UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5221

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:	9/30/04

FORM N-Q

ITEM 1. SCHEDULE OF INVESTMENTS.

Seligman Portfolios, Inc.

Schedules of Investments (unaudited)

September 30, 2004

Seligman Capital Portfolio

		Shares or
		Principal
		Amount			Value
Common Stocks 97.7%
Aerospace and Defense 3.1%
BE Aerospace*		6,900	shs.	$	62,824
Precision Castparts		3,300			198,165
Rockwell Collins		5,500			204,270
					465,259
Air Freight and Logistics 1.0%
Expeditors International of Washington		2,800			144,718
Airlines 1.4%
Southwest Airlines		15,100			205,662
Auto Components 0.5%
Gentex*		2,200			77,231
Biotechnology 6.1%
Amylin Pharmaceuticals*		3,700			75,906
Biogen Idec*		785			48,015
Enzon Pharmaceuticals*		5,800			92,481
Eyetech Pharmaceuticals*		1,500			50,925
Gen-Probe*		1,500			59,917
Genzyme*		2,400			130,380
Human Genome Sciences*		9,600			104,592
Martek Biosciences*		2,100			102,322
MedImmune*		5,400			127,899
Millennium Pharmaceuticals*		3,700			50,561
Serologicals*		3,200			74,672
					917,670
Building Products 0.9%
American Standard*		3,300			128,403
Chemicals 2.9%
Airgas		8,200			197,374
Cytec Industries		4,700			230,065
					427,439
Commercial Services and Supplies 15.0%
ARAMARK (Class B)		13,700			330,718
Avery Dennison		2,000			131,560
Cintas		7,200			302,508
Iron Mountain*		4,850			164,173
Manpower		5,800			258,042
Herman Miller		13,800			339,549
Monster Worldwide		9,400			231,757
Robert Half International*		10,200			262,854
United Rentals*		14,200			225,638
					2,246,799
Communications Equipment 1.8%
Juniper Networks*		9,600			226,608
Lucent Technologies*		13,600			43,112
					269,720
Computers and Peripherals 0.9%
Network Appliance*		5,600			128,856
Construction and Engineering 0.8%
Fluor		2,700			120,204
Electronic Equipment and Instruments 2.5%
Symbol Technologies		12,100			152,944
Trimble Navigation*		7,000			221,550
					374,494
Energy Equipment and Services 2.1%
BJ Services*		2,400			125,784
Smith International*		3,100			188,263
					314,047
Food and Staples Retailing 0.8%
NeighborCare*		1,800			45,585
Whole Foods Market		900			77,206
					122,791
Food Products 1.2%
Hershey Foods		1,800			84,078
William Wrigley, Jr.		1,400			88,634
					172,712
Health Care Equipment and Supplies 9.3%
C.R. Bard		2,300			130,249
Biomet		7,800			365,625
Fisher Scientific International*		4,700			274,151
Given Imaging* (Israel)		1,600			61,704
Immucor*		5,300			131,202
Millipore*		2,300			110,055
St. Jude Medical*		2,200			165,594
Waters*		1,700			74,970
Zimmer Holdings*		1,000			79,040
					1,392,590
Health Care Providers and Services 4.6%
Aetna		1,000			99,930
Caremark Rx*		4,000			128,280
Cerner*		1,800			77,967
Lincare Holdings*		1,800			53,460
Quest Diagnostics		1,700			149,974
Henry Schein*		1,900			118,379
VCA Antech*		2,600			53,586
					681,576
Hotels, Restaurants and Leisure 3.9%
Cheesecake Factory*		3,900			168,968
Marriott International (Class A)		1,700			88,332
Starwood Hotels & Resorts Worldwide		3,800			176,396
YUM! Brands		3,600			146,376
					580,072
Household Products 1.0%
Rayovac*		5,400			142,290
Internet Software and Services 3.3%
ASK Jeeves*		7,100			232,028
Findwhat.com		2,700			50,557
InfoSpace*		2,000			94,790
VeriSign*		6,200			123,008
					500,383
IT Services 2.0%
Affiliated Computer Services (Class A)*		4,000			222,680
Fiserv*		2,100			73,196
					295,876
Leisure Equipment and Products 2.2%
Brunswick		5,200			237,952
SCP Pool		3,150			84,341
					322,293
Machinery 3.4%
AGCO*		13,500			305,370
CNH Global (Netherlands)		10,700			209,506
					514,876
Metals and Mining 0.4%
Freeport-McMoRan Copper & Gold (Class B)		1,600			64,800
Multi-Line Retail 1.3%
Family Dollar Stores		7,100			192,410
Oil and Gas 2.1%
EOG Resources		2,100			138,285
Noble Energy		3,100			180,544
					318,829
Paper and Forest Products 1.0%
MeadWestvaco		4,800			153,120
Personal Products 0.4%
USANA Health Sciences*		1,800			62,793
Pharmaceuticals 3.7%
Allergan		800			58,040
Atrix Laboratories*		1,900			58,235
IVAX*		3,700			70,855
Medicis Pharmaceutical (Class A)*		4,300			167,872
Nektar Therapeutics*		2,400			34,692
Sepracor*		3,400			165,801
					555,495
Semiconductors and Semiconductor Equipment 7.6%
Altera*		6,200			121,086
Broadcom (Class A)*		6,700			182,809
KLA-Tencor*		6,000			248,850
Linear Technology		4,300			155,810
Marvell Technology Group*		5,100			133,289
National Semiconductor*		4,300			66,607
Skyworks Solutions*		23,900			226,811
					1,135,262
Software 5.5%
Adobe Systems		2,200			108,823
Cogent*		200			3,650
Cognos*		3,400			120,751
Intuit*		2,500			113,487
Macromedia*		7,700			154,578
Mercury Interactive*		2,200			76,648
Red Hat*		9,400			114,962
VERITAS Software*		7,680			136,896
					829,795
Specialty Retail 4.5%
Bed Bath & Beyond*		6,200			230,113
Chico's FAS*		5,600			191,520
Tractor Supply*		5,500			172,783
Williams-Sonoma*		2,000			75,100
					669,516
Wireless Telecommunication Services 0.5%
Nextel Partners (Class A)*		4,800			79,536
Total Common Stocks					14,607,517
Repurchase Agreement 2.5%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$367,016 collateralized by:
$385,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $382,834	$	367,000			367,000
Total Investments 100.2%					14,974,517
Other Assets Less Liabilities (0.2)%					(26,920)
Net Assets 100.0%				$	14,947,597

____________

See accompanying notes.

Seligman Cash Management Portfolio

	Annualized Yield on Purchase Date			Principal Amount		Value
US Government
Agency Securities 50.1%
Federal Home Loan Bank, 10/6/2004	1.75	%	$	130,000	$	129,969
Federal Home Loan Mortgage, 10/25/2004	1.77			500,000		499,420
Federal National Mortgage Association, 11/12/2004	1.78			600,000		598,775
Total US Government
Agency Securities						1,228,164
Repurchase Agreement 18.7%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$457,020 collateralized by:
$475,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $472,328	1.61			457,000		457,000
Commercial Paper 17.9%
AIG Funding, 11/4/2004	1.21			110,000		109,818
American Express Credit, 11/8/2004	1.76			110,000		109,799
Citicorp, 10/19/2004	1.79			110,000		109,903
General Electric Capital, 11/9/2004	1.21			110,000		109,792
Total Commercial Paper						439,312
Fixed Time Deposit 4.5%
BNP Paribas, Grand Cayman, 10/1/2004	1.78			130,000		110,000
Total Investments 91.2%						2,234,476
Other Assets Less Liabilities 8.8%						214,799
Net Assets 100.0%					$	2,449,275

____________

See accompanying notes.

Seligman Common Stock Portfolio

		Shares or
		Principal
		Amount			Value
Common Stocks 95.2%
Aerospace and Defense 2.7%
General Dynamics		1,400	shs.	$	142,940
L-3 Communications Holdings*		2,000			134,000
					276,940
Auto Components 0.7%
Lear		1,380			75,141
Beverages 2.8%
Coca-Cola		3,600			144,180
PepsiCo		3,000			145,950
					290,130
Biotechnology 1.6%
Amgen*		1,500			85,192
Gilead Sciences*		800			29,900
MedImmune*		2,100			49,739
					164,831
Building Products 0.8%
Masco		2,300			79,419
Capital Markets 1.7%
The Bank of New York		2,900			84,593
Goldman Sachs Group		530			49,417
Merrill Lynch		400			19,888
Morgan Stanley		490			24,157
					178,055
Chemicals 2.0%
Dow Chemical		2,200			99,396
Praxair		2,600			111,124
					210,520
Commercial Banks 3.6%
Bank of America		2,140			92,726
U.S. Bancorp		3,730			107,797
Wachovia		2,240			105,168
Wells Fargo		1,100			65,593
					371,284
Commercial Services and Supplies 1.7%
ServiceMaster		8,200			105,452
Waste Management		2,500			68,350
					173,802
Communications Equipment 2.7%
Andrew*		7,300			89,316
Cisco Systems*		7,070			127,649
QUALCOMM		1,600			62,456
					279,421
Computers and Peripherals 4.5%
Dell*		2,380			84,609
EMC*		8,800			101,552
Hewlett-Packard		3,760			70,500
International Business Machines		2,420			207,491
					464,152
Consumer Finance 1.9%
American Express		1,230			63,296
Capital One Financial		700			51,730
MBNA		3,400			85,680
					200,706
Diversified Financial Services 3.4%
Citigroup		4,960			218,835
J.P. Morgan Chase		3,240			128,725
					347,560
Diversified Telecommunication Services 2.3%
SBC Communications		1,700			44,115
Verizon Communications		4,800			189,024
					233,139
Electronic Equipment and Instruments 0.6%
Jabil Circuit*		2,650			60,950
Energy Equipment and Services 0.9%
Noble*		1,000			44,950
Rowan Companies*		2,020			53,328
					98,278
Food and Staples Retailing 3.1%
Kroger*		4,300			66,736
Sysco		1,500			44,880
Wal-Mart Stores		3,910			208,012
					319,628
Food Products 0.7%
Dean Foods*		2,300			69,046
Health Care Providers and Services 1.7%
Aetna		1,000			99,930
Anthem*		400			34,900
Laboratory Corporation of America Holdings*		900			39,348
					174,178
Hotels, Restaurants and Leisure 1.9%
Carnival		2,700			127,683
Marriott International (Class A)		1,400			72,744
					200,427
Household Durables 0.4%
Pulte Homes		660			40,504
Household Products 1.7%
Colgate-Palmolive		800			36,144
Procter & Gamble		3,220			174,266
					210,410
Industrial Conglomerates 5.0%
General Electric		11,410			383,148
Tyco International		4,420			135,517
					518,665
Insurance 4.5%
American International Group		2,900			197,171
Hartford Financial Services Group		1,150			71,219
PartnerRe		1,110			60,706
Prudential Financial		1,600			75,264
XL Capital (Class A)		800			59,192
					463,552
Internet and Catalog Retail 0.7%
eBay*		760			69,893
Machinery 1.7%
Deere		1,230			79,397
Illinois Tool Works		990			92,238
					171,635
Media 2.8%
Clear Channel Communications*		2,820			87,899
Time Warner*		8,490			137,029
Univision Communications (Class A)*		1,980			62,588
					287,516
Metals and Mining 0.7%
Freeport-McMoRan Copper & Gold (Class B)		1,900			76,950
Multi-Line Retail 0.7%
Target		1,500			67,875
Multi-Utilities and Unregulated Power 1.1%
Dominion Resources		400			26,100
Duke Energy		3,900			89,271
					115,371
Oil and Gas 7.9%
BP (ADR) (United Kingdom)		1,100			63,283
ChevronTexaco		2,500			134,100
ConocoPhillips		2,014			166,860
Exxon Mobil		6,350			306,896
Noble Energy		1,590			92,602
Occidental Petroleum		1,050			58,727
					822,468
Paper and Forest Products 0.7%
Weyerhaeuser		1,020			67,810
Pharmaceuticals 8.9%
Abbot Laboratories		2,700			114,372
Forest Laboratories*		1,000			44,980
Johnson & Johnson		2,880			162,230
Novartis (ADR) (Switzerland)		4,300			200,681
Pfizer		8,700			266,220
Watson Pharmaceuticals*		1,600			47,136
Wyeth		2,170			81,158
					916,777
Real Estate 0.9%
Apartment Investment & Management (Class A)		2,600			90,428
Semiconductors and Semiconductor Equipment 2.0%
Intel		6,160			123,446
Taiwan Semiconductor Manufacturing (ADR) (Taiwan)		11,066			79,011
					202,457
Software 6.1%
Computer Associates International		5,300			139,390
Microsoft		14,070			388,965
Oracle*		2,500			28,237
Symantec*		800			43,948
Synopsys*		2,000			31,570
					632,110
Specialty Retail 1.7%
Advance Auto Parts*		1,400			48,160
Michaels Stores		1,780			105,394
Tiffany		800			24,592
					178,146
Thrifts and Mortgage Finance 1.6%
Fannie Mae		1,300			82,420
Freddie Mac		1,200			78,288
					160,708
Tobacco 2.3%
Altria Group		5,070			238,493
Wireless Telecommunication Services 2.5%
American Tower (Class A)*		8,100			124,335
Crown Castle International*		8,800			130,944
					255,279
Total Common Stocks					9,854,654
Repurchase Agreement 4.3%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$446,020 collateralized by:
$465,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $462,384	$	446,000			446,000
Total Investments 99.5%					10,300,654
Other Assets Less Liabilities 0.5%					56,411
Net Assets 100.0%				$	10,357,065

____________

See accompanying notes.

