UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5221

Seligman Portfolios, Inc.

(Exact name of Registrant as specified in charter)

100 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Lawrence P. Vogel

100 Park Avenue

New York, New York 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code:	(212) 850-1864
Date of fiscal year end:	12/31
Date of reporting period:	3/31/05

FORM N-Q

ITEM 1. SCHEDULE OF INVESTMENTS.

Seligman Portfolios, Inc.

Schedules of Investments (Unaudited)

March 31, 2005

Seligman Capital Portfolio

		Shares or Principal Amount		Value
Common Stocks 96.9%
Aerospace and Defense 4.1%
Goodrich		4,400	shs.	$	168,476
Precision Castparts		3,700			284,937
Rockwell Collins		2,900			138,011
					591,424
Airlines 0.8%
Southwest Airlines		7,600			108,224
Auto Components 0.5%
Gentex		2,200			70,147
Beverages 0.3%
Pepsi Bottling Group		1,400			38,990
Biotechnology 7.3%
Affymetrix*		1,700			72,879
Amylin Pharmaceuticals*		1,400			24,507
Celgene*		1,700			57,877
Charles River Laboratories International*		1,600			75,264
Chiron*		4,200			147,294
Genzyme*		2,000			114,510
Human Genome Sciences*		4,600			42,251
ICOS*		2,200			49,269
Martek Biosciences*		3,900			227,233
MedImmune*		4,450			105,888
NPS Pharmaceuticals*		3,700			46,601
Protein Design Labs*		1,800			28,719
Vicuron Pharmaceuticals*		3,400			53,414
					1,045,706
Building Products 1.0%
American Standard		3,200			148,736
Capital Markets 0.5%
T. Rowe Price Group		1,200			71,232
Chemicals 0.8%
Airgas		4,700			112,283
Commercial Services and Supplies 9.4%
Allied Waste Industries*		30,900			225,879
H&R Block		1,300			65,754
Cintas		7,200			297,684
Corrections Corporation of America*		1,500			57,900
Robert Half International		6,700			180,632
Herman Miller		13,400			404,211
Monster Worldwide*		4,100			114,923
					1,346,983
Communications Equipment 1.7%
Juniper Networks*		8,000			176,520
SafeNet*		2,300			67,792
					244,312
Computers and Peripherals 1.7%
Apple Computer*		3,800			158,650
Network Appliance*		3,200			88,512
Qlogic*		4,700			190,327
					437,489
Construction and Engineering 2.3%
Fluor		2,700			149,661
Jacobs Engineering Group*		3,300			171,336
					320,997
Diversified Financial Services 0.5%
The Chicago Mercantile Exchange		400			77,612
Electrical Equipment 1.2%
American Power Conversion		1,400			36,617
Rockwell Automation		2,400			135,936
					172,553
Electronic Equipment and Instruments 1.0%
Symbol Technologies		2,500			36,225
Trimble Navigation*		3,200			107,856
					144,081
Energy Equipment and Services 1.4%
BJ Services*		1,500			77,820
Smith International		2,000			125,460
					203,280
Food and Staples Retailing 0.4%
NeighborCare*		1,800			52,515
Food Products 1.4%
Dean Foods*		2,600			89,180
Hershey Foods		1,800			108,828
					198,008
Health Care Equipment and Supplies 5.9%
C.R. Bard		3,000			204,240
Biomet		1,600			58,136
Conor Medsystems*		4,000			65,140
Cytyc*		1,300			29,978
Fisher Scientific International*		2,100			119,532
Gen-Probe*		1,500			67,050
I-Flow		4,300			68,004
Nektar Therapeutics*		3,200			44,544
PerkinElmer		4,100			84,583
Respironics*		1,700			99,178
					840,385
Health Care Providers and Services 8.5%
Caremark Rx*		3,900			155,142
