFICATION OF NET ASSETS*
JUNE 30, 2000
<TABLE>
<CAPTION>
PERCENT OF NET ASSETS
-------------------------
JUNE 30, DECEMBER 31,
ISSUES COST VALUE 2000 1999
------ ---------- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
COMMON STOCKS
Automotive and Related ............. -- -- -- -- 1.9%
Banking ............................ 3 $ 185,716 $ 288,483 3.5% 12.1
Business Services .................. -- -- -- -- 5.8
Chemicals .......................... 2 125,946 121,944 1.5 2.8
Computer Goods and Services ........ 2 76,923 83,539 1.0 --
Computer and Technology Related .... 5 271,722 251,512 3.0 --
Consumer Products .................. 7 492,622 530,551 6.4 5.9
Drugs and Health Care .............. 3 441,654 473,868 5.7 3.6
Electronics ........................ 11 819,718 1,114,628 13.5 5.5
Entertainment and Leisure .......... 1 54,259 71,408 0.9 4.1
Financial Services ................. 1 136,615 136,817 1.7 5.4
Health and Household ............... 4 247,769 260,700 3.2 4.9
Industrial Goods and Services ...... 3 325,868 348,597 4.2 6.1
Insurance .......................... -- -- -- -- 4.4
Manufacturing ...................... 4 480,109 615,666 7.4 5.2
Media .............................. 11 501,478 503,633 6.1 3.2
Medical Products and Technology .... 6 564,410 651,226 7.9 --
Metals ............................. -- -- -- -- 1.0
Publishing ......................... -- -- -- -- 2.0
Resources .......................... 2 282,433 281,032 3.4 5.1
Retail ............................. 4 375,589 379,629 4.6 1.2
Telecommunications ................. 16 1,123,005 1,352,180 16.4 14.0
Tobacco ............................ 1 83,529 94,391 1.1 0.5
Transportation ..................... 1 115,994 101,892 1.2 0.8
Utilities .......................... 5 461,924 440,623 5.3 1.8
--- ---------- ---------- ----- -----
92 7,167,283 8,102,319 98.0 97.3
Other Assets Less Liabilities ...... -- 315,232 315,232 2.0 2.7
--- ---------- ---------- ----- -----
NET ASSETS ......................... 92 $7,482,515 $8,417,551 100.0% 100.0%
=== ========== ========== ===== =====
</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, 2000
SHARES
----------------------
HOLDINGS
ADDITIONS INCREASE 6/30/00
--------- -------- --------
SELIGMAN LARGE-CAP
GROWTH PORTFOLIO
COMMON STOCKS
Alza .......................... 2,950 2,950
Cisco Systems ................. 2,650 5,300
Lucent Technologies ........... 2,550 3,550
Merck ......................... 1,550 2,050
Microsoft ..................... 2,400 4,200
Nortel Networks ............... 2,000 2,000
Pfizer ........................ 4,000 5,250
Tyco International ............ 3,600 5,600
VeriSign ...................... 600 600
Williams Companies (The) ...... 3,100 3,100
SHARES
---------------------
HOLDINGS
REDUCTIONS DECREASE 6/30/00
---------- -------- --------
COMMON STOCKS
America Online ................ 1,000 --
Carnival ...................... 1,100 --
Computer Associates
International ............... 1,100 --
Compuware ..................... 1,900 --
Dayton Hudson ................. 600 --
General Electric .............. 1,000 2,350
Motorola ...................... 650 --
Nokia (ADRs) .................. 2,050(32) --
Viacom(12) .................... 1,150 --
Yahoo! ........................ 100 --
--------------------------------------------------------------------------------
SELIGMAN LARGE-CAP VALUE PORTFOLIO
COMMON STOCKS
American Home Products ........ 1,000 2,900
Armstrong World Industries .... 2,000 5,600
ConAgra ....................... 6,800 8,000
Dial .......................... 4,000 11,400
Dow Chemical .................. 500 4,500(33)
El Paso Energy ................ 1,600 3,500
Fort James .................... 2,400 2,400
Honeywell International ....... 3,200 3,200
Philip Morris ................. 2,000 8,850
US West ....................... 2,500 2,500
COMMON STOCKS
Bank of America ............... 3,205 --
Bank of New York .............. 2,000 3,000
Bristol-Myers Squibb .......... 2,200 --
Champion International ........ 3,700 --
Citigroup ..................... 1,400 2,500
General Motors ................ 1,000 1,500
Kimberly-Clark ................ 1,000 2,200
Medtronic ..................... 3,000 3,000
St. Paul Companies ............ 3,000 4,000
Safeway ....................... 3,000 3,000
SELIGMAN SMALL-CAP VALUE
PORTFOLIO
COMMON STOCKS
Avis Group Holdings ........... 10,000 10,000
Bway .......................... 25,000 25,000
Crompton ...................... 8,200 13,000
Furniture Brands
International ............... 10,000 10,000
Indymac Mortgage Holdings ..... 14,000 14,000
Midcoast Energy Resources ..... 12,000 17,000
Mutual Risk Management ........ 12,500 12,500
Oxford Health Plans ........... 10,000 10,000
Stewart & Stevenson Services .. 9,000 20,000
Urban Outfitters .............. 9,500 16,000
COMMON STOCKS
AK Steel Holding .............. 6,000 --
American National Can Group ... 2,100 5,900
Apogee Enterprises ............ 11,000 --
Harman International Industries 1,000 2,000
Lamson & Sessions ............. 4,500 15,000
Marine Drilling ............... 7,000 --
Olympic Steel ................. 18,000 --
Pharmacopeia .................. 8,000 --
Trans World Entertainment ..... 10,500 --
Valero Energy ................. 2,000 5,000
------------------------
See footnotes on page P-9.
--P-8--
<PAGE>
Seligman Portfolios, Inc.
+ Largest portfolio changes from the previous period to the current period are
based on cost of purchases and proceeds from sales of securities.
* "Diversification of Net Assets" is included for the Seligman International
Portfolios because their portfolio holdings are listed by country rather than
by industry in the "Portfolios of Investments."
(1) Includes 4,100 shares received as a result of a 2-for-1 stock split.
(2) Includes 1,800 shares received as a result of a 2-for-1 stock split.
(3) Includes 6,300 shares received as a result of a 3-for-2 stock split.
(4) Includes 4,050 shares received as a result of a 2-for-1 stock split.
(5) Includes 1,350 shares received as a result of a 3-for-2 stock split.
(6) Includes 3,000 shares received as a result of a 2-for-1 stock split.
(7) Includes 15,750 shares received as a result of a merger with Visio.
(8) Includes 23,800 shares received as a result of a 3-for-2 stock split.
(9) Includes 37,800 shares received as a result of a 2-for-1 stock split.
(10) Includes 7,800 shares that were exchanged for 12,558 shares of
Flextronics International due to merger.
(11) Includes 11,300 shares that were exchanged for 15,820 shares of
Sanmina due to merger.
(12) Formerly, CBS.
(13) Includes 2,700 shares received as a result of a 2-for-1 stock split.
(14) Includes 1,500 shares received as a result of a 2-for-1 stock split.
(15) Includes 2,055 shares received as a result of a 2-for-1 stock split.
(16) Includes 5,855 shares received as a result of a 2-for-1 stock split.
(17) Includes 3,100 shares received as a result of a 3-for-2 stock split.
(18) Includes 7,300 shares received as a result of a 2-for-1 stock split.
(19) Includes 1,850 shares received as a result of a 3-for-2 stock split.
(20) Includes 6,045 shares received as a result of a 4-for-1 stock split.
(21) Includes 5,244 shares received as a result of a 4-for-1 stock split.
(22) Includes 1,000 shares received as a result of a 2-for-1 stock split.
(23) Includes 200 shares received as a result of a 6-for-5 stock split.
(24) Includes 500 shares received as a result of a 2-for-1 stock split.
(25) Includes 1,300 shares received as a result of a 2-for-1 stock split.
(26) Includes 2,400 shares received as a result of a 2-for-1 stock split.
(27) Includes 6,800 shares received as a result of a 5-for-1 stock split.
(28) Includes 3,400 shares received as a result of a 2-for-1 stock split.
(29) Includes 2,500 shares received as a result of a 2-for-1 stock split.
(30) Includes 3,000 shares received as a result of a 2-for-1 stock split.
(31) Includes 2,400 shares received as a result of a 3-for-1 stock split.
(32) Includes 1,650 shares received as a result of a 4-for-1 stock split.
(33) Includes 3,000 shares received as a result of a 3-for-1 stock split.
--P-9--
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS (unaudited)
--------------------------------------------------------------------------------
SELIGMAN BOND PORTFOLIO
PRINCIPAL
AMOUNT VALUE
--------- ---------
CORPORATE BONDS -- 47.7%
Allstate 7.785%, 5/1/2005 ..... $ 75,000 $75,683
American Home Products 7.90%,
2/15/2005 .................. 75,000 77,150
Associates Corporation of North
America 5-1/4%, 11/1/2003 250,000 236,378
AT&T (Canada) 7.65%,
9/15/2006 .................. 50,000 49,571
Avnet 7-7/8%, 2/15/2005 ....... 60,000 60,840
Bank One 5-5/8%, 2/17/20 ...... 75,000 70,712
Boston Scientific 6-5/8%,
3/15/2005 .................. 100,000 94,340
Cardinal Health 6-1/4%,
7/15/2008 .................. 100,000 91,292
CSC Holdings 7-1/4%,
7/15/2008 .................. 100,000 92,921
Computer Science 6-1/4%,
3/15/2009 .................. 75,000 68,830
Continental Airlines 8.048%,
11/1/2020 .................. 50,000 49,941
DaimlerChrysler 7-1/4%,
6/15/2005 .................. 80,000 80,770
Dana 6-1/2%, 3/1/2009 ......... 100,000 89,647
Deere 6.55%, 7/15/2004 ........ 40,000 38,863
Delta Air Lines 7.70%,
12/15/2005 ................. 75,000 72,337
Dominion Resources 8-1/8%,
6/15/2010 .................. 30,000 30,328
First USA Bank 6-1/8%,
6/25/2001 .................. 100,000 98,941
Ford Motor Credit 5.80%
1/12/2009 .................. 50,000 43,567
Global Crossing 9-1/8%,
11/15/2006 ................. 75,000 72,187
Guidant 6.15%, 2/15/2006 ...... 100,000 91,657
Heller Financial
6-1/2%, 7/22/2002 .......... 75,000 73,562
7-7/8%, 5/15/2003 .......... 75,000 74,820
Household Finance 7-7/8%,
3/1/2007 ................... 100,000 99,636
Leggett & Platt 7.65%,
2/15/2005 .................. 50,000 51,063
Lehman Brothers 7-1/4%,
1/15/2005 .................. 40,000 39,658
PRINCIPAL
AMOUNT VALUE
--------- ---------
CORPORATE BONDS (continued)
Lyondell Chemical 9-5/8%,
5/1/2007 ................... $100,000 $98,750
Mellon Funding 7-1/2%,
6/15/2005 .................. 50,000 49,947
Nordstrom 5-5/8%, 1/15/2009 ... 40,000 33,510
Qwest Communications 0%
(9.47%**), 10/15/2007 ...... 50,000 42,078
Saks 7%, 7/15/2004 ............ 75,000 67,379
Schwab (Charles) 8.05%,
3/1/2010 ................... 50,000 50,041
Staples 7-1/8%, 8/15/2007 ..... 75,000 70,031
Time Warner 9-1/8%, 1/15/2013.. 200,000 217,463
US West Communications
7.20%, 11/1/2004 ........... 75,000 73,890
WorldCom 8%, 5/15/2006 ........ 50,000 50,612
---------
TOTAL CORPORATE BONDS
(Cost $2,741,349) 2,678,395
---------
US GOVERNMENT SECURITIES -- 19.9%
US Treasury Bonds:
6-5/8%, 5/15/2007 .......... 300,000 306,281
8-1/4%, 5/15/2020 .......... 300,000 384,375
7-1/4%, 8/15/2022 .......... 200,000 224,438
US Treasury Notes 6-1/4%,
6/30/2002 .................. 200,000 199,375
---------
TOTAL US GOVERNMENT SECURITIES
(Cost $1,098,137) .......................... 1,114,469
---------
MORTGAGE-BACKED
SECURITIES+ -- 19.1%
FHLMC GOLD:
5-1/8%,10/15/2008 ........... 100,000 87,217
6%, 11/1/2010 ............... 74,507 70,970
7-1/2%, 10/1/2017 ........... 72,673 72,654
8%, 12/1/2023 ............... 43,899 44,164
FNMA:
6-1/2%, 4/29/2009 ........... 160,000 149,617
8%, 6/1/2028 ................ 47,765 48,161
6%, 12/1/2028 ............... 160,000 167,865
------------------
+ Investments in mortgage-backed and asset-backed securities are subject to
principal paydowns. As a result of prepayments from refinancing or
satisfaction of the underlying instruments, the average life may be less
than the original maturity. This in turn may impact the ultimate yield
realized from these investments.
** Deferred-interest debentures pay no interest for a stipulated number of
years, after which they pay the indicated coupon rate.
See Notes to Financial Statements.
--P-10--
<PAGE>
Seligman Portfolios, Inc.
-------------------------------------------------------------------------
June 30, 2000
-------------------------------------------------------------------------
SELIGMAN BOND PORTFOLIO (continued)
PRINCIPAL
AMOUNT VALUE
-------- ---------
Government National Mortgage
Association:
6%, 12/20/2028 .............. $ 186,452 $ 170,902
6-1/2%, 12/15/2028 .......... 183,539 174,230
6-1/2%, 12/15/2028 .......... 91,890 87,229
---------
TOTAL MORTGAGE-BACKED
SECURITIES
(Cost $1,120,166) .......................... 1,073,009
---------
ASSET-BACKED
SECURITIES+ -- 4.1%
Chemical Master Credit 7.09%,
2/15/2009 ................... 60,000 59,508
Peco Energy Transition
Trust 6.05%, 3/1/2009 ....... 100,000 93,441
PP&L Transition 6.83%,
3/25/2007 ................... 75,000 74,212
---------
TOTAL ASSET-BACKED SECURITIES
(Cost $234,179) ............................ 227,161
---------
PRINCIPAL
AMOUNT VALUE
REPURCHASE -------- --------
AGREEMENTS -- 7.1%
(Cost $400,000)
State Street Bank & Trust
6.20%, dated 6/30/2000,
maturing 7/3/2000,
collateralized by:
$425,000 US Treasury
Notes 5-1/2%, 2/15/2008,
with a fair market value
of $414,906 ................. $400,000 $ 400,000
----------
TOTAL INVESTMENTS -- 97.9%
(Cost $5,593,831) ......................... 5,493,034
OTHER ASSETS
LESS LIABILITIES -- 2.1% .................. 116,727
----------
NET ASSETS -- 100.0% ......................... $5,609,761
==========
SELIGMAN CAPITAL PORTFOLIO
SHARES VALUE
-------- --------
COMMON STOCKS -- 94.7%
Basic Materials -- 0.3%
Minerals Technologies .......... 2,500 $ 115,000
---------
Capital Goods -- 5.5%
Dynegy (Class A) ............... 7,050 481,603
Molex .......................... 7,125 343,336
Newport News Shipbuilding ...... 7,500 275,625
Symbol Technologies ............ 25,475 1,375,650
---------
2,476,214
---------
SHARES VALUE
-------- --------
Communications Services -- 16.0%
Accelerated Networks* .......... 1,300 $54,803
Brocade Communications
Systems* .................... 6,600 1,209,244
Efficient Networks* ............ 7,800 574,031
Entercom Communications* ....... 18,300 892,125
EXFO Electro-Optical
Engineering* (Canada) ....... 300 13,181
McLeodUSA (Class A)* ........... 19,000 393,656
Network Appliance* ............. 5,400 434,531
ONI Systems* ................... 3,200 375,100
Redback Networks* .............. 7,200 1,290,600
Scientific-Atlanta ............. 6,100 454,450
StorageNetworks* ............... 2,500 225,703
Sycamore Networks* ............. 12,000 1,324,875
---------
............................................ 7,242,299
---------
----------------
+ Investments in mortgage-backed and asset-backed securities are subject to
principal paydowns. As a result of prepayments from refinancing or
satisfaction of the underlying instruments, the average life may be less than
the original maturity. This in turn may impact the ultimate yield realized
from these investments.
* Non-income producing security.
See Notes to Financial Statements.
-- P-11 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS (unaudited) (continued)
----------------------------------------------------------------------
SELIGMAN CAPITAL PORTFOLIO (continued)
SHARES Value
-------- ---------
Consumer Cyclicals --3.6%
Circuit City Stores -- Circuit
City Group ...................... 17,550 $ 582,441
Harley-Davidson .................... 8,800 338,800
Reader's Digest Association
(Class A) ....................... 17,800 707,550
---------
1,628,791
---------
Electronic Technology -- 20.0%
Art Technology Group* .............. 7,600 767,362
Ciena* ............................. 7,450 1,241,589
Exodus Communications* ............. 7,300 336,484
Finisar* ........................... 32,500 852,109
GlobeSpan* ......................... 9,400 1,145,331
InfoSpace* ......................... 7,800 431,194
Maxim Integrated Products* ......... 5,600 380,275
Phone.com* ......................... 10,300 671,753
PMC-Sierra* (Canada) ............... 3,400 604,031
RSA Security* ...................... 5,900 409,681
Silicon Laboratories* .............. 8,400 448,875
Vitesse Semiconductor* ............. 11,400 838,969
Xilinx* ............................ 11,100 916,791
---------
9,044,444
---------
Energy --1.0%
Weatherford International* ......... 11,400 453,863
---------
Financial Services --5.8%
ACE (Bermuda) ...................... 31,000 868,000
AFLAC .............................. 16,850 774,047
Allied Capital ..................... 29,700 505,828
Paychex ............................ 11,200 470,400
---------
2,618,275
---------
Health Care -- 15.6%
ALZA* .............................. 22,600 1,336,225
Andrx* ............................. 10,900 696,578
Elan (ADRs)* (Ireland) ............. 30,500 1,477,344
Forest Laboratories* ............... 4,300 434,300
Gilead Sciences* ................... 3,200 227,700
IDEC Pharmaceuticals* .............. 1,900 222,834
Immunex* ........................... 4,300 212,716
MedImmune* ......................... 3,200 236,700
PE Corp.--
PE Biosystems Group ............. 3,300 217,388
Stryker ............................ 15,000 656,250
Watson Pharmaceuticals* ............ 24,550 1,319,562
---------
7,037,597
---------
SHARES OR
PRINCIPAL
AMOUNT VALUE
-------- ---------
TECHNOLOGY SERVICES -- 20.9%
Aether Systems* .................... 5,200 shs. $ 1,065,838
BMC Software* ...................... 18,200 663,731
Computer Sciences* ................. 10,500 784,219
Internet Security Systems
Group* .......................... 8,700 858,853
Mercury Interactive* ............... 2,800 270,988
NCR* ............................... 7,100 276,456
Quest Software* .................... 20,300 1,126,650
Rational Software* ................. 7,600 706,088
Siebel Systems* .................... 6,550 1,071,539
Software.com* ...................... 5,800 753,275
SunGard Data Systems* .............. 27,300 846,300
VeriSign* .......................... 5,800 1,022,794
----------
9,446,731
----------
Utilities -- 6.0%
AES* ............................... 18,300 834,938
Calpine* ........................... 4,000 263,000
El Paso Energy ..................... 17,800 906,688
Kinder Morgan ...................... 21,000 725,812
----------
2,730,438
----------
TOTAL COMMON STOCKS
(Cost $31,472,137) .............. 42,793,652
REPURCHASE
AGREEMENTS -- 8.9%
(Cost $4,000,000)
State Street Bank & Trust,
6.20% dated 6/30/2000,
maturing 7/3/2000,
collateralized by:
$2,020,000 US
Treasury Notes 7-1/2%,
due 2/15/2005,
with a fair market
value of $4,124,656 ........ $4,000,000 4,000,000
----------
TOTAL INVESTMENTS -- 103.6%
(Cost $35,472,137) ......... 46,793,652
OTHER ASSETS LESS
LIABILITIES-- (3.6)% ....... (1,639,846)
-----------
NET ASSETS-- 100.0% ........... $45,153,806
===========
----------------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-12 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
June 30, 2000
----------------------------------------------------------------------
SELIGMAN CASH MANAGEMENT PORTFOLIO
ANNUALIZED
YIELD ON PRINCIPAL
PURCHASE DATE AMOUNT VALUE
------------- ------- ---------
US GOVERNMENT
AGENCY
SECURITIES -- 38.8%
Farm Credit Bank
6.40%, 7/3/2000 ............ 6.49% $1,000,000 $ 995,200
Federal Home Loan Bank
6.40%, 7/3/2000 ............ 6.49 1,800,000 1,796,800
Federal Home Loan
Mortgage
6.405%, 7/3/2000 ........... 6.49 1,500,000 1,495,463
Federal National Mortgage
Association,
6.36%, 7/3/2000 ............ 6.45 1,000,000 997,173
----------
TOTAL US GOVERNMENT
AGENCY SECURITIES
(Cost $5,284,636) .......... 5,284,636
----------
COMMERCIAL
PAPER -- 32.9%
American Express Credit,
7/24/2000 .................. 5.74 600,000 597,485
American General
Finance, 7/14/2000 ......... 6.62 700,000 698,350
Associates Corp. of North
America, 7/6/2000 .......... 6.74 600,000 599,446
Ford Motor Credit,
7/6/2000 ................... 6.64 700,000 699,363
General Electric
Capital, 7/11/2000 ......... 6.62 700,000 698,730
John Deere Capital,
7/26/2000 .................. 6.64 600,000 597,271
Norwest Financial,
7/17/2000 .................. 6.65 600,000 598,251
----------
TOTAL COMMERCIAL PAPER
(Cost $4,488,896) ......... 4,488,896
----------
ANNUALIZED
YIELD ON PRINCIPAL
PURCHASE DATE AMOUNT VALUE
------------- ------- ---------
FIXED TIME
DEPOSITS -- 13.2%\
Canadian Imperial Bank of
Commerce, Montreal
6-7/8%, 7/3/2000 ........... 6.97% $600,000 $600,000
Dexia Banque,
Grand Cayman
7%, 7/3/2000 ............... 7.10 600,000 600,000
First Union National Bank,
Grand Cayman
6-1/4%, 7/3/2000 ........... 6.84 600,000 600,000
----------
TOTAL FIXED TIME DEPOSITS
(Cost $1,800,000) 1,800,000
----------
REPURCHASE
AGREEMENTS -- 13.2%
(Cost $1,800,000)
State Street Bank & Trust,
6.20%, dated 6/30/2000,
maturing 7/3/2000,
collateralized by: $1,900,000
US Treasury Notes 5-1/2%,
2/15/2008, with a fair
market value of
$1,854,875 ................. 6.29 1,800,000 1,800,000
-----------
TOTAL INVESTMENTS -- 98.1%
(Cost $13,373,532).......... 13,373,532
OTHER ASSETS LESS
LIABILITIES-- 1.9%.......... 254,440
-----------
NET ASSETS-- 100.0%............ $13,627,972
===========
------------------
See Notes to Financial Statements.