Seligman Communications and Information Portfolio

		Shares or
		Principal
		Amount			Value
Common Stocks 86.0%
Application Software 5.9%
Educate*		9,400	shs.	$	110,403
Hyperion Solutions*		10,700			363,907
Magma Design Automation*		57,400			866,740
Synopsys*		149,900			2,366,172
					3,707,222
Biotechnology 1.3%
Invitrogen*		14,600			803,292
Commercial Services and Supplies 0.3%
Monster Worldwide*		7,200			177,516
Communications Equipment 6.8%
Avocent*		36,000			934,920
Cisco Systems*		92,300			1,666,477
Corning*		52,900			586,132
Motorola		26,600			479,864
QUALCOMM		14,100			550,394
					4,217,787
Computers and Peripherals 4.1%
Avid Technology*		11,000			515,075
Brocade Communications Systems*		68,400			386,118
Hewlett-Packard		75,600			1,417,500
Xyratex* (Bermuda)		18,000			208,710
					2,527,403
Electronic Equipment and Instruments 4.6%
Amphenol (Class A)*		35,200			1,205,952
Cognex*		13,200			345,906
Multi-Fineline Electronix*		17,800			169,011
Orbotech* (Israel)		36,000			629,100
Photon Dynamics*		26,700			539,874
					2,889,843
Health Care Equipment and Supplies 5.0%
Beckman Coulter		13,000			729,560
Boston Scientific*		20,500			814,465
Bruker BioSciences*		21,800			74,665
DJ Orthopedics*		9,100			160,615
Fisher Scientific International*		23,400			1,364,922
					3,144,227
Health Care Providers and Services 8.7%
Laboratory Corporation of America Holdings*		67,100			2,933,612
Quest Diagnostics		28,400			2,505,448
					5,439,060
Home Entertainment Software 2.7%
Take-Two Interactive Software*		37,200			1,222,206
THQ*		22,200			432,234
					1,654,440
Hotels, Restaurants and Leisure 0.4%
Williams Industries		8,900			228,641
Internet and Catalog Retail 0.8%
eBay*		5,300			487,415
Internet Software and Services 2.7%
Ask Jeeves*		8,900			290,852
VeriSign*		39,500			783,680
Yahoo!*		18,800			638,542
					1,713,074
IT Services 9.4%
Accenture (Class A)* (Bermuda)		28,400			768,220
Amdocs*		132,400			2,890,292
DST Systems*		5,800			257,926
Ness Technologies (Israel)		19,300			246,268
SunGard Data Systems*		72,000			1,711,440
					5,874,146
Media 0.7%
Dex Media*		19,700			417,049
Semiconductors and Semiconductor Equipment 8.5%
Advanced Micro Devices*		92,400			1,201,200
Credence Systems*		17,700			128,059
Intersil (Class A)*		17,400			277,095
Lam Research*		35,000			765,625
Mattson Technology*		35,700			273,640
Maxim Integrated Products		5,500			232,320
MEMC Electronic Materials*		175,600			1,489,088
Novellus Systems*		35,500			944,655
					5,311,682
Systems Software 24.1%
BMC Software*		134,400			2,124,864
Check Point Software Technologies* (Israel)		35,600			604,310
Citrix Systems*		98,400			1,723,476
Computer Associates International		121,000			3,182,300
Microsoft		142,800			3,947,706
Oracle*		59,600			673,182
Symantec*		42,000			2,307,270
VERITAS Software*		27,100			483,057
					15,046,165
Total Common Stocks					53,638,962
Repurchase Agreement 13.0%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$8,090,355 collateralized by:
$8,380,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $8,332,863	$	8,090,000			8,090,000
Total Investments 99.0%					61,728,962
Other Assets Less Liabilities 1.0%					619,555
Net Assets 100.0%				$	62,348,517

____________

See accompanying notes.

Seligman Frontier Portfolio

	Shares		Value
Common Stocks 99.5%
Aerospace and Defense 0.2%
SI International*	560	$	12,298
Air Freight and Logistics 0.9%
UTI Worldwide	960		56,448
Biotechnology 5.1%
Alexion Pharmaceuticals*	2,400		43,020
Corgentech*	2,500		42,638
Digene*	1,200		31,200
Martek Biosciences*	900		43,853
Maxygen*	3,662		35,851
Nabi Biopharmaceuticals*	2,700		36,112
Telik*	1,600		35,688
ZymoGenetics*	2,450		42,679
			311,041
Capital Markets 1.8%
Affiliated Managers Group*	1,320		70,673
Apollo Investment*	2,900		41,020
			111,693
Commercial Banks 4.3%
Boston Private Financial Holdings	1,800		44,955
East West Bancorp	2,028		68,192
Nara Bancorp	1,800		36,297
UCBH Holdings	1,309		51,097
Wintrust Financial	1,070		61,124
			261,665
Commercial Services and Supplies 9.1%
Corinthian Colleges*	2,556		34,480
The Corporate Executive Board	1,800		110,151
Corrections Corporation of America*	1,268		44,836
DiamondCluster International*	7,670		93,459
Duratek*	2,900		51,461
Education Management*	1,108		29,561
Intersections*	1,936		28,488
Resources Connection*	2,940		111,176
Waste Connections*	1,687		53,444
			557,056
Communications Equipment 3.3%
Andrew*	3,122		38,198
ARRIS Group*	10,389		54,179
Avocent*	1,236		32,099
Tekelec*	4,503		75,425
			199,901
Computers and Peripherals 2.7%
Brocade Communications Systems*	13,210		74,570
Stratasys*	1,087		34,300
Synaptics*	2,863		57,790
			166,660
Construction and Engineering 1.1%
Chicago Bridge & Iron (NY shares) (Netherlands)	2,300		68,977
Consumer Finance 1.8%
Collegiate Funding Services*	2,000		25,310
First Marblehead*	1,800		83,520
			108,830
Diversified Financial Services 1.4%
CapitalSource*	3,707		82,814
Electrical Equipment 1.3%
AMETEK	2,660		80,651
Electronic Equipment and Instruments 1.5%
Photon Dynamics	2,100		42,462
RAE Systems*	8,900		49,662
			92,124
Energy Equipment and Services 2.6%
Pioneer Drilling *	3,700		31,080
Superior Energy Services*	5,386		69,587
Unit*	1,714		60,127
			160,794
Food and Staples Retailing 0.7%
United Natural Foods*	1,500		39,938
Food Products 1.8%
Hain Celestial Group*	3,089		54,706
SunOpta* (Canada)	7,200		56,016
			110,722
Health Care Equipment and Supplies 5.0%
Arrow International	1,579		47,307
Bruker BioSciences*	6,500		22,262
Cytyc*	2,600		62,777
Integra LifeSciences Holdings*	1,000		32,155
Merit Medical Systems*	2,700		40,689
Mine Safety Appliances	1,740		70,853
Molecular Devices*	1,170		27,548
			303,591
Health Care Providers and Services 9.3%
Chemed	1,538		85,728
Community Health Systems*	3,974		106,026
Covance*	1,200		47,964
Kindred Healthcare*	2,100		51,230
LabOne*	2,300		67,505
Omnicell*	3,100		40,842
Pediatrix Medical Group*	1,173		64,339
Pharmaceutical Product Development*	1,590		57,200
Select Medical	3,780		50,765
			571,599
Hotels, Restaurants and Leisure 3.8%
P.F. Chang's China Bistro*	1,300		63,050
RARE Hospitality International*	2,059		54,790
Station Casinos	2,358		115,636
			233,476
Internet Software and Services 1.9%
Digital River*	2,200		65,472
iVillage*	8,200		49,159
			114,631
IT Services 1.7%
Answerthink*	7,900		42,265
iPayment Holdings*	1,570		63,004
			105,269
Machinery 4.6%
Bucyrus International*	1,200		40,350
CLARCOR	1,015		48,385
Graco	2,238		74,973
Lincoln Electric Holdings	1,900		59,489
Wabash National*	2,080		57,138
			280,335
Media 2.0%
Cumulus Media (Class A)*	4,630		66,510
Harris Interactive*	6,600		43,197
Lions Gate Entertainment	1,800		15,660
			125,367
Metals and Mining 5.5%
AMCOL International	3,342		63,899
Brush Engineered Materials*	2,800		57,988
Century Aluminum*	2,004		55,561
GrafTech International*	11,550		161,123
			338,571
Office Electronics 0.7%
Zebra Technologies (Class A)*	669		40,802
Oil and Gas 2.9%
Denbury Resources*	2,173		55,194
Harvest Natural Resources*	4,200		69,720
Patina Oil & Gas	1,749		51,718
			176,632
Pharmaceuticals 1.3%
Medicines*	1,400		33,635
Medicis Pharmaceutical (Class A)	1,250		48,800
			82,435
Road and Rail 3.1%
J.B. Hunt Transport Services	1,630		60,514
Landstar System*	1,421		83,363
Old Dominion Freight Line*	1,490		42,845
			186,722
Semiconductors and Semiconductor Equipment 4.9%
Actel*	3,167		47,917
ATMI*	1,812		37,119
Cymer*	1,300		37,323
DSP Group*	2,578		54,254
Mattson Technology*	4,900		37,559
Microsemi*	2,688		37,860
Zoran*	3,081		48,449
			300,481
Software 7.7%
Agile Software*	9,096		72,086
Epicor Software*	7,648		91,967
FileNet*	3,000		52,455
Jack Henry & Associates	3,900		73,164
Hyperion Solutions*	2,222		75,570
Informatica*	7,191		42,031
SERENA Software*	2,576		43,251
Witness Systems*	1,300		20,885
			471,409
Specialty Retail 2.1%
AnnTaylor Stores*	1,211		28,337
Hot Topic*	2,126		36,206
Stein Mart*	2,324		35,522
Tractor Supply*	845		26,546
			126,611
Textiles, Apparel and Luxury Goods 2.4%
Warnaco Group*	2,845		63,287
Wolverine World Wide	3,254		82,001
			145,288
Trading Companies and Distributors 1.0%
Hughes Supply	1,982		59,599
Total Investments 99.5%			6,084,430
Other Assets Less Liabilities 0.5%			31,670
Net Assets 100.0%		$	6,116,100

____________

See accompanying notes.

