UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-5221

Seligman Portfolios, 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: 06/30/04

FORM N-CSR

ITEM 1.	REPORTS TO STOCKHOLDERS.
	SELIGMAN PORTFOLIOS, INC.
	Semi-Annual Report June 30, 2004

Seligman Portfolios, Inc.
	Mid-Year Report June 30, 2004

Seligman Portfolios, Inc.

Dear Contract Owner:

J. & W. Seligman & Co. Incorporated, Manager of Seligman Portfolios, Inc., is pleased to provide the enclosed report for the six months ended June 30, 2004. Portfolio information and financial statements are contained in the pages following this letter.

We thank you for your continued support of Seligman Portfolios, Inc. and look forward to serving your investment needs for many years to come.

Respectfully,

William C. Morris

Chairman

J. & W. Seligman & Co. Incorporated

August 13, 2004

Manager	Independent Registered Public	General Counsel
J. & W. Seligman & Co. Incorporated 100 Park Avenue New York, New York 10017	Accounting Firm Ernst & Young LLP	Sullivan & Cromwell LLP
General Distributor	Subadviser	Custodians
Seligman Advisors, Inc. 100 Park Avenue New York, New York 10017	(to Seligman Global Growth Portfolio, Seligman Global Smaller Companies Portfolio, and Seligman International Growth Portfolio) Wellington Management Company, LLP 75 State Street Boston, MA 02109	JPMorgan Chase Bank State Street Bank and      Trust Company

Seligman Global Smaller Companies Portfolio — Portfolio Management

Effective June 7, 2004, Wellington Management International Ltd. ("Wellington International"), an affiliate of Wellington Management Company, LLP ("Wellington Management"), subadviser to Seligman Global Smaller Companies Portfolio, began providing investment management services to a portion of the Portfolio. Wellington Management continues to provide subadvisory services to the Portfolio. Mr. Edward L. Makin of Wellington International manages the non-North American portion of the Portfolio, while Mr. Jamie A. Rome of Wellington Management manages the North American portion of the Portfolio. Both Mr. Makin and Mr. Rome have been co-managing the Portfolio since Wellington Management began providing subadvisory services in September 2003.

Proxy Voting

A description of the policies and procedures used by the Fund to determine how to vote proxies relating to portfolio securities, as well as information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available to shareholders (i) without charge, upon request, by calling toll-free 800-221-2450 in the US or collect 212-682-7600 outside the US and (ii) on the SEC’s website at www.sec.gov.

1

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Largest Portfolio Changes† During the Six Months Ended June 30, 2004
Seligman Capital Portfolio
Largest Purchases	Largest Sales
ARAMARK (Class B)*	AmeriTrade Holding**
The Sports Authority*	Network Associates**
AES*	CSX**
Avaya*	Rockwell Automation**
DST Systems*	Staples**
AGCO*	Fastenal**
Fisher Scientific International*	Affymetrix
Biomet	MeadWestvaco
Airgas*	Biogen Idec
Manpower*	Univision Communications (Class A)**
Seligman Common Stock Portfolio
Largest Purchases	Largest Sales
Verizon Communications*	SPDR Trust (Series 1)**
Carnival*	Royal Caribbean Cruises**
Coca-Cola*	Merrill Lynch
Crown Castle International*	Goldman Sachs Group
Computer Associates International*	National Semiconductor**
Merck*	Weyerhaeuser
Autodesk*	International Game Technology**
American Tower (Class A)*	Tribune**
The Bank of New York*	Prudential Financial
Andrew*	eBay
Seligman Communications and Information Portfolio
Largest Purchases	Largest Sales
MEMC Electronic Materials*	Autodesk**
BMC Software	Lexmark International (Class A)
Avocent*	Symantec
Maxim Integrated Products*	INAMED**
Citrix Systems	Becton, Dickinson**
VERITAS Software*	Affiliated Computer Services (Class A)**
Oracle*	Quest Diagnostics
Cisco Systems	Intersil (Class A)**
Advanced Micro Devices	Take-Two Interactive Software
Lam Research*	First Data**
Seligman Frontier Portfolio
Largest Purchases	Largest Sales
Chemed*	Investors Financial Services**
Brocade Communications Systems*	Advance Auto Parts**
Epicor Software*	Packeteer**
York International*	Respironics**
Powerwave Technologies*	Ligand Pharmaceuticals**
Lincoln Electric Holdings*	Dade Behring Holdings**
Zoran*	Chico’s FAS**
Mattson Technology*	IDX Systems**
Avocent*	Manhattan Associates**
Answerthink*	Enterasys Networks**

______________

See footnotes on page 8.

2

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Seligman Global Growth Portfolio
Largest Portfolio Changes† During the Six Months Ended June 30, 2004
Largest Purchases	Largest Sales
Alcatel*	Guidant**
Vivendi Universal*	Siemens**
Nintendo*	ABB**
XM Satellite Radio Holdings (Class A)	Atlas Copco**
Schering-Plough*	Bank One**
Procter & Gamble*	Altria Group**
Apple Computer*	Forest Laboratories**
Elan (ADR)*	Merrill Lynch**
First Data*	Boston Scientific**
eBay*	Deutsche Bank**

Diversification of Net Assets by Industry***

June 30,  2004

							Percent of Net Assets
							June 30,		December 31,
	Issues		Cost		Value		2004		2003
Common Stocks:
Automobiles and Components		2	$	54,526	$	56,414		2.0		1.9
Banks		4		117,002		130,293		4.6		3.4
Capital Goods		4		146,875		171,566		6.1		13.0
Commercial Services and Supplies		4		162,118		184,036		6.5		3.1
Communications Equipment		5		248,972		343,432		12.1		5.0
Computers and Peripherals		2		60,016		69,003		2.4		1.3
Consumer Durables and Apparel		1		21,461		20,075		0.7		1.9
Consumer Staples		8		300,693		325,590		11.5		6.9
Diversified Financials		1		39,897		37,200		1.3		7.0
Energy		3		74,918		81,225		2.9		6.8
Health Care		8		330,242		427,670		15.1		15.3
Hotels, Restaurants and Leisure		1		4,388		4,349		0.2		1.0
Insurance		3		125,301		126,454		4.5		3.3
Media		3		142,486		150,147		5.3		5.0
Metals and Mining		—		—		—		—		1.8
Retailing		7		237,086		260,819		9.2		4.6
Semiconductors and Semiconductor Equipment		1		17,692		16,460		0.6		3.5
Software and Services		6		260,762		297,468		10.5		5.0
Telecommunication Services		3		56,233		54,846		1.9		5.0
Transportation		1		12,626		12,926		0.5		1.1
		67		2,413,294		2,769,973		97.9		95.9
Other Assets Less Liabilities		—		60,089		60,435		2.1		4.1
Net Assets		67	$	2,473,383	$	2,830,408		100.0		100.0

_____________

See footnotes on page 8.

3

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Seligman Global Smaller Companies Portfolio

Largest Portfolio Changes† During the Six Months Ended June 30, 2004
Largest Purchases	Largest Sales
Hutchinson Technology*	EMI Group**
Misys*	Kirin Beverage**
Credence Systems*	FamilyMart**
Alstom*	Quicksilver Resources**
Northgate Exploration*	Fielmann**
NewAlliance Bancshares*	InVision Technologies**
KFX*	Komori**
LG Household and Health Care*	Telefonica Publicidad de Informacion**
Hochtief*	Clariant**
Sypris Solutions*	AFC Enterprises**

Diversification of Net Assets by Industry***

June 30,  2004

							Percent of Net Assets
							June 30,		December 31,
	Issues		Cost		Value		2004		2003
Common Stocks:
Automobiles and Components		2	$	43,749	$	53,176		0.9		1.2
Capital Goods		21		528,824		567,669		9.1		7.3
Chemicals		7		140,995		149,783		2.4		3.4
Commercial Services and Supplies		9		224,405		245,813		3.9		3.2
Communications Equipment		10		181,253		149,507		2.4		1.7
Computers and Peripherals		3		151,668		109,872		1.8		1.2
Construction Materials		1		15,163		16,552		0.3		0.6
Consumer Durables and Apparel		6		174,924		188,816		3.0		4.0
Consumer Staples		15		349,770		416,817		6.7		9.8
Electronic Equipment and Instruments		6		168,324		166,541		2.7		1.0
Energy		15		319,291		395,074		6.3		4.6
Financials		47		1,070,908		1,167,955		18.7		15.4
Health Care Equipment and Supplies		12		274,760		308,415		4.9		4.3
Health Care Providers and Services		4		55,866		86,056		1.4		2.3
Hotels, Restaurants and Leisure		—		—		—		—		0.9
Media		15		339,604		353,673		5.7		8.1
Metals and Mining		6		182,254		221,485		3.5		2.1
Paper and Forest Products		1		26,387		25,840		0.4		—
Pharmaceuticals and Biotechnology		21		488,295		502,324		8.0		7.3
Retailing		8		218,934		226,023		3.6		8.8
Semiconductors and Semiconductor Equipment		8		224,109		220,506		3.5		2.8
Software and Services		16		383,782		369,830		5.9		4.0
Telecommunication Services		2		63,272		62,352		1.0		1.8
Transportation		5		119,034		118,886		1.9		2.2
Utilities		3		75,016		80,809		1.3		0.9
		243		5,820,587		6,203,774		99.3		98.9
Other Assets Less Liabilities		—		36,828		43,263		0.7		1.1
Net Assets		243	$	5,857,415	$	6,247,037		100.0		100.0

_____________

See footnotes on page 8.

4

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Seligman Global Technology Portfolio

Largest Portfolio Changes† During the Six Months Ended June 30, 2004
Largest Purchases	Largest Sales
Oracle*	Autodesk**
Avocent*	Lexmark International (Class A)
MEMC Electronic Materials*	Oki Electric Industry**
Avid Technology*	Fujikura**
VERITAS Software*	Omron**
Check Point Software Technologies*	Interflex**
Microsoft	Affiliated Computer Services (Class A)**
BMC Software	Nippon Telegraph & Telephone "NTT"**
FileNet*	Symantec
Magma Design Automation*	King Yuan Electronics**

Diversification of Net Assets by Industry***

June 30,  2004

							Percent of Net Assets
							June 30,		December 31,
	Issues		Cost		Value		2004		2003
Common Stocks:
Application Software		9	$	1,044,625	$	1,122,094		10.0		9.5
Capital Goods		—		—		—		—		2.9
Commercial Services and Supplies		—		—		—		—		0.9
Communications Equipment		8		860,777		958,014		8.6		4.5
Computers and Peripherals		9		919,890		1,028,814		9.2		8.7
Construction and Engineering		1		29,790		30,038		0.3		—
Consumer Durables and Apparel		3		206,395		230,000		2.1		3.8
Data Processing and Outsourced Services		2		216,869		232,817		2.1		3.5
Electronic Equipment and Instruments		7		627,489		741,408		6.6		11.0
Financials		1		61,505		56,875		0.5		0.7
Health Care		6		721,089		918,805		8.2		7.0
Home Entertainment Software		1		47,642		61,190		0.5		1.5
IT Consulting and Other Services		6		887,614		856,501		7.6		5.6
Materials		1		61,964		56,624		0.5		1.5
Media		—		—		—		—		0.4
Office Electronics		3		349,415		374,655		3.3		3.0
Retailing		1		193,646		172,055		1.5		1.2
Semiconductors and Semiconductor Equipment		17		1,851,840		1,882,946		16.8		17.0
Systems Software		8		1,780,386		2,034,233		18.2		8.9
Telecommunication Services		1		94,312		87,895		0.8		3.4
		84		9,955,248		10,844,964		96.8		95.0
Put Options Purchased		—		—		—		—		0.1
Other Assets Less Liabilities		—		357,465		357,258		3.2		4.9
Net Assets		84	$	10,312,713	$	11,202,222		100.0		100.0

_____________

See footnotes on page 8.

5

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Largest Portfolio Changes† During the Six Months Ended June 30, 2004
Seligman High-Yield Bond Portfolio
Largest Purchases	Largest Sales
SBA Telecommunications 0% (9.75%), 12/15/2011*	Georgia-Pacific 8.875%, 5/15/2031**
Williams Companies 6.75%, 4/15/2009*	NBC Acquisition 10.75%, 2/15/2009**
Georgia-Pacific 7.50%, 5/15/2006*	Qwest Services 13.50%, 12/15/2010
Nalco Financial Holdings 0% (9%), 2/1/2014*	AES 9.375%, 9/15/2010
Crown Castle International 10.75%, 8/1/2011*	Triton PCS 8.75%, 11/15/2011**
Xerox 9.75%, 1/15/2009*	Dobson Communications 8.875%, 10/1/2013**
Nextel Communications 9.375%, 11/15/2009*	SBA Communications 10.25%, 2/1/2009**
Seminis Vegetable Seeds 10.25%, 10/1/2013*	Northwest Airlines 9.875%, 3/15/2007**
Harrah's Operating 7.875%, 12/15/2005*	Crown Cork & Seal 8%, 4/15/2023
EchoStar 6.375%, 10/1/2011*	Millennium America 7.625%, 11/15/2026**

Seligman Income and Growth Portfolio
Largest Purchases	Largest Sales
FHLMC 4.50%, 8/1/2033*	FNMA 3.875%, 11/17/2008**
FNMA 5.24%, 8/7/2018*	Sprint Capital 7.125%, 1/30/2006**
General Motors:	General Motors Acceptance 4.375%, 12/10/2007**
7.125%, 7/15/2013*	General Mills 2.625%, 10/24/2006**
8.375%, 7/15/2033*	Royal Caribbean Cruises**
FHLB 5%, 5/13/2011*	FNMA 3.25%, 8/15/2008**
Entergy Gulf States 5.25% 8/1/2015*	FHLMC 3.25%, 2/25/2008**
Carnival*	Goldman Sachs Group
US Treasury Notes 3.125%, 4/15/2009*	FHLMC 4.75%, 10/11/2012**
Coca-Cola*	Merrill Lynch
Private Export Funding 5.685%, 5/15/2012*

Seligman International Growth Portfolio
Largest Purchases	Largest Sales
Alcatel	ABB**
Nintendo*	Siemens**
BP*	Atlas Copco**
Trend Micro*	Wanadoo**
Telefónica*	Burberry Group**
GUS*	Empresa Brasileira de Aeronautica "Embraer" (ADR)**
Research In Motion	MMC Norilsk Nickel (ADR)**
DaimlerChrysler*	EMI Group**
Essilor International	Compass Group**
Dixons Group*	Schering**

_____________

See footnotes on page 8.

6

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Diversification of Net Assets by Industry***

June 30,  2004

Seligman International Growth Portfolio

							Percent of Net Assets
							June 30,		December 31,
	Issues		Cost		Value		2004		2003
Common Stocks:
Automobiles and Components		4	$	164,143	$	169,966		4.6		4.5
Banks		2		62,642		64,624		1.7		2.7
Capital Goods		5		216,179		257,014		7.0		16.4
Chemicals		—		—		—		—		0.8
Commercial Services and Supplies		1		44,459		46,382		1.3		—
Communications Equipment		4		375,971		527,494		14.3		4.6
Consumer Durables and Apparel		3		122,914		114,152		3.1		6.5
Consumer Staples		6		332,099		345,259		9.4		2.7
Diversified Financials		—		—		—		—		2.6
Energy		5		244,056		248,944		6.7		5.6
Health Care		3		253,017		414,599		11.2		9.2
Hotels, Restaurants and Leisure		1		25,325		33,128		0.9		3.1
Insurance		3		238,586		245,690		6.7		5.8
Media		3		193,196		205,419		5.6		6.0
Metals and Mining		—		—		—		—		2.9
Real Estate		1		38,723		51,801		1.4		1.4
Retailing		6		334,594		356,238		9.6		7.4
Semiconductors and Semiconductor Equipment		1		22,115		20,575		0.6		2.6
Software and Services		5		260,043		294,901		8.0		4.2
Telecommunication Services		2		89,723		86,311		2.3		5.2
Transportation		1		29,530		30,160		0.8		2.4
		56		3,047,315		3,512,657		95.2		96.6
Other Assets Less Liabilities		—		175,087		175,760		4.8		3.4
Net Assets		56	$	3,222,402	$	3,688,417		100.0		100.0

Largest Portfolio Changes† During the Six Months Ended June 30, 2004
Seligman Investment Grade Fixed Income Portfolio
Largest Purchases	Largest Sales
US Treasury Notes 4.25%, 11/15/2013*	Sprint Capital 7.125%, 1/30/2006**
FHLMC 4.50%, 8/1/2033*	General Motors Acceptance 4.375%, 12/10/2007**
FNMA 5.24%, 8/7/2018*	General Mills 2.625%, 10/24/2006**
FHLMC 4.25%, 5/4/2009*	General Electric 5%, 2/1/2013**
General Motors 8.375%, 7/15/2033*	Kellogg 2.875%, 6/1/2008**
FHLB 5%, 5/13/2011*	Citigroup 6%, 10/31/2033**
US Treasury Notes 3.125%, 4/15/2009*	American General Finance 3%, 11/15/2006**
Private Export Funding 5.685%, 5/15/2012*	Time Warner 7.625%, 4/15/2031**
Entergy Gulf States 5.25%, 8/1/2015*	AT&T 8.75%, 11/15/2031**
Morgan Stanley 3.875%, 1/15/2009*	Capital One Bank 4.875%, 5/15/2008**

_____________

See footnotes on page 8.

7

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Largest Portfolio Changes†

During the Six Months Ended June 30, 2004

Seligman Large-Cap Growth Portfolio

Largest Purchases	Largest Sales
AFLAC*	Dow Chemical**
Caterpillar*	Allstate**
Computer Associates International	Cisco Systems
Kohl’s*	Motorola**
Abbot Laboratories	Forest Laboratories**
Deere*	Walt Disney**
PepsiCo*	American International Group
First Data*	Praxair**
United Technologies*	Weyerhaeuser**
InterActive*	International Business Machines

Seligman Large-Cap Value Portfolio

Largest Purchases	Largest Sales
U.S. Bancorp	Citigroup
CSX	Sears, Roebuck
The Gap	Kimberly-Clark
Union Pacific	Georgia-Pacific
	J.C. Penney

Seligman Small-Cap Value Portfolio

Largest Purchases	Largest Sales
Brocade Communications Systems*	Oxford Health Plans**
Allmerica Financial*	Edwards Lifesciences**
Millennium Chemicals*	American Italian Pasta**
Carreker*	Olin**
Ruby Tuesday*	Lyondell Chemical
Continental Airlines	Smurfit-Stone Container
Fred’s	Urban Outfitters
Hanover Compressor	Agere Systems (Class A)
Extreme Networks	Bowater
The Wet Seal (Class A)	W.R. Berkley

_____________

† Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities, listed in descending order.

* Position added during the period.

** Position eliminated during the period.

*** "Diversification of Net Assets by Industry" is included for the Seligman Global Growth, Seligman Global Smaller Companies, Seligman Global Technology and Seligman International Growth Portfolios because their portfolio holdings are grouped by country rather than by industry in the section of this report entitled "Portfolios of Investments."

8

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Capital Portfolio

	Shares		Value
Common Stocks 99.0%
Automobiles and Components 1.2%
Gentex*	5,000	$	198,050
Capital Goods 4.8%
AGCO*	13,500		274,995
American Standard*	3,300		133,023
CNH Global	10,700		220,848
Fluor	3,700		176,379
			805,245
Chemicals 2.1%
Airgas	11,100		265,401
Ecolab	2,900		91,930
			357,331
Commercial Services and Supplies 12.6%
Allied Waste Industries*	13,100		172,658
ARAMARK (Class B)	13,200		379,632
Avery Dennison	2,000		128,020
Cintas	3,700		176,361
Iron Mountain*	2,500		120,650
Manpower	4,900		248,773
Herman Miller	13,800		399,303
Monster Worldwide*	3,200		82,272
Robert Half International	9,200		273,884
United Rentals*	7,500		134,175
			2,115,728
Communications Equipment 4.3%
ADTRAN	3,000		100,095
ARRIS Group*	12,800		76,096
Avaya*	16,400		258,956
Corning*	6,600		86,196
JDS Uniphase*	16,300		61,858
Sierra Wireless* (Canada)	3,900		144,436
			727,637
Computers and Peripherals 1.7%
Lexmark International (Class A)*	2,900		279,937
Construction Materials 0.9%
Vulcan Materials	3,200		152,160
Consumer Durables and Apparel 2.2%
Brunswick	6,200		252,960
Jarden*	3,300		118,767
			371,727
Consumer Staples 8.1%
Clorox	3,400		182,852
Cott*	6,000		194,400
Dean Foods*	5,500		205,205
Hershey Foods	1,800		83,286
NeighborCare*	1,800		56,241
Pepsi Bottling Group	5,600		171,024
Smithfield Foods*	10,200		299,880
Whole Foods Market	900		85,779

William Wrigley, Jr.	1,400	88,270
		1,366,937
Containers and Packaging 0.7%
Ball	1,600	115,280
Electronic Equipment and Instruments 3.1%
PerkinElmer	9,700	194,388
Symbol Technologies	11,000	162,140
Trimble Navigation*	6,100	169,611
		526,139
Energy 4.1%
BJ Services*	2,400	110,016
EOG Resources	1,600	95,536
Noble Energy	3,400	173,400
Smith International*	5,700	317,832
		696,784
Financials 0.7%
T. Rowe Price Group	2,400	120,996
Health Care Equipment and Supplies 8.2%
C.R. Bard	1,800	101,970
Biomet	7,800	347,061
Fisher Scientific International*	4,700	271,425
Given Imaging*	1,600	56,584
Immucor*	2,800	90,874
Millipore*	2,300	129,651
St. Jude Medical*	2,800	211,820
Zimmer Holdings*	2,000	176,400
		1,385,785
Health Care Providers and Services 6.8%
Aetna	1,000	85,000
Anthem*	1,900	170,164
Caremark Rx*	11,500	378,810
Community Health Systems*	3,900	104,403
Lincare Holdings*	1,800	59,040
McKesson	5,000	171,650
Henry Schein*	2,900	182,903
		1,151,970
Hotels, Restaurants and Leisure 4.4%
The Cheesecake Factory*	1,200	47,706
Mandalay Resort Group*	1,700	116,688
Marriott International (Class A)	1,700	84,796
Starbucks*	3,900	169,592
Starwood Hotels & Resorts Worldwide	4,400	197,340
Station Casinos	2,600	125,840
		741,962

_____________

* Non-income producing security.

See Notes to Financial Statements

9

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Capital Portfolio (continued)

	Shares or Principal Amount			Value
Media 1.1%
Interpublic Group of Companies*	8,700	shs.	$	119,451
Salem Communications (Class A)*	2,300			62,411
				181,862
Paper and Forest Products 0.6%
MeadWestvaco	3,200			94,048
Pharmaceuticals and Biotechnology 7.8%
Affymetrix*	2,200			71,984
Amylin Pharmaceuticals*	2,100			47,849
Atrix Laboratories*	1,900			64,970
Biogen Idec*	3,985			252,191
Celgene*	2,100			120,487
Eyetech Pharmaceuticals*	1,500			64,313
Gen-Probe*	1,500			70,973
Martek Biosciences*	1,800			101,097
Medicis Pharmaceutical (Class A)	4,300			171,785
MedImmune*	4,900			114,734
Nektar Therapeutics*	2,400			47,844
Sepracor*	3,400			179,758
				1,307,985
Retailing 4.6%
Chico’s FAS*	3,500			158,060
The Sports Authority*	8,500			305,150
Tractor Supply*	2,900			121,321
Urban Outfitters*	1,800			109,647
Weight Watchers International*	2,100			82,194
				776,372
Semiconductors and Semiconductor Equipment 3.7%
Agere Systems (Class A)*	43,000			98,900
ATI Technologies*	5,000			94,275
Broadcom (Class A)*	4,000			187,040
Credence Systems*	8,900			122,464
RF Micro Devices*	8,500			63,622
Skyworks Solutions*	6,800			59,194
				625,495

Software and Services 11.3%
Affiliated Computer Services (Class A)*	3,200		169,408
Citrix Systems*	10,200		208,029
Cognos*	2,500		90,412
DST Systems*	6,400		307,776
Fiserv*	8,700		338,212
InfoSpace*	3,200		121,584
Mercury Interactive*	4,800		239,448
Sabre Holdings (Class A)	2,900		80,359
Siebel Systems*	22,600		241,481
Symantec*	2,600		113,867
			1,910,576
Telecommunication Services 0.6%
Sprint (FON Group)	6,050		106,480
Transportation 1.6%
Expeditors International of Washington	2,800		137,844
Southwest Airlines	8,000		134,160
			272,004
Utilities 1.8%
AES*	31,100		308,823
Total Common Stocks (Cost $14,902,207)			16,697,313
Repurchase Agreement 1.3%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of  $222,007, collateralized by:
$190,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $234,175 (Cost $222,000)	$222,000		222,000
Total Investments 100.3% (Cost $15,124,207)			16,919,313
Other Assets Less Liabilities (0.3)%			(47,675)
Net Assets 100.0%		$	16,871,638

_____________

* Non-income producing security.

