Seligman Portfolios, Inc. December 31, 2004 Annual Report

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: 12/31/04

FORM N-CSR

ITEM 1. REPORTS TO STOCKHOLDERS.


Seligman Portfolios, Inc.
	Annual Report December 31, 2004

Seligman Portfolios, Inc.

Dear Contract Owner:

We are pleased to present the enclosed report for Seligman Portfolios, Inc. for the year ended December 31, 2004. Investment results and portfolio information, as well as audited financial statements, are contained in the pages following this letter.

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

Respectfully,

William C. Morris

Chairman

J. & W. Seligman & Co. Incorporated

February 14, 2005


Manager	Independent Registered Public Accounting Firm	General Counsel
J. & W. Seligman & Co.	Ernst & Young LLP	Sullivan & Cromwell LLP
Incorporated
100 Park Avenue
New York, New York 10017

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

Quarterly Schedules of Investments

Complete schedules of portfolio holdings owned by the Fund will be filed with the SEC for the first and third quarters of each fiscal year on Form N-Q, and will be available on the SEC’s website at www.sec.gov. In addition, the Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Certain of the information contained on Form N-Q is also made available on Seligman’s website at www.seligman.com.¹

Proxy Voting Policies and Procedures

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 (i) without charge, upon request, by calling toll-free (800) 221-7844 in the US or collect (212) 850-1864 outside the US and (ii) on the SEC’s website at www.sec.gov. Individual contract owners may also contact participating insurance companies for more information.

____________

¹	The reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report or the Fund’s prospectus.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

This section of the Annual Report is intended to help you understand the performance of each Portfolio of Seligman Portfolios, Inc. (the “Fund”), and to provide a summary of their portfolio characteristics.

Performance data quoted in this Annual Report represents past performance and does not guarantee future investment results. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns of the Fund as of the most recent month-end will be available at www.seligman.com¹by the seventh business day following that month-end. Calculations assume reinvestment of distributions. Returns for Class 1 and Class 2 shares are calculated without any sales charges. Performance data quoted are net of all portfolio operating expenses, but do not include any charges imposed on contract owners by the insurance companies’ separate account or by any pension or retirement plan. If these additional charges were included, performance would have been lower. For certain Portfolios, J. & W. Seligman & Co. Incorporated (the “Manager”) voluntarily reimbursed expenses. Such reimbursement can be discontinued at any time at the Manager’s discretion. Absent such reimbursement, returns would have been lower.

The chart for each Portfolio compares a $10,000 hypothetical investment made in Class 1 shares, to $10,000 hypothetical investments made in the appropriate benchmark indices, for the 10-year or since-inception period through December 31, 2004. For those Portfolios that issued Class 2 shares, the performance of Class 2 shares, which commenced on a later date, is not shown in the charts, but is included in the tables of returns. The performance of Class 2 shares will differ from the performance shown for Class 1 shares, based on the differences in fees paid by each class. The averages and indices are unmanaged benchmarks that assume reinvestment of distributions. The performance of the averages excludes the effect of taxes and sales charges, and the performance of the indices excludes the effect of taxes, fees, and sales charges. Investors cannot invest directly in an average or index. The charts and total returns do not reflect any fees or charges that investors will incur in purchasing or selling units of the Variable Accounts.

Prior to March 31, 2000, Seligman employed subadvisers that were responsible for providing all or a portion of the portfolio management services with respect to the investments of Seligman Global Growth Portfolio, Seligman Global Technology Portfolio, and Seligman International Growth Portfolio, and prior to January 1, 2003 with respect to investments of Seligman Global Smaller Companies Portfolio. For the periods following, until September 15, 2003, exclusively Seligman managed the assets of these Portfolios. Since September 15, 2003, Wellington Management Company, LLP has acted as subadviser to provide portfolio management services for Seligman Global Growth Portfolio, Seligman Global Smaller Companies Portfolio, and Seligman International Growth Portfolio. See note 5 to the Financial Statements on pages 74 and 75 of this report for additional information.

Accompanying each chart is a discussion of the factors that affected the Portfolio during the past year.

__________

¹	The reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report or the Fund’s prospectus.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Capital Portfolio

For the year ended December 31, 2004, Class 1 shares of Seligman Capital Portfolio posted a total return of 8.60%. During the same time period, the Lipper Mid-Cap Funds Average returned 14.82%, the Lipper Mid-Cap Growth Funds Average returned 12.78%, and the Russell Midcap Growth Index returned 15.48%.

Returns for US equity markets were essentially flat for most of the year, with gains restrained by soaring energy prices, a close US presidential race, and concerns about rising interest rates. For most of the year, growth stocks sharply underperformed value stocks, particularly among larger companies. Technology stocks were further hampered in the third quarter by some disappointing earnings announcements delivered within the software industry. The fourth quarter, however, saw a strong and broad market rally, which was driven, we believe, by a sharp decline in oil prices at the end of October, and was given a further boost by a quick resolution to the presidential election in November. The year ended with strong gains for US stocks as a whole.

The Portfolio maintained heavy technology exposure during the year, and at year-end it represented the Portfolio’s largest sector weight. The Portfolio was about equally weighted in this sector with the Russell Midcap Growth Index (the “Russell Index”). While technology stocks did rally in the fourth quarter on upbeat earnings announcements and increased merger activity, it was the worst-performing sector within the Russell Index for the year. In addition, while the information technology stocks within the Portfolio delivered positive returns overall, they underperformed those of the Russell Index, placing a drag on the Portfolio’s relative returns.

The Portfolio emphasized health care stocks in 2004, overweighting the sector relative to the Russell Index and making health care the Portfolio’s second-largest sector weight. Health care stocks struggled for much of the year, but bounced back in the fourth quarter. The reelection of President Bush was likely a factor in this rebound, as many believed the President will provide a favorable legislative environment for these companies. For the year, these stocks were strong performers within the Russell Index, and the Portfolio’s holdings as a whole outperformed those within the Index.

During the year, we believed the economy would continue to strengthen and thus overweighted industrial stocks, which tend to benefit from increased economic activity. However, the industrial stocks within the Portfolio delivered relatively poor, albeit positive, returns. The Portfolio’s holdings in this group were split among business services companies, which have struggled in response to slow employment growth, and more traditional manufacturing companies, whose profits were likely restrained by higher energy prices. However, these companies have experienced generally strong growth and many have successfully increased prices to offset higher energy costs, allowing them to maintain profit growth.

During the course of the year, we moved the Portfolio to an underweighted position in consumer discretionary stocks. Over the past few years, consumer spending has remained strong as a result of tax cuts, tax rebates, low interest rates, and residential refinancing. We believed that the effects of these stimuli would wane, and that stock-price valuations for the group had risen to unsustainable levels. Consumer discretionary stocks within the Russell Index, however, delivered strong returns, and the Portfolio’s holdings within this area lagged those of the Index.

______________

The views and opinions expressed are those of the Portfolio Manager(s), are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendation for, any person. There can be no guarantee as to the accuracy of market forecasts. Opinions, estimates, and forecasts may be changed without notice.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Capital Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	2	$	350,903	$	404,720	2.7
Airlines	2		235,500		244,445	1.6
Biotechnology	11		1,084,759		1,208,823	7.9
Building Products	1		123,182		136,356	0.9
Chemicals	2		323,032		359,187	2.4
Commercial Services and Supplies	5		1,427,598		1,678,575	11.0
Communications Equipment	4		353,286		388,166	2.6
Computers and Peripherals	4		373,435		438,524	2.9
Construction and Engineering	2		272,829		304,884	2.0
Electrical Equipment	1		120,775		138,740	0.9
Electronic Equipment and Instruments	4		412,978		469,738	3.1
Energy Equipment and Services	1		78,590		108,820	0.7
Food and Staples Retailing	1		44,069		55,134	0.4
Food Products	3		359,315		405,278	2.7
Health Care Equipment and Supplies	7		566,965		642,409	4.2
Health Care Providers and Services	7		955,317		1,067,390	7.0
Hotels, Restaurants and Leisure	5		696,595		823,338	5.4
Household Durables	1		115,403		115,770	0.8
Internet and Catalog Retail	1		136,571		124,380	0.8
Internet Software and Services	2		330,331		342,116	2.2
IT Services	4		422,267		445,149	2.9
Leisure Equipment and Products	1		111,067		158,400	1.0
Machinery	1		40,031		41,028	0.3
Media	1		156,394		160,800	1.1
Multi-Line Retail	1		155,389		165,519	1.1
Oil and Gas	1		220,466		258,972	1.7
Paper and Forest Products	1		116,200		125,393	0.8
Personal Products	2		335,284		364,629	2.4
Pharmaceuticals	5		720,925		850,421	5.6
Semiconductors and Semiconductor Equipment	7		603,268		628,406	4.1
Software	6		592,622		715,764	4.7
Specialty Retail	5		1,207,816		1,283,070	8.4
Trading Companies and Distributors	1		178,252		196,560	1.3
Wireless Telecommunication Services	1		76,185		85,866	0.6
	103		13,297,599		14,936,770	98.2
Short-Term Holding and Other Assets Less Liabilities	1		269,233		269,233	1.8
Net Assets	104	$13,566,832		$15,206,003		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Tractor Supply

USANA Health Sciences*

Williams-Sonoma*

Ask Jeeves*

WellPoint*

TIBCO Software*

Bed Bath & Beyond*

Precision Castparts*

Outback Steakhouse*

McCormick & Co.*

Largest Sales

AES**

ARAMARK (Class B)**

DST Systems**

Biomet

AGCO**

Smithfield Foods**

Lexmark International (Class A)**

Biogen Idec**

Mercury Interactive**

St. Jude Medical**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Cash Management Portfolio

Summary of Net Assets (unaudited) December 31, 2004

		Value	Percent of Net Assets			Value		Percent of Net Assets
Short-Term Holdings:				Repurchase Agreement	$	504,000		27.6
US Government Securities	$	399,310	21.8			2,102,800		115.0
US Government Agency				Other Assets Less Liabilities		(274,532	)	(15.0	)
Securities		1,199,490	65.6	Net Assets	$	1,828,268		100.0

Seligman Common Stock Portfolio

For the year ended December 31, 2004, Seligman Common Stock Portfolio posted a total return of 12.65%. During the same time period, the Lipper Large-Cap Core Funds Average returned 7.78%, and the stock market, as measured by the S&P 500 Index, returned 10.87%.

Overall, 2004 was a good year for investors, although much of the stock market’s advance came in the fourth quarter. The stock market held on to the strong gains of 2003 and produced returns that are consistent with longer-term performance - high single- to low double-digit returns. Aside from a few ups and downs, the US economy remained strong, corporate profits grew at a healthy pace, and consumers continued to spend. That is not to say that investors were free from worry during 2004. Job creation remained sluggish throughout much of the year. Hostilities in Iraq also continued during the period. From March to June, there was a sharp increase in long-term interest rates (the 10-year Treasury yield rose nearly 0.75% during the quarter), which rattled the equity market. One reason for the increase in rates was the strong jobs report released in March, which created positive investor sentiment on the direction of the economy. Then, during the second half of the year, investors had concerns about slow economic growth and decelerating corporate profit growth. During the third quarter, there was a sharp increase in the price of oil and other commodity prices; this was due, in part, to the continued strong economic growth in China. As oil prices began to moderate at the end of October, the equity market started its year-end rally. A quick and decisive resolution to the US presidential election, after much uncertainty leading up to the event, also cheered investors.

The Federal Reserve Board (the “Fed”), confident in the economic recovery, began a series of incremental interest-rate increases in June. In what were widely anticipated moves, the Fed raised the short-term federal funds rate on five occasions during 2004, for a total increase of 1.25%. Short-term interest rates, which had started the year at 1.00%, ended the year at 2.25%. Despite second-quarter volatility, long-term rates, as measured by the 10-year Treasury, ended the year little changed. The US dollar weakened in comparison to other major currencies, particularly in the fourth quarter. Concerns about the US current account deficit and budget deficit played a role in the dollar’s decline.

In 2004 the Portfolio performed well both on an absolute basis and relative to the benchmark S&P 500 Index. The stock market favored “old economy” sectors such as energy, industrials, materials, and utilities during the year. Value stocks outperformed growth stocks, and investors paid more attention to dividend-paying stocks. The Portfolio continued to pursue its strategy of paying close attention to company fundamentals and valuation, and was able to take advantage of these market themes.

On an absolute basis, energy and utilities were the Portfolio’s strongest-performing sectors. The Portfolio’s largest sector weightings were in financials, information technology, and health care. Stock selection in the financials sector was a slight negative in terms of performance relative to the S&P 500. The Portfolio was somewhat overweighted in the information technology sector, which was among the market’s weaker-performing sectors. This overweighting detracted slightly from relative investment results, but the Portfolio’s technology holdings as a whole performed better than those of the benchmark. Industrials stocks performed strongly in 2004, and the Portfolio’s good stock selection in this area was a major positive contributor to relative investment results; the Portfolio’s industrial conglomerate holdings performed especially well. Given the run-up in oil prices during the year, the Portfolio’s overweighting in the energy sector boosted both relative and absolute investment results. Health care was the S&P 500’s worst-performing sector during 2004, but because of good stock selection, the Portfolio’s health care holdings performed well and were additive to relative investment results.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Common Stock Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	1	$	51,067	$	62,760	0.6
Auto Components	1		60,369		84,194	0.8
Beverages	2		321,909		306,468	2.8
Biotechnology	2		114,534		124,229	1.1
Building Products	1		41,753		54,795	0.5
Capital Markets	4		304,995		321,268	3.0
Chemicals	2		174,549		223,712	2.1
Commercial Banks	3		294,074		366,981	3.4
Commercial Services and Supplies	2		169,612		188,909	1.8
Communications Equipment	5		379,647		413,690	3.8
Computers and Peripherals	4		437,683		530,728	4.9
Consumer Finance	2		168,035		204,640	1.9
Diversified Financial Services	3		353,090		417,314	3.9
Diversified Telecommunication Services	2		225,462		238,257	2.2
Electric Utilities	1		52,371		58,608	0.5
Electronic Equipment and Instruments	1		69,412		67,787	0.6
Energy Equipment and Services	2		84,428		102,058	0.9
Food and Staples Retailing	3		404,797		400,653	3.7
Food Products	2		132,326		145,379	1.3
Health Care Equipment and Supplies	1		34,494		40,300	0.4
Health Care Providers and Services	2		152,566		203,660	1.9
Hotels, Restaurants and Leisure	2		188,383		243,773	2.3
Household Products	2		220,203		264,330	2.4
Index Derivatives	1		79,917		79,820	0.7
Industrial Conglomerates	2		413,679		574,436	5.3
Insurance	5		459,655		549,415	5.1
Internet and Catalog Retail	1		38,721		88,392	0.8
Internet Software and Services	2		110,241		107,677	1.0
Machinery	2		128,874		183,265	1.7
Media	3		370,584		376,927	3.5
Metals and Mining	2		186,338		179,465	1.7
Multi-Line Retail	1		47,230		57,123	0.5
Multi-Utilities and Unregulated Power	1		71,695		98,787	0.9
Oil and Gas	3		304,183		416,621	3.9
Paper and Forest Products	1		53,393		68,564	0.6
Pharmaceuticals	8		1,142,793		1,121,504	10.4
Semiconductors and Semiconductor Equipment	4		356,343		342,818	3.2
Software	4		747,276		584,974	5.4
Specialty Retail	2		94,447		113,899	1.1
Thrifts and Mortgage Finance	2		152,792		181,013	1.7
Tobacco	1		222,706		309,777	2.9
Wireless Telecommunication Services	2		156,813		201,632	1.9
	97		9,573,439		10,700,602	99.1
Short-Term Holding and Other Assets Less Liabilities	1		91,676		91,676	0.9
Net Assets	98	$9,665,115		$10,792,278		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Alcoa*

Andrx*

Kroger*

Waste Management*

CIT Group*

iShares DJ Select Dividend Index Fund*

Texas Instruments*

Colgate-Palmolive*

EMC*

Pfizer

Largest Sales

L-3 Communications Holdings**

ConocoPhillips**

Autodesk**

Aetna**

Dell

Electronic Arts**

Exxon Mobil

U.S. Bancorp**

Apartment Investment & Management (Class A)**

Citigroup

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Communications and Information Portfolio

For the year ended December 31, 2004, Class 1 shares of Seligman Communications and Information Portfolio posted a total return of 11.19%. During the same time period, the Goldman Sachs Technology Indexes returned 2.91%, the Portfolio’s peers, as measured by the Lipper Science & Technology Funds Average, returned 3.97%, and the broader stock market, as measured by the S&P 500 Index, returned 10.87%.

Technology stocks struggled for most of the year before rallying strongly in the fourth quarter. Stock prices had been kept in check by rising oil prices, a close and uncertain US presidential election, and passage of the Sarbanes-Oxley Act, which imposed a spate of reforms and new regulations in reaction to past accounting abuses. With respect to Sarbanes-Oxley, it was uncertain whether the extra expenses associated with compliance would negatively impact spending on technology.

The fourth quarter, however, saw a sharp turnaround. Earnings reported by technology companies for the third quarter of 2004 were strong, particularly in software. It also became clear that many companies had factored Sarbanes-Oxley expenses into their expectations, so there were very few negative third-quarter earnings surprises. In addition, consumer demand for cell phones and personal computers remained strong through year-end, alleviating fears that high oil prices would dampen consumer appetite for these products. Consumers also continued to purchase electronic gadgets of all kinds, particularly digital music players such as the Apple iPod. Finally, Internet usage and revenue remained robust, and Internet advertising, paid searches, and e-commerce delivered strong results through year-end. We began 2004 with a cautious view regarding semiconductor stocks and semiconductor equipment stocks. These stocks were trading at multiples that were among the highest we’d ever seen for the group, and we were concerned that any negative news would significantly impact their lofty prices. In addition, many buyers of semiconductors, such as electronic systems companies, had large product inventories in anticipation of a robust environment and market-share gains.

While end-market demand was strong, it was unable to drain these inventories. Then, in the spring of 2004, the Chinese government ended their policy of easy credit for Chinese companies. This caused Chinese distributors, consumer electronics manufacturers, and cellular telephone assemblers to reduce purchases of electronic components, producing a significant and negative impact on worldwide semiconductor demand. Because semiconductor-chip production is a long process, typically taking 80 to 90 days, semiconductor manufacturers were unable to react quickly to this change in the market.

These difficulties became clear to us as early as June 2004. We grew increasingly cautious and increasingly limited exposure to the group. By year-end, the Portfolio was significantly underweighted in the industry, which is the largest industry weighting for the Goldman Sachs Technology Indexes and was also the worst-performing industry for the Index. This underweighting greatly benefited returns for the year, as did favorable and highly selective stock picking within the group.

The Portfolio’s largest sector weighting, and a significant overweighting relative to the Goldman Sachs Indexes, was software. We’ve favored these stocks for a long time because of what we believed were strong fundamentals for the group. The companies we owned had high recurring revenues, high profit margins and, we believed, attractive valuations. We have also felt that software has been a lower-risk subsector of technology because of its high switching costs and high training costs. In other words, once a company purchases a software package, they typically stick with it for a long time. Software was an area of outperformance for the technology industry, and the Portfolio also benefited from favorable stock selection within the group.

The Portfolio’s health care holdings, and its overweighting in this sector, also helped performance in 2004. The Portfolio has the flexibility to invest in non-traditional technology sectors, such as health care. However, the companies we pursue are closely tied to and dependent upon technology, such as those in the medical device and clinical lab equipment sectors. This typically keeps the Portfolio out of certain subsectors such as pharmaceuticals, which suffered during the year from numerous drug recalls and generic substitution issues. The areas of health care the Portfolio was invested in significantly outperformed and added greatly to the Portfolio’s absolute and relative returns.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Communications and Information Portfolio (continued)

The Portfolio’s underweighting in hardware (computers and peripherals) and our underperformance in this area hurt relative returns. Apple Computer, which we sold early in the year, delivered excellent returns from which the Portfolio ultimately did not benefit. Also, the Portfolio’s largest holding in the group, Hewlett-Packard, delivered disappointing returns.

The Portfolio’s significant underweighting in communications equipment benefited returns as the sector continued to struggle with overcapacity and market saturation issues. The companies we did choose from the group solidly outperformed. We avoided wireline infrastructure companies and instead focused on the wireless handset sector, which experienced strong demand.

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Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Application Software	3	$	4,549,765	$	3,425,325	4.8
Biotechnology	2		1,301,729		1,472,478	2.1
Communications Equipment	6		6,166,257		6,359,537	9.0
Computers and Peripherals	8		4,710,917		4,872,061	6.9
Diversified Telecommunication Services	1		543,856		549,185	0.8
Electronic Equipment and Instruments	3		2,466,188		2,352,520	3.3
Health Care Equipment and Supplies	6		4,971,630		5,471,634	7.7
Health Care Providers and Services	2		1,470,722		2,367,525	3.3
Home Entertainment Software	1		2,602,286		2,739,940	3.9
Internet and Catalog Retail	2		1,720,714		2,053,422	2.9
Internet Software and Services	3		2,741,645		2,820,207	4.0
IT Services	6		5,518,792		5,506,820	7.8
Leisure Equipment and Products	1		422,512		518,144	0.7
Media	1		729,986		745,584	1.1
Semiconductors and Semiconductor Equipment	10		7,656,688		9,178,236	12.9
Systems Software	9		15,851,836		15,697,526	22.1
	64		63,425,523		66,130,144	93.3
Short-Term Holding and Other Assets Less Liabilities	1		4,741,372		4,758,098	6.7
Net Assets	65	$	68,166,895	$	70,888,242	100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Boston Scientific*

Take-Two Interactive Software

MEMC Electronic Materials

BMC Software

Ask Jeeves*

Infosys Technologies*

Nokia (ADR)*

eBay*

Yahoo!*

Invitrogen*

Largest Sales

Laboratory Corporation of America Holdings

Symantec**

Quest Diagnostics

Advanced Micro Devices

SunGard Data Systems

Maxim Integrated Products**

Marvell Technology Group

Accenture (Class A)**

Computer Associates International

Citrix Systems

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Frontier Portfolio

For the year ended December 31, 2004, Seligman Frontier Portfolio posted a total return of 13.63%. During the same time period, the Portfolio’s peers, as measured by the Lipper Small-Cap Growth Funds Average, returned 10.65%, and the Russell 2000 Growth Index returned 14.31%.

At the start of the year, the US economy was experiencing a meaningful acceleration in economic activity as a direct result of significant monetary and fiscal stimuli. US gross domestic product (GDP) growth picked up steam in the first calendar quarter of 2004, slowed down in the second quarter, then improved again in the third quarter of the year. Overall corporate profit growth slowed, but remained positive. Job growth continued to lag the relative strength in GDP growth, however. There was concern that the number of new jobs being created was insufficient to support the level of consumer spending necessary to sustain the expansion, though job growth appeared to be improving by the end of the period under review. Oil prices surged to more than $50 a barrel during the third quarter, causing concern among investors, but inflation was contained. Confident that the US economic recovery was on solid footing, the Federal Reserve Board raised the short-term federal funds rate on five occasions beginning in June, to 2.25%, for a total increase of 1.25%.

The stock market was volatile during the one-year period. Stocks advanced at the beginning of the Portfolio’s fiscal year, but in March equities suffered a broad correction, with nearly all sectors losing ground. The market also fell sharply in July. Investors ignored positive economic news and worried about the prospect of higher interest rates, higher oil prices, and a steady reduction in corporate earnings estimates. Toward the end of the one-year period, the market traded sideways in advance of the US presidential election, as many investors appeared to wait out the uncertainty on the sidelines. Most of the gains in equities came during the fourth quarter, aided by the quick resolution of the US presidential election and the moderation in oil prices to below $50 a barrel.

Shares of technology companies were particularly impacted by the market declines, as concerns about corporate spending and the impact of the Sarbanes-Oxley Act, elevated chip inventories, disappointing earnings reports, and reduced expectations for the balance of the year, all contributed to hurt these stocks.

The Portfolio’s best-performing sectors on an absolute basis during the period were energy, industrials, and financials. Oil prices rose dramatically during the past year, helping energy stocks post impressive gains. The Portfolio had a slight overweighting in the energy sector, which provided a boost to investment results. The Portfolio had a sizable overweighting in the industrials sector compared with the Russell 2000 Growth Index, and the Portfolio’s industrials holdings outperformed those of the Russell Index. The Portfolio’s investment in the industrials sector was split between commercial services companies, such as professional services stocks, and more traditional machinery and transportation companies. Higher energy prices may have restrained profits at some of these companies, but an overall improvement in manufacturing has resulted in increased demand and generally strong growth in this sector. Additionally, many industrials companies have successfully increased prices to offset higher energy costs. Despite a slight underweighting, good stock selection in the financial sector contributed positively to the Portfolio’s relative performance. The Portfolio’s best-performing stock was from the financial sector. Health care was also a strong performer for the Portfolio; the Portfolio’s outperformance in this sector was driven in large part by avoiding speculative biotechnology names, which declined over much of the third calendar quarter of 2004.

Sharp declines in the technology sector significantly hurt the Portfolio’s relative and absolute investment results during the year. The Portfolio maintained an underweighting in the information technology sector, but could not avoid being impacted by the sell-off in technology stocks. Two of the Portfolio’s worst-performing stocks were from the technology sector. The Portfolio’s stock selection in the consumer discretionary sector also hurt relative investment results, as the Portfolio’s holdings in this sector did not perform as strongly as those of the Russell benchmark. The Portfolio was slightly underweighted versus the benchmark in consumer discretionary stocks.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Frontier Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	3	$	146,839	$	178,246	2.7
Air Freight and Logistics	1		21,533		44,804	0.7
Biotechnology	7		253,360		273,559	4.1
Capital Markets	3		148,218		191,461	2.9
Commercial Banks	5		170,636		281,048	4.2
Commercial Services and Supplies	10		437,002		702,269	10.5
Communications Equipment	2		73,736		111,443	1.7
Computers and Peripherals	4		175,556		234,030	3.5
Construction and Engineering	1		51,633		92,000	1.4
Consumer Finance	3		72,329		99,933	1.5
Diversified Financial Services	1		67,257		87,458	1.3
Diversified Telecommunication Services	1		36,766		36,721	0.6
Electrical Equipment	1		42,631		87,748	1.3
Electronic Equipment and Instruments	2		120,360		114,401	1.7
Energy Equipment and Services	3		107,711		154,840	2.3
Health Care Equipment and Supplies	7		264,207		321,711	4.8
Health Care Providers and Services	8		459,303		509,146	7.6
Hotels, Restaurants and Leisure	4		213,697		257,247	3.9
Internet and Catalog Retail	1		49,107		59,639	0.9
Internet Software and Services	1		49,254		50,758	0.8
IT Services	4		175,423		172,090	2.6
Machinery	6		255,564		368,118	5.5
Media	3		154,195		155,785	2.3
Metals and Mining	4		212,548		220,631	3.3
Multi-Line Retail	1		45,475		43,462	0.7
Oil and Gas	3		137,257		175,441	2.6
Pharmaceuticals	3		131,380		140,593	2.1
Road and Rail	3		122,458		187,096	2.8
Semiconductors and Semiconductor Equipment	6		286,453		294,466	4.4
Software	8		467,017		549,637	8.2
Specialty Retail	4		156,638		178,543	2.7
Textiles, Apparel and Luxury Goods	3		146,479		209,880	3.1
Trading Companies and Distributors	1		49,104		64,118	1.0
Wireless Telecommunication Services	1		35,632		41,198	0.6
	118		5,336,758		6,689,520	100.3
Other Assets Less Liabilities	—		(18,948)		(18,948)	(0.3)
Net Assets	118	$5,317,810		$6,670,572		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Integra LifeSciences Holdings*

Kindred Healthcare*

Ceradyne*

Landstar System*

Eon Labs*

Texas Roadhouse*

Waste Connections*

Metal Management*

DHB Industries*

Essex*

Largest Sales

Station Casinos**

Patina Oil & Gas**

Digital River**

Cooper Companies**

Cytyc**

First Marblehead

The Pep Boys - Manny, Moe & Jack**

Zebra Technologies (Class A)**

Pharmaceutical Product Development**

Andrew**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Growth Portfolio

For the year ended December 31, 2004, Seligman Global Growth Portfolio posted a strong total return of 17.31%. During the same time period, the Lipper Global Funds Average returned 13.84%, the Lipper Global Large-Cap Growth Funds Average returned 12.73%, the MSCI World Index returned 15.25%, and the MSCI World Growth Index returned 11.21%.

During 2004, global equity markets generally outperformed US equity markets. The advances within global markets were disparate, with value-oriented sectors such as energy, utilities, telecommunications services, industrials, and materials achieving returns ranging from 18% to 29%. The returns of more growth-oriented sectors such as health care and information technology were much lower, with the technology sector posting returns in the low-single digits.

Over the past twelve months, there was mounting evidence that a global economic recovery was taking hold. This recovery was accompanied by low inflation levels worldwide, with major central banks keeping interest rates low during the early part of 2004. As the year progressed, high oil and commodity prices began taking a toll on global economic activity. These rising prices resulted in a period of synchronized slowing in the major world economies. Further, to thwart inflationary pressures in the face of this economic slowdown, many countries began to tighten monetary and fiscal policies. Nowhere was this more evident than in the US economy where we saw the US Federal Reserve Board raise interest rates by a total of 1.25% on five occasions during 2004.

In managing the Portfolio, we focused on stock picking as the cornerstone of our growth investment philosophy. The Portfolio’s outperformance versus the MSCI World Index was primarily driven by strong stock selection within the information technology and health care sectors. Although these were the weakest-performing sectors of the benchmark, they were the strongest sectors of the Portfolio. The five largest contributors to the Portfolio’s absolute returns were all from these two sectors. The two largest contributors were an Irish biotechnology company, and a Canadian communications equipment company. Other top contributors to performance included a US computers and peripherals company, a Swedish communications equipment company, and a US software and services company. The Portfolio also benefited from its underweighting in the US during 2004 as the dollar fell against most foreign currencies.

Relative performance was offset somewhat by the Portfolio’s stock selection in energy, telecommunications services and industrials. Three of the largest detractors from absolute returns were a French communications equipment company, a US communications equipment company, and a US software and services company. The French communications and energy infrastructure company dramatically underperformed after reporting weak second quarter results, largely upon disappointment with cost cutting efforts.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Growth Portfolio

Diversification of Net Assets by Industry (unaudited)

December 31, 2004

	Issues	Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	3	$ 48,928	$	50,747	2.0
Automobiles	1	7,400		9,154	0.4
Beverages	1	13,266		15,253	0.6
Biotechnology	1	21,906		20,997	0.8
Building Products	1	12,974		14,115	0.5
Capital Markets	2	49,209		51,747	2.0
Commercial Banks	7	183,960		211,928	8.3
Commercial Services and Supplies	3	97,590		110,510	4.3
Communications Equipment	5	143,204		183,529	7.2
Computers and Peripherals	2	75,788		110,739	4.3
Diversified Financial Services	1	10,417		9,636	0.4
Diversified Telecommunication Services	1	14,604		14,714	0.6
Energy Equipment and Services	1	10,904		10,646	0.4
Food and Staples Retailing	1	15,039		15,423	0.6
Food Products	1	21,508		25,155	1.0
Health Care Providers and Services	1	22,097		23,000	0.9
Hotels, Restaurants and Leisure	3	69,281		82,367	3.2
Industrial Conglomerates	2	82,931		94,140	3.7
Insurance	1	41,799		52,802	2.1
Internet and Catalog Retail	2	59,350		68,474	2.7
Internet Software and Services	1	41,447		52,787	2.1
IT Services	2	48,912		57,206	2.2
Machinery	3	80,375		88,832	3.4
Media	7	221,479		252,628	9.9
Oil and Gas	1	19,657		21,954	0.9
Personal Products	1	28,680		31,346	1.2
Pharmaceuticals	6	235,464		321,308	12.6
Road and Rail	1	17,133		24,355	1.0
Software	4	103,149		115,291	4.5
Specialty Retail	5	173,290		210,963	8.3
Textiles, Apparel and Luxury Goods	1	13,785		16,055	0.6
Tobacco	2	28,853		39,605	1.6
Transportation Infrastructure	1	18,326		23,994	0.9
Wireless Telecommunication Services	1	48,861		59,205	2.3
	76	2,081,566		2,490,605	97.5
Other Assets Less Liabilities	—	62,424		62,975	2.5
Net Assets	76	$2,143,990	$2,553,580		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

General Electric*

Forest Laboratories*

EMI Group*

IVAX*

Pixar*

Best Buy*

Bayerische Hypo-und Vereinsbank*

Dell

Home Depot*

Danaher*

Largest Sales

Research In Motion

Nintendo**

Gillette

Cendant**

Procter & Gamble**

Medco Health Solutions**

Tyco International

Countrywide Financial**

Total**

First Data**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Smaller Companies Portfolio

For the year ended December 31, 2004, Seligman Global Smaller Companies Portfolio posted a total return of 20.93%. During the same time period, the Citigroup Broad Market Less Than US $2 Billion Index returned 25.07%, the Citigroup EM Index World returned 28.74%, the Lipper Global Small-Cap Funds Average returned 19.65%, and the Lipper Global Small/Mid-Cap Core Funds Average returned 18.96%.

During the year under review, market returns were strongest in the smaller-cap ranges and value outperformed growth stocks. Non-US markets were quite strong, with particular strength in Emerging Markets and the Pacific Basin. With respect to sectors, energy stocks led the way, while the information technology and telecommunication services sectors were the weakest.

Over the past twelve months, there was mounting evidence that a global economic recovery was taking hold. This recovery was accompanied by low inflation levels worldwide, with major central banks keeping interest rates low during the early part of 2004. As the year progressed, high oil and commodity prices began taking a toll on global economic activity. These rising prices resulted in a period of synchronized slowing in the major world economies. Further, to thwart inflationary pressures in the face of this economic slowdown, many countries began to tighten monetary and fiscal policies. Nowhere was this more evident than in the US economy, where we saw the US Federal Reserve Board raise interest rates by a total of 1.25% on five occasions during 2004.

The Portfolio benefited from strong stock selection within the health care sector. Strong performers included a US health care provider and services company, a US health care equipment and supplies company, and two US biotechnology companies. The Portfolio remains overweighted in health care, as the biotech and genomics revolutions continue unabated and offer some very special and unique investment opportunities. Good stock selection and an overweighted allocation to the energy sector also contributed positively to the Portfolio’s performance during 2004. Energy stocks that aided performance included two US oil and gas companies, and a US energy company. The Portfolio remains overweighted in the energy sector. In the materials sector, good stock selection was partially offset by the Portfolio’s underweighting of this well-performing sector. A Canadian coal company was the best performing stock in the Portfolio.