-- P-13 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS (unaudited) (continued)
----------------------------------------------------------------------
SELIGMAN COMMON STOCK PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 98.6%
AUTOMOTIVE AND RELATED -- 1.1%
Ford Motor .................... 9,800 $ 421,400
Visteon ....................... 1,283 15,558
---------
436,958
---------
CHEMICALS -- 0.7%
duPont (E.I.) de Nemours ...... 6,800 297,500
---------
COMMUNICATIONS -- 8.1%
AT&T .......................... 18,800 594,550
SBC Communications ............ 19,028 822,961
Sprint ........................ 7,200 367,200
Verizon Communications ........ 9,600 597,600
WorldCom* ..................... 17,900 821,722
---------
.............................. 3,204,033
---------
COMMUNICATION EQUIPMENT -- 2.8%
Lucent Technologies ........... 8,300 491,775
Nortel Networks (Canada) ...... 8,800 600,600
---------
1,092,375
---------
COMPUTERS AND BUSINESS
SERVICES -- 23.9%
Agilent Technologies* ......... 7,334 540,883
America Online* ............... 5,600 295,400
Applied Materials* ............ 14,700 1,332,647
Cisco Systems* ................ 18,900 1,200,741
Dell Computer* ................ 15,600 769,763
Electronic Data Systems ....... 13,700 565,125
Hewlett-Packard ............... 3,500 437,063
Intel ......................... 10,400 1,390,025
International Business Machines 5,950 651,895
Microsoft* .................... 19,300 1,543,397
Oracle* ....................... 5,400 453,768
Sun Microsystems* ............. 3,350 304,745
---------
9,485,452
---------
CONSUMER GOODS AND
SERVICES -- 5.2%
Anheuser-Busch ................ 6,300 470,531
Coca-Cola ..................... 6,800 390,575
Gillette ...................... 6,400 223,600
PepsiCo ....................... 16,500 733,219
Procter & Gamble .............. 4,600 263,350
---------
2,081,275
---------
SHARES VALUE
-------- ---------
DRUGS AND HEALTH
CARE -- 12.6%
Abbott Laboratories ........... 11,400 $508,012
American Home Products ........ 13,500 793,125
Baxter International .......... 7,000 492,187
Bristol-Myers Squibb .......... 6,250 364,063
Guidant* ...................... 8,600 425,700
Johnson & Johnson ............. 7,300 743,687
Merck ......................... 8,000 613,000
Pfizer ........................ 13,000 624,000
Schering-Plough ............... 8,700 439,350
---------
5,003,124
---------
ELECTRIC AND GAS
UTILITIES -- 4.6%
Coastal ....................... 10,300 627,013
Unicom ........................ 12,000 464,250
Williams Companies (The) ...... 18,100 754,543
----------
1,845,806
----------
ENERGY -- 7.0%
BP Amoco (ADRs)
(United Kingdom) ........... 10,800 610,875
Exxon Mobil ................... 10,800 847,800
Royal Dutch Petroleum
(Netherlands) .............. 11,000 677,188
Schlumberger .................. 8,600 641,775
----------
2,777,638
----------
FINANCE AND INSURANCE -- 16.6%
American General .............. 10,400 634,400
American International Group .. 8,100 951,750
Bank of America ............... 15,939 685,377
Bank of New York .............. 22,500 1,046,250
Chubb ......................... 15,400 947,100
Citigroup ..................... 15,200 915,800
Fannie Mae .................... 7,400 386,188
Merrill Lynch ................. 5,800 667,000
Morgan (J.P.) ................. 3,200 352,400
----------
6,586,265
----------
MACHINERY AND INDUSTRIAL
EQUIPMENT -- 7.3%
General Electric .............. 33,000 1,749,000
United Technologies ........... 19,500 1,148,063
----------
2,897,063
----------
--------------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-14 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
June 30, 2000
----------------------------------------------------------------------
SELIGMAN COMMON STOCK PORTFOLIO (continued)
SHARES VALUE
-------- ----------
OFFICE EQUIPMENT -- 2.1%
Pitney Bowes .................. 20,450 $818,000
----------
PAPER AND FOREST
PRODUCTS -- 0.7%
Mead .......................... 11,200 282,800
----------
RETAIL TRADE -- 5.9%
Costco Wholesale* ............. 4,650 153,595
CVS ........................... 15,200 608,000
Home Depot .................... 4,800 239,700
May Department Stores ......... 10,350 248,400
Wal-Mart Stores ............... 19,100 1,100,638
----------
2,350,333
-----------
VALUE
-----------
TOTAL COMMON STOCKS
(Cost $30,382,084) ......... $39,158,622
SHORT-TERM
HOLDINGS -- 2.0%
(Cost $800,000) ............ 800,000
-----------
TOTAL INVESTMENTS -- 100.6%
(Cost $31,182,084) ......... 39,958,622
OTHER ASSETS
LESS LIABILITIES -- (0.6)% . (240,820)
-----------
NET ASSETS -- 100.0% .......... $39,717,802
-----------
SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 97.0%
Communications
Infrastructure -- 3.2%
Alteon Websystems* ............ 7,600 $760,238
Aspect Communications* ........ 13,500 530,297
Ciena* ........................ 3,800 633,294
Cisco Systems* ................ 23,100 1,467,572
Corning ....................... 3,800 1,025,525
Exfo Electro-Optical
Engineering* (Canada) ...... 1,400 61,512
Gilat Satellite Networks* (Israel) 7,800 541,369
Nokia (ADRs) (Finland) ........ 23,900 1,193,506
Nortel Networks (Canada) ...... 5,700 389,025
Tellabs ....................... 9,500 650,453
----------
7,252,791
----------
Communications
Services -- 1.1%
ALLTEL ........................ 19,000 1,176,812
Intermedia Communications* .... 16,600 492,812
Level 3 Communications* ....... 5,700 501,422
Qwest Communications
International* ............. 7,700 382,594
----------
2,553,640
----------
SHARES VALUE
-------- ---------
Computer and
Business Services -- 5.9%
Amdocs* ....................... 7,500 $ 575,625
Concord EFS* .................. 19,000 494,000
CSG Systems International* .... 56,400 3,163,688
Electronic Data Systems ....... 19,200 792,000
First Data* ................... 40,300 1,999,887
Galileo International ......... 53,400 1,114,725
Gartner Group (Class A)* ...... 37,600 451,200
MarchFirst* ................... 51,100 934,172
Modis Professional Services* 58,600 520,075
Navigant Consulting* .......... 61,000 259,250
StorageNetworks* .............. 800 72,225
SunGard Data Systems* ......... 94,400 2,926,400
----------
13,303,247
----------
Computer Hardware/
Peripherals -- 11.6%
Adaptec* ...................... 142,200 3,239,494
American Power Conversion* .... 177,300 7,230,516
Apex* ......................... 40,200 1,756,237
Comdisco ...................... 48,400 1,079,925
Creative Technology
(Singapore) ................ 135,900 3,248,859
Electronics for Imaging* ...... 108,800 2,747,200
Lexmark International
Group (Class A)* ........... 28,300 1,903,175
----------------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-15 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS (unaudited) (continued)
----------------------------------------------------------------------
SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued)
SHARES VALUE
-------- ---------
Computer Hardware/
Peripherals (continued)
Mobility Electronics* ......... 2,100 $ 27,366
Pitney Bowes .................. 47,900 1,916,000
Xircom* ....................... 60,900 2,894,653
----------
26,043,425
----------
Computer Software -- 17.0%
3DO* .......................... 48,800 382,013
Activision* ................... 190,000 123,500
Autodesk ...................... 97,400 3,381,606
BMC Software* ................. 57,300 2,089,659
Check Point Software
Technologies* (Israel) ..... 15,300 3,248,859
Computer Associates
International .............. 68,700 3,516,581
Compuware* .................... 27,400 283,419
HNC Software* ................. 7,900 488,812
Macromedia* ................... 17,200 1,662,488
Microsoft* .................... 104,250 8,336,742
Parametric Technology* ........ 167,800 1,840,556
Rational Software* ............ 34,500 3,205,266
Remedy* ....................... 28,900 1,612,078
Symantec* ..................... 83,600 4,511,787
Synopsys* ..................... 99,000 3,418,594
Tecnomatix Technologies* (Israel) 3,700 50,181
----------
38,152,141
----------
ELECTRONIC
COMPONENTS -- 4.9%
Amphenol (Class A) ............ 19,000 1,257,562
Arrow Electronics* ............ 49,500 1,534,500
Avnet ......................... 22,800 1,350,900
CTS ........................... 30,200 1,359,000
Sawtec ........................ 38,000 2,186,187
Vishay Intertechnology* ....... 85,500 3,243,656
----------
10,931,805
----------
ELECTRONIC Manufacturing
SERVICES -- 5.4%
ACT Manufacturing* ............ 19,200 892,200
Advanced Micro Devices* ....... 47,800 3,692,550
Flextronics International*
(Singapore) ................ 17,200 1,181,963
Sanmina* ...................... 15,820 1,352,116
SCI Systems* .................. 125,800 4,929,787
----------
12,048,616
----------
Electronics Capital
Equipment -- 15.6%
Applied Materials* ............ 22,800 $ 2,066,962
ATMI* ......................... 15,300 710,972
Cognex* ....................... 46,700 2,415,266
Credence Systems* ............. 60,800 3,353,500
Electro Scientific Industries* 46,700 2,056,259
KLA-Tencor* ................... 32,500 1,904,297
Kulicke & Soffa Industries* ... 28,500 1,687,734
Lam Research* ................. 55,000 2,064,219
Novellus Systems* ............. 161,600 9,145,550
Orbotech* (Israel) ............ 34,650 3,219,202
Sensormatic* .................. 41,100 649,894
Teradyne* ..................... 47,900 3,520,650
Veeco Instruments ............. 28,500 2,092,078
----------
34,886,583
----------
Media -- 9.5%
Ackerley Group ................ 19,900 233,825
Adelphia Communications (Class A)* 38,100 1,784,747
AMFM* ......................... 122,500 8,452,500
Cablevision Systems (Class A)* 29,900 2,029,463
Charter Communications* ....... 91,800 1,511,831
Comcast (Class A)* ............ 19,100 774,147
EchoStar Communications
(Class A) .................. 23,200 767,775
Infinity Broadcasting (Class A)* 68,275 2,487,770
Rogers Communications
(Class B)* (Canada) ........ 31,400 894,900
Time Warner ................... 19,000 1,444,000
USA Networks* ................. 29,100 630,197
Ziff-Davis* ................... 3,900 35,100
Ziff-Davis-ZDNet* ............. 19,500 175,500
----------
21,221,755
----------
Semiconductors -- 22.7%
Amkor Technology* ............. 180,800 6,378,850
Atmel* ........................ 34,200 1,261,125
C-Cube Microsystems* .......... 47,200 926,300
Conexant Systems* ............. 19,000 925,656
Cypress Semiconductor* ........ 41,900 1,770,275
Dallas Semiconductor .......... 56,000 2,282,000
Fairchild Semiconductor
International* ............. 71,900 2,911,950
Integrated Device Technology* . 79,600 4,776,000
Intel ......................... 47,700 6,375,403
International Rectifier* ...... 42,800 2,396,800
Lattice Semiconductor* 94,500 6,535,266
-----------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-16 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
June 30, 2000
----------------------------------------------------------------------
SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (continued)
SHARES VALUE
-------- ----------
Semiconductors (continued)
Linear Technology ............. 23,800 $1,520,969
Mattson Technology* ........... 4,400 143,550
Maxim Integrated Products* .... 9,900 672,272
Microchip Technology* ......... 76,200 4,448,175
Micron Technology* ............ 27,500 2,421,719
National Semiconductor* ....... 62,900 3,569,575
QuickLogic* ................... 14,700 330,291
SCG Holding* .................. 51,800 1,134,744
------------
50,780,920
------------
MIscellaneous -- 0.1%
Capstone Turbine* ............. 2,700 122,091
------------
VALUE
------------
TOTAL COMMON STOCKS
(Cost $171,810,362) ........ $217,297,014
SHORT-TERM HOLDINGS -- 2.6%
(Cost $5,800,000) .......... 5,800,000
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $177,610,362) ........ 223,097,014
OTHER ASSETS LESS
LIABILITIES-- 0.4% ......... 939,537
------------
NET ASSETS-- 100.0% ........... $224,036,551
============
SELIGMAN FRONTIER PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 101.5%
Building and
Construction -- 0.5%
Dycom Industries .............. 2,700 $124,200
----------
Business Goods and
Services -- 5.7%
Acxiom* ....................... 7,900 220,706
Copart* ....................... 10,900 173,378
CoStar Group* ................. 5,660 142,031
CSG Systems International* .... 4,600 258,031
FirstService* (Canada) ........ 6,600 80,850
Harris Interactive ............ 6,000 29,063
Modis Professional Services* .. 10,500 93,187
NOVA* ......................... 12,433 347,347
----------
1,344,593
SHARES VALUE
-------- ---------
Computer Software and
Services -- 18.0%
Accrue Software ............... 5,200 184,762
Advent Software ............... 7,900 511,772
Aspen Technology* ............. 5,400 208,575
Broadbase Software ............ 2,100 64,378
Caliper Technologies .......... 700 32,178
CoreComm* ..................... 2,400 46,875
Documentum .................... 3,800 339,387
I2 Technologies ............... 3,670 382,712
Internet Security Systems* .... 5,400 533,081
Intraware ..................... 4,800 76,950
Computer Software and
Services (continued)
JDA Software Group ............ 9,400 $ 180,069
Keane ......................... 1,200 25,950
Keynote Systems ............... 1,300 90,716
Mediaplex ..................... 2,200 42,556
NYFIX ......................... 2,737 114,868
Onyx Software ................. 5,100 151,247
Quest Software ................ 4,400 244,200
Selectica ..................... 1,800 125,719
SmartForce (ADRs)* (Ireland) .. 4,900 234,894
SunGard Data Systems* ......... 10,700 331,700
THQ* .......................... 3,250 39,305
Unigraphics Solutions (Class A)* 5,900 115,050
Visual Networks* .............. 4,500 128,109
----------
4,205,053
----------
Consulting Services -- 1.9%
Corporate Executive Board* .... 2,900 176,537
Forrester Research* ........... 3,755 273,294
----------
449,831
----------
Consumer Goods and
Services -- 4.2%
Brinker International ......... 6,300 184,275
Carey International* .......... 6,700 92,544
MemberWorks* .................. 11,080 371,526
MSC Industrial Direct ......... 5,800 121,438
Pre-Paid Legal Services* ...... 5,100 152,363
Too* .......................... 2,300 58,506
----------
980,652
----------
------------------
* Non-income producing security.
See Notes to Financial Statements.
--P-17 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS (unaudited) (continued)
----------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO (continued)
SHARES VALUE
-------- ---------
Drugs And Health Care -- 10.7%
Alpharma (Class A)* ........... 5,500 $ 342,375
Amerisource Health (Class A) .. 3,600 111,600
Barr Laboratories* ............ 9,300 416,756
Bindley Western Industries .... 5,700 150,694
Charles River Laboratories .... 2,800 62,125
King Pharmaceuticals .......... 4,050 177,694
Praecis Pharmaceuticals ....... 4,700 131,306
Priority Healthcare (Class B)* 4,300 318,872
Province Healthcare* .......... 6,600 238,219
Tanox* ........................ 3,700 175,403
Teva Pharmaceutical Industries
(ADRs) (Israel) ............ 2,700 149,766
United Therapeutics ........... 2,200 238,356
----------
2,513,166
----------
Electronics -- 10.5%
Advanced Energy Industries* ... 1,700 100,194
Alpha Industries* ............. 6,200 273,381
Amerigon# ..................... 25,518 127,590
Burr-Brown* ................... 1,475 127,864
Cognex* ....................... 900 46,547
Credence Systems* ............. 900 49,641
Exar .......................... 2,400 209,475
General Semiconductor* ........ 5,100 75,225
Kopin ......................... 2,800 193,813
Littlefuse .................... 1,700 84,044
Orbotech* (Israel) ............ 2,400 222,975
Photon Dynamics* .............. 3,400 254,044
Sawtek* ....................... 4,800 276,150
Silicon Image* ................ 500 24,953
Varian Semiconductor* ......... 1,900 119,403
Virata* ....................... 4,400 262,900
----------
2,448,199
----------
Energy -- 2.4%
Mitchell Energy & Development . 1,800 57,825
National-Oilwell .............. 5,700 187,388
Patina Oil & Gas .............. 5,300 109,975
Pride International* .......... 8,100 200,475
----------
555,663
----------
Environmental
Management -- 0.9%
Casella Waste Systems ......... 7,500 80,391
Waste Connections* ............ 7,000 138,031
----------
218,422
----------
SHARES VALUE
-------- ---------
Financial Services -- 3.5%
Affiliated Managers Group* .... 7,600 $ 345,800
American Capital Strategies ... 6,900 156,544
Metris Companies .............. 12,450 312,806
----------
815,150
----------
Internet/OnLine -- 2.6%
About.com* .................... 2,500 78,672
Be Free* ...................... 2,900 26,145
GoTo.com* ..................... 3,620 55,544
PC-Tel* ....................... 4,400 167,338
SonicWALL* .................... 3,100 272,897
----------
600,596
----------
Leisure and
Entertainment -- 1.1%
Premier Parks* ................ 11,200 254,800
----------
Media and
Broadcasting -- 3.5%
Charter Communications* ....... 8,600 141,631
Cox Radio* .................... 6,700 187,600
Emmis Communications
(Class A)* ................. 2,300 95,234
Pegasus Communications ........ 5,600 274,225
Penton Media .................. 1,600 56,000
SBS Broadcasting*
(Luxembourg) ............... 1,300 70,606
----------
825,296
----------
Medical Products and
Technology -- 4.5%
Community Health Systems ...... 7,600 123,025
Cytyc* ........................ 3,600 192,038
Dura Pharmaceuticals* ......... 9,900 141,694
Endocare ...................... 4,900 99,378
Genomic Solutions ............. 11,200 163,450
Intermune Pharmaceuticals* .... 5,800 238,706
Maxygen* ...................... 800 45,250
QLT* (Canada) ................. 700 54,359
----------
1,057,900
----------
Networking/Communications
Infrastructure -- 2.8%
Andrew* ....................... 3,900 131,016
C-cor.net* .................... 8,400 226,538
Exfo-Electro Optical
Engineering* (Canada) ...... 100 4,394
Remec ......................... 6,800 284,537
----------
646,485
----------
------------------
* Non-income producing security.
# Restricted and non-income producing security.
See Notes to Financial Statements.
-- P-18 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
June 30, 2000
----------------------------------------------------------------------
SELIGMAN FRONTIER PORTFOLIO (continued)
SHARES VALUE
-------- ----------
Schools -- 3.3%
Career Education* .................. 5,500 $ 267,094
DeVRY* ............................. 3,800 100,462
ITT Educational Services* .......... 5,100 89,569
Learning Tree International* ....... 5,000 307,656
-----------
764,781
-----------
Telecommunications -- 24.4%
Actuate Software* .................. 5,200 277,388
AirGate PCS ........................ 4,000 210,375
Alamosa PCS Holdings* .............. 7,900 166,147
ANTEC* ............................. 8,300 344,709
Choice One Communications* ......... 5,000 204,219
Com21* ............................. 2,500 62,422
Dobson Communications* ............. 12,100 233,681
Global TeleSystems* ................ 15,600 188,175
Illuminet Holdings* ................ 3,900 196,950
Inet Technologies* ................. 3,300 179,231
ITC DeltaCom* ...................... 8,900 198,303
MGC Telecommunications* ............ 1,200 71,962
Metawave Communications* ........... 6,260 166,868
Network Plus* ...................... 1,200 17,062
Pinnacle Holdings* ................. 4,900 262,763
Powertel* .......................... 5,300 376,134
Price Communications* .............. 5,700 134,306
Proxim* ............................ 2,900 287,644
Rural Cellular (Class A)* .......... 7,140 546,879
SBA Communications* ................ 4,600 239,056
Tekelec* ........................... 3,400 163,944
Telecommunications (continued)
TranSwitch* ........................ 1,800 $ 138,994
Triton PCS Holdings (Class A)*...... 2,800 161,788
US Unwired ......................... 6,700 88,356
West TeleServices* ................. 6,000 152,063
Western Wireless (Class A)* ........ 11,600 631,837
-----------
5,701,256
-----------
Transportation -- 1.0%
Expeditors International of
Washington ...................... 3,000 141,844
Forward Air* ....................... 2,025 80,620
-----------
222,464
-----------
TOTAL COMMON STOCKS
(Cost $19,545,577) .............. 23,728,507
SHORT-TERM HOLDINGS -- 1.7%
(Cost $400,000) ................. 400,000
-----------
TOTAL INVESTMENTS -- 103.2%
(Cost $19,945,577) .............. 24,128,507
OTHER ASSETS
LESS LIABILITIES -- (3.2)% ...... (743,907)
-----------
NET ASSETS -- 100.0% ................ $23,384,600
===========
SELIGMAN GLOBAL GROWTH PORTFOLIO
SHARES VALUE
-------- -----------
COMMON STOCKS -- 96.6%
AUSTRALIA -- 1.8%
Cochlear (Drugs and Health Care) ... 4,800 $ 82,567
CSL (Drugs and Health Care)......... 4,300 84,966
----------
167,533
----------
BRAZIL -- 0.9%
Telefonica (ADRs)*
(Telecommunications)............. 1,298 83,109
----------
CANADA -- 2.9%
BCE (Telecommunications)............ 800 18,960
Bombardier (B shares) (Diversified). 4,500 122,154
Precision Drilling (Oil and Gas).... 3,200 123,600
----------
264,714
----------
CHINA -- 1.4%
China Telecom (Hong Kong)*
(Telecommunications)............. 14,000 $123,466
----------
DENMARK -- 2.6%
GN Store (Telecommunications)....... 400 40,443
Group 4 Falck (Business Goods
and Services).................... 200 32,140
ISS International Service Systems
(Business Goods and Services).... 1,200 91,498
Vestas Wind Systems*
(Electronics).................... 2,000 73,557
----------
237,638
----------
----------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-19 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
PORTFOLIOS OF INVESTMENTS (unaudited) (continued)
----------------------------------------------------------------------
SELIGMAN GLOBAL GROWTH PORTFOLIO (continued)
SHARES VALUE
-------- ----------
FINLAND -- 1.3%
Nokia (Telecommunications).............. 2,260 $ 115,462
----------
FRANCE -- 6.8%
Alcatel (Telecommunications)............ 4,550 298,784
Cap Gemini (Computer and
Technology Related).................. 696 122,743
Sagem (Electronics)..................... 50 58,689
STMicroelectronics (Electronics)........ 1,000 63,086
Societe Television Francaise 1
"TF1" (Entertainment and
Leisure)............................. 1,000 69,777
----------
613,079
----------
GERMANY -- 0.9%
Schering-Plough (Drugs and
Health Care)......................... 1,500 81,797
----------
GREECE -- 0.3%
National Bank of Greece (ADRs)
(Financial Services)................. 3,080 24,063
----------
HONG KONG -- 0.6%
Hutchison Whampoa (Diversified)......... 4,400 55,313
----------
HUNGARY -- 0.2%
Magyar Tavkozlesi "Matav" (ADRs)
(Telecommunications)................. 500 17,219
----------
IRELAND -- 3.0%
Elan (ADRs)* (Drugs and
Health Care)......................... 3,000 145,312
Ryanair Holdings* (Transportation)...... 17,200 124,985
----------
270,297
----------
ITALY -- 4.2%
Banca Nazionale del Lavoro
"BNL"* (Financial Services).......... 38,000 134,029
Mediolanum (Financial Services)......... 15,430 251,319
----------
385,348
----------
JAPAN -- 9.7%
Able (Financial Services)............... 1,000 14,882
Asahi Pretec (Industrial Goods
and Services)........................ 1 16,672
Chugai Pharmaceutical
(Drugs and Health Care).............. 5,000 94,428
SHARES VALUE
-------- ---------
JAPAN (continued)
Cresco (Computer and
Technology Related).................. 1,200 $ 85,904
H.I.S. (Entertainment and Leisure)...... 1,300 64,164
Inter (Financial Services).............. 2,100 37,702
Itochu Techno-Science
(Computer and Technology
Related)............................. 300 48,180
Keyence (Electronics)................... 100 32,968
Meitec (Computer and
Technology Related).................. 2,900 114,727
Nippon Telegraph & Telephone
"NTT" (Telecommunications)........... 6 79,687
NTT Mobile Communication
Network "NTT DoCoMo"
(Telecommunications)................. 3 81,100
Shiseido (Consumer Goods
and Services)........................ 3,000 46,343
Sundrug (Retailing)..................... 800 61,715
Touei Housing (Construction
and Property)........................ 2,000 32,026
Xebio (Retailing)....................... 3,000 70,362
----------
880,860
----------
MEXICO -- 0.5%
Grupo Carso (ADRs)*
(Diversified)........................ 7,000 49,069
----------
NETHERLANDS -- 3.9%
ASM Lithography Holding*
(Computer and Technology
Related)............................. 2,760 118,769
Koninklijke (Royal) Philips
Electronics (Electronics)............ 1,592 75,173
Numico (Consumer Goods
and Services)........................ 2,650 125,890
Qiagen (Drugs and Health Care).......... 200 35,366
----------
355,198
----------
NORWAY -- 3.3%
Tandberg (Telecommunications)........... 3,300 78,753
Tomra Systems (Business
Goods and Services).................. 8,220 218,229
----------
296,982
----------
SOUTH KOREA -- 0.4%
Korea Telecom (ADRs)*
(Telecommunications)................. 670 32,411
----------
-----------------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-20 --
<PAGE>
Seligman Portfolios, Inc.
----------------------------------------------------------------------
June 30, 2000
----------------------------------------------------------------------
SELIGMAN GLOBAL GROWTH PORTFOLIO (continued)
SHARES VALUE
-------- ---------
SPAIN -- 1%
Grupo Prisa (Media).................... 800 $ 18,582
Sociedad General de Aguas
de Barcelona (Consumer
Goods and Services)................. 45 585
Telefonica Publicidad e
Informacion* (Entertainment
and Leisure)........................ 7,200 68,064
----------
87,231
----------
SWEDEN -- 5.5%
L.M. Ericsson Telefon (Series B)
(Telecommunications)................ 18,620 369,657
Securitas (Series B) (Consumer
Goods and Services)................. 4,500 95,737
Telia (Telecommunications)............. 3,800 35,883
----------
501,277
----------
SWITZERLAND -- 5.5%
Credit Suisse Group
(Financial Services)................ 575 114,495
Disetronic Holding
(Drugs and Health Care)............. 15 100,328
Gretag Imaging Group
(Drugs and Health Care)............. 350 67,438
Phonak Holding
(Drugs and Health Care)............. 30 86,521
Straumann
(Drugs and Health Care)............. 70 105,237
Tecan
(Drugs and Health Care)............. 30 28,736
----------
502,755
----------
UNITED KINGDOM -- 5.4%
AstraZeneca (Drugs and
Health Care)........................ 2,685 125,241
British Telecommunications
(Telecommunications)................ 2,500 32,371
Cable & Wireless
(Telecommunications)................ 2,000 34,024
Centrica (Electric and Gas
Utilities).......................... 19,000 63,090
Granada Group (Entertainment
and Leisure)........................ 9,000 88,700
Hilton Group (Entertainment
and Leisure)........................ 13,000 45,532
SmithKline Beecham (Drugs and
Health Care)........................ 3,000 39,482
Tesco (Retailing)...................... 20,000 62,241
----------
490,681
----------
SHARES VALUE
-------- ----------
UNITED STATES -- 34.5%
AES* (Electric and Gas Utilities)...... 5,000 $ 228,124
ALZA* (Drugs and Health Care).......... 4,700 277,886
Cisco Systems* (Computer and
Technology Related)................. 4,400 279,536
Citigroup (Financial Services)......... 3,150 189,787
Coca-Cola (Consumer Goods
and Services)....................... 1,200 68,924
Corning (Diversified).................. 1,100 296,861
Disney, Walt (Entertainment
and Leisure)........................ 4,850 188,240
EMC (Electronics)...................... 700 53,855
Guidant (Drugs and Health Care)300..... 14,850
Medtronic (Drugs and Health Care)...... 1,900 94,642
Microsoft* (Computer and
Technology Related)................. 1,400 111,955
Pfizer (Drugs and Health Care)......... 2,700 129,600
Procter & Gamble (Consumer
Goods and Services)................. 3,000 171,750
Siebel Systems (Computer and
Technology Related)................. 500 81,796
Tyco International (Diversified)....... 6,200 293,724
VeriSign (Computer and
Technology Related)................. 1,200 211,611
Watson Pharmaceutical (Drugs
and Health Care).................... 4,500 241,874
Williams Companies (The)
(Electric and Gas Utilities)........ 4,600 191,761
----------
3,126,776
----------
TOTAL COMMON STOCKS
(Cost $5,889,662)................... 8,762,278
PREFERRED STOCKS -- 1.3%
(Cost $78,503)......................