See Notes to Financial Statements

10

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Cash Management Portfolio

	Annualized Yield on Purchase Date		Principal Amount		Value
US Government and Government Agency Securities 53.9%
US Government Securities 15.4%
US Treasury Bills, 7/8/2004 (Cost $399,923)	1.02	%	$400,000	$	399,923
US Government Agency Securities 38.5%
Federal Home Loan Mortgage, 8/10/2004	1.14		500,000		499,378
Federal National Mortgage Association, 7/7/2004	1.04		500,000		499,915
Total US Government Agency Securities (Cost $999,293)					999,293
Total US Government and Government Agency Securities (Cost $1,399,216)					1,399,216
Repurchase  Agreement 21.4%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $554,018, collateralized by:
$465,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $573,113 (Cost $554,000)	1.20		554,000		554,000

Commercial Paper 15.0%
AIG Funding, 8/20/2004	1.14	130,000		129,798
American Express Credit, 7/12/2004	1.17	130,000		129,954
General Electric Capital, 7/14/2004	1.14	130,000		129,947
Total Commercial Paper (Cost $389,699)				389,699
Fixed Time Deposits 10.0%
BNP Paribas, Grand Cayman, 7/1/2004	1.15	130,000		130,000
Dexia Banque, Grand Cayman, 7/1/2004	1.17	130,000		130,000
Total Fixed Time Deposits (Cost $260,000)				260,000
Total Investments 100.3% (Cost $2,602,915)				2,602,915
Other Assets Less Liabilities (0.3)%				(8,021)
Net Assets 100.0%			$	2,594,894

_____________

See Notes to Financial Statements.

11

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2004

Seligman Common Stock Portfolio

	Shares		Value
Common Stocks 100.0%
Automobiles and Components 1.0%
Lear*	1,980	$	116,800
Banks 4.7%
Bank of America	1,070		90,543
Fannie Mae	1,300		92,768
Freddie Mac	1,200		75,960
U.S. Bancorp	3,730		102,799
Wachovia	2,240		99,680
Wells Fargo	1,100		62,953
			524,703
Capital Goods 11.9%
Deere	1,230		86,272
General Dynamics	1,400		139,020
General Electric	13,710		444,204
Illinois Tool Works	1,590		152,465
L-3 Communications Holdings*	2,500		167,000
Masco	3,800		118,484
Tyco International	6,820		226,015
			1,333,460
Chemicals 2.1%
Dow Chemical*	2,200		89,540
Praxair	3,600		143,676
			233,216
Commercial Services and Supplies 1.2%
ServiceMaster	10,600		130,592
Communications Equipment 2.3%
Andrew*	5,100		101,720
Cisco Systems*	6,770		160,483
			262,203
Computers and Peripherals 4.5%
Dell*	5,880		211,298
Hewlett-Packard	3,760		79,336
International Business Machines	2,420		213,323
			503,957
Consumer Durables and Apparel 0.6%
Pulte Homes	1,360		70,761
Consumer Staples 9.6%
Altria Group	5,070		253,753
Coca-Cola	2,700		136,296
Dean Foods*	2,300		85,813
PepsiCo	3,000		161,640
Procter & Gamble	3,220		175,297
Sysco	1,500		53,805
Wal-Mart Stores	3,910		206,291
			1,072,895

Diversified Financials 8.2%
American Express	1,630	83,749
The Bank of New York	2,900	85,492
Capital One Financial	700	47,866
Citigroup	7,060	328,290
Goldman Sachs Group	730	68,737
MBNA	3,400	87,686
Merrill Lynch	900	48,582
J.P. Morgan Chase	3,240	125,615
Morgan Stanley	790	41,688
		917,705
Electronic Equipment and Instruments 0.6%
Jabil Circuit*	2,650	66,727
Energy 8.3%
BP (ADR) (United Kingdom)	1,100	58,927
ChevronTexaco	1,250	117,638
ConocoPhillips	2,014	153,648
Exxon Mobil	8,050	357,500
Noble*	1,000	37,890
Noble Energy	1,590	81,090
Occidental Petroleum	1,650	79,876
Rowan Companies*	2,020	49,147
		935,716
Health Care 14.1%
Aetna	1,300	110,500
Amgen*	1,500	81,863
Anthem*	400	35,824
Biogen Idec*	845	53,476
Forest Laboratories*	1,000	56,630
Gilead Sciences*	700	46,855
Johnson & Johnson	3,480	193,836
Laboratory Corporation of America Holdings*	900	35,730
MedImmune*	2,100	49,171
Medtronic	1,500	73,080
Merck	2,600	123,500
Novartis (ADR) (Switzerland)	4,300	191,350
Pfizer	9,400	322,232
Teva Pharmaceutical Industries (ADR) (Israel)	1,250	84,031
Watson Pharmaceuticals*	1,600	43,040
Wyeth	2,170	78,467
		1,579,585
Hotels, Restaurants and Leisure 2.0%
Carnival	3,300	155,100
Marriott International (Class A)	1,400	69,832
		224,932

_____________

* Non-income producing security.

ADR — American Depository Receipts.

See Notes to Financial Statements.

12

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Common Stock Portfolio (continued)

	Shares or Principal Amount			Value
Insurance 4.3%
American International Group	2,900	shs.	$	206,712
Hartford Financial Services Group	1,150			79,051
PartnerRe	1,110			62,971
Prudential Financial	1,600			74,352
XL Capital (Class A)	800			60,368
				483,454
Media 2.8%
Clear Channel Communications*	2,820			104,199
Time Warner*	8,490			149,254
Univision Communications (Class A)*	1,980			63,221
				316,674
Metals and Mining 0.6%
Freeport-McMoRan Copper & Gold (Class B)	1,900			62,985
Paper and Forest Products 0.6%
Weyerhaeuser	1,020			64,382
Real Estate 0.7%
Apartment Investment & Management (Class A)	2,600			80,938
Retailing 3.5%
Advance Auto Parts*	1,800			79,524
eBay*	760			69,920
Michaels Stores	2,480			136,400
Target	1,900			80,693
Tiffany	800			29,480
				396,017
Semiconductors and Semiconductor Equipment 2.3%
Intel	6,160			170,047
Taiwan Semiconductor Manufacturing (ADR) (Taiwan)	11,066			91,962
				262,009
Software and Services 9.6%
Autodesk	3,600			154,080
Computer Associates International	4,300			120,658
Electronic Arts*	2,400			130,764
Microsoft	14,070			401,910
Oracle*	9,800			117,453
Symantec*	2,200			96,349
Synopsys*	2,000			56,790
				1,078,004

Telecommunication Services 3.6%
American Tower (Class A)*	8,100		123,120
Crown Castle International*	8,800		129,800
Verizon Communications	4,100		148,379
			401,299
Utilities 0.9%
Dominion Resources	400		25,232
Duke Energy	3,900		79,131
			104,363
Total Common Stocks (Cost $10,080,016)			11,223,377
Repurchase Agreement
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $6,000, collateralized by:
$10,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $12,325 (Cost $6,000)	$6,000		6,000
Total Investments 100.0% (Cost $10,086,016)			11,229,377
Other Assets Less Liabilities			(3,823)
Net Assets 100.0%		$	11,225,554

_____________

* Non-income producing security.

ADR - American Depository Receipts.

See Notes to Financial Statements.

13

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Communications and Information Portfolio

	Shares or Principal Amount			Value
Common Stocks 94.8%
Application Software 9.9%
Hyperion Solutions*	10,700	shs.	$	467,536
Intuit*	17,800			687,169
Lawson Software*	43,600			308,252
Magma Design Automation*	57,400			1,102,367
Synopsys*	168,800			4,793,076
				7,358,400
Communications Equipment 6.8%
Avocent*	36,000			1,320,660
Brocade Communications Systems*	68,400			407,322
Cisco Systems*	89,700			2,126,339
Motorola	17,900			326,675
QUALCOMM	12,200			891,271
				5,072,267
Computers and Peripherals 3.8%
Avid Technology*	6,800			371,042
Electronics For Imaging*	17,100			481,622
Hewlett-Packard	75,600			1,595,160
Lexmark International (Class A)*	1,800			173,754
Xyratex* (Bermuda)	18,000			233,010
				2,854,588
Data Processing and Outsourced Services 2.9%
DST Systems*	5,800			278,922
SunGard Data Systems*	72,000			1,872,000
				2,150,922
Electronic Equipment and Instruments 4.2%
Amphenol (Class A)*	37,500			1,249,500
Corning*	17,100			223,326
Itron*	4,100			94,156
Multi-Fineline Electronix*	17,800			178,712
Orbotech* (Israel)	36,000			736,200
Photon Dynamics*	18,000			630,180
				3,112,074
Financials 0.5%
AmeriTrade Holding*	35,500			403,812
Health Care Equipment and Supplies 3.8%
Beckman Coulter	9,800			597,800
Bruker BioSciences*	32,400			158,436
DJ Orthopedics*	9,100			209,300
Fisher Scientific International*	32,400			1,871,100
				2,836,636
Health Care Providers and Services 10.8%
Laboratory Corporation of America Holdings*	117,200			4,652,840
Quest Diagnostics	39,400			3,347,030
				7,999,870
Home Entertainment Software 1.6%
Take-Two Interactive Software*	13,500			413,032
THQ*	34,200			782,667
				1,195,699

Internet Software and Services 1.2%
Check Point Software Technologies* (Israel)	25,800	shs.		694,794
Websense*	5,800			215,905
				910,699
IT Consulting and Other Services 5.8%
Accenture (Class A)* (Bermuda)	45,000			1,236,600
Amdocs*	130,400			3,055,272
				4,291,872
Retailing 1.8%
InterActive*	44,700			1,349,270
Semiconductors and Semiconductor Equipment 18.5%
Advanced Micro Devices*	134,300			2,135,370
Amkor Technology*	107,600			880,706
Conexant Systems*	214,700			927,504
Credence Systems*	17,700			243,552
Intel	26,700			737,053
KLA-Tencor*	13,500			666,833
Lam Research*	31,400			840,735
Marvell Technology Group*	77,100			2,056,643
Mattson Technology*	35,700			428,400
Maxim Integrated Products	26,800			1,407,402
MEMC Electronic Materials*	161,200			1,592,656
Novellus Systems*	22,400			705,040
Taiwan Semiconductor Manufacturing (Taiwan)	390,176			561,705
Teradyne*	27,000			612,900
				13,796,499
Systems Software 23.2%
BMC Software*	134,400			2,486,400
Citrix Systems*	98,400			2,006,868
Computer Associates International	121,000			3,395,260
Microsoft*	142,800			4,079,082
Oracle*	89,800			1,076,253
Symantec*	71,600			3,135,722
VERITAS Software*	40,200			1,115,550
				17,295,135
Total Common Stocks (Cost $68,188,208)				70,627,743
Repurchase Agreement 4.3%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $3,174,104, collateralized by: $2,655,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $3,272,288  (Cost $3,174,000)	$3,174,000			3,174,000
Total Investments 99.1% (Cost $71,362,208)				73,801,743
Other Assets Less Liabilities 0.9%				668,031
Net Assets 100.0%			$	74,469,774

_____________

* Non-income producing security.

See Notes to Financial Statements.

14

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Frontier Portfolio

	Shares		Value
Common Stocks 98.4%
Capital Goods 7.1%
AMETEK	2,960	$	91,464
Chicago Bridge & Iron (NY shares)	2,300		64,055
CLARCOR	1,015		46,487
Graco	2,638		81,910
Lincoln Electric Holdings	2,100		71,704
Wabash National*	2,080		57,304
York International	1,671		68,628
			481,552
Communications Equipment 6.4%
Andrew*	4,622		92,186
ARRIS Group*	10,389		61,763
Avocent*	1,636		60,017
Brocade Communications Systems*	13,210		78,666
Powerwave Technologies*	7,336		56,451
Tekelec*	4,903		89,161
			438,244
Computers and Peripherals 0.9%
Synaptics*	3,163		60,967
Construction Materials 1.0%
AMCOL International	3,542		67,121
Consumer Durables and Apparel 2.9%
Applica*	3,400		30,260
Warnaco Group*	3,945		83,792
Wolverine World Wide	3,254		85,417
			199,469
Consumer Staples 1.9%
Hain Celestial Group*	3,200		57,776
SunOpta* (Canada)	8,000		68,200
			125,976
Diversified Commercial Services 5.8%
Corinthian Colleges*	2,556		63,172
The Corporate Executive Board	1,800		103,851
Corrections Corporation of America*	2,068		81,665
DiamondCluster International*	6,470		56,548
Education Management*	1,594		52,164
Intersections*	1,436		34,328
			391,728
Electronic Equipment and Instruments 1.3%
Cherokee International*	2,700		30,699
Photon Dynamics*	1,700		59,517
			90,216
Employment Services 1.7%
Resources Connection*	2,940		114,925

Energy 4.4%
Denbury Resources*	1,673	35,049
Harvest Natural Resources*	4,700	70,077
Patina Oil & Gas	2,696	80,530
Superior Energy Services*	5,386	54,129
Unit*	1,914	60,195
		299,980
Environmental Services 0.6%
Duratek*	2,900	43,601
Financials 8.3%
Affiliated Managers Group*	1,620	81,599
Apollo Investment*	2,900	39,919
Aspen Insurance Holdings	500	11,615
Boston Private Financial Holdings	2,000	46,090
CapitalSource*	3,107	75,966
East West Bancorp	2,028	61,976
First Marblehead*	2,200	88,572
Jefferies Group	1,142	35,311
UCBH Holdings	1,459	57,718
Wintrust Financial	1,370	69,315
		568,081
Health Care Equipment and Supplies 5.8%
Arrow International	1,379	41,246
Bruker BioSciences*	5,800	28,362
Cooper Companies	1,224	77,320
Cytyc*	2,700	68,485
Merit Medical Systems*	3,800	60,515
Mine Safety Appliances	1,400	47,180
Molecular Devices*	2,200	39,193
VISX*	1,307	34,923
		397,224
Health Care Providers and Services 9.7%
Accredo Health*	1,831	71,308
AmSurg*	2,440	61,305
Chemed	1,838	89,143
Community Health Systems*	3,974	106,384
Covance*	1,600	61,728
LabOne*	2,700	85,684
Pediatrix Medical Group*	1,273	88,919
Pharmaceutical Product Development*	1,500	47,618
Select Medical	3,780	50,728
		662,817

_____________

* Non-income producing security.

See Notes to Financial Statements.

15

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2004

Seligman Frontier Portfolio(continued)

	Shares		Value
Hotels, Restaurants and Leisure 4.2%
Alliance Gaming*	2,613	$	44,839
P.F. Chang’s China Bistro*	800		32,884
CKE Restaurants*	3,300		43,989
RARE Hospitality International*	2,059		51,259
Station Casinos	2,358		114,127
			287,098
Media 3.0%
Cox Radio (Class A)*	2,900		50,402
Cumulus Media (Class A)*	4,630		77,715
Harris Interactive*	6,000		40,440
iVillage*	5,100		32,410
			200,967
Metals and Mining 1.9%
Century Aluminum*	1,904		47,191
GrafTech International*	8,100		84,726
			131,917
Office Electronics 0.9%
Zebra Technologies (Class A)*	697		60,597
Pharmaceuticals and Biotechnology 4.5%
Alexion Pharmaceuticals*	1,600		29,768
Cell Genesys*	2,893		29,899
Corgentech*	2,100		33,841
Maxygen*	3,662		38,506
Medicines*	1,300		39,650
Medicis Pharmaceutical (Class A)	1,250		49,937
Nabi Biopharmaceuticals*	2,700		38,380
ZymoGenetics*	2,450		46,562
			306,543
Retailing 4.8%
AnnTaylor Stores*	1,811		52,483
Cabela’s (Class A)*	400		10,780
Hot Topic*	2,126		43,711
Hughes Supply	991		58,400
The Pep Boys - Manny, Moe & Jack	3,177		80,537
Stein Mart*	3,624		58,781
Tractor Supply*	600		25,101
			329,793

Semiconductors and Semiconductor Equipment 6.9%
Actel*	3,167		58,605
ATMI*	2,712		73,983
DSP Group*	2,578		70,006
Helix Technology	3,022		64,489
Mattson Technology*	4,900		58,800
Micrel*	2,664		32,248
Power Integrations*	1,961		48,819
Zoran*	3,581		65,693
			472,643
Software and Services 11.6%
Agile Software*	7,510		65,900
Answerthink*	7,900		45,386
Digital River*	2,400		77,964
DoubleClick*	5,814		45,204
Epicor Software*	5,400		75,681
FileNET*	3,000		94,635
Jack Henry & Associates	3,900		78,370
Hyperion Solutions*	2,176		95,080
Informatica*	7,191		55,155
iPayment Holdings*	1,770		72,561
Retek*	6,088		37,350
SERENA Software*	2,576		49,163
			792,449
Transportation 2.8%
J.B. Hunt Transport Services	2,130		82,197
Old Dominion Freight Line*	1,660		49,119
UTI Worldwide	1,060		55,921
			187,237
Total Investments 98.4% (Cost $5,592,804)			6,711,145
Other Assets Less Liabilities 1.6%			108,672
Net Assets 100.0%		$	6,819,817

 

_____________

* Non-income producing security.

See Notes to Financial Statements.

16

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Growth Portfolio

	Shares		Value
Common Stocks 97.9%
Bermuda 3.1%
Tyco International (Capital Goods)	2,600	$	86,164
Canada 3.8%
Canadian National Railway* (Transportation)	300		12,926
Research In Motion* (Communications Equipment)	1,400		95,844
			108,770
France 13.2%
Alcatel (Communications Equipment)	6,200		96,464
AXA (Insurance)	1,000		22,161
Essilor International (Health Care)	600		39,254
Groupe Danone* (Consumer Staples)	400		34,990
Pernod Ricard (Consumer Staples)	200		25,641
Pinault-Printemps-Redoute* (Retailing)	386		39,810
Total (Energy)	200		38,288
Vivendi Universal (Media)	2,800		78,142
			374,750
Germany 5.0%
Allianz (Insurance)	500		54,461
DaimlerChrysler (Automobiles and Components)	800		37,555
Muenchener Rueckversicherungs-Gesellschaft* (Insurance)	457		49,831
			141,847
Ireland 5.0%
Elan (ADR)* (Health Care)	5,700		141,018
Italy 0.8%
Finmeccanica (Capital Goods)	28,200		22,504
Japan 5.9%
Bridgestone (Automobiles and Components)	1,000		18,858
Japan Tobacco (Consumer Staples)	3		23,311
Nintendo (Software and Services)	700		81,227
Sumitomo Trust & Banking (Banks)	3,000		21,481
Trend Micro (Software and Services)	500		22,273
			167,150
Luxembourg 0.3%
SES Global (FDR) (Media)	1,098		9,295
Netherlands 2.1%
European Aeronautic Defence and Space (Capital Goods)	1,701		47,621
Koninklijke Numico* (Consumer Staples)	400		12,901
			60,522
Russia 0.1%
YUKOS (ADR) (Energy)	100		3,180

South Korea 1.3%
LG Electronics (Consumer Durables and Apparel)	420	20,075
Samsung Electronics (GDR)† (Semiconductors and Semiconductor Equipment)	80	16,460
		36,535
Spain 0.4%
Telefónica (Telecommunication Services)	700	10,397
Sweden 2.6%
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	24,510	72,704
Switzerland 1.5%
Roche Holding (Health Care)	416	41,284
United Kingdom 11.0%
BP (Energy)	4,500	39,757
Capita Group (Commercial Services and Supplies)	6,441	37,236
The Carphone Warehouse Group (Retailing)	16,311	43,839
Dixons Group (Retailing)	9,200	27,646
GUS (Retailing)	2,266	34,794
Imperial Tobacco Group (Consumer Staples)	1,933	41,716
Kingfisher (Retailing)	4,678	24,352
Rolls-Royce Group (Capital Goods)	3,341	15,277
Standard Chartered (Banks)	1,800	29,373
Vodafone Group (Telecommunication Services)	8,100	17,784
		311,774
United States 41.8%
Apollo Group (Class A)* (Commercial Services and Supplies)	400	35,346
Apple Computer* (Computers and Peripherals)	1,900	61,817
Bank of America (Banks)	400	33,848
Cendant (Commercial Services and Supplies)	2,800	68,544
Cisco Systems* (Communications Equipment)	3,000	71,115
Citigroup (Diversified Financials)	800	37,200
Colgate-Palmolive (Consumer Staples)	600	35,070
Countrywide Financial (Banks)	649	45,592
Dell* (Computers and Peripherals)	200	7,187
eBay* (Retailing)	600	55,200
First Data (Software and Services)	1,000	44,520
Gillette (Consumer Staples)	2,300	97,520
McKesson (Health Care)	1,200	41,196
Medco Health Solutions* (Health Care)	1,500	56,250
Medtronic (Health Care)	600	29,232
Microsoft (Software and Services)	700	19,996

_____________

*  Non-income producing security.

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.

ADR — American Depository Receipts. FDR — Fiduciary Depository Receipts.

GDR — Global Depository Receipts.

See Notes to Financial Statements.

17

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Growth Portfolio (continued)

	Shares		Value
United States (continued)
Nextel Communications* (Telecommunication Services)	1,000	$	26,665
Pfizer (Health Care)	700		23,996
Procter & Gamble (Consumer Staples)	1,000		54,440
QUALCOMM (Communications Equipment)	100		7,306
Red Hat* (Software and Services)	2,000		45,790
Schering-Plough (Health Care)	3,000		55,440
Staples* (Retailing)	1,200		35,178

Starbucks* (Hotels, Restaurants and Leisure)	100		4,349
Waste Management (Commercial Services and Supplies)	1,400		42,910
XM Satellite Radio Holdings (Class A)* (Media)	2,300		62,709
Yahoo!* (Software and Services)	2,300		83,663
			1,182,079
Total Investments 97.9% (Cost $2,413,294)			2,769,973
Other Assets Less Liabilities 2.1%			60,435
Net Assets 100.0%		$	2,830,408

Seligman Global Smaller Companies Portfolio

	Shares		Value
Common Stocks 99.3%
Australia 1.2%
AWB (Consumer Staples)	5,007	$	16,100
John Fairfax Holdings (Media)	9,016		23,412
Smorgon Steel Group (Metals and Mining)	29,281		22,219
STW Communications Group (Media)	5,841		13,199
			74,930
Bermuda 1.0%
Bunge (Consumer Staples)	850		33,099
Platinum Underwriters Holdings (Financials)	1,035		31,496
			64,595
Canada 3.9%
Cannacord Capital*† (Financials)	1,400		10,704
Dundee Real Estate Investment Trust (Financials)	1,500		26,126
Dundee Wealth Management (Financials)	4,200		27,569
Gildan Activewear (Class A)* (Consumer Durables and Apparel)	1,000		28,700
GMP Capital (Financials)	1,293		16,589
GMP Capital† (Financials)	800		10,264
Northgate Exploration* (Metals and Mining)	20,000		31,000
OPTI Canada† (Energy)	2,100		29,371
Ritchie Bros. Auctioneers (Commercial Services and Supplies)	1,200		34,932
Western Oil Sands (Class A)* (Energy)	1,237		31,142
			246,397
China 0.9%
Beijing Capital International Airport (Transportation)	66,000		20,432
China Oilfield Services (Energy)	116,000		33,169
			53,601
Denmark 1.6%
Carlsberg (Class B) (Consumer Staples)	867		45,930
Danisco (Consumer Staples)	430		22,214
FLS Industries (Class B)* (Capital Goods)	2,370		33,450
			101,594

Finland 0.8%
OKO Osuuspankkien Keskuspankki (Financials)	839	9,023
Orion Yhtyma (Class B) (Pharmaceuticals and Biotechnology)	624	16,042
TietoEnator (Software and Services)	800	24,336
		49,401
France 4.4%
Alstom* (Capital Goods)	23,200	26,278
April Group (Financials)	716	14,181
Bacou-Dalloz (Commercial Services and Supplies)	343	25,501
Cegedim (Health Care Providers and Services)	333	25,684
GL Trade (Software and Services)	207	7,810
Havas* (Media)	5,337	27,978
Marionnaud Perfumeries (Retailing)	550	18,719
Nexans (Capital Goods)	600	22,375
NRJ Group (Media)	2,578	56,673
Remy Cointreau (Consumer Staples)	1,500	49,193
		274,392
Germany 2.1%
Aixtron (Semiconductors and Semiconductor Equipment)	1,834	13,521
Elmos Semiconductor (Semiconductors and Semiconductor Equipment)	1,314	20,877
Epcos* (Electronic Equipment and Instruments)	1,000	21,064
Funkwerk (Communications Equipment)	300	11,209
Hochtief (Capital Goods)	1,221	29,054
Jenoptik (Semiconductors and Semiconductor Equipment)	1,100	11,920
Schwarz Pharma (Pharmaceuticals and Biotechnology)	800	24,626
		132,271

_____________

*  Non-income producing security.