On the negative side, the Portfolio was hurt by stock selection within the industrials sector, where weak performers included a French electrical equipment company, a US capital goods company, and a Greek construction and engineering firm. The Portfolio was also hurt by weak relative stock selection and an overweighted position within the information technology sector. Some of the weakest information technology performers in the Portfolio included three US semiconductors and semiconductor equipment companies, and a US computers and peripherals company. The Portfolio ended the year slightly underweighted in the industrials sector and overweighted in the information technology sector.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Smaller Companies Portfolio

Diversification of Net Assets by Industry (unaudited)

December 31, 2004

	Issues	Cost	Value	Percent of Net Assets
Common Stocks and Warrants:
Aerospace and Defense	8	$125,254	$164,141	2.8
Airlines	2	33,661	38,957	0.7
Auto Components	2	32,094	39,888	0.7
Beverages	2	54,817	66,381	1.1
Biotechnology	13	324,139	378,490	6.5
Building Products	2	40,928	54,230	0.9
Capital Markets	9	121,619	149,640	2.6
Chemicals	6	145,615	151,925	2.6
Commercial Banks	9	178,316	226,530	3.9
Commercial Services and Supplies	11	240,403	287,834	4.9
Communications Equipment	3	65,285	72,680	1.2
Computers and Peripherals	4	109,621	104,930	1.8
Construction and Engineering	5	101,116	123,535	2.1
Construction Materials	1	13,025	17,698	0.3
Diversified Financial Services	1	11,348	12,266	0.2
Diversified Telecommunication Services	1	50,523	43,555	0.7
Electric Utilities	2	22,632	27,899	0.5
Electrical Equipment	4	98,655	107,984	1.8
Electronic Equipment and Instruments	7	145,522	148,689	2.5
Energy Equipment and Services	3	55,821	60,173	1.0
Food and Staples Retailing	1	15,648	17,620	0.3
Food Products	4	76,077	95,543	1.6
Gas Utilities	1	24,268	32,728	0.6
Health Care Equipment and Supplies	8	164,858	208,925	3.6
Health Care Providers and Services	4	64,164	100,675	1.7
Hotels, Restaurants and Leisure	2	24,590	24,434	0.4
Household Durables	4	92,407	137,488	2.3
Household Products	2	19,959	21,470	0.4
Insurance	9	205,961	216,282	3.7
Internet and Catalog Retail	1	22,874	24,233	0.4
Internet Software and Services	2	9,236	10,042	0.2
IT Services	8	205,364	218,762	3.7
Leisure Equipment and Products	1	10,217	11,447	0.2
Machinery	10	172,067	203,945	3.5
Media	15	278,303	283,396	4.8
Metals and Mining	8	144,552	245,073	4.2
Multi-Line Retail	1	19,189	17,234	0.3
Oil and Gas	17	293,198	431,891	7.3
Paper and Forest Products	1	25,354	24,499	0.4
Personal Products	3	55,879	58,022	1.0
Pharmaceuticals	7	107,645	118,862	2.0
Real Estate	10	208,714	239,931	4.1
Road and Rail	2	18,945	22,996	0.4
Semiconductors and Semiconductor Equipment	9	204,768	190,821	3.3
Software	7	151,649	168,153	2.9
Specialty Retail	7	150,266	188,953	3.2
Textiles, Apparel and Luxury Goods	3	82,332	100,628	1.7
Thrifts and Mortgage Finance	5	129,695	148,918	2.5
Trading Companies and Distributors	1	26,805	34,020	0.6
Transportation Infrastructure	2	39,000	47,170	0.8
Wireless Telecommunication Services	1	8,456	10,991	0.2
	251	5,022,835	5,932,577	101.1
Other Assets Less Liabilities	—	(38,332)	(67,213)	(1.1)
Net Assets	251	$4,984,503	$5,865,364	100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Alstom

Industrial Bank of Korea*

Disco*

Gold Kist*

SiRF Technology Holdings*

United Rentals*

Macquaire Office Trust*

First Quantum Minerals*

Logica CMG*

Arlington Tankers*

Largest Sales

Joyo Bank**

DigitalNet Holdings**

Korea Exchange Bank**

Bunge**

First Marblehead**

NEC Soft**

SimpleTech

Remy Cointreau

Rudolph Technologies**

Novar**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Technology Portfolio

For the year ended December 31, 2004, Class 1 shares of Seligman Global Technology Portfolio posted a total return of 3.98%. During the same time period, the Lipper Global Funds Average returned 13.84%, the Lipper Science & Technology Funds Average returned 3.97%, and the MSCI World Index returned 15.25%.

The past year was a volatile period for technology investors, with technology shares experiencing both sharp declines and strong rallies. During the first several months of the year, the US economic recovery was picking up steam, with strong growth in gross domestic product (GDP), as well as encouraging reports regarding manufacturing and productivity. Performance for global technology stocks, particularly in the US, was relatively strong, and earnings expectations for global technology had improved. Moving into the second calendar quarter of 2004, however, the environment changed. With technology stocks leading the decline, equity indices fell despite an abundance of positive economic reports, including employment, earnings, and inflation data. This good news would typically have cheered investors and given them renewed confidence in the US economic recovery; instead, interest-rate hike fears trumped the good news. In May and June 2004, however, technology stocks rallied as strong earnings and economic news outweighed concerns about rising oil prices and rising interest rates. Gloom once again settled over the technology market in July and August, as both fundamental and macroeconomic factors — oil prices, rising interest rates, the war in Iraq, and indications of a slowing US economy — weighed on the market. Also, software earnings misses and concerns over forward guidance for many hardware-related companies drove share prices down. In the fourth quarter, market sentiment shifted yet again, with technology shares enjoying a strong rally as investors bargain hunted and shares rallied from their summer lows. Higher oil prices continued to put a drag on the global economy, but the market seemed to account for the lower growth expectations.

While the US economy showed signs of slowing, many overseas economies remained robust or improved. Japan’s recovery appeared solid, and China, while moderating, still enjoyed strong growth in GDP. Even Europe showed some indications of a rebound, as corporate spending in the region drove improvements in PC unit growth.

While the Portfolio’s relative performance was helped by good stock selection in the health care sector, relative performance was significantly hurt by declines in the information technology sector, which was the worst performing sector in the MSCI World Index. The MSCI World Index has roughly 12% invested in technology stocks, versus roughly 80% for the Portfolio. The Portfolio’s holdings within this sector, however, performed better than those of the MSCI benchmark during the year. In particular, holdings in systems software and application software companies were strong performers. US semiconductor companies were poor performers during the year and detracted from the Portfolio’s investment results, as did an application software holding. However, the Portfolio’s underweighted position in semiconductors helped to shield us somewhat from this area’s sharp declines. By sector, the Portfolio’s health care holdings performed well, particularly the lab stocks and health care equipment and supplies companies, while stock selection in the consumer discretionary sector negatively impacted results.

By region, the majority of the Portfolio’s investments are in US securities, and the Portfolio had a significant overweighting in US securities versus the MSCI World Index. However, the Portfolio’s US holdings did not perform as well overall as those of the benchmark, negatively impacting relative results. During the year, the value of the US dollar fell against other major currencies, negatively impacting the Portfolio’s relative returns.

Stock selection in Japan, Taiwan, and South Korea hurt investment results. The Portfolio’s Taiwan holdings were hurt as pricing pressures from large customers weighed on Taiwanese manufacturing shares. The Portfolio’s holdings in India and Israel performed positively for the year.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Technology Portfolio

Diversification of Net Assets by Industry (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Application Software	11	$	846,059	$	872,981	8.2
Biotechnology	2		128,424		134,037	1.3
Chemicals	1		109,050		119,803	1.1
Communications Equipment	9		1,012,234		1,116,603	10.5
Computers and Peripherals	8		814,668		906,335	8.5
Diversified Telecommunication Services	2		142,616		141,768	1.3
Electronic Equipment and Instruments	8		770,422		866,231	8.1
Health Care Equipment and Supplies	6		333,963		381,027	3.6
Health Care Providers and Services	2		222,352		342,196	3.2
Home Entertainment Software	2		193,631		225,692	2.1
Household Durables	1		53,240		57,965	0.5
Internet and Catalog Retail	1		146,713		186,088	1.7
Internet Software and Services	5		415,346		443,344	4.2
IT Services	9		954,033		1,083,076	10.2
Leisure Equipment and Products	1		42,520		53,248	0.5
Office Electronics	1		142,928		162,059	1.5
Semiconductors and Semiconductor Equipment	14		1,134,820		1,295,119	12.2
Systems Software	7		1,738,008		1,832,456	17.2
	90		9,201,027		10,220,028	95.9
Other Assets Less Liabilities	—		430,647		436,042	4.1
Net Assets	90	$9,631,674		$10,656,070		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Nokia (ADR)*

eBay*

Ask Jeeves*

BMC Software

Broadcom (Class A)*

Boston Scientific*

Yahoo!*

Take-Two Interactive Software

Tata Consultancy Services*

Ibiden*

Largest Sales

Symantec**

Laboratory Corporation of America Holdings

Accenture (Class A)**

Advanced Micro Devices

Marvell Technology Group

Quest Diagnostics

IAC/InterActive Corp.**

Lexmark International (Class A)**

St. Jude Medical**

Matsushita Electric Industrial**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman High-Yield Bond Portfolio

For the year ended December 31, 2004, Seligman High-Yield Bond Portfolio posted a total return of 7.61%. During the same time period, the Citigroup US High-Yield Market Index returned 10.79%, and the Lipper High Current Yield Funds Average returned 9.93%.

Solid economic growth, improved business conditions, and contained inflation helped the high-yield market and the Portfolio deliver positive returns in 2004. A broad market sell-off in the first half of the year was followed by a general market recovery in the second half. The Portfolio lost ground during the sell-off early in the year as high new issue supply, high energy prices, and election uncertainty added to investor unease. The recovery took place even as the good economic news prompted the Federal Reserve Board (the “Fed”) to begin increasing the fed funds rate in June.

The US economy continued to expand in 2004, posting four quarters of solid economic growth. Improved corporate profits and healthy cash balances allowed many companies to de-leverage their balance sheets and increase dividend payouts. The Fed, convinced that the economic recovery was on sound footing, raised the short-term federal funds rate from 1.00% to 2.25% during the course of the year. Higher short-term rates were not accompanied by higher rates across the yield curve, with intermediate-term interest rates finishing the year largely unchanged. Inflation remained under control despite a significant increase in energy prices during the year and a decline in the dollar against the major foreign currencies.

After a slow start, high-yield bonds performed well in 2004, particularly in the second half of the year, though returns were not as strong as those posted in 2003. The high-yield market benefited from several factors, including investors’ increased appetite for risk, low corporate default rates, and a search for increased income in a low rate environment. Both supply and demand for high-yield bonds increased during the year, with demand driven by institutional investors. Yield spreads, the difference in high-yield bond yields compared to Treasury yields, narrowed significantly in 2004. Undeterred by tightening yield spreads, high-yield bonds rallied toward year-end even as Treasury yields moved higher.

Our investment strategy during the year included two primary investment themes — one to take advantage of the economic recovery, and the other to take advantage of anticipated interest-rate movements. The Portfolio entered the year with a tilt toward economically sensitive sectors (such as specialty chemicals and metals and mining) and lower-quality CCC-rated bonds, anticipating some follow-through on the economic expansion that took place in 2003. While the economy and corporate earnings showed continued growth in early 2004, the high-yield market came under selling pressure from heavy new issue supply and higher energy prices, causing the Portfolio’s value to decline. By mid-year, the Portfolio adopted a more conservative posture and shorter duration as it became clear the Fed was about to shift policy from an accommodative stance to a more neutral monetary policy. The Fed went on to raise short-term rates at five consecutive meetings starting on June 30th. However, interest rates for intermediate bonds did not follow the fed funds rate higher, and our move to a shorter duration was not rewarded, causing the Portfolio to lag its benchmark index. The Portfolio’s exposure to economically sensitive sectors and lower-rated holdings helped offset some of the drag from the Portfolio’s short duration as the high-yield market continued to climb higher into year-end. The Portfolio’s performance was also helped by its investment in certain wireless telecommunications companies that outperformed the overall market. Overall, the Portfolio’s defensive stance kept the Portfolio from fully participating in the high-yield market once it began to move higher, while its exposure to select cyclical industry debt was a positive contributor to the Portfolio’s return in 2004.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman High-Yield Bond Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

		Value	Percent of Net Assets
Corporate Bonds, Preferred Stocks and Warrants:
Aerospace	$	139,313	2.5
Auto		238,047	4.3
Broadcasting		129,125	2.3
Building Products		112,313	2.0
Cable		289,437	5.2
Capital Goods		164,750	3.0
Chemicals		548,140	9.9
Consumer Products		134,437	2.4
Containers		213,188	3.9
Diversified Telecommunication		142,125	2.6
Electric		55,563	1.0
Energy		181,095	3.3
Environmental		26,625	0.5
Finance		28,625	0.5
Food and Beverage		177,250	3.2
Food and Drug		79,688	1.5
Gaming		107,625	1.9
Health Care Facilities and Supplies		110,187	2.0
Industrial		52,125	0.9
Leisure		52,156	0.9
Lodging		110,125	2.0
Metals and Mining		368,307	6.7
Paper and Forest Products		370,250	6.7
Publishing		292,750	5.3
Restaurants		102,988	1.9
Satellite		25,438	0.5
Services		109,812	2.0
Stores		80,750	1.5
Technology		122,916	2.2
Textiles and Apparel		53,875	1.0
Utilities		232,563	4.2
Wireless		217,832	3.9
Wireless Tower		234,075	4.2
Total Corporate Bonds, Preferred Stocks and Warrants	5,303,495		95.9
Asset-Backed Securities:
Utilities		17,953	0.3
Short-Term Holding and Other Assets Less Liabilities		208,585	3.8
Net Assets	$5,530,033		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Qwest 7.875%, 9/1/2011*

Hexcel 9.875%, 10/1/2008*

Rite Aid 8.125%, 5/1/2010

Reddy Ice Holdings 0% (10.50%), 11/1/2012*

Nalco Finance Holdings 0% (9%), 2/1/2014*

UCAR Finance 10.25%, 2/15/2012*

Cenveo 9.625%, 3/15/2012*

Allied Waste North America 8.50%, 12/1/2008*

EchoStar 5.75%, 10/1/2008*

Blount 8.875%, 8/1/2012*

Largest Sales

Williams Companies 6.75%, 4/15/2009**

BE Aerospace 9.50%, 11/1/2008**

Foamex 10.75%, 4/1/2009**

Calpine 8.75%, 7/15/2013**

Alliance Imaging 10.375%, 4/15/2011**

Nextel Communications 9.375%, 11/15/2009**

Park-Ohio Industries 9.25%, 12/1/2007**

Intrawest 7.50%, 10/15/2013**

EchoStar 6.375%, 10/1/2011**

Simmons 7.875%, 1/15/2014**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Income and Growth Portfolio

For the year ended December 31, 2004, Seligman Income and Growth Portfolio posted a total return of 7.88%. During the same time period, the Lehman Brothers Government/Credit Index returned 4.19%, the Lipper Income Funds Average returned 7.98%, and the S&P 500 Index returned 10.87%.

The Federal Reserve Board (the “Fed”), confident in the economic recovery, began a series of incremental interest-rate increases in June. In what were widely anticipated moves, the Fed raised the short-term federal funds rate on five occasions during 2004, for a total increase of 1.25%. Short-term interest rates, which had started the year at 1.00%, ended the year at 2.25%. Despite second-quarter volatility, long-term rates, as measured by the 10-year Treasury, ended the year little changed. Corporate bonds performed well again in 2004, particularly lower-quality issues, defying expectations given their strength in 2003. The US dollar weakened in comparison to other major currencies, particularly in the fourth quarter. Concerns about the US current account deficit and budget deficit played a role in the dollar’s decline.

The Portfolio was roughly 65% invested in stocks and 35% invested in fixed income at year-end. The stock market favored “old economy” sectors such as energy, industrials, materials, and utilities during the year. Value stocks outperformed growth stocks, and investors paid more attention to dividend-paying stocks. The Portfolio continued to pursue its strategy of paying close attention to company fundamentals and valuation, and was able to take advantage of these market themes.

On an absolute basis, energy and utilities were the Portfolio’s strongest-performing equity sectors. The Portfolio’s largest sector weightings were in financials, information technology, and health care. Stock selection in the financials sector was a negative in terms of performance relative to the S&P 500. The Portfolio was somewhat overweighted in the information technology sector, which was among the market’s weaker-performing sectors. This overweighting detracted slightly from relative investment results, but the Portfolio’s technology holdings as a whole performed better than those of the benchmark. Industrials stocks performed strongly in 2004, and the Portfolio’s good stock selection in this area was a major positive contributor to relative investment results; the Portfolio’s industrial conglomerate holdings performed especially well. Given the run-up in oil prices during the year, the Portfolio’s overweighting in the energy sector boosted both relative and absolute investment results. Health care was the S&P 500’s worst-performing sector during 2004, but because of good stock selection, the Portfolio’s health care holdings performed well and were additive to relative investment results.

During 2004, the fixed-income portion of the Portfolio was positioned defensively with respect to interest rates and credit quality. The Portfolio’s shorter duration negatively impacted investment results when, atypically, long-term rates fell after the Fed began to raise short-term rates. During this period, long-term bonds outperformed shorter-term holdings. Relative performance was also hurt by our underweighting in corporate bonds, specifically our underweighting in lower-quality corporates. The Portfolio had less exposure to corporate bonds than did the Lehman Brothers Government/Credit Index, and the Portfolio’s holdings were higher-quality. However, the market rewarded risk more than we expected.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Income and Growth Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

		Value	Percent of Net Assets
Common Stocks and Corporate Fixed-Income Securities:
Aerospace and Defense	$	10,460	0.4
Auto Components		15,253	0.6
Automobiles		15,374	0.6
Beverages		50,933	2.0
Biotechnology		17,672	0.7
Building Products		8,767	0.3
Capital Markets		94,480	3.6
Chemicals		56,883	2.2
Commercial Banks		104,797	4.0
Commercial Services and Supplies		42,594	1.6
Communications Equipment		67,631	2.6
Computers and Peripherals		109,651	4.2
Consumer Finance		123,826	4.7
Diversified Financial Services		99,935	3.8
Diversified Telecommunication Services		51,019	2.0
Electric Utilities		9,058	0.3
Electronic Equipment and Instruments		9,465	0.4
Energy Equipment and Services		8,029	0.3
Food and Staples Retailing		86,686	3.3
Food Products		24,446	0.9
Health Care Equipment and Supplies		7,254	0.3
Health Care Providers and Services		47,412	1.8
Hotels, Restaurants and Leisure		39,159	1.5
Household Durables		9,911	0.4
Household Products		58,369	2.2
Index Derivatives		13,508	0.5
Industrial Conglomerates		100,087	3.9
Insurance		89,796	3.4
Internet and Catalog Retail		11,630	0.4
Internet Software and Services		8,826	0.3
Machinery		35,270	1.4
Media		89,560	3.4
Metals and Mining		25,828	1.0
Multi-Line Retail		8,828	0.3
Multi-Utilities and Unregulated Power		63,159	2.4
Oil and Gas		62,347	2.4
Paper and Forest Products		9,411	0.4
Pharmaceuticals		175,460	6.7
Semiconductors and Semiconductor Equipment		55,722	2.1
Software		99,741	3.8
Specialty Retail		15,543	0.6
Systems Software		8,620	0.3
Thrifts and Mortgage Finance		44,533	1.7
Tobacco		42,159	1.6
Wireless Telecommunication Services		53,575	2.1
Total Common Stocks and Corporate Fixed-Income Securities		2,182,667	83.8
US Government and Government Agency Securities		357,398	13.7
Short-Term Holding and Other Assets Less Liabilities		63,189	2.5
Net Assets	$2,603,254		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

US Treasury Bonds 5.375%, 2/15/2031*

US Treasury Notes 3.125%, 4/15/2009

FNMA:

2.81%, 9/28/2006*

5%, 5/1/2034*

General Motors Acceptance 2.51%, 1/16/2007*

Verizon Communications*

Andrx*

Safeway 5.625%, 8/15/2014*

General Electric 2.148%, 9/15/2014*

US Treasury Notes 3.50%, 11/15/2009*

Largest Sales

FNMA 5.24%, 8/7/2018**

General Motors Acceptance 8.375%, 7/15/2033**

FHLMC 6%, 3/1/2033**

L-3 Communications Holdings**

FHLB 5%, 5/13/2011**

ConocoPhillips**

Sprint Capital 8.375%, 3/15/2012**

Entergy Gulf States 5.25% 8/1/2015**

ChevronTexaco**

U.S. Bancorp**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman International Growth Portfolio

For the year ended December 31, 2004, Seligman International Growth Portfolio posted a strong total return of 24.19%. During the same time period, the Lipper International Funds Average returned 18.04%, the Lipper International Multi-Cap Growth Funds Average returned 16.64%, and the MSCI EAFE Index returned 20.70%.

During 2004, international equity markets outperformed US equity markets. Most sectors advanced strongly, with only the technology and health care sectors lagging behind. Value stocks outperformed growth stocks, both internationally and in the US.

Over the past twelve months, there was mounting evidence that a global economic recovery was taking hold. This recovery was accompanied by low inflation levels worldwide, with major central banks keeping interest rates low during the early part of 2004. As the year progressed, high oil and commodity prices began taking a toll on global economic activity. These rising prices resulted in a period of synchronized slowing in the major world economies. Further, to thwart inflationary pressures in the face of this economic slowdown, many countries began to tighten monetary and fiscal policies. Nowhere was this more evident than in the US economy, where we saw the US Federal Reserve Board raise interest rates by a total of 1.25% on five occasions during the year.

The Portfolio’s outperformance versus the benchmark was driven by strong stock selection within the health care and information technology sectors. Although the returns of these sectors in the benchmark were the lowest of any sectors, the returns of the Portfolio’s technology and health care holdings were the two highest. The three largest contributors to the Portfolio’s absolute return were all from these two sectors: an Irish biotechnology company, a Canadian communications equipment company, and a Finnish communications equipment company.

Relative outperformance was offset somewhat by the Portfolio’s weak stock selection in the industrials and telecommunications services sectors, as well as by an underweighted position in the strong-performing utilities sector. Three of the largest detractors from absolute returns were a French capital goods company, a German financial company, and a French information technology company.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman International Growth Portfolio

Diversification of Net Assets by Industry (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	3	$	123,916	$	163,755	4.4
Automobiles	3		99,770		115,339	3.1
Beverages	1		41,381		45,760	1.2
Building Products	1		29,982		32,651	0.9
Capital Markets	2		64,854		68,040	1.8
Commercial Banks	8		393,169		465,818	12.4
Commercial Services and Supplies	1		64,501		75,680	2.0
Communications Equipment	5		270,839		330,510	8.8
Construction and Engineering	1		15,672		20,585	0.5
Diversified Telecommunication Services	2		74,813		80,307	2.1
Electronic Equipment and Instruments	1		44,145		44,810	1.2
Energy Equipment and Services	2		54,602		62,006	1.7
Food and Staples Retailing	1		37,577		38,558	1.0
Food Products	1		60,521		71,872	1.9
Health Care Equipment and Supplies	1		58,655		78,015	2.1
Hotels, Restaurants and Leisure	3		124,941		136,008	3.6
Household Durables	2		44,240		42,814	1.1
Insurance	1		62,873		79,203	2.1
Internet and Catalog Retail	1		53,102		61,138	1.6
IT Services	1		41,182		55,452	1.5
Machinery	1		29,756		30,442	0.8
Marine	1		30,045		38,624	1.0
Media	5		271,994		298,205	8.0
Multi-Line Retail	1		43,890		51,127	1.4
Oil and Gas	4		154,632		184,660	4.9
Pharmaceuticals	2		117,797		242,010	6.5
Real Estate	1		38,723		78,373	2.1
Road and Rail	1		34,400		48,709	1.3
Semiconductors and Semiconductor Equipment	1		13,118		13,154	0.4
Software	1		69,482		108,345	2.9
Specialty Retail	2		122,692		162,332	4.3
Textiles, Apparel and Luxury Goods	2		109,964		127,094	3.4
Tobacco	2		126,526		162,538	4.3
Transportation Infrastructure	1		43,078		55,986	1.5
Wireless Telecommunication Services	1		60,850		73,263	2.0
	67		3,027,682		3,743,183	99.8
Other Assets Less Liabilities	—		5,151		5,986	0.2
Net Assets	67	$ 3,032,833		$3,749,169		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

EMI Group*

Bayerische Hypo-und Vereinsbank*

Esprit Holdings*

Banco Bilbao Vizcaya Argentaria*

France Telecom*

Grupo Televisa (ADR)*

Adidas-Salomon*

Carnival*

Schering*

UFJ Holdings*

Largest Sales

Research In Motion

Nintendo**

Roche Holding**

Muenchener Rueckversicherungs-Gesellschaft**

Groupe Danone**

Telefonica**

Pinault-Printemps-Redoute**

AXA**

LG Electronics**

Dixons Group**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Investment Grade Fixed Income Portfolio

For the year ended December 31, 2004, Seligman Investment Grade Fixed Income Portfolio posted a total return of 2.41%. During the same time period, the Lehman Brothers Government Bond Index returned 3.48% and the Lipper Corporate Debt Funds BBB-Rated Average returned 5.30%. At the end of 2003, the bond market had traded off dramatically, particularly 10-year Treasury bonds, which saw their yields rise by 1.00%. This past year was much less volatile, with spreads tight and bonds generally trading within a narrow range. The bond market was slow from the standpoint of issuance and secondary trading. Corporate issuance was light, and this dampened market activity in general. The decrease in issuance is due to the fact that in 2003 we had seen interest rates at 40-year lows; in general, those who wanted to issue bonds to take advantage of lower rates had already done so.

US economic growth was robust in the first quarter of 2004, then appeared to slow somewhat in the second quarter. Job growth continued to lag the relative strength in gross domestic product (GDP) growth. Oil prices surged to more than $50 a barrel in the third quarter, causing concern among investors, but inflation remained low (which tends to be positive for long-term interest rates). Oil prices moderated in the fourth quarter. The Federal Reserve Board raised the short-term federal funds rate on five occasions beginning in June, for a total increase of 1.25%. Given the Fed’s moves, we had expected higher rates across the yield curve, often referred to as a bear flattening. Surprisingly, however, long-term bonds rallied, and what we witnessed was a bull flattening in which short-term rates rose and yields on long-term bonds declined. We believe there is no fundamental reason for long-term rates to move as low as they did, and we believe the market was ignoring economic fundamentals. In our view, some of the factors contributing to the rally in long-term rates included: higher oil prices, low inflation, and an abundance of cash coming in from foreign investors.

Corporate bonds had performed strongly beginning in late 2002 and throughout most of 2003, and it seemed to us unlikely that they would repeat this strength in 2004. However, while corporate bonds did not perform as well as they had during the previous year, they did perform better than expected, particularly the lower-quality, riskier issues.

The Portfolio had come into 2004 with a defensive positioning in light of strengthening economic indicators and an improving geopolitical environment. At that time we anticipated that the yield curve would remain relatively flat until the Federal Reserve became active and began raising interest rates. The Portfolio went from a long to a neutral to a short duration exposure. Duration is the average amount of time it takes to receive interest and principal on a bond. It is a measure of sensitivity to changing interest rates. The longer the duration, typically the more sensitive the portfolio is to changing interest rates. We avoided Treasuries because we thought that any increase in interest rates would cause these bonds to lose principal value. We had moved out of corporate bonds somewhat, given the fact that they had performed so well in 2003 and the fact that they were richly valued. Instead, the Portfolio increased its exposure to US government agency issues and to mortgage-backed securities, where we believed we could find more value. In the mortgage sector, we bought very high-quality liquid pass-throughs issued by Fannie Mae and Freddie Mac. We upgraded the Portfolio’s corporate credit quality, focusing on sectors such as financials and industrials. We also made a move from fixed-rate to floating-rate notes. By and large, this is how the Portfolio was positioned throughout 2004.

As rates rallied in the second quarter of 2004, the Portfolio continued to be defensively positioned with a shorter duration than the Lehman Index. This had a negative impact on the Portfolio’s relative performance when, atypically, long-term rates fell after the Fed began to raise short-term rates. During this period, long-term bonds outperformed shorter-term holdings. Relative performance was also hurt by our underweighting in corporate bonds, specifically our underweighting in lower-quality corporates. The Portfolio had less exposure to corporate bonds than did the Lehman Index, and the Portfolio’s holdings were higher-quality. However, the market rewarded risk more than we expected.

On the other hand, the Portfolio’s exposure to mortgages helped performance, as this added yield. The flattening of the yield curve (i.e., short-term rates rising while long-term rates rise less or even fall) also helped the Portfolio in this regard. By owning floating rate notes, our coupons (interest payments) have moved higher in conjunction with short-term rates.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Investment Grade Fixed Income Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Value	Percent of Net Assets
US Government and Government Agency Securities	$ 1,940,903	54.5
Corporate Fixed-Income Securities:
Aerospace and Defense	6,402	0.2
Automobiles	40,998	1.2
Beverages	24,880	0.7
Capital Markets	90,160	2.5
Chemicals	51,124	1.4
Commercial Banks	104,379	2.9
Commercial Services and Supplies	21,680	0.6
Computers and Peripherals	32,836	0.9
Consumer Finance	249,888	7.0
Diversified Financial Services	81,029	2.3
Diversified Telecommunication Services	45,367	1.3
Electric Utilities	103,951	2.9
Food and Staples Retailing	46,515	1.3
Health Care Providers and Services	44,338	1.2
Household Durables	39,643	1.1
Household Products	67,585	1.9
Media	65,869	1.9
Multi-Utilities and Unregulated Power	128,391	3.6
Thrifts and Mortgage Finance	44,932	1.3
Wireless Telecommunication Services	69,467	2.0
Total Corporate Fixed-Income Securities	1,359,434	38.2
Short-Term Holdings and Other Assets Less Liabilities	260,635	7.3
Net Assets	$3,560,972	100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

US Treasury Notes 2.625%, 11/15/2006*

US Treasury Bonds 5.375%, 2/15/2031*

FNMA 5%, 5/1/2034*

US Treasury Notes 3.125%, 4/15/2009

FNMA 2.81%, 9/28/2006*

US Treasury Notes:

3.125%, 10/15/2008*

3.50%, 11/15/2009*

General Motors Acceptance 2.51%, 1/16/2007*

General Electric 2.148%, 9/15/2014*

Safeway 5.625%, 8/15/2014*

Largest Sales

US Treasury Notes 4.25%, 11/15/2013**

FHLMC 4.25%, 5/4/2009**

FNMA 5.24%, 8/7/2018**

FHLMC:

6%, 3/1/2033**

6.50%, 7/1/2032**

General Motors Acceptance 8.375%, 7/15/2033**

FNMA 6%, 3/1/2033**

FHLB 5%, 5/13/2011**

Sprint Capital 8.375%, 3/15/2012**

Private Export Funding 5.685%, 5/15/2012**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Large-Cap Growth Portfolio

For the year ended December 31, 2004, Seligman Large-Cap Growth Portfolio posted a total return of 5.71%. During the same time period, the Lipper Large-Cap Core Funds Average returned 7.78%, the Lipper Large-Cap Growth Funds Average returned 7.18%, and the Russell 1000 Growth Index returned 6.30%.

The Portfolio maintained heavy technology exposure during the year, and at year-end it represented the Portfolio’s largest sector weighting. While technology stocks did rally in the fourth quarter on upbeat earnings announcements and increased merger activity, it was the worst-performing sector within the Russell Index for the year, and the Portfolio’s overweighting in this sector detracted from the Portfolio’s returns. However, the technology stocks the Portfolio owned significantly outperformed the technology sector of the Russell Index, allowing this sector to make a positive contribution to the Portfolio’s relative returns for the year.

The Portfolio’s second-largest sector weighting was health care, and the Portfolio was overweighted in this sector as well. Large-cap health care stocks, as a group, delivered relatively weak returns during the year, dragged down by revelations that certain widely used pain relievers present long-term risks to patients. While the Portfolio’s overweighting in the group did negatively impact relative returns, the health care stocks the Portfolio held outperformed large-cap health care stocks as a whole. In the fourth quarter, these stocks benefited from the reelection of President Bush, as many believed the President will provide a favorable legislative environment for these companies.

During the course of the year, we moved the Portfolio to an underweighted position in consumer stocks. Over the past few years, consumer spending has remained strong as a result of tax cuts, tax rebates, low interest rates, and residential refinancing. We believed that the effects of these stimuli would wane, and that stock-price valuations for the group had risen to unsustainable levels. Consumer discretionary stocks within the Russell 1000 Growth Index (the “Russell Index”) delivered strong returns, but the Portfolio’s holdings within this area underperformed. Consumer staples stocks were poor performers as a whole, and the Portfolio’s holdings here lagged those of the Index.