Cerner*		1,450			76,270
Covance*		3,250			154,732
Coventry Health Care		2,300			156,722
DaVita*		900			37,665
Omnicare		2,700			95,715
PacifiCare Health Systems*		1,400			79,688
Quest Diagnostics		1,300			136,669
Renal Care Group*		1,000			37,940
Triad Hospitals*		2,000			100,200
WellPoint*		1,500			188,025
					1,218,768
Hotels, Restaurants and Leisure 7.7%
Applebee's International		2,600			71,591
The Cheesecake Factory*		4,800			170,040
CKE Restaurants*		6,500			103,025
Hilton Hotels		5,300			118,455
Marriott International (Class A)		1,700			113,662
Outback Steakhouse*		4,600			210,634
Starwood Hotels & Resorts Worldwide		2,600			156,078
YUM! Brands		2,900			150,249
					1,093,734
Household Durables 1.0%
Fortune Brands		1,800			145,134
Internet and Catalog Retail 1.0%
Blue Nile*		5,400			149,094
Internet Software and Services 0.8%
Openwave Systems*		4,200			51,135
VeriSign*		2,300			65,976
					117,111
IT Services 0.8%
Cognizant Technology Solutions (Class A)*		2,400			110,892
Media 0.3%
Univision Communications (Class A)*		1,400			38,766
Office Electronics 0.3%
Zebra Technologies (Class A)*		800			37,980
Oil and Gas 2.5%
Noble Energy		3,900			265,278
XTO Energy		2,933			96,331
					361,609
Personal Products 3.1%
Nu Skin Enterprises (Class A)		5,800			130,558
USANA Health Sciences*		6,600			310,992
					441,550
Pharmaceuticals 4.1%
Impax Laboratories*		2,100			33,590
IVAX*		5,100			100,827
MGI PHARMA*		3,200			81,072
NitroMed*		1,800			31,149
Sepracor*		2,900			166,475
Shire Pharmaceuticals Group (ADR)		1,500			51,540
Taro Pharmaceutical Industries*		1,400			44,240
Watson Pharmaceuticals*		2,300			70,679
					579,572
Semiconductors and Semiconductor Equipment 5.5%
Altera*		4,200			82,992
Broadcom (Class A)*		3,800			113,981
Cypress Semiconductor*		2,600			32,760
FormFactor*		1,900			43,007
KLA-Tencor*		1,300			59,807
Lam Research*		4,800			138,552
Linear Technology		2,600			99,775
Marvell Technology Group*		1,000			38,325
MEMC Electronic Materials*		4,100			55,145
National Semiconductor		4,500			92,745
NVIDIA*		1,400			33,236
					790,325
Software 5.9%
Adobe Systems		1,800			120,870
Autodesk		2,500			74,500
BEA Systems*		9,000			71,685
Business Objects (ADR)*		6,100			163,876
Jack Henry & Associates		3,800			68,381
Intuit*		1,800			78,804
Mercury Interactive*		2,000			94,690
TIBCO Software*		13,700			101,859
VERITAS Software*		3,100			71,966
					846,631
Specialty Retail 10.2%
Bed Bath & Beyond*		8,000			292,480
Chico's FAS*		9,200			259,992
Foot Locker		3,800			111,340
Guitar Center*		1,400			76,769
Michaels Stores		4,800			174,240
Ross Stores		2,400			69,912
Tractor Supply*		8,100			352,431
Williams-Sonoma*		3,400			124,950
					1,462,114
Trading Companies and Distributors 1.0%
United Rentals*		7,000			141,470
Wireless Telecommunication Services 0.7%
Nextel Partners (Class A)*		4,400			96,470
Total Common Stocks					13,856,177
Repurchase Agreement 3.7% State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $530,035, collateralized by: $555,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $548,063	$	530,000			530,000
Total Investments 100.6%					14,386,177
Other Assets Less Liabilities (0.6)%					(92,429	)
Net Assets 100.0%				$	14,293,748