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the SecuritiesAct of 1933.

See Notes to Financial Statements.

18

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
Greece 1.0%
Aktor (Capital Goods)	4,408	$	20,088
Piraeus Bank (Financials)	1,975		23,183
Titan Cement (Construction Materials)	700		16,552
			59,823
Hong Kong 0.6%
Far East Pharmaceutical Technology (Pharmaceuticals and Biotechnology)	104,300		909
First Pacific* (Financials)	74,000		16,647
i-CABLE Communications (Media)	51,000		19,498
			37,054
Italy 2.9%
Amplifon (Health Care Equipment and Supplies)	542		19,334
Banca Popolare di Milano (Financials)	2,400		15,465
Brembo (Automobiles and Components)	3,200		22,980
Caltagirone Editore (Media)	3,150		24,955
Hera (Utilities)	9,000		19,111
Permasteelisa (Capital Goods)	1,100		18,974
Pirelli (Financials)	400		15,009
Sorin* (Health Care Equipment and Supplies)	6,354		16,440
Tod’s (Consumer Durables and Apparel)	820		27,781
			180,049
Japan 13.9%
77 Bank (Financials)	9,000		61,388
Aichi Bank (Financials)	300		20,502
Asatsu-DK (Media)	700		18,182
Avex (Media)	1,100		20,138
Bellsystem24 (Commercial Services and Supplies)	100		21,041
Coca-Cola West (Consumer Staples)	600		14,814
Fujimi (Chemicals)	700		18,664
Futaba (Capital Goods)	1,000		27,459
Hitachi Medical (Health Care Equipment and Supplies)	2,000		27,910
Hokuto (Consumer Staples)	1,500		26,343
Hosiden (Electronic Equipment and Instruments)	2,100		25,896
INES (Software and Services)	2,200		25,013
Japan Securities Finance (Financials)	2,000		12,563
Joyo Bank (Financials)	11,000		48,924
Kobayashi Pharmaceutical (Health Care Equipment and Supplies)	1,000		28,824
KOSE (Consumer Staples)	600		23,058
Milbon (Consumer Staples)	800		23,779
Mochida Pharmaceutical (Pharmaceuticals and Biotechnology)	3,000		18,211
NEC Soft (Software and Services)	1,000		27,935
Nippon Shinyaku (Pharmaceuticals and Biotechnology)	5,000		34,662
PanaHome (Capital Goods)	5,000		29,567
Sapporo Hokuyo Holdings (Financials)	2		12,706
Shiga Bank (Financials)	8,000		43,591

Showa Denko K.K. (Chemicals)	7,000	17,597
Suruga Bank (Financials)	5,000	38,443
Taiyo Ink Manufacturing (Chemicals)	800	28,564
Takasago International (Chemicals)	2,000	10,069
Tanabe Seiyaku (Pharmaceuticals and Biotechnology)	2,400	21,407
THK (Capital Goods)	1,300	24,739
Tokyo Ohka Kogyo (Chemicals)	1,800	35,391
Tokyo Tomin Bank (Financials)	300	7,489
Toppan Forms (Commercial Services and Supplies)	1,900	26,209
Towa Pharmaceutical (Pharmaceuticals and Biotechnology)	1,000	20,798
Tsuruha (Consumer Staples)	900	23,852
		865,728
Mexico 0.4%
Kimberly-Clark de México (Consumer Staples)	8,800	23,956
Netherlands 1.9%
AM (Capital Goods)	2,100	19,702
Equant* (Telecommunication Services)	5,306	40,555
Laurus* (Consumer Staples)	15,185	20,135
Unit 4 Agresso* (Software and Services)	1,400	20,215
Zentiva*† (Pharmaceuticals and Biotechnology)	1,000	19,068
		119,675
New Zealand 1.0%
Air New Zealand* (Transportation)	57,262	14,497
Carter Holt Harvey (Paper and Forest Products)	19,711	25,840
Warehouse Group (Retailing)	9,285	24,953
		65,290
Singapore 0.7%
MobilOne (Telecommunication Services)	25,000	21,797
SembCorp Logistics (Transportation)	20,000	21,408
		43,205
South Korea 2.4%
Cheil Communications (Media)	30	4,088
Curitel Communications* (Communications Equipment)	3,600	7,190
Daegu Bank (Financials)	3,450	18,540
Daewoo Securities* (Financials)	7,520	21,989
Korea Exchange Bank* (Financials)	6,580	32,772
LG Household and Health Care (Consumer Staples)	1,287	36,782
Pantech* (Communications Equipment)	1,780	8,815
Samsung Securities (Financials)	1,130	18,616
		148,792
Spain 0.3%
Prosegur, Companie de Seguridad (Commercial Services and Supplies)	1,400	21,583

_____________

*  Non-income producing security.

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the SecuritiesAct of 1933.

See Notes to Financial Statements.

19

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
Sweden 1.4%
Eniro (Media)	3,560	$	27,251
JM (Financials)	1,110		19,816
Medivir (Class B)* (Pharmaceuticals and Biotechnology)	330		4,651
Modern Times Group* (Media)	900		17,526
Teleca (Class B) (Software and Services)	3,230		17,455
			86,699
Switzerland 1.6%
Bachem Holding (Pharmaceuticals and Biotechnology)	340		19,449
Baloise Holding (Financials)	794		34,627
Helvetia Patria Holding (Financials)	96		17,018
Micronas Semiconductor Holding* (Semiconductors and Semiconductor Equipment)	310		14,142
Tecan (Health Care Equipment and Supplies)	362		15,515
			100,751
United Kingdom 5.4%
Aggreko (Commercial Services and Supplies)	9,600		28,680
Bespak (Health Care Equipment and Supplies)	800		7,310
Cambridge Antibody Technology Group* (Pharmaceuticals and Biotechnology)	2,100		19,634
De La Rue (Commercial Services and Supplies)	5,400		33,844
FirstGroup (Transportation)	5,400		27,504
Hiscox (Financials)	7,500		22,287
Jardine Lloyd Thompson Group (Financials)	2,500		18,623
London Stock Exchange (Financials)	3,285		21,838
Misys (Software and Services)	12,600		45,300
Novar (Capital Goods)	9,600		21,414
PHS Group (Commercial Services and Supplies)	13,599		20,241
SurfControl* (Software and Services)	1,519		16,862
Tullow Oil (Energy)	12,400		27,676
VT Group (Capital Goods)	3,661		17,623
Yule Catto (Chemicals)	1,226		6,147
			334,983
United States 49.9%
1-800 Contacts* (Health Care Equipment and Supplies)	1,800		26,649
Abgenix* (Pharmaceuticals and Biotechnology)	2,700		31,576
Acadia Realty Trust (Financials)	2,950		40,533
Adaptec* (Communications Equipment)	3,400		28,747
AGCO* (Capital Goods)	1,550		31,574
Alliant Techsystems* (Capital Goods)	450		28,503
American Home Mortgage Holdings (Financials)	1,150		29,820
AmSurg* (Health Care Providers and Services)	975		24,497
Applera* (Pharmaceuticals and Biotechnology)	2,500		28,775
Arch Coal (Metals and Mining)	1,100		40,249
ARIAD Pharmaceuticals* (Pharmaceuticals and Biotechnology)	2,600		19,526
Armor Holdings* (Capital Goods)	1,000		34,000

Array BioPharma* (Pharmaceuticals and Biotechnology)	2,400	19,068
Asyst Technologies* (Semiconductors and Semiconductor Equipment)	3,750	38,794
Bio-Rad Laboratories (Class A)* (Health Care Equipment and Supplies)	625	36,787
Biosite* (Health Care Equipment and Supplies)	950	42,688
BISYS Group* (Software and Services)	2,550	35,853
Cabot Oil & Gas (Energy)	800	33,840
Charming Shoppes* (Retailing)	3,100	27,652
Chicago Bridge & Iron (NY shares) (Capital Goods)	1,150	32,028
CONMED* (Health Care Equipment and Supplies)	800	21,940
Credence Systems* (Semiconductors and Semiconductor Equipment)	3,500	48,160
CV Therapeutics* (Pharmaceuticals and Biotechnology)	2,900	48,546
Denbury Resources* (Energy)	1,650	34,568
DiamondRock Hospitality International† (Financials)	3,000	30,000
DigitalNet Holdings* (Software and Services)	1,450	29,450
EDO (Capital Goods)	1,400	33,768
Electronics Boutique Holdings* (Retailing)	1,250	32,981
Encysive Pharmaceuticals* (Pharmaceuticals and Biotechnology)	3,850	32,648
Exelixis* (Pharmaceuticals and Biotechnology)	3,900	39,293
Ferro (Chemicals)	1,250	33,350
First Marblehead* (Financials)	750	30,195
First Republic Bank (Financials)	800	34,464
FirstFed Financial* (Financials)	700	29,120
Forest Oil* (Energy)	1,050	28,686
GameStop (Class A)* (Retailing)	2,200	33,484
Group 1 Automotive* (Retailing)	900	29,889
HCC Insurance Holdings (Financials)	1,100	36,751
Human Genome Sciences* (Pharmaceuticals and Biotechnology)	3,050	35,395
Hutchinson Technology* (Computers and Peripherals)	1,900	46,740
Incyte* (Pharmaceuticals and Biotechnology)	3,900	29,776
International Rectifier* (Semiconductors and Semiconductor Equipment)	950	39,349
Iomega* (Computers and Peripherals)	5,700	31,806
Iron Mountain* (Commercial Services and Supplies)	700	33,782
Itron* (Electronic Equipment and Instruments)	2,050	47,078
Kansas City Life Insurance (Financials)	600	25,557
KFX* (Software and Services)	3,800	28,956
KNBT Bancorp (Financials)	2,200	36,553
Kosan Biosciences* (Pharmaceuticals and Biotechnology)	2,300	18,262
Leadis Technology (Communications Equipment)	1,300	17,329
Lin TV (Class A)* (Media)	1,300	27,560

_____________

*  Non-income producing security.

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the SecuritiesAct of 1933.

See Notes to Financial Statements.

20

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
United States (continued)
M/I Schottenstein Homes (Consumer Durables and Apparel)	900	$	36,540
Magma Design Automation* (Software and Services)	1,050		20,165
Magnum Hunter Resources* (Energy)	1,100		11,418
Massey Energy (Metals and Mining)	1,550		43,726
MAXIMUS* (Software and Services)	800		28,368
MedCath* (Health Care Providers and Services)	1,625		32,476
Medical Properties Trust† (Financials)	1,700		17,000
Mercury Computer Systems* (Capital Goods)	1,250		31,056
MFA Mortgage Investments (Financials)	2,700		24,030
MRV Communications* (Communications Equipment)	6,100		16,653
NBTY* (Consumer Staples)	900		26,451
NewAlliance Bancshares* (Financials)	2,600		36,296
Nexstar Broadcasting Group (Class A)* (Media)	2,600		28,847
O’Reilly Automotive* (Retailing)	625		28,247
One Liberty Properties (Financials)	1,150		20,884
OSI Systems* (Electronic Equipment and Instruments)	1,800		35,910
ParkerVision* (Communications Equipment)	3,400		19,601
Penn Virginia (Energy)	1,100		39,721
PFF Bancorp (Financials)	900		33,516
Pilgrim’s Pride (Consumer Staples)	1,075		31,111
Plains Exploration & Production* (Energy)	1,853		34,003
PNM Resources (Utilities)	1,425		29,597
PolyMedica (Health Care Equipment and Supplies)	1,500		46,643
Range Resources (Energy)	600		8,760
Regis (Retailing)	675		30,098
REMEC* (Communications Equipment)	4,700		29,728
Rotech Healthcare* (Health Care Equipment and Supplies)	750		18,375
Rudolph Technologies* (Semiconductors and Semiconductor Equipment)	1,850		33,744
ScanSoft* (Software and Services)	5,800		28,623

Shaw Group* (Capital Goods)	1,800		18,234
Shurgard Storage Centers (Financials)	675		25,245
SimpleTech* (Computers and Peripherals)	9,200		31,326
Standard Motor Products (Automobiles and Components)	2,050		30,197
Standard Pacific (Consumer Durables and Apparel)	625		30,813
Steel Dynamics* (Metals and Mining)	1,100		31,367
SureBeam (Class A)* (Electronic Equipment and Instruments)	8,500		179
Swift Energy* (Energy)	1,350		29,781
Sycamore Networks* (Communications Equipment)	2,400		10,236
Syntroleum* (Energy)	2,600		17,303
Sypris Solutions (Electronic Equipment and Instruments)	1,900		36,414
Terex* (Capital Goods)	950		32,424
theglobe.comØ (Software and Services)	33,750		13,489
TierOne (Financials)	1,400		30,002
Timberland (Class A)* (Consumer Durables and Apparel)	440		28,420
UGI (Utilities)	1,000		32,100
Universal Forest Products (Capital Goods)	1,100		35,359
USF (Transportation)	1,000		35,045
Value Line (Media)	400		14,374
Vintage Petroleum (Energy)	2,100		35,637
WellCare Health Plans* (Health Care Providers and Services)	200		3,400
Wheeling-Pittsburgh* (Metals and Mining)	2,550		52,925
XM Satellite Radio Holdings (Class A)* (Media)	1,100		29,991
Yankee Candle* (Consumer Durables and Apparel)	1,250		36,562
			3,119,005
Total Investments 99.3% (Cost $5,820,587)			6,203,774
Other Assets Less Liabilities 0.7%			43,263
Net Assets 100.0%		$	6,247,037

_____________

*  Non-income producing security.

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the SecuritiesAct of 1933.

See Notes to Financial Statements.

21

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Technology Portfolio

	Shares		Value
Common Stocks 96.8%
Bermuda 1.9%
Accenture (Class A)* (IT Consulting and Other Services)	7,600	$	208,848
Canada 0.6%
Cognos* (Application Software)	1,800		65,097
Finland 0.8%
TietoEnator (IT Consulting and Other Services)	3,000		91,261
France 0.8%
Alcatel* (Communications Equipment)	5,848		90,987
Germany 2.1%
Infineon Technologies* (Semiconductors and Semiconductor Equipment)	6,500		87,763
SAP (Application Software)	900		150,031
			237,794
India 0.5%
Infosys Technologies (IT Consulting and Other Services)	500		60,080
Israel 2.2%
Check Point Software Technologies* (Systems Software)	6,900		185,817
Orbotech* (Electronic Equipment and Instruments)	2,800		57,260
			243,077
Italy 0.8%
e.Biscom* (Telecommunication Services)	1,600		87,895
Japan 11.4%
Brother Industries (Office Electronics)	11,000		106,955
Canon (Office Electronics)	4,000		212,136
Citizen Watch (Electronic Equipment and Instruments)	9,200		104,603
Fujitsu (Computers and Peripherals)	16,100		114,322
Funai Electric (Consumer Durables and Apparel)	400		60,428
Hoya (Electronic Equipment and Instruments)	1,900		199,497
JSR (Materials)	3,000		56,624
Konica Minolta Holdings (Office Electronics)	4,000		55,564
Matsushita Electric Industrial (Consumer Durables and Apparel)	7,900		112,638
NEC (Computers and Peripherals)	20,200		143,238
Nomura Research Institute (IT Consulting and Other Services)	500		53,408
Yokogawa Electric (Electronic Equipment and Instruments)	4,100		55,065
			1,274,478
Netherlands 1.1%
ASML Holding (NY shares)* (Semiconductors and Semiconductor Equipment)	3,900		66,768
Koninklijke (Royal) Philips Electronics (Consumer Durables and Apparel)	2,100		56,935
			123,703

Sweden 0.5%
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	20,000	59,326
Taiwan 1.8%
Asustek Computer (Computers and Peripherals)	24,000	54,806
Hon Hai Precision Industry (Electronic Equipment and Instruments)	14,000	52,217
Taiwan Semiconductor Manufacturing (Semiconductors and Semiconductor Equipment)	63,648	92,095
		199,118
United Kingdom 1.5%
LogicaCMG (IT Consulting and Other Services)	16,200	53,966
Marconi* (Communications Equipment)	4,405	54,456
The Sage Group (Application Software)	18,300	62,075
		170,497
United States 70.8%
Advanced Micro Devices* (Semiconductors and Semiconductor Equipment)	15,000	238,500
Amdocs* (IT Consulting and Other Services)	16,600	388,938
AmeriTrade Holding* (Financials)	5,000	56,875
Amkor Technology* (Semiconductors and Semiconductor Equipment)	6,700	54,840
Amphenol (Class A)* (Electronic Equipment and Instruments)	6,400	213,248
Avid Technology* (Computers and Peripherals)	3,600	196,434
Avocent* (Communications Equipment)	5,200	190,762
Beckman Coulter (Health Care)	1,400	85,400
BMC Software* (Systems Software)	14,600	270,100
Brocade Communications Systems* (Communications Equipment)	18,200	108,381
Cisco Systems* (Communications Equipment)	12,200	289,201
Citrix Systems* (Systems Software)	8,100	165,199
Computer Associates International (Systems Software)	7,400	207,644
Conexant Systems* (Semiconductors and Semiconductor Equipment)	24,600	106,272
Corning* (Construction and Engineering)	2,300	30,038
Credence Systems* (Semiconductors and Semiconductor Equipment)	4,900	67,424
Dell* (Computers and Peripherals)	1,500	53,902
DJ Orthopedics* (Health Care)	2,300	52,900
DST Systems* (Data Processing and Outsourced Services)	1,300	62,517
Electronics For Imaging* (Computers and Peripherals)	2,200	61,963
FileNet* (Application Software)	4,600	145,107
Fisher Scientific International* (Health Care)	1,700	98,175
Hewlett-Packard (Computers and Peripherals)	10,700	225,770
Hyperion Solutions* (Application Software)	3,100	135,454

_____________

*  Non-income producing security.

See Notes to Financial Statements.

22

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Global Technology Portfolio (continued)

	Shares		Value
United States (continued)
Intel (Semiconductors and Semiconductor Equipment)	5,800	$	160,109
InterActive* (Retailing)	5,700		172,055
International Business Machines (Computers and Peripherals)	600		52,890
Intuit* (Application Software)	2,200		84,931
KLA-Tencor* (Semiconductors and Semiconductor Equipment)	1,700		83,971
Laboratory Corporation of America Holdings* (Health Care)	8,100		321,570
Lam Research* (Semiconductors and Semiconductor Equipment)	4,400		117,810
Lawson Software* (Application Software)	7,200		50,904
Lexmark International (Class A)* (Computers and Peripherals)	1,300		125,489
Lucent Technologies* (Communications Equipment)	18,500		69,930
Magma Design Automation* (Application Software)	5,900		113,310
Marvell Technology Group* (Semiconductors and Semiconductor Equipment)	10,400		277,420
Mattson Technology* (Semiconductors and Semiconductor Equipment)	2,700		32,400
Maxim Integrated Products (Semiconductors and Semiconductor Equipment)	2,300		120,785
MEMC Electronic Materials* (Semiconductors and Semiconductor Equipment)	18,100		178,828

Microsoft (Systems Software)	14,800		422,762
National Semiconductor* (Semiconductors and Semiconductor Equipment)	2,400		52,776
Novellus Systems* (Semiconductors and Semiconductor Equipment)	1,800		56,655
Oracle* (Systems Software)	17,200		206,142
Photon Dynamics* (Electronic Equipment and Instruments)	1,700		59,517
QUALCOMM (Communications Equipment)	1,300		94,972
Quest Diagnostics (Health Care)	3,000		254,850
St. Jude Medical* (Health Care)	1,400		105,910
SunGard Data Systems* (Data Processing and Outsourced Services)	6,550		170,300
Symantec* (Systems Software)	9,300		407,293
Synopsys* (Application Software)	11,100		315,185
Take-Two Interactive Software* (Home Entertainment Software)	2,000		61,190
Teradyne* (Semiconductors and Semiconductor Equipment)	3,900		88,530
VERITAS Software* (Systems Software)	6,100		169,275
			7,932,803
Total Investments 96.8% (Cost $9,955,248)			10,844,964
Other Assets Less Liabilities 3.2%			357,258
Net Assets 100.0%		$	11,202,222

_____________

* Non-income producing security.

See Notes to Financial Statements.

23

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman High-Yield Bond Portfolio

	Principal Amount		Value
Corporate Bonds 93.6%
Aerospace 2.8%
BE Aerospace 9.50%, 11/1/2008	$ 75,000	$	72,750
K & F Industries 9.625%, 12/15/2010	25,000		27,531
Sequa 9%, 8/1/2009	50,000		53,375
TD Funding 8.375%, 7/15/2011	25,000		25,500
			179,156
Auto 5.3%
Dura Operating 9%, 5/1/2009	50,000		49,250
Foamex 10.75%, 4/1/2009	75,000		74,625
Goodyear Tire & Rubber 7.857%, 8/15/2011	50,000		45,875
Stoneridge 11.50%, 5/1/2012	50,000		59,125
Tenneco Automotive 10.25%, 7/15/2013†	50,000		56,750
TRW Automotive Acquisition:
9.375%, 2/15/2013	25,000		28,313
11%, 2/15/2013	16,000		18,960
			332,898
Broadcasting 2.7%
Granite Broadcasting 9.75%, 12/1/2010†	50,000		46,750
Nextmedia Operating 10.75%, 7/1/2011	25,000		28,031
Paxson Communications 0% (12.25%**), 1/15/2009	50,000		43,750
Sinclair Broadcast Group 8%, 3/15/2012	25,000		25,687
Young Broadcasting 10%, 3/1/2011	25,000		25,563
			169,781
Building Products 1.7%
Associated Materials 9.75%, 4/15/2012	50,000		55,750
Euramax International 8.50%, 8/15/2011	25,000		26,125
Texas Industries 10.25%, 6/15/2011	25,000		28,000
			109,875
Cable 4.4%
Charter Communications:
10.25%, 9/15/2010†	100,000		101,250
0% (11.75%**), 5/15/2011	100,000		65,250
CSC Holdings 7.875%, 12/15/2007	25,000		26,125
Insight Midwest/Insight Capital 10.50%,11/1/2010	50,000		54,750
Mediacom Broadband 11%, 7/15/2013	25,000		26,750
			274,125
Capital Goods 4.2%
Blount 13%, 8/1/2009	75,000		80,719
Columbus McKinnon 10%, 8/1/2010	25,000		26,625
JLG Industries 8.375%, 6/15/2012	50,000		51,125
NMHG Holding 10%, 5/15/2009	25,000		27,625
Norcross Safety Products 9.875%, 8/15/2011	25,000		27,125
Park-Ohio Industries 9.25%, 12/1/2007	50,000		51,125
			264,344

Chemicals 9.9%
ARCO Chemical 9.80%, 2/1/2020	50,000	49,250
Equistar Chemicals 10.125%, 9/1/2008	25,000	27,500
Hines Nurseries 10.25%, 10/1/2011	25,000	27,375
Huntsman ICI Chemicals 10.125%, 7/1/2009	75,000	76,875
International Specialty Holdings 10.625%, 12/15/2009	50,000	55,250
Koppers 9.875%, 10/15/2013	25,000	27,500
Lyondell Chemical 11.125%, 7/15/2012	50,000	55,625
Millennium America 9.25%, 6/15/2008	25,000	27,000
Nalco Financial Holdings 0% (9%**), 2/1/2014†	100,000	66,750
Nova Chemicals 7%, 5/15/2006	25,000	26,250
Polyone 10.625%, 5/15/2010	50,000	53,250
Resolution Performance Products 9.50%, 4/15/2010	50,000	51,750
Rockwood Specialties Group 10.625%, 5/15/2011	25,000	26,750
Terra Capital 11.50%, 6/1/2010	50,000	55,000
		626,125
Consumer Products 2.8%
Jostens 0% (10.25%**), 12/1/2013	75,000	51,375
Playtex Products 9.375%, 6/1/2011	25,000	24,437
Rayovac 8.50%, 10/1/2013	25,000	26,375
Remington Arms 10.50%, 2/1/2011	25,000	24,375
Simmons 7.875%, 1/15/2014†	50,000	51,250
		177,812
Containers 3.2%
Anchor Glass Container 11%, 2/15/2013	25,000	28,719
BWAY 10%, 10/15/2010	25,000	26,375
Crown Cork & Seal 8%, 4/15/2023	25,000	21,875
Crown European Holdings 9.50%, 3/1/2011	25,000	27,375
Owens-Illinois:
7.50%, 5/15/2010	50,000	49,250
7.80%, 5/15/2018	25,000	23,000
Pliant 11.125%, 9/1/2009	25,000	26,875
		203,469
Diversified Telecommunication 0.9%
Qwest Services 13.50%, 12/15/2010†	50,000	58,375
Electric 0.8%
CMS Energy 9.875%, 10/15/2007	25,000	27,062
MSW Energy Holdings 8.50%, 9/1/2010	25,000	26,562
		53,624

_____________

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.