GERMANY -- 1.3%
Porsche (non-voting)*
(Automotive and Related)............ 43 116,523
----------
TOTAL INVESTMENTS -- 97.9%
(Cost $5,968,165)................... 8,878,801
OTHER ASSETS
LESS LIABILITIES -- 2.1%............ 189,685
----------
NET ASSETS -- 100.0%................... $9,068,486
==========
----------------------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-21 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 95.4%
AUSTRALIA -- 2.7%
BRL Hardy (Consumer Goods
and Services)................. 9,754 $ 41,914
Cochlear (Medical Products
and Technology)............... 5,700 98,049
CSL (Medical Products and
Technology)................... 5,150 101,763
Data Advantage*(Computer and
Business Services)............ 16,600 45,466
Energy Developments (Utilities).. 7,000 40,824
Futuris (Automotive Parts
Manufacturing)................ 32,860 35,969
Lang (Transportation)............ 7,500 41,048
Perpetual Trustees Australia
(Financial Services).......... 2,800 43,495
Sonic Healthcare (Medical
Products and Technology)...... 9,800 40,318
TAB* (Leisure and Hotels)........ 30,300 44,222
---------
533,068
---------
CANADA -- 1.4%
Celestica* (Electronics)......... 1,500 74,437
Cinar (Class B)* (Media)......... 2,800 14,000
Clearnet Communications (Class A)*
(Telecommunications).......... 2,650 74,034
Diversinet (Computer Software)... 1,000 11,844
EXFO Electro-Optical Engineering*
(Telecommunications).......... 100 4,394
GT Group Telecom
(Telecommunications).......... 2,400 37,725
QLT* (Drugs and Health Care)..... 300 23,297
Sierra Wireless
(Telecommunications).......... 700 37,815
---------
277,546
---------
DENMARK -- 1.3%
Sondagsavisen (Media)............ 7,276 119,348
Sydbank (Financial Services)..... 925 31,412
TK Development (Construction
and Property)................. 3,960 109,106
---------
259,866
---------
FINLAND -- 0.4%
Rapala Normark*
(Leisure and Hotels).......... 14,300 84,746
---------
FRANCE -- 3.1%
Du Pareil Au Meme (Retailing).... 887 $33,915
Etam Developpement* (Retailing) 1,493 28,542
L'Europeenne d'Extincteurs
(Manufacturing)............... 1,242 35,615
Royal Canin (Consumer Goods
and Services)................. 1,981 190,679
Technip
(Construction and Property)... 1,057 128,009
Transiciel (Computer Software) .. 2,940 189,126
---------
605,886
---------
GERMANY -- 5.3%
Beru (Automotive Parts
Manufacturing)................ 5,543 166,896
Bien-Haus (Construction
and Property)................. 2,210 30,313
Hawesko Holding
(Telecommunications).......... 3,185 62,714
Intershop Communications*
(Computer Software)........... 560 256,397
Kamps (Consumer
Goods and Services)........... 4,292 136,614
Tecis Holding* (Financial Services) 2,340 216,959
Zapf Creation* (Manufacturing)... 2,600 159,053
---------
1,028,946
---------
HONG KONG -- 2.2%
Cafe de Coral Holdings
(Restaurants)................. 70,000 25,142
Computer and Technologies
Holdings (Computer Software).. 12,000 12,238
Dah Sing Financial Group
(Financial Services).......... 11,400 45,918
Esprit Holdings (Retailing)...... 27,000 28,054
Giordano International
(Retailing)................... 34,000 51,683
JCG Holdings
(Financial Services).......... 60,000 30,017
Johnson Electric Holdings
(Electronics)................. 5,000 47,302
Li & Fung* (Consumer Goods
and Services)................. 16,400 82,046
Mandarin Oriental
(Leisure and Hotels).......... 49,200 32,718
South China Morning Post
Holdings (Media).............. 38,000 29,491
Varitronix International
(Manufacturing)............... 14,000 24,334
Yanzhou Coal Mining (Series H)*
(Resources)................... 82,000 16,935
---------
425,878
---------
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-22 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
SHARES VALUE
-------- ---------
IRELAND -- 1.7%
Ryanair Holdings* (Transportation) 33,160 $ 240,889
SmartForce (ADRs)
(Computer Software)........... 1,700 81,494
---------
322,383
---------
ISRAEL -- 0.7%
Orbotech* (Technology)........... 800 74,325
Teva Pharmaceutical Industries
(Drugs and Health Care)....... 1,000 55,469
---------
129,794
---------
JAPAN -- 11.6%
Able (Consumer Goods
and Services)................. 1,000 14,882
Anritsu (Electronics)............ 500 8,948
Asahi Diamond Industries
(Manufacturing)............... 6,000 42,330
Asahi Pretec (Industrial Goods
and Services)................. 2 41,680
Asatsu-DK (Advertising).......... 800 32,779
Bank of Iwate Limited
(Financial Services).......... 1,000 36,924
Capcom (Computer and
Business Services)............ 1,000 32,120
Citizen Electronics (Electronics) 200 21,853
Cresco (Technology).............. 300 21,476
Densei-Lambda (Electronics)...... 1,900 39,104
Doutor Coffee (Restaurants)...... 400 30,895
The Eighteenth Bank
(Financial Services).......... 7,000 26,110
Enplas (Electronics)............. 1,000 62,167
Fuji Machine Manufacturing
(Industrial Goods and Services) 500 26,233
Fuji Seal (Manufacturing)........ 1,700 93,034
Fujicco (Consumer Goods
and Services)................. 3,000 49,875
Fujitec (Construction and Property) 3,000 26,082
Glory (Manufacturing)............ 2,000 35,793
Higo Bank (Financial Services)... 8,000 32,855
H.I.S. (Leisure and Hotels)...... 1,200 59,229
Hokuto (Consumer Goods
and Services)................. 1,800 65,615
Iyo Bank (Financial Services).... 5,000 31,555
Kentucky Fried Chicken
(Restaurants)................. 1,000 10,540
Kissei Pharmaceutical
(Drugs and Health Care)....... 3,000 57,929
Komatsu Seiren (Manufacturing)... 7,000 24,792
JAPAN (continued)
Maspro Denkoh
(Telecommunications).......... 2,000 $ 23,454
Meitec (Computer Software)....... 1,000 39,561
Mitsubishi Gas Chemical
(Chemicals)................... 12,000 40,126
MKC-STAT (Computer Software)..... 3,000 54,820
Moshi Moshi Hotline (Computer
and Business Services)........ 600 64,428
Nichicon (Manufacturing)......... 1,000 24,490
Nippon Broadcasting Systems
(Media)....................... 1,000 61,508
Nissha Printing (Paper and Printing) 7,000 48,330
Noritake (Consumer Goods
and Services)................. 7,000 38,968
People (Leisure and Hotels)...... 800 64,051
Plenus (Retailing)............... 1,000 42,858
Rengo (Paper and Printing)....... 12,000 64,880
Rinnai (Manufacturing)........... 1,800 40,098
Rohto Pharmaceutical
(Drugs and Health Care)....... 3,000 32,214
Round One (Leisure and Hotels)... 3 11,868
Ryoyo Electric (Electronics)..... 2,000 39,938
Shimachu (Retailing)............. 2,000 42,387
Sundrug (Retailing).............. 700 54,001
Taiyo Ink Manufacturing
(Chemicals)................... 1,600 94,948
Tokyo Style (Manufacturing)...... 4,000 37,677
Touei Housing (Construction
and Property)................. 2,000 32,026
Tsubaki Nakashima
(Manufacturing)............... 4,000 58,776
Tsudakoma* (Manufacturing)....... 14,000 29,803
Tsutsumi Jewelry (Retailing)..... 3,200 75,204
Universal Home (Computer
and Business Services)........ 2 22,606
Ushio (Industrial Goods and
Services)..................... 2,000 55,009
Xebio (Retailing)................ 3,400 79,744
Yamaichi Electronics
(Electronics)................. 900 29,077
Yokohama Reito (Distribution).... 4,000 27,090
---------
2,254,740
---------
LUXEMBOURG -- 0.1%
SBS Broadcasting* (Media)........ 500 27,156
---------
NETHERLANDS -- 1.4%
Athlon Groep (Consumer
Goods and Services)........... 2,913 51,790
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-23 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
SHARES VALUE
-------- ---------
NETHERLANDS (continued)
Beter Bed Holding (Retailing).... 3,117 $ 93,553
Samas Groep (Manufacturing)...... 7,463 119,130
---------
264,473
---------
NORWAY -- 1.6%
Ekornes (Manufacturing).......... 16,647 145,699
Petroleum Geo-Services*
(Industrial Goods and
Services)..................... 4,713 80,574
Tandberg Television*
(Telecommunications).......... 13,740 79,369
---------
305,642
---------
SINGAPORE -- 0.7%
Keppel Telecom
(Telecommunications).......... 22,000 28,510
Neptune Orient Lines
(Transportation).............. 34,937 32,340
Sembcorp Logistics*
(Transportation).............. 9,000 50,507
Venture Manufacturing
(Electronics)................. 2,500 25,457
---------
136,814
---------
SPAIN -- 0.5%
Enaco* (Retailing)............... 7,600 34,579
TelePizza* (Restaurants)......... 12,794 72,152
---------
106,731
---------
SWEDEN -- 0.8%
Finnveden (Series B)
(Manufacturing)............... 6,281 62,883
Mandator
(Telecommunications).......... 10,611 69,414
Munskjo (Paper and Printing)..... 4,161 27,457
---------
159,754
---------
SWITZERLAND -- 5.5%
Kaba Holding (Manufacturing)..... 212 273,187
Selecta Group (Consumer
Goods and Services)........... 522 162,079
SEZ Holding (Computer and
Business Services)............ 329 301,413
Swisslog Holding (Industrial
Goods and Services)........... 671 329,396
---------
1,066,075
---------
TAIWAN -- 0.2%
Taiwan American Fund*
(Miscellaneous)............... 1,700 $ 29,750
---------
UNITED KINGDOM -- 10.2%
Ashtead Group (Construction
and Property)................. 76,600 109,757
BTG (Technology)................. 7,023 127,517
Clinton Cards (Retailing)........ 46,200 73,553
Dawson Group (Transportation).... 26,600 40,332
Druck Holdings (Industrial
Goods and Services)........... 11,500 35,747
F.I. Group
(Computer Software)........... 45,176 263,718
Games Workshop Group
(Retailing)................... 9,400 26,368
GWR Group (Media)................ 21,000 287,367
Informa Group (Computers
and Business Services)........ 20,000 207,271
Parity (Computer Software)....... 75,936 198,613
PizzaExpress (Restaurants)....... 19,500 186,271
Shire Pharmaceuticals*
(Drugs and Health Care)....... 5,500 95,402
Tilbury Douglas (Construction
and Property)................. 25,500 136,872
Trifast (Electrical Distribution) 8,000 130,701
Trinity International Holdings
(Media)....................... 7,100 63,516
---------
1,983,005
---------
UNITED STATES -- 44.1%
About.com* (Internet/Online)..... 900 28,322
Accrue Software
(Computer Software)........... 2,000 71,064
Actuate Software*
(Computer Software)........... 2,100 112,022
Acxiom* (Computer Software)...... 3,800 106,162
Advanced Energy Industries*
(Electronics)................. 700 41,256
Advent Software*
(Computer Software)........... 3,100 200,822
Affiliated Managers Group*
(Computer and
Business Services)............ 2,600 118,300
AirGate PCS*
(Telecommunications).......... 1,800 94,669
Alamosa PCS Holdings*
(Telecommunications).......... 3,100 65,197
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-24 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
SHARES VALUE
-------- ---------
UNITED STATES (continued)
Alpha Industries (Electronics)... 2,100 $ 92,597
Alpharma (Class A)
(Drugs and Health Care)....... 1,900 118,275
American Capital Strategies*
(Financial Services).......... 3,500 79,406
Amerigon# (Electronics).......... 9,920 49,600
Amerisource Health
(Drugs and Health Care)....... 1,400 43,400
Andrew (Telecommunications)...... 1,300 43,672
ANTEC* (Telecommunications)...... 3,300 137,053
Aspen Technology
(Computer Software)........... 2,200 84,975
Barr Laboratories*
(Drugs and Health Care)....... 3,000 134,438
Be Free* (Consulting Services)... 1,100 9,917
Bindley Western Industries
(Drugs and Health Care)....... 2,200 58,163
Brinker International (Restaurants) 2,400 70,200
Broadbase Software Inc.
(Computer Software)........... 800 24,525
Burr-Brown* (Technology)......... 450 39,009
Caliper Technologies*
(Technology).................. 200 9,194
Career Education* (Schools)...... 1,900 92,269
Carey International*
(Transportation).............. 2,500 34,531
Casella Waste Systems
(Industrial Goods
and Services)................. 2,900 31,084
C-COR.net
(Telecommunications).......... 3,200 86,300
Charles River Laboratories
(Medical Products
and Technology)............... 1,100 24,406
Charter Communications
(Class A)* (Media)............ 2,900 47,759
Choice One Communications*
(Telecommunications).......... 2,000 81,688
Cognex* (Electronics)............ 400 20,687
Com21* (Telecommunications)...... 800 19,975
Community Health Systems
(Medical Products
and Technology)............... 2,900 46,944
Copart* (Retailing).............. 3,600 57,262
CoreComm* (Telecommunications)... 800 15,625
Corporate Executive Board*
(Consulting Services)......... 900 54,787
UNITED STATES (continued)
CoStar Group* (Industrial
Goods and Services)........... 1,600 $ 40,150
Cox Radio* (Media)............... 2,400 67,200
Credence Systems*
(Electronics)................. 400 22,063
CSG Systems International*
(Computer and
Business Services)............ 1,700 95,359
Cytyc*
(Drugs and Health Care)....... 1,200 64,012
DeVry* (Schools)................. 1,300 34,369
Dobson Communications*
(Telecommunications).......... 4,800 92,700
Documentum*
(Computer Software)........... 1,600 142,900
Dura Pharmaceuticals*
(Drugs and Health Care)....... 3,300 47,231
Dycom Industries (Construction
and Property)................. 1,000 46,000
Emmis Broadcasting
(Class A) (Media)............. 800 33,125
Endocare (Medical Products
and Technology)............... 2,000 40,562
Exar* (Manufacturing)............ 800 69,825
Expeditors International of
Washington (Transportation)... 1,000 47,281
FirstService* (Computer
and Business Services)........ 2,100 25,725
Forrester Research*
(Consulting Services)......... 1,385 100,802
Forward Air (Transportation)..... 750 29,859
General Semiconductor*
(Technology).................. 2,000 29,500
Genomic Solutions (Medical
Products and Technology)...... 3,800 55,457
Global TeleSystems*
(Telecommunications).......... 6,100 73,581
GoTo.com* (Internet/Online)...... 1,210 18,566
Harris Interactive* (Computer
and Business Services)........ 1,500 7,266
I2 Technologies (Computer Software) 1,375 143,387
Illuminet Holdings
(Telecommunications).......... 1,500 75,750
Inet Technologies
(Telecommunications).......... 1,300 70,606
Intermune Pharmaceuticals*
(Drugs and Health Care)....... 2,200 90,544
Intraware* (Computer and
Business Services)............ 1,900 30,459
------------
* Non-income producing security.
# Restricted and non-income producing security.
See Notes to Financial Statements.
-- P-25 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
SHARES VALUE
-------- ---------
UNITED STATES (continued)
Internet Security Systems*
(Computer Software)........... 2,100 $ 207,309
ITC Deltacom*
(Telecommunications).......... 3,800 84,669
ITT Educational Services*
(Schools)..................... 1,700 29,856
JDA Software Group*
(Computer Software)........... 3,400 65,131
Keane* (Computer Software)....... 500 10,813
Keynote Systems* (Computer
and Business Services)........ 400 27,913
King Pharmaceuticals*
(Drugs and Health Care)....... 1,600 70,200
Kopin (Electronics).............. 1,100 76,141
Learning Tree International*
(Computer and
Business Services)............ 1,900 116,909
LittleFuse (Electronics)......... 600 29,663
Maxygen* (Drugs and Health Care). 300 16,969
Mediaplex* (Computer
and Business Services)........ 600 11,606
MemberWorks* (Consumer
Goods and Services)........... 3,700 124,066
Metawave Communications*
(Telecommunications).......... 2,320 61,842
Metris Companies
(Financial Services).......... 3,450 86,681
MGC Communications*
(Telecommunications).......... 400 23,987
Mitchell Energy & Development
(Resources)................... 700 22,487
Modis Professional Services*
(Computer and
Business Services)............ 4,200 37,275
MSC Industrial Direct
(Retailing)................... 2,300 48,156
National-OilWell (Resources)..... 2,200 72,325
Network Plus*
(Telecommunications).......... 300 4,266
NOVA* (Computer and
Business Services)............ 4,918 137,396
NYFIX* (Computer and
Business Services)............ 1,007 42,263
Onyx Software*
(Computer Software)........... 2,100 62,278
Patina Oil and Gas (Resources)... 2,000 41,500
PC-Tel* (Internet/Online)........ 1,700 64,653
UNITED STATES (continued)
Pegasus Communications*
(Media)....................... 1,800 $ 88,144
Penton Media (Advertising)....... 500 17,500
Photon Dynamics* (Technology).... 1,100 82,191
Pinnacle Holding* (Real Estate
Investment Trust)............. 1,900 101,887
Powertel* (Telecommunications)... 2,300 163,229
Praecis Pharmaceuticals
(Drugs and Health Care)....... 1,900 53,081
Premier Parks (Leisure and Hotels) 4,400 100,100
Pre-Paid Legal Services*
(Consumer Goods and Services). 2,000 59,750
Price Communications*
(Telecommunications).......... 2,000 47,125
Pride International* (Energy).... 2,700 66,825
Priority Healthcare (Drugs and
Health Care).................. 1,600 118,650
Province Healthcare* (Drugs and
Health Care).................. 2,100 75,797
Proxim* (Telecommunications)..... 1,200 119,025
Quest Software (Computer
Software)..................... 1,700 94,350
Remec (Technology)............... 2,400 100,425
Rural Cellular (Class A)*
(Telecommunications).......... 2,800 214,463
Sawtec* (Electronics)............ 1,800 103,556
SBA Communications*
(Telecommunications).......... 1,800 93,544
Selectica* (Computer and
Business Services)............ 700 48,891
Shaw Brothers (Leisure and Hotels) 16,000 16,625
Silicon Image* (Electronics)..... 200 9,981
SonicWALL* (Internet/OnLine)..... 1,200 105,638
SunGard Data Systems*
(Computer and
Business Services)............ 3,600 111,600
Tanox* (Drugs and Health Care)... 1,200 56,887
Tekelec* (Telecommunications).... 1,400 67,506
THQ* (Computer Software)......... 1,050 12,698
Too (Retailing).................. 1,000 25,437
TranSwitch* (Telecommunications) 700 54,053
Triton PCS Holdings (Class A)
(Telecommunications).......... 1,000 57,781
Unigraphics Solutions (Class A)*
(Computer and Business
Services)..................... 1,700 33,150
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-26 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN GLOBAL SMALLER COMPANIES PORTFOLIO (continued)
SHARES VALUE
-------- ---------
UNITED STATES (continued)
United Therapeutics
(Drugs and Health Care)....... 900 $ 97,509
US Unwired (Telecommunications).. 2,200 29,012
Varian Semiconductor
Equipment* (Electronics)...... 600 37,706
Virata (Electronics)............. 1,600 95,600
Visual Networks* (Computer
and Business Services)........ 1,800 51,244
Waste Connections*
(Capital Goods)............... 2,800 55,212
West TeleServices*
(Telecommunications).......... 2,100 53,223
Western Wireless (Class A)*
(Telecommunications).......... 4,500 245,109
-----------
8,580,692
-----------
TOTAL COMMON STOCKS -- 95.4%
(Cost $14,395,630)............ $18,582,945
PREFERRED STOCKS -- 0.2%
(Cost $159,166)
Germany -- 0.2%
Sixt (Retailing).............. 2,782 35,899
----------
TOTAL INVESTMENTS -- 95.6%
(Cost $14,554,796)............ 18,618,844
OTHER ASSETS LESS
LIABILITIES-- 4.4%............ 851,546
-----------
NET ASSETS -- 100.0%............. $19,470,390
===========
-----------------------------------------------------------------
SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 82.1%
AUSTRALIA -- 0.6%
Cable & Wireless*
(Telecommunications).......... 40,000 $ 119,151
ecorp* (Networking/
Communications Infrastructure) 15,000 20,367
Hutchison Telecommunications*
(Telecommunications).......... 22,000 45,044
---------
184,562
---------
FINLAND -- 1.8%
Comptel (Telecommunications)..... 6,500 131,095
Nokia (Telecommunications)....... 9,520 486,378
---------
617,473
---------
FRANCE -- 6.6%
Alcatel (Telecommunications)..... 8,500 558,169
Alcatel (ADRs) (Telecommunications) 2,500 166,250
Altran Technologies (Computer
and Business Services)........ 3,040 595,976
STMicroelectronics (Electronics). 3,900 250,331
STMicroelectronics (Electronics). 5,550 350,128
STMicroelectronics (NY Shares)
(Electronics)................. 4,500 288,843
---------
2,209,697
---------
GERMANY -- 3.5%
Adva Optical
(Telecommunications).......... 300 $ 169,472
ELMOS Semiconductor*
(Semiconductors).............. 5,500 268,115
Siemens (Manufacturing).......... 5,000 749,386
---------
1,186,973
---------
HONG KONG -- 0.9%
China Mobile (Hong Kong) (ADRs)
(Telecommunications) ......... 1,300 231,156
Elec & Eltek International
(Manufacturing) .............. 150,000 20,203
I-Cable Communications (ADRs)
(Media) ...................... 6,000 46,687
---------
298,046
---------
ISRAEL-- 3.5%
Check Point Software Technologies*
(Computer Software) .......... 2,200 467,156
Gilat Satellite Networks
(Telecommunications).......... 3,700 256,803
Orbotech* (Electronics
Capital Equipment)............ 5,000 464,531
---------
1,188,490
---------
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-27 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO (continued)
SHARES VALUE
-------- ---------
JAPAN -- 4.3%
Advantest (Electronics Capital
Equipment).................... 2,000 $ 445,532
Fujitsu (Semiconductors)......... 5,000 172,844
HOYA (Networking/Communications
Infrastructure) .............. 6,000 536,900
Rohm (Semiconductors)............ 1,000 291,998
---------
1,447,274
---------
NETHERLANDS -- 4.0%
ASM International* (Electronics
Capital Equipment)............ 8,500 225,516
ASM Lithography (Electronics
Capital Equipment)............ 8,000 352,750
Koninklijke (Royal) Philips Electronics
(Electronics)................. 10,100 476,911
Koninklijke (Royal) Philips Electronics
(NY Shares) (Electronics) .... 6,000 285,000
---------
1,340,177
---------
PHILIPPINES -- 0.2%
PSI Technologies Holdings (ADRs)*
(Electronics) ................ 3,700 75,619
---------
SINGAPORE -- 2.1%
Creative Technology (Computer
Hardware/Peripherals) ........ 15,900 380,109
Elec & Eltek International Holdings
(Manufacturing)............... 45,000 112,950
Flextronics International* (Electronics
Capital Equipment)............ 2,400 164,925
Informatics Holdings (Computer
and Business Services)........ 70,000 34,625
---------
692,609
---------
SOUTH AFRICA -- 0.7%
Dimension Data Holdings (Computers
and Business Services)........ 30,100 249,057
---------
SOUTH KOREA -- 2.1%
Samsung Electronics
(Electronics)................. 5,100 319,715
Samsung Electronics (GDRs)
(Electronics)................. 1,622 313,046
Samsung Electronics (GDRs)
(1/2 non-voting)* (Electronics) 478 43,677
SK Telecommunications Group (ADRs)
(Telecommunications).......... 554 19,430
---------
695,868
---------
SPAIN -- 0.6%
Telefonica de Espana
(Telecommunications) ......... 3,100 $ 198,595
---------
SWEDEN -- 2.3%
Enea (Computer and Business
Services)..................... 25,000 170,653
L.M. Ericsson Telefon (ADRs)
(Telecommunications).......... 10,000 200,312
L.M. Ericsson Telefon (Series A)
(Telecommunications).......... 600 11,809
L.M. Ericsson Telefon (Series B)
(Telecommunications).......... 19,200 381,171
---------
763,945
---------
TAIWAN -- 2.3%
Hon Hai Precision Industry (GDRs)*
(Electronics Capital Equipment) 7,900 196,315
Taiwan Semiconductor Manufacturing
(Semiconductors) ............. 4,900 189,876
Taiwan Semiconductor Manufacturing
(ADRs)* (Semiconductors)...... 10,240 396,800
---------
782,991
---------
UNITED KINGDOM -- 1.6%
Autonomy (Computer Software)..... 1,200 145,200
Autonomy (ADRs)
(Computer Software)........... 2,919 354,658
Cable & Wireless*
(Telecommunications).......... 2,219 37,750
---------
537,608
---------
UNITED STATES -- 45.0%
ACT Manufacturing* (Electronics
Manufacturing Services)....... 9,100 422,866
Adaptec* (Computer Hardware/
Peripherals) ................. 8,900 202,753
ALLTEL (Telecommunications)...... 4,500 278,719
Alteon Websystems* (Networking/
Communications Infrastructure) 1,800 180,056
Amdocs* (Computer and Business
Services)..................... 1,800 138,150
American Power Conversion*
(Computer Hardware/Peripherals) 10,700 436,359
Amkor Technology* (Semiconductors) 19,700 695,041
Amphenol (Class A) (Networking/
Communications Infrastructure) 2,500 165,469
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-28 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO (continued)
SHARES VALUE
-------- ---------
UNITED STATES (continued)
Apex* (Computer Hardware/
Peripherals).................. 7,700 $ 336,394
Artesyn Technologies*
(Networking/Communications
Infrastructure).............. 7,900 220,212
ASE Test (Electronics Capital
Equipment) ................... 2,500 73,516
Autodesk (Computer Software)..... 8,200 284,694
BMC Software* (Computer
Software)..................... 3,300 120,347
C-Cube Microsystems*
(Semiconductors).............. 3,700 72,612
Cognex* (Electronics Capital
Equipment).................... 3,400 175,844
Comverse Technology*
(Networking/Communications
Infrastructure)............... 3,200 297,700
Credence Systems* (Electronics
Capital Equipment)........... 11,800 650,844
CSG Systems International
(Computer and Business
Services)..................... 5,900 330,953
CTS (Networking/Communications
Infrastructure) .............. 6,200 279,000