_______________

See accompanying notes.

Seligman Cash Management Portfolio

	Annualized Yield on PurchaseDate		Principal Amount		Value
US Government and Government Agency Securities 75.7%
US Government Securities 31.7%
US Treasury Bills 2.62%, 4/14/2005		2.66%	$	200,000	$	199,811
US Treasury Bills 2.69%, 4/21/2005		2.73		400,000		399,402
						599,213
Agency Securitiesø 44.0%
Federal Agricultural Mortgage 2.73%, 4/25/2005		2.77		61,000		60,889
Federal Home Loan Bank 2.58%, 4/1/2005		2.62		300,000		300,000
Federal Home Loan Mortgage 2.54%, 4/12/2005		2.58		249,000		248,807
Federal National Mortgage Association 2.71%, 5/2/2005		2.75		225,000		224,475
						834,171
Total US Government and Government Agency Securities						1,433,384
Repurchase Agreement 24.7%
State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $468,031, collateralized by: $490,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $483,875		2.43		468,000		468,000
Total Investments 100.4%						1,901,384
Other Assets Less Liabilities (0.4)%						(6,977	)
Net Assets 100.0%					$	1,894,407

_______________

See accompanying notes.

Seligman Common Stock Portfolio

	Shares/Shares Subject to Call/ Put or Principal Amount			Value
Common Stocks 97.4%
Aerospace and Defense 1.7%
General Dynamics		600	shs.	$	64,230
Honeywell International		3,000			111,630
					175,860
Air Freight and Logistics 0.5%
FedEx		500			46,975
Beverages 2.6%
Coca-Cola		3,600			150,012
PepsiCo		2,200			116,666
					266,678
Biotechnology 1.8%
Amgen*		1,200			69,804
Gilead Sciences*		800			28,636
Pharmion*		2,900			84,056
					182,496
Building Products 0.5%
Masco		1,500			52,005
Capital Markets 2.3%
The Bank of New York		1,600			46,480
Goldman Sachs Group		730			80,293
Merrill Lynch		1,400			79,240
Morgan Stanley		490			28,052
					234,065
Chemicals 1.8%
Dow Chemical		1,800			89,730
Praxair		1,900			90,934
					180,664
Commercial Banks 3.4%
Bank of America		2,840			125,244
Fifth Third Bancorp		1,100			47,284
Wachovia		2,540			129,311
Wells Fargo		800			47,840
					349,679
Commercial Services and Supplies 2.3%
Cendant		3,100			63,674
ServiceMaster		6,100			82,350
Waste Management		3,100			89,435
					235,459
Communications Equipment 5.0%
Cisco Systems*		9,670			173,238
Lucent Technologies*		22,200			61,050
Nokia (ADR)		8,100			124,983
Nortel Networks*		23,800			64,974
QUALCOMM		2,200			80,597
					504,842
Computers and Peripherals 3.6%
Dell*		980			37,657
EMC*		7,600			93,632
Hewlett-Packard		3,760			82,494
International Business Machines		1,620			148,036
					361,819
Consumer Finance 1.0%
American Express		1,930			99,144
Containers and Packaging 0.7%
Smurfit-Stone Container*		4,400			68,046
Diversified Financial Services 4.3%
CIT Group		1,300			49,400
Citigroup		6,760			303,794
J.P. Morgan Chase		2,340			80,964
					434,158
Diversified Telecommunication Services 2.5%
Citizen Communications		5,100			65,994
SBC Communications		1,700			40,273
Sprint (FON Group)		3,400			77,350
Verizon Communications		2,100			74,550
					258,167
Electric Utilities 0.6%
PPL		1,100			59,389
Electronic Equipment and Instruments 0.7%
Jabil Circuit*		2,650			75,578
Energy Equipment and Services 0.6%
Noble*		1,000	(1)		56,210
Food and Staples Retailing 3.4%
Kroger*		4,600			73,738
Sysco		1,500			53,700
Wal-Mart Stores		4,410			220,985
					348,423
Food Products 0.8%
Dean Foods*		2,300			78,890
Health Care Equipment and Supplies 1.2%
Boston Scientific*		1,700			49,793
Medtronic		1,400			71,330
					121,123
Health Care Providers and Services 0.6%
WellPoint*		500			62,675
Hotels, Restaurants and Leisure 1.2%
Applebee's International		2,100			57,824