During the year, we believed the economy would continue to strengthen and thus overweighted stocks in the industrials sector, which tend to benefit from increased economic activity. This overweighting helped relative returns since the sector was a strong performer within the large-cap growth universe. In addition, the industrials stocks within the Portfolio were relative outperformers, further boosting the Portfolio’s returns relative to the Russell Index. The Portfolio’s holdings in the group were split among business services companies and more traditional manufacturing companies. These companies have experienced generally strong growth and many have successfully increased prices to offset higher energy costs, allowing them to maintain profit growth.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Large-Cap Growth Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks and Warrants:
Aerospace and Defense	2	$	84,634	$	93,110	4.1
Automobiles	1		10,794		15,188	0.7
Beverages	2		82,764		72,950	3.2
Biotechnology	4		97,214		109,652	4.8
Commercial Services and Supplies	1		11,658		11,690	0.5
Communications Equipment	6		119,003		131,688	5.8
Computers and Peripherals	3		128,914		170,246	7.5
Construction and Engineering	1		10,875		10,902	0.5
Consumer Staples	1		17,980		17,912	0.8
Energy Equipment and Services	2		39,060		43,629	1.9
Food and Staples Retailing	1		10,281		11,511	0.5
Health Care Equipment and Supplies	4		74,362		79,459	3.5
Health Care Providers and Services	3		43,143		46,064	2.0
Hotels, Restaurants and Leisure	3		69,875		93,453	4.1
Household Products	2		70,836		73,750	3.3
Industrial Conglomerates	3		134,523		178,606	7.9
Insurance	2		103,581		106,911	4.7
Internet and Catalog Retail	1		12,871		23,261	1.0
IT Services	2		41,779		43,017	1.9
Machinery	1		38,113		48,755	2.2
Media	3		116,066		124,052	5.5
Multi-Line Retail	2		56,371		66,129	2.9
Pharmaceuticals	7		247,591		270,685	12.0
Semiconductors and Semiconductor Equipment	3		135,660		146,362	6.5
Software	4		192,320		179,985	8.0
Specialty Retail	2		57,871		65,188	2.9
	66		2,008,139		2,234,155	98.7
Short-Term Holding and Other Assets Less Liabilities	1		28,215		28,215	1.3
Net Assets	67	$2,036,354		$2,262,370		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

EMC*

Texas Instruments*

Procter & Gamble

Time Warner

American International Group

Boeing

3M*

Halliburton*

Corning*

Comcast (Class A)*

Largest Sales

Wal-Mart Stores**

Pfizer

General Electric

Eaton**

Abbot Laboratories

Goldman Sachs Group**

Accenture (Class A)

Deere**

UnitedHealth Group**

QUALCOMM

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Large-Cap Value Portfolio

For the year ended December 31, 2004, Seligman Large-Cap Value Portfolio posted a total return of 16.25%. During the same time period, the Lipper Large-Cap Value Funds Average returned 11.93%, the Lipper Multi-Cap Value Funds Average returned 14.39%, the Russell 1000 Value Index returned 16.49%, and the S&P 500 Index returned 10.87%.

In 2004, we saw a continuation of economic growth in the US economy. Corporations enjoyed record profit margins and record earnings growth rates. First-quarter earnings were up over 25% for S&P 500 companies, and this was repeated in the second quarter. Companies have been successful in controlling costs, in many cases cutting expenses to the bone, and this contributed to the record earnings. Confident that the economic recovery was on solid footing, the Federal Reserve Board raised short-term interest rates on five occasions in 2004, for a total increase of 1.25%. At the same time, other economic indicators such as job growth remained weak and the US dollar continued its slide against other major currencies. Investors were further worried by a significant increase in oil prices. Inflation, however, remained in check despite the spike in oil.

Risk aversion seems to have been a stock market theme in 2004. The market traded sideways during the first three quarters of the year, as many investors chose to wait out the uncertainty on the sidelines. Most of the gains in equities came during the fourth quarter, aided by the quick resolution of the US presidential election and the moderation in oil prices to below $50 a barrel. Investors continued to favor value stocks over growth stocks in 2004, and the market continued to reward high-quality stocks over those stocks perceived to be riskier.

As it did in 2003, the Portfolio had a pro-cyclical tilt during 2004, and overall Portfolio performance benefited as a result. The Portfolio’s investment strategy focused mainly on: companies with excess cash and strong balance sheets; companies able and willing to raise their dividends; and late-economic-cycle companies, as opposed to early-cycle.

The Portfolio’s performance during 2004 was strong on an absolute basis. Relative to the Russell 1000 Value Index (the “Russell Index”), the Portfolio underperformed slightly. The Portfolio’s largest sector concentration was in financials, although the Portfolio was underweighted versus the Russell benchmark. While the financials sector was a positive performer, stock selection here detracted from the Portfolio’s relative performance. Industrials and materials represented the Portfolio’s second- and third-largest sector weightings, respectively, and the Portfolio was overweighted versus the Russell Index in both areas. The industrials and materials sectors both posted gains in 2004, and the Portfolio’s returns here were about even with those of the Russell Index.

The largest positive contributor to the Portfolio’s relative performance came from the energy sector. The Portfolio maintained an underweighting in this sector, but because of good stock selection the Portfolio posted exceptionally strong returns in the sector. With the run-up in commodity prices during the year, oil and gas companies were strong beneficiaries. Strong stock selection in the utilities sector also boosted the Portfolio’s absolute and relative performance. The consumer staples and consumer discretionary sectors also boosted the Portfolio’s relative investment results; the Portfolio’s holdings in a large food and staples wholesaler and a large multiline retailer performed especially well during the year.

Health care was a relatively weak-performing sector during the year. While the Portfolio’s health care holdings performed better than those of the overall market, the Portfolio’s relative investment results were hurt by its overweighting in the sector and by the poor performance of one of its pharmaceutical holdings. Stock selection in the information technology sector hurt the Portfolio’s relative results. In particular, a communications equipment holding was a poor performer.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Large-Cap Value Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	2	$	203,164	$	327,670	6.1
Automobiles	1		216,143		146,400	2.8
Capital Markets	1		245,745		210,546	4.0
Chemicals	2		247,926		374,640	7.0
Commercial Banks	2		286,788		375,880	7.0
Communications Equipment	1		143,186		148,533	2.8
Computers and Peripherals	1		179,844		177,444	3.3
Diversified Financial Services	1		176,519		175,545	3.3
Food and Staples Retailing	1		144,461		193,780	3.6
Health Care Equipment and Supplies	2		271,004		287,170	5.4
Industrial Conglomerates	1		121,720		146,000	2.7
Insurance	4		592,904		624,390	11.7
Machinery	1		126,953		175,518	3.3
Multi-Line Retail	1		73,249		165,600	3.1
Multi-Utilities and Unregulated Power	1		60,657		191,380	3.6
Oil and Gas	2		179,793		316,430	5.9
Paper and Forest Products	1		145,235		187,400	3.5
Pharmaceuticals	1		189,283		166,101	3.1
Road and Rail	2		279,753		334,900	6.3
Specialty Retail	1		103,399		105,600	2.0
Thrifts and Mortgage Finance	2		266,799		311,763	5.8
Tobacco	1		98,330		183,300	3.4
	32		4,352,855		5,325,990	99.7
Short-Term Holding and Other Assets Less Liabilities	1		15,734		15,734	0.3
Net Assets	33	$4,368,589		$5,341,724		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Caterpillar*

Prudential Financial*

Union Pacific

Largest Sales

Pfizer**

International Paper**

Valero Energy

J.C. Penney

AES

Dow Chemical

Altria Group

Praxair

International Business Machines

Kimberly-Clark**

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.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Smaller-Cap Value Portfolio

For the year ended December 31, 2004, Class 1 shares of Seligman Smaller-Cap Value Portfolio posted a total return of 19.95%. During the same time period, the Lipper Small-Cap Core Funds Average returned 18.34%, the Lipper Small-Cap Value Funds Average returned 20.86%, and the Russell 2000 Value Index returned 22.25%.

2004 will be remembered as the sixth straight year of outperformance for small-capitalization stocks as compared to their large-cap brethren. 2004 was also the fourth year in the last five in which value stocks outperformed growth stocks within the small-cap arena. In short, it has been an extremely favorable environment for small-cap value investors. There are several reasons behind this. Small companies historically have grown their earnings at a faster rate than larger companies. Even more important, however, is the fact that the Federal Reserve Board’s stimulative monetary policy fostered an environment supporting reasonable economic growth and low interest rates, both of which are extremely important in driving positive investor sentiment. Further, with the passage of each additional quarter of better-than-average returns, small-cap stocks have attracted the interest of a wider audience, notably those investors and pension plan trustees that are typically more conservative in nature.

At year-end, the Portfolio’s largest sector weightings were in the industrials, materials, and information technology sectors. Both the industrials and materials sectors performed strongly during the year, boosting the Portfolio’s absolute and relative investment results. Relative to the Russell Index, the Portfolio’s results were aided by our overweighting in the materials sector, as well as good stock selection here (the Portfolio’s chemical companies performed especially well). Good stock selection in the industrials sector also positively impacted relative returns. The Portfolio’s consumer discretionary holdings underperformed those of the Russell Index, detracting from relative performance. The information technology sector was the largest drag on the Portfolio’s relative performance; the Portfolio was overweighted here and was hurt by stock selection.

Our strategy for managing the Portfolio was to emphasize companies with the ability to deliver earnings growth and positive earnings surprises, as well as those companies that have the cash flow to supplement this growth by returning excess cash to shareholders in whatever manner they determine to be prudent, i.e., acquisition, share buybacks, or dividends. The Portfolio’s investments have been focused in the areas of the economy most able to take advantage of trends such as the falling US dollar, increased capital expenditures, rising commodity prices, and the return of pricing power. We de-emphasized those companies most dependent on consumer spending; we believe that rising energy and health care costs, coupled with tepid job and income growth, will not provide an easy environment for consumers and will not provide for many upside surprises. Consumers’ balance sheets improved in 2004, driven by a strong increase in home values. Additionally, in recognition of the stronger results for small-cap stocks in general and the stock market’s appetite for risk, we have allowed the average market capitalization of the portfolio to increase, providing a bit more investment flexibility and liquidity.

Returns in the Portfolio were driven by a focus on later-cycle industrial and materials stocks that have been able to take advantage of improving pricing power and capital spending budgets. These stocks experienced significant price appreciation in 2004. Many of these stocks benefited from improved pricing power in many industries, including coal, brass, soybeans, ethylene, specialty chemicals, trucking services and international logistics.

One of the Portfolio’s largest holdings was a household durables company whose stock price has risen ten-fold since we acquired it, and which we continue to favor. We feel that this company has competed exceptionally well with its German peers in establishing a large and profitable niche in a growing list of automobile platforms in the world.

__________

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Smaller-Cap Value Portfolio

Diversification of Net Assets (unaudited)

December 31, 2004

	Issues		Cost		Value	Percent of Net Assets
Common Stocks:
Aerospace and Defense	1	$	5,332,442	$	7,551,000	2.5
Airlines	1		7,911,483		8,124,000	2.7
Beverages	1		1,674,794		3,720,800	1.2
Biotechnology	3		12,520,180		12,781,040	4.2
Chemicals	6		28,315,666		45,290,700	14.9
Commercial Services and Supplies	4		16,108,288		30,257,300	10.0
Communications Equipment	1		7,250,240		7,210,500	2.4
Computers and Peripherals	1		7,394,494		8,517,600	2.8
Containers and Packaging	1		2,217,946		2,802,750	0.9
Electrical Equipment	1		3,826,714		4,668,025	1.5
Electronic Equipment and Instruments	1		2,838,282		6,601,000	2.2
Energy Equipment and Services	2		9,920,310		12,991,400	4.3
Food Products	1		2,095,698		5,701,000	1.9
Health Care Providers and Services	3		14,570,151		20,283,000	6.7
Hotels Restaurants and Leisure	1		7,071,242		6,520,000	2.2
Household Durables	1		1,200,025		6,985,000	2.3
Insurance	3		13,145,959		16,025,700	5.3
IT Services	1		7,348,104		5,580,250	1.8
Machinery	3		18,181,213		20,880,300	6.9
Media	1		2,783,798		3,274,764	1.1
Metals and Mining	1		3,028,817		7,281,900	2.4
Multi-Line Retail	1		6,672,606		5,563,200	1.8
Paper and Forest Products	1		2,774,501		2,638,200	0.9
Pharmaceuticals	1		2,848,618		6,481,200	2.1
Road and Rail	1		1,979,950		5,831,150	1.9
Semiconductors and Semiconductor Equipment	2		11,913,986		12,308,550	4.1
Software	2		11,320,788		9,925,150	3.3
Specialty Retail	1		6,978,105		7,302,000	2.4
Thrifts and Mortgage Finance	2		8,540,177		10,350,000	3.4
	49		227,764,577		303,447,479	100.1
Short-Term Holding and Other Assets Less Liabilities	1		(455,272)		(455,272)	(0.1)
Net Assets	50	$227,309,305		$302,992,207		100.0

Largest Portfolio Changes

During the Six Months Ended December 31, 2004

Largest Purchases

Credence Systems*

Finish Line (Class A)*

Hercules*

Waste Connections*

EnerSys*

Terex

Eon Labs

Ruby Tuesday

Andrx

Allmerica Financial

Largest Sales

American Eagle Outfitters**

Urban Outfitters**

Millennium Chemicals**

Furniture Brands International**

Crompton

Trimble Navigation

Peabody Energy

Hanover Compressor

Navistar International**

Select Medical

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.

Seligman Portfolios, Inc.

Benchmarks

Lipper Averages

Corporate Debt Funds BBB-Rated is an average of funds that invest primarily in corporate and government debt issues rated in the top four grades.

Global Funds in an average of funds that invest at least 25% of its portfolio in securities traded outside of the United States and that may own U.S. securities as well.

Global Large-Cap Growth Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than the 500th-largest company in the S&P/Citigroup World Broad Market Index ($12.3 billion as of December 31, 2004). Large-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI.

Global Small-Cap Funds is an average of funds that invest at least 25% of its portfolio in securities with primary trading markets outside the United States, and that limits at least 65% of its investments to companies with market capitalizations less than US $1 billion at the time of purchase.

Global Small/Mid-Cap Core Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) less than the 500th-largest company in the S&P/Citigroup World Broad Market Index ($3.4 billion as of December 31, 2004). Small/mid-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI.

High Current Yield Funds is an average of funds that aim at high (relative) current yields from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower grade debt issues.

Income Funds is an average of funds that normally seek a high level of current income through investing in income-producing stocks, bonds, and money market instruments.

International Funds is an average of funds that invest their assets in securities with primary trading markets outside of the United States.

International Multi-Cap Growth Funds is an average of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than the 250th-largest company in the S&P/Citigroup World ex-U.S. Broad Market Index ($13.4 billion as of December 31, 2004). Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.

Large-Cap Core Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($13.2 billion as of December 31, 2004). Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Large-Cap Growth Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($13.2 billion as of December 31, 2004). Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Large-Cap Value Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($13.2 billion as of December 31, 2004). Large-cap value funds typically have a below average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

_____________

See footnotes on page 32.

Seligman Portfolios, Inc.

Benchmarks

Lipper Averages (continued)

Mid-Cap Funds is an average of funds that by prospectus or portfolio practice invest primarily in companies with market capitalizations less than $5 billion at the time of purchase.

Mid-Cap Growth Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($13.2 billion as of December 31, 2004). Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.

Multi-Cap Value Funds is an average of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) over 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($13.2 billion as of December 31, 2004). Multi-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index.

Science & Technology Funds is an average of funds that invest at least 65% of its equity portfolio in science and technology stocks.

Small-Cap Core Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($3.4 billion as of December 31, 2004). Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Small-Cap Growth Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($3.4 billion as of December 31, 2004). Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Small-Cap Value Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($3.4 billion as of December 31, 2004). Small-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Indices

Citigroup Broad Market Index Less Than US$2 Billion Index represents the entire universe of institutionally investable securities with a total available market capitalization of at least the local equivalent of US$100 million and not more than US$2 billion.

Citigroup Extended Market (EM) Index World represents the small-capitalization stock universe. It comprises the bottom 20% of the available capital of each country included in the Citigroup World Broad Market Index (BMI), and includes 75% of the BMI issues. The BMI universe covers 23 countries and includes listed shares of companies with a total available market capitalization of at least the local equivalent of US$100 million.

Citigroup US High-Yield Market Index captures the performance of below-investment-grade debt issued by corporations domiciled in the US and Canada.

Goldman Sachs Technology Indexes are a family of equity indexes designed as equity benchmarks for US traded technology and internet-related securities.

Lehman Brothers Government Bond Index is composed of all publicly issued, nonconvertible, domestic debt of the US government or any agency thereof, quasi-federal corporations, or corporate debt guaranteed by the US government. Flower bonds and pass-through issues are excluded.

Lehman Brothers Government/Credit Index is composed of all bonds that are investment grade (rated Baa or higher by Moody’s or BBB or higher by S&P, if unrated by Moody’s), with at least one year to maturity.

MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. As of December 2004, it consisted of 21 developed market country indices.

_____________

See footnotes on page 32.

Seligman Portfolios, Inc.

Benchmarks

Indices (continued)

MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of December 2004, it consisted of 23 developed market country indices.

MSCI World Growth Index is a market-capitalization-weighted equity index comprising 23 countries and representing “growth” (high price to book value) securities in the world’s developed stock markets.

Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.

S&P 500 Index measures the performance of 500 of the largest US companies based on market capitalization.

_____________

Adapted from materials from the websites of Citigroup, Goldman Sachs, Lehman, Morgan Stanley, Russell and Standard & Poor’s.

The averages and indices are unmanaged benchmarks that assume reinvestment of distributions. The performance of the averages excludes the effect of sales charges and taxes, and the performance of the indices excludes the effect of taxes, fees, and sales charges. Investors cannot invest directly in an average or an index.

Understanding and Comparing

Your Portfolio’s Expenses

As an investor in a Portfolio of the Fund, you incur ongoing expenses, such as management fees, distribution and/or service (12b-1) fees, and other fund expenses. The information below is intended to help you understand your ongoing expenses (in dollars) of investing in a Portfolio and to compare them with the ongoing expenses of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing expenses of investing in a Portfolio only and do not reflect any costs that may be charged by insurance compainies’ separate accounts or by any pension or retirement plan. Therefore, the tables are useful in comparing ongoing expenses only, and will not help you to determine the relative total expenses of owning different funds. In addition, if these costs were included, your total expenses would have been higher.

The tables are based on an investment of $1,000 invested at the beginning of July 1, 2004 and held for the entire six-month period ended December 31, 2004.

_____________

Continued on page 33.

Seligman Portfolios, Inc.

Understanding and Comparing Your Portfolio’s Expenses

(Continued from page 32.)

Actual Expenses

The table below provides information about actual expenses and actual account values. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value at the beginning of the period by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” for the share class of the Portfolio that you own to estimate the expenses that you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical expenses and hypothetical account values based on the actual expense ratios of each Portfolio and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Portfolio. The hypothetical expenses and account values may not be used to estimate the ending account value or the actual expenses you paid for the period. You may use this information to compare the ongoing expenses of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

								Actual				Hypothetical
Portfolio		Beginning Account Value 7/1/04	Annualized Expense Ratio*		Annualized Expense Reimbursement Ratio†			Ending Account Value 12/31/04		Expenses Paid During Period 7/1/04 to 12/31/04**		Ending Account Value 12/31/04		Expenses Paid During Period 7/1/04 to 12/31/04**
Capital
Class 1	$	1,000.00	0.97	%	—		$	1,017.40	$	4.91	$	1,020.26	$	4.91
Class 2		1,000.00	1.22		—			1,015.90		6.17		1,019.00		6.17
Cash Management		1,000.00	0.70		0.70	%		1,004.70		3.52		1,021.62		3.55
Common Stock		1,000.00	0.75		—			1,080.90		3.91		1,021.37		3.80
Communications and Information
Class 1		1,000.00	1.04		—			1,046.20		5.33		1,019.91		5.27
Class 2		1,000.00	1.29		—			1,044.20		6.61		1,018.65		6.53
Frontier		1,000.00	1.55		—			1,083.80		8.10		1,017.34		7.84
Global Growth		1,000.00	1.75		3.06			1,068.20		9.07		1,016.34		8.85
Global Smaller Companies		1,000.00	2.00		2.93			1,127.20		10.67		1,015.08		10.10
Global Technology
Class 1		1,000.00	1.90		0.34			1,030.40		9.67		1,015.58		9.60
Class 2		1,000.00	2.05		0.34			1,028.90		10.43		1,014.83		10.35
High-Yield Bond		1,000.00	1.23		—			1,075.90		6.40		1,018.95		6.23
Income and Growth		1,000.00	1.15		0.43			1,061.60		5.94		1,019.36		5.82
International Growth		1,000.00	2.00		2.49			1,114.00		10.60		1,015.08		10.10
Investment Grade		1,000.00	0.85		0.35			1,032.60		4.33		1,020.86		4.31
Large-Cap Growth		1,000.00	1.84		—			1,034.20		9.38		1,015.89		9.30
Large-Cap Value		1,000.00	1.34		—			1,101.90		7.06		1,018.40		6.78
Smaller-Cap Value
Class 1		1,000.00	1.17		—			1,120.70		6.22		1,019.25		5.92
Class 2		1,000.00	1.36		—			1,117.70		7.22		1,018.30		6.88

*	Expenses of Class 2 shares differ from the expenses of Class 1 shares due to the differences in 12b-1 fees paid. See the Fund’s prospectus for a description of each share class and its expenses.

**	Expenses are equal to the Portfolio’s annualized expense ratio based on actual expenses for the period July 1, 2004 to December 31, 2004, multiplied by the average account value over the period, multiplied by 184/366 (number of days in the period).

†

The Manager, at its discretion, has 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 certain Portfolios. Absent such reimbursement, the expense ratios and expenses paid for the period would have been higher. See note 5 to the Financial Statements on pages 74 and 75 of this report for additional information.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Capital Portfolio

	Shares		Value
Common Stocks 98.2%
Aerospace and Defense 2.7%
Precision Castparts	3,700	$	243,016
Rockwell Collins	4,100		161,704
			404,720

Airlines 1.6%
Northwest Airlines*	13,900		151,649
Southwest Airlines	5,700		92,796
			244,445

Biotechnology 7.9%
Amylin Pharmaceuticals*	3,700		86,451
Encysive Pharmaceuticals*	7,000		69,405
Eyetech Pharmaceuticals*	2,700		122,769
Gen-Probe*	1,500		67,807
Genzyme*	2,400		139,356
Martek Biosciences*	5,900		301,873
MedImmune*	5,550		150,377
Onyx Pharmaceuticals*	1,400		45,395
OSI Pharmaceuticals*	1,100		82,286
Serologicals*	3,200		71,040
United Therapeutics	1,600		72,064
			1,208,823

Building Products 0.9%
American Standard*	3,300		136,356

Chemicals 2.4%
Airgas	8,700		230,637
Cytec Industries	2,500		128,550
			359,187

Commercial Services and Supplies 11.0%
Cintas	7,200		315,396
Robert Half International	10,200		300,186
Manpower	7,100		342,930
Herman Miller	14,600		403,471
Monster Worldwide	9,400		316,592
			1,678,575

Communications Equipment 2.6%
Avaya*	5,500		94,600
Juniper Networks*	6,700		182,140
Lucent Technologies*	19,100		71,816
Polycom*	1,700		39,610
			388,166

Computers and Peripherals 2.9%
Apple Computer*	1,900		122,322
Komag	4,600		86,365
Network Appliance*	3,800		126,217
Seagate Technology*	6,000		103,620
			438,524

Construction and Engineering 2.0%
Fluor	2,700		147,177
Jacobs Engineering Group	3,300		157,707
			304,884

Electrical Equipment 0.9%
Rockwell Automation	2,800		138,740

Electronic Equipment and Instruments 3.1%
Cogent	900		29,579
Solectron	13,200		70,356
Symbol Technologies	12,600		217,980
Trimble Navigation*	4,600		151,823
			469,738

Energy Equipment and Services 0.7%
Smith International*	2,000		108,820

Food and Staples Retailing 0.4%
NeighborCare*	1,800		55,134

Food Products 2.7%
Hershey Foods	1,800		99,972
McCormick & Co.	5,400		208,440
William Wrigley, Jr.	1,400		96,866
			405,278

Health Care Equipment and Supplies 4.2%
C.R. Bard	2,800		179,144
Biomet	1,600		69,400
Conor Medsystems*	4,000		55,660
Fisher Scientific International*	2,100		130,998
Given Imaging*	2,500		89,762
I-Flow	1,700		30,965
Varian Medical Systems	2,000		86,480
			642,409

Health Care Providers and Services 7.0%
Caremark Rx*	6,700		264,181
Cerner*	2,900		154,033
Coventry Health Care	1,900		100,852
Lincare Holdings*	1,800		76,761
PacifiCare Health Systems*	1,400		79,128
Quest Diagnostics	1,700		162,435
WellPoint*	2,000		230,000
			1,067,390

Hotels, Restaurants and Leisure 5.4%
Cheesecake Factory*	4,800		155,688
Marriott International (Class A)	1,700		107,066
Outback Steakhouse*	4,600		210,588
Starwood Hotels & Resorts Worldwide	2,600		151,840
YUM! Brands	4,200		198,156
			823,338

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Capital Portfolio (continued)

	Shares or Principal Amount			Value
Household Durables 0.8%
Fortune Brands	1,500	shs.	$	115,770

Internet and Catalog Retail 0.8%
Blue Nile	4,500			124,380

Internet Software and Services 2.2%
Ask Jeeves*	8,400			224,658
Openwave Systems	7,600			117,458
				342,116

IT Services 2.9%
Affiliated Computer Services (Class A)*	2,000			120,380
Cognizant Technology Solutions (Class A)	1,500			63,488
Fiserv*	3,800			152,741
Titan	6,700			108,540
				445,149

Leisure Equipment and Products 1.0%
Brunswick	3,200			158,400

Machinery 0.3%
Oshkosh Truck	600			41,028

Media 1.1%
Interpublic Group of Companies*	12,000			160,800

Multi-Line Retail 1.1%
Family Dollar Stores	5,300			165,519

Oil and Gas 1.7%
Noble Energy	4,200			258,972

Paper and Forest Products 0.8%
MeadWestvaco	3,700			125,393

Personal Products 2.4%
Nu Skin Enterprises (Class A)	4,000			101,520
USANA Health Sciences*	7,700			263,109
				364,629

Pharmaceuticals 5.6%
Eon Labs*	5,200			140,426
IVAX	10,900			172,438
Medicis Pharmaceutical (Class A)	3,400			119,374
Sepracor*	3,400			201,637
Watson Pharmaceuticals*	6,600			216,546
				850,421

Semiconductors and Semiconductor Equipment 4.1%
Altera*	4,200			86,961
Broadcom (Class A)*	3,800			122,683
KLA-Tencor*	1,300			60,548
Lam Research*	4,800			138,624
Linear Technology	2,000			77,530
National Semiconductor	4,500			80,775
PMC-Sierra	5,450			61,285
				628,406

Software 4.7%
Adobe Systems	2,500			156,913
BEA Systems*	13,900			123,084
Business Objects (ADR)*	900			22,766
Jack Henry & Associates	3,900			77,844
NAVTEQ*	700			32,452
TIBCO Software	22,700			302,705
				715,764

Specialty Retail 8.4%
Bed Bath & Beyond*	6,000			239,010
Chico’s FAS*	6,400			291,392
Michaels Stores	2,600			77,922
Tractor Supply*	12,300			457,498
Williams-Sonoma*	6,200			217,248
				1,283,070

Trading Companies and Distributors 1.3%
United Rentals*	10,400			196,560

Wireless Telecommunication Services 0.6%
Nextel Partners (Class A)*	4,400			85,866

Total Common Stocks
(Cost $13,297,599)				14,936,770

Repurchase Agreement 2.5%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $371,043, collateralized by: $385,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $383,075 (Cost $371,000)	$371,000			371,000

Total Investments 100.7%
(Cost $13,668,599)				15,307,770

Other Assets Less Liabilities (0.7)%				(101,767)

Net Assets 100.0%				$15,206,003

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Cash Management Portfolio

	Annualized Yield on Purchase Date			Principal Amount		Value
US Government and Government Agency Securities 87.4%
US Government Securities 21.8%
US Treasury Bills 1.88%, 2/3/2005 (Cost $399,310)	1.91	%	$	400,000	$	399,310
US Government Agency Securities 65.6%
Federal Home Loan Bank, 2.17% 1/10/2005	2.21			400,000		399,783
Federal Home Loan Mortgage 1.99%, 1/3/2005	2.02			400,000		399,956
Federal National Mortgage Association 2.24%, 1/11/2005	2.28			400,000		399,751
Total US Government Agency Securities(Cost $1,199,490)						1,199,490
Total US Government and Government Agency Securities (Cost $1,598,800)						1,598,800
Repurchase Agreement 27.6%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $504,059, collateralized by: $525,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $522,375 (Cost $504,000)	1.42	%		504,000		504,000
Total Investments 115.0% (Cost $2,102,800)						2,102,800
Other Assets Less Liabilities (15.0)%						(274,532
Net Assets 100.0%					$	1,828,268

Seligman Common Stock Portfolio

	Shares		Value
Common Stocks 99.1%

Aerospace and Defense 0.6%
General Dynamics	600	$	62,760

Auto Components 0.8%
Lear	1,380		84,194

Beverages 2.8%
Coca-Cola	3,600		149,868
PepsiCo	3,000		156,600
			306,468

Biotechnology 1.1%
Amgen*	1,500		96,233
Gilead Sciences*	800		27,996
			124,229

Building Products 0.5%
Masco	1,500		54,795

Capital Markets 3.0%
The Bank of New York	3,400		113,628
Goldman Sachs Group	930		96,757
Merrill Lynch	1,400		83,678
Morgan Stanley	490		27,205
			321,268

Chemicals 2.1%
Dow Chemical	2,200		108,922
Praxair	2,600		114,790
			223,712

Commercial Banks 3.4%
Bank of America	2,840		133,452
Wachovia	3,140		165,164
Wells Fargo	1,100		68,365
			366,981

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Common Stock Portfolio (continued)

	Shares		Value
Commercial Services and Supplies 1.8%
ServiceMaster	6,100	$	84,119
Waste Management	3,500		104,790
			188,909

Communications Equipment 3.8%
Andrew*	3,800		51,813
Cisco Systems*	8,470		163,386
Nokia (ADR)	3,500		54,845
Nortel Networks*	14,400		50,256
QUALCOMM	2,200		93,390
			413,690

Computers and Peripherals 4.9%
Dell*	2,380		100,305
EMC*	7,600		113,012
Hewlett-Packard	3,760		78,847
International Business Machines	2,420		238,564
			530,728

Consumer Finance 1.9%
American Express	1,930		108,794
MBNA	3,400		95,846
			204,640

Diversified Financial Services 3.9%
CIT Group	1,900		87,058
Citigroup	4,960		238,973
J.P. Morgan Chase	2,340		91,283
			417,314

Diversified Telecommunication Services 2.2%
SBC Communications	1,700		43,809
Verizon Communications	4,800		194,448
			238,257

Electric Utilities 0.5%
PPL	1,100		58,608

Electronic Equipment and Instruments 0.6%
Jabil Circuit*	2,650		67,787

Energy Equipment and Services 0.9%
Noble*	1,000		49,740
Rowan Companies*	2,020		52,318
			102,058

Food and Staples Retailing 3.7%
Kroger*	6,900		121,026
Sysco	1,500		57,255
Wal-Mart Stores	4,210		222,372
			400,653

Food Products 1.3%
Dean Foods*	2,300		75,785
General Mills	1,400		69,594
			145,379

Health Care Equipment and Supplies 0.4%
Alcon	500		40,300

Health Care Providers and Services 1.9%
Andrx*	6,700		146,160
WellPoint*	500		57,500
			203,660

Hotels, Restaurants and Leisure 2.3%
Carnival	2,700		155,601
Marriott International (Class A)	1,400		88,172
			243,773

Household Products 2.4%
Colgate-Palmolive	1,700		86,972
Procter & Gamble	3,220		177,358
			264,330

Index Derivatives 0.7%
iShares DJ Select Dividend Index Fund	1,300		79,820

Industrial Conglomerates 5.3%
General Electric	11,410		416,465
Tyco International	4,420		157,971
			574,436

Insurance 5.1%
American International Group	2,900		190,443
Hartford Financial Services Group	1,150		79,707
PartnerRe	1,110		68,753
Prudential Financial	2,700		148,392
XL Capital (Class A)	800		62,120
			549,415

Internet and Catalog Retail 0.8%
eBay*	760		88,392

Internet Software and Services 1.0%
Ask Jeeves*	2,000		53,490
Check Point Software Technologies*	2,200		54,187
			107,677

Machinery 1.7%
Deere	1,230		91,512
Illinois Tool Works	990		91,753
			183,265

Media 3.5%
Clear Channel Communications	3,520		117,885
Time Warner*	9,290		180,598
Univision Communications (Class A)*	2,680		78,444
			376,927

Metals and Mining 1.7%
Alcoa	3,400		106,828
Freeport-McMoRan Copper & Gold (Class B)	1,900		72,637
			179,465

Multi-Line Retail 0.5%
Target	1,100		57,123

Multi-Utilities and Unregulated Power 0.9%
Duke Energy	3,900		98,787

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Common Stock Portfolio (continued)

	Shares or Principal Amount			Value
Oil and Gas 3.9%
BP (ADR)	1,100	shs.	$	64,240
ChevronTexaco	1,000			52,510
Exxon Mobil	5,850			299,871
				416,621

Paper and Forest Products 0.6%
Weyerhaeuser	1,020			68,564

Pharmaceuticals 10.4%
Forest Laboratories*	1,700			76,262
Johnson & Johnson	2,880			182,650
Eli Lilly	1,000			56,750
Merck	2,800			89,992
Novartis (ADR)	4,300			217,322
Pfizer	12,200			328,058
Watson Pharmaceuticals*	1,600			52,496
Wyeth	2,770			117,974
				1,121,504

Semiconductors and Semiconductor Equipment 3.2%
Broadcom (Class A)*	1,700			54,884
Intel	6,160			144,236
Taiwan Semiconductor Manufacturing (ADR)	7,066			59,990
Texas Instruments	3,400			83,708
				342,818

Software 5.4%
Computer Associates International	4,300			133,558
Microsoft	14,070			375,880
Oracle*	2,500			34,312
Symantec*	1,600			41,224
				584,974

Specialty Retail 1.1%
Advance Auto Parts*	1,400			61,152
Michaels Stores	1,760			52,747
				113,899

Thrifts and Mortgage Finance 1.7%
Fannie Mae	1,300			92,573
Freddie Mac	1,200			88,440
				181,013

Tobacco 2.9%
Altria Group	5,070			309,777

Wireless Telecommunication Services 1.9%
American Tower (Class A)*	3,000			55,200
Crown Castle International*	8,800			146,432
				201,632

Total Common Stocks (Cost $9,573,439)				10,700,602

Repurchase Agreement 0.6%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $64,007, collateralized by: $70,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $69,650 (cost $64,000)	$64,000			64,000
Total Investments 99.7% (Cost $9,637,439)				10,764,602

Other Assets Less Liabilities 0.3%				27,676

Net Assets 100.0%				$10,792,278

Seligman Communications and Information Portfolio

	Shares		Value
Common Stocks 93.3%
Application Software 4.8%
Hyperion Solutions*	7,600	$	354,274
Magma Design Automation*	35,900		449,289
Synopsys*	133,900		2,621,762
			3,425,325

