N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-9545

Seligman Asset Allocation Series, Inc.
(Exact name of Registrant as specified in charter)

100 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip code)

Lawrence P. Vogel
100 Park Avenue
New York, New York 10017
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 850-1864

Date of fiscal year end: 12/31

Date of reporting period: 3/31/08

FORM N-Q

ITEM 1. SCHEDULE OF INVESTMENTS.

Seligman Asset Allocation Series, Inc.

Schedules of Investments (unaudited)

March 31, 2008

Seligman Asset Allocation Aggressive Growth Fund^†

	Shares		Value
Domestic Equity Funds 59.5%
Seligman Capital Fund*		202,571	$	4,584,182
Seligman Communications and Information Fund*		100,632		3,317,837
Seligman Frontier Fund*ø		63,575		617,313
Seligman Growth Fund*		135,031		627,894
Seligman Large-Cap Value Fund		42,561		621,391
Seligman Smaller-Cap Value Fund*ø		196,555		2,653,492
				12,422,109
Global Equity Funds 34.9%
Seligman Emerging Markets Fund*ø		154,544		2,075,526
Seligman Global Smaller Companies Fund*ø		289,448		4,173,840
Seligman International Growth Fund*ø		69,202		1,029,034
				7,278,400
REIT Fund 5.3%
Seligman LaSalle Global Real Estate Fund		192,088		1,098,743
Total Investments In Underlying Funds 99.7%				20,799,252
Other Assets Less Liabilities 0.3%				63,786
Net Assets 100.0%			$	20,863,038

Seligman Asset Allocation Growth Fund^†

	Shares		Value
Domestic Equity Funds 57.8%
Seligman Capital Fund*		215,035	$	4,866,242
Seligman Communications and Information Fund*		96,580		3,184,243
Seligman Frontier Fund*ø		100,811		978,875
Seligman Growth Fund*		625,681		2,909,417
Seligman Large-Cap Value Fund		199,139		2,907,429
Seligman Smaller-Cap Value Fund*ø		286,434		3,866,859
				18,713,065
Global Equity Funds 32.0%
Seligman Emerging Markets Fund*ø		239,104		3,211,166
Seligman Global Smaller Companies Fund*ø		384,603		5,545,975
Seligman International Growth Fund*ø		106,549		1,584,384
				10,341,525
REIT Fund 10.3%
Seligman LaSalle Global Real Estate Fund		584,572		3,343,752
Total Investments In Underlying Funds 100.1%				32,398,342
Other Assets Less Liabilities (0.1)%				(27,020	)
Net Assets 100.0%			$	32,371,322

Seligman Asset Allocation Moderate Growth Fund^†

	Shares		Value
Domestic Equity Funds 54.8%
Seligman Capital Fund*		319,273	$	7,225,148
Seligman Communications and Information Fund*		109,197		3,600,225
Seligman Growth Fund*		696,165		3,237,167
Seligman Large-Cap Value Fund		223,579		3,264,254
Seligman Smaller-Cap Value Fund*ø		188,581		2,545,843
				19,872,637
Fixed-Income Fund 9.9%
Seligman High-Yield Fund		1,213,666		3,592,452
Global Equity Funds 25.0%
Seligman Emerging Markets Fund*ø		134,902		1,811,734
Seligman Global Smaller Companies Fund*ø		251,893		3,632,297
Seligman International Growth Fund*ø		243,389		3,619,194
				9,063,225
REIT Fund 10.1%
Seligman LaSalle Global Real Estate Fund		640,246		3,662,207
Total Investments In Underlying Funds 99.8%				36,190,521
Other Assets Less Liabilities 0.2%				89,333
Net Assets 100.0%			$	36,279,854

Seligman Asset Allocation Balanced Fund^†

	Shares		Value
Domestic Equity Funds 44.5%
Seligman Capital Fund*		74,026	$	1,675,208
Seligman Common Stock Fundø		181,541		1,815,410
Seligman Growth Fund*		430,706		2,002,783
Seligman Large-Cap Value Fund		136,334		1,990,477
				7,483,878
Fixed-Income Funds 29.7%
Seligman Cash Management Fund		825,314		825,314
Seligman Core Fixed Income Fund		238,887		1,674,599
Seligman High-Yield Fund		563,838		1,668,960
Seligman U.S. Government Securities Fund		116,900		826,483
				4,995,356
Global Equity Fund 10.0%
Seligman International Growth Fund*ø		112,845		1,678,005
REIT Fund 15.7%
Seligman LaSalle Monthly Dividend Real Estate Fundø		435,787		2,632,153
Total Investments In Underlying Funds 99.9%				16,789,392
Other Assets Less Liabilities 0.1%				19,540
Net Assets 100.0%			$	16,808,932

*	Non-incoming producing security.
Ø	Security paid capital gain distributions in the twelve months ended March 31, 2008.
†	The Fund invests in certain securities of open-end registered investment companies that are part of the same group of investment companies (the Seligman Group). As defined under the Investment Company Act of 1940, as amended, an affiliated issuer is one in which a fund owns 5% or more of the outstanding voting securities, or an issuer which is under common ownership or control. The Fund and each of the investment companies in which the Fund invests may be deemed to be affiliates of one another. A summary of each Fund’s transactions in the securities of affiliated issuers during the three months ended March 31, 2008 is as follows:

	Purchase Cost		Sales Proceeds		Dividend Income		Value
Affiliated Issuer							3/31/08		12/31/07
Aggressive Growth Fund
Seligman Capital Fund	$	180,530	$	200,653	$	—	$	4,584,182	$	5,289,316
Seligman Communications and Information Fund		112,716		150,240		—		3,317,837		3,889,677
Seligman Frontier Fund		53,030		5,685		—		617,313		697,044
Seligman Growth Fund		6,870		23,560		—		627,894		723,993
Seligman Large-Cap Value Fund		3,968		59,569		—		621,391		730,139
Seligman Smaller-Cap Value Fund		132,883		98,551		—		2,653,492		3,073,404
Seligman Emerging Markets Fund		69,386		97,498		—		2,075,526		2,390,916
Seligman Global Smaller Companies Fund		25,410		209,241		—		4,173,840		4,803,150
Seligman International Growth Fund		52,972		25,779		—		1,029,034		1,180,863
Seligman LaSalle Global Real Estate Fund		35,420		101,178		—		1,098,743		1,172,643
Total	$	673,185	$	971,954	$	—	$	20,799,252	$	23,951,145
Growth Fund
Seligman Capital Fund	$	54,241	$	152,399	$	—	$	4,866,242	$	5,692,210
Seligman Communications and Information Fund		54,747		215,909		—		3,184,243		3,728,396
Seligman Frontier Fund		67,029		15,450		—		978,875		1,132,153
Seligman Growth Fund		53,257		157,649		—		2,909,417		3,383,959
Seligman Large-Cap Value Fund		25,317		213,351		—		2,907,429		3,327,099
Seligman Smaller-Cap Value Fund		151,372		208,064		—		3,866,859		4,469,540
Seligman Emerging Markets Fund		119,733		255,060		—		3,211,166		3,800,704
Seligman Global Smaller Companies Fund††		57,382		335,863		—		5,545,975		6,412,298
Seligman International Growth Fund		117,034		139,727		—		1,584,384		1,891,005
Seligman LaSalle Global Real Estate Fund††		65,757		515,308		—		3,343,752		3,761,616
Total	$	765,869	$	2,208,780	$	—	$	32,398,342	$	37,598,980
Moderate Growth Fund
Seligman Capital Fund	$	337,448	$	657,467	$	—	$	7,225,148	$	8,842,282
Seligman Communications and Information Fund		271,149		508,370		—		3,600,225		4,501,794
Seligman Growth Fund		113,400		246,096		—		3,237,167		4,026,196
Seligman Large-Cap Value Fund		115,891		417,290		—		3,264,254		4,005,455
Seligman Smaller-Cap Value Fund		115,870		191,510		—		2,545,843		3,048,983
Seligman High-Yield Fund		290,587		609,127		90,117		3,592,452		4,370,584
Seligman Emerging Markets Fund		210,494		230,473		—		1,811,734		2,189,430
Seligman Global Smaller Companies Fund		101,900		394,912		—		3,632,297		4,252,863
Seligman International Growth Fund††		282,438		414,035		—		3,619,194		4,368,828
Seligman LaSalle Global Real Estate Fund††		150,316		820,299		—		3,662,207		4,242,195
Total	$	1,989,493	$	4,489,579	$	90,117	$	36,190,521	$	43,848,610
Balanced Fund
Seligman Capital Fund	$	127,416	$	61,328	$	—	$	1,675,208	$	1,850,664
Seligman Common Stock Fund		94,745		45,637		12,256		1,815,410		2,009,093
Seligman Growth Fund		143,868		66,860		—		2,002,783		2,205,988
Seligman Large-Cap Value Fund		78,619		114,737		—		1,990,477		2,181,955
Seligman Cash Management Fund		50,966		94,582		4,640		825,314		906,835
Seligman Core Fixed Income Fund		156,592		199,325		18,291		1,674,599		1,828,985
Seligman High-Yield Fund		120,966		117,089		38,927		1,668,960		1,813,671
Seligman U.S. Government Securities Fund		56,670		104,369		6,926		826,483		908,142
Seligman International Growth Fund		111,283		50,697		—		1,678,005		1,869,080
Seligman LaSalle Monthly Dividend Real Estate Fund††		28,994		273,208		32,162		2,632,153		2,693,120
Total	$	970,119	$	1,127,832	$	113,202	$	16,789,392	$	18,267,533

†† Fund’s holdings representing 5% or more of the outstanding voting securities.