Marriott International (Class A)		900			60,174
					117,998
Household Products 1.6%
Colgate-Palmolive		1,700			88,689
Procter & Gamble		1,420			75,260
					163,949
Index Derivatives 0.8%
iShares DJ Select Dividend Index Fund		1,300			77,935
Industrial Conglomerates 5.5%
General Electric		11,210			404,233
Tyco International		4,420			149,396
					553,629
Insurance 3.7%
American International Group		2,900			160,689
Hartford Financial Services Group		650			44,564
PartnerRe		710			45,866
Prudential Financial		2,200			126,280
					377,399
Internet and Catalog Retail 0.6%
eBay*		1,720			64,079
Internet Software and Services 1.6%
Ask Jeeves*		2,000			56,120
Check Point Software Technologies*		2,200			47,796
Yahoo!*		1,600			54,328
					158,244
Machinery 1.4%
Deere		830			55,718
Illinois Tool Works		990			88,635
					144,353
Media 4.9%
Clear Channel Communications*		3,520			121,334
Comcast (Class A)*		2,500			84,300
News Corp. (Class B)		3,200			54,144
Time Warner*		9,290			163,039
Univision Communications (Class A)*		2,880			79,747
					502,564
Metals and Mining 2.0%
Alcoa		4,100			124,599
Freeport-McMoRan Copper & Gold (Class B)		1,900			75,259
					199,858
Multi-Line Retail 0.8%
May Department Stores		2,100			77,742
Multi-Utilities and Unregulated Power 0.5%
Duke Energy		1,900			53,219
Oil and Gas 4.3%
BP (ADR)		1,100			68,640
ChevronTexaco		700	(1)		40,817
Exxon Mobil		5,550	(2)		330,780
					440,237
Paper and Forest Products 0.7%
Weyerhaeuser		1,020			69,870
Personal Products 0.4%
Gillette		900			45,432
Pharmaceuticals 9.5%
Andrx*		4,700			106,596
Forest Laboratories*		2,100			77,595
Johnson & Johnson		2,280			153,125
Eli Lilly		1,600			83,360
Merck		2,100			67,977
Novartis (ADR)		2,200			102,916
Pfizer		10,200			267,954
Wyeth		2,470			104,185
					963,708
Semiconductors and Semiconductor Equipment 2.9%
Applied Materials*		3,200			52,016
Broadcom (Class A)*		1,700			50,991
Intel		8,460			196,526
					299,533
Software 5.3%
Computer Associates International		3,500			94,850
Microsoft		12,570			303,754
Novell*		13,100			78,010
Oracle*		2,500			31,187
Symantec*		1,600			34,176
					541,977
Specialty Retail 1.8%
Advance Auto Parts*		1,000			50,450
The Gap		3,000			65,520
Michaels Stores		1,760			63,888
					179,858
Thrifts and Mortgage Finance 1.7%
Fannie Mae		1,800			98,010
Freddie Mac		1,200			75,840
					173,850
Tobacco 2.4%
Altria Group		3,770			246,520
Wireless Telecommunication Services 1.9%
American Tower (Class A)*		3,000			54,690
Crown Castle International*		8,800			141,328
					196,018
Total Common Stocks					9,900,317
Put Options Purchased 0.1%
Energy Equipment and Services
Noble, expiring June 2005 at $55*		1,000			2,825
Oil and Gas 0.1%
ChevronTexaco, expiring June 2005 at $55*		400			520
ChevronTexaco, expiring June 2005 at $60*		300			1,050
Exxon Mobil, expiring July 2005 at $55*		1,400			1,540
Exxon Mobil, expiring July 2005 at $60*		1,400			4,200
					7,310
Total Put Options Purchased					10,135
Repurchase Agreement 2.3%
State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $237,016, collateralized by: $250,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $246,875	$	237,000			237,000
Total Investments 99.8%					10,147,453
Call Options Written
ChevronTexaco, expiring June 2005 at $65*		(700	) shs.		(385	)
Exxon Mobil, expiring July 2005 at $65*		(1,400	)		(1,610	)
Exxon Mobil, expiring July 2005 at $70*		(1,400	)		(630	)
Noble, expiring June 2005 at $60*		(500	)		(1,025	)
Noble, expiring June 2005 at $65*		(500	)		(463	)
Total Call Options Written					(4,113	)
Other Assets Less Other Liabilities 0.2%					18,513
Net Assets 100.0%				$	10,161,853