Dallas Semiconductor
(Semiconductors).............. 4,900 199,675
Dialog Semiconductor
(Semiconductors).............. 4,200 213,675
EchoStar Communications
(Class A)* (Media)............ 6,100 201,872
Electro Scientific Industries*
(Electronics Capital
Equipment).................... 5,800 255,381
Electronics for Imaging*
(Computer Hardware/
Peripherals).................. 18,700 472,175
Galileo Technology (Electronics). 3,700 79,434
HNC Software* (Computer
Software) .................... 2,000 123,750
Integrated Device Technology*
(Semiconductors).............. 8,700 522,000
Intel (Semiconductors) .......... 3,300 441,066
Lam Research* (Electronics
Capital Equipment)............ 6,200 232,694
Lattice Semiconductor*
(Semiconductors).............. 9,800 677,731
UNITED STATES (continued)
Lexmark International Group
(Class A)* (Computer Hardware/
Peripherals) ................. 3,700 $ 248,825
Linear Technology (Semiconductors) 3,700 236,453
Mattson Technology*
(Semiconductors).............. 6,400 208,800
Microchip Technology*
(Semiconductors).............. 5,750 335,656
Micron Technology*
(Semiconductors).............. 3,100 272,994
Microsoft* (Computer Software) .. 7,700 615,759
National Semiconductor*
(Semiconductors).............. 6,300 357,525
Navigant Consulting* (Computer
and Business Services)........ 11,400 48,450
Nova Measuring Instrument
(Electronics Capital Equipment) 4,800 75,750
Novellus Systems* (Electronics
Capital Equipment)............ 13,700 775,334
Parametric Technology*
(Computer Software)........... 10,300 112,978
Rational Software*
(Computer Software)........... 3,700 343,753
Sanmina* (Electronic
Manufacturing/Services)....... 2,800 239,312
Symantec* (Computer Software).... 4,800 259,050
SCG Holding* (Semiconductors).... 3,100 67,909
SCI Systems* (Electronic
Manufacturing/Services)....... 13,700 536,869
SunGard Data Systems*
(Computer and Business
Services)..................... 7,600 235,600
Synopsys* (Computer Software).... 10,800 372,936
Teradyne* (Electronics Capital
Equipment).................... 5,900 433,651
Vishay Intertechnology*
(Electronics Capital Equipment) 8,100 307,295
Xircom* (Computer Hardware/
Peripherals) ................. 5,000 237,656
-----------
15,103,537
-----------
TOTAL INVESTMENTS -- 82.1%
(Cost $22,452,581)............ 27,572,521
OTHER ASSETS
LESS LIABILITIES -- 17.9%...... 6,022,288
-----------
NET ASSETS -- 100.0%.............. $33,594,809
===========
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-29 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO
PRINCIPAL
AMOUNT VALUE
--------- ---------
CORPORATE BONDS -- 85.8%
AEROSPACE -- 0.1%
Condor Systems 11-7/8%, 5/1/2009+ $ 35,000 $ 17,062
---------
AUTOMOTIVE AND
RELATED -- 0.4%
Diamond Triumph Automotive
9-1/4%, 4/1/2008+............. 110,000 86,350
---------
BROADCASTING -- 1.3%
AMFM Operating 12-5/8%,
10/31/2006.................... 51,800 60,736
Capstar Broadcasting 0%
(12-3/4%**), 2/1/2009......... 125,000 115,625
Cumulus Media 10-3/8%, 7/1/2008.. 100,000 85,000
---------
261,361
---------
BUSINESS SERVICES -- 2.4%
AKI 10-1/2%, 7/1/2008............ 55,000 43,725
Iron Age 9-7/8%, 5/1/2008........ 250,000 166,250
Iron Age Holding 0% (12-1/8%**),
5/1/2009...................... 80,000 11,600
Muzak 9-7/8%, 3/15/2009.......... 150,000 138,750
Pierce Leahy 11-1/8%, 7/15/2006.. 100,000 103,750
---------
464,075
---------
CABLE SYSTEMS AND
SATELLITE VIDEO -- 7.3%
Avalon Cable Holdings 0%
(11-7/8%**), 12/1/2008........ 100,000 65,250
Charter Communications
Holdings 10%, 4/1/2009........ 160,000 155,200
GCI 9-3/4%, 8/1/2007............. 245,000 229,075
Golden Sky Systems 12-3/8%,
8/1/2006 ..................... 240,000 262,800
Northland Cable Television 10-1/4%,
11/15/2007.................... 150,000 125,250
Pegasus Communications:
9-3/4%, 12/1/2006 ............ 25,000 24,188
12-1/2%, 8/1/2007+ ........... 200,000 214,000
Rogers Cablesystems 11%,
12/1/2015..................... 135,000 146,475
United Pan-Europe Communications
(Netherlands):
10-7/8%, 11/1/2007+........... 70,000 63,350
11-1/4%, 11/1/2009+........... 75,000 66,375
11-1/2%, 2/1/2010............. 75,000 67,125
---------
1,419,088
---------
CHEMICALS -- 3.1%
Koppers Industry 9-7/8%, 12/1/2007 $ 160,000 $ 148,400
Lyondell Chemical (Series B)
9-7/8%, 5/1/2007 .............. 125,000 123,750
Lyondell Chemical 10-7/8%, 5/1/2009 150,000 149,625
Texas Petrochemicals 11-1/8%, 7/1/2006 225,000 192,375
---------
614,150
---------
COMMUNICATIONS
INFRASTRUCTURE -- 1.1%
Crown Castle International 10-3/4%,
8/1/2011 ...................... 50,000 50,938
SpectraSite Holdings:
0% (11-1/4%**), 4/15/2009...... 175,000 103,250
10-3/4%, 3/15/2010............. 25,000 25,062
12-7/8%, 3/15/2010............. 75,000 41,250
---------
220,500
---------
CONSUMER PRODUCTS -- 1.0%
Anchor Advanced Products 11-3/4%,
4/1/2004....................... 90,000 60,750
Diamond Brand Operating 10-1/8%,
4/15/2008...................... 120,000 66,600
French Fragrances (Series B)
10-3/8%, 5/15/2007............. 45,000 43,425
United Industries 9-7/8%, 4/1/2009 35,000 19,425
---------
190,200
---------
CONTAINERS -- 0.3%
BPC Holding 13-1/4%, 6/15/2006.... 80,961 65,275
---------
CONTRACT MANUFACTURING/
CIRCUIT BOARDS -- 0.7%
MCMS 9-3/4%, 3/1/2008............. 235,000 142,175
---------
Electronics Capital
Equipment -- 0.1%
Flextronics International
(Singapore) 9-7/8%, 7/1/2010... 25,000 25,313
---------
ENERGY -- 0.3%
Abraxas Petroleum 11-1/2%,
11/1/2004...................... 75,000 63,375
---------
------------
** Deferred-interest debentures pay no interest for a stipulated number of
years, after which they pay the indicated coupon rate.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-30 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
PRINCIPAL
AMOUNT VALUE
--------- ---------
ENVIRONMENTAL SERVICES -- 1.2%
Allied Waste North America 10%,
8/1/2009+...................... $ 290,000 $ 243,600
---------
EQUIPMENT -- 2.2%
Neff 10-1/4%, 6/1/2008............ 140,000 87,500
Williams Scotsman 9-7/8%,
6/1/2007...................... 375,000 343,125
---------
430,625
---------
FINANCIAL SERVICES -- 2.2%
AMRESCO 10%, 3/15/2004............ 150,000 76,500
Dollar Financial Group 10-7/8%,
11/15/2006..................... 200,000 195,000
Ocwen Capital Trust I 10-7/8%,
8/1/2027....................... 200,000 107,000
Veritas Capital Trust 10%, 1/1/2028 145,000 45,313
---------
423,813
---------
FOOD -- 1.2%
AFC Enterprises 10-1/4%, 5/15/2007 85,000 82,875
AmeriKing 10-3/4%, 12/1/2006...... 75,000 63,469
Carrols 9-1/2%, 12/1/2008......... 80,000 67,200
Packaged Ice 9-3/4%, 2/1/2005..... 15,000 12,525
---------
226,069
---------
GAMING/HOTEL -- 3.2%
Alliance Gaming 10%, 8/1/2007...... 75,000 28,125
Ameristar Casinos 10-1/2%, 8/1/2004 225,000 227,250
Hollywood Casinos 11-1/4%, 5/1/2007 150,000 154,125
Station Casinos 9-7/8%, 7/1/2010... 25,000 25,187
Trump Atlantic City Funding 11-1/4%,
5/1/2006........................ 10,000 7,100
Trump Hotels & Casino Resorts
Funding 15-1/2%, 6/15/2005...... 310,000 182,125
---------
623,912
---------
HEALTH CARE/MEDICAL
PRODUCTS -- 2.2%
ALARIS Medical 9-3/4%,
12/1/2006 .................... 135,000 89,775
Dade International 11-1/8%, 5/1/2006 225,000 106,875
Everest Healthcare Services 9-3/4%,
5/1/2008........................ 135,000 115,425
Global Health Sciences 11%,
5/1/2008........................ 345,000 126,787
---------
438,862
---------
INDUSTRIAL/
MANUFACTURING -- 3.0%
Airxcel 11%, 11/15/2007 ......... $ 215,000 $ 153,725
Alliance Laundry System 9-5/8%,...
5/1/2008 150,000 125,250
Coyne International Enterprises
11-1/4%, 6/1/2008.............. 70,000 58,625
Day International Group 9-1/2%,
3/15/2008...................... 155,000 130,200
Great Lakes Carbon 10-1/4%,
5/15/2008...................... 135,000 118,125
---------
585,925
---------
INTERNET AND
RELATED -- 7.1%
Exodus Communications:
11-1/4%, 7/1/2008 ............. 225,000 223,875
10-3/4%, 12/15/2009+........... 70,000 67,900
11-5/8%, 7/15/2010............. 105,000 105,788
Globix 12-1/2%, 2/1/2010.......... 55,000 45,375
PSINet:
10%, 2/15/2005 ................ 40,000 37,000
10-1/2%, 12/1/2006+............ 115,000 106,375
11-1/2%, 11/1/2008............. 125,000 118,125
11%, 8/1/2009.................. 225,000 209,250
Verio:
13-1/2%, 6/15/2004............. 225,000 255,094
10-3/8%, 4/1/2005.............. 70,000 73,850
11-1/4%, 12/1/2008............. 105,000 118,387
10-5/8%, 11/15/2009+........... 25,000 27,844
---------
1,388,863
---------
LEISURE -- 1.4%
Affinity Group Holding 11%,
4/1/2007....................... 300,000 268,500
---------
MOBILE SATELLITE
SERVICES -- 1.2%
GlobalStar:
11-1/4%, 6/15/2004............. 50,000 14,750
10-3/4%, 11/1/2004............. 50,000 14,250
Loral Space & Communications
9-1/2%, 1/15/2006.............. 50,000 36,500
ORBCOMM Global 14%, 8/15/2004..... 225,000 176,625
---------
242,125
---------
-----------
+ Rule 144A security.
See Notes to Financial Statements.
-- P-31 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
PRINCIPAL
AMOUNT VALUE
-------- ---------
PAGING -- 3.5% Metrocall:
9-3/4%, 11/1/2007.............. $ 300,000 $ 207,000
11%, 9/15/2008................. 390,000 274,950
ProNet 11-7/8%, 6/15/2005......... 265,000 202,725
---------
684,675
---------
PRINTING AND
PUBLISHING -- 10.7%
Advanstar Communications 9-1/4%,
5/1/2008....................... 200,000 193,000
American Lawyer Media 9-3/4%,
12/15/2007..................... 100,000 91,750
American Media Operations
10-1/4%, 5/1/2009.............. 235,000 231,475
Liberty Group Publishing:
9-3/8%, 2/1/2008............... 225,000 185,625
0% (11-5/8%**), 2/1/2009....... 400,000 224,000
NBC Acquisition 0% (10-3/4%**),
2/15/2009...................... 420,000 203,700
Nebraska Book 8-3/4%, 2/15/2008... 25,000 19,375
Perry-Judd 10-5/8%, 12/15/2007.... 190,000 160,550
Regional Independent Media Group
10-1/2%, 7/1/2008.............. 175,000 175,875
TDL Infomedia Holdings, 0%
(15-1/2%**) 10/15/2010+........ 600,000 330,000
TransWestern Holdings 0%
(11-7/8%**), 11/15/2008........ 250,000 183,750
Von Hoffman Press 10-7/8%,
5/15/2007+ .................... 100,000 94,625
---------
2,093,725
---------
RETAILING -- 0.9%
Central Tractor 10-5/8%, 4/1/2007 80,000 56,400
Musicland Group 9-7/8%,
3/15/2008...................... 130,000 107,250
TM Group Holdings 11%,
5/15/2008...................... 20,000 16,500
---------
180,150
---------
SEMICONDUCTORS -- 3.5%
Advanced Micro Devices 11%,
8/1/2003....................... 360,000 373,500
Amkor Technology 10-1/2%,
5/1/2009+...................... 200,000 201,250
Asat Finance 12-1/2%, 11/1/2006+.. 35,000 37,975
Fairchild Semiconductor 10-3/8%,
10/1/2007...................... 75,000 76,687
---------
689,412
---------
TELECOMMUNICATIONS -- 16.8%
BTI Telecom 10-1/2%, 9/15/2007.... $ 275,000 $ 210,719
CapRock Communications:
12%, 7/15/2008................. 275,000 253,688
11-1/2%, 5/1/2009.............. 95,000 85,975
Colo.com 13-7/8%, 3/15/2010....... 50,000 54,000
Global Crossing Holding 9-1/2%
11/15/2009+.................... 250,000 242,500
GlobeNet Communications Group
13%, 7/15/2007+ ............... 215,000 217,956
ICG Holdings 0% (11-5/8%**),
3/15/2007 ..................... 250,000 172,812
Level 3 Communications:
11%, 3/15/2008................. 100,000 99,500
6%, 3/15/2010.................. 15,000 13,575
11-1/4%, 3/15/2010............. 55,000 54,450
0%, (12-7/8%**), 3/15/2010 .... 70,000 38,675
Metromedia Fiber Network 10%,
12/15/2009 .................... 150,000 148,500
NEXTLINK Communications:
12-1/2%, 4/15/2006............. 400,000 420,000
10-3/4%, 6/1/2009.............. 80,000 79,200
10-1/2%, 12/1/2009+............ 75,000 73,500
Talton Holdings 11%,
6/30/2007...................... 155,000 132,525
Viatel 11-1/2%, 3/15/2009 275,000 210,375
Williams Communications 10-7/8%,
10/1/2009 ..................... 200,000 196,500
World Access 13-1/4%, 1/15/2008... 285,000 255,431
Worldwide Fiber 12%, 8/1/2009+.... 350,000 332,500
---------
3,292,381
---------
TEXTILES -- 0.3%
Supreme International 12-1/4%,
4/1/2006....................... 55,000 52,525
---------
TRANSPORTATION -- 1.3%
Atlas Air 10-3/4%, 8/1/2005....... 240,000 245,100
---------
UTILITIES -- 0.8%
Midland Cogeneration Venture
11-3/4%, 7/23/2005............. 140,000 149,305
---------
WIRELESS TELEPHONY -- 5.0%
Centennial Cellular 10-3/4%,
12/15/2008..................... 300,000 292,875
-------------
** Deferred-interest debentures pay no interest for a stipulated number of
years, after which they pay the indicated coupon rate.
* Non-income producing security.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-32 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
PRINCIPAL
AMOUNT
OR SHARES VALUE
--------- --------
WIRELESS TELEPHONY
(continued)
Nextel Communications 9-3/8%,
11/15/2009..................... $ 145,000 $ 139,200
Powertel 11-1/8%, 6/1/2007........ 190,000 195,700
Price Communications Wireless
11-3/4%, 7/15/2007............. 325,000 351,000
----------
978,775
----------
TOTAL CORPORATE BONDS
(Cost $19,654,598)............. 16,807,266
----------
PREFERRED STOCKS -- 8.3%
BROADCASTING -- 0.9%
Cumulus Media 13-3/4%............. 62 shs. 50,581
Sinclair Capital 11-5/8%.......... 1,500 136,125
---------
186,706
---------
CABLE SYSTEMS AND
SATELLITE VIDEO -- 0.7%
Pegasus Communications
(Series C) 12-3/4%............. 127 127,952
---------
CELLULAR -- 0.9%
Dobson Communications 13%......... 116 120
Rural Cellular 11-3/8%............ 190 179,075
---------
179,195
---------
COMMUNICATIONS
INFRASTRUCTURE -- 0.5%
Crown Castle International 12-3/4% 92 92,985
---------
CONTRACT MANUFACTURING/
CIRCUIT BOARDS -- 0.4%
MCMS 12-1/2%...................... 1,627 75,670
---------
HEALTH CARE/MEDICAL
PRODUCTS -- 0.1%
River Holding 11-1/2%............. 322 19,441
---------
INDUSTRIAL/
MANUFACTURING -- 0.5%
Day International Group 12-1/4%... 140 104,164
---------
PRINTING AND
PUBLISHING -- 1.3%
Liberty Group Publishing 14-3/4%.. 11,844 257,612
---------
SHARES OR
WARRANTS VALUE
--------- ----------
TELECOMMUNICATIONS -- 2.4%
Global Crossing Holding 10-1/2%... 2,325 shs. $ 224,944
IXC Communications 12-1/2%........ 182 184,275
Nextlink Communications 14%....... 1,336 69,138
---------
478,357
---------
WIRELESS TELEPHONY -- 0.6%
Nextel Communications 11-1/8%..... 113 109,893
---------
TOTAL PREFERRED STOCKS
(Cost $1,876,948).............. 1,631,975
---------
COMMON STOCKS AND
WARRANTS-- 2.5%
BROADCASTING -- 0.9%
AMFM*............................. 2,750 189,750
---------
ENERGY -- 0.1%
Abraxas Petroleum*................ 8,942 13,413
---------
INTERNET AND RELATED -- 0.1%
McLeodUSA*........................ 480 9,930
---------
SEMICONDUCTORS -- 0.1%
Asat Finance
(warrants expiring 11/1/2006)* 35 wts. 7,070
---------
TELECOMMUNICATIONS -- 0.1%
World Access*..................... 895 shs. 9,900
---------
WIRELESS TELEPHONY -- 1.3%
Price Communications* ............ 11,000 259,188
---------
TOTAL COMMON STOCKS AND WARRANTS
(Cost $297,937)................ 489,251
---------
CONVERTIBLE PREFERRED
STOCKS -- 0.8%
Cable Systems and
Satellite Video -- 0.1%
Pegasus Communications (Series A)
12-3/4%........................ 150 13,144
---------
INTERNET AND RELATED -- 0.1%
PSINet 7%......................... 835 28,494
---------
TELECOMMUNICATIONS -- 0.6%
Global Crossing Holding 7%+....... 600 109,050
---------
-------------
* Non-income producing security.
+ Rule 144A security.
See Notes to Financial Statements.
-- P-33 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN HIGH-YIELD BOND PORTFOLIO (continued)
VALUE
---------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $213,022)................ $ 150,688
----------
TOTAL INVESTMENTS -- 97.4%
(Cost $22,042,505)............. 19,079,180
----------
OTHER ASSETS
LESS LIABILITIES-- 2.7%........ $ 515,458
----------
NET ASSETS-- 100.0%............... 19,594,638
==========
SELIGMAN INCOME PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 59.2%
AUTOMOTIVE AND RELATED -- 0.6%
Ford Motor ....................... 1,000 $ 43,000
Visteon .......................... 130 1,588
---------
44,588
---------
CHEMICALS -- 0.5%
duPont (E.I.) de Nemours.......... 800 35,000
---------
COMMUNICATIONS -- 5.0%
AT&T.............................. 2,100 66,412
SBC Communications................ 2,179 94,242
Sprint............................ 800 40,800
Verizon Communications............ 1,000 62,250
WorldCom*......................... 1,950 89,517
---------
353,221
---------
COMMUNICATIONS
EQUIPMENT -- 1.7%
Lucent Technologies............... 900 53,325
Nortel Networks (Canada).......... 1,000 68,250
---------
121,575
---------
COMPUTER AND BUSINESS
SERVICES -- 14.2%
Agilent Technologies ............. 733 54,059
America Online* .................. 600 31,650
Applied Materials................. 1,800 163,181
Cisco Systems..................... 2,000 127,062
Dell Computer*.................... 1,600 78,950
Electronic Data Systems........... 1,350 55,687
Hewlett-Packard................... 350 43,706
Intel............................. 1,100 147,022
International Business Machines... 650 71,216
COMPUTER AND BUSINESS
SERVICES (continued)
Microsoft*........................ 2,050 $ 163,936
Oracle*........................... 500 42,016
Sun Microsystems*................. 350 31,839
---------
1,010,324
---------
CONSUMER GOODS AND
SERVICES -- 3.2%
Anheuser-Busch.................... 700 52,281
Coca-Cola......................... 800 45,950
Gillette.......................... 700 24,456
PepsiCo........................... 1,800 79,988
Procter & Gamble.................. 500 28,625
---------
231,300
---------
DRUGS AND HEALTH
CARE -- 7.6%
Abbott Laboratories............... 1,200 53,475
American Home Products ........... 1,400 82,250
Baxter International.............. 800 56,250
Bristol-Myers Squibb.............. 650 37,863
Guidant*.......................... 900 44,550
Johnson & Johnson................. 800 81,500
Merck............................. 900 68,962
Pfizer............................ 1,400 67,200
Schering-Plough................... 1,000 50,500
---------
542,550
---------
ELECTRIC AND GAS
UTILITIES -- 2.7%
Coastal........................... 1,100 66,963
Unicom ........................... 1,300 50,294
Williams Companies (The).......... 1,900 79,206
---------
196,463
---------
------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-34 --
<PAGE>
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-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO (continued)
SHARES VALUE
-------- ---------
ENERGY -- 4.1%
BP Amoco (ADRs)
(United Kingdom)............... 1,100 $ 62,219
Exxon Mobil....................... 1,192 93,572
Royal Dutch Petroleum
(Netherlands).................. 1,100 67,719
Schlumberger...................... 900 67,162
---------
290,672
---------
FINANCE AND INSURANCE -- 9.8%
American General.................. 1,100 67,100
American International Group...... 875 102,812
Bank of America................... 1,921 82,603
Bank of New York.................. 2,400 111,600
Chubb ............................ 1,600 98,400
Citigroup......................... 1,600 96,400
Fannie Mae........................ 900 46,969
Merrill Lynch .................... 400 46,000
Morgan (J.P.) .................... 450 49,556
---------
701,440
---------
MACHINERY AND INDUSTRIAL
EQUIPMENT -- 4.5%
General Electric.................. 3,600 190,800
United Technologies............... 2,200 129,525
---------
320,325
---------
OFFICE EQUIPMENT -- 1.2%
Pitney Bowes...................... 2,200 88,000
---------
PAPER AND FOREST
PRODUCTS -- 0.4%
Mead.............................. 1,200 30,300
---------
RETAIL TRADE -- 3.7%
Costco Wholesale*................. 500 16,516
CVS............................... 1,800 72,000
Home Depot........................ 500 24,969
May Department Stores............. 1,150 27,600
Wal-Mart Stores................... 2,100 121,013
---------
262,098
---------
TOTAL COMMON STOCKS
(Cost $3,824,937).............. 4,227,856
---------
CORPORATE BONDS -- 23.3%
AUTOMOTIVE AND
RELATED -- 1.7%
DaimlerChrysler 7-3/4%,
6/15/2005...................... $ 30,000 $ 30,289
Dana 6-1/2%, 3/1/2009............. 100,000 89,647
---------
119,936
---------
CHEMICALs -- 1.4%
Lyondell Chemical 9-5/8%, 5/1/2007 100,000 98,750
---------
COMMUNICATIONS -- 3.7%
AT&T (Canada) 7.65%,
9/15/2006...................... 50,000 49,571
Global Crossing Holding
9-1/8%, 11/15/2006............. 75,000 72,187
Qwest Communications 0%
(9.47%**), 10/15/2007.......... 50,000 42,078
US West Communications
Services 7.20%, 11/1/2004...... 75,000 73,890
WorldCom 8%, 5/15/2006............ 25,000 25,306
---------
263,032
---------
DRUGS AND HEALTH
CARE -- 3.3%
American Home Products 7.90%,
2/15/2005...................... 75,000 77,150
Boston Scientific 6-5/8%,
3/15/2005...................... 75,000 70,755
Guidant 6.15%, 2/15/2006.......... 100,000 91,657
---------
239,562
---------
ELECTRIC AND
GAS UTILITIES -- 0.3%
Dominion Resources 8-1/8%,
6/15/2010...................... 20,000 20,218
---------
ELECTRONICS -- 0.6%
Avnet 7-7/8%, 2/15/2005........... 40,000 40,560
---------
FINANCE AND
INSURANCE -- 6.2%
Associates Corp. of North
America 5-3/4%, 11/1/2003...... 50,000 47,276
Bank One 5-5/8%, 2/17/2004........ 50,000 47,141
Ford Motor Credit 5.80%,
1/12/2009...................... 50,000 43,567
-------------
* Non-income producing security.
** Deferred-interest debentures pay no interest for a stipulated number
of years, after which they pay the indicated coupon rate.
See Notes to Financial Statements.
-- P-35 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN INCOME PORTFOLIO (continued)
PRINCIPAL
AMOUNT VALUE
-------- ----------
FINANCE AND INSURANCE
(continued)
Heller Financial 6-1/2%, 7/22/2002 $ 55,000 $ 53,946
Heller Financial 7-7/8%, 5/15/2003 50,000 49,880
Household Finance 7-7/8%,
3/1/2007....................... 100,000 99,636
Lehman Brothers Holding
7-3/4%, 1/15/2005.............. 30,000 29,743
Mellon Funding 7-1/2%,
6/15/2005...................... 25,000 24,973
Charles Schwab 8.05%,
3/1/2010....................... 50,000 50,041
---------
446,203
---------
INDUSTRIAL GOODS AND
SERVICES -- 1.0%
Deere 6.55%, 7/14/2004............ 40,000 38,863
Leggett & Platt 7.65%,
2/15/2005...................... 30,000 30,638
---------
69,501
---------
MEDIA -- 1.3%
CSC Holdings 7-1/4%,
7/15/2008...................... 100,000 92,921
---------
RETAIL TRADE -- 2.5%
Nordstrom 5-5/8%, 1/15/2009....... 50,000 41,888
Saks 7%, 7/15/2004................ 75,000 67,379
Staples 7-1/8%, 8/15/2007......... 75,000 70,031
---------
179,298
---------
TRANSPORTATION -- 1.4%
Continental Airlines 8.048%,
11/1/2020...................... 25,000 24,971
Delta Air Lines 7.70%,
12/15/2005..................... 75,000 72,337
---------
97,308
---------
TOTAL CORPORATE BONDS
(Cost $1,713,976).............. 1,667,289
---------
US GOVERNMENT AND
GOVERNMENT AGENCY
SECURITIES -- 12.7%
US Treasury Bonds 7-1/2%,
11/15/2016..................... 100,000 112,656
US GOVERNMENT AND
GOVERNMENT AGENCY
SECURITIES (continued)
US Treasury Notes 6-5/8%,
5/15/2007...................... $100,000 $ 102,094
FHLMC GOLD:+
5-1/2%, 7/1/2013............... 177,124 164,313
7-1/2%, 10/1/2017.............. 48,449 48,436
8%, 12/1/2023 ................. 27,024 27,187
FNMA:+
6%,11/1/2010................... 85,151 81,108
8%, 6/1/2028................... 23,883 24,081
Government National Mortgage
Association Mortgage-backed
Pass-through Certificates:+
6-1/2%, 12/15/2028............. 91,890 87,229
6%, 12/20/2028................. 186,453 170,903
US Government Gtd. Title XI
(Bay Transportation) 7.30%,
6/1/2021....................... 90,000 89,395
---------
TOTAL US GOVERNMENT AND
GOVERNMENT AGENCY SECURITIES
(Cost $938,304) .............. 907,402
---------
ASSET-BACKED SECURITIES+ -- 2.8%
ELECTRIC AND
GAS UTILITIES -- 2.4%
Peco Energy Transition Trust
6.05%, 3/1/2009................ 100,000 93,441
PP&L Transition 6.83%,
3/25/2007...................... 75,000 74,212
----------
167,653
----------
FINANCE AND INSURANCE -- 0.4%
Chemical Master Credit 7.09%,
2/15/2009 ..................... 30,000 29,754
----------
TOTAL ASSET-BACKED SECURITIES
(Cost $204,522)................ 197,407
----------
TOTAL INVESTMENTS -- 98.0%
(Cost $6,681,739).............. 6,999,954
OTHER ASSETS
LESS LIABILITIES -- 2.0%....... 142,526
----------
NET ASSETS -- 100.0%.............. $7,142,480
==========
-------------
+ Investments in mortgage-backed and asset-backed securities are subject to
principal paydowns. As a result of prepayments from refinancing or
satisfaction of the underlying instruments, the average life may be less
than the original maturity. This in turn may impact the ultimate yield
realized from these investments.