Biotechnology 2.1%
Charles River Laboratories International*	10,700		492,307
Invitrogen*	14,600		980,171
			1,472,478

Communications Equipment 9.0%
Avocent*	35,600		1,442,334
Cisco Systems*	80,200		1,547,058
Corning*	54,700		643,819
NETGEAR*	35,500		644,503
Nokia (ADR)	65,400		1,024,818
QUALCOMM	24,900		1,057,005
			6,359,537

Computers and Peripherals 6.9%
ATI Technologies*	27,700		536,964
Avid Technology*	10,300		635,150
Brocade Communications Systems*	44,900		341,464
Dell*	16,700		703,822
EMC*	24,700		367,289

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Communications and Information Portfolio (continued)

	Shares or Principal Amount			Value
Computers and Peripherals (continued)
Hewlett-Packard	75,600	shs.	$	1,585,332
Logictech International*	7,200			438,563
Xyratex*	16,100			263,477
				4,872,061

Diversified Telecommunication Services 0.8%
Sprint (FON Group)	22,100			549,185

Electronic Equipment and Instruments 3.3%
Amphenol (Class A)*	22,400			822,976
Orbotech*	41,600			882,336
Photon Dynamics	26,700			647,208
				2,352,520

Health Care Equipment and Supplies 7.7%
Advanced Medical Optics	13,300			547,162
C.R. Bard	8,700			556,626
Beckman Coulter	2,800			187,572
Boston Scientific*	64,000			2,275,200
DJ Orthopedics	10,600			227,052
Fisher Scientific International*	26,900			1,678,022
				5,471,634

Health Care Providers and Services 3.3%
Laboratory Corporation of America Holdings*	27,000			1,345,140
Quest Diagnostics	10,700			1,022,385
				2,367,525

Home Entertainment Software 3.9%
Take-Two Interactive Software*	78,700			2,739,940

Internet and Catalog Retail 2.9%
eBay*	10,200			1,186,311
IAC/InterActiveCorp	31,400			867,111
				2,053,422

Internet Software and Services 4.0%
Ask Jeeves*	40,000			1,069,800
Digital River*	17,700			736,143
Yahoo!*	26,900			1,014,264
				2,820,207

IT Services 7.8%
Amdocs*	98,500			2,585,625
Fiserv*	9,300			373,813
Infosys Technologies	22,600			1,090,333
Ness Technologies	10,300			152,903
SunGard Data Systems*	18,000			509,940
Tata Consultancy Services	25,750			794,206
				5,506,820

Leisure Equipment and Products 0.7%
Marvel Enterprises	25,300			518,144

Media 1.1%
Comcast (Class A)*	22,400			745,584

Semiconductors and Semiconductor Equipment 12.9%
Advanced Micro Devices*	40,500			891,810
Broadcom (Class A)*	26,500			855,553
Credence Systems*	8,600			78,733
Intel	38,800			908,502
Lam Research*	31,000			895,280
Marvell Technology Group*	20,400			722,772
Mattson Technology*	27,100			304,468
MEMC Electronic Materials*	296,200			3,924,650
Monolithic Power Systems*	3,500			32,533
Taiwan Semiconductor Manufacturing*	355,000			563,935
				9,178,236

Systems Software 22.1%
BMC Software*	194,900			3,625,140
Check Point Software Technologies*	44,600			1,098,275
Citrix Systems*	62,700			1,537,717
Computer Associates International	89,300			2,773,658
Macrovision*	13,500			347,355
Microsoft	142,800			3,814,902
Oracle*	76,400			1,048,590
Sybase*	17,900			357,105
VERITAS Software*	38,400			1,094,784
				15,697,526

Total Common Stocks (Cost $63,425,523)				66,130,144

Repurchase Agreement 5.5%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $3,912,456, collateralized by: $4,050,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $4,029,750 (Cost $3,912,000)	$3,912,000			3,912,000

Total Investments 98.8% (Cost $67,337,523)				70,042,144

Other Assets Less Liabilities 1.2%				846,098

Net Assets 100.0%				$70,888,242

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Frontier Portfolio

	Shares		Value
Common Stocks 100.3%
Aerospace and Defense 2.7%
Ceradyne*	1,341	$	76,799
Essex*	2,884		58,516
SI International*	1,400		42,931
			178,246

Air Freight and Logistics 0.7%
UTI Worldwide	660		44,804

Biotechnology 4.1%
Alexion Pharmaceuticals*	1,900		47,804
Corgentech*	2,800		23,212
Eyetech Pharmaceuticals*	1,000		45,470
Maxygen*	3,462		44,002
Nabi Biopharmaceuticals*	2,400		35,280
Vicuron Pharmaceuticals*	2,100		36,445
ZymoGenetics*	1,800		41,346
			273,559

Capital Markets 2.9%
Affiliated Managers Group*	1,190		80,611
Apollo Investment	3,435		51,731
Calamos Asset Management	2,190		59,119
			191,461

Commercial Banks 4.2%
Boston Private Financial Holdings	1,800		50,652
East West Bancorp	1,838		76,957
Nara Bancorp	1,800		38,313
UCBH Holdings	1,309		59,933
Wintrust Financial	970		55,193
			281,048

Commercial Services and Supplies 10.5%
Corinthian Colleges*	2,556		48,168
The Corporate Executive Board	1,800		120,411
Corrections Corporation of America*	1,435		58,046
DiamondCluster International*	7,070		100,995
Duratek*	2,900		71,876
Education Management*	1,108		36,525
Huron Consulting Group	1,700		37,442
Intersections*	1,936		33,193
Resources Connection*	2,540		137,833
Waste Connections*	1,687		57,780
			702,269

Communications Equipment 1.7%
Avocent*	1,236		50,077
Tekelec*	3,003		61,366
			111,443

Computers and Peripherals 3.5%
Brocade Communications Systems*	10,310		78,408
Stratasys*	1,387		46,458
Synaptics*	2,063		63,035
Unova*	1,824		46,129
			234,030

Construction and Engineering 1.4%
Chicago Bridge & Iron (NY shares)	2,300		92,000

Consumer Finance 1.5%
Advance America, Cash Advance Centers*	1,170		26,793
Collegiate Funding Services*	2,000		28,140
First Marblehead*	800		45,000
			99,933

Diversified Financial Services 1.3%
CapitalSource*	3,407		87,458

Diversified Telecommunication Services 0.6%
Arbinet-thexchange*	1,470		36,721

Electrical Equipment 1.3%
AMETEK	2,460		87,748

Electronic Equipment and Instruments 1.7%
Photon Dynamics	2,500		60,600
RAE Systems*	7,370		53,801
			114,401

Energy Equipment and Services 2.3%
Pioneer Drilling*	3,900		39,351
Superior Energy Services*	5,300		81,673
Unit*	885		33,816
			154,840

Health Care Equipment and Supplies 4.8%
Arrow International	1,400		43,358
Bruker BioSciences*	5,200		20,982
Integra LifeSciences Holdings*	2,300		85,054
Inverness Medical Innovations	1,400		35,140
Lumenis*	404		783
Mine Safety Appliances	1,940		98,358
Nuvasive*	3,700		38,036
			321,711

Health Care Providers and Services 7.6%
Chemed	1,058		71,002
Community Health Systems*	2,374		66,187
Covance*	1,100		42,625
Kindred Healthcare*	2,700		80,865
LabOne*	2,400		76,848
Omnicell*	3,100		34,115
Pediatrix Medical Group*	1,273		81,536
Select Medical	3,180		55,968
			509,146

Hotels, Restaurants and Leisure 3.9%
P.F. Chang’s China Bistro*	1,200		67,662
Pinnacle Entertainment*	2,300		45,494
RARE Hospitality International*	2,312		73,649
Texas Roadhouse	2,396		70,442
			257,247

Internet and Catalog Retail 0.9%
Audible	2,300		59,639

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Frontier Portfolio (continued)

	Shares		Value
Internet Software and Services 0.8%
iVillage*	8,200	$	50,758

IT Services 2.6%
Answerthink*	7,100		33,405
BearingPoint	3,636		29,197
iPayment Holdings*	1,270		62,878
Sapient	5,900		46,610
			172,090

Machinery 5.5%
Briggs & Stratton	1,400		58,212
Bucyrus International	1,500		60,787
CLARCOR	1,015		55,592
Graco	2,238		83,589
Lincoln Electric Holdings	1,111		38,385
Wabash National*	2,657		71,553
			368,118

Media 2.3%
Cumulus Media (Class A)*	3,256		49,149
Harris Interactive*	8,930		70,592
Lions Gate Entertainment	3,394		36,044
			155,785

Metals and Mining 3.3%
AMCOL International	3,042		61,114
Brush Engineered Materials*	2,500		46,250
GrafTech International*	6,095		57,659
Metal Management	2,073		55,608
			220,631

Multi-Line Retail 0.7%
Fred’s	2,500		43,462

Oil and Gas 2.6%
Bill Barrett*	1,600		51,184
Denbury Resources*	2,073		56,904
Harvest Natural Resources*	3,900		67,353
			175,441

Pharmaceuticals 2.1%
Eon Labs*	2,500		67,512
Medicines*	1,500		43,238
Medicis Pharmaceutical (Class A)	850		29,843
			140,593

Road and Rail 2.8%
J.B. Hunt Transport Services	730		32,744
Landstar System*	1,300		95,680
Old Dominion Freight Line*	1,685		58,672
			187,096

Semiconductors andSemiconductor Equipment 4.4%
Actel*	2,500		43,700
ATMI*	1,612		36,238
Cymer*	1,614		47,669
DSP Group*	2,578		57,425
Mattson Technology*	4,300		48,310
Microsemi*	3,524		61,124
			294,466

Software 8.2%
Agile Software*	7,816		63,818
Epicor Software*	5,800		81,751
FileNet*	3,273		84,198
Jack Henry & Associates	3,900		77,844
Hyperion Solutions*	1,932		90,060
Informatica*	6,391		51,767
SERENA Software*	2,376		51,381
Witness Systems*	2,800		48,818
			549,637

Specialty Retail 2.7%
Aeropostale*	1,500		44,145
AnnTaylor Stores*	1,811		38,991
Build-A-Bear Workshop	1,584		55,678
Stein Mart*	2,324		39,729
			178,543

Textiles, Apparel and Luxury Goods 3.1%
DHB Industries*	3,135		59,581
Warnaco Group*	2,595		56,039
Wolverine World Wide	3,000		94,260
			209,880
Trading Companies and Distributors 1.0%
Hughes Supply	1,982		64,118

Wireless Telecommunication Services 0.6%
Imphonic*	1,500		41,198

Total Investments 100.3% (Cost $5,336,758)			6,689,520

Other Assets Less Liabilities (0.3)%			(18,948)

Net Assets 100.0%			$6,670,572

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Growth Portfolio

	Shares		Value
Common Stocks 97.5%
Belgium 0.7%
SES Global (FDR)† (Media)	869	$	11,233
SES Global (FDR) (Media)	632		8,170
			19,403

Bermuda 1.4%
Tyco International (Industrial Conglomerates)	1,000		35,740

Canada 2.9%
Canadian National Railway (Road and Rail)	401		24,355
Research In Motion* (Communications Equipment)	600		49,455
			73,810

Finland 0.8%
Nokia (ADR) (Communications Equipment)	1,300		20,371

France 6.1%
Alcatel* (Communications Equipment)	3,700		57,666
European Aeronautic Defence and Space (Aerospace and Defense)	884		25,570
JC Decaux* (Media)	785		22,866
Pernod Ricard (Beverages)	100		15,253
Vivendi Universal (Media)	1,100		35,136
			156,491

Germany 5.3%
Adidas-Salomon (Textiles, Apparel and Luxury Goods)	100		16,055
Allianz (Insurance)	400		52,802
Bayerische Hypo-und Vereinsbank* (Commercial Banks)	2,100		47,442
Schering (Pharmaceuticals)	269		19,994
			136,293

Hong Kong 2.4%
CNOOC (Oil and Gas)	40,600		21,954
Esprit Holdings (Specialty Retail)	6,500		39,268
			61,222

India 1.4%
Infosys Technologies (ADR) (IT Services)	500		34,658

Indonesia 0.6%
PT Telekomunikasi Indosesia (ADR) (Diversified Telecommunication Services)	700		14,714

Ireland 5.2%
Elan (ADR)* (Pharmaceuticals)	4,900		133,525

Italy 1.4%
Autostrade (Transportation Infrastructure)	900		23,994
Banca Intesa (Commercial Banks)	2,300		11,015
			35,009

Japan 5.4%
Bank of Yokohama (Commercial Banks)	2,000		12,569
Japan Tobacco (Tobacco)	3		34,140
Trend Micro (Software)	1,000		54,173
UFJ Holdings* (Commercial Banks)	6		36,169
			137,051

Mexico 0.9%
Grupo Televisa (ADR) (Media)	400		24,200

Netherlands 1.6%
Ahold* (Food and Staples Retailing)	2,000		15,423
Koninklijke Ahold* (Food Products)	700		25,155
			40,578

Russia 0.4%
Gazprom (ADR)† (Energy Equipment and Services)	300		10,646

South Korea 0.4%
Kia Motors (Automobiles)	870		9,154

Spain 1.0%
Banco Bilbao Vizcaya Argentaria (Commercial Banks)	1,500		26,471

Sweden 2.2%
Assa Abloy (Building Products)	830		14,115
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	13,410		42,534
			56,649

United Kingdom 14.4%
Capita Group (Commercial Services and Supplies)	6,441		45,039
Carnival (Hotels, Restaurants and Leisure)	368		22,435
The Carphone Warehouse Group (Specialty Retail)	13,749		45,235
EMI Group (Media)	8,700		44,268
GUS (Internet and Catalog Retail)	1,866		33,583
Imperial Tobacco Group (Tobacco)	200		5,465
InterContinental Hotels Group (ADR) (Hotels, Restaurants and Leisure)	1,311		16,277
Man Group (Capital Markets)	727		20,535
Rolls-Royce Group (Aerospace and Defense)	5,233		24,786
Rolls-Royce Group (Class B)* (Aerospace and Defense)	204,346		391
Standard Chartered (Commercial Banks)	2,700		50,068
Vodafone Group (Wireless Telecommunication Services)	21,900		59,205
			367,287

United States 43.0%
Abbott Laboratories (Pharmaceuticals)	600		27,990
Amdocs* (Software)	300		7,875
Apollo Group (Class A)*
(Commercial Services and Supplies)	400		32,296
Apple Computer* (Computers and Peripherals)	1,000		64,380
Bank of America (Commercial Banks)	600		28,194
Best Buy (Specialty Retail)	800		47,536
Cisco Systems* (Communications Equipment)	700		13,503
Citigroup (Diversified Financial Services)	200		9,636
Computer Sciences* (IT Services)	400		22,548
Danaher (Machinery)	600		34,446
Dell* (Computers and Peripherals)	1,100		46,359
eBay* (Internet and Catalog Retail)	300		34,891
Electronic Arts* (Software)	300		18,513

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Growth Portfolio (continued)

	Shares		Value
United States (continued)
Forest Laboratories* (Pharmaceuticals)	1,100	$	49,346
General Electric (Industrial Conglomerates)	1,600		58,400
Gilead Sciences* (Biotechnology)	600		20,997
Gillette (Personal Products)	700		31,346
Goldman Sachs Group (Capital Markets)	300		31,212
Home Depot (Specialty Retail)	900		38,466
Ingersoll-Rand (Class A) (Machinery)	300		24,090
IVAX* (Pharmaceuticals)	2,550		40,341
Microsoft (Software)	1,300		34,730
Monster Worldwide* (Commercial Services and Supplies)	985		33,175
Parker Hannifin (Machinery)	400		30,296
Pixar* (Media)	500		42,792
Schering-Plough (Pharmaceuticals)	2,400		50,112
Staples (Specialty Retail)	1,200		40,458
Starbucks* (Hotels, Restaurants and Leisure)	700		43,655
WellPoint* (Health Care Providers and Services)	200		23,000
XM Satellite Radio Holdings (Class A)* (Media)	1,700		63,963
Yahoo!* (Internet Software and Services)	1,400		52,787
			1,097,333
Total Investments 97.5% (Cost $ 2,081,566)			2,490,605

Other Assets Less Liabilities 2.5%			62,975

Net Assets 100.0%			$2,553,580

Seligman Global Smaller Companies Portfolio

	Shares		Value
Common Stocks 101.0%
Australia 1.3%
AWB (Food and Staples Retailing)	4,965	$	17,620
Commonwealth Property Office (Real Estate)	12,408		12,101
Flight Centre (Hotels, Restaurants and Leisure)	864		12,672
MacQuarie Office Trust (Real Estate)	18,504		18,622
STW Communications Group (Media)	5,417		13,354
			74,369

Bermuda 0.4%
Arlington Tankers (Oil and Gas)	1,000		22,950

Canada 6.8%
Canaccord Capital (Capital Markets)	1,200		9,166
Canaccord Capital† (Capital Markets)*	1,400		10,694
Deer Creek* (Machinery)	1,000		7,688
Deer Creek Energy† (Oil and Gas)*	3,000		23,065
Dundee Real Estate Investment Trust (Real Estate)	1,500		31,918
Dundee Wealth Management† (Capital Markets)*	2,700		21,881
Dundee Wealth Management (Capital Markets)	1,500		12,156
First Quantum Minerals* (Metals and Mining)	1,500		23,252
Gildan Activewear (Class A)* (Textiles, Apparel and Luxury Goods)	1,100		37,389
GMP Capital (Capital Markets)	934		15,332
GMP Capital† (Capital Markets)	800		13,133
Grande Cache Coal* (Metals and Mining)	3,000		40,396
Northgate Exploration* (Metals and Mining)	6,100		10,309
OPTI Canada (Oil and Gas)	2,300		37,415
Railpower Technologies† (Machinery)*	2,800		14,499
Railpower Technologies* (Machinery)	1,200		6,214
Ritchie Bros. Auctioneers (Commercial Services and Supplies)	1,000		33,060
UTS Energy†ø (Oil and Gas)*	21,700		17,135
Western Oil Sands (Class A)* (Oil and Gas)	1,037		36,072
			400,504

China 0.9%
Beijing Capital International Airport (Transportation Infrastructure)	42,000		17,820
China Oilfield Services (Energy Equipment and Services)	80,000		24,432
Shanghai Forte Land (Class H)* (Real Estate)	28,000		9,808
			52,060

Denmark 1.1%
Carlsberg (Class B) (Beverages)	837		42,174
FLS Industries (Class B)* (Construction and Engineering)	1,380		25,847
			68,021

Finland 0.6%
OKO Bank (Class A) (Commercial Banks)	562		7,928
TietoEnator (IT Services)	800		25,312
			33,240

France 4.3%
Alstom* (Electrical Equipment)	90,160		68,300
Bacou-Dalloz (Commercial Services and Supplies)	394		31,471
Cegedim (Health Care Providers and Services)	140		11,050
Equant* (Diversified Telecommunication Services)	8,481		43,555
Eurofins Scientific* (Commercial Services and Supplies)	69		1,572
GL Trade (Software)	380		16,732
Nexans (Electrical Equipment)	73		2,858
NRJ Group (Media)	2,300		50,279
Remy Cointreau (Beverages)	600		24,207
			250,024

Germany 2.2%
Aixtron* (Semiconductors and Semiconductor Equipment)	2,150		8,870
Comdirect Bank (Commercial Banks)	1,000		9,686
Elmos Semiconductor (Semiconductors and Semiconductor Equipment)	1,422		22,713

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
Germany (continued)
Heidelberger Druckmaschinen* (Machinery)	600	$	20,299
Hochtief (Construction and Engineering)	921		29,904
Kontron* (Semiconductors and Semiconductor Equipment)	1,092		9,975
MLP (Capital Markets)	574		11,330
Schwarz Pharma (Pharmaceuticals)	300		13,515
United Internet (Internet Software and Services)	144		3,885
			130,177

Greece 0.7%
Aktor (Construction and Engineering)	6,312		25,220
Titan Cement (Construction Materials)	600		17,698
			42,918

Hong Kong 0.9%
China Power International* (Electric Utilities)	12,300		4,506
Far East Pharmaceutical Technology (Pharmaceuticals)	104,300		—
First Pacific* (Diversified Financial Services)	46,000		12,266
Giordano International (Specialty Retail)	24,000		15,121
i-CABLE Communications (Media)	50,000		18,648
			50,541

Italy 2.8%
Brembo (Auto Components)	3,100		23,298
Caltagirone Editore (Media)	3,000		29,039
Permasteelisa (Building Products)	1,400		23,909
Recordati (Pharmaceuticals)	700		16,843
Sorin* (Health Care Equipment and Supplies)	11,230		35,491
Tod’s (Textiles, Apparel and Luxury Goods)	820		38,798
			167,378

Japan 12.5%
77 Bank (Commercial Banks)	8,000		56,252
Aichi Bank (Commercial Banks)	300		24,617
Asahi Intecc (Health Care Equipment and Supplies)	200		7,826
Asatsu-DK (Media)	400		11,228
Avex (Media)	900		11,293
Bank of Nagoya (Commercial Banks)	3,000		17,246
Disco (Semiconductors and Semiconductor Equipment)	700		32,018
eAccess (Internet Software and Services)	7		6,157
Ebara (Machinery)	5,000		23,076
Eneserve (Electrical Equipment)	300		10,878
Fujimi (Chemicals)	700		18,212
Futaba (Electrical Equipment)	1,000		25,948
Hogy Medical (Health Care Equipment and Supplies)	400		18,803
Hokuto (Food Products)	1,200		21,761
Hosiden (Electronic Equipment and Instruments)	2,400		26,568
Japan Petroleum Exploration (Oil and Gas)	300		11,919
Kobayashi Pharmaceutical (Health Care Equipment and Supplies)	1,000		26,894
Komori (Machinery)	1,000		14,556
KOSE (Personal Products)	200		8,770
Milbon (Personal Products)	700		19,239
Mochida Pharmaceutical (Pharmaceuticals)	4,000		25,086
Mori Seiki (Machinery)	2,000		18,219
Nippon Shinyaku (Pharmaceuticals)	2,000		16,347
Noritsu Koki (Leisure Equipment and Products)	500		11,447
Obic (IT Services)	100		19,796
Shiga Bank (Commercial Banks)	4,000		23,193
Suruga Bank (Commercial Banks)	3,000		23,844
Taiyo Ink Manufacturing (Chemicals)	900		33,276
Takasago International (Chemicals)	4,000		20,877
Tanabe Seiyaku (Pharmaceuticals)	2,400		24,733
THK (Machinery)	1,500		29,710
Tokyo Ohka Kogyo (Chemicals)	1,800		35,907
Toppan Forms (Commercial Services and Supplies)	1,800		21,896
Towa Pharmaceutical (Pharmaceuticals)	1,000		22,338
Union Tool (Machinery)	400		14,118
			734,048

Mexico 0.1%
Kimberly-Clark de Mexico (Household Products)	2,400		8,281

Netherlands 0.8%
AM (Construction and Engineering)	1,300		12,564
ASM International* (Semiconductors and Semiconductor Equipment)	600		9,866
Exact Holdings (Software)	204		6,125
Unit 4 Agresso* (Software)	1,047		16,157
			44,712

New Zealand 1.0%
Air New Zealand* (Airlines)	12,894		15,192
Carter Holt Harvey (Paper and Forest Products)	16,471		24,499
Warehouse Group (Multi-Line Retail)	6,606		17,234
			56,925

Singapore 0.4%
Datacraft Asia* (Communications Equipment)	9,900		10,665
MobilOne (Wireless Telecommunication Services)	9,860		10,991
			21,656

South Africa 0.4%
Dimension Data Holdings (IT Services)	30,100		21,911

South Korea 1.8%
Cheil Communications (Media)	80		11,624
Daewoo Securities* (Capital Markets)	7,270		37,662
Industrial Bank of Korea (Commercial Banks)	4,750		33,289
Kook Soon Dang Brewery (Food Products)	668		8,272
LG Household and Health Care (Household Products)	497		13,189
			104,036

Spain 0.5%
Prosegur, Companie de Seguridad (Commercial Services and Supplies)	1,600		31,345

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
Sweden 1.3%
Eniro (Media)	3,440	$	35,046
Medivir (Class B)* (Biotechnology)	690		9,486
Micronic Laser Systems* (Electronic Equipment and Instruments)	90		899
Teleca (Class B)* (IT Services)	5,790		31,671
			77,102

Switzerland 1.8%
Bachem Holding (Biotechnology)	250		14,346
Baloise Holding (Insurance)	869		39,960
BB Biotech (Biotechnology)	210		12,859
Helvetia Patria Holding (Insurance)	140		20,784
Julius Baer Holding (Capital Markets)	61		18,286
			106,235

United Kingdom 8.2%
Aggreko (Commercial Services and Supplies)	9,600		30,832
Benfield Group (Insurance)	2,900		16,376
Bespak (Health Care Equipment and Supplies)	817		8,218
Cambridge Antibody Technology Group* (Biotechnology)	2,000		27,678
Capital Radio (Media)	1,900		16,009
De La Rue (Commercial Services and Supplies)	5,200		34,610
easyJet* (Airlines)	6,600		23,765
Expro International Group (Energy Equipment and Services)	2,603		17,903
FirstGroup (Road and Rail)	1,032		6,903
Group 4 Securicor* (Commercial Services and Supplies)	10,300		27,604
GWR Group (Media)	2,000		9,816
Hiscox (Insurance)	4,326		13,795
Jardine Lloyd Thompson Group (Insurance)	5,500		39,184
Logica CMG (IT Services)	6,500		24,000
Luminar (Hotels, Restaurants and Leisure)	1,100		11,762
Misys (Software)	11,001		44,095
PHS Group (Commercial Services and Supplies)	19,660		30,875
Premier Farnell (Electronic Equipment and Instruments)	4,957		16,237
Radstone Technology (Aerospace and Defense)	2,000		10,712
SurfControl* (Software)	1,936		20,404
VT Group (Aerospace and Defense)	1,771		10,497
Wellington Underwriting (Insurance)	3,377		5,773
John Wood Group (Energy Equipment and Services)	6,950		17,838
Yule Catto (Chemicals)	3,127		16,984
			481,870

United States 50.2%
1-800 Contacts* (Internet and Catalog Retail)	1,100		24,233
Abgenix* (Biotechnology)	3,700		38,239
Acadia Realty Trust (Real Estate)	1,850		30,155
Adaptec* (Computers and Peripherals)	3,400		25,789
AGCO (Machinery)	1,450		31,741
Alliant Techsystems* (Aerospace and Defense)	375		24,517
American Home Mortgage Holdings (Real Estate)	925		31,681
AmSurg* (Health Care Providers and Services)	1,175		34,633
Applera-Celera Genomics Group* (Biotechnology)	1,700		23,375
Arch Coal (Metals and Mining)	700		24,878
ARIAD Pharmaceuticals* (Biotechnology)	3,800		28,101
Armor Holdings* (Aerospace and Defense)	650		30,563
Array BioPharma* (Biotechnology)	2,900		27,622
Asyst Technologies* (Semiconductors and Semiconductor Equipment)	4,450		22,739
Bio-Rad Laboratories (Class A)*
(Health Care Equipment and Supplies)	550		31,554
Biosite* (Health Care Equipment and Supplies)	650		39,998
BISYS Group* (IT Services)	1,900		31,255
Blackbaud* (Software)	1,900		27,768
Blount International* (Household Durables)	1,900		33,098
Cabot Oil & Gas (Oil and Gas)	625		27,656
Charming Shoppes* (Specialty Retail)	3,100		29,032
Chicago Bridge & Iron (NY shares) (Construction and Engineering)	750		30,000
Corinthian Colleges* (Commercial Services and Supplies)	1,900		35,805
Credence Systems* (Semiconductors and Semiconductor Equipment)	3,350		30,669
CV Therapeutics* (Biotechnology)	2,150		49,461
Denbury Resources* (Oil and Gas)	1,200		32,940
Diamondrock Hospitality† (Real Estate)*	3,000		30,600
EDO (Aerospace and Defense)	900		28,575
Electronics Boutique Holdings* (Specialty Retail)	600		25,779
Encysive Pharmaceuticals* (Biotechnology)	4,350		43,130
Exelixis* (Biotechnology)	3,700		35,206
Ferro (Chemicals)	1,150		26,669
First Republic Bank (Commercial Banks)	575		30,475
FirstFed Financial* (Thrifts and Mortgage Finance)	550		28,528
Forest Oil* (Oil and Gas)	850		26,962
GameStop (Class A)* (Specialty Retail)	1,700		38,012
Gold Kist* (Food Products)	2,500		34,063
GrafTech International* (Metals and Mining)	1,900		17,974
Group 1 Automotive* (Specialty Retail)	800		25,200
HCC Insurance Holdings (Insurance)	900		29,808
Human Genome Sciences* (Biotechnology)	2,750		33,041
Hutchinson Technology* (Computers and Peripherals)	1,250		43,206
Incyte* (Biotechnology)	3,600		35,946
International Rectifier* (Semiconductors and Semiconductor Equipment)	900		40,113
Iomega* (Computers and Peripherals)	5,400		29,916
Iron Mountain* (IT Services)	850		25,917
Itron* (Electronic Equipment and Instruments)	1,750		41,764
Kansas City Life Insurance (Insurance)	450		21,523
KFX* (Oil and Gas)	2,500		36,300
KNBT Bancorp (Thrifts and Mortgage Finance)	1,800		30,375
Leadis Technology* (Semiconductors and Semiconductor Equipment)	1,300		13,858
Lin TV (Class A)* (Media)	1,300		24,830

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Smaller Companies Portfolio (continued)

	Shares or Warrants			Value
United States (continued)
M/I Schottenstein Homes (Household Durables)	650	shs.	$	35,822
Macquaire Infrastructure* (Transportation Infrastructure)	1,000			29,350
Massey Energy (Metals and Mining)	875			30,581
MAXIMUS* (IT Services)	1,250			38,900
McGrath RentCorp (Commercial Services and Supplies)	200			8,764
MedCath* (Health Care Providers and Services)	1,125			27,692
Medical Properties Trust† (Real Estate)	2,100			21,525
Mercury Computer Systems* (Aerospace and Defense)	1,000			29,730
MFA Mortgage Investments (Real Estate)	2,700			23,814
MTC Technologies* (Aerospace and Defense)	200			6,709
NBTY* (Personal Products)	1,250			30,013
NewAlliance Bancshares* (Thrifts and Mortgage Finance)	1,650			25,245
Nexstar Broadcasting Group (Class A)* (Media)	2,600			23,764
O’Reilly Automotive* (Specialty Retail)	625			28,119
OSI Systems* (Electronic Equipment and Instruments)	1,800			40,770
ParkerVision† (Communications Equipment)*	3,400			30,277
Penn Virginia (Oil and Gas)	850			34,484
PFF Bancorp (Thrifts and Mortgage Finance)	725			33,589
Pilgrim’s Pride (Food Products)	1,025			31,447
Plains Exploration & Production* (Oil and Gas)	1,303			33,878
Platinum Underwriters Holdings (Insurance)	935			29,079
PNM Resources (Electric Utilities)	925			23,393
PolyMedica (Health Care Equipment and Supplies)	1,075			40,141
Regis (Specialty Retail)	600			27,690
Rotech Healthcare* (Health Care Providers and Services)	975			27,300
ScanSoft* (Software)	8,800			36,872
Shurgard Storage Centers (Real Estate)	675			29,707
SimpleTech* (Computers and Peripherals)	1,300			6,019
SiRF Technology Holdings* (Communications Equipment)	2,500			31,738
SpatiaLight* (Electronic Equipmentand Instruments)	2,500			22,400
Standard Motor Products (Auto Components)	1,050			16,590
Standard Pacific (Household Durables)	500			32,070
Steel Dynamics (Metals and Mining)	700			26,495
SureBeam (Class A)* (Electronic Equipment and Instruments)	8,500			51
Swift Energy* (Oil and Gas)	1,100			31,834
Syntroleum* (Oil and Gas)	2,900			23,359
Sypris Solutions (Aerospace and Defense)	1,500			22,838
Terex* (Machinery)	500			23,825
theglobe.comø (Media)	18,900			8,032
TierOne (Thrifts and Mortgage Finance)	1,250			31,181
Timberland (Class A)* (Textiles, Apparel and Luxury Goods)	390			24,441
UGI (Gas Utilities)	800			32,728
United Rentals* (Trading Companies and Distributors)	1,800			34,020
Universal Forest Products (Building Products)	700			30,321
USF (Road and Rail)	425			16,093
Value Line (Media)	400			15,720
Vintage Petroleum (Oil and Gas)	1,450			32,900
Wheeling-Pittsburgh* (Metals and Mining)	1,850			71,188
Yankee Candle* (Household Durables)	1,100			36,498
				2,944,268
Total Common Stocks (Cost $5,021,803)				5,924,571

Warrants 0.1%
Canada
UTS Energy* (Oil and Gas) (exercise price of $0.75, expiring 7/9/2005)	10,850	wts.		3,292

United States 0.1%
theglobe.com† (Media)* (exercise price of $0.001, expiring 3/5/2009)	1			4,714
Total Warrants (Cost $1,032)				8,006

Total Investments 101.1% (Cost $5,022,835)				5,932,577

Other Assets Less Liabilities (1.1)%				(67,213)

Net Assets 100.0%				$5,865,364

Seligman Global Technology Portfolio

	Shares		Value
Common Stocks 95.9%
Canada 1.1%
ATI Technologies* (Computers and Peripherals)	4,200	$	81,417
Cognos* (Application Software)	800		35,228
			116,645

China 0.5%
China Finance Online (ADR) (Internet Software and Services)	5,200		56,992

Finland 3.8%
Elcoteq Network (Class A) (Communications Equipment)	2,200		53,290
Nokia (ADR) (Communications Equipment)	15,300		239,751
TietoEnator (IT Services)	3,600		113,906
			406,947

France 2.2%
Alcatel* (Communications Equipment)	3,480		54,237
Atos Origin* (IT Services)	1,713		115,863
Thomson* (Household Durables)	2,204		57,965
			228,065

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Technology Portfolio (continued)

	Shares		Value
Common Stocks 95.9%
Germany 1.5%
SAP (Application Software)	900	$	159,982

India 2.8%
Infosys Technologies (IT Services)	2,900		139,862
Tata Consultancy Services* (IT Services)	5,143		158,557
			298,419