_______________

See accompanying notes.

 

Seligman Communications and Information Portfolio

		Shares or Principal Amount			Value
Common Stocks 97.1%
Application Software 5.5%
Microsoft		142,800	shs.	$	3,450,762
Biotechnology 0.6%
Invitrogen*		5,500			380,572
Communications Equipment 11.1%
Avocent*		35,600			912,962
Cisco Systems*		99,700			1,786,126
Corning*		81,300			904,869
Motorola		43,400			649,698
NETGEAR*		20,200			304,313
Nokia (ADR)		30,800			475,244
Plantronics		14,700			559,776
QUALCOMM		29,200			1,069,742
Research In Motion*		4,000			305,300
					6,968,030
Computers and Peripherals 3.5%
Apple Computer*		7,800			325,650
Avid Technology*		7,300			395,186
Brocade Communications Systems*		44,900			265,583
EMC*		82,600			1,017,632
Logitech International*		350			21,299
					2,025,350
Consumer Software 5.8%
Take-Two Interactive Software*		76,300			2,982,185
THQ*		23,600			661,744
					3,643,929
Diversified Telecommunication Services 0.8%
Sprint (FON Group)		22,100			502,775
Electronic Equipment and Instruments 2.7%
Amphenol (Class A)		20,600			763,024
Orbotech*		41,600			910,416
Photon Dynamics		1,500			28,462
Xyratex*		7,300			136,473
					1,838,375
Health Care Equipment and Supplies 7.4%
Advanced Medical Optics		13,300			481,593
Biomet		8,300			301,580
Boston Scientific*		31,400			919,706
Cytyc*		45,300			1,044,618
Fisher Scientific International*		11,700			665,964
Kinetic Concepts*		7,200			429,480
PerkinElmer		32,800			676,664
Syneron Medical		3,600			114,498
					4,634,103
Health Care Providers and Services 2.0%
Laboratory Corporation of America Holdings*		22,700			1,094,140
VCA Antech*		6,200			125,395
					1,219,535
Household Durables 0.6%
Sony		8,500			338,494
Internet Software and Services 5.3%
Digital River*		31,500			981,383
Symantec*		29,100			621,576
VeriSign*		28,700			823,260
Yahoo!*		26,900			913,389
					3,339,608
IT Services 8.2%
Amdocs*		95,100			2,700,840
Fiserv*		8,000			318,280
Infosys Technologies		22,600			1,165,735
Ness Technologies		9,900			118,453
Tata Consultancy Services		25,750			844,821
					5,148,129
Media 1.5%
Comcast (Class A)*		27,200			917,184
Semiconductors and Semiconductor Equipment 13.8%
Advanced Micro Devices*		60,200			970,424
Analog Devices*		8,800			318,032
Broadcom (Class A)*		35,000			1,049,825
Integrated Circuit Systems*		16,400			314,060
Intel		30,700			713,161
Lam Research*		13,500			389,678
Mattson Technology*		27,100			214,496
MEMC Electronic Materials*		296,200			3,983,890
Monolithic Power Systems*		3,500			30,905
Samsung Electronics*		1,290			637,696
					8,622,167
Systems Software 22.8%
BMC Software*		194,900			2,923,500
Check Point Software Technologies*		44,600			968,935
Citrix Systems*		90,600			2,157,639
Computer Associates International		91,074			2,468,105
Macrovision*		22,600			512,455
Oracle*		134,000			1,671,650
RSA Security		18,000			284,220
Sybase*		27,000			498,420
VERITAS Software*		120,200			2,790,443
					14,275,367
Technical Software 5.6%
Cadence Design Systems*		34,300			512,785
Magma Design Automation*		45,200			531,778
Synopsys*		133,900			2,421,582
					3,466,145
Total Common Stocks					60,770,525
Repurchase Agreement 2.7%
State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $1,689,113, collateralized by: $1,765,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $1,742,938	$	1,689,000			1,689,000
Total Investments 99.8%					62,459,525
Other Assets Less Liabilities 0.2%					154,728
Net Assets 100.0%				$	62,614,253