See Notes to Financial Statements.
-- P-36 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN INTERNATIONAL GROWTH PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 96.3%
Australia -- 0.5%
News Corp. (Media)................ 3,300 $ 45,400
---------
Canada -- 8.3%
BCE (Telecommunications) ......... 1,175 27,850
Bombardier (B shares) (Manufacturing) 8,600 233,453
EXFO Electro-Optical Engineering*
(Telecommunications)........... 100 4,394
Nortel Networks (Telecommunications) 1,845 127,950
Nortel Networks (Telecommunications) 900 61,425
Precision Drilling* (Industrial Goods
and Services).................. 3,900 150,637
Telisman Energy (Resources)....... 2,900 96,052
---------
701,761
---------
Denmark -- 4.9%
GN Store (Telecommunications)..... 1,100 111,220
Group 4 Falck (Consumer Products) 300 48,209
Vestas Wind System* (Electronics) 5,500 202,282
William Demant Holding
(Health and Household)......... 1,600 47,364
---------
409,075
---------
Finland -- 3.0%
Comptel (Computer and Technology
Related) ...................... 3,750 75,632
Nokia (Telecommunications)........ 3,504 179,020
---------
254,652
---------
France -- 11.9%
Alcatel (Telecommunications)...... 1,400 91,934
Altran Technologies
(Telecommunications)........... 175 34,308
Castorama Dubois Investments
(Retailing).................... 550 136,161
Galaries Lafayette (Retailing).... 375 76,169
Groupe Danone (Consumer Products) 1,035 137,513
Havas Advertising (Media)......... 800 18,314
Manitou (Industrial Goods and Services) 500 45,307
Royal Canin (Consumer Products)... 900 86,629
Sagem (Electronics)............... 35 41,082
Societe Television Francaise 1
"TF1" (Media).................. 400 27,911
STMicroelectronics* (Electronics) 1,878 118,476
TOTAL Fina (B shares) (Resources) 1,205 184,979
---------
998,783
---------
Germany -- 5.9%
Epcos (Telecommunications)........ 1,055 $ 107,095
Schering (Drugs and Health Care).. 4,000 218,125
Siemens (Manufacturing)........... 1,145 171,609
---------
496,829
---------
Hong Kong -- 1.8%
China Telecom (Hong Kong)
(Telecommunications)........... 14,000 123,467
Li & Fung (Consumer Products)..... 6,000 30,017
---------
153,484
---------
Ireland -- 1.2%
Ryanair (Transportation).......... 14,000 101,892
---------
Israel --1.1%
Check Point Software Technologies*
(Computer and Technology Related) 290 61,407
NICE Systems (ADRs)*
(Telecommunications) .......... 400 30,913
---------
92,320
---------
Italy -- 6.0%
Banca Popolare di Brescia (Banking) 14,290 112,551
Class Editori (Media)............. 1,500 21,994
Edison (Utilities) ............... 5,000 47,410
Gruppo Editoriale L'Espresso (Media) 5,500 70,394
Mediaset* (Media)................. 4,800 73,409
Mediolanum (Financial Services)... 8,400 136,817
Telecom Italia Mobile
(Telecommunications)........... 4,100 41,933
---------
504,508
---------
Japan -- 21.9%
Chugai Pharmaceutical (Drugs
and Health Care)............... 10,000 188,857
Dentsu Tec (Media)................ 300 33,062
Fujisawa Pharmaceutical (Medical
Products and Technology)....... 4,000 161,635
Kyocera (Electronics)............. 300 50,836
Macnica (Electronics)............. 90 13,903
Makita Electric Works (Consumer
Products)...................... 5,000 47,615
Moritex (Computer and
Technology Related)............ 700 63,627
--------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-37 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN INTERNATIONAL GROWTH PORTFOLIO (continued)
SHARES VALUE
-------- ---------
Japan (continued)
Net One Systems (Computer Goods
and Services)................. 1 $ 22,983
Nippon Television Network (Media) 110 71,700
Nippon Television Network
(New Shares)* (Media)......... 110 71,492
Nissin Food Products (Consumer
Products)..................... 4,900 124,617
NTT Mobile Communication
Network "NTT DoCoMo"
(Telecommunications).......... 3 81,100
Oriental Land (Entertainment
and Leisure).................. 700 71,408
Osaka Gas (Utilities)............ 31,000 89,059
Shionogi (Medical Products and
Technology) .................. 8,000 151,839
Shiseido (Health and Household).. 7,000 108,134
Sony (Consumer Products)......... 600 55,951
Sumitomo Chemical (Chemicals).... 8,000 48,076
TDK (Electronics) ............... 1,000 143,550
THK (Manufacturing) ............. 1,300 65,634
Tokyo Electric Power (Utilities). 3,100 75,482
Toshiba (Electronics) ........... 9,000 101,474
---------
1,842,034
---------
Netherlands -- 4.0%
ASM International (Electronics).. 4,200 110,401
DSM (Chemicals) ................. 2,300 73,868
Koninklijke (Royal) Philips Electronics
(Electronics) ................ 2,262 106,809
Qiagen (Health and Household).... 260 45,977
---------
337,055
---------
Norway -- 3.8%
ProSafe* (Industrial Goods and
Services) .................... 10,300 152,651
Tandberg* (Telecommunications)... 6,850 163,472
---------
316,123
---------
South Korea -- 1.8%
Samsung Electronics (Electronics) 463 153,223
---------
Spain -- 2.2%
Banco de Valencia (Banking)...... 10,450 85,702
Grupo Prisa (Media) ............. 1,000 23,227
Union Electrica Fenosa (Utilities) 4,100 74,265
---------
183,194
---------
Sweden -- 2.5%
L.M. Ericsson Telefon (Series B)
(Telecommunications) ......... 6,036 $119,831
Telia (Telecommunications) ...... 4,900 46,270
TV 4 (Series A) (Media).......... 1,550 46,730
---------
212,831
---------
Switzerland -- 9.8%
Bobst (Manufacturing) ........... 90 144,970
Compagnie Financiere Richemont
(Tobacco) .................... 35 94,391
Disetronic Holdings (Drugs and
Health Care).................. 10 66,886
Gretag Imaging Group (Medical
Products and Technology)...... 445 85,742
Logitech International (Computer
Goods and Services)........... 85 60,556
Micronas Semiconductor
(Electronics)................. 130 72,592
Phonak Holding (Medical Products
and Technology)............... 35 100,942
Straumann (Medical Products and
Technology) .................. 75 112,754
The Swatch Group (Retailing)..... 40 50,907
Tecan (Medical Products and
Technology)................... 40 38,315
---------
828,055
---------
Taiwan -- 0.3%
Taiwan Semiconductor (ADSs)
(Computer and Technology
Related) ..................... 544 21,080
---------
United Kingdom -- 5.4%
Centrica (Utilities)............. 46,500 154,407
CMG (Computer and Technology
Related) ..................... 2,120 29,766
Royal Bank of Scotland (Banking) 5,400 90,229
SmithKline Beecham (Health and
Household).................... 4,500 59,225
Tesco (Retailing)................ 37,400 116,393
----------
450,020
----------
TOTAL INVESTMENTS -- 96.3%
(Cost $7,167,283)............. 8,102,319
OTHER ASSETS
LESS LIABILITIES -- 3.7%...... 315,232
----------
NET ASSETS -- 100.0%............. $8,417,551
==========
--------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-38 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN LARGE-CAP GROWTH PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 91.8%
CAPITAL GOODS -- 9.8%
Corning ......................... 850 $ 229,394
General Dynamics ................ 1,500 78,375
General Electric ................ 2,350 124,550
Tyco International .............. 5,600 265,300
---------
697,619
---------
COMMUNICATIONS
SERVICES -- 1.7%
WorldCom*........................ 2,600 119,356
---------
CONSUMER CYCLICALS -- 1.9%
Harley-Davidson ................. 900 34,650
Wal-Mart Stores ................. 1,800 103,725
---------
138,375
---------
CONSUMER STAPLES -- 6.8%
Coca-Cola........................ 3,450 198,159
Disney, Walt..................... 2,950 114,497
Kimberly-Clark................... 700 40,162
Procter & Gamble................. 1,000 57,250
Time Warner...................... 1,000 76,000
---------
486,068
---------
ELECTRONIC
TECHNOLOGY -- 18.4%
Broadcom (Class A)* ............. 550 120,416
Cisco Systems*................... 5,300 336,716
Dell Computer*................... 1,800 88,819
Intel............................ 1,600 213,850
International Business Machines.. 350 38,347
Micron Technology*............... 2,800 246,575
Sun Microsystems*................ 750 68,227
VERITAS Software................. 675 76,254
Xilinx*.......................... 1,500 123,891
---------
1,313,095
---------
ENERGY -- 3.7%
Enron ........................... 2,200 141,900
Schlumberger..................... 1,700 126,863
---------
268,763
---------
FINANCIAL SERVICES -- 1.3%
American International Group..... 425 $49,937
Citigroup ....................... 750 45,187
---------
95,124
---------
HEALTH CARE -- 18.1%
ALZA*............................ 2,950 174,419
Elan (Ireland) .................. 2,250 108,984
Genentech* (Ireland)............. 400 68,800
Guidant*......................... 700 34,650
Johnson & Johnson................ 1,500 152,812
Lilly (Eli) ..................... 1,800 179,775
Medtronic........................ 1,200 59,775
Merck............................ 2,050 157,081
Pfizer........................... 5,250 252,000
Watson Pharmaceutical............ 1,900 102,125
---------
1,290,421
---------
TECHNOLOGY
SERVICES -- 17.0%
BMC Software* ................... 2,200 80,266
EMC*............................. 1,000 76,937
Exodus Communications*........... 1,200 55,312
JDS Uniphase*.................... 800 95,875
Microsoft*....................... 4,200 335,869
Network Appliance* .............. 1,000 80,469
Oracle*.......................... 1,650 138,651
Phone.com*....................... 800 52,175
PMC-Sierra* (Canada)............. 400 71,062
Siebel Systems*.................. 750 122,695
Verisign*........................ 600 105,806
---------
1,215,117
---------
TELECOMMUNICATION
EQUIPMENT -- 8.8%
Ciena*........................... 500 83,328
Lucent Technologies.............. 3,550 210,338
Nortel Networks (Canada)......... 2,000 136,500
QUALCOMM*........................ 400 23,988
SDL*............................. 300 85,566
Sycamore Networks*............... 800 88,325
---------
628,045
---------
UTILITIES -- 4.3%
AES*............................. 3,900 177,938
Williams Companies (The)......... 3,100 129,231
---------
307,169
---------
-------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-39 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN LARGE-CAP GROWTH PORTFOLIO (continued)
PRINCIPAL
AMOUNT VALUE
--------- ---------
TOTAL COMMON STOCKS
(Cost $5,296,565)............. $6,559,152
REPURCHASE AGREEMENT -- 8.4%
(Cost $600,000)
State Street Bank & Trust,
6.20%, dated 6/30/2000,
maturing 7/3/2000,
collateralized by: $635,000
US Treasury Notes 5-1/2%,
2/15/2008, with a fair market
value of $619,919............. $600,000 600,000
----------
TOTAL INVESTMENTS -- 100.2%
(Cost $5,896,565)............. $7,159,152
OTHER ASSETS
LESS LIABILITIES -- (0.2)%.... (16,499)
----------
NET ASSETS -- 100.0% $7,142,653
==========
-----------------------------------------------------------------
<PAGE>
SELIGMAN LARGE-CAP VALUE PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 99.9%
AEROSPACE -- 10.6%
Goodrich (B.F.).................. 7,000 $ 238,437
Honeywell International.......... 3,200 107,800
United Technologies.............. 3,000 176,625
---------
522,862
---------
AUTOMOTIVE AND
RELATED -- 5.4%
Ford Motor....................... 4,100 176,300
General Motors .................. 1,500 87,094
Visteon ......................... 337 4,084
---------
267,478
---------
BANKING -- 5.8%
Bank of New York................. 3,000 139,500
Summit Bancorp................... 6,000 147,750
---------
287,250
---------
CHEMICALS -- 2.8%
Dow Chemical..................... 4,500 135,844
---------
DRUGS AND HEALTH
CARE -- 8.9%
American Home Products........... 2,900 170,375
Humana* ......................... 20,000 97,500
United Healthcare ............... 2,000 171,500
---------
439,375
---------
ENERGY -- 6.8%
El Paso Energy................... 3,500 $ 178,281
Texaco........................... 3,000 159,750
---------
338,031
---------
FINANCE AND
INSURANCE -- 18.2%
Allstate......................... 6,000 133,500
AXA Financial.................... 5,400 183,600
Citigroup........................ 2,500 150,625
Fannie Mae ...................... 2,600 135,687
St. Paul Companies............... 4,000 136,500
Washington Mutual................ 5,425 156,647
---------
896,559
---------
FOOD -- 8.7%
ConAgra.......................... 8,000 152,500
Dole Food........................ 8,500 139,188
Safeway*......................... 3,000 135,375
---------
427,063
---------
HOUSEHOLD PRODUCTS
AND FURNISHINGS -- 6.7%
Armstrong World Industries....... 5,600 85,750
Dial............................. 11,400 118,275
Kimberly-Clark................... 2,200 126,225
---------
330,250
---------
--------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-40 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
June 30, 2000
-----------------------------------------------------------------
SELIGMAN LARGE-CAP VALUE PORTFOLIO (continued)
SHARES VALUE
-------- ---------
MEDICAL PRODUCTS
AND TECHNOLOGY -- 7.3%
Baxter International............. 3,000 $ 210,937
Medtronic........................ 3,000 149,438
---------
360,375
---------
PACKAGING -- 4.2%
Crown Cork & Seal................ 10,000 150,000
Fort James....................... 2,400 55,500
---------
205,500
---------
PAPER AND FOREST
PRODUCTS -- 2.7%
Georgia-Pacific Group............ 5,000 131,250
---------
RETAIL TRADE -- 2.9%
Radio Shack...................... 3,000 $ 142,125
----------
TELECOMMUNICATIONS -- 4.3%
US West.......................... 2,500 214,375
----------
TOBACCO -- 4.8%
Philip Morris.................... 8,850 235,078
----------
TOTAL INVESTMENTS -- 99.9%
(Cost $5,590,969)............. 4,933,415
OTHER ASSETS
LESS LIABILITIES -- 0.1%...... 6,199
----------
NET ASSETS -- 100.0%............. $4,939,614
==========
-----------------------------------------------------------------
<PAGE>
SELIGMAN SMALL-CAP VALUE PORTFOLIO
SHARES VALUE
-------- ---------
COMMON STOCKS -- 95.8%
ADVERTISING -- 2.1%
True North Communications ....... 3,000 $ 132,000
---------
APPAREL AND TEXTILES -- 2.2%
Cutter & Buck*................... 17,300 137,589
---------
BANKING -- 8.2%
Bay View Capital................. 17,200 168,775
Commercial Federal............... 9,000 140,062
Indymac Mortgage Holdings........ 14,000 189,875
---------
498,712
---------
BUILDING AND
CONSTRUCTION -- 2.7%
Dal-Tile International*.......... 20,000 165,000
---------
BUSINESS SERVICES -- 2.1%
Complete Business Solutions*..... 7,000 122,719
Exfo Electro-Optical Engineering*
(Canada)...................... 100 4,394
---------
127,113
---------
CHEMICALS -- 2.6%
Crompton......................... 13,000 159,250
---------
CONSUMER GOODS AND
SERVICES -- 10.3%
Applica.......................... 10,000 $113,125
Avis Group Holdings.............. 10,000 187,500
Fresh Del Monte Produce.......... 18,000 123,750
Rent-Way......................... 7,000 204,313
---------
628,688
---------
DISTRIBUTORS -- 1.2%
Cubic............................ 4,050 75,938
---------
DRUGS AND
HEALTH CARE -- 9.2%
Apria Healthcare Group........... 16,000 196,000
Omnicare......................... 14,000 126,875
Oxford Health Plans.............. 10,000 238,125
---------
561,000
---------
FINANCE AND
INSURANCE -- 8.0%
Bank United ..................... 4,000 141,375
Liberty Financial................ 6,000 131,625
Mutual Risk Management........... 12,500 216,406
---------
489,406
---------
-------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-41 --
<PAGE>
Seligman Portfolios, Inc.
-----------------------------------------------------------------
Portfolios of Investments (unaudited) (continued)
-----------------------------------------------------------------
SELIGMAN SMALL-CAP VALUE PORTFOLIO (continued)
SHARES VALUE
-------- ---------
LEISURE AND RELATED -- 2.0%
Harman International Industries.. 2,000 $ 122,000
---------
MACHINERY -- 4.9%
Stewart & Stevenson Services..... 20,000 302,500
---------
MANUFACTURING -- 4.3%
Furniture Brands International... 10,000 151,250
Mueller Industries* ............. 4,000 112,000
---------
263,250
---------
OIL AND GAS -- 7.0%
Midcoast Energy Resources........ 17,000 267,750
Valero Energy ................... 5,000 158,750
---------
426,500
---------
PACKAGING/CONTAINERS -- 6.3%
American National Can Group ..... 5,900 99,563
Applied Extrusion Technologies*.. 22,000 119,969
Bway............................. 25,000 165,625
---------
385,157
---------
PLASTICS -- 3.7%
Lamson & Sessions*............... 15,000 229,688
---------
PRINTING AND PUBLISHING -- 2.9%
Cadmus Communications............ 18,050 $ 174,859
---------
RESTAURANTS -- 2.2%
Jack In The Box.................. 5,450 134,206
---------
RETAIL TRADE -- 10.1%
Abercrombie & Fitch (Class A)*... 14,000 170,625
Fred's........................... 9,500 172,484
Urban Outfitters* ............... 16,000 141,500
The Wet Seal (Class A)*.......... 10,000 130,937
---------
615,546
---------
TRANSPORTATION -- 3.8%
ABC-NACO*........................ 8,000 63,000
Pittston BAX Group............... 12,272 167,973
---------
230,973
---------
TOTAL INVESTMENTS -- 95.8%
(Cost $5,936,326)............. 5,859,375
OTHER ASSETS
LESS LIABILITIES -- 4.2%...... 255,101
----------
NET ASSETS -- 100.0%............. $6,114,476
==========
-------------
* Non-income producing security.
See Notes to Financial Statements.
-- P-42 --
<PAGE>
(This page left blank intentionally)
-- P-43 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
SELIGMAN SELIGMAN CASH COMMON COMMUNICATIONS
BOND CAPITAL MANAGEMENT STOCK AND INFORMATION
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (see
portfolios of investments):
Long-term holdings .................... $ 5,093,034 $42,793,652 $ -- $ 39,158,622 $217,297,014
Short-term holdings ................... 400,000 4,000,000 13,373,532 800,000 5,800,000
----------- ----------- ----------- ------------ ------------
Total Investments ..................... 5,493,034 46,793,652 13,373,532 39,958,622 223,097,014
Cash .................................. 237,503 83,075 35,408 73,144 135,815
Interest and dividends receivable ..... 77,016 7,429 654 29,674 21,460
Receivable from associated
companies ........................... 2,134 23,152 3,107 -- --
Receivable for Capital Stock sold ..... 1,943 -- 219,500 47,386 44,027
Receivable for securities sold ........ -- 1,475,473 -- 51,868 1,862,373
Unrealized appreciation on
foreign currencies and forward
currency contracts .................. -- -- -- -- --
Other.................................. 237 1,034 8,286 2,160 8,119
----------- ----------- ----------- ------------ ------------
TOTAL ASSETS .......................... 5,811,867 48,383,815 13,640,487 40,162,854 225,168,808
----------- ----------- ----------- ------------ ------------
LIABILITIES:
Payable for securities purchased ...... 190,499 3,184,700 -- 392,749 935,774
Payable for Capital Stock redeemed .... 318 20,773 498 19,844 6,413
Payable to custodian .................. -- -- -- -- --
Payable to associated companies ....... -- -- -- -- --
Unrealized depreciation on
foreign currencies and forward
currency contracts .................. -- -- -- -- --
Accrued expenses and other ............ 11,289 24,536 12,017 32,459 190,070
----------- ----------- ----------- ------------ ------------
TOTAL LIABILITIES ..................... 202,106 3,230,009 12,515 445,052 1,132,257
----------- ----------- ----------- ------------ ------------
NET ASSETS ............................ $ 5,609,761 $45,153,806 $13,627,972 $ 39,717,802 $224,036,551
=========== =========== =========== ============ ============
COMPOSITION OF NET ASSETS:
Capital Stock, $0.001 at par .......... $ 584 $ 1,468 $ 13,625 $ 2,397 $ 8,004
Additional paid-in-capital ............ 5,856,877 24,965,961 13,612,051 27,365,823 123,459,845
Undistributed net investment
income (loss) ....................... 152,820 42,377 -- 179,732 (582,690)
Undistributed/accumulated net
realized gain (loss) ................ (299,723) 8,822,485 2,296 3,393,312 55,664,740
Net unrealized appreciation
(depreciation) of investments ....... (100,797) 11,321,515 -- 8,776,538 45,486,652
Net unrealized appreciation
(depreciation) on translation
of assets and liabilities
denominated in foreign
currencies and forward
currency contracts .................. -- -- -- -- --
----------- ----------- ----------- ------------ ------------
NET ASSETS ............................ $ 5,609,761 $45,153,806 $13,627,972 $ 39,717,802 $224,036,551
=========== =========== =========== ============ ============
Class 1 ............................. $ 5,609,761 $45,153,806 $13,627,972 $ 39,717,802 $222,263,176
Class 2 ............................. $ 1,773,375
SHARES OF CAPITAL STOCK OUTSTANDING
Class 1 ............................. 584,302 1,468,394 13,625,677 2,396,952 7,940,453
Class 2 ............................. 63,358
NET ASSET VALUE PER SHARE
Class 1 ............................. $9.60 $30.75 $1.00 $16.57 $27.99
===== ====== ===== ====== ======
Class 2 ............................. $27.99
======
</TABLE>
-- P-44 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
SELIGMAN SELIGMAN GLOBAL SMALLER GLOBAL HIGH-YIELD
FRONTIER GLOBAL GROWTH COMPANIES TECHNOLOGY BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (see
portfolios of investments):
Long-term holdings .................... $23,728,507 $ 8,878,801 $18,618,844 $ 27,572,521 $ 19,079,180
Short-term holdings ................... 400,000 -- -- -- --
----------- ----------- ----------- ------------ ------------
Total Investments ..................... 24,128,507 8,878,801 18,618,844 27,572,521 19,079,180
Cash .................................. 70,528 -- 893,622 5,873,617 182,655
Interest and dividends receivable ..... 123 13,351 26,601 7,291 510,008
Receivable from associated
companies ........................... 1,081 50 4,459 -- 291
Receivable for Capital Stock sold ..... 1,181 56 7,965 39,026 7,782
Receivable for securities sold ........ 395,052 449,111 250,422 1,061,961 --
Unrealized appreciation on
foreign currencies and forward
currency contracts .................. -- -- 990 -- --
Other ................................. 1,001 805 785 789 1,203
----------- ----------- ----------- ------------ ------------
TOTAL ASSETS .......................... 24,597,473 9,342,174 19,802,698 34,556,195 19,781,119
----------- ----------- ----------- ------------ ------------
LIABILITIES:
Payable for securities purchased ...... 616,797 123,033 287,914 924,301 145,195
Payable for Capital Stock redeemed .... 586,376 24,375 4,247 3,286 15,584
Payable to custodian .................. -- 108,083 -- -- --
Payable to associated companies ....... -- -- -- 6,438 --
Unrealized depreciation on
foreign currencies and forward
currency contracts .................. -- 358 -- 88 --
Accrued expenses and other ............ 9,700 17,839 40,147 27,273 25,702
----------- ----------- ----------- ------------ ------------
TOTAL LIABILITIES ..................... 1,212,873 273,688 332,308 961,386 186,481
----------- ----------- ----------- ------------ ------------
NET ASSETS ............................ $23,384,600 $ 9,068,486 $19,470,390 $ 33,594,809 $ 19,594,638
=========== =========== =========== ============ ============
COMPOSITION OF NET ASSETS:
Capital Stock, $0.001 at par .......... $ 1,239 $ 512 $ 1,090 $ 1,159 $ 2,084
Additional paid-in-capital ............ 17,032,300 4,558,363 13,274,075 22,261,329 25,166,590
Undistributed net investment
income (loss) ....................... (111,396) (43,192) (43,853) (68,817) 1,226,784
Undistributed/accumulated net
realized gain (loss) ................ 2,279,527 1,639,996 2,175,044 6,281,088 (3,837,495)
Net unrealized appreciation
(depreciation) of investments ....... 4,182,930 3,012,007 4,434,246 5,161,622 (2,963,325)
Net unrealized appreciation
(depreciation) on translation
of assets and liabilities
denominated in foreign
currencies and forward
currency contracts .................. -- (99,200) (370,212) (41,572) --
----------- ----------- ----------- ------------ ------------
NET ASSETS ............................ $23,384,600 $ 9,068,486 $19,470,390 $ 33,594,809 $ 19,594,638
=========== =========== =========== ============ ============
Class 1 ............................. $23,384,600 $ 9,068,486 $19,470,390 $ 32,788,227 $ 19,594,638
Class 2 ............................. $ 806,582
SHARES OF CAPITAL STOCK OUTSTANDING
Class 1 ............................. 1,238,926 512,168 1,089,610 1,130,680 2,083,589
Class 2 ............................. 27.809
NET ASSET VALUE PER SHARE
Class 1 ............................. $18.87 $17.71 $17.87 $29.00 $9.40
====== ====== ====== ====== =====
Class 2 ............................. $29.00
======
</TABLE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
June 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN SELIGMAN
SELIGMAN INTERNATIONAL LARGE-CAP LARGE-CAP SMALL-CAP
INCOME GROWTH GROWTH VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (see
portfolios of investments):
Long-term holdings .................... $ 6,999,954 $ 8,102,319 $ 6,559,152 $ 4,933,415 $ 5,859,375
Short-term holdings ................... -- -- 600,000 -- --
----------- ----------- ----------- ------------ ------------
Total Investments ..................... 6,999,954 8,102,319 7,159,152 4,933,415 5,859,375
Cash .................................. 142,055 370,036 77,916 -- 219,990
Interest and dividends receivable ..... 50,381 18,134 2,186 12,150 1,080
Receivable from associated
companies ........................... 5,865 8,868 1,589 3,139 3,003
Receivable for Capital Stock sold ..... -- 11,152 11,446 5,924 56,645
Receivable for securities sold ........ 105,063 64,513 43,959 2,701 2,941
Unrealized appreciation on
foreign currencies and forward
currency contracts .................. -- -- -- -- --
Other ................................. 412 411 134 257 --
----------- ----------- ----------- ------------ ------------
TOTAL ASSETS .......................... 7,303,730 8,575,433 7,296,382 4,957,586 6,143,034
----------- ----------- ----------- ------------ ------------
LIABILITIES:
Payable for securities purchased ...... 143,644 135,907 145,535 -- 13,869
Payable for Capital Stock redeemed .... 273 5,317 243 1,769 8,369
Payable to custodian .................. -- -- -- 8,605 --
Payable to associated companies ....... -- -- -- -- --
Unrealized depreciation on
foreign currencies and forward
currency contracts .................. -- 189 -- -- --
Accrued expenses and other ............ 17,333 16,469 7,951 7,598 6,320
----------- ----------- ----------- ------------ ------------
TOTAL LIABILITIES ..................... 161,250 157,882 153,729 17,972 28,558
----------- ----------- ----------- ------------ ------------
NET ASSETS ............................ $ 7,142,480 $ 8,417,551 $ 7,142,653 $ 4,939,614 $ 6,114,476
=========== =========== =========== ============ ============
COMPOSITION OF NET ASSETS:
Capital Stock, $0.001 at par .......... $ 709 $ 665 $ 536 $ 563 $ 707
Additional paid-in-capital ............ 6,753,289 8,158,951 5,899,345 5,422,071 5,765,539
Undistributed net investment
income (loss) ....................... 119,408 55,101 5,949 40,096 (6,514)
Undistributed/accumulated net
realized gain (loss) ................ (49,141) (727,603) (25,764) 134,438 431,695
Net unrealized appreciation
(depreciation) of investments ....... 318,215 909,979 1,262,587 (657,554) (76,951)
Net unrealized appreciation
(depreciation) on translation
of assets and liabilities
denominated in foreign
currencies and forward
currency contracts .................. -- 20,458 -- -- --
----------- ----------- ----------- ------------ ------------
NET ASSETS ............................ $ 7,142,480 $ 8,417,551 $ 7,142,653 $ 4,939,614 $ 6,114,476
=========== =========== =========== ============ ============
Class 1 ............................. $ 7,142,480 $ 8,417,551 $ 7,142,653 $ 4,939,614 $ 6,114,476
Class 2 .............................