** 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.

24

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman High-Yield Bond Portfolio (continued)

	Principal Amount		Value
Energy 3.5%
Chesapeake Energy 8.375%, 11/1/2008	$ 25,000	$	27,125
Dynegy Holdings 8.75%, 2/15/2012	25,000		23,875
El Paso 7.875%, 6/15/2012	50,000		45,125
El Paso Production Holdings 7.75%, 6/1/2013	25,000		23,062
Williams Companies 6.75%, 4/15/2009†	100,000		98,750
			217,937
Environmental 0.8%
Allied Waste North America:
7.625%, 1/1/2006	25,000		26,344
7.875%, 4/15/2013	25,000		26,250
			52,594
Finance 0.4%
Western Financial Bank 9.625%, 5/15/2012	25,000		27,625
Food and Beverage 3.1%
Land O’ Lakes 8.75%, 11/15/2011	50,000		46,250
Pilgrim’s Pride 9.25%, 11/15/2013	50,000		53,500
Seminis Vegetable Seeds 10.25%, 10/1/2013	50,000		54,625
UAP Holding 0% (12%**), 7/15/2012†	50,000		40,200
			194,575
Food and Drug 1.5%
General Nutrition Centers 8.50%, 12/1/2010†	25,000		26,063
Rite Aid:
8.125%, 5/1/2010	25,000		26,438
7.70%, 2/15/2027	50,000		44,500
			97,001
Gaming 1.7%
Harrah’s Operating 7.875%, 12/15/2005	50,000		52,938
MGM Grand 9.75%, 6/1/2007	25,000		27,438
Park Place Entertainment 9.375%, 2/15/2007	25,000		27,219
			107,595
Health Care Facilities and Supplies 2.5%
Alliance Imaging 10.375%, 4/15/2011	50,000		52,625
Medex 8.875%, 5/15/2013	50,000		53,000
Province Healthcare 7.50%, 6/1/2013	25,000		24,250
Universal Hospital Services 10.125%, 11/1/2011	25,000		25,500
			155,375
Industrials 0.4%
Sensus Metering Systems 8.625%, 12/15/2013†	25,000		24,125
Leisure 2.0%
Bally Total Fitness 10.50%, 7/15/2011	25,000		23,625
Intrawest 7.50%, 10/15/2013	50,000		49,125
Six Flags 8.875%, 2/1/2010	50,000		49,750
			122,500

Lodging 1.7%
John Q. Hammons Hotels (Series B) 8.875%, 5/15/2012	$25,000	27,250
Host Marriot 9.50%, 1/15/2007	25,000	27,437
MeriStar Hospitality 9.125%, 1/15/2011	50,000	50,750
		105,437
Metals and Mining 4.9%
AK Steel:
7.875%, 2/15/2009	25,000	23,500
7.75%, 6/15/2012	25,000	22,688
Gerdau AmeriSteel 10.375%, 7/15/2011	50,000	56,000
IMCO Recycling 10.375%, 10/15/2010	75,000	81,375
Earle M. Jorgensen 9.75%, 6/1/2012	25,000	27,500
Neenah Foundry 11%, 9/30/2010†	50,000	53,250
United States Steel 10.75%, 8/1/2008	41,000	47,047
		311,360
Paper and Forest Products 5.2%
Buckeye Technologies 8%, 10/15/2010	50,000	46,125
Caraustar Industries 9.875%, 4/1/2011	50,000	50,000
Georgia-Pacific 7.50%, 5/15/2006	75,000	79,875
Jefferson Smurfit 8.25%, 10/1/2012	25,000	26,125
Longview Fibre 10%, 1/15/2009	50,000	54,250
Newark Group 9.75%, 3/15/2014†	50,000	48,125
Tembec Industries 8.50%, 2/1/2011	25,000	25,375
		329,875
Publishing 4.3%
Dex Media East 0% (9%**), 11/15/2013†	175,000	113,750
Houghton Mifflin 9.875%, 2/1/2013	50,000	50,250
Primedia 8.875%, 5/15/2011	25,000	24,875
Vertis:
9.75%, 4/1/2009	25,000	27,000
10.875%, 6/15/2009	25,000	27,000
13.50%, 12/7/2009†	25,000	25,125
		268,000
Restaurants 0.8%
Buffets 11.25%, 7/15/2010	25,000	26,250
Domino’s 8.25%, 7/1/2011	25,000	26,625
		52,875
Satellite 1.6%
EchoStar:
10.375%, 10/1/2007	50,000	53,687
6.375%, 10/1/2011	50,000	49,500
		103,187

_____________

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.

** 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.

25

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman High-Yield Bond Portfolio (continued)

	Principal Amount, Shares or Warrants		Value
Services 3.1%
Mail-Well 7.875%, 12/1/2013†	$ 50,000	$	45,750
Mobile Mini 9.50%, 7/1/2013	25,000		27,500
Perry-Judd 10.625%, 12/15/2007	50,000		44,500
Williams Scotsman:
9.875%, 6/1/2007	50,000		49,875
10%, 8/15/2008	25,000		27,375
			195,000
Stores 1.7%
Asbury Auto Group:
9%, 6/15/2012	25,000		25,625
8%, 3/15/2014	25,000		24,000
Central Garden & Pet 9.125%, 2/1/2013	25,000		27,250
Hollywood Entertainment 9.625%, 3/15/2011	25,000		28,875
			105,750
Technology 1.5%
AMI Semiconductor 10.75%, 2/1/2013	32,000		37,520
Xerox 9.75%, 1/15/2009	50,000		57,125
			94,645
Textile and Apparel 0.9%
Russell 9.25%, 5/1/2010	50,000		53,375
Utilities 3.7%
AES 9.375%, 9/15/2010	25,000		26,781
Calpine:
8.50%, 7/15/2010†	50,000		41,625
8.75%, 7/15/2013†	75,000		61,875
Edison Mission Energy 7.73%, 6/15/2009	50,000		48,875
National Waterworks (Series B) 10.50%, 12/1/2012	25,000		27,875
NRG Energy 8%, 12/15/2013†	25,000		25,375
			232,406
Wireless 5.3%
Alamosa Holdings 11%, 7/31/2010	75,000		82,125
Centenial Cellular Operating 10.75%, 12/15/2008	22,000		22,880
Centenial Communications 8.125%, 2/1/2014†	25,000		23,313
Dobson Communications 8.875%, 10/1/2013	25,000		19,125
Nextel Communications 9.375%, 11/15/2009	50,000		53,688
Nextel Partners:
12.50%, 11/15/2009	9,000		10,530
8.125%, 7/1/2011	25,000		25,625
Rural Cellular:
9.75%, 1/15/2010	25,000		22,812
9.875%, 2/1/2010	25,000		24,938
Western Wireless 9.25%, 7/15/2013	50,000		51,750
			336,786

Wireless Tower 4.3%
American Tower:
9.375%, 2/1/2009	50,000			53,625
7.50%, 5/1/2012†	50,000			48,625
Crown Castle International 10.75%, 8/1/2011	50,000			56,250
SBA Telecommunications 0% (9.75%**), 12/15/2011	150,000			111,750
				270,250
Total Corporate Bonds (Cost $5,723,017)				5,907,857
Preferred Stocks 1.2%
Broadcasting 0.5%
Paxson Communications 14.25%	4	shs.		35,150
Publishing 0.7%
Primedia 8.625%	500			43,250
Total Preferred Stocks (Cost $84,219)				78,400
Asset-Backed Securities†† 0.8% (Cost $46,464)
Utilities 0.8%
Midland Funding 11.75%, 7/23/2005	$ 45,822			47,655
Warrants 0.1% (Cost $1,888)
Wireless Tower 0.1%
American Tower†	25	wts.		4,762
Repurchase Agreement 2.4%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $153,005, collateralized by:
$130,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $160,225 (Cost $153,000)	$153,000			153,000
Total Investments 98.1% (Cost $6,008,588)				6,191,674
Other Assets Less Liabilities 1.9%				118,964
Net Assets 100.0%			$	6,310,638

_____________

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.

†† Investments in 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.

26

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Income and Growth Portfolio

	Shares		Value
Common Stocks 61.8%
Automobiles and Components 0.7%
Lear*	300	$	17,697
Banks 3.4%
Bank of America	200		16,924
Fannie Mae	200		14,272
Freddie Mac	200		12,660
U.S. Bancorp	670		18,465
Wachovia	460		20,470
Wells Fargo	160		9,157
			91,948
Capital Goods 7.1%
Deere	200		14,028
General Dynamics	200		19,860
General Electric	1,610		52,164
Illinois Tool Works	270		25,890
L-3 Communications Holdings*	400		26,720
Masco	600		18,708
Tyco International	1,020		33,803
			191,173
Chemicals 1.2%
Dow Chemical*	300		12,210
Praxair	500		19,955
			32,165
Commercial Services and Supplies 0.7%
ServiceMaster	1,600		19,712
Communications Equipment 1.4%
Andrew*	740		14,759
Cisco Systems*	970		22,994
			37,753
Computers and Peripherals 2.8%
Dell*	850		30,545
Hewlett-Packard	510		10,761
International Business Machines	380		33,497
			74,803
Consumer Durables and Apparel 0.4%
Pulte Homes	200		10,406
Consumer Staples 5.8%
Altria Group	710		35,535
Coca-Cola	390		19,687
Dean Foods*	410		15,297
PepsiCo	400		21,552
Procter & Gamble	500		27,220
Sysco	200		7,174
Wal-Mart Stores	560		29,546
			156,011

Diversified Financials 5.3%
American Express	280	14,386
Bank of New York	420	12,382
Capital One Financial	100	6,838
Citigroup	1,143	53,149
Goldman Sachs Group	60	5,650
MBNA	490	12,637
Merrill Lynch	240	12,955
J.P. Morgan Chase	460	17,834
Morgan Stanley	150	7,916
		143,747
Electronic Equipment and Instruments 0.3%
Jabil Circuit*	370	9,317
Energy 5.2%
BP (ADR) (United Kingdom)	160	8,571
ChevronTexaco	180	16,940
ConocoPhillips	300	22,887
Exxon Mobil	1,224	54,358
Noble*	100	3,789
Noble Energy	250	12,750
Occidental Petroleum	260	12,587
Rowan Companies*	310	7,542
		139,424
Health Care 8.7%
Aetna	100	8,500
Amgen*	210	11,461
Anthem*	100	8,956
Biogen Idec*	200	12,657
Forest Laboratories*	150	8,494
Gilead Sciences*	100	6,693
Johnson & Johnson	550	30,635
Laboratory Corporation of America Holdings*	100	3,970
MedImmune*	300	7,024
Medtronic	200	9,744
Merck	370	17,575
Novartis (ADR) (Switzerland)	620	27,590
Pfizer	1,420	48,678
Teva Pharmaceutical Industries (ADR) (Israel)	200	13,445
Watson Pharmaceuticals*	250	6,725
Wyeth	350	12,656
		234,803
Hotels, Restaurants and Leisure 1.7%
Carnival	450	21,150
International Game Technology	350	13,510
Marriott International (Class A)	210	10,475
		45,135

_____________

* Non-income producing security.

ADR — American Depository Receipts.

See Notes to Financial Statements.

27

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Income and Growth Portfolio (continued)

	Shares or Principal Amount			Value
Insurance 3.3%
American International Group	550	shs.	$	39,204
Hartford Financial Services Group	180			12,373
PartnerRe	160			9,076
Prudential Financial	460			21,376
XL Capital (Class A)	100			7,546
				89,575
Media 2.4%
Clear Channel Communications*	420			15,519
Time Warner*	1,220			21,448
Tribune	400			18,216
Univision Communications (Class A)*	320			10,218
				65,401
Metals and Mining 0.3%
Freeport-McMoRan Copper & Gold (Class B)	240			7,956
Paper and Forest Products 0.3%
Weyerhaeuser	140			8,837
Real Estate 0.5%
Apartment Investment & Management (Class A)	400			12,452
Retailing 2.0%
Advance Auto Parts*	200			8,836
eBay*	100			9,200
Michaels Stores	360			19,800
Target	270			11,467
Tiffany	110			4,054
				53,357
Semiconductors and Semiconductor Equipment 1.5%
Intel	960			26,501
Taiwan Semiconductor Manufacturing (ADR) (Taiwan)	1,711			14,221
				40,722
Software and Services 5.7%
Computer Associates International	600			16,836
Electronic Arts*	400			21,794
Microsoft*	2,120			60,558
Oracle*	1,570			18,816
Symantec*	600			26,277
Synopsys*	300			8,519
				152,800
Telecommunication Services 0.5%
American Tower (Class A)*	370			5,624
Crown Castle International*	630			9,292
				14,916

Utilities 0.6%
Dominion Resources	50	3,154
Duke Energy	600	12,174
		15,328
Total Common Stocks (Cost $1,442,295)		1,665,438
Corporate Bonds 17.6%
Automobiles and Components 2.9%
General Motors:
7.125%, 7/15/2013	$25,000	25,719
8.25%, 7/15/2023	10,000	10,498
8.375%, 7/15/2033	40,000	42,459
		78,676
Banks 0.7%
Bank of America:
3.375%, 2/17/2009	15,000	14,422
4.375%, 12/1/2010	5,000	4,880
		19,302
Capital Goods 1.0%
Boeing Capital 5.80%, 1/15/2013	10,000	10,315
General Electric 6.75%, 3/15/2032	15,000	16,178
		26,493
Chemicals 0.5%
E.I. du Pont de Nemours 4.875%, 4/30/2014	15,000	14,656
Computers and Peripherals 0.5%
International Business Machines 8.375%, 11/1/2019	10,000	12,592
Consumer Staples 1.6%
Anheuser-Busch 4.625%, 2/1/2015	5,000	4,724
Coca-Cola Enterprises 7.125%, 8/1/2017	10,000	11,375
Fortune Brand 2.875%, 12/1/2006	10,000	9,900
Procter & Gamble 6.875%, 9/15/2009	15,000	16,797
		42,796
Diversified Financials 4.1%
CIT Group 4.75%, 12/15/2010	15,000	14,739
Ford Motor Credit:
5.625%, 10/1/2008	5,000	5,048
7%, 10/1/2013	15,000	15,167
International Lease Finance 6.375%, 3/15/2009	10,000	10,736
KeyCorp 4.70%, 5/21/2009	15,000	15,070
Lehman Brothers Holdings 4.80%, 3/13/2014	10,000	9,367
Morgan Stanley 3.875%, 1/15/2009	15,000	14,619
Private Export Funding 5.685%, 5/15/2012	15,000	15,781
SLMA 4%, 1/15/2009	10,000	9,832
		110,359

_____________

* Non-income producing security.

See Notes to Financial Statements.

28

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Income and Growth Portfolio (continued)

	Principal Amount		Value
Health Care 0.4%
UnitedHealth Group 3.30%, 1/30/2008	$ 10,000	$	9,782
Insurance 1.1%
MetLife:
5%, 11/24/2013	15,000		14,572
6.375%, 6/15/2034	15,000		15,121
			29,693
Media 0.8%
Cox Communications 7.125%, 10/1/2012	15,000		16,465
Time Warner 9.15%, 2/1/2023	5,000		6,192
			22,657
Retailing 0.4%
Safeway 4.125%, 11/1/2008	10,000		9,798
Telecommunication Services 1.4%
Sprint Capital 8.375%, 3/15/2012	20,000		23,020
Verizon Wireless 5.375%, 12/15/2006	15,000		15,647
			38,667
Utilities 2.2%
Carolina Power & Light 5.95%, 3/1/2009	15,000		15,817
Dominion Resources 6.75%, 12/15/2032	10,000		10,077
Duke Capital 4.37%, 3/1/2009	10,000		9,727
Duke Energy 5.30%, 10/1/2015	5,000		4,838
Entergy Gulf States, 5.25%, 8/1/2015	20,000		18,950
			59,409
Total Corporate Bonds (Cost $487,299)			474,880
US Government and Government Agency Securities 12.2%
US Government Securities 1.3%
US Treasury Notes:
2.625%, 3/15/2009	15,000		14,277
3.125%, 4/15/2009	20,000		19,438
Total US Government Securities (Cost $34,577)			33,715
Mortgage-Backed Securities†† 6.7%
FNMA:
7%, 1/1/2012	1,603		1,699
8.50%, 9/1/2015	1,781		1,914
7%, 1/1/2032	4,968		5,255
6%, 3/1/2033	14,869		15,202
5.50%, 8/1/2033	13,497		13,476
FHLMC:
4.50%, 11/1/2007	$ 2,200		$ 2,230
5.50%, 6/1/2018	6,263		6,417
8%, 12/1/2023	3,885		4,262
6%, 3/1/2033	41,285		42,255
4.50%, 8/1/2033	86,751		81,184
5%, 8/1/2033	7,251		7,024
Total Mortgage-Backed Securities (Cost $184,327)			180,918
Agency Securities 4.2%
FHLB 5%, 5/13/2011	25,000		25,395
FNMA:
2.50%, 7/16/2007	25,000		24,262
5.24%, 8/7/2018	65,000		62,973
Total Agency Securities (Cost $117,956)			112,630
Total US Government and Government Agency Securities (Cost $336,860)			327,263
Short-Term Holdings 7.7%
US Government Securities 5.2%
US Treasury Bills:
0.10%, 7/8/2004	45,000		44,992
0.10%, 7/8/2004	95,000		94,981
			139,973
Repurchase Agreement 2.5%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $67,002, collateralized by:
$60,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $73,950	67,000		67,000
Total Short-Term Holdings (Cost $206,973)			206,973
Total Investments 99.3% (Cost $2,473,427)			2,674,554
Other Assets Less Liabilities 0.7%			18,583
Net Assets 100.0%		$	2,693,137

_____________

†† Investments in mortgage-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying mortgage 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.

29

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman International Growth Portfolio

	Shares		Value
Common Stocks 95.2%
Canada 7.2%
Canadian National Railway* (Transportation)	700	$	30,160
Research In Motion* (Communications Equipment)	3,200		219,071
SNC-Lavalin Group (Capital Goods)	427		15,607
			264,838
France 25.2%
Alcatel* (Communications Equipment)	10,200		158,698
Altran Technologies* (Software and Services)	2,900		36,272
AXA (Insurance)	2,800		62,052
Club Mediterranee* (Hotels, Restaurants and Leisure)	700		33,128
Essilor International (Health Care)	1,500		98,135
Groupe Danone* (Consumer Staples)	900		78,728
Pernod Ricard (Consumer Staples)	400		51,283
Pinault-Printemps-Redoute* (Retailing)	678		69,926
PSA Peugeot Citroen (Automobiles and Components)	700		39,126
Rodriguez Group (Consumer Durables and Apparel)	700		36,698
Total* (Energy)	500		95,720
Unibail (Real Estate)	500		51,801
Vivendi Universal* (Media)	4,200		117,213
			928,780
Germany 7.5%
Allianz (Insurance)	800		87,138
DaimlerChrysler (Automobiles and Components)	1,300		61,191
Freenet.de* (Software and Services)	371		32,180
Muenchener Rueckversicherungs-Gesellschaft* (Insurance)	885		96,501
			277,010
Greece 0.6%
EFG Eurobank Ergasias (Banks)	1,000		21,663
Hong Kong 1.0%
CNOOC (ADR) (Energy)	900		38,475
Ireland 5.8%
Elan (ADR)* (Health Care)	8,700		215,238
Italy 1.3%
Finmeccanica (Capital Goods)	59,000		47,083
Japan 11.5%
Bridgestone (Automobiles and Components)	1,000		18,858
Japan Tobacco (Consumer Staples)	9		69,934
Kao (Consumer Staples)	1,000		24,165
Nintendo (Software and Services)	1,000		116,039
OBIC (Software and Services)	100		21,317
Sumitomo Electric Industries (Capital Goods)	4,000		40,999
Sumitomo Trust & Banking (Banks)	6,000		42,961
Trend Micro (Software and Services)	2,000		89,094
			423,367
Luxembourg 1.0%
SES Global (FDR) (Media)	4,251		$ 35,988
Netherlands 3.7%
European Aeronautic Defence and Space* (Capital Goods)	3,163		88,551
Koninklijke Numico* (Consumer Staples)	1,500		48,377
			136,928
Norway 1.0%
Tandberg (Communications Equipment)	3,410		36,142
Russia 1.2%
LUKOIL (ADR) (Energy)	300		31,350
YUKOS (ADR) (Energy)	400		12,720
			44,070
South Korea 2.7%
Kia Motors (Automobiles and Components)	5,920		50,791
LG Electronics (Consumer Durables and Apparel)	630		30,112
Samsung Electronics (GDR)† (Semiconductors andSemiconductor Equipment)	100		20,575
			101,478
Spain 1.7%
Telefónica (Telecommunication Services)	4,200		62,379
Sweden 3.1%
Telefonaktiebolaget LM Ericsson (ADR)* (Communications Equipment)	3,800		113,582
Switzerland 4.0%
Roche Holding (Health Care)	1,020		101,226
Swatch Group (Class B) (Consumer Durables and Apparel)	1,770		47,342
			148,568
United Kingdom 16.7%
BP (Energy)	8,000		70,679
Capita Group (Commercial Services and Supplies)	8,023		46,382
The Carphone Warehouse Group (Retailing)	39,858		107,126
Dixons Group (Retailing)	18,200		54,691
GUS (Retailing)	3,907		59,991
Imperial Tobacco Group (Consumer Staples)	3,372		72,772
Kensa Electricals* (Retailing)	5,161		27,158
Kingfisher (Retailing)	7,174		37,345
Rolls-Royce Group (Capital Goods)	14,166		64,774
Standard Chartered (Media)	3,200		52,218
Vodafone Group (Telecommunication Services)	10,900		23,932
			617,068
Total Investments 95.2% (Cost $3,047,315)			3,512,657
Other Assets Less Liabilities 4.8%			175,760
Net Assets 100.0%		$	3,688,417

_______________

*  Non-income producing security.

† The security may be offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.

ADR — American Depository Receipts.

FDR — Fiduciary Depository Receipts.

GDR — Global Depository Receipts.

See Notes to Financial Statements.

30

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Investment Grade Fixed Income Portfolio

	Principal Amount		Value
US Government and Government Agency Securities 47.0%
US Government Securities 6.0%
US Treasury Notes:
3.125%, 4/15/2009	$ 70,000	$	68,034
4.25%, 11/15/2013	220,000		214,200
Total US Government Securities (Cost $282,071)			282,234
Mortgage-Backed Securities†† 32.6%
FHLMC:
4.50%, 11/1/2007	138,628		140,493
6%, 11/1/2010	9,642		10,152
5.50%, 6/1/2018	41,247		42,259
8%, 12/1/2023	6,311		6,923
5.50%, 4/1/2029	99,366		99,690
6.50%, 7/1/2032	195,143		203,600
6%, 12/1/2032	160,983		164,767
6%, 3/1/2033	172,646		176,704
4.50%, 8/1/2033	207,239		193,940
5%, 8/1/2033	47,749		46,255
FNMA:
7%, 1/1/2008	22,977		24,358
7%, 2/1/2012	10,556		11,191
8.50%, 9/1/2015	7,421		7,974
6.50%, 5/1/2017	30,603		32,351
5.50%, 2/1/2018	64,560		66,212
7%, 1/1/2032	32,717		34,609
7%, 5/1/2032	85,766		90,724
6%, 3/1/2033	97,912		100,105
5.50%, 8/1/2033	88,881		88,741
Total Mortgage-Backed Securities (Cost $1,557,946)			1,541,048
Agency Securities 8.4%
FHLB 5%, 5/13/2011	70,000		71,106
FHLMC 4.25%, 5/4/2009	165,000		163,747
FNMA 5.24%, 8/7/2018	165,000		159,854
Total Agency Securities (Cost $407,640)			394,707
Total US Government and Government Agency Securities (Cost $2,247,657)			2,217,989
Corporate Bonds 29.9%
Automobiles and Components 3.2%
General Motors:
8.25%, 7/15/2023	50,000		52,490
8.375%, 7/15/2033	95,000		100,840
			153,330
Banks 0.8%
Bank of America 3.375%, 2/17/2009	40,000		38,459
Capital Goods 1.4%
Boeing Capital 5.80%, 1/15/2013	30,000		30,945
General Electric 6.75%, 3/15/2032	35,000		37,748
			68,693
Chemicals 0.8%
E.I. Du Pont de Nemours 4.875%, 4/30/2014	40,000		39,083
Computers and Peripherals 0.7%
International Business Machines 8.375%, 11/1/2019	25,000		31,479
Consumer Staples 3.5%
Anheuser-Busch 4.625%, 2/1/2015	25,000		23,618
Coca-Cola Enterprises 7.125%, 8/1/2017	30,000		34,124
Fortune Brand 2.875%, 12/1/2006	40,000		39,601
Procter & Gamble 6.875%, 9/15/2009	60,000		67,188
			164,531
Diversified Financials 7.6%
CIT Group 4.75%, 12/15/2010	55,000		54,042
Ford Motor Credit:
5.625%, 10/1/2008	25,000		25,241
7%, 10/1/2013	40,000		40,447
International Lease Finance 6.375%, 3/15/2009	20,000		21,473
KeyCorp 4.70%, 5/21/2009	40,000		40,187
Lehman Brothers Holdings 4.80%, 3/13/2014	35,000		32,785
Morgan Stanley 3.875%, 1/15/2009	45,000		43,857
Private Export Funding 5.685%, 5/15/2012	50,000		52,602
SLMA 4%, 1/15/2009	50,000		49,160
			359,794
Health Care 0.9%
UnitedHealth Group 3.30%, 1/30/2008	45,000		44,021
Insurance 1.9%
MetLife:
5%, 11/24/2013	55,000		53,429
6.375%, 6/15/2034	35,000		35,283
			88,712
Media 2.0%
Cox Communications 7.125%, 10/1/2012	40,000		43,907
Time Warner 9.15%, 2/1/2023	40,000		49,538
			93,445
Retailing 1.0%
Safeway 4.125%, 11/1/2008	50,000		48,990

_____________

†† Investments in mortgage-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying mortgage 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.