_______________

See accompanying notes.

 

Seligman Frontier Portfolio

	Shares or Principal Amount			Value
Common Stocks 97.9%
Aerospace and Defense 2.3%
Ceradyne*		1,728	shs.	$	38,595
Essex*		2,701			44,256
SI International*		1,800			49,725
					132,576
Air Freight and Logistics 0.8%
UTI Worldwide		660			45,788
Biotechnology 3.7%
Alexion Pharmaceuticals*		1,700			36,728
Cubist Pharmaceuticals*		3,800			40,337
Eyetech Pharmaceuticals*		1,500			41,242
Maxygen*		2,684			22,787
Nabi Biopharmaceuticals*		1,900			23,598
Vicuron Pharmaceuticals*		1,500			23,565
ZymoGenetics*		1,600			24,392
					212,649
Capital Markets 2.6%
Affiliated Managers Group*		889			55,145
Apollo Investment		3,453			57,924
Calamos Asset Management		1,340			36,073
					149,142
Commercial Banks 2.7%
East West Bancorp		1,600			59,080
Sterling Bancshares		3,200			45,312
UCBH Holdings		1,209			48,294
					152,686
Commercial Services and Supplies 9.4%
Corinthian Colleges*		1,852			29,086
The Corporate Executive Board		1,500			95,977
Corrections Corporation of America*		1,235			47,671
DiamondCluster International*		5,070			81,602
Duratek*		2,150			42,882
Education Management*		1,000			27,955
Huron Consulting Group		1,330			27,484
Mine Safety Appliances		1,540			59,660
Resources Connection*		3,985			83,506
Waste Connections*		1,161			40,345
					536,168
Communications Equipment 1.4%
Ixia*		1,677			29,641
Tekelec*		3,030			48,162
					77,803
Computers and Peripherals 2.3%
Stratasys*		1,260			35,626
Synaptics*		2,683			62,111
Unova*		1,724			35,601
					133,338
Construction and Engineering 1.1%
Chicago Bridge & Iron (NY shares)		1,470			64,724
Distributors 0.9%
Prestige Brands Holdings*		2,800			49,420
Diversified Financial Services 1.3%
CapitalSource*		3,207			73,761
Diversified Telecommunication Services 0.4%
Arbinet-thexchange*		1,320			25,351
Electrical Equipment 1.1%
AMETEK		1,607			64,682
Electronic Equipment and Instruments 0.9%
Photon Dynamics		2,300			43,642
RAE Systems*		2,870			8,811
					52,453
Energy Equipment and Services 3.7%
Pioneer Drilling*		4,900			67,473
Superior Energy Services*		2,560			44,032
Unit*		1,085			49,009
Universal Compression Holdings*		1,400			53,018
					213,532
Food and Staples Retailing 1.0%
Performance Food Group*		1,959			54,235
Health Care Equipment and Supplies 5.7%
Arrow International		750			25,759
Bruker BioSciences*		4,200			14,658
Cytyc*		2,300			53,038
Diagnostic Products		1,134			54,772
I-Flow*		1,400			22,141
Integra LifeSciences Holdings*		845			29,744
Inverness Medical Innovations*		1,500			35,250
Nuvasive*		3,400			43,894
Respironics*		822			47,955
					327,211
Health Care Providers and Services 6.3%
Chemed		430			32,886
Community Health Systems*		1,182			41,264
Covance*		1,300			61,893
Kindred Healthcare*		1,500			52,650
LabOne*		1,781			61,311
Pediatrix Medical Group*		900			61,731
Priority Healthcare (Class B)*		2,315			50,062
					361,797
Hotels, Restaurants and Leisure 6.8%
Buffalo Wild Wings*		1,164			43,958
P.F. Chang's China Bistro*		920			54,938
Pinnacle Entertainment*		2,700			45,090
La Quinta*		6,784			57,664
RARE Hospitality International*		2,544			78,521
Texas Roadhouse (Class A)		2,050			57,636
Williams Industries		1,900			53,504
					391,311
Internet and Catalog Retail 0.4%
Audible*		1,724			23,283
Internet Software and Services 0.8%
iVillage*		7,400			44,992
IT Services 2.4%
BearingPoint		4,617			40,491
ipayment Holdings*		1,270			53,486
Sapient		5,600			41,160
					135,137
Machinery 5.7%
Briggs & Stratton		1,300			47,333
Bucyrus International (Class A)		1,100			42,966
CLARCOR		1,015			52,739
Graco		980			39,553
Kaydon		1,500			47,100
Kennametal		803			38,134
Wabash National*		2,457			59,951
					327,776
Media 2.0%
Cumulus Media (Class A)*		2,100			29,883
Harris Interactive*		7,718			35,117
Lions Gate Entertainment		4,494			49,659
					114,659
Metals and Mining 3.7%
Alpha Natural Resources*		2,300			65,941
AMCOL International		2,172			40,747
Brush Engineered Materials*		2,500			47,575
Metal Management		2,200			56,419
					210,682
Multi-Line Retail 0.7%
Fred's		2,300			39,479
Oil and Gas 3.2%
Bill Barrett*		1,360			39,318
Denbury Resources*		1,820			64,119
Harvest Natural Resources*		3,900			46,371
Quicksilver Resources*		700			34,111
					183,919
Pharmaceuticals 2.2%
Eon Labs*		1,300			39,344
Medicines*		1,900			42,978
Medicis Pharmaceutical (Class A)		1,350			40,473
					122,795
Road and Rail 2.7%
Landstar System*		2,000			65,180
Old Dominion Freight Line*		1,214			37,798
Universal Truckload Services*		2,388			50,733
					153,711
Semiconductors and Semiconductor Equipment 6.1%
Actel*		3,049			46,894
ATMI*		1,612			40,340
Cymer*		1,950			52,104
DSP Group*		2,700			69,566
Microsemi*		3,224			52,438
Semtech*		2,213			39,502
Varian Semiconductor Equipment Associates*		1,200			45,570
					346,414
Software 7.5%
Agile Software*		7,316			53,224
Epicor Software*		6,036			78,981
FileNet*		3,070			69,919
Jack Henry & Associates		3,900			70,180
Hyperion Solutions*		1,361			59,945
Informatica*		6,510			53,545
Witness Systems*		2,500			43,925
					429,719
Specialty Retail 2.2%
Aeropostale*		1,400			45,850
AnnTaylor Stores*		2,011			51,461
Build-A-Bear Workshop		1,014			31,079
					128,390
Textiles, Apparel and Luxury Goods 2.5%
Warnaco Group*		2,395			57,420
Wolverine World Wide		3,950			84,648
					142,068
Trading Companies and Distributors 0.9%
Hughes Supply		1,690			50,278
Wireless Telecommunication Services 0.5%
Inphonic*		1,300			29,575
Total Common Stocks					5,601,504
Repurchase Agreement 2.6%
State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $149,010, collateralized by: $160,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $158,000	$	149,000			149,000
Total Investments 100.5%					5,750,504
Other Assets Less Liabilities (0.5)%					(29,483	)
Net Assets 100.0%				$	5,721,021

_______________

See accompanying notes.