Israel 2.2%
Check Point Software Technologies* (Systems Software)	4,900		120,663
Ness Technologies (IT Services)	1,500		22,268
Orbotech* (Electronic Equipment and Instruments)	4,300		91,203
			234,134

Italy 0.5%
e.Biscom* (Diversified Telecommunication Services)	1,000		57,278

Japan 9.4%
Canon (Office Electronics)	3,000		162,059
Citizen Watch (Electronic Equipment and Instruments)	6,300		60,350
HOYA (Electronic Equipment and Instruments)	1,500		169,430
Ibiden (Electronic Equipment and Instruments)	6,100		117,914
JSR (Chemicals)	5,500		119,803
Murata Manufacturing (Electronic Equipment and Instruments)	2,100		117,542
NEC (Computers and Peripherals)	9,000		56,004
Nidec (Electronic Equipment and Instruments)	900		109,656
Nintendo (Home Entertainment Software)	300		37,691
Tokyo Electron (Semiconductors and Semiconductor Equipment)	900		55,461
			1,005,910

Sweden 0.5%
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	16,000		50,749

Taiwan 1.9%
Advanced Semiconductor Engineering* (Semiconductors and Semiconductor Equipment)	76,000		57,294
Taiwan Semiconductor Manufacturing (Semiconductors and Semiconductor Equipment)	57,000		90,422
United Microelectronics (Semiconductor and Semiconductor Equipment)	84,000		54,090
			201,806

United Kingdom 1.2%
Logica CMG (IT Services)	16,200		59,814
The Sage Group (Application Software)	18,300		70,843
			130,657

United States 68.3%
Adeza Biomedical* (Health Care Equipment and Supplies)	300		5,331
Advanced Micro Devices* (Semiconductors and Semiconductor Equipment)	6,100		134,322
Agere Systems (Class A)* (Semiconductors and Semiconductor Equipment)	40,200		55,074
Altiris* (Application Software)	1,900		67,336
Amdocs* (IT Services)	12,900		338,625
Amphenol (Class A)* (Electronic Equipment and Instruments)	3,600		132,264
Ask Jeeves* (Internet Software and Services)	5,200		139,074
Avid Technology* (Computers and Peripherals)	3,600		221,994
Avocent* (Communications Equipment)	3,800		153,957
C.R. Bard (Health Care Equipment and Supplies)	900		57,582
Beckman Coulter (Health Care Equipment and Supplies)	400		26,796
BMC Software* (Systems Software)	22,100		411,060
Boston Scientific* (Health Care Equipment and Supplies)	3,200		113,760
Broadcom (Class A)* (Semiconductors and Semiconductor Equipment)	4,100		132,369
Brocade Communications Systems* (Computers and Peripherals)	4,400		33,462
Charles River Laboratories International* (Biotechnology)	1,600		73,616
Cisco Systems* (Communications Equipment)	12,300		237,267
Citrix Systems* (Systems Software)	8,600		210,915
Computer Associates International (Systems Software)	10,600		329,236
Corning* (Communications Equipment)	8,400		98,868
Credence Systems* (Semiconductors and Semiconductor Equipment)	1,300		11,901
Dell* (Computers and Peripherals)	4,200		177,009
DJ Orthopedics (Health Care Equipment and Supplies)	1,300		27,846
eBay* (Internet and Catalog Retail)	1,600		186,088
EMC* (Computers and Peripherals)	3,700		55,019
Epicor Software* (Application Software)	3,500		49,333
FileNet* (Application Software)	1,000		25,725
Fiserv* (IT Services)	1,400		56,273
Fisher Scientific International* (Health Care Equipment and Supplies)	2,400		149,712
Hewlett-Packard (Computers and Peripherals)	10,600		222,282
Hyperion Solutions* (Application Software)	2,500		116,537
Intel (Semiconductors and Semiconductor Equipment)	5,900		138,149

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Global Technology Portfolio (continued)

	Shares		Value
United States (continued)
International Business Machines (Computers and Peripherals)	600	$	59,148
Invitrogen* (Biotechnology)	900		60,421
Laboratory Corporation of America Holdings* (Health Care Providers and Services)	3,800		189,316
Lam Research* (Semiconductors and Semiconductor Equipment)	4,400		127,072
Magma Design Automation* (Application Software)	2,200		27,533
Manhattan Associates (Application Software)	3,100		73,904
Marvel Enterprises (Leisure Equipment and Products)	2,600		53,248
Marvell Technology Group* (Semiconductors and Semiconductor Equipment)	3,100		109,833
Mattson Technology* (Semiconductors and Semiconductor Equipment)	2,700		30,335
MEMC Electronic Materials* (Semiconductors and Semiconductor Equipment)	22,200		294,150
Microsoft (Systems Software)	18,400		491,556
Monolithic Power Systems* (Semiconductors and Semiconductor Equipment)	500		4,647
NETGEAR* (Communications Equipment)	3,700		67,174
Oracle* (Systems Software)	11,500		157,837
Photon Dynamics (Electronic Equipment and Instruments)	2,800		67,872
QUALCOMM (Communications Equipment)	3,800		161,310
Quest Diagnostics (Health Care Providers and Services)	1,600		152,880
S1* (Internet Software and Services)	5,700		51,613
SERENA Software* (Application Software)	2,800		60,550
Sprint (FON Group) (Diversified Telecommunication Services)	3,400		84,490
SunGard Data Systems* (IT Services)	2,750		77,908
Synopsys* (Application Software)	9,500		186,010
Take-Two Interactive Software* (Home Entertainment Software)	5,400		188,001
VeriSign (Internet Software and Services)	1,900		63,697
VERITAS Software* (Systems Software)	3,900		111,189
Yahoo!* (Internet Software and Services)	3,500		131,968
			7,272,444

Total Investments 95.9% (Cost $9,201,027)			10,220,028

Other Assets Less Liabilities 4.1%			436,042

Net Assets 100.0%			$10,656,070

Seligman High-Yield Bond Portfolio

	Principal Amount		Value
Corporate Bonds 95.0%
Aerospace 2.5%
Hexcel 9.875%, 10/1/2008	$50,000	$	55,750
Sequa 9%, 8/1/2009	50,000		56,625
TD Funding 8.375%, 7/15/2011	25,000		26,938
			139,313

Auto 4.3%
Cooper Standard Automotive: 7%, 12/15/2012†	25,000		25,500
8.375%, 12/15/2014†	25,000		25,062
Goodyear Tire & Rubber 7.857%, 8/15/2011	50,000		51,000
Stoneridge 11.50%, 5/1/2012	50,000		58,375
Tenneco Automotive 10.25%, 7/15/2013	25,000		29,625
TRW Automotive Acquisition: 9.375%, 2/15/2013	25,000		29,125
11%, 2/15/2013	16,000		19,360
			238,047

Broadcasting 2.3%
Granite Broadcasting 9.750%, 12/1/2010	25,000		24,000
Nextmedia Operating 10.75%, 7/1/2011	25,000		28,125
Paxson Communications 0% (12.25%**), 1/15/2009	25,000		23,500
Sinclair Broadcast Group 8%, 3/15/2012	25,000		26,688
Young Broadcasting 10%, 3/1/2011	25,000		26,812
			129,125

Building Products 2.0%
Associated Materials 9.75%, 4/15/2012	50,000		56,125
Euramax International 8.50%, 8/15/2011	25,000		26,813
Texas Industries 10.25%, 6/15/2011	25,000		29,375
			112,313

Cable 5.2%
CCH 10.25%, 9/15/2010	100,000		106,500
Charter Communications 0% (11.75%**), 5/15/2011	100,000		74,000
CSC Holdings 7.875%, 12/15/2007	25,000		26,937
Insight Midwest/Insight Capital 10.50%, 11/1/2010	50,000		55,000
Mediacom Broadband 11%, 7/15/2013	25,000		27,000
			289,437

Capital Goods 3.0%
Blount 8.875%, 8/1/2012	25,000		27,250
Columbus McKinnon 10%, 8/1/2010	25,000		28,250
JLG Industries 8.375%, 6/15/2012	50,000		53,750
NMHG Holding 10%, 5/15/2009	25,000		27,750
Norcross Safety Products 9.875%, 8/15/2011	25,000		27,750
			164,750

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman High-Yield Bond Portfolio (continued)

	Principal Amount		Value
Chemicals 9.9%
ARCO Chemical 9.80%, 2/1/2020	$25,000	$	28,625
Equistar Chemicals 10.125%, 9/1/2008	25,000		28,937
Huntsman ICI Chemicals 10.125%, 7/1/2009	75,000		79,312
Huntsman International 7.375%, 1/1/2015†	25,000		25,188
International Specialty Holdings 10.625%, 12/15/2009	50,000		55,625
Koppers 9.875%, 10/15/2013	25,000		28,625
Lyondell Chemical 11.125%, 7/15/2012	50,000		59,625
Millennium America 9.25%, 6/15/2008	25,000		28,563
Nalco Finance Holdings 0% (9%**), 2/1/2014	50,000		37,250
Polyone 10.625%, 5/15/2010	50,000		56,500
Resolution Performance Products 9.50%, 4/15/2010	50,000		54,375
Rockwood Specialties Group 10.625%, 5/15/2011	25,000		28,875
Terra Capital 11.50%, 6/1/2010	32,000		36,640
			548,140

Consumer Products 2.4%
Jostens: 7.625%, 10/01/2012†	25,000		26,125
0% (10.25%**), 12/1/2013	75,000		53,625
Playtex Products 9.375%, 6/1/2011	25,000		26,812
Rayovac 8.50%, 10/1/2013	25,000		27,875
			134,437

Containers 3.9%
Anchor Glass Container 11%, 2/15/2013	25,000		26,875
BWAY 10%, 10/15/2010	25,000		26,125
Crown Cork & Seal 8%, 4/15/2023	25,000		24,750
Crown European Holdings 9.50%, 3/1/2011	25,000		28,625
Owens-Illinois: 7.50%, 5/15/2010	50,000		53,313
7.80%, 5/15/2018	25,000		26,125
Pliant 11.125%, 9/1/2009	25,000		27,375
			213,188

Diversified Telecommunication 2.6%
Qwest 7.875%, 9/1/2011†	75,000		81,750
Qwest Services 14%, 12/15/2010†	50,000		60,375
			142,125

Electric 1.0%
CMS Energy 9.875%, 10/15/2007	25,000		28,063
MSW Energy Holdings 8.50%, 9/1/2010	25,000		27,500
			55,563

Energy 3.3%
Dynegy Holdings 8.75%, 2/15/2012	25,000		26,313
El Paso 7.875%, 6/15/2012	50,000		52,562
El Paso Production Holdings 7.75%, 6/1/2013	25,000		26,313
Frontier Oil 6.625%, 10/1/2011†	25,000		25,625
Harvest Operations 7.875%, 10/15/2011†	25,000		25,313
Reliant Energy 6.75%, 12/15/2014	25,000		24,969
			181,095

Environmental 0.5%
Allied Waste North America 8.50%, 12/1/2008	25,000		26,625

Finance 0.5%
Western Financial Bank 9.625%, 5/15/2012	25,000		28,625

Food and Beverage 3.2%
Land O’ Lakes 8.75%, 11/15/2011	25,000		25,000
Pilgrim’s Pride 9.25%, 11/15/2013	50,000		56,250
Seminis Vegetable Seeds 10.25%, 10/1/2013	50,000		56,500
UAP Holding 0% (12%**), 7/15/2012†	50,000		39,500
			177,250

Food and Drug 1.5%
Rite Aid 8.125%, 5/1/2010	75,000		79,688

Gaming 1.9%
Harrah’s Operating 7.875%, 12/15/2005	50,000		52,125
MGM Grand 9.75%, 6/1/2007	25,000		27,875
Park Place Entertainment 9.375%, 2/15/2007	25,000		27,625
			107,625

Health Care Facilities and Supplies 2.0%
Alliance Imaging 7.25%, 12/15/2012†	25,000		25,562
Medex 8.875%, 5/15/2013	50,000		58,500
Universal Hospital Services 10.125%, 11/1/2011	25,000		26,125
			110,187

Industrial 0.9%
Reddy Ice Holdings 0% (10.50%**), 11/1/2012†	75,000		52,125

Leisure 0.9%
Intrawest 7.50%, 10/15/2013†	25,000		26,719
Six Flags 8.875%, 2/1/2010	25,000		25,437
			52,156

Lodging 2.0%
John Q. Hammons Hotels 8.875%, 5/15/2012	25,000		28,375
Host Marriot 9.50%, 1/15/2007	25,000		27,500
MeriStar Hospitality 9.125%, 1/15/2011	50,000		54,250
			110,125

Metals and Mining 6.7%
AK Steel 7.875%, 2/15/2009	50,000		51,187
Gerdau AmeriSteel 10.375%, 7/15/2011	50,000		58,875
IMCO Recycling 10.375%, 10/15/2010	75,000		85,500
Earle M. Jorgensen 9.75%, 6/1/2012	25,000		28,250
Neenah Foundry 11%, 9/30/2010†	50,000		55,500
UCAR Finance 10.25%, 2/15/2012	25,000		28,687
United States Steel 10.75%, 8/1/2008	51,000		60,308
			368,307

Paper and Forest Products 6.7%
Ainsworth Lumber 7.25%, 10/1/2012†	25,000		25,563
Buckeye Technologies 8%, 10/15/2010	50,000		50,250
Caraustar Industries 9.875%, 4/1/2011	50,000		54,500
Georgia-Pacific 7.50%, 5/15/2006	75,000		78,937
Jefferson Smurfit 8.25%, 10/1/2012	25,000		27,375
Longview Fibre 10%, 1/15/2009	50,000		54,875

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman High-Yield Bond Portfolio (continued)

	Principal Amount, Shares or Warrants	Value
Paper and Forest Products (continued)
Newark Group 9.75%, 3/15/2014	$50,000	$ 53,500
Tembec Industries 8.50%, 2/1/2011	25,000	25,250
		370,250

Publishing 4.5%
Dex Media 0% (9%**), 11/15/2013	175,000	138,031
Houghton Mifflin 9.875%, 2/1/2013	50,000	55,000
Vertis: 10.875%, 6/15/2009	25,000	27,250
13.50%, 12/7/2009†	25,000	26,469
		246,750

Restaurants 1.9%
Buffets 11.25%, 7/15/2010	25,000	26,875
Denny’s 10%, 10/1/2012†	25,000	27,031
Domino’s 8.25%, 7/1/2011	22,000	24,145
Landry’s Restaurants 7.50%, 12/15/2014†	25,000	24,937
		102,988

Satellite 0.5%
EchoStar 5.75%, 10/1/2008	25,000	25,438

Services 2.0%
Cenveo 9.625%, 3/15/2012	25,000	27,562
Mobile Mini 9.50%, 7/1/2013	25,000	29,250
Williams Scotsman: 9.875%, 6/1/2007	25,000	25,125
10%, 8/15/2008	25,000	27,875
		109,812

Stores 1.5%
Asbury Auto Group 9%, 6/15/2012	25,000	26,375
Central Garden & Pet 9.125%, 2/1/2013	25,000	27,750
Hollywood Entertainment 9.625%, 3/15/2011	25,000	26,625
		80,750

Technology 2.2%
Advanced Micro Devices 7.75%, 11/1/2012†	25,000	26,156
AMI Semiconductor 10.75%, 2/1/2013	32,000	37,760
Xerox 9.75%, 1/15/2009	50,000	59,000
		122,916

Textiles and Apparel 1.0%
Russell 9.25%, 5/1/2010	50,000	53,875

Utilities 4.2%
AES 9.375%, 9/15/2010	25,000	29,188
Calpine: 8.50%, 7/15/2010†	50,000	43,125
9.625%, 9/30/2014†	75,000	78,000
Edison Mission Energy 7.73%, 6/15/2009	50,000	54,000
National Waterworks (Series B) 10.50%, 12/1/2012	25,000	28,250
		232,563

Wireless 3.9%
Alamosa Holdings 11%, 7/31/2010	50,000	59,125
Centenial Cellular Operating 10.75%, 12/15/2008	14,000	14,595
Centennial Communications 8.125%, 2/1/2014	25,000	25,813
Nextel Partners: 12.50%, 11/15/2009	9,000	10,237
8.125%, 7/1/2011	25,000	27,875
Rural Cellular 9.875%, 2/1/2010	25,000	25,562
Western Wireless 9.25%, 7/15/2013	50,000	54,625
		217,832

Wireless Tower 4.1%
American Tower: 9.375%, 2/1/2009	10,000	10,625
7.50%, 5/1/2012	50,000	52,750
7.125%, 10/15/2012†	25,000	25,688
Crown Castle International 10.75%, 8/1/2011	50,000	54,500
SBA Telecommunications 0% (9.75%**),12/15/2011	100,000	84,750
		228,313

Total Corporate Bonds (Cost $4,862,889)		5,251,733

Preferred Stocks 0.8% (Cost $46,000)

Publishing 0.8%
Primedia 8.625%	500 shs.	46,000

Asset-Backed Securities†† 0.3% (Cost $17,420)

Utilities 0.3%
Midland Funding 11.75%, 7/23/2005	$17,208	17,953

Warrants 0.1% (Cost $1,888)

Wireless Tower 0.1%
American Tower*† (exercise price of $0.01, expiring 8/1/2008)	25 wts.	5,762

Repurchase Agreement 1.9%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $102,012, collateralized by: $90,000 US Treasury Bonds 10.375%, 11/15/2012, with a fair market value of $108,596 (Cost $102,000)	$102,000	102,000

Total Investments 98.1% (Cost $5,030,197)		5,423,448

Other Assets Less Liabilities 1.9%		106,585

Net Assets 100.0%		$5,530,033

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Income and Growth Portfolio

	Shares		Value
Common Stocks 66.6%
Aerospace and Defense 0.4%
General Dynamics	100	$	10,460

Auto Components 0.6%
Lear	250		15,253

Beverages 1.8%
Coca-Cola	640		26,643
PepsiCo	370		19,314
			45,957

Biotechnology 0.7%
Amgen*	210		13,473
Gilead Sciences*	120		4,199
			17,672

Building Products 0.3%
Masco	240		8,767

Capital Markets 2.1%
The Bank of New York	530		17,713
Goldman Sachs Group	130		13,525
Merrill Lynch	220		13,149
Morgan Stanley	180		9,994
			54,381

Chemicals 1.4%
Dow Chemical	290		14,358
Praxair	500		22,075
			36,433

Commercial Banks 2.2%
Bank of America	530		24,905
Wachovia	440		23,144
Wells Fargo	160		9,944
			57,993

Commercial Services and Supplies 1.2%
ServiceMaster	1,000		13,790
Waste Management	600		17,964
			31,754

Communications Equipment 2.6%
Andrew*	610		8,317
Cisco Systems*	1,370		26,427
Nokia (ADR)	560		8,775
Nortel Networks*	2,530		8,830
QUALCOMM	360		15,282
			67,631

Computers and Peripherals 3.7%
Dell*	710		29,923
EMC*	1,240		18,439
Hewlett-Packard	510		10,695
International Business Machines	380		37,460
			96,517

Consumer Finance 1.2%
American Express	320		18,038
MBNA	490		13,813
			31,851

Diversified Financial Services 2.9%
CIT Group	310		14,204
Citigroup	963		46,397
J.P. Morgan Chase	360		14,044
			74,645

Diversified Telecommunication Services 1.2%
SBC Communications	300		7,731
Verizon Communications	570		23,091
			30,822

Electric Utilities 0.4%
PPL	170		9,058

Electronic Equipment and Instruments 0.4%
Jabil Circuit*	370		9,465

Energy Equipment and Services 0.3%
Rowan Companies*	310		8,029

Food and Staples Retailing 2.5%
Kroger*	1,130		19,820
Sysco	200		7,634
Wal-Mart Stores	730		38,559
			66,013

Food Products 0.9%
Dean Foods*	410		13,510
General Mills	220		10,936
			24,446

Health Care Equipment and Supplies 0.3%
Alcon	90		7,254

Health Care Providers and Services 1.4%
Andrx*	1,300		28,359
WellPoint*	80		9,200
			37,559

Hotels, Restaurants and Leisure 1.5%
Carnival	450		25,933
Marriott International (Class A)	210		13,226
			39,159

Household Products 1.6%
Colgate-Palmolive	380		19,441
Procter & Gamble	400		22,032
			41,473

Index Derivatives 0.5%
iShares DJ Select Dividend Index Fund	220		13,508

Industrial Conglomerates 3.9%
General Electric	1,900		69,350
Tyco International	860		30,737
			100,087

Insurance 3.5%
American International Group	540		35,462
Hartford Financial Services Group	180		12,476
PartnerRe	160		9,911
Prudential Financial	440		24,182
XL Capital (Class A)	100		7,765
			89,796

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Income and Growth Portfolio (continued)

	Shares or Principal Amount			Value
Internet and Catalog Retail 0.5%
eBay*	100	shs.	$	11,630

Internet Software and Services 0.3%
Ask Jeeves*	330			8,826

Machinery 1.4%
Deere	200			14,880
Illinois Tool Works	220			20,390
				35,270

Media 3.0%
Clear Channel Communications	680			22,773
Time Warner*	1,450			28,188
Tribune	300			12,642
Univision Communications (Class A)*	450			13,172
				76,775

Metals and Mining 1.0%
Alcoa	530			16,653
Freeport-McMoRan Copper & Gold (Class B)	240			9,175
				25,828

Multi-Line Retail 0.3%
Target	170			8,828

Multi-Utilities and Unregulated Power 0.6%
Duke Energy	600			15,198

Oil and Gas 2.4%
BP (ADR)	160			9,344
Exxon Mobil	1,034			53,003
				62,347

Paper and Forest Products 0.4%
Weyerhaeuser	140			9,411

Pharmaceuticals 6.7%
Forest Laboratories*	310			13,907
Johnson & Johnson	370			23,465
Eli Lilly	170			9,648
Merck	500			16,070
Novartis (ADR)	620			31,335
Pfizer	1,980			53,242
Watson Pharmaceuticals*	250			8,202
Wyeth	460			19,591
				175,460

Semiconductors and Semiconductor Equipment 2.1%
Broadcom (Class A)*	280			9,040
Intel	960			22,478
Taiwan Semiconductor Manufacturing (ADR)	1,111			9,432
Texas Instruments	600			14,772
				55,722

Software 3.8%
Computer Associates International	710			22,053
Microsoft	2,120			56,636
Oracle*	370			5,078
Symantec*	620			15,974
				99,741

Specialty Retail 0.6%
Advance Auto Parts*	150			6,552
Michaels Stores	300			8,991
				15,543

Systems Software 0.3%
Check Point Software Technologies*	350			8,620

Thrifts and Mortgage Finance 0.9%
Fannie Mae	200			14,242
Freddie Mac	140			10,318
				24,560

Tobacco 1.6%
Altria Group	690			42,159

Wireless Telecommunication Services 1.2%
American Tower (Class A)*	480			8,832
Crown Castle International*	1,380			22,963
				31,795

Total Common Stocks (Cost $1,510,512)				1,733,696


Corporate Bonds 17.2%
Automobiles 0.6%
General Motors 7.125%, 7/15/2013	$15,000			15,374

Beverages 0.2%
Anheuser-Busch 4.625%, 2/1/2015	5,000			4,976

Capital Markets 1.5%
Goldman Sachs Capital 6.345%, 2/15/2034	5,000			5,224
Goldman Sachs Group 5%, 10/1/2014	10,000			10,005
Lehman Brothers Holdings 2.35%, 11/10/2009	10,000			10,024
Morgan Stanley 4%, 1/15/2010	15,000			14,846
				40,099

Chemicals 0.8%
E.I. du Pont de Nemours 4.875%, 4/30/2014	20,000			20,450

Commercial Banks 1.8%
Bank One 5.90%, 11/15/2011	15,000			16,159
KeyBank 5%, 7/17/2007	15,000			15,575
SunTrust Banks 4.25%, 10/15/2009	15,000			15,070
				46,804

Commercial Services and Supplies 0.4%
International Lease Finance 6.375%, 3/15/2009	10,000			10,840

Computers and Peripherals 0.5%
International Business Machines 8.375%, 11/1/2019	10,000			13,134

Consumer Finance 3.5%
Capital One Bank 5.75%, 9/15/2010	15,000			15,931
Ford Motor Credit 7%, 10/1/2013	20,000			21,237
General Electric Capital 2.75%, 9/15/2014	20,000			20,057
General Motors Acceptance 2.97%, 1/16/2007	25,000			24,746
SLM 4%, 1/15/2009	10,000			10,004
				91,975

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Income and Growth Portfolio (continued)

	Principal Amount		Value
Diversified Financial Services 1.0%
CIT Group 4.75%, 12/15/2010	$15,000	$	15,262
Citigroup 2.59%, 6/9/2009	10,000		10,028
			25,290

Diversified Telecommunication Services 0.8%
BellSouth: 2.415%, 11/15/2007	5,000		5,001
6%, 11/15/2034	5,000		5,084
SBC Communications 5.10%, 9/15/2014	10,000		10,112
			20,197

Food and Staples Retailing 0.8%
Safeway 5.625%, 8/15/2014	20,000		20,673

Health Care Providers and Services 0.4%
UnitedHealth Group 3.30%, 1/30/2008	10,000		9,853

Household Durables 0.4%
Fortune Brands 2.875%, 12/1/2006	10,000		9,911

Household Products 0.6%
Procter & Gamble 6.875%, 9/15/2009	15,000		16,896

Media 0.5%
Time Warner: 9.15%, 2/1/2023	5,000		6,717
7.625%, 4/15/2031	5,000		6,068
			12,785
Multi-Utilities and Unregulated Power 1.8%
Alabama Power 2.571%, 8/25/2009	10,000		10,012
Carolina Power & Light 5.95%, 3/1/2009	15,000		16,042
Duke Energy 4.37%, 3/1/2009	10,000		10,286
Kinder Morgan Energy Partners, 7.30%, 8/15/2033	10,000		11,621
			47,961

Thrifts and Mortgage Finance 0.8%
Countrywide Home Loans 2.54%, 11/16/2007	10,000		10,001
Washington Mutual 4.20%, 1/15/2010	10,000		9,972
			19,973

Wireless Telecommunication Services 0.8%
Verizon Global Funding 7.75%, 12/1/2030	5,000		6,236
Verizon Wireless Capital 5.375%, 12/15/2006	15,000		15,544
			21,780

Total Corporate Bonds (Cost $447,122)			448,971

US Government and Government Agency Securities 13.7%
US Government Securities 5.4%
US Treasury Bonds 5.375%, 2/15/2031	$45,000		48,674
US Treasury Notes 3.125%, 4/15/2009	65,000		64,036
3.50%, 11/15/2009	20,000		19,913
4.25%, 11/15/2014	10,000		10,029
Total US Government Securities (Cost $142,507)			142,652

Mortgage-Backed Securities†† 5.8%
Federal National Mortgage Association (“Fannie Mae”):
7%, 2/1/2012	1,095		1,149
8.50%, 9/1/2015	1,522		1,615
7%, 1/1/2032	3,765		3,993
5.50%, 8/1/2033	11,820		12,014
5%, 5/1/2034	33,824		33,587
Federal Home Loan Mortgage (“Freddie Mac”) Gold:
4.50%, 11/1/2007	1,760		1,774
5.50%, 6/1/2018	5,589		5,780
8%, 12/1/2023	3,396		3,700
4.50%, 8/1/2033	82,824		80,160
5%, 8/1/2033	6,826		6,795
Total Mortgage-Backed Securities (Cost $150,019)			150,567

Agency Securities 2.5%
Fannie Mae:
2.50%, 7/16/2007	25,000		24,485
2.81%, 9/28/2006	40,000		39,694

Total Agency Securities (Cost $64,786)			64,179

Total US Government and Government Agency Securities (Cost $357,312)			357,398

Repurchase Agreement 2.8%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $72,008, collateralized by: $75,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $74,625 (Cost $72,000)	72,000		72,000

Total Investments 100.3% (Cost $2,386,946)			2,612,065

Other Assets Less Liabilities (0.3)%			(8,811)

Net Assets 100.0%			$2,603,254

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman International Growth Portfolio

	Shares		Value
Common Stocks 99.8%
Belgium 1.7%
SES Global (FDR)† (Media)	1,771	$	22,893
SES Global (FDR) (Media)	3,291		42,541
			65,434

Canada 4.6%
Canadian National Railway (Road and Rail)	802		48,709
Petro-Canada (Oil and Gas)	551		28,015
Research In Motion* (Communications Equipment)	900		74,183
SNC-Lavalin Group (Capital Goods)	427		20,585
			171,492

Finland 0.8%
Nokia (ADR) (Communications Equipment)	1,900		29,773

France 18.9%
Alcatel* (Communications Equipment)	7,700		120,008
Club Mediterranee* (Hotels, Restaurants and Leisure)	500		23,503
Essilor International (Health Care Equipment and Supplies)	1,000		78,015
European Aeronautic Defence and Space (Aerospace and Defense)	3,027		87,555
France Telecom* (Diversified Telecommunication Services)	1,800		59,287
Galeries Lafayette (Multi-Line Retail)	200		51,127
JC Decaux* (Media)	1,291		37,605
Pernod Ricard (Beverages)	300		45,760
Total (Oil and Gas)	300		65,479
Unibail (Real Estate)	500		78,373
Vivendi Universal (Media)	2,000		63,884
			710,596

Germany 7.4%
Adidas-Salomon (Textiles, Apparel and Luxury Goods)	400		64,221
Allianz (Insurance)	600		79,203
Bayerische Hypo-und Vereinsbank* (Commercial Banks)	3,800		85,848
Schering (Pharmaceuticals)	653		48,535
			277,807

Greece 2.1%
EFG Eurobank Ergasias (Commercial Banks)	2,300		78,623

Hong Kong 3.5%
CNOOC (ADR) (Oil and Gas)	1,000		54,190
Esprit Holdings (Specialty Retail)	13,000		78,535
			132,725

India 1.5%
Infosys Technologies (ADR) (IT Services)	800		55,452

Indonesia 0.6%
PT Telekomunikasi Indosesia (ADR) (Diversified Telecommunication Services)	1,000		21,020

Ireland 5.2%
Elan (ADR)* (Pharmaceuticals)	7,100		193,475

Italy 3.4%
Autostrade (Transportation Infrastructure)	2,100		55,986
Banca Intesa (Commercial Banks)	6,600		31,608
Saipem (Energy Equipment and Services)	3,400		40,714
			128,308

Japan 13.4%
Bank of Yokohama (Commercial Banks)	5,000		31,424
Japan Tobacco (Tobacco)	9		102,419
Keyence (Electronic Equipment and Instruments)	200		44,810
Minebea (Machinery)	7,000		30,442
Mitsubishi Tokyo Financial Group (Commercial Banks)	2		20,199
Nikko Cordial (Capital Markets)	5,000		26,519
Pioneer (Household Durables)	1,000		19,514
Sekisui House (Household Durables)	2,000		23,300
Suzuki Motor (Automobiles)	2,000		36,377
Trend Micro (Software)	2,000		108,345
UFJ Holdings* (Commercial Banks)	10		60,282
			503,631

Mexico 1.5%
Grupo Televisa (ADR) (Media)	900		54,450

Netherlands 3.3%
Ahold* (Food and Staples Retailing)	5,000		38,558
ASML Holding (NY shares)* (Semiconductors and Semiconductor Equipment)	826		13,154
Koninklijke Ahold* (Food Products)	2,000		71,872
			123,584

Norway 1.2%
Tandberg (Communications Equipment)	3,530		43,616

Russia 0.6%
Gazprom (ADR)† (Energy Equipment and Services)	600		21,292

South Korea 2.1%
Hyundai Motor (Automobiles)	940		50,341
Kia Motors (Automobiles)	2,720		28,621
			78,962

Spain 1.8%
Banco Bilbao Vizcaya Argentaria (Commercial Banks)	3,900		68,824

Sweden 2.5%
Assa Abloy (Building Products)	1,920		32,651
Telefonaktiebolaget LM Ericsson (ADR) (Communications Equipment)	2,000		62,930
			95,581

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman International Growth Portfolio (continued)

	Shares	Value
Switzerland 2.7%
Kuehne & Nagel International* (Marine)	180	$ 38,624
Swatch Group (Textiles, Apparel and Luxury Goods)	2,120	62,873
		101,497

United Kingdom 21.0%
BP (Oil and Gas)	3,800	36,976
Capita Group (Commercial Services and Supplies)	10,823	75,680
Carnival (Hotels, Restaurants and Leisure)	936	57,064
The Carphone Warehouse Group (Specialty Retail)	25,470	83,797
EMI Group (Media)	15,100	76,832
GUS (Internet and Catalog Retail)	3,397	61,138
Imperial Tobacco Group (Tobacco)	2,200	60,119
InterContinental Hotels Group (ADR) (Hotels, Restaurants and Leisure)	4,464	55,441
Man Group (Capital Markets)	1,470	41,521
Rolls-Royce Group (Aerospace and Defense)	15,926	75,433
Rolls-Royce Group (Class B) (Aerospace and Defense)	400,521	767
Standard Chartered (Commercial Banks)	4,800	89,010
Vodafone Group (Wireless Telecommunication Services)	27,100	73,263
		787,041

Total Investments 99.8% (Cost $3,027,682)		3,743,183

Other Assets Less Liabilities 0.2%		5,986

Net Assets 100.0%		$3,749,169

Seligman Investment Grade Fixed Income Portfolio

	Principal Amount	Value
US Government and Government Agency Securities 54.5%
US Government Securities 20.9%
US Treasury Bonds 5.375%, 2/15/2031	$ 170,000	$ 183,879
US Treasury Notes:
2.625%, 11/15/2006	190,000	188,657
3.125%, 10/15/2008	90,000	89,068
3.125%, 4/15/2009	190,000	187,180
3.50%, 11/15/2009	60,000	59,738
5%, 8/15/2011	10,000	10,649
4.25%, 11/15/2014	25,000	25,073