31

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Investment Grade Fixed Income Portfolio (continued)

	Principal
	Amount		Value
Telecommunication Services 2.6%
Sprint Capital 8.375%, 3/15/2012	$ 55,000	$	63,305
Verizon Wireless 5.375%, 12/15/2006	55,000		57,372
			120,677
Utilities 3.5%
Carolina Power & Light 5.95%, 3/1/2009	40,000		42,178
Dominion Resources 6.75%, 12/15/2032	30,000		30,230
Duke Capital 4.37%, 3/1/2009	20,000		19,453
Duke Energy 5.30%, 10/1/2015	25,000		24,192
Entergy Gulf States 5.25%, 8/1/2015	50,000		47,376
			163,429
Total Corporate Bonds (Cost $1,443,735)			1,414,643
Asset-Backed Securities†† 3.0%
Aerospace & Defense 3.0%
Peco Energy Transition Trust 6.05%, 3/1/2009	100,000		105,548
PP & L Transition 6.83%, 3/25/2007	35,924		36,709
Total Asset-Backed Securities (Cost $135,860)			142,257
Short-Term Holdings 21.1%
US Government Securities 17.7%
US Treasury Bills 0.10%, 7/8/2004	835,000		834,839
Repurchase Agreement 3.4%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $160,005, collateralized by:
$135,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $166,388	160,000		160,000
Total Short-Term Holdings (Cost $994,839)			994,839
Total Investments 101.0% (Cost $4,822,091)			4,769,728
Other Assets Less Liabilities (1.0)%			(49,368)
Net Assets 100.0%		$	4,720,360

_____________

†† Investments in 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.

32

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Large-Cap Growth Portfolio

	Shares		Value
Common Stocks 97.0%
Automobiles and Components 0.6%
Harley-Davidson	250	$	15,485
Biotechnology 3.5%
Amgen*	900		49,117
Biogen Idec*	400		25,314
MedImmune*	500		11,708
			86,139
Capital Goods 15.6%
Boeing	400		20,436
Caterpillar	700		55,608
Deere	500		35,070
Eaton	600		38,844
General Electric	3,950		127,980
Tyco International	2,200		72,908
United Technologies	300		27,444
			378,290
Communications Equipment 5.7%
Avaya*	1,500		23,685
Cisco Systems*	1,900		45,040
Nokia (ADR) (Finland)	1,700		24,718
QUALCOMM	600		43,833
			137,276
Computers and Peripherals 2.9%
Dell*	1,000		35,935
International Business Machines	400		35,260
			71,195
Consumer Staples 8.3%
Coca-Cola	1,200		60,576
Coca-Cola Enterprises	500		14,495
Gillette	300		12,720
PepsiCo	600		32,328
Procter & Gamble	200		10,888
Wal-Mart Stores	1,000		52,760
Walgreen	500		18,105
			201,872
Energy 1.3%
Schlumberger	500		31,755
Financials 7.6%
AFLAC	1,600		65,296
American International Group	300		21,384
Goldman Sachs Group	400		37,664
MBNA	1,000		25,790
Merrill Lynch	200		10,796
Prudential Financial	500		23,235
			184,165
Health Care Equipment and Supplies 5.7%
Baxter International	400		13,804
Boston Scientific*	500		21,400
Hospira*	180		4,968
Medtronic	1,000		48,720
St. Jude Medical*	300		22,695
Zimmer Holdings*	300		26,460
			138,047
Health Care Providers and Services 1.6%
Cardinal Health	200		14,010
UnitedHealth Group	400		24,900
			38,910
Hotels, Restaurants and Leisure 2.0%
Hilton Hotels	1,900		35,454
Starbucks*	300		13,046
			48,500
Media 1.1%
Time Warner*	1,500		26,370
Pharmaceuticals 15.7%
Abbot Laboratories	1,800		73,368
Johnson & Johnson	1,300		72,410
Eli Lilly	400		27,964
Merck	800		38,000
Pfizer	3,730		127,864
Schering-Plough	2,300		42,504
			382,110
Retailing 7.2%
Bed Bath & Beyond*	1,000		38,495
eBay*	100		9,200
Home Depot	900		31,680
InterActive*	800		24,148
Kohl’s*	900		38,052
Target	800		33,976
			175,551
Semiconductors and Semiconductor Equipment 4.8%
Analog Devices*	400		18,832
Applied Materials*	600		11,775
Broadcom (Class A)*	400		18,704
Intel	2,400		66,252
			115,563

_____________

* Non-income producing security.

ADR - American Depository Receipts.

See Notes to Financial Statements.

33

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Large-Cap Growth Portfolio (continued)

	Shares or Principal Amount			Value
Software and Services 13.4%
Accenture (Class A)* (Bermuda)	2,000	shs.	$	54,960
Computer Associates International	2,300			64,538
First Data	600			26,712
Fiserv*	500			19,437
Microsoft*	4,300			122,830
Oracle*	1,900			22,771
Yahoo!*	400			14,550
				325,798
Total Common Stocks (Cost $2,197,134)				2,357,026
Repurchase Agreement 1.3%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $33,001, collateralized by:
$30,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $36,975 (Cost $33,000)	$33,000			33,000
Total Investments 98.3% (Cost $2,230,134)				2,390,026
Other Assets Less Liabilities 1.7%				40,692
Net Assets 100.0%			$	2,430,718

Seligman Large-Cap Value Portfolio

	Shares		Value
Common Stocks 100.6%
Aerospace and Defense 6.1%
Honeywell International	4,000	$	146,520
United Technologies	2,000		182,960
			329,480
Automobiles and Components 2.9%
Ford Motor	10,000		156,500
Banks 12.2%
Bank of America	2,000		169,240
Fannie Mae	2,300		164,128
U.S. Bancorp	7,000		192,920
Washington Mutual	3,500		135,240
			661,528
Chemicals 7.9%
Dow Chemical*	5,500		223,850
Praxair	5,200		207,532
			431,382
Communications Equipment 3.4%
Cisco Systems*	7,700		182,529
Computers and Peripherals 3.7%
International Business Machines	2,300		202,745
Diversified Financials 6.7%
The Bank of New York	6,500		191,620
J.P. Morgan Chase	4,500		174,465
			366,085
Energy 7.9%
ChevronTexaco	1,810		170,339
Valero Energy	3,510		258,897
			429,236
Food and Staple Retailing 3.0%
Costco Wholesale*	4,000		164,640
Health Care Equipment and Supplies 5.2%
Baxter International	4,000		138,040
Medtronic	3,000		146,160
			284,200
Household Products 0.6%
Kimberly-Clark	500		32,940
Industrial Conglomerates 2.4%
General Electric	4,000		129,600
Insurance 8.8%
Allstate	4,000		186,200
St. Paul Companies	4,200		170,268
UNUMProvident	7,800		124,020
			480,488
Paper and Forest Products 6.7%
Georgia-Pacific	5,000		184,900
International Paper	4,000		178,800
			363,700
Pharmaceuticals 5.7%
Pfizer	5,000		171,400
Wyeth	3,900		141,024
			312,424
Retailing 6.4%
The Gap	5,000		121,250
J.C. Penney	6,000		226,560
			347,810

_____________

* Non-income producing security.

See Notes to Financial Statements.

34

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Large-Cap Value Portfolio (continued)

	Shares		Value
Tobacco 3.7%
Altria Group	4,000	$	200,200
Transportation 3.6%
CSX	5,000		163,850
Union Pacific	500		29,725
			193,575
Utilities 3.7%
AES	20,000		198,600
Total Investments 100.6% (Cost $4,777,968)			5,467,662
Other Assets Less Liabilities (0.6)%			(31,443)
Net Assets 100.0%		$	5,436,219

Seligman Small-Cap Value Portfolio

	Shares		Value
Common Stocks 94.9%
Aerospace and Defense 2.0%
Cubic	310,000	$	6,488,300
Chemicals 11.4%
Cabot	160,000		6,512,000
Crompton	950,000		5,985,000
Lyondell Chemical	102,000		1,773,780
Millennium Chemicals*	560,000		9,699,200
Minerals Technologies	110,000		6,380,000
NOVA Chemicals (Canada)	210,000		6,075,300
			36,425,280
Commercial Services and Supplies 8.5%
Brink’s	246,272		8,434,816
Korn/Ferry International	480,000		9,297,600
Sotheby’s Holdings (Class A)*	600,000		9,576,000
			27,308,416
Consumer Staples 2.1%
Bunge	100,000		3,894,000
Constellation Brands (Class B)*	80,000		2,970,400
			6,864,400
Containers and Packaging 0.9%
Smurfit-Stone Container*	150,000		2,985,750
Energy 4.3%
Hanover Compressor*	630,000		7,497,000
Universal Compression Holdings*	204,100		6,261,788
			13,758,788
Financials 7.7%
Allmerica Financial*	210,000		7,098,000
W.R. Berkley	90,000		3,865,500
Commercial Federal	250,000		6,775,000
Montpelier Re Holdings	110,000		3,844,500
The PMI Group	70,000		3,046,400
			24,629,400
Health Care Providers and Services 6.3%
Andrx*	260,000		7,243,600
Apria Healthcare Group*	230,000		6,601,000
Select Medical	470,000		6,307,400
			20,152,000
Hotels, Restaurants and Leisure 1.9%
Ruby Tuesday	220,000		6,039,000
Household Durables 3.5%
Furniture Brands International	190,000		4,759,500
Harman International Industries	70,000		6,370,000
			11,129,500
Machinery 6.9%
Mueller Industries	240,000		8,592,000
Navistar International	61,600		2,387,616
Stewart & Stevenson Services	520,900		9,334,528
Terex*	53,600		1,829,368
			22,143,512
Media 1.7%
Cadmus Communications	363,450		5,384,512
Metals and Mining 2.3%
Peabody Energy	130,000		7,278,700
Paper and Forest Products 0.8%
Bowater	60,000		2,495,400
Pharmaceuticals and Biotechnology 6.5%
Enzon*	400,000		5,118,000
Eon Labs*	200,000		8,184,000
Pharmacopeia*	138,900		791,035
Protein Design Labs*	350,000		6,676,250
			20,769,285
Retailing 9.5%
American Eagle Outfitters*	300,000		8,671,500
Fred’s	320,000		7,054,400
Urban Outfitters*	160,000		9,746,400
The Wet Seal (Class A)*	950,000		4,978,000
			30,450,300
Semiconductors and Semiconductor Equipment 2.8%
Agere Systems (Class A)*	1,600,000		3,680,000
Skyworks Solutions	626,000		5,449,330
			9,129,330

_____________

* Non-income producing security.

See Notes to Financial Statements.

35

Seligman Portfolios, Inc.

Portfolios of Investments(unaudited)

June 30, 2004

Seligman Small-Cap Value Portfolio (continued)

	Shares or Principal Amount			Value
Software and Services 5.3%
Accelrys	410,000	shs.	$	4,050,800
Carreker*	597,000			5,972,985
Mentor Graphics	440,000			6,804,600
				16,828,385
Technology Hardware and Equipment 6.8%
Brocade Communications Systems*	1,220,000			7,265,100
Extreme Networks*	1,100,000			6,094,000
Trimble Navigation*	300,000			8,341,500
				21,700,600
Transportation 3.7%
Continental Airlines*	600,000			6,822,000
J.B. Hunt Transport Services	130,000			5,016,700
				11,838,700
Total Common Stocks (Cost $240,058,530)				303,799,558
Repurchase Agreement 1.5%
State Street Bank & Trust 1.18%, dated 6/30/2004, maturing 7/1/2004, in the amount of $4,877,160, collateralized by:
$4,080,000 US Treasury Notes 10.375%, 11/15/2012, with a fair market value of $5,028,600 (Cost $4,877,000)	$4,877,000			4,877,000
Total Investments 96.4% (Cost $244,935,530)				308,676,558
Other Assets Less Liabilities 3.6%				11,589,576
Net Assets 100.0%			$	320,266,134

_____________

* Non-income producing security.

See Notes to Financial Statements.

36

Seligman Portfolios, Inc.

Statements of Assets and Liabilities (unaudited)

June 30, 2004

		Seligman Capital Portfolio			Seligman Cash Management Portfolio		Seligman Common Stock Portfolio			Seligman Communications and Information Portfolio			Seligman Frontier Portfolio
Assets:
Investments, at value* (see portfolios of investments):
Long-term holdings	$	16,697,313		$	—	$	11,223,377		$	70,627,743		$	6,711,145
Repurchase agreements		222,000			554,000		6,000			3,174,000			—
Other short-term holdings		—			2,048,915		—			—			—
Total investments		16,919,313			2,602,915		11,229,377			73,801,743			6,711,145
Cash denominated in US dollars		822			707		1,172			—			—
Cash denominated in foreign currencies**		—			—		—			290,661			—
Receivable for securities sold		229,903			—		—			1,515,764			235,710
Dividends and interest receivable		1,833			43		14,189			16,621			774
Receivable for Capital Stock sold		51			—		—			16,173			—
Receivable from the Manager (Note 5)		—			660		—			—			—
Other		275			4,520		207			1,162			123
Total Assets		17,152,197			2,608,845		11,244,945			75,642,124			6,947,752
Liabilities:
Payable for securities purchased		237,120			—		—			787,023			89,060
Management fee payable		5,476			863		3,714			45,475			4,163
Payable for Capital Stock redeemed		3,629			106		551			13,256			—
Distribution and service fees payable		3,099			—		—			7,675			—
Bank overdraft		—			—		—			256,210			16,478
Accrued expenses and other		31,235			12,982		15,126			62,711			18,234
Total Liabilities		280,559			13,951		19,391			1,172,350			127,935
Net Assets	$	16,871,638		$	2,594,894		11,225,554		$	74,469,774		$	6,819,817
Composition of Net Assets:
Capital Stock, $0.001 at par	$	1,405		$	2,597	$	1,108		$	6,040		$	484
Additional paid-in capital		27,109,739			2,592,297		14,021,611			114,035,743			6,802,560
Undistributed/accumulated net Investment income (loss)		(46,103	)		—		158,446			(316,772	)		(41,015	)
Accumulated net realized loss		(11,988,509	)		—		(4,098,972	)		(41,695,701	)		(1,060,553	)
Net unrealized appreciation of investments		1,795,106			—		1,143,361			2,440,464			1,118,341
Net Assets	$	16,871,638		$	2,594,894	$	11,225,554		$	74,469,774		$	6,819,817
Class 1	$	11,676,453		$	2,594,894	$	11,225,554		$	61,749,979		$	6,819,817
Class 2	$	5,195,185							$	12,719,795
Shares of Capital Stock Outstanding:
Class 1		969,879			2,597,268		1,107,820			4,999,086			484,412
Class 2		435,256								1,041,311
Net Asset Value per Share:
Class 1	$	12.04		$	1.00	$	10.13		$	12.35		$	14.08
Class 2	$	11.94							$	12.22
_____________
*  Cost of investments are as follows:	$	15,124,207		$	2,602,915	$	10,086,016		$	71,362,208		$	5,592,804
** Cost of foreign currencies as follows:		—			—		—		$	289,712			—
See Notes to Financial Statements.

37

Seligman Portfolios, Inc.

Statements of Assets and Liabilities(unaudited)

June 30, 2004

		Seligman Global Growth Portfolio			Seligman Global   Smaller Companies Portfolio			Seligman Global Technology Portfolio			Seligman High-Yield Bond Portfolio			Seligman Income  and Growth Portfolio
Assets:
Investments, at value* (see portfolios of investments):
Long-term holdings	$	2,769,973		$	6,203,774		$	10,844,964		$	6,038,674		$	2,467,581
Repurchase agreements		—			—			—			153,000			67,000
Other short-term holdings		—			—			—			—			139,973
Total investments		2,769,973			6,203,774			10,844,964			6,191,674			2,674,554
Cash denominated in US dollars		36,452			—			291,662			274			721
Cash denominated in foreign currencies**		—			6			136,850			—			—
Receivable for securities sold		39,792			111,527			188,897			—			64,864
Dividends and interest receivable		4,008			8,449			2,684			133,676			13,248
Receivable for Capital Stock sold		—			—			160			—			—
Receivable from the Manager (Note 5)		7,902			25,239			5,176			—			495
Unrealized appreciation on forward currency contracts		46			17,577			—			—			—
Other		46			105			199			1,153			50
Total Assets		2,858,219			6,366,677			11,470,592			6,326,777			2,753,932
Liabilities:
Payable for securities purchased		7,129			59,502			221,587			—			44,992
Management fee payable		2,283			5,106			9,073			2,609			873
Payable for Capital Stock redeemed		—			38			507			450			—
Distribution and service fees payable		—			—			888			—			—
Bank overdraft		—			1,211			—			—			—
Unrealized depreciation on forward currency contracts		75			11,470			—			—			—
Accrued expenses and other		18,324			42,313			36,315			13,080			14,930
Total Liabilities		27,811			119,640			268,370			16,139			60,795
Net Assets	$	2,830,408		$	6,247,037		$	11,202,222		$	6,310,638		$	2,693,137
Composition of Net Assets:
Capital Stock, $0.001 at par	$	649		$	530		$	921		$	1,187		$	306
Additional paid-in capital		4,249,274			6,759,366			24,125,645			18,750,227			3,085,616
Undistributed/accumulated net investment income (loss)		(1,751	)		1,308			(119,919	)		919,719			68,980
Accumulated net realized loss		(1,774,789	)		(903,789	)		(13,693,934	)		(13,543,581	)		(662,892	)
Net unrealized appreciation of investments		345,137			346,291			839,192			183,086			201,127
Net unrealized appreciation on translation of assets and liabilities
denominated in foreign currencies and forward currency contracts		11,888			43,331			50,317			—			—
Net Assets	$	2,830,408		$	6,247,037		$	11,202,222		$	6,310,638		$	2,693,137
Class 1	$	2,830,408		$	6,247,037		$	8,967,404		$	6,310,638
Class 2								2,234,818
Shares of Capital Stock Outstanding:
Class 1		649,310			529,955			736,569			1,187,267			306,230
Class 2								184,611
Net Asset Value per Share:
Class 1	$	4.36		$	11.79		$	12.17		$	5.32		$	8.79
Class 2							$	12.11
_____________
* Cost of investments are as follows:	$	2,413,294		$	5,820,587		$	9,955,248		$	6,008,588		$	2,473,427
** Cost of foreign currencies as follows:		—			6			137,179			—			—
See Notes to Financial Statements.

38

Seligman Portfolios, Inc.

Statements of Assets and Liabilities(unaudited)

June 30, 2004

		Seligman International Growth Portfolio			Seligman Investment Grade Fixed Income Portfolio			Seligman Large- Cap Growth Portfolio			Seligman Large-Cap Value Portfolio			Seligman Small-Cap Value Portfolio
Assets:
Investments, at value* (see portfolios of investments):
Long-term holdings	$	3,512,657		$	3,774,889		$	2,357,026		$	5,467,662		$	303,799,558
Repurchase agreements		—			160,000			33,000			—			4,877,000
Other short-term holdings		—			834,839			—			—			—
Total investments		3,512,657			4,769,728			2,390,026			5,467,662			308,676,558
Cash		159,356			1,478			64			—			880
Receivable for securities sold		31,885			99,980			47,770			26,372			235,200
Dividends and interest receivable		8,075			39,767			1,888			9,094			92,235
Receivable for Capital Stock sold		—			—			—			—			12,511,124
Receivable from the Manager (Note 5)		6,770			532			—			—			—
Unrealized appreciation on forward currency contracts		129			—			—			—			—
Other		57			120			38			86			3,268
Total Assets		3,718,929			4,911,605			2,439,786			5,503,214			321,519,265
Liabilities:
Payable for securities purchased		7,129			175,486			—			—			879,192
Management fee payable		2,962			1,565			1,402			3,535			246,732
Payable for Capital Stock redeemed		14			46			—			539			14,269
Distribution and service fees payable		—			—			—			—			12,159
Bank overdraft		—			—			—			54,297			—
Unrealized depreciation on forward currency contracts		81			—			—			—			—
Accrued expenses and other		20,326			14,148			7,666			8,624			100,779
Total Liabilities		30,512			191,245			9,068			66,995			1,253,131
Net Assets	$	3,688,417		$	4,720,360		$	2,430,718		$	5,436,219		$	320,266,134
Composition of Net Assets:
Capital Stock, $0.001 at par	$	369		$	439		$	378		$	556			18,475
Additional paid-in capital		5,846,722			4,098,291			5,149,302			6,117,006			249,898,621
Undistributed/accumulated net investment income (loss)		8,447			381,719			(9,996	)		85,230			(739,390	)
Undistributed/accumulated net realized gain (loss)		(2,633,136	)		292,274			(2,868,858	)		(1,456,267	)		7,347,400
Net unrealized appreciation (depreciation) of investments		430,181			(52,363	)		159,892			689,694			63,741,028
Net unrealized appreciation on translation of assets and liabilities
denominated in foreign currencies and forward currency contracts		35,834			—			—			—			—
Net Assets	$	3,688,417		$	4,720,360		$	2,430,718		$	5,436,219
Class 1	$	3,688,417		$	4,720,360		$	2,430,718		$	5,436,219		$	293,306,268
Class 2														26,959,866
Shares of Capital Stock Outstanding:
Class 1		368,978			438,872			377,727			555,765			16,913,356
Class 2														1,562,249
Net Asset Value per Share:
Class 1	$	10.00		$	10.76		$	6.44		$	9.78		$	17.34
Class 2													$	17.26
_____________
* Cost of investments are as follows:	$	3,047,315		$	4,822,091		$	2,230,134		$	4,777,968		$	244,935,530
See Notes to Financial Statements.

39

Seligman Portfolios, Inc.

Statements of Operations(unaudited)

For the Six Months Ended June 30, 2004

		Seligman Capital Portfolio			Seligman Cash Management Portfolio			Seligman Common Stock Portfolio			Seligman Communications and Information Portfolio			Seligman Frontier Portfolio
Investment Income:
Dividends*	$	36,167		$	—		$	93,113		$	57,596		$	14,359
Interest		3,207			14,514			326			11,475			157
Total Investment Income		39,374			14,514			93,439			69,071			14,516
Expenses:
Management fees		34,242			5,859			23,767			283,508			27,637
Shareholder account services		13,158			—			—			21,250			—
Custody and related services		10,051			220			3,100			18,691			10,950
Auditing fees		7,482			4,093			6,378			22,381			5,230
Distribution and service fees — Class 2		6,054			—			—			15,114			—
Shareholder reports and communications		2,818			245			530			4,695			2,211
Directors’ fees and expenses		2,561			2,260			2,532			3,452			2,668
Registration		2,327			214			368			6,504			1,635
Legal fees		967			604			817			3,539			714
Miscellaneous		911			314			629			2,180			686
Total Expenses Before Reimbursement		80,571			13,809			38,121			381,314			51,731
Reimbursement of expenses (Note 5)		—			(3,556	)		—			—			—
Total Expenses After Reimbursement		80,571			10,253			38,121			381,314			51,731
Net Investment Income (Loss)		(41,197	)		4,261			55,318			(312,243	)		(37,215	)
Net Realized and Unrealized Gain(Loss) on Investments and Foreign
Currency Transactions:
Net realized gain on investments and foreign currency transactions		1,977,846			—			569,635			8,964,825			828,019
Net realized loss on options written		—			—			—			(1,443	)		—
Payments received from the Manager (Note 10)		339			—			1,172			9,056			133
Net change in unrealized appreciation of investments		(828,465	)		—			(132,711	)		(4,145,840	)		(443,493	)
Net Gain on Investments and Foreign Currency Transactions		1,149,720			—			438,096			4,826,598			384,659
Increase in Net Assets from Operations	$	1,108,523		$	4,261		$	493,414		$	4,514,355		$	347,444
_____________
* Net of foreign tax withheld as follows:	$	416			—		$	707		$	1,233		$	31
See Notes to Financial Statements

40

Seligman Portfolios, Inc.