Seligman Global Growth Portfolio

	Shares		Value
Common Stocks 94.6%
Bermuda 1.1%
Tyco International (Industrial Conglomerates)	900	$	27,594
Brazil 0.5%
Companhia Vale do Rio Doce "CVRD" (ADR) (Metals and Mining)	565		12,696
Canada 5.7%
Canadian National Railway (Road and Rail)	401		19,593
Research In Motion* (Communications Equipment)	1,600		122,136
			141,729
France 3.5%
Alcatel (Communications Equipment)	1,300		15,216
Essilor International (Health Care Equipment and Supplies)	500		32,164
Total (Oil and Gas)	200		40,780
			88,160
Germany 5.3%
Adidas-Salomon (Textiles, Apparel and Luxury Goods)	100		13,971
Allianz (Insurance)	400		40,331
Bayerische Hypo-und Vereinsbank (Commercial Banks )	1,658		31,893
Continental (Auto Components)	400		21,769
Muenchener Rueckversicherungs-Gesellschaft* (Insurance)	257		24,789
			132,753
Hong Kong 3.4%
CNOOC (Oil and Gas)	42,600		22,376
Esprit Holdings* (Specialty Retail)	6,000		30,716
Hutchison Whampoa (Industrial Conglomerates)	4,000		31,247
			84,339
India 1.1%
Infosys Technologies (ADR) (IT Services)	500		28,273
Ireland 5.0%
Elan (ADR)* (Pharmaceuticals)	5,400		126,360
Italy 0.9%
Autostrade (Transportation Infrastructure)	1,000		21,416
Japan 2.8%
Japan Tobacco (Tobacco)	3		25,105
Nintendo (Software)	200		24,463
Trend Micro (Software)	500		21,503
			71,071
Luxembourg 0.4%
SES Global (FDR) (Media)	1,117		10,889
Netherlands 2.7%
European Aeronautic Defence and Space (Aerospace and Defense)	1,692		44,881
Royal Numico* (Food Products)	700		22,311
			67,192
Russia 2.2%
Gazprom (ADR) (Energy Equipment and Services)	400		14,343
Mobile Telesystems (ADR) (Wireless Telecommunication Services)	100		14,499
LUKOIL (ADR) (Oil and Gas)	200		24,950
			53,792
South Korea 4.0%
Hyundai Motor (Automobiles)	520		23,956
Kia Motors (Automobiles)	920		8,462
LG Electronics (Household Durables)	1,150		66,684
			99,102
Sweden 3.0%
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	23,730		73,985
Switzerland 1.4%
Novartis (Pharmaceuticals)	250		11,661
Roche Holding (Pharmaceuticals)	223		23,098
			34,759
United Kingdom 14.0%
BHP Billiton (Metals and Mining)	1,100		11,594
British Airways* (Airlines)	7,300		27,425
Capita Group (Commercial Services and Supplies)	5,941		35,406
The Carphone Warehouse Group (Specialty Retail)	13,577		36,663
EMI Group (Media)	3,583		14,342
GUS (Internet and Catalog Retail)	2,755		44,940
InterContinental Hotels Group (Hotels, Restaurants and Leisure)	2,700		30,749
Kingfisher (Specialty Retail)	4,280		23,915
Rolls-Royce Group (Aerospace and Defense)	6,426		29,495
Standard Chartered (Commercial Banks)	2,400		41,225
Vodafone Group (Wireless Telecommunication Services)	23,100		55,378
			351,132
United States 37.6%
Apollo Group (Class A)* (Commercial Services and Supplies)	200		14,676
Apple Computer* (Computers and Peripherals)	1,200		46,512
Bank of America (Commercial Banks)	1,000		43,330
Barr Pharmaceuticals* (Pharmaceuticals)	100		4,143
Best Buy* (Specialty Retail)	800		43,392
Cardinal Health (Health Care Providers and Services)	300		13,131
Cisco Systems* (Communications Equipment)	1,000		18,055
Citigroup (Diversified Financial Services)	400		17,648
Countrywide Financial (Thrifts and Mortgage Finance)	1,098		43,250
Danaher (Machinery)	400		20,512
Dell* (Computers and Peripherals)	500		17,775
Ensco International (Energy Equipment and Services)	1,000		32,670
Exxon Mobil (Oil and Gas)	700		33,831
General Electric (Industrial Conglomerates)	1,700		57,086
Gillette (Personal Products)	700		29,218
Home Depot (Specialty Retail)	900		35,280
IVAX (Pharmaceuticals)	1,750		33,513
Medtronic (Health Care Equipment and Supplies)	500		25,950
Microsoft (Software)	900		24,881
Motorola (Communications Equipment)	2,700		48,708
Schering-Plough (Pharmaceuticals)	2,700		51,462
Schlumberger (Energy Equipment and Services)	600		40,386
Staples (Specialty Retail)	1,300		38,734
Starbucks* (Hotels, Restaurants and Leisure)	700		31,847
Transocean Sedco Forex (Energy Equipment and Services)	900		32,202
Waste Management (Commercial Services and Supplies)	400		10,936
XM Satellite Radio Holdings (Class A)* (Media)	2,100		65,163
Yahoo!* (Internet Software and Services)	2,000		67,930
			942,221
Total Investments 94.6%			2,367,463
Other Assets Less Liabilities 5.4%			136,132
Net Assets 100.0%		$	2,503,595

____________

See accompanying notes.