At March 31, 2008, the cost of investments for federal income tax purposes, and the tax basis gross and net unrealized appreciation and depreciation of portfolio securities were as follows:

Fund	Tax Basis Cost		Gross Appreciation		Gross Depreciation			Net Appreciation (Depreciation)
Aggressive Growth Fund	$	19,309,561	$	2,132,903	$	(643,212	)	$	1,489,691
Growth Fund		31,289,895		2,698,737		(1,590,290	)		1,108,447
Moderate Growth Fund		34,922,898		2,986,822		(1,719,199	)		1,267,623
Balanced Fund		17,411,885		1,145,973		(1,768,466	)		(622,493	)

Notes to Schedules of Investments

Organization — Seligman Asset Allocation Series, Inc. (the “Series”, formerly Seligman Time Horizon/Harvester Series, Inc.) is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified management investment company. The Series consists of four separate funds: Seligman Asset Allocation Aggressive Growth Fund (“Aggressive Growth Fund,” formerly Seligman Time Horizon 30 Fund), Seligman Asset Allocation Growth Fund (“Growth Fund,” formerly Seligman Time Horizon 20 Fund), Seligman Asset Allocation Moderate Growth Fund (“Moderate Growth Fund,” formerly Seligman Time Horizon 10 Fund), and Seligman Asset Allocation Balanced Fund (“Balanced Fund,” formerly Seligman Harvester Fund). Each Fund invests in a combination of Class A shares of other Seligman mutual funds (the “Underlying Funds”).

Security Valuation — Underlying Funds owned by a Fund are valued at their respective net asset values. Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Securities not listed on an exchange or security market, or securities for which there is no last sales price, are valued at the mean of the most recent bid and asked prices or are valued by J. & W. Seligman & Co. Incorporated (the “Manager”) based on quotations provided by primary market

makers in such securities. Securities for which market quotations are not readily available (or are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board of Directors. This can occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security. Short-term holdings maturing in 60 days or less are valued at current market quotations or amortized cost if the Manager believes it approximates fair value. Short-term holdings that mature in more than 60 days are valued at current market quotations until the 60^th day prior to maturity and are then valued as described above for securities maturing in 60 days or less.

Fair Value Measurement — On January 1, 2008, the Funds adopted Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” SFAS 157 establishes a three-tier hierarchy to classify the assumptions, referred to as inputs, used in valuation techniques (see Security Valuation above) to measure fair value of the Funds’ investments. These inputs are summarized in three broad levels: Level 1 – quoted prices in active markets for identical investments; Level 2 – other significant observable inputs (including quoted prices in inactive markets or for similar investments); and Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value). The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

The following is a summary of the value of the Funds’ investments as of March 31, 2008 based on the level of inputs used:

Valuation Inputs	Aggressive Growth Fund		Growth Fund		Moderate Growth Fund		Balanced Fund
Level 1 - Quoted Prices	$	20,799,252	$	32,398,342	$	36,190,521	$	16,789,392
Level 2 - Other Significant Observable Inputs		0		0		0		0
Level 3 - Significant Unobservable Inputs		0		0		0		0
Total	$	20,799,252	$	32,398,342	$	36,190,521	$	16,789,392

Risk — The following risks apply to some or all of the Underlying Funds in which the Funds invest. An Underlying Fund may concentrate its investments in stocks of large-, medium- or small-capitalization companies. At times, one or more of these groups of stocks has experienced periods of volatility and negative performance. During such periods, the value of such stocks may decline and the performance of an Underlying Fund investing in such companies may be negatively affected. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuation, government regulation, and limited liquidity as compared to other investments. There are specific risks associated with global investing, such as currency fluctuations, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions. Investments in emerging market companies should be considered speculative. Investments in real estate securities may be subject to specific risks, such as risks of general and local economic conditions, and risks related to individual properties. To the extent that a Fund has a substantial percentage of its assets exposed to an industry through its investment in the Underlying Funds, the Fund’s performance may be negatively affected if that industry falls out of favor. A portfolio with fewer holdings may be subject to greater volatility than a portfolio with a greater number of holdings. US government and other fixed income securities are subject to interest rate risk, credit risk, prepayment risk and market risk. Securities that are not guaranteed by the US Government may have increased credit risk, including, but not limited to, the risk of non-payment of principal or interest. High-yield securities are subject to higher volatility in yield and market value and a greater risk of loss of principal and interest than higher-rated, investment grade fixed income securities.

ITEM 2. CONTROLS AND PROCEDURES.

	a.	The registrant’s principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-Q is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and that such material information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.
	b.	The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
	(a)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SELIGMAN ASSET ALLOCATION SERIES, INC.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer
Date:	May 27, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer
Date:	May 27, 2008
By:	/S/ LAWRENCE P. VOGEL
	Lawrence P. Vogel
	Vice President, Treasurer and Chief Financial Officer
Date:	May 27, 2008

SELIGMAN ASSET ALLOCATION SERIES, INC.

EXHIBIT INDEX

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

EX-99.CERT

EX. 99 CERT
Exhibit (a)
CERTIFICATIONS

I, Brian T. Zino, certify that:

1.	I have reviewed this report on Form N-Q of Seligman Asset Allocation Series, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedule of investments included in this report, fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 27, 2008

/S/ BRIAN T. ZINO

Brian T. Zino

Principal Executive Officer

I, Lawrence P. Vogel, certify that:

1.	I have reviewed this report on Form N-Q of Seligman Asset Allocation Series, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedule of investments included in this report, fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 27, 2008

/S/ LAWRENCE P. VOGEL

Lawrence P. Vogel

Principal Financial Officer