Statements of Operations(unaudited)

For the Six Months Ended June 30, 2004

		Seligman Global Growth Portfolio			Seligman Global Smaller Companies Portfolio			Seligman Global Technology Portfolio			Seligman High- Yield Bond Portfolio			Seligman Income and Growth Portfolio
Investment Income:
Dividends*	$	16,704		$	53,251		$	16,093		$	8,849		$	13,578
Interest		—			372			141			307,941			22,350
Total Investment Income		16,704			53,623			16,234			316,790			35,928
Expenses:
Management fees		14,510			32,557			59,499			17,338			5,511
Shareholder account services		—			—			12,857			—			—
Custody and related services		41,083			137,911			53,775			9,239			8,211
Auditing fees		6,849			9,164			12,017			5,127			4,076
Distribution and service fees — Class 2		—			—			1,766			—			—
Shareholder reports and communications		406			501			3,705			451			378
Directors’ fees and expenses		2,840			3,043			2,741			2,620			2,386
Registration		200			266			3,270			316			210
Legal fees		571			670			866			700			564
Miscellaneous		2,067			2,442			769			724			398
Total Expenses Before Reimbursement		68,526			186,554			151,265			36,515			21,734
Reimbursement of expenses (Note 5)		(43,133	)		(121,439	)		(36,451	)		—			(5,894	)
Total Expenses After Reimbursement		25,393			65,115			114,814			36,515			15,840
Net Investment Income (Loss)		(8,689	)		(11,492	)		(98,580	)		280,275			20,088
Net Realized and Unrealized Gain (Loss) on Investments and Foreign
Currency Transactions:
Net realized gain on investments		182,957			526,125			707,114			36,043			77,350
Net realized gain from foreign currency transactions		61,126			91,002			152,475			—			—
Payments received from the Manager (Note 10)		378			3,013			977			—			160
Net change in unrealized appreciation of investments		126,105			(11,744	)		(436,567	)		(322,095	)		(49,977	)
Net change in unrealized appreciation on translation of assets and liabilities
denominated in foreign currencies and forward currency contracts		(86,726	)		(137,865	)		(202,233	)		—			—
Net Gain (Loss) on Investments and Foreign Currency Transactions		283,840			470,531			221,766			(286,052	)		27,533
Increase (Decrease) in Net Assets from Operations	$	275,151		$	459,039		$	123,186		$	(5,777	)	$	47,621
_____________
* Net of foreign tax withheld as follows:	$	1,719		$	4,215		$	1,649			—		$	103
See Notes to Financial Statements.

41

Seligman Portfolios, Inc.

Statements of Operations(unaudited)

For the Six Months Ended June 30, 2004

		Seligman  International Growth Portfolio			Seligman Investment Grade Fixed  Income Portfolio			Seligman  Large- Cap Growth Portfolio			Seligman  Large- Cap Value Portfolio		Seligman  Small-Cap Value Portfolio
Investment Income:
Dividends*	$	33,206		$	—		$	11,130		$	58,129	$	843,786
Interest		—			97,867			509			90		20,777
Total Investment Income		33,206			97,867			11,639			58,219		864,563
Expenses:
Management fees		18,626			9,995			8,789			21,860		1,412,695
Shareholder account services		—			—			—			—		21,441
Custody and related services		36,739			6,664			2,800			1,071		35,355
Auditing fees		7,261			4,843			3,882			4,662		64,544
Distribution and service fees — Class 2		—			—			—			—		23,112
Shareholder reports and communications		428			357			377			470		8,751
Directors’ fees and expenses		2,783			2,418			2,710			2,755		5,050
Registration		241			264			197			253		11,430
Legal fees		578			639			521			605		8,228
Interest expense		—			—			—			—		6,249
Miscellaneous		2,139			753			569			636		4,558
Total Expenses Before Reimbursement		68,795			25,933			19,845			32,312		1,601,413
Reimbursement of expenses (Note 5)		(31,544	)		(4,696	)		—			—		—
Total Expenses After Reimbursement		37,251			21,237			19,845			32,312		1,601,413
Net Investment Income (Loss)		(4,045	)		76,630			(8,206	)		25,907		(736,850	)
Net Realized and Unrealized Gain (Loss) on Investments and
Foreign Currency Transactions:
Net realized gain on investments		228,058			3,994			37,225			134,940		7,223,213
Net realized gain from foreign currency transactions		105,485			—			—			—		—
Payments received from the Manager (Note 10)		—			—			—			744		4,005
Net change in unrealized appreciation of investments		210,771			(104,822	)		21,534			126,055		8,653,374
Net change in unrealized appreciation on translation of assets and liabilities
denominated in foreign currencies and forward currency contracts		(150,378	)		—			—			—		—
Net Gain (Loss) on Investments and Foreign Currency Transactions		393,936			(100,828	)		58,759			261,739		15,880,592
Increase (Decrease) in Net Assets from Operations	$	389,891		$	(24,198	)	$	50,553		$	287,646	$	15,143,742
_____________
* Net of foreign tax withheld as follows:	$	5,122			—		$	12			—	$	4,981
See Notes to Financial Statements.

42

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

Seligman Capital Portfolio Seligman Cash Management Portfolio Seligman Common Stock Portfolio

		Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003
Operations:
Net investment income (loss)	$	(41,197	)	$	(57,684	)	$	4,261		$	24,264		$	55,318		$	107,932
Net realized gain on investments		1,977,846			2,526,116			—			12			569,635			158,900
Payments received from
the Manager (Note 10)		339			—			—			—			1,172			—
Net change in unrealized appreciation/
depreciation of investments		(828,465	)		2,070,339			—			—			(132,711	)		2,390,364
Increase in Net Assets
From Operations		1,108,523			4,538,771			4,261			24,276			493,414			2,657,196
Distributions to Shareholders:
Net investment income — Class 1*		—			—			(4,261	)		(24,264	)		—			(160,989	)
Net realized short-term gain
on investments — Class 1*		—			—			—			(12	)		—			—
Decrease in Net Assets
From Distributions		—			—			(4,261	)		(24,276	)		—			(160,989	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		237,038			552,547			1,452,133			4,805,482			123,315			2,569,547
Class 2		694,630			887,457			—			—			—			—
Value of shares issued in payment of:
Dividends — Class 1		—			—			4,261			24,264			—			160,989
Gain distributions — Class 1		—			—			—			12			—			—
Total		931,668			1,440,004			1,456,394			4,829,758			123,315			2,730,536
Cost of shares redeemed:
Class 1		(1,852,211	)		(3,348,021	)		(2,895,245	)		(8,665,691	)		(1,688,008	)		(5,860,627	)
Class 2		(155,169	)		(516,029	)		—			—			—			—
Total		(2,007,380	)		(3,864,050	)		(2,895,245	)		(8,665,691	)		(1,688,008	)		(5,860,627	)
Decrease in Net Assets From
Capital Share Transactions		(1,075,712	)		(2,424,046	)		(1,438,851	)		(3,835,933	)		(1,564,693	)		(3,130,091	)
Increase (Decrease) in Net Assets		32,811			2,114,725			(1,438,851	)		(3,835,933	)		(1,071,279	)		(633,884	)
Net Assets:
Beginning of period		16,838,827			2,114,725			4,033,745			7,869,678			12,296,833			12,930,717
End of Period**	$	16,871,638		$	16,838,827		$	2,594,894		$	4,033,745		$	11,225,554		$	12,296,833
_____________
*  For tax purposes, these distributions are
considered ordinary income.
** Including undistributed net investment
income (net of accumulated net
investment loss) as follows:	$	(46,103	)	$	(4,906	)		—			—		$	158,446		$	103,128
See Notes to Financial Statements.

43

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Communications and Information Portfolio						Seligman Frontier Portfolio						Seligman Global Growth Portfolio
		Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003
Operations:
Net investment income (loss)	$	(312,243	)	$	(532,150	)	$	(37,215	)	$	(96,561	)	$	(8,689	)	$	12,249
Net realized gain (loss) on investments		8,964,825			(3,022,520	)		828,019			320,925			182,957			(91,388	)
Net realized loss on options written		(1,443	)		(2,419	)		—			—			—			—
Net realized gain from foreign
currency transactions		—			—			—			—			61,126			208,321
Payments received from
the Manager (Note 10)		9,056			—			133			—			378			—
Net change in unrealized appreciation/
depreciation of investments		(4,145,840	)		27,327,664			(443,493	)		2,037,620			126,105			559,647
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts		—			—			—			—			(86,726	)		(32,111	)
Increase in Net Assets
From Operations		4,514,355			23,770,575			347,444			2,261,984			275,151			656,718
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		1,688,543			3,519,194			148,770			2,046,225			104,681			1,011,244
Class 2		2,389,041			3,083,097			—			—			—			—
Total		4,077,584			6,602,291			148,770			2,046,225			104,681			1,011,244
Cost of shares redeemed:
Class 1		(6,662,474	)		(14,902,762	)		(1,179,115	)		(3,894,408	)		(418,578	)		(1,432,321	)
Class 2		(1,642,368	)		(2,600,381	)		—			—			—			—
Total		(8,304,842	)		(17,503,143	)		(1,179,115	)		(3,894,408	)		(418,578	)		(1,432,321	)
Decrease in Net Assets From
Capital Share Transactions		(4,227,258	)		(10,900,852	)		(1,030,345	)		(1,848,183	)		(313,897	)		(421,077	)
Increase (Decrease) in Net Assets		287,097			12,869,723			(682,901	)		413,801			(38,746	)		235,641
Net Assets:
Beginning of period		74,182,677			61,312,954			7,502,718			7,088,917			2,869,154			2,633,513
End of Period**	$	74,469,774		$	74,182,677		$	6,819,817		$	7,502,718		$	2,830,408		$	2,869,154
_____________
** Including undistributed net investment
income (net of accumulated net
investment loss) as follows:	$	(316,772	)	$	(4,529	)	$	(41,015	)	$	(3,800	)	$	(1,751	)	$	7,559
See Notes to Financial Statements.

44

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Global Smaller Companies Portfolio						Seligman Global Technology Portfolio						Seligman High-Yield Bond Portfolio
		Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003
Operations:
Net investment income (loss)	$	(11,492	)	$	(9,377	)	$	(98,580	)	$	(132,157	)	$	280,275		$	618,002
Net realized gain (loss) on investments		526,125			437,205			707,114			(520,525	)		36,043			631,402
Net realized gain from foreign
currency transactions		91,002			396,450			152,475			366,397			—			—
Payments received from
the Manager (Note 10)		3,013			—			977			—			—			—
Net change in unrealized appreciation/
depreciation of investments		(11,744	)		1,240,748			(436,567	)		3,839,607			(322,095	)		372,723
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts		(137,865	)		(50,883	)		(202,233	)		8,563			—			—
Increase (Decrease) in Net Assets
From Operations		459,039			2,014,143			123,186			3,561,885			(5,777	)		1,622,127
Distributions to Shareholders:
Net investment income — Class 1		—			—			—			—			—			(910,725	)
Decrease in Net Assets
From Distributions		—			—			—			—			—			(910,725	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		83,330			2,015,563			101,104			111,955			527,301			4,138,732
Class 2		—			—			535,812			9,613,546			—			—
Value of shares issued in payment of:
Dividends — Class 1		—			—			—			—			—			910,725
Total		83,330			2,015,563			636,916			9,725,501			527,301			5,049,457
Cost of shares redeemed:
Class 1		(882,557	)		(3,357,538	)		(1,283,524	)		(2,319,689	)		(1,931,292	)		(6,171,857	)
Class 2		—			—			(791,645	)		(9,409,491	)		—			—
Total		(882,557	)		(3,357,538	)		(2,075,169	)		(11,729,180	)		(1,931,292	)		(6,171,857	)
Decrease in Net Assets From
Capital Share Transactions		(799,227	)		(1,341,975	)		(1,438,253	)		(2,003,679	)		(1,403,991	)		(1,122,400	)
Increase (Decrease) in Net Assets		(340,188	)		672,168			(1,315,067	)		1,558,206			(1,409,768	)		(410,998	)
Net Assets:
Beginning of period		6,587,225			5,915,057			12,517,289			10,959,083			7,720,406			8,131,404
End of Period**	$	6,247,037		$	6,587,225		$	11,202,222		$	12,517,289		$	6,310,638		$	7,720,406
_____________
** Including undistributed net investment
income (net of accumulated net
investment loss) as follows:	$	1,308		$	14,840		$	(119,919	)	$	(3,402	)	$	919,719		$	613,507
See Notes to Financial Statements.

45

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Income and Growth Portfolio						Seligman International Growth Portfolio						Seligman Investment Grade Fixed Income Portfolio
		Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003
Operations:
Net investment income (loss)	$	20,088		$	52,640		$	(4,045	)	$	20,911		$	76,630		$	267,065
Net realized gain (loss) on investments		77,350			80,038			228,058			7,968			3,994			437,101
Net realized gain from foreign
currency transactions		—			—			105,485			385,990			—			—
Payments received from
the Manager (Note 10)		160			—			—			—			—			—
Net change in unrealized appreciation/
depreciation of investments		(49,977	)		335,955			210,771			532,044			(104,822	)		(263,962	)
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts		—			—			(150,378	)		(48,891	)		—			—
Increase (Decrease) in Net Assets
From Operations		47,621			468,633			389,891			898,022			(24,198	)		440,204
Distributions to Shareholders:
Net investment income — Class 1		—			(73,431	)		—			—			—			(311,958	)
Decrease in Net Assets
From Distributions		—			(73,431	)		—			—			—			(311,958	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		39,986			881,516			228,636			1,681,676			794,644			2,719,078
Value of shares issued in payment of:
Dividends — Class 1		—			73,431			—			—			—			311,958
Total		39,986			954,947			228,636			1,681,676			794,644			3,031,036
Cost of shares redeemed:
Class 1		(265,031	)		(1,766,315	)		(420,375	)		(2,404,051	)		(2,075,461	)		(6,200,744	)
Decrease in Net Assets
From Capital Share Transactions		(225,045	)		(811,368	)		(191,739	)		(722,375	)		(1,280,817	)		(3,169,708	)
Increase (Decrease) in Net Assets		(177,424	)		(416,166	)		198,152			175,647			(1,305,015	)		(3,041,462	)
Net Assets:
Beginning of period		2,870,561			3,286,727			3,490,265			3,314,618			6,025,375			9,066,837
End of Period**	$	2,693,137		$	2,870,561		$	3,688,417		$	3,490,265		$	4,720,360		$	6,025,375
_____________
** Including undistributed net investment
income as follows:	$	68,980		$	48,080		$	8,447		$	12,141		$	381,719		$	289,730
See Notes to Financial Statements.

46

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Large-Cap Growth Portfolio						Seligman Large-Cap Value Portfolio						Seligman Small-Cap Value Portfolio
		Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003			Six Months Ended June 30, 2004 (unaudited)			Year Ended December 31, 2003
Operations:
Net investment income (loss)	$	(8,206	)	$	(4,743	)	$	25,907		$	61,704		$	(736,850	)		(698,182	)
Net realized gain (loss) on investments		37,225			(31,852	)		134,940			(709,138	)		7,223,213			1,055,638
Payments received from
the Manager (Note 10)		—			—			744			—			4,005			—
Net change in unrealized appreciation/
depreciation of investments		21,534			597,045			126,055			1,985,907			8,653,374			67,969,249
Increase in Net Assets
From Operations		50,553			560,450			287,646			1,338,473			15,143,742			68,326,705
Distributions to Shareholders:
Net investment income — Class 1		—			—			—			(71,842	)		—			—
Net realized long-term gain
on investments:
Class 1		—			—			—			—			—			(1,339,959	)
Class 2		—			—			—			—			—			(115,920	)
Decrease in Net Assets
From Distributions		—			—			—			(71,842	)		—			(1,455,879	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		141,364			1,432,727			266,248			2,614,729			87,970,125			89,394,163
Class 2		—			—			—			—			9,678,052			11,012,914
Value of shares issued in payment of:
Dividends — Class 1		—			—			—			71,842			—			—
Gain distributions:
Class 1		—			—			—			—			—			1,339,959
Class 2		—			—			—			—			—			115,920
Total		141,364			1,432,727			266,248			2,686,571			97,648,177			101,862,956
Cost of shares redeemed:
Class 1		(285,852	)		(1,406,782	)		(573,343	)		(3,189,991	)		(23,024,473	)		(41,802,992	)
Class 2		—			—			—			—			(4,004,270	)		(4,752,318	)
Total		(285,852	)		(1,406,782	)		(573,343	)		(3,189,991	)		(27,028,743	)		(46,555,310	)
Increase (Decrease) in Net Assets
From Capital Share Transactions		(144,488	)		25,945			(307,095	)		(503,420	)		70,619,434			55,307,646
Increase (Decrease) in Net Assets		(93,935	)		586,395			(19,449	)		763,211			85,763,176			122,178,472
Net Assets:
Beginning of period		2,524,653			1,938,258			5,455,668			4,692,457			234,502,958			112,324,486
End of Period**	$	2,430,718		$	2,524,653		$	5,436,219		$	5,455,668		$	320,266,134		$	234,502,958
_____________
** Including undistributed net investment
income (net of accumulated net
investment loss) as follows:	$	(9,996	)	$	(1,790	)	$	85,230		$	59,323		$	(739,390	)	$	(2,641	)
See Notes to Financial Statements.

47

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 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 and Growth Portfolio ("Income and Growth Portfolio"), Seligman International Growth Portfolio ("International Growth Portfolio"), Seligman Investment Grade Fixed Income Portfolio ("Investment Grade 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 and life insurance separate accounts offered by various insurance companies. Class 2 shares of the Communications and Information Portfolio are also offered to qualified pension or retirement plans.

2. Multiple Classes of Shares— The Fund offers two classes of shares. Class 1 shares do not pay a distribution and service fee ("12b-1 fee"). Class 2 shares pay an annual 12b-1 fee of up to 0.25% of average daily net assets. 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 US generally accepted accounting principles, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. These unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. All such adjustments are of a normal recurring nature.The following summarizes the significant accounting policies of the Fund:

a. Security Valuation— Net asset value per share is calculated as of the close of business of the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time. 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 by independent pricing services based on bid prices which consider such factors as coupons, maturities, credit ratings, liquidity, specific terms and features, and the US Treasury yield curve, or are valued by J. & W. Seligman & Co. Incorporated (the "Manager") based on quotations provided by primary market makers in such securities. Notwithstanding these valuation methods, certain Portfolios may adjust the value of securities as described below in order to reflect the fair value of such securities.Many securities markets and exchanges outside the United States ("US") close prior to the close of the NYSE, and therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after the local market close but before the close of the NYSE. The Board of Directors (the "Board") has authorized the use of a third-party service on a regular basis to recommend adjustments to the local closing prices of certain foreign equity securities. The adjustments are based on a statistical analysis of the historical relationship between the price movements of a security and independent variables such as US market movements, sector movements, movements in the ADR of a security (if any), and movements in country or regional exchange-traded funds or futures contracts. The factors used vary with each security, depending on which factors have been most important historically.   Securities for which market quotations are not readily available are valued at fair value determined in accordance with procedures approved by the Board. 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 in the US markets.   Short-term holdings that mature in more than 60 days are valued at current market quotations. Short-term holdings maturing in 60 days or less are valued at amortized cost.   Investments held by the 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 net asset 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 primarily be traded in foreign currencies, and the Portfolios may temporarily hold funds in foreign currencies. The Portfolios may also invest in US dollar-denominated American Depository Receipts ("ADR"), American Depository Shares ("ADS"), European Depository Receipts ("EDR"), Fiduciary Depository Receipts ("FDR"), Global Depository Receipts ("GDR"), and Global Depository Shares ("GDS"). ADR and ADS are issued by domestic banks or trust companies and evidence ownership of securities issued by foreign corporations. ADR and ADS are traded on United States exchanges or over-the-counter and are not included in the 10% limitation. EDR, FDR, GDR, and GDS are receipts similar to ADR and ADS 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:

48

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

(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.

The Seligman International Portfolios separate that portion of the results of operations resulting from changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held in the portfolios. Similarly, these Portfolios separate the effect of changes in foreign currency 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 or forward 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 reporting purposes.

d. Options — Each Portfolio is authorized to write and purchase put and call options. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Portfolio enters into a closing transaction), the Portfolio realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Portfolio, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written and purchased options are non-income producing investments.

e. 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. Withholding taxes on foreign dividends and interest, and for certain countries, taxes on the sale of foreign securities have been provided for in accordance with the Portfolios’ understanding of the applicable country’s tax rules and rates.

f. Security Transactions and Related Investment Income— Investment transactions are recorded on trade dates. Identified cost of investments sold is used for both financial statement and federal income tax purposes. Interest income is recorded on the accrual basis. The Portfolios amortize discount and premium on debt 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 Portfolio is informed of the dividend.

g. 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 six months ended June 30, 2004, 12b-1 fees were the only class-specific expenses.

h. Repurchase Agreements— The Portfolios may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by 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.

49

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

i. Distributions to Shareholders — The treatment for financial reporting 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 rechar-acterization 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— Purchase and sales of portfolio securities, excluding options, US Government obligations and short-term investments, for the six months ended June 30, 2004, were as follows:

Portfolio	Purchases	Sales	Portfolio	Purchases	Sales
Capital	$18,069,716	$18,714,927	High-Yield Bond	$ 3,758,656	$4,821,934
Common Stock	2,264,900	3,522,463	Income and Growth	823,996	1,180,469
Communications and Information	42,129,153	49,523,786	International Growth	4,417,810	4,670,558
Frontier	3,050,569	4,148,234	Investment Grade	1,803,281	3,363,140
Global Growth	3,694,471	3,958,963	Large-Cap Growth	1,181,010	1,255,823
Global Smaller Companies	3,388,212	4,153,058	Large-Cap Value	420,180	543,358
Global Technology	8,275,823	9,564,049	Small-Cap Value	98,529,948	57,794,780

For the six months ended June 30, 2004, purchases and sales of US Government obligations were $739,406 and $726,767, respectively, for the Income and Growth Portfolio, and $3,105,185 and $2,335,227, respectively, for the Investment Grade Portfolio.

At June 30, 2004, the cost of investments of certain Portfolios for federal income tax purposes was greater than the cost for financial reporting purposes, primarily due to the tax deferral of losses on wash sales. The tax basis gross unrealized appreciation and depreciation of portfolio securities, including the effects of foreign currency translations, were as follows:

Portfolio	Tax Basis Cost	Unrealized Appreciation	Unrealized Depreciation	Portfolio	Tax Basis Cost	Unrealized Appreciation	Unrealized Depreciation
Capital	$15,173,441	$2,067,333	$321,461	High-Yield Bond	$6,018,395	$243,222	$69,943
Common Stock	10,088,844	1,552,256	411,723	Income and Growth	2,493,765	230,217	49,428
Communications and Information	71,631,128	7,980,033	5,809,418	International Growth	3,047,315	512,428	47,086
Frontier	5,592,804	1,392,000	273,659	Investment Grade	4,822,548	13,937	66,757
Global Growth	2,418,039	380,652	28,718	Large-Cap Growth	2,284,514	185,140	79,628
Global Smaller Companies	5,823,103	734,595	353,924	Large-Cap Value	4,777,968	998,604	308,910
Global Technology	10,076,539	1,231,934	463,509	Small-Cap Value	245,265,887	82,222,518	18,811,847

Transactions in options written during the six months ended June 30, 2004, were as follows:

Call Options

	Contracts			Premiums
Communications and Information Portfolio:
Options outstanding, December 31, 2003	—			—
Options written	35		$	11,270
Options expired	(35	)		(11,270	)
Options outstanding, June 30, 2004	—		$	—

5. Management Fee, Distribution 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 Capital, Cash Management, Common Stock, Income and Growth, and Investment Grade Portfolios’ average daily net assets; equal to 0.75%, on an annual basis, of each of Communications and Information and Frontier Portfolios’ average daily net assets; and equal to 0.50%, on an annual basis, of High-Yield Bond Portfolio’s average daily net assets. The Manager’s fee for the Global Technology Portfolio is equal to 1.00% per annum of the first $2 billion of average daily net assets, 0.95% per annum of the next $2 billion of average daily net assets, and 0.90% per annum in excess of $4 billion of average 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.