Seligman Global Growth Portfolio

	Shares		Value
Common Stocks 98.9%
Belgium 0.8%
SES Global (FDR) (Media)	1,303	$	16,713
Canada 4.8%
Canadian National Railway (Road and Rail)	301		18,998
Canadian Pacific Railway (Road and Rail)	300		10,850
Inco* (Metals and Mining)	900		35,820
Petro-Canada (Oil and Gas)	300		17,422
Talisman Energy (Oil and Gas)	410		14,029
			97,119
Finland 1.7%
Nokia (ADR) (Communications Equipment)	2,200		33,946
France 7.6%
AXA (Insurance)	912		24,333
European Aeronautic Defence and Space (Aerospace and Defense)	1,512		45,199
Groupe Danone (Food Products)	391		38,902
Pernod Ricard (Beverages)	85		11,870
Vivendi Universal (Media)	1,096		33,572
			153,876
Germany 2.0%
Bayerische Hypo-und Vereinsbank* (Commercial Banks)	1,658		40,566
Hong Kong 2.2%
CNOOC (Oil and Gas)	20,000		10,916
Esprit Holdings (Specialty Retail)	5,000		34,108
			45,024
India 1.5%
Infosys Technologies (ADR) (IT Services)	400		29,538
Ireland 0.4%
Ryanair Holdings* (Airlines)	200		8,753
Italy 2.5%
Banca Intesa (Commercial Banks)	1,490		7,572
Eni (Oil and Gas)	806		20,965
Mediaset (Media)	1,492		21,470
			50,007
Japan 6.4%
Bank of Yokohama (Commercial Banks)	3,000		18,283
Eisai (Pharmaceuticals)	600		20,369
Fuji Photo Film (Leisure Equipment and Products)	400		14,627
Japan Tobacco (Tobacco)	3		33,295
Mitsubishi Tokyo Financial Group (Commercial Banks)	2		17,324
Takefuji (Consumer Finance)	260		17,484
Terumo (Health Care Equipment and Supplies)	300		9,032
			130,414
Mexico 1.2%
Grupo Televisa (ADR) (Media)	400		23,520
Netherlands 4.8%
Ahold* (Food and Staples Retailing)	6,696		56,073
ASML Holding (NY shares)* (Semiconductors and Semiconductor Equipment)	1,023		17,161
Numico* (Food Products)	591		24,182
			97,416
Russia 0.4%
Gazprom (ADR)† (Energy Equipment and Services)	254		8,561
South Korea 1.5%
L.G. Philips LCD* (Electronic Equipment and Instruments)	480		20,810
Samsung Electronics* (Semiconductors and Semiconductor Equipment)	19		9,377
			30,187
Spain 0.9%
Banco Bilbao Vizcaya Argentaria (Commercial Banks)	1,180		19,212
Sweden 1.0%
Telefonaktiebolaget LM Ericsson* (Communications Equipment)	7,000		19,703
Switzerland 5.2%
Adecco (Commercial Services and Supplies)	178		9,774
Credit Suisse Group (Commercial Banks)	670		28,768
Roche Holding (Pharmaceuticals)	210		22,514
UBS* (Capital Markets)	430		36,320
Zurich Financial Services (Insurance)	53		9,303
			106,679
Taiwan 2.0%
AU Optronics (ADR) (Electronic Equipment and Instruments)	2,800		41,048
United Kingdom 13.5%
AstraZeneca (Pharmaceuticals)	1,257		49,600
BHP Billiton (Metals and Mining)	623		8,363
Capita Group (Commercial Services and Supplies)	5,088		36,124
The Carphone Warehouse Group (Specialty Retail)	11,471		35,086
EMI Group (Media)	13,698		61,118
GUS (Internet and Catalog Retail)	2,089		35,973
InterContinental Hotels Group (ADR) (Hotels, Restaurants and Leisure)	1		8
Royal Bank of Scotland Group (ADR)* (Commercial Banks)	326		10,385
Vodafone Group (Wireless Telecommunication Services)	14,064		37,369
			274,026
United States 38.5%
Abbott Laboratories (Pharmaceuticals)	700		32,634
Aetna (Health Care Providers and Services)	200		14,990
Altria Group (Tobacco)	1,000		65,390
Baxter International (Health Care Equipment and Supplies)	700		23,786
Cisco Systems* (Communications Equipment)	2,100		37,621
Citigroup (Diversified Financial Services)	200		8,988
Comcast (Class A)* (Media)	1,300		43,472
ConocoPhillips (Oil and Gas)	300		32,352
Corning* (Communications Equipment)	2,200		24,486
CVS (Food and Staples Retailing)	200		10,524
Dell* (Computers and Peripherals)	800		30,740
E. I. du Pont de Nemours (Chemicals)	800		40,992
Electronic Arts* (Software)	400		20,714
Exxon Mobil (Oil and Gas)	700		41,720
Gilead Sciences* (Biotechnology)	300		10,738
Goldman Sachs Group (Capital Markets)	300		32,997
Ingersoll-Rand (Class A) (Machinery)	100		7,965
IVAX (Pharmaceuticals)	1,550		30,644
Lehman Brothers Holdings (Capital Markets)	200		18,832
Microsoft (Software)	600		14,499
Morgan Stanley (Capital Markets)	100		5,725
Office Depot* (Specialty Retail)	600		13,308
Pixar* (Media)	400		39,070
Procter & Gamble (Household Products)	300		15,900
Schering-Plough (Pharmaceuticals)	1,300		23,595
Sirius Satellite Radio (Media)	5,800		32,567
Starwood Hotels & Resorts Worldwide (Hotels, Restaurants and Leisure)	200		12,006
Texas Instruments (Semiconductors and Semiconductor Equipment)	600		15,294
Transocean (Energy Equipment and Services)	500		25,730
Yahoo!* (Internet Software and Services)	600		20,373
YUM! Brands (Hotels, Restaurants and Leisure)	684		35,438
			783,090
Total Investments 98.9%			2,009,398
Other Assets Less Liabilities 1.1%			22,765
Net Assets 100.0%		$	2,032,163

_______________

See accompanying notes.