Seligman Global Smaller Companies Portfolio

	Shares			Value
Common Stocks 99.7%
Australia 1.0%
AWB (Food and Staples Retailing)	4,965		$	16,295
John Fairfax Holdings (Media)	4,153			11,164
Smorgon Steel Group (Metals and Mining)	20,781			17,023
STW Communications Group (Media)	5,417			12,551
				57,033
Bermuda 1.0%
Bunge (Food Products)	675			26,987
Platinum Underwriters Holdings (Insurance)	935			27,377
				54,364
Canada 5.8%
Canaccord Capital*† (Capital Markets)	3,600			24,470
Deer Creek*† (Machinery)	3,000			19,798
Deer Creek Energy* (Oil and Gas)	1,000			6,599
Dundee Real Estate Investment Trust (Real Estate)	1,500			28,868
Dundee Wealth Management (Capital Markets)	1,500			10,670
Dundee Wealth Management+ (Capital Markets)	2,700			19,206
Gildan Activewear (Class A)* (Textiles, Apparel and Luxury Goods)	1,100			31,020
GMP Capital (Capital Markets)	934			12,918
GMP Capital† (Capital Markets)	800			11,065
Northgate Minerals* (Metals and Mining)	16,500			31,515
OPTI Canada (Oil and Gas)	1,000			15,017
OPTI Canada† (Oil and Gas)	1,600			24,027
Ritchie Bros. Auctioneers (Commercial Services and Supplies)	1,000			30,650
UTS Energy (Oil and Gas)	21,700	Ø		16,637
Western Oil Sands (Class A)* (Oil and Gas)	1,237			36,897
				319,357
China 0.7%
Beijing Capital International Airport (Transportation Infrastructure)	62,000			21,899
China Oilfield Services (Class H) (Energy Equipment and Services)	64,000			18,882
				40,781
Czech Republic 0.2%
Zentiva*† (Pharmaceuticals)	400			9,002
Denmark 0.9%
Carlsberg (Class B) (Beverages)	417			19,492
FLS Industries (Class B)* (Construction and Engineering)	2,290			28,289
				47,781
Finland 0.7%
OKO Osuuspankkien Keskuspankki (Commercial Banks)	1,200			14,601
TietoEnator (IT Services)	800			23,177
				37,778
France 4.4%
Alstom* (Electrical Equipment)	98,460			58,716
April Group (Insurance)	135			3,001
Bacou-Dalloz (Commercial Services and Supplies)	394			27,857
Cegedim (Health Care Providers and Services)	140			10,612
GL Trade (Software)	380			12,857
Havas* (Media)	2,637	Ø		15,003
Marionnaud Parfumeries (Specialty Retail)	450			11,762
Nexans (Electrical Equipment)	400			13,595
NRJ Group (Media)	2,300			45,738
Remy Cointreau (Beverages)	1,300			44,356
				243,497
Germany 2.1%
Aixtron (Semiconductors and Semiconductor Equipment)	1,934			8,975
Elmos Semiconductor (Semiconductors and Semiconductor Equipment)	1,422			23,894
Epcos* (Electronic Equipment and Instruments)	1,177			17,885
Funkwerk (Communications Equipment)	300			10,894
Hochtief (Construction and Engineering)	1,021			25,195
Jenoptik (Semiconductors and Semiconductor Equipment)	1,194			11,207
Schwarz Pharma (Pharmaceuticals)	400			15,025
United Internet* (Internet Software and Services)	144			3,096
				116,171
Greece 1.1%
Aktor (Construction and Engineering)	6,043			24,298
Piraeus Bank (Commercial Banks)	1,900			21,803
Titan Cement (Construction Materials)	700			17,582
				63,683
Hong Kong 0.5%
Far East Pharmaceutical Technology (Pharmaceuticals)	104,300			-
First Pacific* (Diversified Financial Services)	46,000			12,808
i-CABLE Communications (Media)	49,000			16,811
				29,619
Italy 3.0%
Banca Popolare di Milano (Commercial Banks)	2,300			14,437
Brembo (Auto Components)	3,100			20,609
Caltagirone Editore (Media)	3,000			24,503
Hera (Multi-Utilities and Unregulated Power)	4,800			12,223
Permasteelisa (Building Products)	1,100			18,637
Recordati (Pharmaceuticals)	700			13,785
Sorin* (Health Care Equipment and Supplies)	11,230			31,813
Tod's (Textiles, Apparel and Luxury Goods)	820			31,615
				167,622
Japan 12.9%
77 Bank (Commercial Banks)	8,000			44,936
Aichi Bank (Commercial Banks)	300			21,565
Asatsu-DK (Media)	600			16,506
Avex (Media)	900			12,503
Disco* (Semiconductors and Semiconductor Equipment)	600			24,389
Ebara* (Machinery)	2,000			8,602
Fujimi (Chemicals)	700			16,172
Futaba (Electrical Equipment)	1,000			23,774
Hitachi Medical (Health Care Equipment and Supplies)	2,000			28,147
Hokuto (Food Products)	1,300			20,735
Hosiden (Electronic Equipment and Instruments)	2,400			26,024
Ines (IT Services)	1,100			9,897
Japan Securities Finance (Diversified Financial Services)	2,000			11,547
Joyo Bank (Commercial Banks)	5,000			20,145
Kobayashi Pharmaceutical (Health Care Equipment and Supplies)	1,000			24,659
Kose (Personal Products)	400			15,318
Milbon (Personal Products)	700			18,207
Mochida Pharmaceutical (Pharmaceuticals)	4,000			23,764
Mori Seiki (Machinery)	2,000			14,265
NEC Soft (IT Services)	1,300			29,608
Nippon Shinyaku (Pharmaceuticals)	4,000			25,006
OBIC (IT Services)	100			18,795
PanaHome (Household Durables)	4,000			19,734
Shiga Bank (Commercial Banks)	5,000			24,908
Showa Denko K.K. (Chemicals)	6,000			14,319
Suruga Bank (Commercial Banks)	4,000			28,495
Taiyo Ink Manufacturing (Chemicals)	900			31,752
Takasago International (Chemicals)	2,000			9,534
Tanabe Seiyaku (Pharmaceuticals)	2,400			21,364
THK (Machinery)	1,500			25,192
Tokyo Ohka Kogyo (Chemicals)	1,800			32,095
Toppan Forms (Commercial Services and Supplies)	2,400			29,335
Towa Pharmaceutical (Pharmaceuticals)	1,000			19,191
				710,483
Mexico 0.4%
Kimberly-Clark de Mexico (Household Products)	6,900			20,259
Netherlands 1.9%
AM (Construction and Engineering)	1,600			12,871
Chicago Bridge & Iron (NY shares) (Construction and Engineering)	950			28,490
Equant* (Diversified Telecommunication Services)	9,481			37,610
Laurus* (Food and Staples Retailing)	16,270			12,741
Unit 4 Agresso* (Software)	1,047			14,736
				106,448
New Zealand 1.1%
Air New Zealand* (Airlines)	11,052			12,561
Carter Holt Harvey (Paper and Forest Products)	14,280			21,731
Warehouse Group (Multi-Line Retail)	8,965			25,641
				59,933
Singapore 0.8%
MobilOne (Wireless Telecommunication Services)	22,000			20,522
SembCorp Logistics (Transportation Infrastructure)	17,000			22,904
				43,426
South Korea 2.2%
Cheil Communications (Media)	110			14,211
Daegu Bank (Commercial Banks)	3,330			18,952
Daewoo Securities* (Capital Markets)	7,270			21,808
Hanil Cement (Construction Materials)	180			7,209
Kook Soon Dang Brewery (Food Products)	249			2,931
Korea Exchange Bank* (Commercial Banks)	1,940			11,284
LG Household and Health Care (Household Products)	939			25,115
Samsung Securities (Capital Markets)	1,030			17,571
				119,081
Spain 0.4%
Prosegur, Compania de Seguridad (Commercial Services and Supplies)	1,200			19,772
Sweden 1.3%
Eniro (Media)	3,440			29,771
Medivir (Class B)* (Biotechnology)	660			8,519
Modern Times Group (Class B)* (Media)	800			14,949
Teleca (Class B) (IT Services)	4,930			21,003
				74,242
Switzerland 1.6%
Bachem Holding (Class B) (Biotechnology)	250			12,952
Julius Baer Holding (Class B) (Capital Markets)	45			12,360
Baloise Holding (Insurance)	831			32,202
Helvetia Patria Holding (Insurance)	108			17,326
Micronas Semiconductor Holding* (Semiconductors and Semiconductor Equipment)	250			10,627
Tecan (Health Care Equipment and Supplies)	181			4,231
				89,698
United Kingdom 6.9%
Aggreko (Commercial Services and Supplies)	8,900			22,951
Bespak (Health Care Equipment and Supplies)	800			6,405
Cambridge Antibody Technology Group* (Biotechnology)	2,000			22,362
Capital Radio (Media)	1,500			11,156
De La Rue (Commercial Services and Supplies)	5,200			29,303
easyJet (Airlines)	11,300			26,024
Expro International Group (Energy Equipment and Services)	2,603			15,899
FirstGroup (Road and Rail)	5,200			27,644
Group 4 Securicor* (Commercial Services and Supplies)	10,300			21,659
Hiscox (Insurance)	6,444			19,342
Jardine Lloyd Thompson Group (Insurance)	3,000			23,505
Misys (Software)	13,300			47,259
Novar (Building Products)	10,200			21,435
PHS Group (Commercial Services and Supplies)	14,654			20,093
SurfControl* (Software)	1,419			14,640
Tullow Oil (Oil and Gas)	5,700			14,840
VT Group (Aerospace and Defense)	3,461			16,209
Yule Catto (Chemicals)	3,900			18,201
				378,927
United States 48.8%
1-800 Contacts* (Internet and Catalog Retail)	1,600			24,520
Abgenix* (Biotechnology)	2,700			26,635
Acadia Realty Trust (Real Estate)	2,050			30,238
Adaptec* (Computers and Peripherals)	3,400			25,874
AGCO* (Machinery)	1,350			30,537
Alliant Techsystems* (Aerospace and Defense)	450			27,225
American Home Mortgage Holdings (Real Estate)	1,025			28,649
AmSurg* (Health Care Providers and Services)	1,075			22,726
Arch Coal (Metals and Mining)	850			30,166
ARIAD Pharmaceuticals* (Biotechnology)	3,300			21,863
Armor Holdings* (Aerospace and Defense)	650			27,046
Array BioPharma* (Biotechnology)	2,400			16,752
Asyst Technologies* (Semiconductors and Semiconductor Equipment)	4,150			21,227
Bio-Rad Laboratories (Class A)* (Health Care Equipment and Supplies)	550			28,105
Biosite* (Health Care Equipment and Supplies)	725			35,579
BISYS Group* (IT Services)	2,100			30,681
Blackbaud (Software)	1,900			18,649
Blount International* (Machinery)	2,200			28,820
Cabot Oil & Gas (Oil and Gas)	625			28,063
Celera Genomics Group* (Biotechnology)	2,500			29,225
Charming Shoppes* (Specialty Retail)	3,100			22,180
CONMED* (Health Care Equipment and Supplies)	800			21,052
Corinthian Colleges* (Commercial Services and Supplies)	1,900			25,631
Credence Systems* (Semiconductors and Semiconductor Equipment)	4,500			32,558
CV Therapeutics* (Biotechnology)	2,600			32,435
Denbury Resources* (Oil and Gas)	1,300			33,020
DiamondRock Hospitality*† (Diversified Financial Services)	3,000			30,000
EDO (Aerospace and Defense)	900			24,975
Electronics Boutique Holdings* (Specialty Retail)	850			28,989
Encysive Pharmaceuticals* (Biotechnology)	4,950			44,723
Exelixis* (Biotechnology)	3,700			29,785
Ferro (Chemicals)	1,250			27,263
First Marblehead* (Consumer Finance)	550			25,520
First Republic Bank (Commercial Banks)	650			29,900
FirstFed Financial* (Thrifts and Mortgage Finance)	625			30,550
Forest Oil* (Oil and Gas)	1,050			31,626
GameStop (Class A)* (Specialty Retail)	1,800			33,318
Group 1 Automotive* (Specialty Retail)	1,000			27,280
HCC Insurance Holdings (Insurance)	900			27,135
Human Genome Sciences* (Biotechnology)	2,750			29,961
Hutchinson Technology* (Computers and Peripherals)	1,700			45,458
Incyte* (Biotechnology)	3,900			37,576
International Rectifier* (Semiconductors and Semiconductor Equipment)	1,100			37,730
Iomega* (Computers and Peripherals)	5,400			25,110
Iron Mountain* (Commercial Services and Supplies)	850			28,773
Itron* (Electronic Equipment and Instruments)	1,750			30,520
JDA Software Group (Software)	2,300			24,851
Kansas City Life Insurance (Insurance)	600			25,401
KFX* (Oil and Gas)	3,800			29,298
KNBT Bancorp (Thrifts and Mortgage Finance)	1,800			30,231
Kosan Biosciences* (Biotechnology)	2,300			13,283
Leadis Technology* (Semiconductors and Semiconductor Equipment)	1,300			14,989
Lin TV (Class A)* (Media)	1,300			25,324
M/I Homes (Household Durables)	725			30,769
Massey Energy (Metals and Mining)	1,025			29,653
MAXIMUS* (IT Services)	1,000			28,810
McGrath RentCorp (Commercial Services and Supplies)	200			7,317
MedCath* (Health Care Providers and Services)	1,625			25,829
Medical Properties Trust† (Real Estate)	2,100			21,000
Mercury Computer Systems* (Aerospace and Defense)	1,000			26,860
MFA Mortgage Investments (Real Estate)	2,700			24,867
MTC Technologies* (Aerospace and Defense)	100			2,760
NBTY* (Personal Products)	1,250			26,950
NewAlliance Bancshares* (Thrifts and Mortgage Finance)	2,150			30,820
Nexstar Broadcasting Group (Class A)* (Media)	2,600			21,931
O'Reilly Automotive* (Specialty Retail)	625			23,903
OSI Systems* (Electronic Equipment and Instruments)	1,800			29,052
ParkerVision* (Communications Equipment)	1,400			5,509
ParkerVision* (Leisure Equipment and Products)	2,000			7,870
Penn Virginia (Oil and Gas)	850			33,652
PFF Bancorp (Thrifts and Mortgage Finance)	800			30,616
Pilgrim's Pride (Food Products)	475			12,863
Plains Exploration & Production* (Oil and Gas)	1,503			35,862
PNM Resources (Electric Utilities)	1,425			32,077
PolyMedica (Health Care Equipment and Supplies)	1,175			36,137
Regis (Specialty Retail)	600			24,132
REMEC* (Communications Equipment)	4,700			22,114
Rotech Healthcare* (Health Care Providers and Services)	975			19,500
ScanSoft* (Software)	6,800			27,710
Shurgard Storage Centers (Real Estate)	675			26,190
SimpleTech* (Computers and Peripherals)	5,100			18,462
SiRF Technology Holdings* (Communications Equipment)	800			11,304
Standard Motor Products (Auto Components)	1,750			26,443
Standard Pacific (Household Durables)	550			31,004
Steel Dynamics* (Metals and Mining)	800			30,868
SureBeam (Class A)* (Electronic Equipment and Instruments)	8,500			77
Swift Energy* (Oil and Gas)	1,350			32,346
Syntroleum* (Oil and Gas)	2,900			20,329
Sypris Solutions (Aerospace and Defense)	1,675			22,738
Terex* (Machinery)	650			28,210
theglobe.com* (Media)	22,500	Ø		16,391
TierOne (Thrifts and Mortgage Finance)	1,250			28,875
Timberland (Class A)* (Textiles, Apparel and Luxury Goods)	390			22,152
UGI (Gas Utilities)	800			29,808
United Rentals* (Commercial Services and Supplies)	1,800			28,602
Universal Forest Products (Building Products)	800			27,328
USF (Road and Rail)	800			28,736
Value Line (Media)	400			15,058
Vintage Petroleum (Oil and Gas)	1,550			31,109
Wheeling-Pittsburgh* (Metals and Mining)	2,350			73,743
Yankee Candle* (Household Durables)	1,100			31,856
				2,689,217
Total Investments 99.7%				5,498,174
Other Assets Less Liabilities 0.3%				18,558
Net Assets 100.0%			$	5,516,732

____________

See accompanying notes.