SHARES OF CAPITAL STOCK OUTSTANDING
Class 1 ............................. 709,270 665,021 535,567 562,847 707,239
Class 2 .............................
NET ASSET VALUE PER SHARE
Class 1 ............................. $10.07 $12.66 $13.34 $8.78 $8.65
====== ====== ====== ===== =====
Class 2 .............................
</TABLE>
------------------
See Notes to Financial Statements.
-- P-45 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN
SELIGMAN SELIGMAN COMMUNICATIONS
SELIGMAN SELIGMAN CASH COMMON AND
BOND CAPITAL MANAGEMENT STOCK INFORMATION
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .............................. $ 174,273 $ 96,102 $ 409,120 $ 19,556 $ 299,207
Dividends* ............................ -- 49,501 -- 280,485 79,823
--------- ----------- --------- ------------ -----------
TOTAL INVESTMENT INCOME ............... 174,273 145,603 409,120 300,041 379,030
--------- ----------- --------- ------------ -----------
EXPENSES:
Management fee ........................ 10,204 74,064 27,827 92,681 857,363
Auditing fee .......................... 2,871 6,281 4,444 8,913 31,113
Directors' fees and expenses .......... 2,266 2,338 2,107 2,482 3,044
Legal fee ............................. 2,079 1,768 3,727 2,973 6,701
Custody and related services .......... 1,744 7,039 4,563 7,804 33,212
Registration .......................... 899 1,744 1,434 3,742 7,335
Shareholder reports and
communications ...................... 846 1,997 -- 2,746 8,629
Shareholder account services .......... -- -- -- -- 5,570
12b-1 fees-- Class 2 .................. -- -- -- -- 290
Miscellaneous ......................... 1,076 1,786 1,307 2,777 4,921
--------- ----------- --------- ------------ -----------
TOTAL EXPENSES BEFORE WAIVER/
REIMBURSEMENT ....................... 21,985 97,017 45,409 124,118 958,178
Waiver/reimbursement of
expenses ............................ (6,679) -- (45,409) -- --
--------- ----------- --------- ------------ -----------
TOTAL EXPENSES AFTER WAIVER/
REIMBURSEMENT ....................... 15,306 97,017 -- 124,118 958,178
--------- ----------- --------- ------------ -----------
NET INVESTMENT INCOME (LOSS) .......... 158,967 48,586 409,120 175,923 (579,148)
--------- ----------- --------- ------------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on
investments ......................... (71,125) 6,985,898 (77) 1,978,050 37,569,938
Net realized loss from foreign
currency transactions ............... -- -- -- -- --
Net change in unrealized
appreciation/depreciation
of investments ...................... 94,192 2,600,315 -- (2,526,508) (26,832,294)
Net change in unrealized
appreciation/depreciation on
translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts ...... -- -- -- -- --
--------- ----------- --------- ------------ -----------
NET GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY
TRANSACTIONS ........................ 23,067 9,586,213 (77) (548,458) 10,737,644
--------- ----------- --------- ------------ -----------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS .............. $ 182,034 $ 9,634,799 $ 409,043 $ (372,535) $10,158,496
========= =========== ========= ============ ===========
--------------------
*Net of foreign tax withheld as follows: $ -- $ -- $ -- $ 3,449 $ --
</TABLE>
See Notes to Financial Statements.
-- P-46 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
SELIGMAN SELIGMAN GLOBAL SMALLER GLOBAL HIGH-YIELD
FRONTIER GLOBAL GROWTH COMPANIES TECHNOLOGY BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .............................. $ 7,410 $ -- $ 28,544 $ 96,215 $ 1,171,561
Dividends* ............................ 4,915 34,698 80,445 26,110 138,621
---------- ----------- --------- ------------ -----------
TOTAL INVESTMENT INCOME ............... 12,325 34,698 108,989 122,325 1,310,182
---------- ----------- --------- ------------ -----------
EXPENSES:
Management fee ........................ 93,628 52,849 100,623 154,149 57,365
Auditing fee .......................... 5,495 3,707 4,968 5,322 5,658
Directors' fees and expenses .......... 2,213 2,159 2,176 2,196 2,244
Legal fee ............................. 1,350 1,198 1,398 1,157 1,335
Custody and related services .......... 15,688 11,915 39,913 16,169 21,396
Registration .......................... 1,998 1,735 1,550 1,100 2,400
Shareholder reports and
communications ...................... 1,560 1,048 1,399 1,497 1,618
Shareholder account services .......... -- -- -- 3,936 --
12b-1 fees-- Class 2 .................. -- -- -- 51 --
Miscellaneous ......................... 1,578 1,010 4,440 926 994
---------- ----------- --------- ------------ -----------
TOTAL EXPENSES BEFORE WAIVER/
REIMBURSEMENT ....................... 123,510 75,621 156,467 186,503 93,010
Waiver/reimbursement of
expenses ............................ (3,055) (1,641) (15,606) -- (12,625)
---------- ----------- --------- ------------ -----------
TOTAL EXPENSES AFTER WAIVER/
REIMBURSEMENT ....................... 120,455 73,980 140,861 186,503 80,385
---------- ----------- --------- ------------ -----------
NET INVESTMENT INCOME (LOSS) .......... (108,130) (39,282) (31,872) (64,178) 1,229,797
---------- ----------- --------- ------------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on
investments ......................... 2,709,311 1,709,250 1,607,072 5,216,699 (1,683,526)
Net realized loss from foreign
currency transactions ............... -- (207,036) 57,233 (10,299) --
Net change in unrealized
appreciation/depreciation
of investments ...................... (1,216,203) (1,621,904) (798,817) (3,905,745) (14,427)
Net change in unrealized
appreciation/depreciation on
translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts ...... -- 4,631 (414,259) (94,092) --
---------- ----------- --------- ------------ -----------
NET GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY
TRANSACTIONS ........................ 1,493,108 (115,059) 451,229 1,206,563 (1,697,953)
---------- ----------- --------- ------------ -----------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS .............. $1,384,978 $ (154,341) $ 419,357 $ 1,142,385 $ (468,156)
========== =========== ========= ============ ===========
--------------------
*Net of foreign tax withheld as follows: $ 302 $4,785 $ 7,869 $ 2,160 $ --
</TABLE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
For the Six Months Ended June 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
SELIGMAN INTERNATIONAL LARGE-CAP LARGE-CAP SMALL-CAP
INCOME GROWTH GROWTH VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .............................. $ 107,954 $ 7,771 $ 15,632 $ 25 $ --
Dividends* ............................ 31,081 32,983 9,748 61,007 17,775
---------- ----------- --------- ------------ -----------
TOTAL INVESTMENT INCOME ............... 139,035 40,754 25,380 61,032 17,775
---------- ----------- --------- ------------ -----------
EXPENSES:
Management fee ........................ 15,114 47,186 19,136 19,970 23,286
Auditing fee .......................... 3,241 3,483 2,692 2,953 2,784
Directors' fees and expenses .......... 2,268 2,106 2,228 2,188 2,190
Legal fee ............................. 1,754 1,158 1,667 2,080 573
Custody and related services .......... 9,313 27,948 2,362 906 998
Registration .......................... 2,387 847 1,940 1,001 997
Shareholder reports and
communications ...................... 996 1,048 771 849 1,363
Shareholder account services .......... -- -- -- -- --
12b-1 fees-- Class 2 .................. -- -- -- -- --
Miscellaneous ......................... 1,304 935 860 798 919
---------- ----------- --------- ------------ -----------
TOTAL EXPENSES BEFORE WAIVER/
REIMBURSEMENT ....................... 36,377 84,711 31,656 30,745 33,110
Waiver/reimbursement of
expenses ............................ (13,715) (18,654) (12,529) (10,777) (9,824)
---------- ----------- --------- ------------ -----------
TOTAL EXPENSES AFTER WAIVER/
REIMBURSEMENT ....................... 22,662 66,057 19,127 19,968 23,286
NET INVESTMENT INCOME (LOSS) .......... 116,373 (25,303) 6,253 41,064 (5,511)
---------- ----------- --------- ------------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on
investments ......................... (62,533) (518,134) (21,009) 114,431 258,125
Net realized loss from foreign
currency transactions ............... -- (466,702) -- -- --
Net change in unrealized
appreciation/depreciation
of investments ...................... 34,946 (1,721,837) 642,879 (447,528) 18,768
Net change in unrealized
appreciation/depreciation on
translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts ...... -- 138,627 -- -- --
NET GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY
TRANSACTIONS ........................ (27,587) (2,568,046) 621,870 (333,097) 276,893
---------- ----------- --------- ------------ -----------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS .............. $ 88,786 $(2,593,349) $ 628,123 $ (292,033) $ 271,382
========= =========== ========= ============ ===========
--------------------
*Net of foreign tax withheld as follows: $ 369 $ 4,018 $ 86 $ -- $ --
</TABLE>
See Notes to Financial Statements.
-- P-47 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
BOND PORTFOLIO CAPITAL PORTFOLIO CASH MANAGEMENT PORTFOLIO
------------------------- --------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
------------- ---------- ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)............. $ 158,967 $ 349,655 $ 48,586 $ 7,323 $ 409,120 $ 737,469
Net realized gain (loss) on investments.. (71,125) (228,598) 6,985,898 7,533,936 (77) 1,233
Net realized gain (loss) from foreign
currency transactions.................. -- -- -- -- -- --
Net change in unrealized appreciation/
depreciation of investments............ 94,192 (454,121) 2,600,315 2,159,898 -- --
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency
contracts.............................. -- -- -- -- -- --
---------- ---------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS....................... 182,034 (333,064) 9,634,799 9,701,157 409,043 738,702
---------- ---------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income--Class 1........... -- (353,096) -- (8,682) (409,120) (737,469)
Realized gain on investments-- Class 1... -- -- -- (6,178,894) -- --
---------- ---------- ----------- ----------- ----------- -----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS.................... -- (353,096) -- (6,187,576) (409,120) (737,469)
---------- ---------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:**
Proceeds from sale of shares-- Class 1... 1,348,547 3,696,281 13,434,759 8,798,590 24,531,404 45,713,281
Proceeds from sale of shares-- Class 2... -- -- -- -- -- --
Investment of dividends-- Class 1........ -- 353,096 -- 8,682 409,120 737,469
Shares issued in payment of
gain distributions-- Class 1........... -- -- -- 6,178,894 -- --
---------- ---------- ----------- ----------- ----------- -----------
Total.................................... 1,348,547 4,049,377 13,434,759 14,986,166 24,940,524 46,450,750
---------- ---------- ----------- ----------- ----------- -----------
Cost of shares redeemed-- Class 1........ (867,968) (5,736,425) (5,501,545) (15,054,648) (28,923,856) (39,360,497)
Cost of shares redeemed-- Class 2........ -- -- -- -- -- --
---------- ---------- ----------- ----------- ----------- -----------
Total.................................... (867,968) (5,736,425) (5,501,545) (15,054,648) (28,923,856) (39,360,497)
---------- ---------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS....... 480,579 (1,687,048) 7,933,214 (68,482) (3,983,332) 7,090,253
---------- ---------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS........ 662,613 (2,373,208) 17,568,013 3,445,099 (3,983,409) 7,091,486
NET ASSETS:
Beginning of period...................... 4,947,148 7,320,356 27,585,793 24,140,694 17,611,381 10,519,895
---------- ---------- ----------- ----------- ----------- -----------
END OF PERIOD............................ $5,609,761 $4,947,148 $45,153,806 $27,585,793 $13,627,972 $ 17,611,38
========== ========== =========== =========== =========== ===========
</TABLE>
--------------------
* Commencement of operations.
** The Fund began offering Class 2 shares on May 1, 2000.
See Notes to Financial Statements.
-- P-48 --
<PAGE>
Seligman Portfolios, Inc.
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN
COMMON STOCK COMMUNICATIONS AND SELIGMAN
PORTFOLIO INFORMATION PORTFOLIO FRONTIER PORTFOLIO
--------------------------- --------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
------------- ----------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)............. $ 175,923 $ 740,840 $ (579,148) $ (733,224) $ (108,130) $ (184,506)
Net realized gain (loss) on investments.. 1,978,050 10,832,866 37,569,938 50,179,223 2,709,311 693,862
Net realized gain (loss) from foreign
currency transactions.................. -- -- -- -- -- --
Net change in unrealized appreciation/
depreciation of investments............ (2,526,508) (4,409,218) (26,832,294) 49,869,648 (1,216,203) 1,462,795
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency
contracts.............................. -- -- -- -- -- --
----------- ----------- ------------ ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS....................... (372,535) 7,164,488 10,158,496 99,315,647 1,384,978 1,972,151
----------- ----------- ------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income-- Class 1.......... -- (731,802) -- -- -- --
Realized gain on investments-- Class 1... -- (9,413,530) -- (31,388,512) -- --
----------- ----------- ------------ ------------ ----------- -----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS.................... -- (10,145,332) -- (31,388,512) -- --
----------- ----------- ------------ ------------ ----------- -----------
CAPITAL SHARE TRANSACTIONS:**
Proceeds from sale of shares-- Class 1... 4,293,512 18,687,094 51,091,067 58,041,904 23,751,687 23,520,563
Proceeds from sale of shares-- Class 2... -- -- -- -- -- --
Investment of dividends-- Class 1........ -- 731,802 -- -- -- --
Shares issued in payment of
gain distributions-- Class 1........... -- 9,413,530 -- 31,388,512 -- --
----------- ----------- ------------ ------------ ----------- -----------
Total.................................... 4,293,512 28,832,426 51,091,067 89,430,416 23,751,687 23,520,563
----------- ----------- ------------ ------------ ----------- -----------
Cost of shares redeemed-- Class 1........ (11,505,896) (41,136,919) (51,174,261) (65,675,233) (27,457,899) (38,934,551)
Cost of shares redeemed-- Class 2........ -- -- -- -- -- --
----------- ----------- ------------ ------------ ----------- -----------
Total.................................... (11,505,896) (41,136,919) (51,174,261) (65,675,233) (27,457,899) (38,934,551)
----------- ----------- ------------ ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS....... (7,212,384) (12,304,493) (83,194) 23,755,183 (3,706,212) (15,413,988)
----------- ----------- ------------ ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS........ (7,584,919) (15,285,337) 10,075,302 91,682,318 (2,321,234) (13,441,837)
NET ASSETS:
Beginning of period...................... 47,302,721 62,588,058 213,961,249 122,278,931 25,705,834 39,147,671
----------- ----------- ------------ ------------ ----------- -----------
END OF PERIOD............................ $39,717,802 $47,302,721 $224,036,551 $213,961,249 $23,384,600 $25,705,834
=========== =========== ============ ============ =========== ===========
</TABLE>
--------------------
* Commencement of operations.
** The Fund began offering Class 2 shares on May 1, 2000.
See Notes to Financial Statements.
-- P-49 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
GLOBAL GROWTH GLOBAL SMALLER GLOBAL TECHNOLOGY
PORTFOLIO COMPANIES PORTFOLIO PORTFOLIO
--------------------------- -------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
----------- ----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)............. $ (39,282) $ (36,124) $ (31,872) $ (82,322) $ (64,178) $ (54,880)
Net realized gain on investments......... 1,709,250 1,718,575 1,607,072 961,203 5,216,699 2,982,910
Net realized gain (loss) from foreign
currency transactions.................. (207,036) (54,259) 57,233 (191,782) (10,299) (34,676)
Net change in unrealized appreciation/
depreciation of investments............ (1,621,904) 2,817,010 (798,817) 3,647,161 (3,905,745) 7,971,407
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in
foreign currencies and forward currency
contracts.............................. 4,631 (222,964) (414,259) (36,178) (94,092) 10,176
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS....................... (154,341) 4,222,238 419,357 4,298,082 1,142,385 10,874,937
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income-- Class 1.......... -- -- -- -- -- --
Realized gain on investments-- Class 1... -- (1,134,348) -- -- -- (1,874,628)
----------- ----------- ----------- ----------- ----------- -----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS.................... -- (1,134,348) -- -- -- (1,874,628)
----------- ----------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:**
Proceeds from sale of shares-- Class 1... 2,789,019 3,291,118 1,601,514 2,425,180 20,158,389 22,424,095
Proceeds from sale of shares-- Class 2... -- -- -- -- 835,584 --
Investment of dividends-- Class 1........ -- -- -- -- -- --
Shares issued in payment of
gain distributions-- Class 1........... -- 1,134,348 -- -- -- 1,874,628
----------- ----------- ----------- ----------- ----------- -----------
Total.................................... 2,789,019 4,425,466 1,601,514 2,425,180 20,993,973 24,298,723
----------- ----------- ----------- ----------- ----------- -----------
Cost of shares redeemed-- Class 1........ (5,454,945) (4,267,898) (2,119,127) (7,968,678) (10,608,657) (17,341,656)
Cost of shares redeemed-- Class 2........ -- -- -- -- (20,239) --
----------- ----------- ----------- ----------- ----------- -----------
Total.................................... (5,454,945) (4,267,898) (2,119,127) (7,968,678) (10,628,896) (17,341,656)
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS....... (2,665,926) 157,568 (517,613) (5,543,498) 10,365,077 6,957,067
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS........ (2,820,267) 3,245,458 (98,256) (1,245,416) 11,507,462 15,957,376
NET ASSETS:
Beginning of period...................... 11,888,753 8,643,295 19,568,646 20,814,062 22,087,347 6,129,971
----------- ----------- ----------- ----------- ----------- -----------
END OF PERIOD............................ $ 9,068,486 $11,888,753 $19,470,390 $19,568,646 $33,594,809 $22,087,347
=========== =========== =========== =========== =========== ===========
</TABLE>
-----------------------
* Commencement of operations.
** The Fund began offering Class 2 shares on May 1, 2000.
See Notes to Financial Statements.
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN
HIGH-YIELD BOND SELIGMAN INTERNATIONAL GROWTH
PORTFOLIO INCOME PORTFOLIO PORTFOLIO
-------------------------- -------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
----------- ----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)............. $ 1,229,797 $ 3,099,027 $ 116,373 $ 420,100 $ (25,303) $ 31,302
Net realized gain on investments......... (1,683,526) (2,143,090) (62,533) 779,879 (518,134) 1,862,678
Net realized gain (loss) from foreign
currency transactions.................. -- -- -- -- (466,702) (148,777)
Net change in unrealized appreciation/
depreciation of investments............ (14,427) (1,145,943) 34,946 (931,859) (1,721,837) 789,435
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency
contracts.............................. -- -- -- -- 138,627 (285,019)
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS....................... (468,156) (190,006) 88,786 268,120 (2,593,349) 2,249,619
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income-- Class 1.......... -- (3,116,594) -- (413,971) -- --
Realized gain on investments-- Class 1... -- -- -- (691,269) -- (1,396,893)
----------- ----------- ----------- ----------- ----------- -----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS.................... -- (3,116,594) -- (1,105,240) -- (1,396,893)
----------- ----------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:**
Proceeds from sale of shares-- Class 1... 2,209,454 15,071,625 283,855 1,887,360 1,821,011 1,464,332
Proceeds from sale of shares-- Class 2... -- -- -- -- -- --
Investment of dividends-- Class 1........ -- 3,116,594 -- 413,971 -- --
Shares issued in payment of
gain distributions-- Class 1........... -- -- -- 691,269 -- 1,396,893
----------- ----------- ----------- ----------- ----------- -----------
Total.................................... 2,209,454 18,188,219 283,855 2,992,600 1,821,011 2,861,225
----------- ----------- ----------- ----------- ----------- -----------
Cost of shares redeemed-- Class 1........ (9,038,668) (20,242,419) (1,824,675) (8,143,191) (1,058,600) (3,358,291)
Cost of shares redeemed-- Class 2........ -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total.................................... (9,038,668) (20,242,419) (1,824,675) (8,143,191) (1,058,600) (3,358,291)
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS....... (6,829,214) (20,054,200) (1,540,820) (5,150,591) 762,411 (497,066)
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS........ (7,297,370) (5,360,800) (1,452,034) (5,987,711) (1,830,938) 355,660
NET ASSETS:
Beginning of period...................... 26,892,008 32,252,808 8,594,514 14,582,225 10,248,489 9,892,829
----------- ----------- ----------- ----------- ----------- -----------
END OF PERIOD............................ $19,594,638 $26,892,008 $7,142,480 $ 8,594,514 $ 8,417,551 $10,248,489
=========== =========== =========== =========== =========== ===========
</TABLE>
---------------------
* Commencement of operations.
** The Fund began offering Class 2 shares on May 1, 2000.
See Notes to Financial Statements.
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN SELIGMAN SELIGMAN
LARGE-CAP LARGE-CAP SMALL-CAP
GROWTH PORTFOLIO VALUE PORTFOLIO VALUE PORTFOLIO
-------------------------- ------------------------- ---------------------------
SIX MONTHS 5/1/99* SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 6/30/00 TO ENDED 6/30/00 ENDED ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
----------- ----------- ----------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)............. $ 6,253 $ (524) $ 41,064 $ 64,106 $ (5,511) $ (11,090)
Net realized gain on investments......... (21,009) (4,755) 114,431 54,497 258,125 969,509
Net realized gain (loss) from foreign
currency transactions.................. -- -- -- -- -- --
Net change in unrealized appreciation/
depreciation of investments............ 642,879 619,708 (447,528) (318,566) 18,768 68,618
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency
contracts.............................. -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS....................... 628,123 614,429 (292,033) (199,963) 271,382 1,027,037
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income-- Class 1.......... -- -- -- (67,324) -- --
Realized gain on investments-- Class 1... -- -- -- -- -- (785,429)
----------- ----------- ----------- ----------- ----------- -----------
DECREASE IN NET ASSETS
FROM DISTRIBUTIONS.................... -- -- -- (67,324) -- (785,429)
----------- ----------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:**
Proceeds from sale of shares-- Class 1... 3,180,988 2,683,558 1,217,300 4,766,032 2,534,294 3,118,001
Proceeds from sale of shares-- Class 2... -- -- -- -- -- --
Investment of dividends-- Class 1........ -- -- -- 67,324 -- --
Shares issued in payment of
gain distributions-- Class 1........... -- -- -- -- -- 785,429
----------- ----------- ----------- ----------- ----------- -----------
Total.................................... 3,180,988 2,683,558 1,217,300 4,833,356 2,534,294 3,903,430
----------- ----------- ----------- ----------- ----------- -----------
Cost of shares redeemed-- Class 1........ (334,832) (172,873) (1,743,533) (2,654,012) (1,094,568) (2,210,601)
Cost of shares redeemed-- Class 2........ -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total.................................... (334,832 (172,873) (1,743,533) (2,654,012) (1,094,568) (2,210,601)
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS....... 2,846,156 2,510,685 (526,233) 2,179,344 1,439,726 1,692,829
----------- ----------- ----------- ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS........ 3,474,279 3,125,114 (818,266) 1,912,057 1,711,108 1,934,437
NET ASSETS:
Beginning of period...................... 3,668,374 543,260 5,757,880 3,845,823 4,403,368 2,468,931
----------- ----------- ----------- ----------- ----------- -----------
END OF PERIOD............................ $ 7,142,653 $ 3,668,374 $ 4,939,614 $ 5,757,880 $ 6,114,476 $ 4,403,368
=========== =========== =========== =========== =========== ===========
</TABLE>
---------------------
* Commencement of operations.