Total US Government Securities (Cost $742,339)		744,244

Mortgage-Backed Securities†† 30.7%
Federal Home Loan Mortgage (“Freddie Mac”) Gold: 4.50%, 11/1/2007	110,858	111,748
6%, 11/1/2010	7,970	8,411
5.50%, 6/1/2018	36,809	38,063
8%, 12/1/2023	5,516	6,011
5.50%, 4/1/2029	97,818	99,773
6%, 12/1/2032	134,136	138,798
4.50%, 8/1/2033	197,857	191,492
5%, 8/1/2033	44,954	44,749
Federal National Mortgage Association (“Fannie Mae”): 7%, 1/1/2008	18,804	19,746
7%, 2/1/2012	7,209	7,570
8.50%, 9/1/2015	$ 6,341	$ 6,731
6.50%, 5/1/2017	25,321	26,863
5.50%, 2/1/2018	53,829	55,695
7%, 1/1/2032	24,795	26,293
7%, 5/1/2032	64,380	68,269
5.50%, 8/1/2033	77,837	79,113
5%, 5/1/2034	164,288	163,137

Total Mortgage-Backed Securities
(Cost $1,091,255)		1,092,462

Agency Securities 2.9%
(Cost $104,891)
Fannie Mae 2.81%, 9/28/2006	105,000	104,197

Total US Government and Government Agency Securities (Cost $1,938,485)		1,940,903

Corporate Bonds 35.1%
Automobiles 1.2%
General Motors 7.125%, 7/15/2013	40,000	40,998

Beverages 0.7%
Anheuser-Busch 4.625%, 2/1/2015	25,000	24,880

Capital Markets 2.5%
Goldman Sachs Capital 6.345%, 2/15/2034	10,000	10,448
Goldman Sachs Group 5%, 10/1/2014	20,000	20,010
Lehman Brothers Holdings 2.35%, 11/10/2009	25,000	25,061
Morgan Stanley 4%, 1/15/2010	35,000	34,641
		90,160

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Investment Grade Fixed Income Portfolio (continued)

	Principal Amount	Value
Chemicals 1.4%
E.I. du Pont de Nemours 4.875%, 4/30/2014	$ 50,000	$ 51,124

Commercial Banks 2.9%
Bank One 5.90%, 11/15/2011	40,000	43,090
KeyBank 5%, 7/17/2007	30,000	31,150
SunTrust Banks 4.25%, 10/15/2009	30,000	30,139
		104,379

Commercial Services and Supplies 0.6%
International Lease Finance 6.375%, 3/15/2009	20,000	21,680

Computers and Peripherals 0.9%
International Business Machines 8.375%, 11/1/2019	25,000	32,836

Consumer Finance 7.0%
Capital One Bank 5.75%, 9/15/2010	35,000	37,173
Ford Motor Credit 7%, 10/1/2013	50,000	53,093
General Electric Capital 2.75%, 9/15/2014	55,000	55,158
General Motors Acceptance 2.97%, 1/16/2007	55,000	54,442
SLM 4%, 1/15/2009	50,000	50,022
		249,888

Diversified Financial Services 2.3%
CIT Group 4.75%, 12/15/2010	55,000	55,960
Citigroup 2.59%, 6/9/2009	25,000	25,069
		81,029

Diversified Telecommunication Services 1.3%
BellSouth: 2.415%, 11/15/2007	15,000	15,003
6%, 11/15/2034	5,000	5,084
SBC Communications 5.10%, 9/15/2014	25,000	25,280
		45,367

Food and Staples Retailing 1.3%
Safeway 5.625%, 8/15/2014	45,000	46,515

Health Care Providers and Services 1.2%
UnitedHealth Group 3.30%, 1/30/2008	45,000	44,338

Household Durables 1.1%
Fortune Brands 2.875%, 12/1/2006	40,000	39,643

Household Products 1.9%
Procter & Gamble 6.875%, 9/15/2009	60,000	67,585

Media 1.9%
Time Warner: 9.15%, 2/1/2023	40,000	53,733
7.625%, 4/15/2031	10,000	12,136
		65,869

Multi-Utilities and Unregulated Power 3.6%
Alabama Power 2.571%, 8/25/2009	25,000	25,031
Carolina Power & Light 5.95%, 3/1/2009	40,000	42,780
Duke Energy 4.37%, 3/1/2009	25,000	25,716
Kinder Morgan Energy Partners, 7.30%, 8/15/2033	30,000	34,864
		128,391

Thrifts and Mortgage Finance 1.3%
Countrywide Home Loans 2.54%, 11/16/2007	20,000	20,002
Washington Mutual 4.20%, 1/15/2010	25,000	24,930
		44,932

Wireless Telecommunication Services 2.0%
Verizon Global Funding 7.75%, 12/1/2030	10,000	12,472
Verizon Wireless Capital 5.375%, 12/15/2006	55,000	56,995
		69,467

Total Corporate Bonds (Cost $1,241,269)		1,249,081

Asset-Backed Securities†† 3.1%
Aerospace and Defense 0.2%
PP&L Transition 6.83%, 3/25/2007	6,335	6,402

Electric Utilities 2.9%
PECO Energy Transition Trust 6.05%, 3/1/2009	100,000	103,951

Total Asset-Backed Securities (Cost $106,280)		110,353

Short-Term Holdings 6.9%
US Government Agency Securities 2.8%
Federal Home Loan Bank 0.10%, 1/19/2005	100,000	99,890

Repurchase Agreement 4.1%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $145,017, collateralized by: $155,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $154,225	145,000	145,000

Total Short-Term Holdings (Cost $244,890)		244,890

Total Investments 99.6% (Cost $3,530,924)		3,545,227

Other Assets Less Liabilities 0.4%		15,745

Net Assets 100.0%		$3,560,972

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Large-Cap Growth Portfolio

	Shares		Value
Common Stocks 98.6%

Aerospace and Defense 4.1%
Boeing	1,000	$	51,770
United Technologies	400		41,340
			93,110

Automobiles 0.7%
Harley-Davidson	250		15,188

Beverages 3.2%
Coca-Cola	1,000		41,630
PepsiCo	600		31,320
			72,950

Biotechnology 4.8%
Amgen*	1,000		64,155
Biogen Idec*	200		13,323
Gilead Sciences*	300		10,498
MedImmune*	800		21,676
			109,652

Commercial Services and Supplies 0.5%
Cendant	500		11,690

Communications Equipment 5.7%
Cisco Systems*	2,100		40,509
Corning*	2,000		23,540
Nokia (ADR)	2,000		31,340
Nortel Networks*	3,800		13,262
QUALCOMM	500		21,225
			129,876
Computers and Peripherals 7.5%
Dell*	1,000		42,145
EMC*	5,300		78,811
International Business Machines	500		49,290
			170,246

Construction and Engineering 0.5%
Fluor	200		10,902

Consumer Staples 0.8%
Gillette	400		17,912

Energy Equipment and Services 1.9%
Halliburton	600		23,544
Schlumberger	300		20,085
			43,629

Food and Staples Retailing 0.5%
Walgreen	300		11,511

Health Care Equipment and Supplies 3.5%
Baxter International	400		13,816
Medtronic	500		24,835
St. Jude Medical*	400		16,772
Zimmer Holdings*	300		24,036
			79,459

Health Care Providers and Services 2.0%
Cardinal Health	400		23,260
PacifiCare Health Systems*	200		11,304
WellPoint*	100		11,500
			46,064

Hotels, Restaurants and Leisure 4.1%
Hilton Hotels	2,300		52,302
McDonald’s	700		22,442
Starbucks*	300		18,709
			93,453
Household Products 3.3%
Kimberly-Clark	200		13,162
Procter & Gamble	1,100		60,588
			73,750

Industrial Conglomerates 7.9%
3M	300		24,621
General Electric	2,750		100,375
Tyco International	1,500		53,610
			178,606

Insurance 4.7%
AFLAC	1,200		47,808
American International Group	900		59,103
			106,911

Internet and Catalog Retail 1.0%
eBay*	200		23,261

IT Services 1.9%
Accenture (Class A)*	700		18,900
Fiserv*	600		24,117
			43,017

Machinery 2.2%
Caterpillar	500		48,755

Media 5.5%
Comcast (Class A)*	700		23,300
News Corp. (Class B)	1,400		26,880
Time Warner*	3,800		73,872
			124,052
Multi-Line Retail 2.9%
Kohl’s*	500		24,585
Target	800		41,544
			66,129

Pharmaceuticals 12.0%
Abbott Laboratories	900		41,985
Johnson & Johnson	1,400		88,788
Eli Lilly	400		22,700
Pfizer	2,030		54,587
Sanofi-Aventis (ADR)	300		12,015
Schering-Plough	1,200		25,056
Wyeth	600		25,554
			270,685

_____________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Large-Cap Growth Portfolio (continued)

	Shares		Value
Semiconductors and Semiconductor Equipment 6.5%
Broadcom (Class A)*	600	$	19,371
Intel	2,900		67,903
Texas Instruments	2,400		59,088
			146,362

Software 8.0%
Computer Associates International	1,500		46,590
Microsoft	4,100		109,532
Oracle*	800		10,980
Symantec*	500		12,883
			179,985

Specialty Retail 2.9%
Bed Bath & Beyond*	1,100		43,818
Home Depot	500		21,370
			65,188

Total Common Stocks (Cost $2,008,139)			2,232,343

	Warrants or Principal Amount		Value
Warrants 0.1%
Communications Equipment 0.1%
Lucent Technologies* (exercise price of $2.75, expiring 12/10/2007)	1,147 wts.	$	1,812

Repurchase Agreement 4.5%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $101,012, collateralized by: $105,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $104,475 (Cost $101,000)	$101,000		101,000

Total Investments 103.2% (Cost $2,109,139)			2,335,155

Other Assets Less Liabilities (3.2)%			(72,785)

Net Assets 100.0%		$	2,262,370

Seligman Large-Cap Value Portfolio

	Shares		Value
Common Stocks 99.7%
Aerospace and Defense 6.1%
Honeywell International	4,000	$	141,640
United Technologies	1,800		186,030
			327,670

Automobiles 2.8%
Ford Motor	10,000		146,400

Capital Markets 4.0%
The Bank of New York	6,300		210,546

Chemicals 7.0%
Dow Chemical	4,000		198,040
Praxair	4,000		176,600
			374,640

Commercial Banks 7.0%
Bank of America	4,000		187,960
U.S. Bancorp	6,000		187,920
			375,880

Communications Equipment 2.8%
Cisco Systems*	7,700		148,533

Computers and Peripherals 3.3%
International Business Machines	1,800		177,444

Diversified Financial Services 3.3%
J.P. Morgan Chase	4,500		175,545

Food and Staples Retailing 3.6%
Costco Wholesale	4,000		193,780

Health Care Equipment and Supplies 5.4%
Baxter International	4,000		138,160
Medtronic	3,000		149,010
			287,170

Industrial Conglomerates 2.7%
General Electric	4,000		146,000

Insurance 11.7%
Allstate	3,700		191,364
Prudential Financial	2,500		137,400
The St. Paul Travelers Companies	4,200		155,694
UNUMProvident	7,800		139,932
			624,390

Machinery 3.3%
Caterpillar	1,800		175,518

Multi-Line Retail 3.1%
J.C. Penney	4,000		165,600

Multi-Utilities and Unregulated Power 3.6%
AES	14,000		191,380

Oil and Gas 5.9%
Chevron Texaco	3,000		157,530
Valero Energy	3,500		158,900
			316,430

Paper and Forest Products 3.5%
Georgia-Pacific	5,000		187,400

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Large-Cap Value Portfolio (continued)

	Shares or Principal Amount			Value
Pharmaceuticals 3.1%
Wyeth	3,900	shs.	$	166,101

Road and Rail 6.3%
CSX	5,000			200,400
Union Pacific	2,000			134,500
				334,900

Specialty Retail 2.0%
The Gap	5,000			105,600

Thrifts and Mortgage Finance 5.8%
Fannie Mae	2,300			163,783
Washington Mutual	3,500			147,980
				311,763

Tobacco 3.4%
Altria Group	3,000			183,300

Total Common Stocks (Cost $4,352,855)				5,325,990

Repurchase Agreement 0.3%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $18,002, collateralized by: $20,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $19,900 (Cost $18,000)	$ 18,000	18,000

Total Investments 100.0% (Cost $4,370,855)		5,343,990

Other Assets Less Liabilities		(2,266)

Net Assets 100.0%		$5,341,724

Seligman Smaller-Cap Value Portfolio

	Shares		Value
Common Stocks 100.1%
Aerospace and Defense 2.5%
Cubic	300,000	$	7,551,000

Airlines 2.7%
Continental Airlines*	600,000		8,124,000

Beverages 1.2%
Constellation Brands (Class A)*	80,000		3,720,800

Biotechnology 4.2%
Enzon Pharmaceuticals*	400,000		5,486,000
Pharmacopeia Drug Discovery*	115,200		685,440
Protein Design Labs*	320,000		6,609,600
			12,781,040

Chemicals 14.9%
Cabot	160,000		6,188,800
Crompton	700,000		8,260,000
Hercules*	450,000		6,682,500
Lyondell Chemical	320,000		9,254,400
Minerals Technologies	110,000		7,337,000
NOVA Chemicals	160,000		7,568,000
			45,290,700

Commercial Services and Supplies 10.0%
Brink’s	190,000		7,508,800
Korn/Ferry International	400,000		8,300,000
Sotheby’s Holdings (Class A)*	475,000		8,626,000
Waste Connections*	170,000		5,822,500
			30,257,300

Communications Equipment 2.4%
Extreme Networks*	1,100,000		7,210,500

Computers and Peripherals 2.8%
Brocade Communications Systems*	1,120,000		8,517,600

Containers and Packaging 0.9%
Smurfit-Stone Container*	150,000		2,802,750

Electrical Equipment 1.5%
EnerSys	306,100		4,668,025

Electronic Equipment and Instruments 2.2%
Trimble Navigation*	200,000		6,601,000

Energy Equipment and Services 4.3%
Hanover Compressor*	450,000		6,358,500
Universal Compression Holdings*	190,000		6,632,900
			12,991,400

Food Products 1.9%
Bunge	100,000		5,701,000

Health Care Providers and Services 6.7%
Andrx*	300,000		6,544,500
Apria Healthcare Group*	230,000		7,578,500
Select Medical	350,000		6,160,000
			20,283,000

Hotels, Restaurants and Leisure 2.2%
Ruby Tuesday	250,000		6,520,000

Household Durables 2.3%
Harman International Industries	55,000		6,985,000

__________

See footnotes on page 60.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2004

Seligman Smaller-Cap Value Portfolio (continued)

	Shares or Principal Amount			Value
Insurance 5.3%
Allmerica Financial*	230,000	shs.	$	7,550,900
W.R. Berkley	90,000			4,245,300
Montpelier Re Holdings	110,000			4,229,500
				16,025,700

IT Services 1.8%
Carreker*	650,000			5,580,250

Machinery 6.9%
Mueller Industries	200,000			6,440,000
Stewart & Stevenson Services	450,000			9,103,500
Terex*	112,000			5,336,800
				20,880,300

Media 1.1%
Cadmus Communications	257,450			3,274,764

Metals and Mining 2.4%
Peabody Energy	90,000			7,281,900

Multi-Line Retail 1.8%
Fred’s	320,000			5,563,200

Paper and Forest Products 0.9%
Bowater	60,000			2,638,200

Pharmaceuticals 2.1%
Eon Labs*	240,000			6,481,200

Road and Rail 1.9%
J.B. Hunt Transport Services	130,000			5,831,150

Semiconductors and Semiconductor Equipment 4.1%
Credence Systems*	700,000			6,408,500
Skyworks Solutions	626,000			5,900,050
				12,308,550

Software 3.3%
Accelrys	410,000			3,204,150
Mentor Graphics	440,000			6,721,000
				9,925,150

Specialty Retail 2.4%
Finish Line (Class A)	400,000			7,302,000

Thrifts and Mortgage Finance 3.4%
Commercial Federal	250,000			7,427,500
The PMI Group	70,000			2,922,500
				10,350,000

Total Common Stocks (Cost $227,764,577)				303,447,479

Repurchase Agreement 0.2%
State Street Bank & Trust 1.40%, dated 12/31/2004, maturing 1/3/2005, in the amount of $456,053, collateralized by: $475,000 US Treasury Notes 2.625%, 11/15/2006, with a fair market value of $472,625 (cost $456,000)	$456,000			456,000

Total Investments 100.3% (Cost $228,220,577)				303,903,479

Other Assets Less Liabilities (0.3)%				(911,272)

Net Assets 100.0%				$302,992,207

_____________

*	Non-income producing security.

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

ø	Warrants attached. See separate holding in the Portfolios of Investments.

†	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.

ADR	- American Depositary Receipts.

FDR	- Fiduciary Depositary Receipts.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Assets and Liabilities

December 31, 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	$	14,936,770			—	$	10,700,602		$	66,130,144		$	6,689,520
Repurchase agreements		371,000		$	504,000		64,000			3,912,000			—
Other short-term holdings		—			1,598,800		—			—			—
Total investments		15,307,770			2,102,800		10,764,602			70,042,144			6,689,520
Cash denominated in US dollars		—			787		1,851			873			—
Cash denominated in foreign currencies**		—			—		—			346,982			—
Dividends and interest receivable		5,628			20		12,652			11,515			1,141
Receivable for Capital Stock sold		288			—		1,906			7,153			—
Receivable for securities sold		—			—		33,897			816,101			64,194
Receivable from the Manager (Note 5)		—			2,441		—			—			—
Other		661			4,971		445			2,921			208
Total Assets		15,314,347			2,111,019		10,815,353			71,227,689			6,755,063

Liabilities:
Payable for securities purchased		37,411			—		—			181,003			17,014
Bank overdraft		22,354			—		—			—			29,093
Management fee payable		5,153			680		3,652			44,497			4,271
Payable for Capital Stock redeemed		3,365			265,663		—			26,996			12,524
Distribution and service fees payable		3,218			—		—			7,268			—
Accrued expenses and other		36,843			16,408		19,423			79,683			21,589
Total Liabilities		108,344			282,751		23,075			339,447			84,491
Net Assets	$	15,206,003		$	1,828,268	$	10,792,278		$	70,888,242		$	6,670,572

Composition of Net Assets:
Capital Stock, $0.001 at par	$	1,246		$	1,831	$	996		$	5,499		$	437
Additional paid-in capital		25,190,049			1,826,437		12,895,968			107,811,222			6,081,315
Undistributed/accumulated net investment income (loss)		(5,114	)		—		137,868			(4,983	)		(4,160	)
Accumulated net realized loss		(11,619,349	)		—		(3,369,717	)		(39,644,843	)		(759,782	)
Net unrealized appreciation of investments		1,639,171			—		1,127,163			2,721,347			1,352,762
Net Assets	$	15,206,003		$	1,828,268	$	10,792,278		$	70,888,242		$	6,670,572

Class 1	$	9,820,553		$	1,828,268	$	10,792,278		$	58,645,579		$	6,670,572
Class 2	$	5,385,450							$	12,242,663
Shares of Capital Stock Outstanding:
Class 1		801,675			1,830,642		995,979			4,539,221			437,261
Class 2		443,942								959,717

Net Asset Value per Share:
Class 1	$	12.25		$	1.00	$	10.84		$	12.92		$	15.26
Class 2	$	12.13							$	12.76


__________
* Cost of investments are as follows:	$	13,668,599		$	2,102,800	$	9,637,439		$	67,337,523		$	5,336,758
** Cost of foreign currencies as follows:		—			—		—		$	330,255			—
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Assets and Liabilities

December 31, 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	$	2,490,605		$	5,932,577		$	10,220,028		$	5,321,448		$	2,540,065
Repurchase agreements		—			—			—			102,000			72,000
Total investments		2,490,605			5,932,577			10,220,028			5,423,448			2,612,065
Cash denominated in US dollars		—			—			291,307			157			1,073
Cash denominated in foreign currencies**		—			—			137,906			—			—
Dividends and interest receivable		3,894			5,635			3,244			109,371			10,037
Receivable for securities sold		95,725			33,970			85,294			17,748			3,571
Receivable from the Manager (Note 5)		5,381			11,337			557			—			2,568
Unrealized appreciation on forward currency contracts		259			1,445			—			—			—
Other		110			1,664			4,314			1,276			230
Total Assets		2,595,974			5,986,628			10,742,650			5,552,000			2,629,544

Liabilities:
Payable for securities purchased		11,863			141			33,538			—			—
Bank overdraft		8,275			48,316			—			—			—
Management fee payable		2,195			4,945			8,991			2,362			907
Payable for Capital Stock redeemed		11			9			4,434			2,598			8,646
Distribution and service fees payable		—			—			798			—			—
Unrealized depreciation on
forward currency contracts		10			30,601			206			—			—
Accrued expenses and other		20,040			37,252			38,613			17,007			16,737
Total Liabilities		42,394			121,264			86,580			21,967			26,290
Net Assets	$	2,553,580		$	5,865,364		$	10,656,070		$	5,530,033		$	2,603,254

Composition of Net Assets:
Capital Stock, $0.001 at par	$	550		$	441		$	850		$	1,092		$	285
Additional paid-in capital		3,814,892			5,714,817			23,194,808			18,170,832			2,891,551
Undistributed/accumulated net
investment income (loss)		(3,972	)		(19,348	)		(3,396	)		494,011			41,052
Accumulated net realized loss		(1,667,480	)		(711,407	)		(13,560,588	)		(13,529,153	)		(554,753	)
Net unrealized appreciation of investments		356,111			703,542			885,395			393,251			225,119
Net unrealized appreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		53,479			177,319			139,001			—			—
Net Assets	$	2,553,580		$	5,865,364		$	10,656,070		$	5,530,033		$	2,603,254

Class 1	$	2,553,580		$	5,865,364		$	8,446,127		$	5,530,033		$	2,603,254
Class 2							$	2,209,943
Shares of Capital Stock Outstanding:
Class 1		550,011			441,315			673,416			1,091,741			284,751
Class 2								177,399

Net Asset Value per Share:
Class 1	$	4.64		$	13.29		$	12.54		$	5.07		$	9.14
Class 2							$	12.46

__________
* Cost of investments are as follows:	$	2,081,566		$	5,022,835		$	9,201,027		$	5,030,197		$	2,386,946
** Cost of foreign currencies as follows:		—			—		$	132,635			—			—
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Assets and Liabilities

December 31, 2004

		Seligman International Growth Portfolio			Seligman Investment Grade Fixed Income Portfolio			Seligman Large-Cap Growth Portfolio			Seligman Large-Cap Value Portfolio			Seligman Smaller-Cap Value Portfolio
Assets:
Investments, at value* (see portfolios of investments):
Long-term holdings	$	3,743,183		$	3,300,337		$	2,234,155		$	5,325,990		$	303,447,479
Repurchase agreements		—			145,000			101,000			18,000			456,000
Other short-term holdings		—			99,890			—			—			—
Total investments		3,743,183			3,545,227			2,335,155			5,343,990			303,903,479
Cash		48,471			1,219			102			913			144
Dividends and interest receivable		5,405			29,601			1,384			10,624			92,618
Receivable for Capital Stock sold		—			—			165			2,714			124,078
Receivable from the Manager (Note 5)		3,703			2,461			—			—			—
Unrealized appreciation on forward currency contracts		139			—			—			—			—
Other		128			165			94			211			11,681
Total Assets		3,801,029			3,578,673			2,336,900			5,358,452			304,132,000

Liabilities:
Payable for securities purchased		25,495			—			61,994			—			—
Management fee payable		3,127			1,212			1,337			3,603			253,033
Payable for Capital Stock redeemed		6			46			—			—			690,262
Distribution and service fees payable		—			—			—			—			14,681
Unrealized depreciation on forward currency contracts		18			—			—			—			—
Accrued expenses and other		23,214			16,443			11,199			13,125			181,817
Total Liabilities		51,860			17,701			74,530			16,728			1,139,793
Net Assets	$	3,749,169		$	3,560,972		$	2,262,370		$	5,341,724		$	302,992,207

Composition of Net Assets:
Capital Stock, $0.001 at par	$	338		$	384		$	340		$	502		$	15,631
Additional paid-in capital		5,524,637			3,395,048			4,904,550			5,573,594			202,399,443
Undistributed/accumulated net
investment income (loss)		(5,161	)		161,698			(2,022	)		45,978			1,286,593
Undistributed/accumulated
net realized gain (loss)		(2,486,981	)		(10,461	)		(2,866,514	)		(1,251,485	)		23,607,638
Net unrealized appreciation of investments		533,509			14,303			226,016			973,135			75,682,902
Net unrealized appreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		182,827			—			—			—			—
Net Assets	$	3,749,169		$	3,560,972		$	2,262,370		$	5,341,724		$	302,992,207

Class 1	$	3,749,169		$	3,560,972		$	2,262,370		$	5,341,724		$	268,410,475
Class 2													$	34,581,732
Shares of Capital Stock Outstanding:
Class 1		337,658			384,182			339,584			501,698			13,836,253
Class 2														1,795,299

Net Asset Value per Share:
Class 1	$	11.10		$	9.27		$	6.66		$	10.65		$	19.40
Class 2													$	19.26

__________
* Cost of investments are as follows:	$	3,027,682		$	3,530,924		$	2,109,139		$	4,370,855		$	228,220,577
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Operations

For the Year Ended December 31, 2004

		Seligman Capital Portfolio			Seligman Cash Management Portfolio			Seligman Common Stock Portfolio			Seligman Communications and Information Portfolio			Seligman Frontier Portfolio
Investment Income:
Dividends*	$	67,803		$	—		$	222,018		$	544,726		$	22,212
Interest		6,036			32,331			2,111			55,295			1,084
Total Investment Income		73,839			32,331			224,129			600,021			23,296

Expenses:
Management fees		64,685			10,300			44,995			529,975			51,308
Shareholder account services		26,794			—			—			42,645			—
Custody and related services		18,675			1,118			5,814			44,139			20,809
Auditing fees		15,466			8,497			12,889			42,736			10,765
Distribution and service fees — Class 2		12,323			—			—			29,212			—
Registration		5,948			1,343			2,302			10,851			4,660
Directors’ fees and expenses		5,597			5,281			5,507			7,041			5,546
Legal fees		4,025			2,061			3,300			12,077			2,719
Shareholder reports and communications		3,705			—			685			8,391			3,094
Miscellaneous		3,152			718			2,241			10,365			1,840
Total Expenses Before Reimbursement		160,370			29,318			77,733			737,432			100,741
Reimbursement of expenses (Note 5)		—			(11,294	)		—			—			—
Total Expenses After Reimbursement		160,370			18,024			77,733			737,432			100,741
Net Investment Income (Loss)		(86,531	)		14,307			146,396			(137,411	)		(77,445	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments and foreign currency transactions		2,347,345			—			1,294,008			11,032,600			1,128,923
Net realized loss on options written		—			—			—			(1,444	)		—
Payments received from the Manager (Note 11)		339						1,172			9,056			133
Net change in unrealized appreciation/ depreciation of investments		(984,400	)		—			(148,909	)		(3,864,957	)		(209,072	)
Net Gain on Investments and Foreign Currency Transactions		1,363,284			—			1,146,271			7,175,255			919,984
Increase in Net Assets from Operations	$	1,276,753		$	14,307		$	1,292,667		$	7,037,844		$	842,539

__________
* Net of foreign tax withheld as follows:	$	416			—		$	637		$	1,233		$	59
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Operations

For the Year Ended December 31, 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*	$	37,708		$	86,207		$	86,585		$	11,006		$	33,318
Interest		—			10,995			402			550,256			42,765
Total Investment Income		37,708			97,202			86,987			561,262			76,083

Expenses:
Management fees		27,310			60,975			109,434			32,329			10,831
Shareholder account services		—			—			25,617			—			—
Custody and related services		80,164			234,537			75,577			17,736			12,623
Auditing fees		11,586			14,621			24,467			10,563			8,672
Distribution and service fees — Class 2		—			—			3,249			—			—
Registration		1,354			1,652			7,907			1,849			1,465
Directors’ fees and expenses		5,476			5,543			5,662			5,530			5,288
Legal fees		2,132			7,088			3,366			2,690			2,032
Shareholder reports and communications		697			817			6,997			748			675
Miscellaneous		1,311			1,477			2,492			1,953			1,177
Total Expenses Before Reimbursement		130,030			326,710			264,768			73,398			42,763
Reimbursement of expenses (Note 5)		(82,238	)		(204,759	)		(53,553	)		—			(11,631	)
Total Expenses After Reimbursement		47,792			121,951			211,215			73,398			31,132
Net Investment Income (Loss)		(10,084	)		(24,749	)		(124,228	)		487,864			44,951
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments		253,335			721,055			785,099			56,985			185,603
Net realized gain from foreign currency transactions		96,599			74,368			208,233			—			—
Payments received from the Manager (Note 11)		376			3,012			977			—			160
Net change in unrealized appreciation/ depreciation of investments		137,079			345,507			(390,363	)		(111,930	)		(25,985	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		(45,135	)		(3,877	)		(113,550	)		—			—
Net Gain (Loss) on Investments and Foreign Currency Transactions		442,254			1,140,065			490,396			(54,945	)		159,778
Increase in Net Assets from Operations	$	432,170		$	1,115,316		$	366,168		$	432,919		$	204,729

__________
* Net of foreign tax withheld as follows:	$	2,770		$	6,851		$	2,430			—		$	92
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Operations

For the Year Ended December 31, 2004

		Seligman International Growth Portfolio			Seligman Investment Grade Fixed Income Portfolio			Seligman Large-Cap Growth Portfolio			Seligman Large-Cap Value Portfolio		Seligman Smaller-Cap Value Portfolio
Investment Income:
Dividends*	$	57,847		$	—		$	34,066		$	115,381	$	4,566,169
Interest		—			183,761			800			261		44,738
Total Investment Income		57,847			183,761			34,866			115,642		4,610,907
Expenses:
Management fees		36,126			18,463			16,717			43,002		2,863,262
Shareholder account services		—			—			—			—		41,360
Custody and related services		87,804			11,609			4,509			2,516		79,874
Auditing fees		12,171			9,554			8,578			10,041		152,987
Distribution and service fees — Class 2		—			—			—			—		50,082
Registration		1,555			1,534			1,351			1,650		28,898
Directors’ fees and expenses		5,448			5,323			5,320			5,450		11,769
Legal fees		2,150			2,371			2,217			2,596		41,508
Shareholder reports and communications		697			539			687			798		19,004
Interest expense		—			—			—			—		6,249
Miscellaneous		1,379			1,960			1,358			1,734		31,230
Total Expenses Before Reimbursement		147,330			51,353			40,737			67,787		3,326,223
Reimbursement of expenses (Note 5)		(75,080	)		(12,162	)		—			—		—
Total Expenses After Reimbursement		72,250			39,191			40,737			67,787		3,326,223
Net Investment Income (Loss)		(14,403	)		144,570			(5,871	)		47,855		1,284,684
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments		318,101			11,350			39,569			340,466		23,976,151
Net realized gain from foreign currency transactions		156,268			—			—			—		—
Payments received from the Manager (Note 11)		—			—			—			744		4,005
Net change in unrealized appreciation of investments		314,099			(38,156	)		87,658			409,496		20,595,248
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		(3,385	)		—			—			—		—
Net Gain (Loss) on Investments and Foreign Currency Transactions		785,083			(26,806	)		127,227			750,706		44,575,404
Increase in Net Assets from Operations	$	770,680		$	117,764		$	121,356		$	798,561	$	45,860,088

__________
* Net of foreign tax withheld as follows:	$	7,165			—		$	19			—	$	9,306
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman Capital Portfolio						Seligman Cash Management Portfolio						Seligman Common Stock Portfolio
		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
		2004			2003			2004			2003			2004			2003
Operations:
Net investment income (loss)	$	(86,531	)	$	(57,684	)	$	14,307		$	24,264		$	146,396		$	107,932
Net realized gain on investments		2,347,345			2,526,116			—			12			1,294,008			158,900
Payments received from
the Manager (Note 11)		339			—			—			—			1,172			—
Net change in unrealized appreciation/ depreciation of investments		(984,400	)		2,070,339			—			—			(148,909	)		2,390,364
Increase in Net Assets From Operations		1,276,753			4,538,771			14,307			24,276			1,292,667			2,657,196

Distributions to Shareholders:
Net investment income — Class 1		—			—			(14,307	)		(24,264	)		(106,774	)		(160,989	)
Net realized short-term gain on investments — Class 1		—			—			—			(12	)		—			—
Decrease in Net Assets From Distributions		—			—			(14,307	)		(24,276	)		(106,774	)		(160,989	)

Capital Share Transactions:
Proceeds from sale of shares:
Class 1		308,391			552,547			2,741,257			4,805,482			273,107			2,569,547
Class 2		1,091,260			887,457			—			—			—			—
Value of shares issued in payment of: Dividends — Class 1		—			—			14,307			24,264			106,774			160,989
Gain distributions — Class 1		—			—			—			12			—			—
Total		1,399,651			1,440,004			2,755,564			4,829,758			379,881			2,730,536
Cost of shares redeemed:
Class 1		(3,852,959	)		(3,348,021	)		(4,961,041	)		(8,665,691			(3,070,329	)		(5,860,627	)
Class 2		(456,269	)		(516,029	)		—			—			—			—
Total		(4,309,228	)		(3,864,050	)		(4,961,041	)		(8,665,691			(3,070,329	)		(5,860,627	)
Decrease in Net Assets From Capital Share Transactions		(2,909,577	)		(2,424,046	)		(2,205,477	)		(3,835,933	)		(2,690,448	)		(3,130,091	)
Increase (Decrease) in Net Assets		(1,632,824	)		2,114,725			(2,205,477	)		(3,835,933	)		(1,504,555	)		(633,884	)

Net Assets:
Beginning of year		16,838,827			14,724,102			4,033,745			7,869,678			12,296,833			12,930,717

End of Year*	$	15,206,003		$	16,838,827		$	1,828,268		$	4,033,745		$	10,792,278		$	12,296,833


__________
* Including undistributed net investment income (net of accumulated net investment loss) as follows:	$	(5,114	)	$	(4,906	)		—			—		$	137,868		$	103,128
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman Communications and Information Portfolio						Seligman Frontier Portfolio						Seligman Global Growth Portfolio
		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
		2004			2003			2004			2003			2004			2003
Operations:
Net investment income (loss)	$	(137,411	)	$	(532,150	)	$	(77,445	)	$	(96,561	)	$	(10,084	)	$	12,249
Net realized gain (loss) on investments		11,032,600			(3,022,520	)		1,128,923			320,925			253,335			(91,388	)
Net realized loss on options written		(1,444	)		(2,419	)		—			—			—			—
Net realized gain from foreign currency transactions		—			—			—			—			96,599			208,321
Payments received from the Manager (Note 11)		9,056			—			133			—			376			—
Net change in unrealized appreciation/ depreciation of investments		(3,864,957	)		27,327,664			(209,072	)		2,037,620			137,079			559,647
Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		—			—			—			—			(45,135	)		(32,111	)
Increase in Net Assets From Operations		7,037,844			23,770,575			842,539			2,261,984			432,170			656,718