Seligman Global Technology Portfolio

	Shares		Value
Common Stocks 95.6%
Bermuda 1.8%
Accenture (Class A)* (IT Services)	6,200	$	167,710
Canada 0.7%
Cognos* (Application Software)	1,800		63,927
Finland 2.7%
Nokia (ADR) (Communications Equipment)	11,000		150,920
TietoEnator (IT Services)	3,600		104,298
			255,218
France 1.2%
Alcatel* (Communications Equipment)	5,848		68,449
Atos Origin* (IT Services)	846		46,809
			115,258
Germany 1.5%
SAP (Application Software)	900		140,051
India 1.8%
Infosys Technologies (IT Services)	2,000		73,898
Tata Consultancy Services* (IT Services)	4,193		93,847
			167,745
Israel 2.2%
Check Point Software Technologies* (Systems Software)	6,900		117,127
Ness Technologies (IT Services)	2,900		37,004
Orbotech* (Electronic Equipment and Instruments)	2,800		48,930
			203,061
Italy 0.9%
e.Biscom* (Diversified Telecommunication Services)	1,600		79,671
Japan 8.9%
Brother Industries (Office Electronics)	11,000		91,825
Canon (Office Electronics)	3,000		140,872
Citizen Watch (Electronic Equipment and Instruments)	11,800		115,531
Fujitsu (Computers and Peripherals)	12,100		70,157
Funai Electric (Household Durables)	400		53,936
Hoya (Electronic Equipment and Instruments)	1,500		157,201
Konica Minolta Holdings (Office Electronics)	3,000		41,021
Matsushita Electric Industrial (Household Durables)	3,500		46,715
Murata Manufacturing (Electronic Equipment and Instruments)	1,500		72,134
Ushio (Electrical Equipment)	3,000		50,579
			839,971
Singapore 0.5%
Flextronics International* (Electronic Equipment and Instruments)	3,600		47,520
Sweden 1.2%
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	35,000		109,123
Taiwan 1.2%
Asia Optical (Leisure Equipment and Products)	5,000		24,000
High Tech Computer (Computers and Peripherals)	13,000		49,493
Ichia Technologies (Computers and Peripherals)	26,000		41,999
			115,492
United Kingdom 1.1%
LogicaCMG (IT Services)	16,200		50,834
The Sage Group (Application Software)	18,300		53,748
			104,582
United States 69.9%
Advanced Micro Devices* (Semiconductors and Semiconductor Equipment)	10,000		130,000
Amdocs* (IT Services)	16,600		362,378
Amphenol (Class A)* (Electronic Equipment and Instruments)	5,500		188,430
Analog Devices (Semiconductors and Semiconductor Equipment)	1,900		73,682
Ask Jeeves* (Internet Software and Services)	1,500		49,020
Avid Technology* (Computers and Peripherals)	3,600		168,570
Avocent* (Communications Equipment)	3,800		98,686
Beckman Coulter (Health Care Equipment and Supplies)	1,400		78,568
BMC Software* (Systems Software)	14,600		230,826
Boston Scientific* (Health Care Equipment and Supplies)	3,200		127,136
Brocade Communications Systems* (Computers and Peripherals)	4,400		24,838
Cisco Systems* (Communications Equipment)	12,200		220,271
Citrix Systems* (Systems Software)	8,100		141,872
Computer Associates International (Systems Software)	11,600		305,080
Corning* (Communications Equipment)	7,100		78,668
Credence Systems* (Semiconductors and Semiconductor Equipment)	4,900		35,451
Dell* (Computers and Peripherals)	2,800		99,540
Dex Media* (Media)	3,500		74,095
DJ Orthopedics* (Health Care Equipment and Supplies)	2,300		40,595
DST Systems* (IT Services)	1,300		57,811
eBay* (Internet and Catalog Retail)	800		73,572
FileNet* (Application Software)	1,000		17,485
Fisher Scientific International* (Health Care Equipment and Supplies)	1,700		99,161
Hewlett-Packard (Computers and Peripherals)	9,100		170,625
Hyperion Solutions* (Application Software)	3,100		105,431
Intel (Semiconductors and Semiconductor Equipment)	3,100		62,124
International Business Machines (Computers and Peripherals)	600		51,444
Intersil (Class A)* (Semiconductors and Semiconductor Equipment)	2,700		42,998
Invitrogen* (Biotechnology)	900		49,518
Laboratory Corporation of America Holdings* (Health Care Providers and Services)	6,900		301,668
Lam Research* (Semiconductors and Semiconductor Equipment)	4,400		96,250
Lexmark International (Class A)* (Computers and Peripherals)	1,300		109,213
Lucent Technologies* (Communications Equipment)	18,500		58,645
Macrovision* (Systems Software)	2,000		48,130
Magma Design Automation* (Application Software)	5,900		89,090
Mattson Technology* (Semiconductors and Semiconductor Equipment)	2,700		20,695
Maxim Integrated Products (Semiconductors and Semiconductor Equipment)	800		33,792
MEMC Electronic Materials* (Semiconductors and Semiconductor Equipment)	18,100		153,488
Microsoft (Systems Software)	18,400		508,668
Millipore* (Health Care Equipment and Supplies)	900		43,065
Novellus Systems* (Semiconductors and Semiconductor Equipment)	2,800		74,508
Oracle* (Systems Software)	11,200		126,504
Photon Dynamics* (Electronic Equipment and Instruments)	2,800		56,616
Plantronics (Communications Equipment)	800		34,592
QUALCOMM (Communications Equipment)	2,300		89,781
Quest Diagnostics (Health Care Providers and Services)	2,700		238,194
St. Jude Medical* (Health Care Equipment and Supplies)	1,400		105,378
SunGard Data Systems* (IT Services)	6,550		155,694
Symantec* (Systems Software)	7,100		390,038
Synopsys* (Application Software)	9,500		149,958
Take-Two Interactive Software* (Home Entertainment Software)	3,900		128,134
VeriSign* (Internet Software and Services)	5,200		103,168
VERITAS Software* (Systems Software)	4,100		73,083
Williams Industries (Hotels, Restaurants and Leisure)	1,300		33,397
Yahoo!* (Internet Software and Services)	2,800		95,102
			6,574,726
Total Investments 95.6%			8,984,055
Other Assets Less Liabilities 4.4%			417,060
Net Assets 100.0%		$	9,401,115

____________

See accompanying notes.

Seligman High-Yield Bond Portfolio

		Principal Amount, Shares, or Warrants		Value
Corporate Bonds 93.7%
Aerospace 4.1%
BE Aerospace 9.50%, 11/1/2008	$	75,000	$	78,000
Hexcel 9.875%, 10/1/2008		50,000		56,250
K & F Industries 9.625%, 12/15/2010		25,000		27,938
Sequa 9%, 8/1/2009		50,000		55,250
Transdigm 8.375%, 7/15/2011		25,000		26,875
				244,313
Auto 3.5%
Goodyear Tire & Rubber 7.857%, 8/15/2011		50,000		47,375
Stoneridge 11.50%, 5/1/2012		50,000		56,875
Tenneco Automotive 10.25%, 7/15/2013		50,000		57,250
TRW Automotive Acquisition:
9.375%, 2/15/2013		25,000		28,688
11%, 2/15/2013		16,000		19,120
				209,308
Broadcasting 2.1%
Granite Broadcasting 9.75%, 12/1/2010		25,000		23,250
Nextmedia Operating 10.75%, 7/1/2011		25,000		28,281
Paxson Communications 0% (12.25%**), 1/15/2009		25,000		21,562
Sinclair Broadcast Group 8%, 3/15/2012		25,000		26,063
Young Broadcasting 10%, 3/1/2011		25,000		25,875
				125,031
Building Products 2.3%
Associated Materials 9.75%, 4/15/2012		50,000		57,625
Euramax International 8.50%, 8/15/2011		25,000		26,750
THL Buildco (Nortek) 8.50%, 9/1/2014†		25,000		26,312
Texas Industries 10.25%, 6/15/2011		25,000		28,875
				139,562
Cable 4.6%
Charter Communications 0% (11.75%**), 5/15/2011		100,000		62,500
Charter Communications Holdings 10.25%, 9/15/2010		100,000		102,625
CSC Holdings 7.875%, 12/15/2007		25,000		26,656
Insight Midwest/Insight Capital 10.50%, 11/1/2010		50,000		55,000
Mediacom Broadband 11%, 7/15/2013		25,000		26,750
				273,531
Capital Goods 3.5%
Blount 8.875%, 8/1/2012		25,000		26,688
Columbus McKinnon 10%, 8/1/2010		25,000		27,625
JLG Industries 8.375%, 6/15/2012		50,000		52,500
NMHG Holding 10%, 5/15/2009		25,000		27,625
Norcross Safety Products 9.875%, 8/15/2011		25,000		27,250
Park-Ohio Industries 9.25%, 12/1/2007		50,000		51,000
				212,688
Chemicals 10.0%
ARCO Chemical 9.80%, 2/1/2020		25,000		26,188
Equistar Chemicals 10.125%, 9/1/2008		25,000		28,313
Hines Nurseries 10.25%, 10/1/2011		25,000		26,625
Huntsman ICI Chemicals 10.125%, 7/1/2009		75,000		79,125
International Specialty Holdings 10.625%, 12/15/2009		50,000		55,250
Koppers 9.875%, 10/15/2013		25,000		27,750
Lyondell Chemical 11.125%, 7/15/2012		50,000		58,250
Millennium America 9.25%, 6/15/2008		25,000		27,688
Nalco Financial Holdings 0% (9%**), 2/1/2014†		75,000		53,625
Nova Chemicals 7%, 5/15/2006		25,000		26,375
Polyone 10.625%, 5/15/2010		50,000		55,000
Resolution Performance Products 9.50%, 4/15/2010		50,000		51,875
Rockwood Specialties Group 10.625%, 5/15/2011		25,000		27,625
Terra Capital 11.50%, 6/1/2010		50,000		56,750
				600,439
Consumer Products 1.8%
Jostens Holding 0% (10.25%**), 12/1/2013		75,000		51,937
Playtex Products 9.375%, 6/1/2011		25,000		25,750
Rayovac 8.50%, 10/1/2013		25,000		27,250
				104,937
Containers 3.5%
Anchor Glass Container 11%, 2/15/2013		25,000		28,625
BWAY 10%, 10/15/2010		25,000		27,500
Crown Cork & Seal 8%, 4/15/2023		25,000		23,375
Crown European Holdings 9.50%, 3/1/2011		25,000		28,000
Owens-Illinois:
7.50%, 5/15/2010		50,000		51,375
7.80%, 5/15/2018		25,000		24,375
Pliant 11.125%, 9/1/2009		25,000		26,125
				209,375
Diversified Telecommunication 2.3%
Qwest 7.875%, 9/1/2011†		75,000		78,188
Qwest Services 14%, 12/15/2010†		50,000		58,625
				136,813
Electric 0.9%
CMS Energy 9.875%, 10/15/2007		25,000		27,906
MSW Energy Holdings 8.50%, 9/1/2010		25,000		27,500
				55,406
Energy 4.3%
Chesapeake Energy 8.375%, 11/1/2008		25,000		27,375
Dynegy Holdings 8.75%, 2/15/2012		25,000		26,125
El Paso 7.875%, 6/15/2012		50,000		49,875
El Paso Production Holdings 7.75%, 6/1/2013		25,000		25,188
Frontier Oil 6.625%, 10/1/2011†		25,000		25,437
Williams Companies 6.75%, 4/15/2009†		100,000		104,750
				258,750
Environmental 0.9%
Allied Waste North America:
7.625%, 1/1/2006		25,000		26,219
8.50%, 12/1/2008		25,000		27,250
				53,469
Finance 0.9%
Jostens IH 7.625%, 10/1/2012†		25,000		25,250
Western Financial Bank 9.625%, 5/15/2012		25,000		28,375
				53,625
Food and Beverage 2.6%
Land O' Lakes 8.75%, 11/15/2011		50,000		47,000
Pilgrim's Pride 9.25%, 11/15/2013		50,000		55,250
Seminis Vegetable Seeds 10.25%, 10/1/2013		50,000		56,000
				158,250
Food and Drug 1.7%
General Nutrition Centers 8.50%, 12/1/2010		25,000		25,687
Rite Aid:
8.125%, 5/1/2010		50,000		52,750
7.70%, 2/15/2027		25,000		21,062
				99,499
Gaming 1.8%
Harrah's Operating 7.875%, 12/15/2005		50,000		52,938
MGM Grand 9.75%, 6/1/2007		25,000		27,906
Park Place Entertainment 9.375%, 2/15/2007		25,000		27,938
				108,782
Health Care Facilities and Supplies 2.2%
Alliance Imaging 10.375%, 4/15/2011		50,000		54,562
Medex 8.875%, 5/15/2013		50,000		54,750
Universal Hospital Services 10.125%, 11/1/2011		25,000		25,500
				134,812
Leisure 0.8%
Intrawest 7.50%, 10/15/2013†		25,000		26,031
Six Flags 8.875%, 2/1/2010		25,000		23,562
				49,593
Lodging 1.8%
John Q. Hammons Hotels 8.875%, 5/15/2012		25,000		28,000
Host Marriot 9.50%, 1/15/2007		25,000		27,812
MeriStar Hospitality 9.125%, 1/15/2011		50,000		52,625
				108,437
Metals and Mining 6.0%
AK Steel 7.875%, 2/15/2009		50,000		49,875
Gerdau AmeriSteel 10.375%, 7/15/2011		50,000		57,250
IMCO Recycling 10.375%, 10/15/2010		75,000		82,875
Earle M. Jorgensen 9.75%, 6/1/2012		25,000		27,875
Neenah Foundry 11%, 9/30/2010		50,000		54,875
UCAR Finance 10.25%, 2/15/2012		25,000		28,750
United States Steel 10.75%, 8/1/2008		51,000		60,435
				361,935
Paper and Forest Products 6.1%
Ainsworth Lumber 7.25%, 10/1/2012†		25,000		25,375
Buckeye Technologies 8%, 10/15/2010		50,000		49,250
Caraustar Industries 9.875%, 4/1/2011		50,000		53,750
Georgia-Pacific 7.50%, 5/15/2006		75,000		79,688
Jefferson Smurfit 8.25%, 10/1/2012		25,000		27,688
Longview Fibre 10%, 1/15/2009		50,000		54,750
Newark Group 9.75%, 3/15/2014†		50,000		51,750
Tembec Industries 8.50%, 2/1/2011		25,000		26,250
				368,501
Publishing 4.8%
Dex Media 0% (9%**), 11/15/2013		175,000		129,062
Houghton Mifflin 9.875%, 2/1/2013		50,000		52,750
Primedia 8.875%, 5/15/2011		25,000		25,125
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
				286,062
Restaurants 1.3%
Buffets 11.25%, 7/15/2010		25,000		26,625
Denny's 10%, 10/1/2012†		25,000		25,219
Domino's 8.25%, 7/1/2011		22,000		23,925
				75,769
Satellite 1.3%
EchoStar:
10.375%, 10/1/2007		50,000		52,719
5.75%, 10/1/2008		25,000		25,250
				77,969
Services 1.8%
Mail-Well 9.625%, 3/15/2012		25,000		27,625
Mobile Mini 9.50%, 7/1/2013		25,000		27,875
Williams Scotsman:
9.875%, 6/1/2007		25,000		24,062
10%, 8/15/2008		25,000		26,938
				106,500
Stores 1.3%
Asbury Automotive Group 9%, 6/15/2012		25,000		26,500
Central Garden & Pet 9.125%, 2/1/2013		25,000		27,562
Hollywood Entertainment 9.625%, 3/15/2011		25,000		26,875
				80,937
Technology 1.6%
AMI Semiconductor 10.75%, 2/1/2013		32,000		37,440
Xerox 9.75%, 1/15/2009		50,000		58,500
				95,940
Textile and Apparel 0.9%
Russell 9.25%, 5/1/2010		50,000		54,500
Utilities 4.5%
AES 9.375%, 9/15/2010		25,000		28,281
Calpine:
8.50%, 7/15/2010†		50,000		38,500
8.75%, 7/15/2013†		25,000		19,000
9.625%, 10/1/2014†		75,000		74,063
Edison Mission Energy 7.73%, 6/15/2009		50,000		52,750
National Waterworks (Series B) 10.50%, 12/1/2012		25,000		28,500
NRG Energy 8%, 12/15/2013†		25,000		26,906
				268,000
Wireless 4.4%
Alamosa Delaware 11%, 7/31/2010		50,000		56,875
Centenial Cellular Operating 10.75%, 12/15/2008		22,000		22,990
Centennial Communications 8.625%, 2/1/2014†		25,000		23,969
Nextel Communications 9.375%, 11/15/2009		25,000		26,594
Nextel Partners:
12.50%, 11/15/2009		9,000		10,440
8.125%, 7/1/2011		25,000		26,625
Rural Cellular:
9.75%, 1/15/2010		25,000		21,875
9.875%, 2/1/2010		25,000		24,875
Western Wireless 9.25%, 7/15/2013		50,000		51,250
				265,493
Wireless Tower 4.1%
American Tower:
9.375%, 2/1/2009		33,000		35,145
7.50%, 5/1/2012		50,000		51,250
7.125%, 10/15/2012†		25,000		24,875
Crown Castle International 10.75%, 8/1/2011		50,000		55,875
SBA Telecommunications 0% (9.75%**), 12/15/2011		100,000		81,500
				248,645
Total Corporate Bonds				5,626,871
Preferred Stocks 0.7%
Publishing 0.7%
Primedia 8.625%		500	shs.	41,750
Asset-Backed Securities†† 0.3%
Utilities 0.3%
Midland Funding 11.75%, 7/23/2005	$	17,208		18,307
Warrants 0.1%
Wireless Tower 0.1%
American Tower†		25	wts.	4,712
Repurchase Agreement 4.4%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$265,012 collateralized by:
$275,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $273,453	$	265,000		265,000
Total Investments 99.2%				5,956,640
Other Assets Less Liabilities 0.8%				47,245
Net Assets 100.0%			$	6,003,885