** The Fund began offering Class 2 shares on May 1, 2000.
See Notes to Financial Statements.
-- P-51 --
<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 Global Growth Portfolio ("Global Growth Portfolio"), Seligman Global
Smaller Companies Portfolio ("Global Smaller Companies Portfolio"),Seligman
Global Technology Portfolio ("Global Technology Portfolio"), Seligman High-Yield
Bond Portfolio ("High-Yield Bond Portfolio"), Seligman Income Portfolio ("Income
Portfolio"), Seligman International Growth Portfolio ("International Growth
Portfolio"), Seligman Large-Cap Growth Portfolio ("Large-Cap Growth Portfolio"),
Seligman Large-Cap Value Portfolio ("Large-Cap Value Portfolio"), and Seligman
Small-Cap Value Portfolio ("Small-Cap Value Portfolio"), each designed to meet
different investment goals. Shares of the Fund are provided as an investment
medium for variable annuity separate accounts established and offered by various
insurance companies, and effective March 24, 2000, upon receipt by the Fund of
an exemptive order from the Securities and Exchange Commission, shares of the
Fund are available as an investment vehicle of variable life insurance separate
accounts.
2. MULTIPLE CLASSES OF SHARES -- Effective May 1, 2000, the Fund began
offering two classes of shares of each Portfolio -- Class 1 shares and Class 2
shares. All shares existing prior to May 1, 2000, have been classified as Class
1 shares. Class 2 shares pay an annual 12b-1 fee of up to 0.25% of average daily
net assets. Class 1 shares do not pay 12b-1 fees. The two classes of shares
represent interests in the same portfolio of investments, have the same rights,
and are generally identical in all respects except that each class bears its
separate class-specific expenses, and has exclusive voting rights with respect
to any matter on which a separate vote of any class is required.
3. SIGNIFICANT ACCOUNTING POLICIES -- The financial statements have been
prepared in conformity with accounting principles generally accepted in the
United States, which require management to make certain estimates and
assumptions at the date of the financial statements. The following summarizes
the significant accounting policies of the Fund:
a. SECURITY VALUATION -- Investments in US Government and Government Agency
securities, bonds, convertible securities, and stocks are valued at the most
current market values or, in their absence, at fair market values determined
in accordance with procedures approved by the Board of Directors. Securities
traded on an exchange are valued at the last sales price or, in its absence
and in the case of over-the-counter securities, at the mean of closing bid
and asked prices. Short-term holdings maturing in 60 days or less are valued
at amortized cost. Investments held by Cash Management Portfolio are
generally valued using the amortized cost method which approximates fair
value. Investments of certain other funds in the Seligman Group of
Investment Companies purchased to offset the Cash Management Portfolio's
liability for deferred directors' fees are valued at current market values.
b. FOREIGN SECURITIES -- The Portfolios may invest up to 10% of their total
assets in foreign securities (except Global Growth Portfolio, Global Smaller
Companies Portfolio, Global Technology Portfolio, and International Growth
Portfolio, (together, the "Seligman International Portfolios"), which may
invest up to 100% of their total assets in foreign securities). Investments
in foreign securities will usually be denominated in foreign currencies, and
the Portfolios may temporarily hold funds in foreign currencies. The
Portfolios may also invest in US dollar-denominated American Depositary
Receipts ("ADRs"), American Depositary Shares ("ADSs"), European Depositary
Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Global
Depositary Shares ("GDSs"). ADRs and ADSs are issued by domestic banks or
trust companies and evidence ownership of securities issued by foreign
corporations. ADRs and ADSs are traded on United States exchanges or
over-the-counter and are not included in the 10% limitation. EDRs,GDRs,and
GDSs are receipts similar to ADRs and ADSs and are typically issued by
foreign banks or trust companies and traded in Europe. The books and records
of the Portfolios are maintained in US dollars. Foreign currency amounts are
translated into US dollars on the following basis:
(i) market value of investment securities, other assets, and
liabilities, at the daily rate of exchange as reported by a pricing
service;
(ii) purchases and sales of investment securities, income, and expenses,
at the rate of exchange prevailing on the respective dates of such
transactions.
The net asset values per share of Portfolios which invest in securities
denominated in foreign currencies will be affected by changes in currency
exchange rates. Changes in foreign currency exchange rates may also affect
the value of dividends and interest earned, gains and losses realized on
sales of securities, and net investment income and gains, if any, to be
distributed to shareholders of the Portfolios. The rate of exchange between
the US dollar and other currencies is determined by the forces of supply and
demand in the foreign exchange markets.
Net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales
of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and from the difference
between the amounts of dividends, interest and foreign withholding taxes
recorded on the Portfolios' books, and the US dollar equivalent of the
amounts actually received or paid. Net unrealized foreign exchange gains and
losses arise from changes in the value of portfolio securities and other
foreign currency denominated assets and liabilities at period end, resulting
from changes in exchange rates.
-- P-52 --
<PAGE>
Seligman Portfolios, Inc.
The Portfolios separate that portion of the results of operations
resulting from changes in the foreign exchange rates from the fluctuations
arising from changes in the market prices of securities held in the
portfolios. Similarly, the Portfolios separate the effect of changes in
foreign exchange rates from the fluctuations arising from changes in the
market prices of portfolio securities sold during the period.
c. FORWARD CURRENCY CONTRACTS -- The Seligman International Portfolios may
enter into forward currency contracts in order to hedge their exposure to
changes in foreign currency exchange rates on their foreign portfolio
holdings, or other amounts receivable or payable in foreign currency. A
forward contract is a commitment to purchase or sell a foreign currency at a
future date at a negotiated forward rate. Certain risks may arise upon
entering into these contracts from the potential inability of counterparties
to meet the terms of their contracts. The contracts are valued daily at
current exchange rates and any unrealized gain or loss is included in net
unrealized appreciation or depreciation on translation of assets and
liabilities denominated in foreign currencies and forward currency contracts.
The gain or loss, if any, arising from the difference between the settlement
value of the forward contract and the closing of such contract, is included
in net realized gain or loss from foreign currency transactions. For federal
income tax purposes, certain open forward currency contracts are treated as
sold during the fiscal year and any gains or losses are recognized
immediately. As a result, the amount of income distributable to shareholders
may vary from the amount recognized for financial statement purposes.
d. FEDERAL TAXES -- The Portfolios' policy is to comply with the requirements
of the Internal Revenue Code applicable to Regulated Investment Companies and
to distribute substantially all of their taxable net income and net gain
realized to shareholders. Therefore, no provisions for Federal income or
excise taxes are required.
e. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Investment
transactions are recorded on trade dates. Interest income is recorded on the
accrual basis. The Portfolios amortize market discounts and premiums on
purchases of portfolio securities. Dividends receivable and payable are
recorded on ex-dividend dates, except that certain dividends from foreign
securities where the ex-dividend dates may have passed are recorded as soon
as the Fund is informed of the dividend.
f. MULTIPLE CLASS ALLOCATIONS -- All income, expenses (other than
class-specific expenses), and realized and unrealized gains or losses of a
Portfolio are allocated daily to each class of shares based upon the relative
value of shares of each class. Class-specific expenses, which include 12b-1
fees and any other items that are specifically attributable to a particular
class, are charged directly to such class. For the period ended June 30,
2000, 12b-1 fees were the only class-specific expenses.
g. REPURCHASE AGREEMENTS -- The Portfolios may enter into repurchase
agreements with commercial banks and with broker/dealers deemed to be
creditworthy by J. & W. Seligman & Co. Incorporated (the "Manager").
Securities purchased subject to repurchase agreements are deposited with the
Portfolios' custodians and, pursuant to the terms of the repurchase
agreements, must have an aggregate market value greater than or equal to the
repurchase price, plus accrued interest, at all times. Procedures have been
established to monitor, on a daily basis, the market value of the repurchase
agreements' underlying securities to ensure the existence of the proper level
of collateral.
h. EXPENSE ALLOCATIONS -- Expenses directly attributable to each Portfolio
are charged to such Portfolio, and expenses that are applicable to more than
one Portfolio are allocated among them.
i. DISTRIBUTIONS TO SHAREHOLDERS -- The treatment for financial statement
purposes of distributions made during the year from net investment income or
net realized gains may differ from their ultimate treatment for federal
income tax purposes. These differences primarily are caused by differences in
the timing of the recognition of certain components of income, expense or
realized capital gain and the recharacterization of foreign exchange gains or
losses to either ordinary income or realized capital gain for federal income
tax purposes. Where such differences are permanent in nature, they are
reclassified in the components of net assets based on their ultimate
characterization for federal income tax purposes. Any such reclassification
will have no effect on net assets, results of operations, or net asset values
per share of the Portfolios.
4. PURCHASES AND SALES OF SECURITIES -- Purchases and sales of portfolio
securities, excluding US Government obligations and short-term investments, for
the six months ended June 30, 2000, were as follows:
PORTFOLIO PURCHASES SALES
--------- ----------- -----------
Bond $ 1,941,007 $ 1,561,372
Capital 41,721,765 34,844,321
Common Stock 7,607,483 14,076,207
Communications and Information 110,760,840 107,758,831
Frontier 22,329,467 26,588,045
-- P-53 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
--------------------------------------------------------------------------------
PORTFOLIO PURCHASES SALES
--------- ----------- -----------
Global Growth $ 2,974,100 $ 5,646,803
Global Smaller Companies 9,066,485 10,115,440
Global Technology 22,209,773 17,428,526
High-Yield Bond 2,945,654 7,073,162
Income 2,304,163 3,926,301
International Growth 15,175,605 14,448,734
Large-Cap Growth 5,424,217 2,699,122
Large-Cap Value 1,081,847 1,446,108
Small-Cap Value 2,833,953 1,613,749
For the six months ended June 30, 2000, purchases and sales of US Government
obligations were $357,009 and $99,939, respectively, for the Bond Portfolio, and
$315,217 and $473,767, respectively, for the Income Portfolio.
Identified cost of investments sold is used for both financial statement and
federal income tax purposes.
At June 30, 2000, the cost of investments for federal income tax purposes was
substantially the same as the cost for financial reporting purposes. The tax
basis gross unrealized appreciation and depreciation of portfolio securities,
including the effects of foreign currency transactions, were as follows:
UNREALIZED UNREALIZED
PORTFOLIO APPRECIATION DEPRECIATION
--------- ------------ ------------
Bond $ 31,525 $ 132,322
Capital 12,305,536 984,021
Common Stock 10,345,540 1,569,002
Communications and Information 62,275,005 16,788,353
Frontier 5,404,982 1,222,052
Global Growth 3,077,802 167,166
Global Smaller Companies 5,607,714 1,543,666
Global Technology 6,884,304 1,764,364
High-Yield Bond 316,210 3,279,535
Income 735,302 417,087
International Growth 1,207,958 272,922
Large-Cap Growth 1,390,610 128,023
Large-Cap Value 542,635 1,200,189
Small-Cap Value 722,016 798,967
5. MANAGEMENT FEE, ADMINISTRATIVE SERVICES, AND OTHER TRANSACTIONS -- The
Manager manages the affairs of the Fund and provides or arranges for the
necessary personnel and facilities. The Manager's fee, which is calculated daily
and payable monthly, is equal to 0.40%, on an annual basis, of each of Bond,
Capital, Cash Management, Common Stock, and Income Portfolios' daily net assets;
equal to 0.75%, on an annual basis, of each of Communications and Information
and Frontier Portfolios' daily net assets; equal to 1.00%, on an annual basis,
of each of the Seligman International Portfolios' daily net assets; and equal to
0.50%, on an annual basis, of High-Yield Bond Portfolio's daily net assets. The
Manager's fee for the Large-Cap Growth Portfolio is equal to 0.70% per annum of
the first $1 billion of average daily net assets, 0.65% per annum of the next $1
billion, and 0.60% per annum in excess of $2 billion of average daily net assets
of the Portfolio. The Manager's fee for the Large-Cap Value Portfolio is equal
to 0.80% per annum of the first $500 million of average daily net assets, 0.70%
per annum of the next $500 million of average daily net assets, and 0.60% per
annum in excess of $1 billion of average daily net assets of the Portfolio. The
Manager's fee for the Small-Cap Value Portfolio is equal to 1.00% per annum of
the first $500 million of average daily net assets, 0.90% per annum of the next
$500 million of average daily net assets, and 0.80% per annum in excess of $1
billion of average daily net assets of the Portfolio.
Effective July 1, 1998, Henderson Investment Management Limited (the
"Subadviser") became adviser to the Seligman International Portfolios
responsible for furnishing investment advice, research, and assistance with
respect to their non-US investments. Under the subadvisory agreement, the
Manager pays the Subadviser a subadvisory fee for each of the Seligman
International Portfolios at a rate of 0.50% per annum of the average monthly
assets under the Subadviser's supervision. The Subadivser is a wholly-owned
subsidiary of Henderson plc, which is an indirect subsidiary of Amp Limited, an
Australian life insurance and financial services company.
-- P-54 --
<PAGE>
Seligman Portfolios, Inc.
On January 21, 2000, pursuant to authorization from the Fund's Board of
Directors, the Manager gave notice to the Subadviser of its termination,
effective as of the close of business on March 31, 2000, of the subadvisory
agreement between the Manager and the Subadviser with respect to Seligman Global
Growth Portfolio, Seligman Global Technology Portfolio, and Seligman
International Growth Portfolio (the "Global Portfolios"). During the notice
period, the Subadviser continued to provide the Global Portfolios with
investment advice, research and assistance with respect to their non-US
investments, subject to the Manager's overall supervision. Following the close
of business on March 31, 2000, the Manager assumed full responsibility for the
non-US investments of the Portfolios. The Subadviser continues to act as
subadviser with respect to Seligman Global Smaller Companies Portfolio's non-US
investments.
The Manager has agreed to reimburse expenses, other than the management fee,
that exceed 0.20% per annum of the average daily net assets of each of Bond,
Capital, Common Stock, Communications and Information, Frontier, High-Yield Bond
and Income Portfolios. The Manager, at its discretion and until it determines
otherwise, has elected to waive all of its fee for, and reimburse all of the
expenses of, the Cash Management Portfolio. The Manager has agreed to reimburse
expenses, other than the management fee, which exceed 0.40% per annum of the
average daily net assets of each of the Seligman International Portfolios. The
Manager, at its discretion, has also agreed to reimburse all expenses, other
than the management fees, of the Large-Cap Growth, Large-Cap Value and Small-Cap
Value Portfolios. The amounts of these reimbursements for the six months ended
June 30, 2000 are disclosed in the Statements of Operations.
Compensation of all officers of the Fund, all directors of the Fund who are
employees or consultants of the Manager, and all personnel of the Fund and the
Manager is paid by the Manager.
Seligman Advisors, Inc. (the "Distributor"), a subsidiary of the Manager,
acts as distributor of shares of the Fund and of contracts issued by variable
annuity separate accounts of one insurance company and its affiliates. For the
six months ended June 30, 2000, the Distributor earned fees of $43,133 for
distributing such contracts.
Under a Rule 12b-1 plan (the "Plan") adopted by the Fund with respect to
Class 2 shares of each Portfolio, insurance companies or their affiliates can
enter into agreements with the Distributor and receive 12b-1 fees of up to
0.25%, on an annual basis, of the average daily net assets of Class 2 shares
attributable to the particular insurance company for providing, among other
things, personal services and/or the maintenance of shareholder accounts. Such
fees are paid quarterly by each Portfolio to Seligman Advisors pursuant to the
Plan. For the period ended June 30, 2000, fees incurred under the Plan
aggregated $290, or 0.25% per annum and $51, or 0.15% per annum of the average
daily net assets of Class 2 shares of Communications and Information Portfolio
and Global Technology Portfolio, respectively.
Certain officers and directors of the Fund are officers or directors of the
Manager and the Distributor.
The Fund has a compensation arrangement under which directors who receive
fees may elect to defer receiving such fees. Directors may elect to have their
deferred fees accrue interest or earn a return based on the performance of the
other funds in the Seligman Group of Investment Companies. The cost of such fees
and earnings accrued thereon is included in directors' fees and expenses, and
the accumulated balances thereof at June 30, 2000, are included in other
liabilities. Deferred fees and related accrued earnings are not deductible for
federal income tax purposes until such amounts are paid.
6. CAPITAL LOSS CARRYFORWARD -- At December 31, 1999, the Bond Portfolio,
Frontier Portfolio, High-Yield Bond Portfolio, and Large-Cap Growth Portfolio
had net capital loss carryforwards for federal income tax purposes of $212,775,
$428,834, $1,594,792, and $1,091, respectively, which are available for offset
against future taxable net capital gains. These net capital loss carryforwards
will expire in 2007. Accordingly, no capital gain distributions are expected to
be paid to shareholders until net capital gains have been realized in excess of
the available capital loss carryforwards.
7. OUTSTANDING FORWARD EXCHANGE CURRENCY CONTRACTS -- At June 30, 2000, the
Fund had outstanding forward exchange currency contracts to purchase or sell
foreign currencies as follows:
<TABLE>
<CAPTION>
UNREALIZED
FOREIGN IN EXCHANGE SETTLEMENT US $ APPRECIATION
CONTRACT CURRENCY FOR US $ DATE VALUE (DEPRECIATION)
-------- --------- ----------- --------- ------- -------------
<S> <C> <C> <C> <C> <C>
GLOBAL GROWTH PORTFOLIO
Purchases:
Norwegian krone 125,490 $ 14,682 7/3/00 $ 14,644 $ (38)
-----
Sales:
Euro's 135,968 129,645 7/3/00 129,965 (320)
-----
$(358)
=====
GLOBAL TECHNOLOGY PORTFOLIO
Purchases:
Euro's 31,071 29,626 7/3/00 29,699 $ 73
Euro's 76,752 73,452 7/3/00 73,363 (88)
South African rand 1,412,366 207,396 7/3/00 208,314 917
-----
$ 902
=====
</TABLE>
-- P-55 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
UNREALIZED
FOREIGN IN EXCHANGE SETTLEMENT US $ APPRECIATION
CONTRACT CURRENCY FOR US $ DATE VALUE (DEPRECIATION)
-------- --------- ----------- ---------- --------- ------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL GROWTH PORTFOLIO
Purchases:
Danish krone 540,617 $69,443 7/3/00 $69,279 $(164)
Norwegian krone 83,660 9,788 7/3/00 9,763 (25)
-----
$(189)
=====
</TABLE>
8. CAPITAL STOCK TRANSACTIONS -- At June 30, 2000, there were 20,000,000 shares
of Capital Stock authorized for each of Global Growth, Global Technology,
Large-Cap Growth, Large-Cap Value, and Small-Cap Value Portfolios; 80,000,000
shares for each of Bond, Capital, Global Smaller Companies, International
Growth, and Income Portfolios; and 100,000,000 shares for each of Cash
Management, Common Stock, Communications and Information, Frontier, and
High-Yield Bond Portfolios, all at a par value of $0.001 per share. Transactions
in shares of Capital Stock were as follows:
<TABLE>
<CAPTION>
BOND CAPITAL CASH MANAGEMENT
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------- ----------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
----------- --------- ----------- -------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares.................. 143,685 368,413 529,144 401,662 24,531,404 45,713,281
Shares issued in payment
of dividends................. -- 37,845 -- 408 409,120 737,469
Shares issued in payment
of gain distributions........ -- -- -- 290,498 -- --
-------- --------- -------- -------- ----------- -----------
Total........................... 143,685 406,258 529,144 692,568 24,940,524 46,450,750
-------- --------- -------- -------- ----------- -----------
Shares redeemed................. (92,948) (577,822) (214,786) (698,555) (28,923,855) (39,360,497)
-------- --------- -------- -------- ----------- -----------
Increase (decrease) in shares... 50,737 (171,564) 314,358 (5,987) (3,983,331) 7,090,253
======== ========= ======== ======== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
COMMUNICATIONS AND INFORMATION PORTFOLIO
COMMON STOCK ----------------------------------------
PORTFOLIO CLASS 1 CLASS 2
------------------------ ----------------------- ---------
SIX MONTHS SIX MONTHS 5/1/00*
ENDED YEAR ENDED YEAR TO
6/30/00 ENDED 6/30/00 ENDED 6/30/00
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited)
----------- --------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Sale of shares.................. 264,106 960,847 1,710,775 2,745,361 63,479
Shares issued in payment
of dividends................. -- 45,089 -- -- --
Shares issued in payment
of gain distributions........ -- 580,008 -- 1,287,998 --
--------- ---------- ---------- ---------- -------
Total........................... 264,106 1,585,944 1,710,775 4,033,359 63,479
--------- ---------- ---------- ---------- -------
Shares redeemed................. (715,185) (2,098,043) (1,783,854) (3,152,170) (121)
--------- ---------- ---------- ---------- -------
Increase (decrease) in shares... (451,079) (512,099) (73,079) 881,189 63,358
========= ========== ========== ========== =======
</TABLE>
<TABLE>
<CAPTION>
FRONTIER GLOBAL GROWTH GLOBAL SMALLER
PORTFOLIO PORTFOLIO COMPANIES PORTFOLIO
----------------------- ----------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
--------- --------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares.................. 1,261,514 1,649,550 154,169 217,292 87,135 174,796
Shares issued in payment
of dividends................. -- -- -- -- -- --
Shares issued in payment
of gain distributions........ -- (2,748,676) -- 68,170 -- --
---------- ---------- -------- -------- --------- --------
Total........................... 1,261,514 (1,099,126) 154,169 285,462 87,135 174,796
---------- ---------- -------- -------- --------- --------
Shares redeemed................. (1,440,427) 0 (294,623) (281,349) (117,029) (583,501)
---------- ---------- -------- -------- --------- --------
Increase (decrease) in shares... (178,913) (1,099,126) (140,454) 4,113 (29,894) (408,705)
========== ========== ======== ======== ========= ========
</TABLE>
[FN]
-------------------
* Commencement of offering of shares.
</FN>
-- P-56 --
<PAGE>
Seligman Portfolios, Inc.
<TABLE>
<CAPTION>
GLOBAL TECHNOLOGY PORTFOLIO
-------------------------------------- HIGH-YIELD BOND
CLASS 1 CLASS 2 PORTFOLIO
----------------------- --------- -------------------------
SIX MONTHS 5/1/00* SIX MONTHS
ENDED YEAR TO ENDED YEAR
6/30/00 ENDED 6/30/00 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) (unaudited) 12/31/99
-------- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Sale of shares.................. 679,908 1,185,726 28,499 231,648 1,398,390
Shares issued in payment
of dividends................. -- -- -- -- 325,663
Shares issued in payment
of gain distributions........ -- 77,240 -- -- --
-------- --------- ------- -------- ----------
Total........................... 679,908 1,262,966 28,499 231,648 1,724,053
-------- --------- ------- -------- ----------
Shares redeemed................. (354,861) (899,796) (690) (950,865) (1,887,102)
-------- --------- ------- -------- ----------
Increase (decrease) in shares... 325,047 363,170 27,809 (719,217) (163,049)
======== ========= ======= ======== ==========
</TABLE>
<TABLE>
<CAPTION>
INCOME INTERNATIONAL GROWTH LARGE-CAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------- ----------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED 5/1/99**
6/30/00 ENDED 6/30/00 ENDED 6/30/00 TO
(unaudited) 12/31/99 (unaudited) 12/31/99 (unaudited) 12/31/99
--------- --------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Sale of shares.................. 28,841 175,401 118,908 89,554 261,151 263,099
Shares issued in payment
of dividends................. -- 42,285 -- -- -- --
Shares issued in payment
of gain distributions........ -- 70,610 -- 89,832 -- --
-------- --------- -------- -------- -------- --------
Total........................... 28,841 288,296 118,908 179,386 261,151 263,099
-------- --------- -------- -------- -------- --------
Shares redeemed................. (187,022) (745,147) (70,331) (206,695) (27,310) (15,699)
-------- --------- -------- -------- -------- --------
Increase (decrease) in shares... (158,181) (456,851) 48,577 (27,309) 233,841 247,400
======== ========= ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
LARGE-CAP VALUE SMALL-CAP VALUE
PORTFOLIO PORTFOLIO
----------------------- -----------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/00 ENDED 6/30/00 ENDED
(unaudited) 12/31/99 (unaudited) 12/31/99
----------- -------- ----------- --------
<S> <C> <C> <C> <C>
Sale of shares.................. 139,969 486,900 294,375 400,968
Shares issued in payment
of dividends................. -- 7,447 -- --
Shares issued in payment
of gain distributions........ -- -- -- 39,088
-------- -------- -------- -------
Total........................... 139,969 494,347 294,375 440,056
-------- -------- -------- -------
Shares redeemed................. (197,753) (271,884) (132,399) (117,123)
-------- -------- -------- -------
Increase (decrease) in shares... (57,784) 222,463 161,976 322,933
======== ======== ======== =======
</TABLE>
-------------------
*Commencement of offering of shares.
**Commencement of operations.
9. COMMITTED LINE OF CREDIT --All of the Portfolios, except the Cash Management
Portfolio, are participants in a joint $825 million committed line of credit
that is shared by substantially all open-end funds in the Seligman Group of
Investment Companies. Each Portfolio's borrowings are limited to 10% (5% for the
Seligman International Portfolios) of its net assets. Borrowings pursuant to the
credit facility are subject to interest at a rate equal to the overnight federal
funds rate plus 0.50%. Each Portfolio incurs a commitment fee of 0.10% per annum
on its share of the unused portion of the credit facility. The credit facility
may be drawn upon only for temporary purposes and is subject to certain other
customary restrictions. The credit facility commitment expires in June 2001, but
is renewable annually with the consent of the participating banks. For the six
months ended June 30, 2000, none of the Portfolios had borrowed from the credit
facility.
-- P-57 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The tables below are intended to help you understand the financial
performance of each Class of each Portfolio for the past five and one-half years
or from its inception, if less than five and one-half years. Certain information
reflects financial results for a single share that was held throughout the
periods shown. Per share amounts are calculated using average shares
outstanding. "Total return" shows the rate that you would have earned (or lost)
on an investment in each Portfolio, assuming you reinvested all your dividends
and capital gain distributions. Total returns do not reflect any administrative
fees or asset-based sales charges that are associated with variable annuity and
variable life insurance contracts, and are not annualized for periods of less
than one year.