Distributions to Shareholders:
Net investment income — Class 1		—			—			—			—			(9,641	)		—
Decrease in Net Assets From Distributions		—			—			—			—			(9,641	)		—

Capital Share Transactions:
Proceeds from sale of shares:
Class 1		3,052,644			3,519,194			402,590			2,046,225			203,529			1,011,244
Class 2		3,453,375			3,083,097			—			—			—			—
Value of shares issued in payment of:
Dividends — Class 1		—			—			—			—			9,641			—
Total		6,506,019			6,602,291			402,590			2,046,225			213,170			1,011,244
Cost of shares redeemed:
Class 1		(13,233,544	)		(14,902,762	)		(2,077,275	)		(3,894,408	)		(951,273	)		(1,432,321	)
Class 2		(3,604,754	)		(2,600,381	)		—			—			—			—
Total		(16,838,298	)		(17,503,143	)		(2,077,275	)		(3,894,408	)		(951,273	)		(1,432,321	)
Decrease in Net Assets From Capital Share Transactions		(10,332,279	)		(10,900,852	)		(1,674,685	)		(1,848,183	)		(738,103	)		(421,077	)
Increase (Decrease) in Net Assets		(3,294,435	)		12,869,723			(832,146	)		413,801			(315,574	)		235,641

Net Assets:
Beginning of year		74,182,677			61,312,954			7,502,718			7,088,917			2,869,154			2,633,513

End of Year*	$	70,888,242		$	74,182,677		$	6,670,572		$	7,502,718		$	2,553,580		$	2,869,154

__________
* Including undistributed net investment income (net of accumulated net investment loss) as follows:	$	(4,983	)	$	(4,529	)	$	(4,160	)	$	(3,800	)	$	(3,972	)	$	7,559
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman Global Smaller Companies Portfolio						Seligman Global Technology Portfolio						Seligman High-Yield Bond Portfolio
		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
		2004			2003			2004			2004			2004			2003
Operations:
Net investment income (loss)	$	(24,749	)	$	(9,377	)	$	(124,228	)	$	(132,157	)	$	487,864		$	618,002
Net realized gain (loss) on investments		721,055			437,205			785,099			(520,525	)		56,985			631,402
Net realized gain from foreign currency transactions		74,368			396,450			208,233			366,397			—			—
Payments received from the Manager (Note 11)		3,012			—			977			—			—			—
Net change in unrealized appreciation/ depreciation of investments		345,507			1,240,748			(390,363	)		3,839,607			(111,930	)		372,723
Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		(3,877	)		(50,883	)		(113,550	)		8,563			—			—
Increase in Net Assets From Operations		1,115,316			2,014,143			366,168			3,561,885			432,919			1,622,127

Distributions to Shareholders:
Net investment income — Class 1		—			—			—			—			(639,811	)		(910,725	)
Decrease in Net Assets From Distributions		—			—			—			—			(639,811	)		(910,725	)

Capital Share Transactions:
Proceeds from sale of shares:
Class 1		135,878			2,015,563			175,793			111,955			874,658			4,138,732
Class 2		—			—			973,614			9,613,546			—			—
Value of shares issued in payment of:
Dividends — Class 1		—			—			—			—			639,811			910,725
Total		135,878			2,015,563			1,149,407			9,725,501			1,514,469			5,049,457
Cost of shares redeemed:
Class 1		(1,973,055	)		(3,357,538	)		(2,066,536	)		(2,319,689	)		(3,497,950	)		(6,171,857	)
Class 2		—			—			(1,310,258	)		(9,409,491	)		—			—
Total		(1,973,055	)		(3,357,538	)		(3,376,794	)		(11,729,180	)		(3,497,950	)		(6,171,857	)
Decrease in Net Assets From Capital Share Transactions		(1,837,177	)		(1,341,975	)		(2,227,387	)		(2,003,679	)		(1,983,481	)		(1,122,400	)
Increase (Decrease) in Net Assets		(721,861	)		672,168			(1,861,219	)		1,558,206			(2,190,373	)		(410,998	)

Net Assets:
Beginning of year		6,587,225			5,915,057			12,517,289			10,959,083			7,720,406			8,131,404

End of Year*	$	5,865,364		$	6,587,225		$	10,656,070		$	12,517,289		$	5,530,033		$	7,720,406


__________
* Including undistributed net investment income (net of accumulated net investment loss) as follows:	$	(19,348	)	$	14,840		$	(3,396	)	$	(3,402	)	$	494,011		$	613,507
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Income and Growth Portfolio							Seligman International Growth Portfolio						Seligman Investment Grade Fixed Income Portfolio
	Year Ended December 31,							Year Ended December 31,						Year Ended December 31,
		2004			2003			2004			2003			2004			2003
Operations:
Net investment income (loss)	$	44,951		$	52,640		$	(14,403	)	$	20,911		$	144,570		$	267,065
Net realized gain on investments		185,603			80,038			318,101			7,968			11,350			437,101
Net realized gain from foreign currency transactions		—			—			156,268			385,990			—			—
Payments received from the Manager (Note 11)		160			—			—			—			—			—
Net change in unrealized appreciation/ depreciation of investments		(25,985	)		335,955			314,099			532,044			(38,156	)		(263,962	)
Net change in unrealized appreciation/ depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts		—			—			(3,385	)		(48,891	)		—			—
Increase in Net Assets From Operations		204,729			468,633			770,680			898,022			117,764			440,204

Distributions to Shareholders:
Net investment income — Class 1		(52,905	)		(73,431	)		(12,876	)		—			(293,991	)		(311,958	)
Net realized short-term gain on investment — Class 1		—			—			—			—			(169,248	)		—
Net realized long-term gain on investment — Class 1		—			—			—			—			(134,813	)		—
Decrease in Net Assets From Distributions		(52,905	)		(73,431	)		(12,876	)		—			(598,052	)		(311,958	)

Capital Share Transactions:
Proceeds from sale of shares:
Class 1		345,054			881,516			442,720			1,681,676			1,028,058			2,719,078
Value of shares issued in payment of:
Dividends — Class 1		52,905			73,431			12,876			—			293,991			311,958
Gain distributions — Class 1		—			—			—			—			304,061			—
Total		397,959			954,947			455,596			1,681,676			1,626,110			3,031,036
Cost of shares redeemed:
Class 1		(817,090	)		(1,766,315	)		(954,496	)		(2,404,051	)		(3,610,225	)		(6,200,744	)
Decrease in Net Assets From Capital Share Transactions		(419,131	)		(811,368	)		(498,900	)		(722,375	)		(1,984,115	)		(3,169,708	)
Increase (Decrease) in Net Assets		(267,307	)		(416,166	)		258,904			175,647			(2,464,403	)		(3,041,462	)
Net Assets:
Beginning of year		2,870,561			3,286,727			3,490,265			3,314,618			6,025,375			9,066,837

End of Year*	$	2,603,254		$	2,870,561		$	3,749,169		$	3,490,265		$	3,560,972		$	6,025,375

__________
* Including undistributed net investment income (net of accumulated net investment loss) as follows:	$	41,052		$	48,080		$	(5,161	)	$	12,141		$	161,698		$	289,730
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman Large-Cap Growth Portfolio						Seligman Large-Cap Value Portfolio						Seligman Smaller-Cap Value Portfolio
		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
		2004			2003			2004			2003			2004			2003
Operations:
Net investment income (loss)	$	(5,871	)	$	(4,743	)	$	47,855		$	61,704		$	1,284,684		$	(698,182	)
Net realized gain (loss) on investments		39,569			(31,852	)		340,466			(709,138	)		23,976,151			1,055,638
Payments received from the Manager (Note 11)		—			—			744			—			4,005			—
Net change in unrealized appreciation/ depreciation of investmenrts		87,658			597,045			409,496			1,985,907			20,595,248			67,969,249
Increase in Net Assets From Operations		121,356			560,450			798,561			1,338,473			45,860,088			68,326,705

Distributions to Shareholders:
Net investment income — Class 1		—			—			(61,944	)		(71,842	)		—			—
Net realized long-term gain
on investments:
Class 1		—			—			—			—			(433,559	)		(1,339,959	)
Class 2		—			—			—			—			(54,692	)		(115,920	)
Decrease in Net Assets From Distributions		—			—			(61,944	)		(71,842	)		(488,251	)		(1,455,879	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		221,476			1,432,727			445,045			2,614,729			92,028,338			89,394,163
Class 2		—			—			—			—			16,417,372			11,012,914
Value of shares issued in payment of:
Dividends — Class 1		—			—			61,944			71,842			—			—
Gain distributions:
Class 1		—			—			—			—			433,559			1,339,959
Class 2		—			—			—			—			54,692			115,920
Total		221,476			1,432,727			506,989			2,686,571			108,933,961			101,862,956
Cost of shares redeemed:
Class 1		(605,115	)		(1,406,782	)		(1,357,550	)		(3,189,991	)		(79,099,629	)		(41,802,992	)
Class 2		—			—			—			—			(6,716,920	)		(4,752,318	)
Total		(605,115	)		(1,406,782	)		(1,357,550	)		(3,189,991	)		(85,816,549	)		(46,555,310	)
Increase (Decrease) in Net Assets From Capital Share Transactions		(383,639	)		25,945			(850,561	)		(503,420	)		23,117,412			55,307,646
Increase (Decrease) in Net Assets		(262,283	)		586,395			(113,944	)		763,211			68,489,249			122,178,472

Net Assets:
Beginning of year		2,524,653			1,938,258			5,455,668			4,692,457			234,502,958			112,324,486

End of Year*	$	2,262,370		$	2,524,653		$	5,341,724		$	5,455,668		$	302,992,207		$	234,502,958

__________
* Including undistributed net investment income (net of accumulated net investment loss) as follows:	$	(2,022	)	$	(1,790	)	$	45,978		$	59,323		$	1,286,593		$	(2,641	)
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Notes to Financial Statements

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 Smaller-Cap Value Portfolio, formerly Seligman Small-Cap Value Portfolio (“Smaller-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.

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.

Significant Accounting Policies — The financial statements have been prepared in conformity with United States (“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. The following summarizes the significant accounting policies of the Fund:

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 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”) of the Fund 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.

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 Depositary Receipts (“ADR”), American Depositary Shares (“ADS”), European Depositary Receipts (“EDR”), Fiduciary Depositary Receipts (“FDR”), Global Depositary Receipts (“GDR”), and Global Depositary 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:

Seligman Portfolios, Inc.

Notes to Financial Statements

(i)(ii)

market value of investment securities, other assets, and liabilities, at the daily rate of exchange as reported by a pricing service;

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.

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.

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.

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.

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.

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 year ended December 31, 2004, 12b-1 fees were the only class-specific expenses.

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

Seligman Portfolios, Inc.

Notes to Financial Statements

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.

i.	Distributions to Shareholders — Dividends and distributions to shareholders are recorded on ex-dividend dates.

4.	Purchases and Sales of Securities — Purchase and sales of portfolio securities, excluding options, US Government obligations and short-term investments, for the year ended December 31, 2004, were as follows:

Portfolio	Purchases	Sales
Capital	$33,508,406	$ 36,127,724
Common Stock	4,741,447	7,229,960
Communications and Information	85,969,799	100,187,032
Frontier	5,847,745	7,502,360
Global Growth	6,467,307	7,169,440
Global Smaller Companies	5,045,846	6,856,332
Global Technology	15,371,940	17,544,176
High-Yield Bond	5,444,909	7,467,012
Income and Growth	1,925,524	2,321,301
International Growth	7,454,744	7,866,729
Investment Grade	3,071,512	4,672,432
Large-Cap Growth	2,254,985	2,521,138
Large-Cap Value	808,357	1,562,174
Smaller-Cap Value	139,921,481	128,232,934

For the year ended December 31, 2004, purchases and sales of US Government obligations were $1,286,461 and $1,276,998, respectively, for the Income and Growth Portfolio, and $4,720,204 and $4,199,561, respectively, for the Investment Grade Portfolio.

Transactions in options written during the year ended December 31, 2004, were as follows:

	Call Options
	Contracts	Premiums
Communications and Information Portfolio:
Options outstanding, December 31, 2003	—	—
Options written	35	$11,270
Options terminated in closing purchase transactions	(35)	(11,270)
Options outstanding, December 31, 2004	—	$ —

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 Smaller-Cap Value Portfolio is equal to 1.00% per annum of the first $500 million of average daily net assets, 0.90% per annum of the next $500 million of average daily net assets, and 0.80% per annum in excess of $1 billion of average daily net assets of the Portfolio.

Effective 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 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.

The Manager has 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
Cash Management	0.30	%
Global Growth	0.75
Global Smaller Companies	1.00
Global Technology	0.90
Income and Growth	0.75
International Growth	1.00
Investment Grade	0.45

Seligman Portfolios, Inc.

Notes to Financial Statements

The amounts of these reimbursements, where applicable, for the year ended December 31, 2004, are disclosed in the Statements of Operations, and such amounts receivable from the Manager at December 31, 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 is 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 year ended December 31, 2004, fees incurred under the Plan aggregated $12,323, or 0.25% per annum; $29,212, or 0.25% per annum; $3,249 or 0.15% per annum; and $50,082 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 Smaller-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 December 31, 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.

Federal Tax Information — Certain components of income, expense and realized capital gain and loss are recognized at different times or have a different character for federal income tax purposes and for financial reporting purposes. Where such differences are permanent in nature (e.g., net investment losses), they are reclassified in the components of net assets based on their characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. As a result of the differences described above, 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. The tax character of the distributions paid during the years ended December 31, 2004 and 2003, is the same for financial reporting purposes. For tax purposes, net realized short-term gain is treated as ordinary income. Further, the cost of investments also can differ for federal income tax purposes.

At December 31, 2004, the cost of investments for federal income tax purposes for each Portfolio was as follows:

Portfolio		Tax Basis Cost
Capital		$13,713,312
Common Stock		9,649,578
Communications and Information		67,760,605
Frontier		5,337,942
Global Growth		2,089,786
Global Smaller		5,070,959
Global Technology		9,306,889
High-Yield Bond		5,036,901
Income and Growth		2,407,308
International Growth		3,037,628
Investment Grade		3,530,112
Large-Cap Growth		2,160,259
Large-Cap Value		4,370,855
Smaller-Cap Value		228,259,223

The tax basis cost was greater than the cost for financial reporting purposes primarily due to the tax deferral of losses on wash sales.

Seligman Portfolios, Inc.

Notes to Financial Statements

At December 31, 2004, the tax basis components of accumulated earnings (losses) were as follows:

		Capital			Common Stock			Communications and Information			Frontier			Global Growth			Global Smaller Companies			Global Technology
Gross unrealized appreciation of portfolio securities	$	1,751,564		$	1,590,056		$	6,157,511	*	$	1,507,584		$	414,157	*	$	1,060,266	*	$	1,154,792	*
Gross unrealized depreciation of portfolio securities		(157,106	)		(475,032	)		(3,859,246	)		(156,006	)		(13,338	)*		(198,648	)*		(241,653	)*
Net unrealized appreciation of portfolio securities		1,594,458			1,115,024			2,298,265	*		1,351,578			400,819	*		861,618	*		913,139	*
Net unrealized appreciation on foreign currencies and forward currency contracts		—			—			—			—			302			275			5,790
Undistributed ordinary income		—			143,126			—			—			—			—			—
Capital loss carryforward		(11,574,636	)		(3,357,578	)		(39,221,761	)		(758,598	)		(1,659,260	)		(707,507	)		(13,454,726	)
Total accumulated earnings (losses)	$	(9,980,178	)	$	(2,099,428	)	$	(36,923,496	)	$	592,980		$	(1,258,139	)	$	154,386		$	(12,535,797	)

		High-Yield Bond			Income and Growth			International Growth			Investment Grade			Large-Cap Growth			Large-Cap Value			Smaller-Cap Value
Gross unrealized appreciation of portfolio securities	$	391,822		$	238,642		$	713,017	*	$	26,274		$	271,597		$	1,219,706		$	88,657,511
Gross unrealized depreciation of portfolio securities		(5,275	)		(33,885	)		(7,462	)*		(11,159	)		(96,701	)		(246,571	)		(13,013,255	)
Net unrealized appreciation of portfolio securities		386,547			204,757			705,555	*		15,115			174,896			973,135			75,644,256
Net unrealized appreciation on foreign currencies and forward currency contracts		—			—			714			—			—			—			—
Undistributed ordinary income		500,144			44,906			—			165,848			—			48,555			1,289,576
Undistributed net realized gain/ (capital loss carryforward)		(13,522,022	)		(533,262	)		(2,477,035	)		(9,586	)		(2,804,793	)		(1,251,485	)		23,646,284
Timing differences (post-October losses)		—			—			—			(875	)		(10,601	)		—			—
Total accumulated earnings (losses)	$	(12,635,331	)	$	(283,599	)	$	(1,770,766	)	$	170,502		$	(2,640,498	)	$	(229,795	)	$	100,580,116

As shown above, the Investment Grade and Large-Cap Growth Portfolios elected to defer to January 1, 2005, the recognition for tax purposes of net losses realized on sales of investments after October 31, 2004. These post-October losses are available to offset future taxable net gains.

_____________

Includes the effect of foreign currency translations.

Seligman Portfolios, Inc.

Notes to Financial Statements

At December 31, 2004, 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 carryforwards. These loss carryforwards expire in amounts and fiscal years as follows:

Fiscal Year		Capital		Common Stock		Communications and Information		Frontier		Global Growth		Global Smaller Companies		Global Technology
2009	$	4,939,075		—	$	14,208,262		—	$	814,645		—	$	8,404,458
2010		6,635,561	$	2,991,017		19,435,297	$	622,912		844,615	$	707,507		4,941,506
2011		—		366,561		5,578,202		135,686		—		—		108,762
Total	$	11,574,636	$	3,357,578	$	39,221,761	$	758,598	$	1,659,260	$	707,507	$	13,454,726

Fiscal Year		High-Yield Bond		Income and Growth		International Growth		Investment Grade		Large-Cap Growth		Large-Cap Value
2007	$	997,113		—		—		—		—		—
2008		2,846,366		—	$	211,785		—		—		—
2009		5,531,270		—		1,358,382		—	$	1,524,768		—
2010		4,147,273	$	533,262		906,868		—		1,222,251	$	601,648
2011		—		—		—		—		57,774		649,837
2012		—		—		—	$	9,586		—		—
Total	$	13,522,022	$	533,262	$	2,477,035	$	9,586	$	2,804,793	$	1,251,485

For the year ended December 31, 2004, certain of the Portfolios utilized previous years’ capital loss carryforwards to offset current year’s net capital gains realized, as follows:

Portfolio			Loss Carryforward Utilized
Capital			$2,342,828
Common Stock			1,298,242
Communications and Information			10,993,593
Frontier			1,123,881
Global Growth			351,575
Global Smaller			798,305
Global Technology			987,320
High-Yield Bond			27,089
Income and Growth			185,768
International Growth			484,693
Large-Cap Growth			57,415
Large-Cap Value			203,463

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 year ended December 31, 2004, the Smaller-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.

8.	Outstanding Forward Exchange Currency Contracts — At December 31, 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:
Euros	1,999	2,715	1/3/05	2,707	$(8)

Seligman Portfolios, Inc.

Notes to Financial Statements

Contract	Foreign Currency	In Exchange for US$	Settlement Date	Value US$	Unrealized Appreciation (Depreciation)
Global Growth (continued)
Sold:
Euros	9,024	12,330	1/4/05	12,216	$114
Hong Kong dollars	31,778	4,086	1/4/05	4,088	(2)
British pounds	10,140	19,516	1/5/05	19,426	90
Euros	2,232	3,173	1/5/05	3,144	29
Swedish krona	20,042	3,030	1/5/05	3,004	26
Total					$249

Global Smaller Companies
Bought:
Euros	44	60	1/5/05	60	—
Sold:
Euros	319	433	1/3/05	432	$1
Hong Kong dollars	8,528	1,096	1/3/05	1,097	(1)
Mexican pesos	7,661	686	1/3/05	687	(1)
Swedish krona	3,319	504	1/3/05	498	6
British pounds	366	701	1/4/05	701	—
Euros	73	99	1/4/05	98	1
Hong Kong dollars	5,679	730	1/4/05	730	—
Hong Kong dollars	5,679	731	1/4/05	731	—
Swedish krona	1,313	199	1/4/05	197	2
British pounds	475	915	1/5/05	911	4
Swedish krona	2,633	398	1/5/05	395	3
British pounds	73	141	1/6/05	140	1
Canadian dollars	7,421	6,181	1/6/05	6,168	13
British pounds	221,000	403,170	6/30/05	419,190	(16,020)
New Zealand dollars	164,000	111,784	10/31/05	114,369	(2,585)
British pounds	184,000	348,441	11/30/05	347,027	1,414
Euros	75,000	100,350	11/30/05	102,192	(1,842)
Euros	70,000	93,611	11/30/05	95,379	(1,768)
Euros	332,000	443,984	11/30/05	452,368	(8,384)
Total					$(29,156)

Global Technology
Bought:
Euros	5,259	7,161	1/3/05	7,120	$ (41)
Euros	14,171	19,314	1/3/05	19,184	(130)
Euros	5,344	7,269	1/4/05	7,234	(35)
Total					$(206)

International Growth
Bought:
Euros	2,251	3,057	1/3/05	3,048	$ (9)
Euros	692	946	1/4/05	937	(9)
Japanese yen	1,182,578	11,484	1/4/05	11,512	28
Japanese yen	1,027,128	9,887	1/5/05	9,998	111
Total					$121

Seligman Portfolios, Inc.

Notes to Financial Statements

Capital Stock Transactions — At December 31, 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 Smaller-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 Portfolio												Cash Management Portfolio						Common Stock Portfolio
	Class 1						Class 2						Cash Management Portfolio						Common Stock Portfolio
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
Sale of shares		26,469			72,801			95,256			94,464			2,741,317			4,805,410			27,017			305,659
Shares issued in payment of dividends		—			—			—			—			14,307			24,264			10,044			17,054
Shares issued in payment of gain distributions		—			—			—			—			—			12			—			—
Total		26,469			72,801			95,256			94,464			2,755,624			4,829,686			37,061			322,713
Shares redeemed		(331,842	)		(393,877	)		(40,129	)		(56,319	)		(4,961,041	)		(8,665,691	)		(305,754	)		(715,328	)
Increase (decrease) in shares		(305,373	)		(321,076	)		55,127			38,145			(2,205,417	)		(3,836,005	)		(268,693	)		(392,615	)

	Communications and Information Portfolio
	Class 1					Class 2				Frontier Portfolio				Global Growth Portfolio
	Year Ended December 31,					Year Ended December 31,				Year Ended December 31,				Year Ended December 31,
		2004		2003		2004		2003		2004		2003		2004		2003
Sale of shares		254,974		373,511		292,045		313,833		28,525		194,784		47,324		300,494
Shares issued in payment of dividends		—		—		—		—		—		—		2,123		—
Total		254,974		373,511		292,045		313,833		28,525		194,784		49,447		300,494
Shares redeemed		(1,127,141	)	(1,644,702	)	(312,377	)	(278,228	)	(150,034	)	(371,397	)	(222,877	)	(440,554	)
Increase (decrease) in shares		(872,167	)	(1,271,191	)	(20,332	)	35,605		(121,509	)	(176,613	)	(173,430	)	(140,060	)

						Global Technology Portfolio
	Global Smaller Companies Portfolio					Class 1				Class 2				High-Yield Bond Portfolio
	Year Ended December 31,					Year Ended December 31,				Year Ended December 31,				Year Ended December 31,
		2004		2003		2004		2003		2004		2003		2004		2003
Sale of shares		11,385		243,317		14,711		11,232		83,296		951,868		163,755		777,642
Shares issued in payment of dividends		—		—		—		—		—		—		126,947		172,813
Total		11,385		243,317		14,711		11,232		83,296		951,868		290,702		950,455
Shares redeemed		(169,300	)	(403,044	)	(174,462	)	(234,923	)	(111,756	)	(927,201	)	(649,145	)	(1,168,356	)
Increase (decrease) in shares		(157,915	)	(159,727	)	(159,751	)	(223,691	)	(28,460	)	24,667		(358,443	)	(217,901	)

	Income and Growth Portfolio						International Growth Portfolio						Investment Grade Fixed Income Portfolio						Large-Cap Growth Portfolio
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2004			2003			2004			2003			2004			2003			2004			2003
Sale of shares		38,428			114,117			45,184			236,672			95,293			247,274			34,988			269,501
Shares issued in payment of dividends		5,859			8,659			1,211			—			31,714			28,832			—			—
Shares issued in payment of gain distributions		—			—			—			—			32,801			—			—			—
Total		44,287			122,776			46,395			236,672			159,808			276,106			34,988			269,501
Shares redeemed		(91,357	)		(222,443	)		(97,775	)		(340,729	)		(330,962	)		(560,251	)		(95,963	)		(270,277	)
Decrease in shares		(47,070	)		(99,667	)		(51,380	)		(104,057	)		(171,154	)		(284,145	)		(60,975	)		(776	)

Seligman Portfolios, Inc.

Notes to Financial Statements

						Smaller-Cap Value Portfolio
	Large-Cap Value Portfolio					Class 1				Class 2
	Year Ended December 31,					Year Ended December 31,				Year Ended December 31,
		2004		2003		2004		2003		2004		2003
Sale of shares		46,921		347,857		5,300,154		6,743,225		953,060		817,438
Shares issued in payment of dividends		6,020		8,090		—		—		—		—
Shares issued in payment of gain distributions		—		—		23,247		84,969		2,953		7,384
Total		52,941		355,947		5,323,401		6,828,194		956,013		824,822
Shares redeemed		(139,605	)	(435,901	)	(4,732,076	)	(3,126,486	)	(399,001	)	(374,812	)
Increase (decrease) in shares		(86,664	)	(79,954	)	591,325		3,701,708		557,012		450,010

10.

Indemnification — In the normal course of business, the Fund may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown, as this would include future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

11.

Other Matters — The Manager 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. At the time such orders were placed, this practice was 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
Capital		$ 339
Common Stock		1,172
Communications and Information		9,056
Frontier		133
Global Growth		376
Global Smaller Companies		3,012
Global Technology		977
Income and Growth		160
Large-Cap Value		744
Smaller-Cap Value		4,005

12.

Subsequent Event - Redemption of Portfolio Shares — The Board has authorized the redemption of all outstanding shares of the Frontier Portfolio, Global Growth Portfolio, Global Smaller Companies Portfolio, High-Yield Bond Portfolio, Income and Growth Portfolio and Large-Cap Growth Portfolio (the “Redeeming Portfolios”) and the liquidation of the Redeeming Portfolios in accordance with the Fund’s Articles of Incorporation. A notice regarding such actions will be sent by the sponsoring insurance company to contract owners who beneficially own the Redeeming Portfolios. It is anticipated that the shares of the Redeeming Portfolios will be redeemed on or about May 31, 2005 (the “Redemption Date”). Prior to the Redemption Date, contract holders who have allocated a portion of their investments to a Redeeming Portfolio may allocate that portion of their investments to the other Portfolios that will continue to be offered by the variable annuity program in which they participate. Amounts not allocated to another Portfolio by the Redemption Date will automatically be allocated to the Fund’s Cash Management Portfolio or a similar money-market fund.

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 periods presented. 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
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	11.28		$	8.29		$	12.37		$	24.68		$	23.90
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.05	)		(0.03	)		(0.05	)		(0.06	)		0.02
Net realized and unrealized gain (loss) on investments		1.02			3.02			(4.03	)		(4.01	)		2.06
Total from Investment Operations		0.97			2.99			(4.08	)		(4.07	)		2.08
Less Distributions:
Dividends from net investment income		—			—			—			(0.02	)		—
Distributions from net realized capital gain		—			—			—			(8.22	)		(1.30	)
Total Distributions		—			—			—			(8.24	)		(1.30	)
Net Asset Value, End of Year	$	12.25		$	11.28		$	8.29		$	12.37		$	24.68
Total Return:		8.60	%		36.07	%		(32.98	)%		(15.97	)%		8.50	%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	9,821		$	12,486		$	11,833		$	24,349		$	37,138
Ratio of expenses to average net assets		0.92	%		0.82	%		0.80	%		0.61	%		0.59	%
Ratio of net investment income (loss) to average net assets		(0.46	)%		(0.33	)%		(0.47	)%		(0.31	)%		0.07	%
Portfolio turnover rate		213.08	%		140.59	%		129.07	%		215.16	%		230.42	%
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	)%

_____________

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Capital Portfolio (continued)

CLASS 2
	Year Ended December 31,												8/30/00* to 12/31/00
Per Share Data:	2004			2003			2002			2001			8/30/00* to 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		(0.08	)		(0.05	)		(0.07	)		(0.11	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.01			3.00			(4.02	)		(4.01	)		(7.28	)
Total from Investment Operations		0.93			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	$	12.13		$	11.20		$	8.25		$	12.34		$	24.68
Total Return:		8.30	%		35.76	%		(33.14	)%		(16.18	)%		(22.15	)%

Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	5,385		$	4,353		$	2,891		$	3,792		$	1,569
Ratio of expenses to average net assets		1.17	%		1.07	%		1.05	%		0.85	%		0.84	%†
Ratio of net investment loss to average net assets		(0.71	)%		(0.58	)%		(0.72	)%		(0.55	)%		(0.66	)%†
Portfolio turnover rate		213.08	%		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
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income from Investment Operations:
Net investment income		0.006			0.004			0.010			0.038			0.062
Total from Investment Operations		0.006			0.004			0.010			0.038			0.062
Less Distributions:
Dividends from net investment income		(0.006	)		(0.004	)		(0.010	)		(0.038	)		(0.062	)
Total Distributions		(0.006	)		(0.004	)		(0.010	)		(0.038	)		(0.062	)
Net Asset Value, End of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return:		0.62	%		0.38	%		1.00	%		3.88	%		6.38	%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	1,828		$	4,034		$	7,870		$	12,211		$	12,318
Ratio of expenses to average net assets		0.70	%		0.70	%		0.69	%		0.07	%		.—
Ratio of net investment income to average net assets		0.56	%		0.39	%		0.98	%		3.82	%		6.17	%
Without management fee waiver and/or expense reimbursement: ø
Ratio of expenses to average net assets		1.14	%		0.83	%					0.72	%		0.72	%
Ratio of net investment income to average net assets		0.12	%		0.26	%					3.17	%		5.45	%

_________

* 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.

Seligman Portfolios, Inc.

Financial Highlights

Common Stock Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	9.72		$	7.80		$	10.84		$	14.23		$	16.61
Income (Loss) from Investment Operations:
Net investment income		0.13			0.08			0.08			0.08			0.12
Net realized and unrealized gain (loss) on investments		1.10			1.97			(3.02	)		(1.85	)		(1.86	)
Total from Investment Operations		1.23			2.05			(2.94	)		(1.77	)		(1.74	)
Less Distributions:
Dividends from net investment income		(0.11	)		(0.13	)		(0.10	)		(0.15	)		(0.01	)
Distributions from net realized capital gain		—			—			—			(1.47	)		(0.63	)
Total Distributions		(0.11	)		(0.13	)		(0.10	)		(1.62	)		(0.64	)
Net Asset Value, End of Year	$	10.84		$	9.72		$	7.80		$	10.84		$	14.23
Total Return:		12.65	%		26.30	%		(27.16	)%		(12.24	)%		(10.53	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	10,792		$	12,297		$	12,931		$	23,756		$	32,738
Ratio of expenses to average net assets		0.69	%		0.73	%		0.60	%		0.59	%		0.60	%
Ratio of net investment income to average net assets		1.30	%		0.92	%		0.88	%		0.59	%		0.71	%
Portfolio turnover rate		42.68	%		127.26	%		131.95	%		64.45	%		52.01	%

_____________

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Communications and Information Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	11.62		$	8.05		$	12.59		$	14.82		$	26.70
Income (Loss) from Investment Operations:
Net investment loss		(0.02	)		(0.07	)		(0.07	)		(0.07	)		(0.11	)
Net realized and unrealized gain (loss) on investments		1.32			3.64			(4.47	)		0.80			(9.45	)
Total from Investment Operations		1.30			3.57			(4.54	)		0.73			(9.56	)
Less Distributions:
Distributions from net realized capital gain		—			—			—			(2.96	)		(2.32	)
Total Distributions		—			—			—			(2.96	)		(2.32	)
Net Asset Value, End of Year	$	12.92		$	11.62		$	8.05		$	12.59		$	14.82
Total Return:		11.19	%		44.35	%		(36.06	)%		5.34	%		(36.19	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	58,646		$	62,903		$	53,769		$	113,424		$	127,901
Ratio of expenses to average net assets		1.00	%		1.01	%		0.98	%		0.93	%		0.87	%
Ratio of net investment loss to average net assets		(0.15	)%		(0.78	)%		(0.76	)%		(0.45	)%		(0.48	)%
Portfolio turnover rate		127.69	%		105.53	%		91.37	%		130.94	%		104.41	%

CLASS 2
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			5/1/00* to 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		(0.05	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.30			3.62			(4.44	)		0.80			(13.41	)
Total from Investment Operations		1.25			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	$	12.76		$	11.51		$	7.99		$	12.53		$	14.80
Total Return:		10.86	%		44.06	%		(36.23	)%		5.08	%		(44.40	)%

Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	12,243		$	11,280		$	7,544		$	16,537		$	7,822
Ratio of expenses to average net assets		1.25	%		1.26	%		1.23	%		1.18	%		1.12	%†
Ratio of net investment loss to average net assets		(0.40	)%		(1.03	)%		(1.01	)%		(0.70	)%		(0.61	)%†
Portfolio turnover rate		127.69	%		105.53	%		91.37	%		130.94	%		104.41	%††

_________

* Commencement of offering of shares.

† Annualized.