50

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

Effective September 15, 2003, in connection with the engagement of a new subadviser, the Manager began advising Global Growth Portfolio, Global Smaller Companies Portfolio and International Growth Portfolio (the "Subadvised Portfolios") under an interim management agreement. Under the interim management agreement, the annual management fee rate with respect to the Global Growth Portfolio and the International Growth Portfolio was changed to equal to 1.00% on the first $50 million of the Portfolio’s average daily net assets, 0.95% on the next $1 billion of the Portfolio’s average daily net assets, and 0.90% of the Portfolio’s average daily net assets in excess of $1.05 billion. Also, under the interim management agreement, effective September 15, 2003, the annual management fee rate with respect to Global Smaller Companies Portfolio was changed to equal 1.00% of the first $100 million of that Portfolio’s average daily net assets, and 0.90% of the Portfolio's average daily net assets in excess of $100 million. At a special meeting on December 4, 2003, shareholders of the Subadvised Portfolios approved a new management agreement that is substantially similar in all material respects to the interim management agreement. Such new management agreement became effective on December 5, 2003, and the interim management agreement terminated in accordance with its terms. Prior to September 15, 2003, the Manager’s fee for the Subadvised Portfolios was equal to 1.00% per annum of the first $1 billion of average daily net assets, 0.95% per annum of the next $1 billion of average daily net assets, and 0.90% per annum in excess of $2 billion of average daily net assets of each Portfolio.

The Manager agreed to reimburse expenses, other than management and 12b-1 fees, that exceed a certain rate per annum of the average daily net assets of the following Portfolios.

Portfolio	Rate	Portfolio	Rate
Cash Management	0.30%	Income and Growth	0.75%
Global Growth	0.75	International Growth	1.00
Global Smaller Companies	1.00	Investment Grade	0.45
Global Technology	0.90

The amounts of these reimbursements, where applicable, for the six months ended June 30, 2004, are disclosed in the Statements of Operations, and such amounts receivable from the Manager at June 30, 2004 are disclosed in the Statements of Assets and Liabilities.

Effective September 15, 2003, under an interim subadvisory agreement, Wellington Management Company, LLP (the "Subadviser"), became Subadviser to the Subadvised Portfolios and was responsible for furnishing investment advice, research and assistance with respect to the Subadvised Portfolios. Under the interim subadvisory agreement, the Manager paid the Subadviser a subadvisory fee for each of the Subadvised Portfolios determined as follows: for Global Growth Portfolio and International Growth Portfolio, the Subadviser received 0.45% on the first $50 million of each Portfolio’s average daily net assets and 0.40% of each Portfolio’s average daily net assets in excess of $50 million; for Global Smaller Companies Portfolio, the Subadviser received 0.75% on the first $100 million of the Portfolio’s average daily net assets and 0.65% of the Portfolio’s average daily net assets in excess of $100 million. At a special meeting on December 4, 2003, shareholders of the Subadvised Portfolios approved a new subadvisory agreement that is substantially similar in all material aspects to the interim subadvisory agreement. Such new subadvisory agreement became effective on December 5, 2003, and the interim agreement terminated in accordance with its terms. Effective June 7, 2004, Wellington Management International Ltd., an affiliate of the Subadviser, began providing investment services for a portion of Global Smaller Companies Portfolio.

Compensation of all officers of the Fund, all directors of the Fund who are employees of the Manager, and all personnel of the Fund and the Manager is paid by the Manager. Seligman Advisors, Inc. (the "Distributor"), an affiliate of the Manager, acts as distributor of shares of the Fund.

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 or qualified plan 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 six months ended June 30, 2004, fees incurred under the Plan aggregated $6,054, or 0.25% per annum; $15,114, or 0.25% per annum; $1,766 or 0.15% per annum; and $23,112 or 0.19% per annum of the average daily net assets of Class 2 shares of Capital Portfolio, Communications and Information Portfolio, Global Technology Portfolio and Small-Cap Value 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/loss accrued thereon is included in directors’ fees and expenses, and the accumulated balances at June 30, 2004, are included in accrued expenses and other liabilities. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid.

51

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

6. Capital Loss Carryforwards and Other Tax Adjustments— At December 31, 2003, the Portfolios had net capital loss carryforwards for federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders of these portfolios until net capital gains have been realized in excess of the available capital loss carryfor-wards. These loss carryforwards expire in fiscal years and amounts as follows:

Fiscal Year		Capital		Common Stock		Communications and Information		Frontier		Global Growth		Global Smaller Companies		Global Technology
2009	$	7,281,903		—	$	25,201,855	$	213,369	$	1,166,220	$	203,513	$	9,391,778
2010		6,635,561	$	4,289,259		19,435,297		1,533,424		844,615		1,302,299		4,941,506
2011		—		366,561		5,578,202		135,686		—		—		108,762
Total	$	13,917,464	$	4,655,820	$	50,215,354	$	1,882,479	$	2,010,835	$	1,505,812	$	14,442,046

Fiscal Year		High-Yield Bond		Income and Growth		International Growth		Large-Cap Growth		Large-Cap Value
2007	$	1,024,202		—		—		—		—
2008		2,846,366	$	133,169	$	696,478		—		—
2009		5,531,270		21,063		1,358,382	$	1,582,183	$	34,864
2010		4,147,273		564,798		906,868		1,222,251		770,247
2011		—		—		—		57,774		649,837
Total	$	13,549,111	$	719,030	$	2,961,728	$	2,862,208	$	1,454,948

7. Committed Line of Credit— All of the Portfolios, except the Cash Management Portfolio, are participants in a joint $425 million committed line of credit that is shared by substantially all open-end funds in the Seligman Group of Investment Companies. The directors have currently limited each Portfolio’s borrowings to 10% 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 participating 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 2005, but is renewable annually with the consent of the participating banks.   During the six months ended June 30, 2004, the Small-Cap Value Portfolio periodically borrowed from the credit facility. The average outstanding daily balance of bank loans (based on the number of days the loans were outstanding during the period) was $9,813,333, with a weighted average interest rate of 1.528%. The maximum borrowing outstanding during the period was $13,500,000.

52

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

8. Outstanding Forward Exchange Currency Contracts — At June 30, 2004, the Fund had outstanding forward exchange currency contracts to purchase or sell foreign currencies as follows:

Contract	Foreign Currency	In Exchange for US$	Settlement Date	Value US$		Unrealized  Appreciation (Depreciation)
Global Growth
Bought:
Japanese yen	779,508	7,193	7/2/04	7,129	$	(64	)
Sold:
Euros	3,367	4,102	7/1/04	4,101		1
British pounds	1,664	3,005	7/2/04	3,016		(11	)
British pounds	7,804	14,189	7/6/04	14,147		42
Euros	1,230	1,501	7/6/04	1,498		3
Global Smaller Companies
Bought:
Australian dollars	921	647	7/1/04	640	$	(7	)
British pounds	8,044	14,722	7/1/04	14,583		(139	)
Euros	634	766	7/1/04	772		6
Swiss francs	218	174	7/1/04	174		—
Australian dollars	605	422	7/2/04	421		(1	)
British pounds	1,096	1,980	7/2/04	1,987		7
Euros	262	319	7/2/04	319		—
Swedish krona	827	110	7/2/04	110		—
Swiss francs	664	526	7/2/04	530		4
Australian dollars	198,000	132,615	12/31/04	135,116		2,501
Sold:
Euros	665	810	7/1/04	810		—
Japanese yen	533,784	4,953	7/1/04	4,882		71
Swedish krona	1,874	250	7/1/04	249		1
Euros	4,558	5,505	7/2/04	5,551		(46	)
Japanese yen	856,828	7,906	7/2/04	7,836		70
Swedish krona	51,045	6,775	7/2/04	6,782		(7	)
Canadian dollars	3,714	2,786	7/6/04	2,771		15
Euros	4,437	5,413	7/6/04	5,404		9
Japanese yen	267,529	2,443	7/6/04	2,447		(4	)
Australian dollars	198,000	140,248	12/31/04	135,116		5,132
British pounds	184,000	317,248	12/31/04	328,514		(11,266	)
Euros	477,000	589,957	12/31/04	580,196		9,761
International Growth
Bought:
Japanese yen	779,508	7,193	7/2/04	7,129	$	(64	)
Sold:
Norwegian krona	28,856	4,225	7/1/04	4,164		61
British pounds	2,605	4,706	7/2/04	4,723		(17	)
British pounds	11,860	21,565	7/6/04	21,500		65
Euros	1,230	1,501	7/6/04	1,498		3

53

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

9. Capital Stock Transactions— At June 30, 2004, 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 Capital, Global Smaller Companies, International Growth, Income and Growth and Investment Grade 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:

	Capital Portfiolio										Cash Management					Common Stock
	Class 1					Class 2					Portfolio					Portfolio
		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03
Sale of shares		20,190		72,801			59,666		94,464			1,452,193		4,805,410			12,391		305,659
Shares issued in payment of dividends		—		—			—		—			4,261		24,264			—		17,054
Shares issued in payment of gain distributions		—		—			—		—			—		12			—		—
Total		20,190		72,801			59,666		94,464			1,456,454		4,829,686			12,391		322,713
Shares redeemed		(157,359	)	(393,877	)		(13,225	)	(56,319	)		(2,895,245	)	(8,665,691	)		(169,243	)	(715,328	)
Increase (decrease) in shares		(137,169	)	(321,076	)		46,441		38,145			(1,438,791	)	(3,836,005	)		(156,852	)	(392,615	)

	Communications and Information Portfolio										Frontier					Global Growth
	Class 1					Class 2					Portfolio					Portfolio
		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03
Sale of shares		138,911		373,511			198,370		313,833			10,350		194,784			24,526		300,494
Shares redeemed		(551,213	)	(1,644,702	)		(137,108	)	(278,228	)		(84,708	)	(371,397	)		(98,657	)	(440,554	)
Increase (decrease) in shares		(412,302	)	(1,271,191	)		61,262		35,605			(74,358	)	(176,613	)		(74,131	)	(140,060	)

	Global Smaller					Global Technology Portfolio									High-Yield Bond
	Companies Portfolio						Class 1				Class 2					Portfolio
		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03			Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03
Sale of shares		7,144		243,317			8,143		11,232		43,598		951,868			99,380		777,642
Shares issued in payment of dividends		—		—			—		—		—		—			—		172,813
Total		7,144		243,317			8,143		11,232		43,598		951,868			99,380		950,455
Shares redeemed		(76,419	)	(403,044	)		(104,741	)	(234,923	)	(64,846	)	(927,201	)		(362,297	)	(1,168,356	)
Increase (decrease) in shares		(69,275	)	(159,727	)		(96,598	)	(223,691	)	(21,248	)	24,667			(262,917	)	(217,901	)

	Income and Growth Portfolio					International Growth Portfolio				Investment Grade Fixed Income Portfolio				Large-Cap Growth Portfolio
		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03
Sale of shares		4,582		114,117		23,422		236,672		73,860		247,274		22,062		269,501
Shares issued in payment of dividends		—		8,659		—		—		—		28,832		—		—
Total		4,582		122,776		23,422		236,672		73,860		276,106		22,062		269,501
Shares redeemed		(30,173	)	(222,443	)	(43,482	)	(340,729	)	(190,324	)	(560,251	)	(44,894	)	(270,277	)
Decrease in shares		(25,591	)	(99,667	)	(20,060	)	(104,057	)	(116,464	)	(284,145	)	(22,832	)	(776	)

54

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

	Large-Cap Value				Small-Cap Value Portfolio
	Portfolio				Class 1				Class 2
	Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03		Six Months Ended 6/30/04 (unaudited)		Year Ended 12/31/03
Sale of shares	28,291		347,857		5,064,522		6,743,225		562,806		817,438
Shares issued in payment of dividends	—		8,090		—		—		—		—
Shares issued in payment of gain distributions	—		—		—		84,969		—		7,384
Total	28,291		355,947		5,064,522		6,828,194		562,806		824,822
Shares redeemed	(60,888	)	(435,901	)	(1,396,094	)	(3,126,486	)	(238,844	)	(374,812	)
Increase (decrease) in shares	(32,597	)	(79,954	)	3,668,428		3,701,708		323,962		450,010

10. Other Matters— The Manager has conducted an extensive internal review in response to developments regarding disruptive or illegal trading practices within the mutual fund industry. As of September 2003, the Manager had one arrangement that permitted frequent trading in the Seligman registered investment companies ("Seligman Funds"). This arrangement was in the process of being closed down by the Manager before the first proceedings relating to trading practices within the mutual fund industry were publicly announced. Based on a review of the Manager’s records for 2001 through 2003, the Manager identified three other arrangements that had permitted frequent trading in the Seligman Funds. All three had already been terminated prior to the end of September 2002. The Securities and Exchange Commission (the "SEC"), the NASD and the Attorney General of the State of New York also are reviewing these matters.The Manager also has reviewed its practice of placing some of the Seligman Funds’ orders to buy and sell portfolio securities with brokerage firms in recognition of their sales of Seligman Funds. This practice is permissible when done properly; however, the Manager believes that it may have violated applicable requirements for certain of such orders as a result of compensation arrangements the Manager had with certain brokerage firms. The Manager discontinued this practice entirely in October 2003. The Manager is confident that the execution of all such orders was consistent with its best execution obligations and that the Seligman Funds did not pay higher brokerage commissions than they would otherwise have paid for comparable transactions. The Manager has also responded fully to information requests from the SEC and the NASD relating to the Manager’s use of revenue sharing and fund portfolio brokerage commissions and will continue to provide additional information if, and as, requested. The results of the Manager’s internal reviews were presented to the Independent Directors of the Seligman Funds. In order to resolve matters with the Independent Directors relating to the four arrangements that permitted frequent trading, which did not affect the Seligman Portfolios, Inc., the Manager has made payments to three funds and has agreed to waive a portion of its management fee with respect to another fund. In order to resolve matters with the Independent Directors with regard to portfolio brokerage commissions, in May 2004, the Manager made payments to each of twenty-four funds in an amount equal to the commissions paid by each such fund during the period from 1998 through 2003 to certain brokerage firms in recognition of sales of fund shares, including the following amounts paid to certain portfolios of Seligman Portfolios, Inc., which have been reported as Payments received from the Manager in the Statements of Operations:

Portfolio	Amount	Portfolio	Amount
Capital	$   339	Global Smaller Companies	$3,013
Common Stock	1,172	Global Technology	977
Communications and Information	9,056	Income and Growth	160
Frontier	133	Large-Cap Value	744
Global Growth	378	Small-Cap Value	4,005

55

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.

Capital Portfolio
CLASS 1
		Six Months Ended June 30, 2004	Year Ended December 31,
Per Share Data:		(unaudited)			2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	11.28		$	8.29		$	12.37		$	24.68		$	23.90		$	20.81
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.02	)		(0.03	)		(0.05	)		(0.06	)		0.02			0.01
Net realized and unrealized gain (loss) on investments		0.78			3.02			(4.03	)		(4.01	)		2.06			10.21
Total from Investment Operations		0.76			2.99			(4.08	)		(4.07	)		2.08			10.22
Less Distributions:
Dividends from net investment income		—			—			—			(0.02	)		—			(0.01	)
Distributions from net realized capital gain		—			—			—			(8.22	)		(1.30	)		(7.12	)
Total Distributions		—			—			—			(8.24	)		(1.30	)		(7.13	)
Net Asset Value, End of Period	$	12.04		$	11.28		$	8.29		$	12.37		$	24.68		$	23.90
Total Return:		6.74	%		36.07	%		(32.98	)%		(15.97	)%		8.50	%		53.33	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	11,676		$	12,486		$	11,833		$	24,349		$	37,138		$	27,586
Ratio of expenses to average net assets		0.87	%†		0.82	%		0.80	%		0.61	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets		(0.41	)%†		(0.33	)%		(0.47	)%		(0.31	)%		0.07	%		0.03	%
Portfolio turnover rate		108.90	%		140.59	%		129.07	%		215.16	%		230.42	%		172.88	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets					0.96	%		0.81	%		0.70	%
Ratio of net investment loss to average net assets					(0.47	)%		(0.48	)%		(0.39	)%

___________

†  Annualized

^Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

56

Seligman Portfolios, Inc.

Financial Highlights

Capital Portfolio(continued)

CLASS 2
		Six Months Ended June 30, 2004		Year Ended December 31,										8/30/00* to
Per Share Data:		(unaudited)			2003			2002			2001			12/31/00
Net Asset Value, Beginning of Period	$	11.20		$	8.25		$	12.34		$	24.68		$	33.31
Income (Loss) from Investment Operations:
Net investment loss		(0.04	)		(0.05	)		(0.07	)		(0.11	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.78			3.00			(4.02	)		(4.01	)		(7.28	)
Total from Investment Operations		0.74			2.95			(4.09	)		(4.12	)		(7.33	)
Less Distributions:
Distribution from net realized capital gain		—			—			—			(8.22	)		(1.30	)
Total Distributions		—			—			—			(8.22	)		(1.30	)
Net Asset Value, End of Period	$	11.94		$	11.20		$	8.25		$	12.34		$	24.68
Total Return:		6.61	%		35.76	%		(33.14	)%		(16.18	)%		(22.15	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	5,195		$	4,353		$	2,891		$	3,792		$	1,569
Ratio of expenses to average net assets		1.12	%†		1.07	%		1.05	%		0.85	%		0.84	%†
Ratio of net investment loss to average net assets		(0.66	)%†		(0.58	)%		(0.72	)%		(0.55	)%		(0.66	)%†
Portfolio turnover rate		108.90	%		140.59	%		129.07	%		215.16	%		230.42	%††
Without expense reimbursement:Ø
Ratio of expenses to average net assets					1.21	%		1.06	%		0.94	%
Ratio of net investment loss to average net assets					(0.72	)%		(0.73	)%		(0.63	)%

Cash Management Portfolio

CLASS 1
		Six Months Ended June 30, 2004		Year Ended December 31,
Per Share Data:		(unaudited)			2003			2002			2001			2000			1999
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		0.001			0.004			0.010			0.038			0.062			0.050
Total from Investment Operations		0.001			0.004			0.010			0.038			0.062			0.050
Less Distributions:
Dividends from net investment income		(0.001	)		(0.004	)		(0.010	)		(0.038	)		(0.062	)		(0.050	)
Total Distributions		(0.001	)		(0.004	)		(0.010	)		(0.038	)		(0.062	)		(0.050	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return:		0.15	%		0.38	%		1.00	%		3.88	%		6.38	%		5.07	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,595		$	4,034		$	7,870		$	12,211		$	12,318		$	17,611
Ratio of expenses to average net assets		0.70	%†		0.70	%		0.69	%		0.07	%		—			—
Ratio of net investment income to average net assets		0.29	%†		0.39	%		0.98	%		3.82	%		6.17	%		4.99	%
Without management fee waiver and/or expense reimbursement:Ø
Ratio of expenses to average net assets		0.94	%†		0.83	%					0.72	%		0.72	%		0.65	%
Ratio of net investment income to average net assets		0.05	%†		0.26	%					3.17	%		5.45	%		4.34	%

______________

* Commencement of offering of shares.

† Annualized.

†† For the year ended December 31, 2000.

^Ø The Manager, at its discretion, waived management fees and/or reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

57

Seligman Portfolios, Inc.

Financial Highlights

Common Stock Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)				2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	9.72		$	7.80		$	10.84		$	14.23		$	16.61		$	18.63
Income (Loss) from Investment Operations:
Net investment income		0.05			0.08			0.08			0.08			0.12			0.32
Net realized and unrealized gain (loss) on investments		0.36			1.97			(3.02	)		(1.85	)		(1.86	)		2.03
Total from Investment Operations		0.41			2.05			(2.94	)		(1.77	)		(1.74	)		2.35
Less Distributions:
Dividends from net investment income		—			(0.13	)		(0.10	)		(0.15	)		(0.01	)		(0.32	)
Distributions from net realized capital gain		—			—			—			(1.47	)		(0.63	)		(4.05	)
Total Distributions		—			(0.13	)		(0.10	)		(1.62	)		(0.64	)		(4.37	)
Net Asset Value, End of Period	$	10.13		$	9.72		$	7.80		$	10.84		$	14.23		$	16.61
Total Return:		4.22	%		26.30	%		(27.16	)%		(12.24	)%		(10.53	)%		13.15	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	11,226		$	12,297		$	12,931		$	23,756		$	32,738		$	47,303
Ratio of expenses to average net assets		0.64	%†		0.73	%		0.60	%		0.59	%		0.60	%		0.52	%
Ratio of net investment income to average net assets		0.93	%†		0.92	%		0.88	%		0.59	%		0.71	%		1.30	%
Portfolio turnover rate		19.17	%		127.26	%		131.95	%		64.45	%		52.01	%		38.11	%

Communications and Information Portfolio

CLASS 1
		Six Months Ended June 30, 2004					Year Ended December 31,
Per Share Data:		(unaudited)			2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	11.62		$	8.05		$	12.59		$	14.82		$	26.70		$	17.14
Income (Loss) from Investment Operations:
Net investment loss		(0.05	)		(0.07	)		(0.07	)		(0.07	)		(0.11	)		(0.10	)
Net realized and unrealized gain (loss) on investments		0.78			3.64			(4.47	)		0.80			(9.45	)		14.36
Total from Investment Operations		0.73			3.57			(4.54	)		0.73			(9.56	)		14.26
Less Distributions:
Distributions from net realized capital gain		—			—			—			(2.96	)		(2.32	)		(4.70	)
Total Distributions		—			—			—			(2.96	)		(2.32	)		(4.70	)
Net Asset Value, End of Period	$	12.35		$	11.62		$	8.05		$	12.59		$	14.82		$	26.70
Total Return:		6.28	%		44.35	%		(36.06	)%		5.34	%		(36.19	)%		85.81	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	61,750		$	62,903		$	53,769		$	113,424		$	127,901		$	213,961
Ratio of expenses to average net assets		0.97	%†		1.01	%		0.98	%		0.93	%		0.87	%		0.86	%
Ratio of net investment loss to average net assets		(0.79	)%†		(0.78	)%		(0.76	)%		(0.45	)%		(0.48	)%		(0.51	)%
Portfolio turnover rate		57.27	%		105.53	%		91.37	%		130.94	%		104.41	%		118.16	%

______________

† Annualized.

See Notes to Financial Statements.

58

Seligman Portfolios, Inc.

Financial Highlights

Communications and Information Portfolio(continued)

CLASS 2
	Six Months Ended June 30, 2004		Year Ended December 31,										5/1/00* to
Per Share Data:	(unaudited)				2003			2002			2001		12/31/00
Net Asset Value, Beginning of Period	$	11.51		$	7.99		$	12.53		$	14.80		$	30.61
Income (Loss) from Investment Operations:
Net investment loss		(0.06	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss) on investments		0.77			3.62			(4.44	)		0.80			(13.41	)
Total from Investment Operations		0.71			3.52			(4.54	)		0.69			(13.49	)
Less Distributions:
Distribution from net realized capital gain		—			—			—			(2.96	)		(2.32	)
Total Distributions		—			—			—			(2.96	)		(2.32	)
Net Asset Value, End of Period	$	12.22		$	11.51		$	7.99		$	12.53		$	14.80
Total Return:		6.17	%		44.06	%		(36.23	)%		5.08	%		(44.40	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	12,720		$	11,280		$	7,544		$	16,537		$	7,822
Ratio of expenses to average net assets		1.22	%†		1.26	%		1.23	%		1.18	%		1.12	%†
Ratio of net investment loss to average net assets		(1.04	)%†		(1.03	)%		(1.01	)%		(0.70	)%		(0.61	)%†
Portfolio turnover rate		57.27	%		105.53	%		91.37	%		130.94	%		104.41	%††

Frontier Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
	(unaudited)				2003			2002			2001			2000			1999
Per Share Data:
Net Asset Value, Beginning of Period	$	13.43		$	9.64		$	13.12		$	15.26		$	18.13		$	15.55
Income (Loss) from Investment Operations:
Net investment loss		(0.07	)		(0.15	)		(0.11	)		(0.05	)		(0.13	)		(0.10	)
Net realized and unrealized gain (loss) on investments		0.72			3.94			(3.37	)		(1.12	)		(2.74	)		2.68
Total from Investment Operations		0.65			3.79			(3.48	)		(1.17	)		(2.87	)		2.58
Less Distributions:
Distributions from net realized capital gain		—			—			—			(0.97	)		—			—
Total Distributions		—			—			—			(0.97	)		—			—
Net Asset Value, End of Period	$	14.08		$	13.43		$	9.64		$	13.12		$	15.26		$	18.13
Total Return:		4.84	%		39.32	%		(26.52	)%		(7.35	)%		(15.83	)%		16.59	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	6,820		$	7,503		$	7,089		$	13,174		$	17,011		$	25,706
Ratio of expenses to average net assets		1.40	%†		1.68	%		1.23	%		1.01	%		0.95	%		0.95	%
Ratio of net investment loss to average net assets		(1.01	)%†		(1.39	)%		(0.93	)%		(0.38	)%		(0.73	)%		(0.68	)%
Portfolio turnover rate		41.76	%		107.33	%		83.83	%		125.78	%		150.67	%		57.93	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets					1.71	%					1.24	%		1.18	%		0.96	%
Ratio of net investment loss to average net assets					(1.42	)%					(0.61	)%		(0.96	)%		(0.69	)%

______________

* Commencement of offering of shares.