<TABLE>
<CAPTION>
BOND PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD ........... $ 9.27 $10.38 $10.24 $ 9.89 $10.44 $ 9.27
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.29 0.64 0.59 0.54 0.56 0.61
Net realized and unrealized gain (loss)
on investments ............................... 0.04 (1.10) 0.25 0.35 (0.55) 1.17
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ............... 0.33 (0.46) 0.84 0.89 0.01 1.78
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... -- (0.65) (0.59) (0.54) (0.56) (0.61)
Distributions from net realized capital gain ... -- -- (0.11) -- -- --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ............................ -- (0.65) (0.70) (0.54) (0.56) (0.61)
------ ------ ------ ------ ------ ------
NET ASSETS VALUE, END OF PERIOD ................ $9.60 $ 9.27 $10.38 $10.24 $ 9.89 $10.44
====== ====== ====== ====== ====== ======
TOTAL RETURN: 3.56% (4.48)% 8.20% 8.98% 0.09% 19.18%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) ....... $5,610 $4,947 $7,320 $7,232 $5,015 $4,497
Ratio of expenses to average net assets ........ 0.60%+ 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of net income to average net assets ...... 6.23%+ 5.56% 5.58% 6.22% 5.97% 6.22%
Portfolio turnover rate ........................ 33.20% 64.22% 73.31% 170.12% 199.74% 114.42%
Without management fee waiver:++
Ratio of expenses to average net assets ........ 0.86% 0.71% 0.82% 0.83% 0.79% 0.99%
Ratio of net income to average net assets ...... 5.97% 5.45% 5.36% 5.99% 5.78% 5.83%
</TABLE>
--------------------
+Annualized.
++The Manager, at its discretion, reimbursed expenses and/or waived management
fees for certain periods presented.
See Notes to Financial Statements.
-- P-58 --
<PAGE>
Seligman Portfolios, Inc.
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD ........... $23.90 $20.81 $18.10 $16.01 $14.91 $12.70
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.04 0.01 0.04 0.03 0.04 0.05
Net realized and unrealized gain (loss)
on investments ............................... 6.81 10.21 3.89 3.35 2.12 3.39
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ............... 6.85 10.22 3.93 3.38 2.16 3.44
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... -- (0.01) (0.04) (0.03) (0.04) (0.05)
Distributions from net realized capital gain ... -- (7.12) (1.18) (1.26) (1.02) (1.18)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ............................ -- (7.13) (1.22) (1.29) (1.06) (1.23)
------ ------ ------ ------ ------ ------
NET ASSETS VALUE, END OF PERIOD ................ $30.75 $23.90 $20.81 $18.10 $16.01 $14.91
====== ====== ====== ====== ====== ======
TOTAL RETURN: 28.66% 53.35% 22.19% 21.31% 14.51% 27.17%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) ....... $45,154 $27,586 $24,141 $20,400 $14,313 $9,294
Ratio of expenses to average net assets ........ 0.52%+ 0.59% 0.60% 0.60% 0.59% 0.60%
Ratio of net income to average net assets ...... 0.26%+ 0.03% 0.19% 0.16% 0.29% 0.32%
Portfolio turnover rate ........................ 101.51% 172.88% 130.86% 93.97% 88.78% 122.20%
Without management fee waiver:++
Ratio of expenses to average net assets ........ 0.62% 0.71%
Ratio of net income to average net assets ...... 0.14% 0.21%
</TABLE>
<TABLE>
<CAPTION>
CASH MANAGEMENT PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00
------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD ........... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.029 0.050 0.053 0.054 0.053 0.055
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ............... 0.029 0.050 0.053 0.054 0.053 0.055
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from net investment income ....... (0.029) (0.050) (0.053) (0.054) (0.053) (0.055)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ............................ (0.029) (0.050) (0.053) (0.054) (0.053) (0.055)
------ ------ ------ ------ ------ ------
NET ASSETS VALUE, END OF PERIOD ................ $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ====== ======
TOTAL RETURN: 2.97% 5.07% 5.42% 5.52% 5.43% 5.60%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) ....... $13,628 $17,611 $10,520 $8,635 $9,755 $7,800
Ratio of expenses to average net assets ........ -- -- -- -- -- --
Ratio of net income to average net assets ...... 5.88%+ 4.99% 5.30% 5.39% 5.30% 5.48%
Without management fee waiver and
expense reimbursement:++
Ratio of expenses to average net assets ........ 0.65%+ 0.65% 0.67% 0.79% 0.63% 0.87%
Ratio of net income to average net assets ...... 5.23%+ 4.34% 4.63% 4.60% 4.67% 4.61%
</TABLE>
--------------------
+ Annualized.
++ The Manager, at its discretion, reimbursed expenses and/or waived management
fees for certain periods presented.
See Notes to Financial Statements.
-- P-59 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMON STOCK PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD............ $16.61 $18.63 $16.28 $15.92 $15.44 $13.78
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income........................... 0.07 0.32 0.29 0.33 0.34 0.35
Net realized and unrealized gain (loss)
on investments ............................... (0.11) 2.03 3.61 3.01 2.79 3.40
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ (0.04) 2.35 3.90 3.34 3.13 3.75
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- (0.32) (0.31) (0.32) (0.34) (0.35)
Distributions from net realized capital gain.... -- (4.05) (1.24) (2.66) (2.31) (1.74)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS............................. -- (4.37) (1.55) (2.98) (2.65) (2.09)
------ ------ ------ ------ ------ ------
NET ASSETS VALUE, END OF PERIOD................. $16.57 $16.61 $18.63 $16.28 $15.92 $15.44
====== ====== ====== ====== ====== ======
TOTAL RETURN: (0.24)% 13.15% 24.16% 21.31% 20.08% 27.28%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $39,718 $47,303 $62,588 $50,737 $37,168 $28,836
Ratio of expenses to average net assets......... 0.60%+ 0.52% 0.52% 0.53% 0.53% 0.54%
Ratio of net income to average net assets....... 0.85%+ 1.30% 1.61% 1.92% 1.99% 2.42%
Portfolio turnover rate......................... 22.04% 38.11% 55.55% 80.13% 50.33% 55.48%
<CAPTION>
COMMUNICATIONS AND INFORMATION PORTFOLIO
-----------------------------------------------------------------------------
CLASS 1 CLASS 2
---------------------------------------------------------------- ---------
SIX MONTHS 5/1/00*
ENDED YEAR ENDED DECEMBER 31, TO
6/30/00 6/30/00
-------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995 (unaudited)
--------- ------ ------ ------ ------ ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD ..... $26.70 $17.14 $13.09 $14.69 $13.50 $10.44 $30.61
------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............. (0.06) (0.10) (0.08) (0.08) (0.04) (0.13) (0.02)
Net realized and unrealized gain
on investments ......................... 1.35 14.36 4.81 3.13 1.23 4.15 (2.60)
------ ------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ......... 1.29 14.26 4.73 3.05 1.19 4.02 (2.62)
------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Distributions from net realized
capital gain ........................... -- (4.70) (0.68) (4.65) -- (0.96) --
------ ------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS ...................... -- (4.70) (0.68) (4.65) -- (0.96) --
------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD............ $27.99 $26.70 $17.14 $13.09 $14.69 $13.50 $27.99
====== ====== ====== ====== ====== ====== ======
TOTAL RETURN: 4.83% 85.81% 36.49% 22.22% 8.81% 38.55% (8.56)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted).. $222,263 $213,961 $122,279 $87,633 $60,645 $38,442 $1,773
Ratio of expenses to average net assets .. 0.84%+ 0.86% 0.87% 0.87% 0.87% 0.95% 1.19%+
Ratio of net income (loss) to average
net assets ............................ (0.51)%+ (0.51)% (0.56)% (0.49)% (0.32)% (0.89)% (0.62)%+
Portfolio turnover rate .................. 48.70% 118.16% 132.57% 277.14% 167.20% 96.62% 48.70%.
</TABLE>
------------------
* Commencement of offering of shares.
+ Annualized.
. For the six months ended 6/30/00.
See Notes to Financial Statements.
-- P-60 --
<PAGE>
Seligman Portfolios, Inc.
<TABLE>
<CAPTION>
FRONTIER PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD............ $18.13 $15.55 $15.78 $14.98 $13.56 $10.58
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... (0.12) (0.10) (0.08) (0.08) (0.06) (0.07)
Net realized and unrealized gain
(loss) on investments........................ 0.86 2.68 (0.15) 2.47 3.28 3.58
Net realized and unrealized gain (loss) on
foreign currency transactions................. -- -- -- -- -- --
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ 0.74 2.58 (0.23) 2.39 3.22 3.51
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- -- -- -- -- --
Distributions from net realized capital gain.... -- -- -- (1.59) (1.80) (0.53)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:............................ -- -- -- (1.59) (1.80) (0.53)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.................. $18.87 $18.13 $15.55 $15.78 $14.98 $13.56
====== ====== ====== ====== ====== ======
TOTAL RETURN: 4.08% 16.59% (1.46)% 16.33% 23.93% 33.28%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $23,385 $25,706 $39,148 $42,973 $31,672 $12,476
Ratio of expenses to average net assets......... 0.95%+ 0.95% 0.92% 0.89% 0.92% 0.95%
Ratio of net income (loss) to average net assets (0.87)%+ (0.68)% (0.51)% (0.49)% (0.37)% (0.55)%
Portfolio turnover rate......................... 89.44% 57.93% 86.52% 101.68% 119.74% 106.48%
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 0.98%+ 0.96% 1.37%
Ratio of net income (loss) to average net assets (0.90)%+ (0.69)% (0.97)%
<CAPTION>
GLOBAL GROWTH PORTFOLIO
--------------------------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, 5/1/96**
6/30/00 TO
------------------------------
(unaudited) 1999 1998 1997 12/31/96
--------- ------ ------ ------ --------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD............ $18.22 $13.33 $11.03 $ 9.91 $10.00
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... (0.07) (0.06) (0.01) 0.01 0.01
Net realized and unrealized gain
(loss) on investments........................ (0.09) 7.31 2.25 1.79 0.02
Net realized and unrealized gain (loss) on
foreign currency transactions................. (0.35) (0.44) 0.14 (0.56) (0.11)
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ (0.51) 6.81 2.38 1.24 (0.08)
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- -- -- -- (0.01)
Distributions from net realized capital gain.... -- (1.92) (0.08) (0.12) --
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:............................ -- (1.92) (0.08) (0.12) (0.01)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.................. $17.71 $18.22 $13.33 $11.03 $9.91
====== ====== ====== ====== =====
TOTAL RETURN: (2.80)% 52.49% 21.60% 12.57% (0.78)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $9,068 $11,889 $8,643 $5,449 $1,590
Ratio of expenses to average net assets......... 1.40%+ 1.40% 1.40% 1.40% 1.40%+
Ratio of net income (loss) to average net assets (0.74)%+ (0.38)% (0.06)% 0.01% 0.37%+
Portfolio turnover rate......................... 27.85% 69.18% 48.99% 77.85% 12.99%
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 1.43%+ 1.45% 1.60% 2.11% 6.04%+
Ratio of net income (loss) to average net assets (0.77)%+ (0.43)% (0.26)% (0.70)% (4.27)%+
</TABLE>
------------------
**Commencement of operations.
+Annualized.
++The Manager, and Seligman Henderson, the former subadviser to the Seligman
International Portfolios, at their discretion, reimbursed expenses and/or
waived management fees for certain periods presented.
See Notes to Financial Statements.
-- P-61 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL SMALLER COMPANIES PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00
------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD............ $17.48 $13.62 $12.98 $12.87 $11.67 $10.31
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... (0.04) (0.06) (0.01) 0.02 0.02 0.05
Net realized and unrealized gain (loss)
on investments ............................... 0.75 4.10 1.02 1.17 2.31 2.04
Net realized and unrealized gain (loss) on
foreign currency transactions ................ (0.32) (0.18) (0.17) (0.75) (0.16) (0.30)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ 0.39 3.86 0.84 0.44 2.17 1.79
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- -- -- (0.02) (0.02) (0.05)
Distributions from net realized capital gain.... -- -- (0.20) (0.31) (0.95) (0.38)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:............................ -- -- (0.20) (0.33) (0.97) (0.43)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.................. $17.87 $17.48 $13.62 $12.98 $12.87 $11.67
====== ====== ====== ====== ====== ======
TOTAL RETURN: 2.23% 28.34% 6.58% 3.43% 18.66% 17.38%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $19,470 $19,569 $20,814 $20,505 $16,876 $4,837
Ratio of expenses to average net assets......... 1.40%+ 1.40% 1.40% 1.40% 1.40% 1.39%
Ratio of net income (loss) to average net assets (0.32)%+ (0.46)% (0.06)% 0.24% 0.23% 0.64%
Portfolio turnover rate......................... 47.83% 46.75% 66.40% 64.81% 62.31% 55.65%
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 1.55%+ 1.60% 1.50% 1.56% 1.90% 3.84%
Ratio of net income (loss) to average net assets (0.47)%+ (0.66)% (0.16)% 0.08% (0.27)% (1.81)%
</TABLE>
<TABLE>
<CAPTION>
GLOBAL TECHNOLOGY PORTFOLIO
---------------------------------------------------------------------
CLASS 1 CLASS 2
------------------------------------------------------- ----------
SIX MONTHS 5/1/00*
ENDED YEAR ENDED DECEMBER 31, 5/1/96** TO
6/30/00 TO 6/30/00
------------------------------
PER SHARE DATA: (unaudited) 1999 1998 1997 12/31/96 (unaudited)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............ $27.42 $13.85 $10.59 $10.32 $10.00 $30.96
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... (0.02) (0.09) (0.05) 0.01 -- (0.03)
Net realized and unrealized gain (loss)
on investments................................ 1.70 16.25 3.81 2.15 0.30 (1.97)
Net realized and unrealized gain (loss) on
foreign currency transactions ................ (0.10) (0.04) 0.11 (0.19) 0.10 0.04
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ 1.58 16.12 3.87 1.97 0.40 (1.96)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- -- -- (0.01) -- --
Distributions from net realized capital gain.... -- (2.55) (0.61) (1.69) (0.08) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:............................ -- (2.55) (0.61) (1.70) (0.08) --
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.................. $29.00 $27.42 $13.85 $10.59 $10.32 $29.00
====== ====== ====== ====== ====== ======
TOTAL RETURN: 5.76% 118.80% 36.80% 19.53% 4.01% (6.33)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $32,788 $22,087 $6,130 $3,686 $1,364 $807
Ratio of expenses to average net assets......... 1.21%+ 1.40% 1.40% 1.40% 1.40%+ 1.40%+
Ratio of net income (loss) to average net assets (0.41)%+ (0.51)% (0.43)% 0.12% 0.60%+ (1.30)%+
Portfolio turnover rate......................... 65.94% 116.88% 82.27% 167.36% 45.04% 65.94%.
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 1.41% 1.80% 2.10% 4.71%+
Ratio of net income (loss) to average net assets (0.52)% (0.83)% (0.58)% (2.71)%+
</TABLE>
----------------------
*Commencement of offering of shares.
**Commencement of operations.
+Annualized.
++The Manager, and Seligman Henderson, the former subadviser to the Seligman
International Portfolios, at their discretion, reimbursed expenses and/or
waived management fees for certain periods presented.
. For the six months ended 6/30/00.
See Notes to Financial Statements.
-- P-62 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH-YIELD BOND PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, 5/1/95**
6/30/00 ------------------------------------------ TO
PER SHARE DATA: (unaudited) 1999 1998 1997 1996 12/31/95
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............ $ 9.59 $10.87 $11.87 $11.19 $10.50 $10.00
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
et investment income........................... 0.50 1.19 1.11 0.91 0.77 0.22
Net realized and unrealized gain (loss)
on investments................................ (0.69) (1.27) (0.99) 0.78 0.77 0.52
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ (0.19) (0.08) 0.12 1.69 1.54 0.74
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- (1.20) (1.11) (0.90) (0.77) (0.22)
Distributions from net realized capital gain.... -- -- (0.01) (0.11) (0.08) (0.02)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:........................... -- (1.20) (1.12) (1.01) (0.85) (0.24)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.................. $ 9.40 $ 9.59 $10.87 $11.87 $11.19 $10.50
====== ====== ====== ====== ====== ======
TOTAL RETURN: (1.98)% (0.75)% 1.02% 15.09% 14.62% 7.37%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $19,595 $26,892 $32,253 $23,268 $11,176 $3,009
Ratio of expenses to average net assets......... 0.70%+ 0.70% 0.70% 0.70% 0.70% 0.70%+
Ratio of net income (loss) to average net assets 10.72%+ 10.33% 9.60% 9.61% 9.77% 7.46%+
Portfolio turnover rate......................... 13.35% 57.05% 43.13% 74.54% 117.01% 67.55%
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 0.81%+ 0.77% 0.74% 0.79% 0.88% 4.38%+
Ratio of net income to average net assets....... 10.61%+ 10.26% 9.56% 9.52% 9.59% 3.78%+
<CAPTION>
INCOME PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
NET ASSET VALUE, BEGINNING OF PERIOD............ $ 9.91 $11.01 $10.80 $10.52 $10.56 $ 9.97
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... 0.15 0.53 0.45 0.56 0.58 0.60
Net realized and unrealized gain (loss)
on investments................................ 0.01 (0.23) 0.38 0.91 0.13 1.19
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ 0.16 0.30 0.83 1.47 0.71 1.79
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- (0.52) (0.46) (0.55) (0.58) (0.60)
Distributions from net realized capital gain.... -- (0.88) (0.16) (0.64) (0.17) (0.60)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:............................ -- (1.40) (0.62) (1.19) (0.75) (1.20)
------ ------ ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.................. $10.07 $ 9.91 $ 11.01 $ 10.80 $ 10.52 $ 10.56
====== ====== ======= ======= ======= =======
TOTAL RETURN: 1.61% 2.87% 7.76% 14.02% 6.66% 17.98%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $7,142 $8,595 $14,582 $13,835 $13,717 $12,619
Ratio of expenses to average net assets......... 0.60%+ 0.60% 0.60% 0.60% 0.59% 0.60%
Ratio of net income to average net assets....... 3.08%+ 3.62% 3.94% 4.71% 5.37% 5.55%
Portfolio turnover rate......................... 30.56% 75.08% 70.45% 96.99% 19.59% 51.22%
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 0.96%+ 0.72% 0.61% 0.63% 0.62%
Ratio of net income to average net assets....... 2.72%+ 3.50% 3.93% 4.68% 5.53%
</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-63 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH PORTFOLIO
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
6/30/00 ------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............ $16.63 $15.37 $13.54 $12.96 $12.39 $11.34
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).................... (0.04) (0.05) 0.08 0.03 0.07 0.15
Net realized and unrealized gain (loss)
on investments................................ (3.42) 4.69 1.90 2.11 1.13 0.90
Net realized and unrealized gain (loss) on
foreign currency transactions ................ (0.51) 0.73 0.16 (1.06) (0.32) 0.24
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS................ (3.97) 3.91 2.14 1.08 0.88 1.29
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income............ -- -- (0.15) (0.03) (0.07) (0.15)
Distributions from net realized capital gain.... -- (2.65) (0.16) (0.47) (0.24) (0.09)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:............................ -- (2.65) (0.31) (0.50) (0.31) (0.24)
------- ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.................. $ 12.66 $16.63 $15.37 $13.54 $12.96 $12.39
======= ====== ====== ====== ====== ======
TOTAL RETURN: (23.87)% 26.64% 15.81% 8.35% 7.08% 11.34%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted)........ $ 8,418 $10,248 $ 9,893 $ 9,182 $ 7,242 $ 4,183
Ratio of expenses to average net assets......... 1.40%+ 1.39% 1.40% 1.40% 1.40% 1.35%
Ratio of net income (loss) to average net assets (0.54)%+ 0.33% 0.52% 0.43% 0.70% 1.01%
Portfolio turnover rate......................... 158.95% 79.17% 75.81% 89.43% 48.53% 41.40%
Without management fee waiver and expense
reimbursement:++
Ratio of expenses to average net assets......... 1.80%+ 1.66% 1.78% 2.07% 2.30% 3.40%
Ratio of net income (loss) to average net assets (0.93)%+ 0.06% 0.14% (0.24)% (0.20)% (1.04)%
</TABLE>
<TABLE>
<CAPTION>
LARGE-CAP
GROWTH LARGE-CAP SMALL-CAP
PORTFOLIO VALUE PORTFOLIO VALUE PORTFOLIO
-------------------- ------------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 5/1/99** ENDED YEAR 5/1/98** ENDED YEAR 5/1/98**
6/30/00 TO 6/30/00 ENDED TO 6/30/00 ENDED TO
PER SHARE DATA: (unaudited) 12/31/99 (unaudited) 12/31/99 12/31/98 (unaudited) 12/31/99 12/31/98
--------- -------- --------- -------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........ $12.16 $10.00 $ 9.28 $ 9.66 $10.00 $ 8.08 $ 7.31 $10.00
------ ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)................ 0.02 -- 0.07 0.10 0.04 -- (0.03) (0.02)
Net realized and unrealized gain (loss) on
investments.............................. 1.16 2.16 (0.57) (0.37) (0.07) 0.57 2.49 (1.73)
Net realized and unrealized gain (loss) on
foreign currency transactions............ -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS............ 1.18 2.16 (0.50) (0.27) (0.03) 0.57 2.46 (1.75)
------ ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income........ -- -- -- (0.11) (0.04) -- -- --
Distributions from net realized capital gain -- -- -- -- (0.27) -- (1.69) (0.94)
------ ------ ------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS:........................ -- -- -- (0.11) (0.31) -- (1.69) (0.94)
------ ------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD.............. $13.34 $12.16 $ 8.78 $ 9.28 $ 9.66 $ 8.65 $ 8.08 $ 7.31
====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN: 9.70% 21.60% (5.39)% (2.76)% (0.26)% 7.05% 35.26% (17.00)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted).... $7,143 $3,668 $4,940 $5,758 $3,845 $6,114 $4,403 $2,469
Ratio of expenses to average net assets..... 0.70%+ 0.70%+ 0.80%+ 0.80% 0.80%+ 1.00%+ 1.00% 1.00%+
Ratio of net income (loss) to average
net assets................................ 0.23%+ (0.03)%+ 1.64%+ 1.18% 1.11%+ (0.24)%+ (0.27)% (0.34)%+
Portfolio turnover rate..................... 55.34% 56.69% 21.34% 28.01% 65.82% 34.22% 90.51% 73.87%
Without management fee waiver and
expense reimbursement:++
Ratio of expenses to average net assets..... 1.16%+ 1.52%+ 1.23%+ 1.13% 2.24%+ 1.42%+ 1.41% 3.08%+
Ratio of net income (loss) to average
net assets................................ (0.23)%+ (0.85)%+ 1.21%+ 0.85% (0.33)%+ (0.66)%+ (0.68)% (2.43%)+
</TABLE>
--------------------
**Commencement of operations.
+Annualized.
++The Manager and Seligman Henderson, the former subadviser to the Seligman
International Portfolios, at their discretion, reimbursed expenses and/or
waived management fees for certain periods presented.
See Notes to Financial Statements.
-- P-64 --
<PAGE>
Seligman Portfolios, Inc.
--------------------------------------------------------------------------------
BOARD OF DIRECTORS
--------------------------------------------------------------------------------
JOHN R. GALVIN 2, 4
Director, Raytheon Company
Dean Emeritus, Fletcher School of Law and Diplomacy
at Tufts University
ALICE S. ILCHMAN 3, 4
Trustee, Committee for Economic Development
Chairman, The Rockefeller Foundation
FRANK A. MCPHERSON 2, 4
Director, Kimberly-Clark Corporation
Director, Baptist Medical Center
Director, Conoco Inc.
JOHN E. MEROW 2, 4
Director, Commonwealth Industries, Inc.
Trustee, New York-Presbyterian Hospital
Retired Chairman and Senior Partner,
Sullivan & Cromwell, Law Firm
BETSY S. MICHEL 2, 4
Trustee, The Geraldine R. Dodge Foundation
WILLIAM C. MORRIS 1
Chairman
Chairman of the Board,
J. & W. Seligman & Co. Incorporated
Chairman, Carbo Ceramics Inc.
Director, Kerr-McGee Corporation
JAMES C. PITNEY 3, 4
Retired Partner, Pitney, Hardin, Kipp & Szuch, Law Firm
JAMES Q. RIORDAN 3, 4
Director, KeySpan Energy Corporation
Trustee, Committee for Economic Development
RICHARD R. SCHMALTZ 1
Managing Director, Director of Investments,
J. & W. Seligman & Co. Incorporated
Trustee Emeritus, Colby College
ROBERT L. SHAFER 3, 4
Retired Vice President, Pfizer Inc.
JAMES N. WHITSON 2, 4
Director and Consultant,
Sammons Enterprises, Inc.
Director, C-SPAN
Director, CommScope, Inc.
BRIAN T. ZINO 1
President
President, J. & W. Seligman & Co. Incorporated
Chairman, Seligman Data Corp.
Director, ICI Mutual Insurance Company
Member of the Board of Governors,
Investment Company Institute
Director Emeritus
FRED E. BROWN
Director and Consultant,
J. & W. Seligman & Co. Incorporated
-----------------
Member:
1 Executive Committee
2 Audit Committee
3 Director Nominating Committee
4 Board Operations Committee
<PAGE>
--------------------------------------------------------------------------------
EXECUTIVE OFFICERS
WILLIAM C. MORRIS
Chairman
BRIANT.ZINO
President
DANIEL J. BARKER
Vice President
JACK P. CHANG
Vice President
DANIEL J. CHARLESTON
Vice President
<PAGE>
IAIN C. CLARK
Vice President
MARK J. CUNNEEN
Vice President
NEIL T. EIGEN
Vice President
MARION S. SCHULTHEIS
Vice President
CHARLES C. SMITH, JR.
Vice President
LAWRENCE P. VOGEL
Vice President and Treasurer
STEVEN A. WERBER, JR.
Vice President
PAUL H. WICK
Vice President
GARY S. ZELTZER
Vice President
FRANK J. NASTA
Secretary
<PAGE>
--------------------------------------------------------------------------------
MANAGER
J. & W. Seligman & Co. Incorporated
100 Park Avenue
New York, New York 10017
SUBADVISER (to Seligman Global
Smaller Companies Portfolio)
Henderson Investment
Management Limited
3 Finsbury Avenue
London EC2M 2PA
GENERAL DISTRIBUTOR
Seligman Advisors, Inc.
100 Park Avenue
New York, New York 10017
CUSTODIANS
State Street Bank & Trust Co.
The Chase Manhattan Bank
GENERAL COUNSEL
Sullivan & Cromwell
INDEPENDENT AUDITORS
Ernst & Young LLP
-- P-65 --
<PAGE>
www.seligman.com
This report is intended only for the information of shareholders or those who
have received the offering prospectus covering shares of Capital Stock of
Seligman Portfolios, Inc., which contains information about the management fees
and other costs. Please read the prospectus carefully before investing or
sending money.