____________

See accompanying notes.

Seligman Income and Growth Portfolio

		Shares or Principal Amount			Value
Common Stocks 59.5%
Aerospace and Defense 1.6%
General Dynamics		200	shs.	$	20,420
L-3 Communications Holdings*		310			20,770
					41,190
Auto Components 0.6%
Lear*		300			16,335
Beverages 1.6%
Coca-Cola		550			22,028
PepsiCo		400			19,460
					41,488
Biotechnology 0.9%
Amgen*		210			11,927
Gilead Sciences*		120			4,485
MedImmune*		300			7,105
					23,517
Building Products 0.5%
Masco		360			12,431
Capital Markets 0.9%
The Bank of New York		420			12,251
Goldman Sachs Group		30			2,797
Merrill Lynch		80			3,978
Morgan Stanley		110			5,423
					24,449
Chemicals 1.4%
Dow Chemical		300			13,554
Praxair		500			21,370
					34,924
Commercial Banks 2.6%
Bank of America		400			17,332
U.S. Bancorp		670			19,363
Wachovia		460			21,597
Wells Fargo		160			9,541
					67,833
Commercial Services and Supplies 1.0%
ServiceMaster		1,270			16,332
Waste Management		390			10,663
					26,995
Communications Equipment 1.7%
Andrew*		1,130			13,826
Cisco Systems*		1,090			19,680
QUALCOMM		260			10,149
					43,655
Computers and Peripherals 3.2%
Dell*		710			25,241
EMC*		1,370			15,810
Hewlett-Packard		510			9,562
International Business Machines		380			32,581
					83,194
Consumer Finance 1.1%
American Express		190			9,777
Capital One Financial		100			7,390
MBNA		490			12,348
					29,515
Diversified Financials 2.4%
Citigroup		963			42,488
J.P. Morgan Chase		460			18,276
					60,764
Diversified Telecommunication 0.4%
SBC Communications		260			6,747
Verizon Communications		110			4,332
					11,079
Electronic Equipment and Instruments 0.3%
Jabil Circuit*		370			8,510
Energy Equipment and Services 0.5%
Noble*		100			4,495
Rowan Companies*		310			8,184
					12,679
Food and Staples Retailing 1.8%
Kroger*		670			10,398
Sysco		200			5,984
Wal-Mart Stores		560			29,792
					46,174
Food Products 0.5%
Dean Foods*		410			12,308
Health Care Providers and Services 1.2%
Aetna		100			9,993
Andrx*		320			7,147
Anthem*		100			8,725
Laboratory Corporation of America Holdings*		100			4,372
					30,237
Hotels, Restaurants and Leisure 1.2%
Carnival		450			21,281
Marriott International (Class A)		210			10,912
					32,193
Household Durables 0.3%
Pulte Homes		110			6,751
Household Products 1.3%
Colgate-Palmolive		120			5,422
Procter & Gamble		500			27,060
					32,482
Industrial Conglomerates 3.3%
General Electric		1,610			54,064
Tyco International		1,020			31,273
					85,337
Insurance 3.1%
American International Group		460			31,275
Hartford Financial Services Group		180			11,147
PartnerRe		160			8,750
Prudential Financial		460			21,638
XL Capital (Class A)		100			7,399
					80,209
Internet and Catalog Retail 0.4%
eBay*		100			9,197
Machinery 1.3%
Deere		200			12,910
Illinois Tool Works		220			20,497
					33,407
Media 2.1%
Clear Channel Communications*		420			13,091
Time Warner*		1,220			19,691
Tribune		300			12,345
Univision Communications (Class A)*		320			10,115
					55,242
Metals and Mining 0.4%
Freeport-McMoRan Copper & Gold (Class B)		240			9,720
Multi-Line Retail 0.5%
Target		270			12,218
Multi-Utilities and Unregulated Power 0.7%
Dominion Resources		50			3,263
Duke Energy		600			13,734
					16,997
Oil and Gas 5.0%
BP (ADR) (United Kingdom)		160			9,205
ChevronTexaco		360			19,310
ConocoPhillips		300			24,855
Exxon Mobil		984			47,557
Noble Energy		250			14,560
Occidental Petroleum		260			14,542
					130,029
Paper and Forest Products 0.4%
Weyerhaeuser		140			9,307
Pharmaceuticals 5.4%
Abbott Laboratories		420			17,791
Forest Laboratories*		150			6,747
Johnson & Johnson		460			25,912
Novartis (ADR) (Switzerland)		620			28,935
Pfizer		1,330			40,698
Watson Pharmaceuticals*		250			7,365
Wyeth		350			13,090
					140,538
Real Estate 0.5%
Apartment Investment & Management (Class A)		400			13,912
Semiconductors and Semiconductor Equipment 1.2%
Intel		960			19,238
Taiwan Semiconductor Manufacturing (ADR) (Taiwan)		1,711			12,217
					31,455
Software 4.1%
Computer Associates International		820			21,566
Microsoft		2,120			58,607
Oracle*		370			4,179
Symantec*		310			17,030
Synopsys*		300			4,736
					106,118
Specialty Retail 1.2%
Advance Auto Parts*		150			5,160
Michaels Stores		310			18,355
Tiffany		210			6,455
					29,970
Thrifts and Mortgage Finance 1.0%
Fannie Mae		200			12,680
Freddie Mac		200			13,048
					25,728
Tobacco 1.3%
Altria Group		710			33,398
Wireless Telecommunication Services 0.6%
American Tower (Class A)*		370			5,680
Crown Castle International*		630			9,374
					15,054
Total Common Stocks					1,536,539
US Government and Government
Agency Securities 22.5%
US Government Securities 8.2%
US Treasury Bonds 5.375%, 2/15/2031	$	20,000			21,431
US Treasury Notes:
2.625%, 11/15/2006		65,000			64,998
3.125%, 10/15/2008		35,000			34,959
2.625%, 3/15/2009		15,000			14,606
3.125%, 4/15/2009		65,000			64,581
5%, 8/15/2011		10,000			10,750
Total US Government Securities					211,325
Mortgage-Backed Securities†† 6.0%
Federal Home Loan Mortgage ("Freddie Mac") Gold:
4.50%, 11/1/2007		1,945			1,968
5.50%, 6/1/2018		5,810			6,012
8%, 12/1/2023		3,676			4,025
4.50%, 8/1/2033		84,666			81,785
5%, 8/1/2033		7,031			6,986
Federal National Mortgage Association ("Fannie Mae"):
7%, 2/1/2012		1,304			1,383
8.50%, 9/1/2015		1,694			1,815
7%, 1/1/2032		4,233			4,493
5.50%, 8/1/2033		12,502			12,699
5%, 5/1/2034		34,483			34,174
Total Mortgage-Backed Securities					155,340
Agency Securities 8.3%
Freddie Mac:
4.125%, 2/24/2011		30,000			29,566
4.65%, 10/10/2013		75,000			74,729
5.50%, 8/20/2019		45,000			45,055
Fannie Mae:
2.81%, 9/28/2006		40,000			39,944
2.50%, 7/16/2007		25,000			24,604
Total Agency Securities					213,898
Total US Government and
Government Agency Securities					580,563
Corporate Bonds 15.2%
Aerospace & Defense 0.2%
Boeing Capital 5.80%, 1/15/2013		5,000			5,374
Beverages 0.2%
Anheuser-Busch 4.625%, 2/1/2015		5,000			4,963
Capital Markets 1.0%
Goldman Sachs Group 5%, 10/1/2014		10,000			9,911
Morgan Stanley 3.875%, 1/15/2009		15,000			15,016
					24,927
Chemicals 0.8%
E.I. du Pont de Nemours 4.875%, 4/30/2014		20,000			20,414
Commercial Banks 1.8%
Bank One 5.90%, 11/15/2011		15,000			16,080
Key Bank 5%, 7/17/2007		15,000			15,622
SunTrust Banks 4.25%, 10/15/2009		15,000			15,219
					46,921
Commercial Services and Supplies 0.4%
International Lease Finance 6.375%, 3/15/2009		10,000			10,965
Computers and Peripherals 0.5%
International Business Machines 8.375%, 11/1/2019		10,000			13,200
Consumer Finance 3.6%
Capital One Bank 5.75%, 9/15/2010		15,000			16,011
Ford Motor Credit:
7.375%, 10/28/2009		5,000			5,482
7%, 10/1/2013		15,000			15,886
General Motors Acceptance 2.51%, 1/16/2007		25,000			25,056
SLM 4%, 1/15/2009		10,000			10,033
					72,468
Diversified Financial Services 1.8%
CIT Group 4.75%, 12/15/2010		15,000			15,236
Citigroup 2%, 6/9/2009		10,000			10,018
General Electric Capital 2.148%, 9/15/2014		20,000			20,022
					45,276
Diversified Telecommunication Services 0.9%
Sprint Capital 8.375%, 3/15/2012		20,000			24,257
Food and Staples Retailing 0.9%
Safeway 7.50%, 9/15/2009		20,000			22,676
Health Care Providers and Services 0.4%
UnitedHealth Group 3.30%, 1/30/2008		10,000			9,943
Household Durables 0.4%
Fortune Brands 2.875%, 12/1/2006		10,000			9,969
Household Products 0.7%
Procter & Gamble 6.875%, 9/15/2009		15,000			17,089
Media 0.2%
Time Warner 9.15%, 2/1/2023		5,000			6,460
Multi-Utilities and Unregulated Power 1.6%
Carolina Power & Light 5.95%, 3/1/2009		15,000			16,079
Dominion Resources 6.75%, 12/15/2032		10,000			10,719
Duke Capital 4.37%, 3/1/2009		10,000			10,093
Duke Energy 5.30%, 10/1/2015		5,000			5,158
					42,049
Wireless Telecommunication Services 0.6%
Verizon Wireless Capital 5.375%, 12/15/2006		15,000			15,710
Total Corporate Bonds					392,661
Repurchase Agreement 2.3%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$61,003 collateralized by:
$65,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $64,634		61,000			61,000
Total Investments 99.5%					2,570,763
Other Assets Less Liabilities 0.5%					12,862
Net Assets 100.0%				$	2,583,625

____________

See accompanying notes.