†† For the year ended December 31, 2000.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Frontier Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	13.43		$	9.64		$	13.12		$	15.26		$	18.13
Income (Loss) from Investment Operations:
Net investment loss		(0.16	)		(0.15	)		(0.11	)		(0.05	)		(0.13	)
Net realized and unrealized gain (loss) on investments		1.99			3.94			(3.37	)		(1.12	)		(2.74	)
Total from Investment Operations		1.83			3.79			(3.48	)		(1.17	)		(2.87	)
Less Distributions:
Distributions from net realized capital gain		—			—			—			(0.97	)		—
Total Distributions		—			—			—			(0.97	)		—
Net Asset Value, End of Year	$	15.26		$	13.43		$	9.64		$	13.12		$	15.26
Total Return:		13.63	%		39.32	%		(26.52	)%		(7.35	)%		(15.83	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	6,671		$	7,503		$	7,089		$	13,174		$	17,011
Ratio of expenses to average net assets		1.47	%		1.68	%		1.23	%		1.01	%		0.95	%
Ratio of net investment loss to average net assets		(1.13	)%		(1.39	)%		(0.93	)%		(0.38	)%		(0.73	)%
Portfolio turnover rate		86.00	%		107.33	%		83.83	%		125.78	%		150.67	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					1.71	%					1.24	%		1.18	%
Ratio of net investment loss to average net assets					(1.42	)%					(0.61	)%		(0.96	)%

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Global Growth Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	3.97		$	3.05		$	4.02		$	15.11		$	18.22
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.02	)		0.02			—			0.02			(0.13	)
Net realized and unrealized gain (loss) on investments		0.63			0.67			(1.19	)		(2.99	)		(2.28	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.08			0.23			0.22			(0.20	)		(0.46	)
Total from Investment Operations		0.69			0.92			(0.97	)		(3.17	)		(2.87	)
Less Distributions:
Dividends from net investment income		(0.02	)		—			—			—			—
Distributions from net realized capital gain		—			—			—			(7.92	)		(0.24	)
Total Distributions		(0.02	)		—			—			(7.92	)		(0.24	)
Net Asset Value, End of Year	$	4.64		$	3.97		$	3.05		$	4.02		$	15.11
Total Return:		17.31	%		30.16	%		(24.13	)%		(19.93	)%		(15.78	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	2,554		$	2,869		$	2,634		$	4,659		$	8,348
Ratio of expenses to average net assets		1.75	%		1.54	%		1.40	%		1.40	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.37	)%		0.49	%		0.13	%		0.13	%		(0.67	)%
Portfolio turnover rate		245.11	%		255.31	%		145.90	%		161.49	%		125.84	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		4.76	%		3.83	%		2.08	%		1.74	%		1.71	%
Ratio of net investment loss to average net assets		(3.38	)%		(1.80	)%		(0.55	)%		(0.20	)%		(0.98	)%

^_________

^ø	The Manager, at its discretion, reimbursed expenses for the periods presented. See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Global Smaller Companies Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	10.99		$	7.79		$	10.33		$	14.40		$	17.48
Income (Loss) from Investment Operations:
Net investment loss		(0.05	)		(0.01	)		(0.06	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss)
on investments		2.22			2.69			(3.00	)		(1.40	)		(1.91	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.13			0.52			0.52			(0.79	)		(0.56	)
Total from Investment Operations		2.30			3.20			(2.54	)		(2.25	)		(2.56	)
Less Distributions:
Distributions from net realized capital gain		—			—			—			(1.82	)		(0.52	)
Total Distributions		—			—			—			(1.82	)		(0.52	)
Net Asset Value, End of Year	$	13.29		$	10.99		$	7.79		$	10.33		$	14.40
Total Return:		20.93	%		41.08	%		(24.59	)%		(15.25	)%		(14.63	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	5,865		$	6,587		$	5,915		$	10,017		$	14,310
Ratio of expenses to average net assets		2.00	%		1.66	%		1.40	%		1.40	%		1.39	%
Ratio of net investment loss to average net assets		(0.41	)%		(0.16	)%		(0.61	)%		(0.49	)%		(0.46	)%
Portfolio turnover rate		83.71	%		271.45	%		93.43	%		100.83	%		84.86	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		5.36	%		4.08	%		2.15	%		1.96	%
Ratio of net investment loss to average net assets		(3.77	)%		(2.58	)%		(1.36	)%		(1.05	)%

^_________

^ø	The Manager, at its discretion, reimbursed expenses for certain periods presented. See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Global Technology Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	12.06		$	8.86		$	12.96		$	20.14		$	27.42
Income (Loss) from Investment Operations:
Net investment loss		(0.13	)		(0.11	)		(0.11	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss) on investments		0.51			2.98			(4.32	)		(4.06	)		(6.34	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.10			0.33			0.33			(0.25	)		(0.01	)
Total from Investment Operations		0.48			3.20			(4.10	)		(4.45	)		(6.48	)
Less Distributions:
Distributions from net realized capital gain		—			—			—			(2.73	)		(0.80	)
Total Distributions		—			—			—			(2.73	)		(0.80	)
Net Asset Value, End of Year	$	12.54		$	12.06		$	8.86		$	12.96		$	20.14
Total Return:		3.98	%		36.12	%		(31.64	)%		(22.05	)%		(23.75	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	8,446		$	10,047		$	9,361		$	18,533		$	25,370
Ratio of expenses to average net assets		1.90	%		1.61	%		1.40	%		1.40	%		1.30	%
Ratio of net investment loss to average net assets		(1.10	)%		(1.14	)%		(1.06	)%		(0.87	)%		(0.46	)%
Portfolio turnover rate		146.96	%		188.00	%		144.18	%		160.75	%		142.42	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		2.39	%		2.39	%		1.80	%		1.61	%
Ratio of net investment loss to average net assets		(1.59	)%		(1.92	)%		(1.46	)%		(1.08	)%

CLASS 2:
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			5/1/00* to 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		(0.15	)		(0.13	)		(0.13	)		(0.17	)		(0.12	)
Net realized and unrealized gain (loss) on investments		0.51			2.98			(4.31	)		(4.06	)		(10.01	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.10			0.33			0.33			(0.25	)		0.11
Total from Investment Operations		0.46			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	$	12.46		$	12.00		$	8.82		$	12.93		$	20.14
Total Return:		3.83	%		36.05	%		(31.79	)%		(22.20	)%		(25.99	)%

Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,210		$	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		(1.25	)%		(1.29	)%		(1.21	)%		(1.02	)%		(0.84	)%†
Portfolio turnover rate		146.96	%		188.00	%		144.18	%		160.75	%		142.42	%††
Without expense reimbursement: ø
Ratio of expenses to average net assets		2.54	%		2.54	%		1.95	%		1.75	%
Ratio of net investment loss to average net assets		(1.74	)%		(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.

Seligman Portfolios, Inc.

Financial Highlights

High-Yield Bond Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	5.32		$	4.87		$	6.10		$	8.73		$	9.59
Income (Loss) from Investment Operations:
Net investment income		0.41			0.44			0.52			0.85			1.03
Net realized and unrealized gain (loss) on investments		(0.01	)		0.72			(0.74	)		(2.14	)		(1.89	)
Total from Investment Operations		0.40			1.16			(0.22	)		(1.29	)		(0.86	)
Less Distributions:
Dividends from net investment income		(0.65	)		(0.71	)		(1.01	)		(1.34	)		0.00*
Total Distributions		(0.65	)		(0.71	)		(1.01	)		(1.34	)		—
Net Asset Value, End of Year	$	5.07		$	5.32		$	4.87		$	6.10		$	8.73
Total Return:		7.61	%		23.92	%		(3.67	)%		(14.70	)%		(8.93	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	5,530		$	7,720		$	8,131		$	12,510		$	15,080
Ratio of expenses to average net assets		1.14	%		1.03	%		0.91	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		7.55	%		8.10	%		8.82	%		10.50	%		11.02	%
Portfolio turnover rate		88.18	%		183.09	%		170.29	%		71.22	%		29.57	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					1.15	%					0.78	%		0.78	%
Ratio of net investment income to average net assets					7.99	%					10.42	%		10.94	%

Income and Growth Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	8.65		$	7.62		$	9.04		$	9.65		$	9.91
Income (Loss) from Investment Operations:
Net investment income		0.15			0.14			0.16			0.31			0.30
Net realized and unrealized gain (loss) on investments		0.53			1.11			(1.21	)		(0.46	)		(0.52	)
Total from Investment Operations		0.68			1.25			(1.05	)		(0.15	)		(0.22	)
Less Distributions:
Dividends from net investment income		(0.19	)		(0.22	)		(0.37	)		(0.46	)		(0.01	)
Distributions from net realized capital gain		—			—			—			—			(0.03	)
Total Distributions		(0.19	)		(0.22	)		(0.37	)		(0.46	)		(0.04	)
Net Asset Value, End of Year	$	9.14		$	8.65		$	7.62		$	9.04		$	9.65
Total Return:		7.88	%		16.50	%		(11.58	)%		(1.49	)%		(2.20	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	2,603		$	2,871		$	3,287		$	4,459		$	5,640
Ratio of expenses to average net assets		1.15	%		1.02	%		0.95	%		0.64	%		0.60	%
Ratio of net investment income to average net assets		1.66	%		1.70	%		1.95	%		3.34	%		3.07	%
Portfolio turnover rate		122.68	%		288.57	%		222.78	%		88.69	%		61.14	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		1.58	%		1.98	%		1.31	%		1.02	%		0.83	%
Ratio of net investment income to average net assets		1.23	%		0.74	%		1.59	%		2.96	%		2.84	%

_____________

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

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

International Growth Portfolio

CLASS 1
	Year Ended December 31
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	8.97		$	6.72		$	8.05		$	10.65		$	16.63
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.04	)		0.05			0.04			0.03			(0.08	)
Net realized and unrealized gain (loss) on investments		1.79			1.41			(2.13	)		(2.43	)		(4.45	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.42			0.79			0.76			(0.20	)		(0.88	)
Total from Investment Operations		2.17			2.25			(1.33	)		(2.60	)		(5.41	)
Less Distributions:
Dividends from net investment income		(0.04	)		—			—			—			(0.14	)
Distributions from net realized capital gain		—			—			—			—			(0.43	)
Total Distributions		(0.04	)		—			—			—			(0.57	)
Net Asset Value, End of Year	$	11.10		$	8.97		$	6.72		$	8.05		$	10.65
Total Return:		24.19	%		33.48	%		(16.52	)%		(24.41	)%		(32.47	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	3,749		$	3,490		$	3,315		$	4,793		$	7,150
Ratio of expenses to average net assets		2.00	%		1.64	%		1.40	%		1.40	%		1.40	%
Ratio of net investment income (loss) to average net assets		(0.40	)%		0.67	%		0.49	%		0.34	%		(0.57	)%
Portfolio turnover rate		213.83	%		285.08	%		183.86	%		199.09	%		275.32	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		4.08	%		3.45	%		1.96	%		1.80	%		2.03	%
Ratio of net investment loss to average net assets		(2.48	)%		(1.14	)%		(0.07	)%		(0.06	)%		(1.20	)%

_____________

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Investment Grade Fixed Income Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	10.85		$	10.80		$	10.25		$	10.22		$	9.27
Income (Loss) from Investment Operations:
Net investment income		0.34			0.34			0.42			0.57			0.60
Net realized and unrealized gain (loss) on investments		(0.07	)		0.17			0.58			(0.01	)		0.35
Total from Investment Operations		0.27			0.51			1.00			0.56			0.95
Less Distributions:
Dividends from net investment income		(0.91	)		(0.46	)		(0.45	)		(0.53	)		—
Distributions from net realized capital gain		(0.94	)		—			—			—			—
Total Distributions		(1.85	)		(0.46	)		(0.45	)		(0.53	)		—
Net Asset Value, End of Year	$	9.27		$	10.85		$	10.80		$	10.25		$	10.22
Total Return:		2.41	%		4.72	%		9.83	%		5.52	%		10.25	%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	3,561		$	6,025		$	9,067		$	7,103		$	6,483
Ratio of expenses to average net assets		0.85	%		0.85	%		0.82	%		0.63	%		0.60	%
Ratio of net investment income to average net assets		3.13	%		3.08	%		3.94	%		5.35	%		6.23	%
Portfolio turnover rate		184.46	%		445.98	%		291.98	%		146.08	%		63.07	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		1.11	%		0.91	%					0.76	%		0.84	%
Ratio of net investment income to average net assets		2.87	%		3.02	%					5.22	%		5.99	%

_____________

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Growth Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	6.30		$	4.83		$	7.47		$	10.21		$	12.16
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		0.38			1.48			(2.62	)		(1.89	)		(1.96	)
Total from Investment Operations		0.36			1.47			(2.64	)		(1.89	)		(1.95	)
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 Year	$	6.66		$	6.30		$	4.83		$	7.47		$	10.21
Total Return:		5.71	%		30.43	%		(35.34	)%		(18.37	)%		(16.04	)%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	2,262		$	2,525		$	1,938		$	3,930		$	5,255
Ratio of expenses to average net assets		1.71	%		1.29	%		1.15	%		0.74	%		0.70	%
Ratio of net investment income (loss) to average net assets		(0.25	)%		(0.23	)%		(0.38	)%		(0.04	)%		0.08	%
Portfolio turnover rate		97.40	%		66.98	%		81.67	%		166.24	%		179.44	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					1.73	%		1.46	%		1.13	%		1.18	%
Ratio of net investment loss to average net assets					(0.67	)%		(0.69	)%		(0.42	)%		(0.40	)%

_____________

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Value Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	9.27		$	7.02		$	10.46		$	11.59		$	9.28
Income (Loss) from Investment Operations:
Net investment income		0.09			0.11			0.10			0.09			0.14
Net realized and unrealized gain (loss) on investments		1.41			2.27			(3.43	)		(1.06	)		2.25
Total from Investment Operations		1.50			2.38			(3.33	)		(0.97	)		2.39
Less Distributions:
Dividends from net investment income		(0.12	)		(0.13	)		(0.11	)		(0.11	)		0.00	*
Distributions from net realized capital gain		—			—			—			(0.05	)		(0.08	)
Total Distributions		(0.12	)		(0.13	)		(0.11	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	10.65		$	9.27		$	7.02		$	10.46		$	11.59
Total Return:		16.25	%		33.91	%		(31.90	)%		(8.28	)%		25.84	%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	5,342		$	5,456		$	4,692		$	7,708		$	6,057
Ratio of expenses to average net assets		1.26	%		1.18	%		1.16	%		0.83	%		0.80	%
Ratio of net investment income to average net assets		0.89	%		1.34	%		1.12	%		1.13	%		1.51	%
Portfolio turnover rate		15.09	%		16.60	%		21.83	%		28.17	%		42.29	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					1.29	%					1.10	%		1.22	%
Ratio of net investment income to average net assets					1.23	%					0.86	%		1.09	%

_____________

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

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Smaller-Cap Value Portfolio

CLASS 1
	Year Ended December 31,
Per Share Data:		2004			2003			2002			2001			2000
Net Asset Value, Beginning of Year	$	16.20		$	10.87		$	13.04		$	10.58		$	8.08
Income (Loss) from Investment Operations:
Net investment income (loss)		0.08			(0.05	)		(0.06	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments		3.15			5.48			(1.94	)		2.52			2.66
Total from Investment Operations		3.23			5.43			(2.00	)		2.49			2.65
Less Distributions:
Distributions from net realized capital gain		(0.03	)		(0.10	)		(0.17	)		(0.03	)		(0.15	)
Total Distributions		(0.03	)		(0.10	)		(0.17	)		(0.03	)		(0.15	)
Net Asset Value, End of Year	$	19.40		$	16.20		$	10.87		$	13.04		$	10.58
Total Return:		19.95	%		49.94	%		(15.37	)%		23.52	%		33.00	%

Ratios/Supplemental Data:
Net assets, end of year (000s omitted)	$	268,410		$	214,525		$	103,770		$	100,090		$	16,495
Ratio of expenses to average net assets		1.14	%		1.16	%		1.18	%		1.19	%		1.00	%
Ratio of net investment income (loss) to average net assets		0.47	%		(0.42	)%		(0.51	)%		(0.29	)%		(0.22	)%
Portfolio turnover rate		45.24	%		18.31	%		56.74	%		29.99	%		42.27	%
Without expense reimbursement: ø
Ratio of expenses to average net assets											1.22	%		1.45	%
Ratio of net investment loss to average net assets											(0.32	)%		(0.67	)%

CLASS 2
	Year Ended December 31,
Per Share Data:		2004			2003			2002			5/1/01* to 12/31/01
Net Asset Value, Beginning of Period	$	16.13		$	10.85		$	13.04		$	10.78
Income (Loss) from Investment Operations:
Net investment income (loss)		0.05			(0.08	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss) on investments		3.11			5.46			(1.94	)		2.32
Total from Investment Operations		3.16			5.38			(2.02	)		2.29
Less Distributions:
Distributions from net realized capital gain		(0.03	)		(0.10	)		(0.17	)		(0.03	)
Total Distributions		(0.03	)		(0.10	)		(0.17	)		(0.03	)
Net Asset Value, End of Period	$	19.26		$	16.13		$	10.85		$	13.04
Total Return:		19.60	%		49.57	%		(15.52	)%		21.23	%

Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	34,582		$	19,978		$	8,554		$	5,178
Ratio of expenses to average net assets		1.33	%		1.35	%		1.37	%		1.39	%†
Ratio of net investment income (loss) to average net assets		0.28	%		(0.61	)%		(0.70	)%		(0.46	)%†
Portfolio turnover rate		45.24	%		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.

†† For the year ended December 31, 2001.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Report of Ernst & Young LLP, Independent

Registered Public Accounting Firm

The Directors and Shareholders,

Seligman Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Seligman Portfolios, Inc. (comprising respectively, the Seligman Capital Portfolio, Seligman Cash Management Portfolio, Seligman Common Stock Portfolio, Seligman Communications and Information Portfolio, Seligman Frontier Portfolio, Seligman Global Growth Portfolio, Seligman Global Smaller Companies Portfolio, Seligman Global Technology Portfolio, Seligman High-Yield Bond Portfolio, Seligman Income and Growth Portfolio, Seligman International Growth Portfolio, Seligman Investment Grade Fixed Income Portfolio, Seligman Large-Cap Growth Portfolio, Seligman Large-Cap Value Portfolio, and Seligman Smaller-Cap Value Portfolio (formerly, Seligman Small-Cap Value Portfolio), and collectively referred to as the “Fund”) as of December 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios constituting Seligman Portfolios, Inc. at December 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2005

Seligman Portfolios, Inc.

Directors and Officers

Information pertaining to the Directors and Officers of Seligman Portfolios is set forth below.

Independent Directors

Name, (Age), Position(s) held with Fundø	Principal Occupation(s) During Past Five Years, Directorships and Other Information
Robert B. Catell (67)^2,3 • Director: 2003 to Date • Oversees 60 Portfolios in Fund Complex	Chairman, Chief Executive Officer and Director, KeySpan Corporation (diversified energy, gas and electric company); Director or Trustee of each of the investment companies of the Seligman Group of Funds† (except Seligman Cash Management Fund, Inc.); Director or Trustee, Alberta Northeast Gas, Ltd., Boundary Gas Inc., The Houston Exploration Company (oil and gas exploration, development and production companies); Edison Electric Institute, New York State Energy Research and Development Authority, Independence Community Bank, Business Council of New York State, Inc., New York City Partnership, and the Long Island Association (business and civic organizations).

John R. Galvin (75)^1,3 • Director: 1995 to Date • Oversees 61 Portfolios in Fund Complex	Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; and Chairman Emeritus, American Council on Germany. Formerly, Governor of the Center for Creative Leadership; Director, Raytheon Co. (defense and commercial electronics) and USLIFE Corporation (life insurance). From June 1987 to June 1992, Mr. Galvin was the Supreme Allied Commander, Europe and the Commander-in-Chief, United States European Command.

Alice S. Ilchman (69)^2,3 • Director: 1991 to Date • Oversees 61 Portfolios in Fund Complex	President Emerita, Sarah Lawrence College; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Jeannette K. Watson Summer Fellowship (summer internships for college students); Trustee, Save the Children (non-profit child-assistance organization) and the Committee for Economic Development; Governor, Court of Governors, London School of Economics; and Director, Public Broadcasting Service (PBS). Formerly, Chairman, The Rockefeller Foundation (charitable foundation) and Director, New York Telephone Company.

Frank A. McPherson (71)^2,3 • Director: 1995 to Date • Oversees 61 Portfolios in Fund Complex	Retired Chairman of the Board and Chief Executive Officer of Kerr-McGee Corporation (diversified energy and chemical company); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, ConocoPhillips (integrated international oil corporation), Integris Health (owner of various hospitals), BOK Financial (bank holding company), Oklahoma Chapter of the Nature Conservancy, Oklahoma Medical Research Foundation, Boys and Girls Clubs of Oklahoma, Oklahoma City Public Schools Foundation and Oklahoma Foundation for Excellence in Education. Formerly, Director, Kimberly-Clark Corporation (consumer products) and the Federal Reserve System’s Kansas City Reserve Bank.

John E. Merow (75)^1,3 • Director: 1988 to Date • Oversees 61 Portfolios in Fund Complex	Retired Chairman and Senior Partner, Sullivan & Cromwell LLP (law firm); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Aleris International, Inc. (aluminum and zinc recycler and aluminum rolled products); Director Emeritus, the Municipal Art Society of New York; Executive Committee Member and Secretary, the U.S. Council for International Business; Trustee and Vice Chairman, New York-Presbyterian Healthcare System, Inc.; Trustee, New York-Presbyterian Hospital; and Member of the American Law Institute and Council on Foreign Relations.

Betsy S. Michel (62)^1,3 • Director: 1988 to Date • Oversees 61 Portfolios in Fund Complex	Attorney; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Trustee, The Geraldine R. Dodge Foundation (charitable foundation). Formerly, Chairman of the Board of Trustees of St. George’s School (Newport, RI), and Trustee, World Learning, Inc. (international educational training).

Leroy C. Richie (63)^1,3 • Director: 2000 to Date • Oversees 60 Portfolios in Fund Complex	Chairman and Chief Executive Officer, Q Standards Worldwide, Inc. (library of technical standards); Director or Trustee of each of the investment companies of the Seligman Group of Funds† (except Seligman Cash Management Fund, Inc.); Director, Kerr-McGee Corporation (diversified energy and chemical company) and Infinity, Inc. (oil and gas services and exploration); Director and Chairman, Highland Park Michigan Economic Development Corp. Formerly, Trustee, New York University Law Center Foundation; Vice Chairman, Detroit Medical Center and the Detroit Economic Growth Corp.; Chairman and Chief Executive Officer, Capital Coating Technologies, Inc. (applied coating technologies); and Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation.

_____________

See footnotes on page 99.

Seligman Portfolios, Inc.

Directors and Officers

Independent Directors (continued)

Name, (Age), Position(s) held with Fundø	Principal Occupation(s) During Past Five Years, Directorships and Other Information
Robert L. Shafer (72)^2,3 • Director: 1988 to Date • Oversees 61 Portfolios in Fund Complex	Retired Vice President, Pfizer Inc. (pharmaceuticals); Director or Trustee of each of the investment companies of the Seligman Group of Funds† and Ambassador and Permanent Observer of the Sovereign and Military Order of Malta to the United Nations. Formerly, Director, USLIFE Corporation (life insurance).

James N. Whitson (69)^1,3 • Director: 1993 to Date • Oversees 61 Portfolios in Fund Complex	Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc. (a diversified holding company); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, CommScope, Inc. (manufacturer of coaxial cable). Formerly, Director and Consultant, Sammons Enterprises, Inc. and Director, C-SPAN (cable television network).

Interested Directors and Principal Officers

Name, (Age), Positions held with Fundø	Principal Occupation(s) During Past Five Years, Directorships and Other Information

William C. Morris (66)* • Director and Chairman of the Board: 1988 to Date • Oversees 61 Portfolios in Fund Complex	Chairman, J. & W. Seligman & Co. Incorporated; Chairman of the Board and Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Chairman, Seligman Advisors, Inc., Seligman Services, Inc., and Carbo Ceramics Inc. (manufacturer of ceramic proppants for oil and gas industry); Director, Seligman Data Corp.; and President and Chief Executive Officer, The Metropolitan Opera Association. Formerly, Director, Kerr-McGee Corporation (diversified energy and chemical company) and Chief Executive Officer of each of the investment companies of the Seligman Group of Funds.

Brian T. Zino (52)* • Director: 1993 to Date • President: 1995 to Date • Chief Executive Officer: 2002 to Date • Oversees 61 Portfolios in Fund Complex	Director and President, J. & W. Seligman & Co. Incorporated; Chief Executive Officer, President and Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Seligman Advisors, Inc. and Seligman Services, Inc.; Chairman, Seligman Data Corp.; Member of the Board of Governors of the Investment Company Institute; and Director, ICI Mutual Insurance Company.

Michael J. Alpert (37) • Vice President and Co-Portfolio Manager: From Jan. 2005	Co-Portfolio Manager of Frontier Portfolio; Senior Vice President, Investment Officer, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager, Seligman Frontier Fund, Inc. Formerly, Investment Associate, J. & W. Seligman & Co. Incorporated.

John B. Cunningham (40) • Vice President and Co-Portfolio Manager: From Sept. 2004	Co-Portfolio Manager of Common Stock Portfolio and Income and Growth Portfolio; Managing Director and Chief Investment Officer, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager of Tri-Continental Corporation, Seligman Common Stock Fund, Inc., and Seligman Income and Growth Fund, Inc. Formerly, Managing Director, Senior Portfolio Manager, Salomon Brothers Asset Management (“SBAM”) and Group Head of SBAM’s Equity Team. Prior to 2001, Director and Portfolio Manager, SBAM.

Neil T. Eigen (61) • Vice President and Co-Portfolio Manager: 1998 to Date	Co-Portfolio Manager of Large-Cap Value Portfolio and Smaller-Cap Value Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager of Seligman Value Fund Series, Inc. Formerly, Senior Managing Director, Chief Investment Officer and Director of Equity Investing, Bear Stearns Asset Management.

_____________

See footnotes on page 99.

Seligman Portfolios, Inc.

Directors and Officers

Interested Directors and Principal Officers (continued)

Name, (Age), Position(s) held with Fundø	Principal Occupation(s) During Past Five Years, Directorships and Other Information
Christopher J. Mahony (41) • Vice President and Portfolio Manager: 2002 to Date	Portfolio Manager of Cash Management Portfolio and Investment Grade Fixed Income Portfolio and Co-Portfolio Manager of Income and Growth Portfolio; Senior Vice President, Investment Officer of J. & W. Seligman & Co. Incorporated; Vice President and Portfolio Manager of Seligman Cash Management Fund, Inc. and Seligman Investment Grade Fixed Income Fund, Inc. and Co-Portfolio Manager of Seligman Income and Growth Fund, Inc.; Vice President of Seligman High Income Fund Series and Portfolio Manager of its U.S. Government Securities Series. Formerly, Senior Portfolio Manager at Fort Washington Investment Advisors, Inc.

Michael F. McGarry (41) • Vice President and Co-Portfolio Manager: From Jan. 2005	Co-Portfolio Manager of Common Stock Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager, Tri-Continental Corporation and Seligman Common Stock Fund, Inc. Formerly, Senior Vice President, J. & W. Seligman & Co. Incorporated.

Richard M. Parower (38) • Vice President and Portfolio Manager: 2002 to Date	Portfolio Manager of Global Technology Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman Global Fund Series, Inc. and Portfolio Manager of its Global Technology Fund and Vice President and Co-Portfolio Manager of Seligman New Technologies Fund, Inc. and Seligman New Technologies Fund II, Inc. Formerly, Senior Vice President, J. & W. Seligman & Co. Incorporated; Senior Analyst with Citibank Global Asset Management covering Global IT Services from June 1998 to April 2000.

Kendall C. Peterson (48) • Vice President and Portfolio Manager: 2001 to Date	Portfolio Manager of High-Yield Bond Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman High Income Fund Series and Portfolio Manager of its High-Yield Bond Series. Formerly, Vice President and Portfolio Manager and Desk Head for High Yield Mutual Funds with Fortis, Inc. since 1999. From 1985 through 1999, served in a variety of capacities with The Prudential Insurance Company of America, the last six years of which he was Vice President and Portfolio Manager for High Yield Mutual Funds.

Richard S. Rosen (46) • Vice President and Co-Portfolio Manager: 1998 to Date	Co-Portfolio Manager of Large-Cap Value Portfolio and Smaller-Cap Value Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager of Seligman Value Series, Inc. Formerly, Managing Director and Senior Portfolio Manager, Bear Stearns Asset Management.

Frederick J. Ruvkun (47) • Vice President and Co-Portfolio Manager: 2002 to Date	Co-Portfolio Manager of Frontier Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager of Seligman Frontier Fund, Inc. Formerly, Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio Manager of its Global Smaller Companies Fund; Co-Portfolio Manager of Seligman Portfolios’ Global Smaller Companies Portfolio, and Portfolio Manager at Bessemer Trust.

Marion S. Schultheis (58) • Vice President and Portfolio Manager: 1998 to Date	Portfolio Manager of Capital Portfolio and Large-Cap Growth Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated since May 1998; Vice President and Portfolio Manager of Seligman Capital Fund, Inc., and Seligman Growth Fund, Inc. Formerly, Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio Manager of its Global Growth Fund and Co-Portfolio Manager of Seligman Portfolios’ Global Growth Portfolio; and Managing Director at Chancellor LGT from October 1997 until May 1998, and Senior Portfolio Manager at IDS Advisory Group Inc. from August 1987 until October 1997.

Paul H. Wick (41) • Vice President and Portfolio Manager: 1994 to Date	Portfolio Manager of Communications and Information Portfolio; Director and Managing Director, J. & W. Seligman & Co. Incorporated since November 1997 and January 1995, respectively; Vice President and Portfolio Manager, Seligman Communications and Information Fund, Inc. He joined J. & W. Seligman & Co. Incorporated in 1987 as an Associate, Investment Research.

_____________

See footnotes on page 99.

Seligman Portfolios, Inc.

Directors and Officers

Interested Directors and Principal Officers (continued)

Name, (Age), Position(s) held with Fundø	Principal Occupation(s) During Past Five Years, Directorships and Other Information
Eleanor T. M. Hoagland (53) • Vice President and Chief Compliance Officer: July 2004 to Date	Managing Director and Senior Vice President, Risk Manager, J. & W. Seligman & Co. Incorporated; Vice President and Chief Compliance Officer for each of the investment companies of the Seligman Group of Funds†. Formerly, Managing Director, Partner and Chief Portfolio Strategist, AMT Capital Management from 1994 to 2000.

Thomas G. Rose (47) • Vice President: 2000 to Date	Chief Financial Officer, Senior Vice President, Finance, and Treasurer, J. & W. Seligman & Co. Incorporated, Senior Vice President, Finance, Seligman Advisors, Inc. and Seligman Data Corp.; Vice President of each of the investment companies of the Seligman Group of Funds†; and of Seligman Services, Inc. and Seligman International, Inc. Formerly, Treasurer of the investment companies of the Seligman Group of Funds and Seligman Data Corp.

Lawrence P. Vogel (48) • Vice President: 1992 to Date • Treasurer: 2000 to Date	Senior Vice President and Treasurer, Investment Companies, J. & W. Seligman & Co. Incorporated; Vice President and Treasurer of each of the investment companies of the Seligman Group of Funds†; and Treasurer, Seligman Data Corp. Formerly, Senior Vice President, Finance, J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc., Seligman International, Inc. and Seligman Data Corp.; Vice President, Seligman Services, Inc. and Treasurer, Seligman International, Inc.

Frank J. Nasta (40) • Secretary: 1994 to Date	Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated, Secretary of each of the investment companies of the Seligman Group of Funds†, and Corporate Secretary, Seligman Advisors, Inc., Seligman Services, Inc., Seligman International, Inc. and Seligman Data Corp. Formerly, Senior Vice President, Law and Regulation Department, J. & W. Seligman & Co. Incorporated.

The Fund’s Statement of Additional Information (SAI) includes additional information about Fund directors and is available, without charge, upon request. You may call toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US to request a copy of the SAI, to request other information about the Fund, or to make shareholder inquiries.

_____________

The address for each of the directors and officers is 100 Park Avenue, 8th floor, New York, NY 10017. Each Director serves for an indefinite term, until the election and qualification of a successor or until his or her earlier death, resignation or removal. Each officer is elected annually by the Board of Directors.

†

The Seligman Group of Funds consists of 23 registered investment companies.

Mr. Morris and Mr. Zino are considered “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended, by virtue of their positions with J. & W. Seligman & Co. Incorporated and its affiliates.

Member:

1 Audit Committee

2 Director Nominating Committee

3 Board Operations Committee

(This page intentionally left blank.)



	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 Selilgman Portfolios, Inc., which contains information about the management fees and other costs. Please read the prospectus carefully before investing or sending money.

ITEM 2. CODE OF ETHICS.

As of December 31, 2004, the registrant has adopted a code of ethics that applies to its principal executive and principal financial officers.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of directors has determined that Mr. James N. Whitson, a member of its audit committee, is an audit committee financial expert. Mr. Whitson is “independent” as such term is defined in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)-(d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2004	2003
Audit Fees	$198,000	$188,000
Audit-Related Fees	62,000	56,000
Tax Fees	31,800	31,800
All Other Fees	--	--

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts for (i) limited review of the registrant’s semi-annual financial statements; and (ii) review of quarterly compliance procedures regarding diversification requirements of the registrant. Tax fees include amounts related to tax compliance, tax planning, and tax advice.

(e)(1)

The Audit Committee is required to preapprove audit and non-audit services performed for the registrant by the principal accountant in order to assure that the provision of such services does not impair the principal accountant’s independence. The Audit Committee also is required to preapprove certain non-audit services performed by the registrant’s principal accountant for the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and certain of the adviser’s affiliates that provide services directly related to the operations and financial reporting of the registrant. Unless a type of service to be provided by the principal accountant has received preapproval, it will require specific preapproval by the Audit Committee.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

Notwithstanding the foregoing, under certain circumstances, preapproval of non-audit services of a de minimis amount is not required.

(2) No services included in (b) - (d) above were approved pursuant to the waiver provisions of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $93,800 and $97,800, respectively.

(h)

All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, the audit committee considered whether these services were compatible with maintaining the principal accountant’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

Included in Item 1 above.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR

CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)

Code of Ethics for Principal Executive and Principal Financial Officers

(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:	March 7, 2005

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 and in the capacities and on the dates indicated.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer

Date:	March 7, 2005



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

Date:	March 7, 2005

SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

(a)(1)

Code of Ethics for Principal Executive and Principal Financial Officers

(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.