† Annualized.

†† For the year ended December 31, 2000.

Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

59

Seligman Portfolios, Inc.

Financial Highlights

Global Growth Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)				2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	3.97		$	3.05		$	4.02		$	15.11		$	18.22		$	13.33
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.01	)		0.02			—			0.02			(0.13	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.44			0.67			(1.19	)		(2.99	)		(2.28	)		7.31
Net realized and unrealized gain (loss) on foreign currency transactions		(0.04	)		0.23			0.22			(0.20	)		(0.46	)		(0.44	)
Total from Investment Operations		0.39			0.92			(0.97	)		(3.17	)		(2.87	)		6.81
Less Distributions:
Distributions from net realized capital gain		—			—			—			(7.92	)		(0.24	)		(1.92	)
Total Distributions		—			—			—			(7.92	)		(0.24	)		(1.92	)
Net Asset Value, End of Period	$	4.36		$	3.97		$	3.05		$	4.02		$	15.11		$	18.22
Total Return:		9.82	%		30.16	%		(24.13	)%		(19.93	)%		(15.78	)%		52.49	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,830		$	2,869		$	2,634		$	4,659		$	8,348		$	11,889
Ratio of expenses to average net assets		1.75	%†		1.54	%		1.40	%		1.40	%		1.40	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.60	)%†		0.49	%		0.13	%		0.13	%		(0.67	)%		(0.38	)%
Portfolio turnover rate		132.19	%		255.31	%		145.90	%		161.49	%		125.84	%		69.18	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets		4.72	%†		3.83	%		2.08	%		1.74	%		1.71	%		1.45	%
Ratio of net investment loss to average net assets		(3.57	)%†		(1.80	)%		(0.55	)%		(0.20	)%		(0.98	)%		(0.43	)%

______________

† Annualized.

Ø The Manager, at its discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

60

Seligman Portfolios, Inc.

Financial Highlights

Global Smaller Companies Portfolio

CLASS 1
	Six Months Ended June 30, 2004				Year Ended December 31,
Per Share Data:	(unaudited)				2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	10.99		$	7.79		$	10.33		$	14.40		$	17.48		$	13.62
Income (Loss) from Investment Operations:
Net investment loss		(0.02	)		(0.01	)		(0.06	)		(0.06	)		(0.09	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.90			2.69			(3.00	)		(1.40	)		(1.91	)		4.10
Net realized and unrealized gain (loss) on foreign currency transactions		(0.08	)		0.52			0.52			(0.79	)		(0.56	)		(0.18	)
Total from Investment Operations		0.80			3.20			(2.54	)		(2.25	)		(2.56	)		3.86
Less Distributions:
Distributions from net realized capital gain		—			—			—			(1.82	)		(0.52	)		—
Total Distributions		—			—			—			(1.82	)		(0.52	)		—
Net Asset Value, End of Period	$	11.79		$	10.99		$	7.79		$	10.33		$	14.40		$	17.48
Total Return:		7.28	%		41.08	%		(24.59	)%		(15.25	)%		(14.63	)%		23.84	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	6,247		$	6,587		$	5,915		$	10,017		$	14,310		$	19,569
Ratio of expenses to average net assets		2.00	%†		1.66	%		1.40	%		1.40	%		1.39	%		1.40	%
Ratio of net investment loss to average net assets		(0.35	)%†		(0.16	)%		(0.61	)%		(0.49	)%		(0.46	)%		(0.46	)%
Portfolio turnover rate		53.61	%		271.45	%		93.43	%		100.83	%		84.86	%		46.75	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets		5.73	%†		4.08	%		2.15	%		1.96	%					1.60	%
Ratio of net investment loss to average net assets		(4.08	)%†		(2.58	)%		(1.36	)%		(1.05	)%					(0.66	)%

______________

† Annualized.

^Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

61

Seligman Portfolios, Inc.

Financial Highlights

Global Technology Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)				2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	12.06		$	8.86		$	12.96		$	20.14		$	27.42		$	13.85
Income (Loss) from Investment Operations:
Net investment loss		(0.10	)		(0.11	)		(0.11	)		(0.14	)		(0.13	)		(0.09	)
Net realized and unrealized gain (loss) on investments		0.26			2.98			(4.32	)		(4.06	)		(6.34	)		16.25
Net realized and unrealized gain (loss) on foreign currency transactions		(0.05	)		0.33			0.33			(0.25	)		(0.01	)		(0.04	)
Total from Investment Operations		0.11			3.20			(4.10	)		(4.45	)		(6.48	)		16.12
Less Distributions:
Distributions from net realized capital gain		—			—			—			(2.73	)		(0.80	)		(2.55	)
Total Distributions		—			—			—			(2.73	)		(0.80	)		(2.55	)
Net Asset Value, End of Period	$	12.17		$	12.06		$	8.86		$	12.96		$	20.14		$	27.42
Total Return:		0.91	%		36.12	%		(31.64	)%		(22.05	)%		(23.75	)%		118.80	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	8,967		$	10,047		$	9,361		$	18,533		$	25,370		$	22,087
Ratio of expenses to average net assets		1.90	%†		1.61	%		1.40	%		1.40	%		1.30	%		1.40	%
Ratio of net investment loss to average net assets		(1.62	)%†		(1.14	)%		(1.06	)%		(0.87	)%		(0.46	)%		(0.51	)%
Portfolio turnover rate		72.70	%		188.00	%		144.18	%		160.75	%		142.42	%		116.88	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets		2.51	%†		2.39	%		1.80	%		1.61	%					1.41	%
Ratio of net investment loss to average net assets		(2.23	)%†		(1.92	)%		(1.46	)%		(1.08	)%					(0.52	)%

CLASS 2
	Six Months Ended June 30, 2004			Year Ended December 31,										5/1/00* to
Per Share Data:	(unaudited)				2003			2002			2001			12/31/00
Net Asset Value, Beginning of Period	$	12.00		$	8.82		$	12.93		$	20.14		$	30.96
Income (Loss) from Investment Operations:
Net investment loss		(0.11	)		(0.13	)		(0.13	)		(0.17	)		(0.12	)
Net realized and unrealized gain (loss) on investments		0.27			2.98			(4.31	)		(4.06	)		(10.01	)
Net realized and unrealized gain (loss) on foreign currency transactions		(0.05	)		0.33			0.33			(0.25	)		0.11
Total from Investment Operations		0.11			3.18			(4.11	)		(4.48	)		(10.02	)
Less Distributions:
Distributions from net realized capital gain		—			—			—			(2.73	)		(0.80	)
Total Distributions		—			—			—			(2.73	)		(0.80	)
Net Asset Value, End of Period	$	12.11		$	12.00		$	8.82		$	12.93		$	20.14
Total Return:		0.92	%		36.05	%		(31.79	)%		(22.20	)%		(25.99	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,235		$	2,470		$	1,598		$	3,219		$	3,400
Ratio of expenses to average net assets		2.05	%†		1.76	%		1.55	%		1.54	%		1.55	%†
Ratio of net investment loss to average net assets		(1.77	)%†		(1.29	)%		(1.21	)%		(1.02	)%		(0.84	)%†
Portfolio turnover rate		72.70	%		188.00	%		144.18	%		160.75	%		142.42	%††
Without expense reimbursement:
Ratio of expenses to average net assets		2.66	%†		2.54	%		1.95	%		1.75	%
Ratio of net investment loss to average net assets		(2.38	)%†		(2.07	)%		(1.61	)%		(1.23	)%

______________

* Commencement of offering of shares.

† Annualized.

Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

†† For the year ended December 31, 2000.

See Notes to Financial Statements.

62

Seligman Portfolios, Inc.

Financial Highlights

High-Yield Bond Portfolio

CLASS 1
		Six Months Ended June 30, 2004		Year Ended December 31,
Per Share Data:		(unaudited)			2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	5.32		$	4.87		$	6.10		$	8.73		$	9.59		$	10.87
Income (Loss) from Investment Operations:
Net investment income		0.21			0.44			0.52			0.85			1.03			1.19
Net realized and unrealized gain (loss) on investments		(0.21	)		0.72			(0.74	)		(2.14	)		(1.89	)		(1.27	)
Total from Investment Operations		—			1.16			(0.22	)		(1.29	)		(0.86	)		(0.08	)
Less Distributions:
Dividends from net investment income		—			(0.71	)		(1.01	)		(1.34	)		0.00*			(1.20	)
Total Distributions		—			(0.71	)		(1.01	)		(1.34	)		—			(1.20	)
Net Asset Value, End of Period	$	5.32		$	5.32		$	4.87		$	6.10		$	8.73		$	9.59
Total Return:		—			23.92	%		(3.67	)%		(14.70	)%		(8.93	)%		(0.75	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	6,311		$	7,720		$	8,131		$	12,510		$	15,080		$	26,892
Ratio of expenses to average net assets		1.05	%†		1.03	%		0.91	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		8.08	%†		8.10	%		8.82	%		10.50	%		11.02	%		10.33	%
Portfolio turnover rate		56.73	%		183.09	%		170.29	%		71.22	%		29.57	%		57.05	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets					1.15	%					0.78	%		0.78	%		0.77	%
Ratio of net investment income to average net assets					7.99	%					10.42	%		10.94	%		10.26	%

Income and Growth Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)			2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	8.65		$	7.62		$	9.04		$	9.65		$	9.91		$	11.01
Income (Loss) from Investment Operations:
Net investment income		0.06			0.14			0.16			0.31			0.30			0.53
Net realized and unrealized gain (loss) on investments		0.08			1.11			(1.21	)		(0.46	)		(0.52	)		(0.23	)
Total from Investment Operations		0.14			1.25			(1.05	)		(0.15	)		(0.22	)		0.30
Less Distributions:
Dividends from net investment income		—			(0.22	)		(0.37	)		(0.46	)		(0.01	)		(0.52	)
Distributions from net realized capital gain		—			—			—			—			(0.03	)		(0.88	)
Total Distributions		—			(0.22	)		(0.37	)		(0.46	)		(0.04	)		(1.40	)
Net Asset Value, End of Period	$	8.79		$	8.65		$	7.62		$	9.04		$	9.65		$	9.91
Total Return:		1.62	%		16.50	%		(11.58	)%		(1.49	)%		(2.20	)%		2.87	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,693		$	2,871		$	3,287		$	4,459		$	5,640		$	8,595
Ratio of expenses to average net assets		1.15	%†		1.02	%		0.95	%		0.64	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		1.46	%†		1.70	%		1.95	%		3.34	%		3.07	%		3.62	%
Portfolio turnover rate		58.29	%		288.57	%		222.78	%		88.69	%		61.14	%		75.08	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets		1.58	%†		1.98	%		1.31	%		1.02	%		0.83	%		0.72	%
Ratio of net investment income to average net assets		1.03	%†		0.74	%		1.59	%		2.96	%		2.84	%		3.50	%

______________

* During 2000, a dividend of $0.004 per share was paid.

† Annualized.

^Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

63

Seligman Portfolios, Inc.

Financial Highlights

International Growth Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)				2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	8.97		$	6.72		$	8.05		$	10.65		$	16.63		$	15.37
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.01	)		0.05			0.04			0.03			(0.08	)		0.05
Net realized and unrealized gain (loss) on investments		1.16			1.41			(2.13	)		(2.43	)		(4.45	)		4.59
Net realized and unrealized gain (loss) on foreign currency transactions		(0.12	)		0.79			0.76			(0.20	)		(0.88	)		(0.73	)
Total from Investment Operations		1.03			2.25			(1.33	)		(2.60	)		(5.41	)		3.91
Less Distributions:
Dividends from net investment income		—			—			—			—			(0.14	)		—
Distributions from net realized capital gain		—			—			—			—			(0.43	)		(2.65	)
Total Distributions		—			—			—			—			(0.57	)		(2.65	)
Net Asset Value, End of Period	$	10.00		$	8.97		$	6.72		$	8.05		$	10.65		$	16.63
Total Return:		11.48	%		33.48	%		(16.52	)%		(24.41	)%		(32.47	)%		26.64	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	3,688		$	3,490		$	3,315		$	4,793		$	7,150		$	10,248
Ratio of expenses to average net assets		2.00	%†		1.64	%		1.40	%		1.40	%		1.40	%		1.39	%
Ratio of net investment income (loss) to average net assets		(0.22	)%†		0.67	%		0.49	%		0.34	%		(0.57	)%		0.33	%
Portfolio turnover rate		125.21	%		285.08	%		183.86	%		199.09	%		275.32	%		79.17	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets		3.69	%†		3.45	%		1.96	%		1.80	%		2.03	%		1.66	%
Ratio of net investment income (loss) to average net assets		(1.91	)%†		(1.14	)%		(0.07	)%		(0.06	)%		(1.20	)%		0.06	%

______________

† Annualized.

^Ø The Manager, at its discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

64

Seligman Portfolios, Inc.

Financial Highlights

Investment Grade Fixed Income Portfolio

CLASS 1
	Six Months Ended June 30, 2004	Year Ended December 31,
Per Share Data:	(unaudited)		2003	2002	2001	2000	1999

Net Asset Value, Beginning of Period	$	10.85		$	10.80		$	10.25		$	10.22		$	9.27		$	10.38
Income (Loss) from Investment Operations:
Net investment income		0.14			0.34			0.42			0.57			0.60			0.64
Net realized and unrealized gain (loss) on investments		(0.23	)		0.17			0.58			(0.01	)		0.35			(1.10	)
Total from Investment Operations		(0.09	)		0.51			1.00			0.56			0.95			(0.46	)
Less Distributions:
Dividends from net investment income		—			(0.46	)		(0.45	)		(0.53	)		—			(0.65	)
Total Distributions		—			(0.46	)		(0.45	)		(0.53	)		—			(0.65	)
Net Asset Value, End of Period	$	10.76		$	10.85		$	10.80		$	10.25		$	10.22		$	9.27
Total Return:		(0.83	)%		4.72	%		9.83	%		5.52	%		10.25	%		(4.48	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	4,720		$	6,025		$	9,067		$	7,103		$	6,483		$	4,947
Ratio of expenses to average net assets		0.85	%†		0.85	%		0.82	%		0.63	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		3.07	%†		3.08	%		3.94	%		5.35	%		6.23	%		5.56	%
Portfolio turnover rate		107.82	%		445.98	%		291.98	%		146.08	%		63.07	%		64.22	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets		1.04	%†		0.91	%					0.76	%		0.84	%		0.71	%
Ratio of net investment income to average net assets		2.88	%†		3.02	%					5.22	%		5.99	%		5.45	%

______________

† Annualized.

Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

65

Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Growth Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,												5/1/99* to
Per Share Data:	(unaudited)				2003			2002			2001			2000		12/31/99
Net Asset Value, Beginning of Period	$	6.30		$	4.83		$	7.47		$	10.21		$	12.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.02	)		(0.01	)		(0.02	)		—			0.01			—
Net realized and unrealized gain (loss) on investments		0.16			1.48			(2.62	)		(1.89	)		(1.96	)		2.16
Total from Investment Operations		0.14			1.47			(2.64	)		(1.89	)		(1.95	)		2.16
Less Distributions:
Dividends from net investment income		—			—			—			(0.01	)		—			—
Distribution from net realized capital gain		—			—			—			(0.84	)		—			—
Total Distributions		—			—			—			(0.85	)		—			—
Net Asset Value, End of Period	$	6.44		$	6.30		$	4.83		$	7.47		$	10.21		$	12.16
Total Return:		2.22	%		30.43	%		(35.34	)%		(18.37	)%		(16.04	)%		21.60	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,431		$	2,525		$	1,938		$	3,930		$	5,255		$	3,668
Ratio of expenses to average net assets		1.58	%†		1.29	%		1.15	%		0.74	%		0.70	%		0.70	%†
Ratio of net investment income (loss) to average net assets		(0.65	)%†		(0.23	)%		(0.38	)%		(0.04	)%		0.08	%		(0.03	)%†
Portfolio turnover rate		49.08	%		66.98	%		81.67	%		166.24	%		179.44	%		56.69	%††
Without expense reimbursement:Ø
Ratio of expenses to average net assets					1.73	%		1.46	%		1.13	%		1.18	%		1.52	%†
Ratio of net investment loss to average net assets					(0.67	)%		(0.69	)%		(0.42	)%		(0.40	)%		(0.85	)%†

______________

* Commencement of operations.

† Annualized.

Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

†† For the year ended December 31, 1999.

See Notes to Financial Statements.

66

Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Value Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)				2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	9.27		$	7.02		$	10.46		$	11.59		$	9.28		$	9.66
Income (Loss) from Investment Operations:
Net investment income		0.04			0.11			0.10			0.09			0.14			0.10
Net realized and unrealized gain (loss) on investments		0.47			2.27			(3.43	)		(1.06	)		2.25			(0.37	)
Total from Investment Operations		0.51			2.38			(3.33	)		(0.97	)		2.39			(0.27	)
Less Distributions:
Dividends from net investment income		—			(0.13	)		(0.11	)		(0.11	)		0.00*			(0.11	)
Distributions from net realized capital gain		—			—			—			(0.05	)		(0.08	)		—
Total Distributions		—			(0.13	)		(0.11	)		(0.16	)		(0.08	)		(0.11	)
Net Asset Value, End of Period	$	9.78		$	9.27		$	7.02		$	10.46		$	11.59		$	9.28
Total Return:		5.50	%		33.91	%		(31.90	)%		(8.28	)%		25.84	%		(2.76	)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	5,436		$	5,456		$	4,692		$	7,708		$	6,057		$	5,758
Ratio of expenses to average net assets		1.18	%†		1.18	%		1.16	%		0.83	%		0.80	%		0.80	%
Ratio of net investment income to average net assets		0.95	%†		1.34	%		1.12	%		1.13	%		1.51	%		1.18	%
Portfolio turnover rate		7.70	%		16.60	%		21.83	%		28.17	%		42.29	%		28.01	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets					1.29	%					1.10	%		1.22	%		1.13	%
Ratio of net investment income (loss) to average net assets					1.23	%					0.86	%		1.09	%		0.85	%

______________

* During 2000, a dividend of $0.002 per share was paid.

† Annualized.

Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

67

Seligman Portfolios, Inc.

Financial Highlights

Small-Cap Value Portfolio

CLASS 1
	Six Months Ended June 30, 2004			Year Ended December 31,
Per Share Data:	(unaudited)			2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$	16.20		$	10.87		$	13.04		$	10.58		$	8.08		$	7.31
Income (Loss) from Investment Operations:
Net investment loss		(0.04	)		(0.05	)		(0.06	)		(0.03	)		(0.01	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.18			5.48			(1.94	)		2.52			2.66			2.49
Total from Investment Operations		1.14			5.43			(2.00	)		2.49			2.65			2.46
Less Distributions:
Distributions from net realized capital gain		—			(0.10	)		(0.17	)		(0.03	)		(0.15	)		(1.69	)
Total Distributions		—			(0.10	)		(0.17	)		(0.03	)		(0.15	)		(1.69	)
Net Asset Value, End of Period	$	17.34		$	16.20		$	10.87		$	13.04		$	10.58		$	8.08
Total Return:		7.04	%		49.94	%		(15.37	)%		23.52	%		33.00	%		35.26	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	293,306		$	214,525		$	103,770		$	100,090		$	16,495		$	4,403
Ratio of expenses to average net assets		1.12	%†		1.16	%		1.18	%		1.19	%		1.00	%		1.00	%
Ratio of net investment loss to average net assets		(0.51)	%†		(0.42	)%		(0.51	)%		(0.29	)%		(0.22	)%		(0.27	)%
Portfolio turnover rate		20.59	%		18.31	%		56.74	%		29.99	%		42.27	%		90.51	%
Without expense reimbursement:Ø
Ratio of expenses to average net assets											1.22	%		1.45	%		1.41	%
Ratio of net investment loss to average net assets											(0.32	)%		(0.67	)%		(0.68	)%

CLASS 2
	Six Months Ended June 30, 2004			Year Ended December 31,						5/1/01* to
Per Share Data:	(unaudited)			2003			2002			12/31/01
Net Asset Value, Beginning of Period	$16.13			$10.85			$13.04			$10.78
Income (Loss) from Investment Operations:
Net investment loss		(0.06	)		(0.08	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.19			5.46			(1.94	)		2.32
Total from Investment Operations		1.13			5.38			(2.02	)		2.29
Less Distributions:
Distributions from net realized capital gain		—			(0.10	)		(0.17	)		(0.03	)
Total Distributions		—			(0.10	)		(0.17	)		(0.03	)
Net Asset Value, End of Period	$	17.26		$	16.13		$	10.85		$	13.04
Total Return:		7.01	%		49.57	%		(15.52	)%		21.23	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	26,960		$	19,978		$	8,554		$	5,178
Ratio of expenses to average net assets		1.31	%†		1.35	%		1.37	%		1.39	%†
Ratio of net investment loss to average net assets		(0.70	)%†		(0.61	)%		(0.70	)%		(0.46	)%†
Portfolio turnover rate		20.59	%		18.31	%		56.74	%		29.99	%††
Without expense reimbursement:Ø
Ratio of expenses to average net assets											1.41	%†
Ratio of net investment loss to average net assets											(0.48	)%†

______________

* Commencement of offering of shares.

† Annualized.

Ø The Manager, at its discretion, reimbursed expenses for certain periods presented.

†† For the year ended December 31, 2001.

See Notes to Financial Statements.

68

Seligman Portfolios, Inc.

Board of Directors

Robert B. Catell 2, 3		William C. Morris
•	Chairman, Chief Executive Officer and Director,	•	Chairman, J. & W. Seligman & Co. Incorporated
	KeySpan Corporation	•	Chairman, Carbo Ceramics Inc.
John R. Galvin 1, 3		Leroy C. Richie 1, 3
•	Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University	•	Chairman and Chief Executive Officer, Q Standards Worldwide, Inc.
		•	Director, Kerr-McGee Corporation
Alice S. Ilchman 2, 3		Robert L. Shafer 2, 3
•	President Emerita, Sarah Lawrence College	•	Retired Vice President, Pfizer Inc.
•	Director, Jeannette K. Watson Summer Fellowship
•	Trustee, Committee for Economic Development
Frank A. McPherson 2, 3		James N. Whitson 1, 3
•	Retired Chairman of the Board and Chief Executive Officer, Kerr-McGee Corporation	•	Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc.
•	Director, ConocoPhillips	•	Director, CommScope, Inc.
•	Director, Integris Health
John E. Merow 1, 3		Brian T. Zino
•	Retired Chairman and Senior Partner, Sullivan & Cromwell LLP	•	Director and President, J. & W. Seligman & Co. Incorporated
•	Director, Commonwealth Industries, Inc.	•	Chairman, Seligman Data Corp.
•	Trustee, New York-Presbyterian Hospital	•	Director, ICI Mutual Insurance Company
		•	Member of the Board of Governors, Investment Company Institute
Betsy S. Michel 1, 3
•	Trustee, The Geraldine R. Dodge Foundation	Member:		1  Audit Committee
				2  Director Nominating Committee
				3  Board Operations Committee

Executive Officers

William C. Morris	Kendall C. Peterson	Paul H. Wick
Chairman	Vice President	Vice President
Brian T. Zino	Richard S. Rosen	Thomas G. Rose
President and Chief Executive Officer	Vice President	Vice President
Neil T. Eigen	Frederick J. Ruvkun	Lawrence P. Vogel
Vice President	Vice President	Vice President and Treasurer
Christopher J. Mahony	Richard R. Schmaltz	Frank J. Nasta
Vice President	Vice President	Secretary
Richard M. Parower	Marion S. Schultheis
Vice President	Vice President

  69

SELIGMAN ADVISORS, INC.

an affiliate of

J. & W. SELIGMAN & CO.

INCORPORATED

ESTABLISHED 1864

100 Park Avenue, New York, NY 10017

 

 

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.

 

SP3 6/04                                                                                                                                                                                                        Printed on Recycled Paper

ITEM 2.	CODE OF ETHICS.
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	Not applicable.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	Not applicable.
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS.
	Not applicable.
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
ITEM 8.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
ITEM 9.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	Not applicable.
ITEM 10.	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-CSR 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 most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 11.EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(b) Certifications of chief executive officer and chief financial officer as required by Rule 30a-2(b) 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 PORTFOLIOS, INC.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer
Date:	September 7, 2004

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:	September 7, 2004
By:	/S/LAWRENCE P. VOGEL
	Lawrence P. Vogel
	Vice President, Treasurer and Chief Financial Officer
Date:	September 7, 2004

SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

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

(b) Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.