Seligman International Growth Portfolio

	Shares		Value
Common Stocks 95.6%
Brazil 0.8%
Companhia Vale do Rio Doce "CVRD" (ADR) (Metals and Mining)	1,148	$	25,796
Canada 7.6%
Canadian National Railway (Road and Rail)	802		39,186
Petro - Canada (Oil and Gas)	551		28,629
Research In Motion* (Communications Equipment)	2,300		175,571
SNC-Lavalin Group (Construction and Engineering)	427		16,317
			259,703
France 12.0%
Alcatel* (Communications Equipment)	3,900		45,648
Club Mediterranee* (Hotels, Restaurants and Leisure)	600		28,401
Essilor International (Health Care Equipment and Supplies)	1,300		83,627
PSA Peugeot Citroen (Automobiles)	600		37,012
Pinault-Printemps-Redoute* (Multi-Line Retail)	227		20,876
Rodriguez Group (Leisure Equipment and Products)	600		29,884
Total* (Oil and Gas)	400		81,561
Unibail (Real Estate)	500		60,216
Vivendi Universal* (Media)	800		20,569
			407,794
Germany 8.3%
Adidas-Salomon (Textiles, Apparel and Luxury Goods)	400		55,886
Allianz (Insurance)	600		60,496
Bayerische Hypo-und Vereinsbank (Commercial Banks)	2,857		54,957
Continental (Auto Components)	800		43,539
DaimlerChrysler (Automobiles)	500		20,710
Muenchener Rueckversicherungs-Gesellschaft (Insurance)	485		46,781
			282,369
Greece 1.2%
EFG Eurobank Ergasias (Commercial Banks)	1,700		39,297
Hong Kong 4.7%
CNOOC (ADR) (Oil and Gas)	1,000		52,600
Esprit Holdings* (Specialty Retail)	11,500		58,871
Hutchison Whampoa (Industrial Conglomerates)	6,000		46,870
			158,341
India 2.0%
Infosys Technologies (ADR) (IT Services)	1,200		67,854
Ireland 5.6%
Elan (ADR)* (Pharmaceuticals)	8,200		191,880
Italy 2.4%
Autostrade (Transportation Infrastructure)	2,100		44,973
Saipem (Energy Equipment and Services)	3,400		38,234
			83,207
Japan 9.1%
Japan Tobacco (Tobacco)	9		75,316
Kao (Household Products)	1,000		22,096
MINEBEA (Machinery)	7,000		28,583
Nintendo (Software)	200		24,463
OBIC (IT Services)	100		18,795
Pioneer (Household Durables)	1,000		20,972
Suzuki Motor (Automobiles)	2,000		32,804
Trend Micro (Software)	2,000		86,014
			309,043
Luxembourg 1.2%
SES Global (FDR) (Media)	4,048		39,462
Netherlands 4.1%
European Aeronautic Defence and Space* (Aerospace and Defense)	2,813		74,617
Royal Numico* (Food Products)	2,000		63,745
			138,362
Russia 3.9%
Gazprom (ADR) (Energy Equipment and Services)	700		25,101
Mobile Telesystems (ADR) (Wireless Telecommunication Services)	300		43,497
LUKOIL (ADR) (Oil and Gas)	500		62,375
			130,973
South Korea 5.6%
Hyundai Motor (Automobiles)	1,210		55,744
Kia Motors (Automobiles)	2,720		25,017
LG Electronics (Household Durables)	1,880		109,014
			189,775
Sweden 3.1%
Telefonaktiebolaget LM Ericsson (ADR)* (Communications Equipment)	3,400		106,233
Switzerland 4.2%
Novartis (Pharmaceuticals)	500		23,322
Roche Holding (Pharmaceuticals)	572		59,246
Swatch Group (Class B) (Textiles, Apparel and Luxury Goods)	2,120		58,495
			141,063
United Kingdom 19.8%
BHP Billiton (Metals and Mining)	2,300		24,241
BP (Oil and Gas)	8,300		79,384
British Airways* (Airlines)	13,200		49,590
Capita Group (Commercial Services and Supplies)	7,123		42,450
The Carphone Warehouse Group (Specialty Retail)	24,748		66,829
EMI Group (Media)	9,117		36,493
GUS (Internet and Catalog Retail)	4,628		75,492
InterContinental Hotels Group (Hotels, Restaurants and Leisure)	5,000		56,942
Kesa Electricals (Specialty Retail)	4,589		23,512
Kingfisher (Specialty Retail)	6,379		35,644
Rolls-Royce Group (Aerospace and Defense)	12,595		57,811
Standard Chartered (Commercial Banks)	3,500		60,120
Vodafone Group (Wireless Telecommunication Services)	27,100		64,968
			673,476
Total Investments 95.6%			3,244,628
Other Assets Less Liabilities 4.4%			148,784
Net Assets 100.0%		$	3,393,412

____________

See accompanying notes.

Seligman Investment Grade Fixed Income Portfolio

		Principal
		Amount		Value
US Government and Government
Agency Securities 62.3%
US Government Securities 17.8%
US Treasury Bonds 5.375%, 2/15/2031	$	105,000	$	112,514
US Treasury Notes:
2.625%, 11/15/2006		190,000		189,992
3.125%, 10/15/2008		90,000		89,895
3.125%, 4/15/2009		190,000		188,775
5%, 8/15/2011		15,000		16,126
4.25%, 11/15/2013		175,000		177,311
Total US Government Securities				774,613
Mortgage-Backed Securities†† 30.7%
Federal Home Loan Mortgage ("Freddie Mac") Gold:
4.50%, 11/1/2007		122,544		123,960
6%, 11/1/2010		8,844		9,343
5.50%, 6/1/2018		38,260		39,592
8%, 12/1/2023		5,971		6,539
5.50%, 4/1/2029		98,731		100,585
6.50%, 7/1/2032		167,223		175,613
6%, 12/1/2032		145,511		150,556
4.50%, 8/1/2033		202,258		195,374
5%, 8/1/2033		46,300		46,007
Federal National Mortgage Association ("Fannie Mae"):
7%, 1/1/2008		20,345		21,586
7%, 2/1/2012		8,587		9,111
8.50%, 9/1/2015		7,058		7,562
6.50%, 5/1/2017		27,629		29,276
5.50%, 2/1/2018		58,767		60,849
7%, 1/1/2032		27,875		29,587
7%, 5/1/2032		73,435		77,945
5.50%, 8/1/2033		82,331		83,628
5%, 5/1/2034		167,489		165,990
Total Mortgage-Backed Securities				1,333,103
Agency Securities 13.8%
Freddie Mac:
4.125%, 2/24/2011		80,000		78,843
4.65%, 10/10/2013		250,000		249,097
5.50%, 8/20/2019		110,000		110,134
Fannie Mae 2.81%, 9/28/2006		105,000		104,853
Private Export Funding 5.685%, 5/15/2012		50,000		54,315
Total Agency Securities				597,242
Total US Government and
Government Agency Securities				2,704,958
Corporate Bonds 26.7%
Aerospace and Defense 0.6%
Boeing Capital 5.80%, 1/15/2013		25,000		26,868
Beverages 0.6%
Anheuser-Busch 4.625%, 2/1/2015		25,000		24,816
Capital Markets 1.5%
Goldman Sachs Group 5%, 10/1/2014		20,000		19,822
Morgan Stanley 3.875%, 1/15/2009		45,000		45,049
				64,871
Chemicals 1.2%
E.I. du Pont de Nemours 4.875%, 4/30/2014		50,000		51,034
Commercial Banks 2.4%
Bank One 5.90%, 11/15/2011		40,000		42,880
KeyBank 5%, 7/17/2007		30,000		31,245
SunTrust Banks 4.25%, 10/15/2009		30,000		30,438
				104,563
Commercial Services and Supplies 0.5%
International Lease Finance 6.375%, 3/15/2009		20,000		21,930
Computers and Peripherals 0.8%
International Business Machines 8.375%, 11/1/2019		25,000		33,000
Consumer Finance 4.6%
Capital One Bank 5.75%, 9/15/2010		35,000		37,359
Ford Motor Credit:
7.375%, 10/28/2009		15,000		16,447
7%, 10/1/2013		40,000		42,362
General Motors Acceptance 2.51%, 1/16/2007		55,000		55,124
SLM 4%, 1/15/2009		50,000		50,163
				201,455
Diversified Financial Services 3.1%
CIT Group 4.75%, 12/15/2010		55,000		55,864
Citigroup 2%, 6/9/2009		25,000		25,045
General Electric Capital 2.148%, 9/15/2014		55,000		55,060
				135,969
Diversified Telecommunication Services 1.5%
Sprint Capital 8.375%, 3/15/2012		55,000		66,708
Food and Staples Retailing 1.2%
Safeway 7.50%, 9/15/2009		45,000		51,022
Health Care Providers and Services 1.0%
UnitedHealth Group 3.30%, 1/30/2008		45,000		44,745
Household Durables 0.9%
Fortune Brand 2.875%, 12/1/2006		40,000		39,874
Household Products 1.6%
Procter & Gamble 6.875%, 9/15/2009		60,000		68,356
Media 1.2%
Time Warner 9.15%, 2/1/2023		40,000		51,679
Multi-Utilities and Unregulated Power 2.7%
Carolina Power & Light 5.95%, 3/1/2009		40,000		42,878
Dominion Resources 6.75%, 12/15/2032		25,000		26,797
Duke Capital 4.37%, 3/1/2009		20,000		20,186
Duke Energy 5.30%, 10/1/2015		25,000		25,790
				115,651
Wireless Telecommunication Services 1.3%
Verizon Wireless Capital 5.375%, 12/15/2006		55,000		57,601
Total Corporate Bonds				1,160,142
Asset-Backed Securities†† 2.9%
Aerospace and Defense 2.9%
Peco Energy Transition Trust 6.05%, 3/1/2009		100,000		105,384
PP & L Transition 6.83%, 3/25/2007		21,142		21,469
Total Asset-Backed Securities				126,853
Short-Term Holdings 8.2%
Repurchase Agreement 5.5%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$238,010 collateralized by:
$250,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $248,594		238,000		238,000
US Government Agency Securities 2.7%
Freddie Mac 1.72%, 10/12/2004		120,000		119,937
Total Short-Term Holdings				357,937
Total Investments 100.1%				4,349,890
Other Assets Less Liabilities (0.1)%				(5,709)
Net Assets 100.0%			$	4,344,181

____________

See accompanying notes.

Seligman Large-Cap Growth Portfolio

		Shares or Principal Amount			Value
Common Stocks 99.3%
Aerospace and Defense 4.4%
Boeing		1,000	shs.	$	51,620
Honeywell International		500			17,930
United Technologies		300			28,014
					97,564
Automobiles 0.7%
Harley-Davidson		250			14,860
Beverages 3.2%
Coca-Cola		1,000			40,050
PepsiCo		600			29,190
					69,240
Biotechnology 4.7%
Amgen*		1,000			56,795
Biogen Idec*		400			24,466
Gilead Sciences*		300			11,212
MedImmune*		500			11,843
					104,316
Communications Equipment 5.2%
Cisco Systems*		2,700			48,749
Nokia (ADR) (Finland)		2,500			34,300
QUALCOMM		800			31,228
					114,277
Computers and Peripherals 5.2%
Dell*		1,000			35,550
EMC*		3,100			35,774
International Business Machines		500			42,870
					114,194
Consumer Finance 0.8%
MBNA		700			17,640
Energy Equipment and Services 1.5%
Schlumberger		500			33,655
Food and Staples Retailing 2.9%
Wal-Mart Stores		1,000			53,200
Walgreen		300			10,749
					63,949
Health Care Equipment and Supplies 4.8%
Baxter International		400			12,864
Guidant		300			19,812
Medtronic		500			25,950
St. Jude Medical*		300			22,581
Zimmer Holdings*		300			23,712
					104,919
Health Care Providers and Services 1.3%
UnitedHealth Group		400			29,496
Hotels, Restaurants and Leisure 2.6%
Hilton Hotels		2,300			43,332
Starbucks*		300			13,649
					56,981
Household Products 2.7%
Procter & Gamble		1,100			59,532
Industrial Conglomerates 7.4%
3M		300			23,991
General Electric		2,750			92,345
Tyco International		1,500			45,990
					162,326
Insurance 3.1%
AFLAC		1,200			47,052
American International Group		300			20,397
					67,449
Internet and Catalog Retail 0.8%
eBay*		200			18,393
IT Services 4.1%
Accenture (Class A)* (Bermuda)		2,000			54,100
First Data		600			26,100
Fiserv*		300			10,456
					90,656
Machinery 3.3%
Caterpillar		500			40,225
Deere		500			32,275
					72,500
Media 2.2%
News Corp. (ADR) (Australia)		700			23,009
Time Warner*		1,500			24,210
					47,219
Multi-Line Retail 3.6%
Kohl's*		900			43,371
Target		800			36,200
					79,571
Pharmaceuticals 13.7%
Abbot Laboratories		900			38,124
Johnson & Johnson		1,400			78,862
Merck		800			26,400
Pfizer		3,330			101,898
Sanofi-Aventis (ADR) (France)		300			10,983
Schering-Plough		1,200			22,872
Wyeth		600			22,440
					301,579
Semiconductors and Semiconductor Equipment 8.7%
Broadcom (Class A)*		1,200			32,742
Intel		4,500			90,180
Texas Instruments		3,200			68,096
					191,018
Software 9.1%
Computer Associates International		2,300			60,490
Microsoft		4,100			113,345
Oracle*		2,300			25,978
					199,813
Specialty Retail 3.3%
Bed Bath & Beyond*		1,000			37,115
Home Depot		900			35,280
					72,395
Total Common Stocks					2,183,542
Repurchase Agreement 1.8%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$40,002 collateralized by:
$45,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $44,747	$	40,000			40,000
Total Investments 101.1%					2,223,542
Other Assets Less Liabilities (1.1)%					(24,149)
Net Assets 100.0%				$	2,199,393

____________

See accompanying notes.

Seligman Large-Cap Value Portfolio

	Shares		Value
Common Stocks 100.3%
Aerospace and Defense 6.4%
Honeywell International	4,000	$	143,440
United Technologies	2,000		186,760
			330,200
Automobiles 2.7%
Ford Motor	10,000		140,500
Capital Markets 4.2%
The Bank of New York	7,500		218,775
Chemicals 7.7%
Dow Chemical	5,000		225,900
Praxair	4,000		170,960
			396,860
Commercial Banks 7.2%
Bank of America	4,000		173,320
U.S. Bancorp	7,000		202,300
			375,620
Communications Equipment 2.7%
Cisco Systems*	7,700		139,023
Computers and Peripherals 3.8%
International Business Machines	2,300		197,202
Diversified Financial Services 3.4%
J.P. Morgan Chase	4,500		178,785
Food and Staples Retailing 3.2%
Costco Wholesale*	4,000		166,100
Health Care Equipment and Supplies 5.5%
Baxter International	4,000		128,640
Medtronic	3,000		155,700
			284,340
Industrial Conglomerates 2.6%
General Electric	4,000		134,320
Insurance 8.7%
Allstate	4,000		191,960
St. Paul Travelers Companies	4,200		138,852
UNUMProvident	7,800		122,382
			453,194
Machinery 2.8%
Caterpillar	1,800		144,810
Multi-Line Retail 2.7%
J.C. Penney	4,000		141,120
Multi-Utilities and Unregulated Power 3.3%
AES	17,000		169,830
Oil and Gas 7.6%
ChevronTexaco	3,620		194,177
Valero Energy	2,500		200,525
			394,702
Paper and Forest Products 6.6%
Georgia-Pacific	5,000		179,750
International Paper	4,000		161,640
			341,390
Pharmaceuticals 2.8%
Wyeth	3,900		145,860
Road and Rail 5.5%
CSX	5,000		166,000
Union Pacific	2,000		117,200
			283,200
Specialty Retail 1.8%
The Gap	5,000		93,500
Thrifts and Mortgage Finance 5.5%
Fannie Mae	2,300		145,820
Washington Mutual	3,500		136,780
			282,600
Tobacco 3.6%
Altria Group	4,000		188,160
Total Investments 100.3%			5,200,091
Other Assets Less Liabilities (0.3)%			(13,114)
Net Assets 100.0%		$	5,186,977

____________

See accompanying notes.

Seligman Small-Cap Value Portfolio

		Shares or Principal Amount			Value
Common Stocks 100.5%
Aerospace and Defense 2.6%
Cubic		310,000	shs.	$	7,099,000
Airlines 1.9%
Continental Airlines*		600,000			5,112,000
Beverages 1.1%
Constellation Brands (Class B)*		80,000			3,044,800
Biotechnology 4.8%
Enzon*		400,000			6,378,000
Pharmacopeia*		138,900			689,639
Protein Design Labs*		300,000			5,872,500
					12,940,139
Chemicals 14.3%
Cabot		160,000			6,171,200
Crompton		950,000			9,015,500
Hercules*		135,900			1,936,575
Lyondell Chemical		102,000			2,290,920
Millennium Chemicals*		300,000			6,363,000
Minerals Technologies		110,000			6,474,600
NOVA Chemicals (Canada)		160,000			6,192,000
					38,443,795
Commercial Services and Supplies 9.9%
Brink's		200,000			6,034,000
Korn/Ferry International		400,000			7,292,000
Sotheby's Holdings (Class A)*		500,000			7,860,000
Waste Connections*		170,000			5,385,600
					26,571,600
Communications Equipment 1.8%
Extreme Networks*		1,100,000			4,878,500
Computers and Peripherals 2.6%
Brocade Communications Systems*		1,220,000			6,886,900
Containers and Packaging 1.1%
Smurfit-Stone Container*		150,000			2,903,250
Electrical Equipment 1.5%
EnerSys		306,100			3,933,385
Electronic Equipment and Instruments 2.7%
Trimble Navigation*		230,000			7,279,500
Energy Equipment and Services 5.1%
Hanover Compressor*		500,000			6,725,000
Universal Compression Holdings*		204,100			6,953,687
					13,678,687
Food Products 1.5%
Bunge		100,000			3,998,000
Health Care Providers and Services 7.0%
Andrx*		260,000			5,807,100
Apria Healthcare Group*		230,000			6,267,500
Select Medical		500,000			6,715,000
					18,789,600
Hotels, Restaurants and Leisure 2.6%
Ruby Tuesday		250,000			6,967,500
Household Durables 4.6%
Furniture Brands International		190,000			4,765,200
Harman International Industries		70,000			7,542,500
					12,307,700
Insurance 5.2%
Allmerica Financial*		230,000			6,182,400
W.R. Berkley		90,000			3,794,400
Montpelier Re Holdings		110,000			4,034,800
					14,011,600
IT Services 1.8%
Carreker*		650,000			4,936,750
Machinery 8.0%
Mueller Industries		200,000			8,590,000
Stewart & Stevenson Services		520,900			9,204,303
Terex*		82,000			3,558,800
					21,353,103
Media 1.4%
Cadmus Communications		257,450			3,751,046
Metals and Mining 2.2%
Peabody Energy		100,000			5,950,000
Multi-Line Retail 2.1%
Fred's		320,000			5,752,000
Paper and Forest Products 0.9%
Bowater		60,000			2,291,400
Pharmaceuticals 1.6%
Eon Labs*		200,000			4,348,000
Road and Rail 1.8%
J.B. Hunt Transport Services		130,000			4,826,250
Semiconductors and Semiconductor Equipment 4.0%
Credence Systems*		650,000			4,702,750
Skyworks Solutions		626,000			5,940,740
					10,643,490
Software 2.8%
Accelrys		410,000			2,658,850
Mentor Graphics		440,000			4,820,200
					7,479,050
Thrifts and Mortgage Finance 3.6%
Commercial Federal		250,000			6,745,000
The PMI Group		70,000			2,840,600
					9,585,600
Total Common Stocks					269,762,645
Repurchase Agreement 10.3%
State Street Bank & Trust 1.58%,
dated 9/30/2004, maturing
10/1/2004, in the amount of
$27,514,208 collateralized by:
$28,500,000 US Treasury Notes
1.625%, 9/30/2005, with a fair
market value of $28,339,688	$	27,513,000			27,513,000
Total Investments 110.8%					297,275,645
Other Assets Less Liabilities (10.8)%					(28,929,217)
Net Assets 100.0%				$	268,346,428

____________

* Non-income producing security.

** Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate.

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

†† Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments.

^Ø Warrants or rights attached.

ADR - American Depository Receipts.

FDR - Fiduciary Depository Receipts.

GDR - Global Depository Receipts.

See accompanying notes.

Seligman Portfolios, Inc.

Notes to Schedules of Investments (unaudited)

September 30, 2004

1. Organization - Seligman Portfolios, Inc. (the “Fund”) consists 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”).

2. Security Valuation - Net asset value per share is calculated at 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 (for equity securities) or (for fixed income securities) 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. If such prices are not available, the securities are valued by J. & W. Seligman & Co. Incorporated, the Fund’s investment adviser, 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 held by the Global Growth, Global Smaller Companies, Global Technology and International Growth Portfolios. 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.
Other 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 event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts and extreme market volatility in the US markets.
The books and records of each Portfolio are maintained in US dollars. The market value of investment securities, other assets, and liabilities denominated in foreign currencies are translated into US dollars at the daily rate of exchange as reported by a pricing service.
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 that 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.

3. At September 30, 2004, the cost of investments for federal income tax purposes, and the tax basis gross and net unrealized appreciation and depreciation of portfolio securities, including the effects of foreign currency translations, were as follows:

Portfolio	Tax Basis Cost		Total Unrealized Appreciation		Total Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Capital Portfolio	$	14,324,030	$	1,153,124	$	502,637	$	650,487
Common Stock Portfolio		9,703,769		1,200,362		603,477		596,885
Communications and Information Portfolio		66,041,824		4,582,873		8,895,735		(4,312,862	)
Frontier Portfolio		5,313,168		1,107,441		336,179		771,262
Global Growth Portfolio		2,093,230		302,114		27,881		274,233
Global Smaller Companies Portfolio		5,364,823		607,303		473,952		133,351
Global Technology Portfolio		9,126,589		814,050		956,584		(142,534	)
High-Yield Bond Portfolio		5,661,707		325,037		30,104		294,933
Income and Growth Portfolio		2,424,040		201,853		55,130		146,723
International Growth Portfolio		2,843,405		450,335		49,112		401,223
Investment Grade Portfolio		4,314,416		44,336		8,862		35,474
Large-Cap Growth Portfolio		2,228,220		126,435		131,113		(4,678	)
Large-Cap Value Portfolio		4,663,370		925,732		389,011		536,721
Small-Cap Value Portfolio		252,687,045		68,645,526		24,056,926		44,588,600

ITEM 2. CONTROLS AND PROCEDURES.

a.   The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-Q is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

b.   The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

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

SIGNATURES

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

SELIGMAN PORTFOLIOS, INC.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer
Date:	November 24, 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:	November 24, 2004
By:	/S/ LAWRENCE P. VOGEL
	Lawrence P. Vogel
	Vice President, Treasurer and Chief Financial Officer
Date:	November 24, 2004

SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

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