Seligman Global Smaller Companies Portfolio

	Shares or Warrants			Value
Common Stocks 98.0%
Australia 2.3%
Adelaide Brighton (Construction Materials)		10,202	shs.	$	13,323
Adstream Marine (Transportation Infrastructure)		11,078			15,425
Austral Coal* (Metals and Mining)		10,000			9,910
AWB (Food and Staples Retailing)		4,965			17,650
Iluka Resources (Metals and Mining)		3,492			15,348
Minara Resources (Metals and Mining)		9,179			14,258
MYOB* (Software)		16,550			13,661
Harvey Norman Holdings (Multi-Line Retail)		5,000			10,471
STW Communications Group (Media)		7,506			18,090
					128,136
Bermuda 0.5%
Aquarius Platinum (Metals and Mining)		1,170			5,899
Arlington Tankers (Oil and Gas)		1,000			23,500
					29,399
Canada 6.8%
Deer Creek Energy*† (Oil and Gas)		3,000			38,441
Dundee Real Estate Investment Trust (Real Estate)		1,500			31,695
Dundee Wealth Management (Capital Markets)		1,500			12,276
Dundee Wealth Management*† (Capital Markets)		2,700			22,097
First Quantum Minerals* (Metals and Mining)		1,500			27,913
Gildan Activewear (Class A)* (Textiles, Apparel and Luxury Goods)		825			35,063
GMP Capital (Capital Markets)		134			2,492
GMP Capital† (Capital Markets)		800			14,880
Grande Cache Coal* (Metals and Mining)		2,400			22,321
OPTI Canada† (Oil and Gas)		1,600			34,655
OPTI Canada (Oil and Gas)		450			9,747
Railpower Technologies* (Machinery)		6,000			30,058
Ritchie Bros. Auctioneers (Commercial Services and Supplies)		900			28,440
UTS Energy*† (Oil and Gas)		17,200			33,699
Western Oil Sands (Class A)* (Oil and Gas)		862			39,906
					383,683
China 1.2%
Beijing Capital International Airport (Transportation Infrastructure)		50,000			18,592
China Oilfield Services (Energy Equipment and Services)		80,000			27,696
Shanghai Forte Land (Class H)* (Real Estate)		32,000			9,847
Sinotrans (Class H) (Air Freight and Logistics)		34,800			10,040
					66,175
Denmark 1.0%
Carlsberg (Class B) (Beverages)		687			34,087
FLS Industries (Class B)* (Construction and Engineering)		1,120			20,663
					54,750
Finland 0.2%
TietoEnator (IT Services)		380			13,001
France 2.8%
Alstom* (Electrical Equipment)		43,261			37,115
Bacou-Dalloz (Commercial Services and Supplies)		257			24,427
Cegedim (Health Care Providers and Services)		140			11,889
Clarins (Personal Products)		320			20,445
NRJ Group (Media)		1,800			41,054
Remy Cointreau (Beverages)		385			16,141
Silicon-On-Insulator-Technologies* (Semiconductors and Semiconductor Equipment)		600			6,089
					157,160
Germany 2.8%
Aixtron* (Semiconductors and Semiconductor Equipment)		2,150			9,306
Comdirect Bank (Commercial Banks)		1,800			14,605
Elmos Semiconductor (Semiconductors and Semiconductor Equipment)		1,422			25,903
Heidelberger Druckmaschinen (Machinery)		596			19,043
Hochtief (Construction and Engineering)		603			19,190
KarstadtQuelle (Multi-Line Retail)		2,047			20,548
Kontron* (Semiconductors and Semiconductor Equipment)		1,437			13,454
MG Technologies (Chemicals)		1,460			18,679
MLP (Capital Markets)		1,134			16,496
					157,224
Greece 0.4%
Aktor (Construction and Engineering)		6,312			23,738
Hong Kong 0.8%
Far East Pharmaceutical Technology (Pharmaceuticals)		104,300			-
First Pacific* (Diversified Financial Services)		42,000			13,329
Giordano International (Specialty Retail)		24,000			16,452
i-CABLE Communications (Media)		36,000			12,981
					42,762
Italy 2.9%
Brembo (Auto Components)		3,100			25,927
Caltagirone Editore (Media)		3,000			27,834
Permasteelisa (Building Products)		1,400			23,795
Recordati (Pharmaceuticals)		700			19,287
Sorin* (Health Care Equipment and Supplies)		11,230			35,893
Tod's (Textiles, Apparel and Luxury Goods)		665			31,896
					164,632
Japan 11.9%
77 Bank (Commercial Banks)		6,000			43,493
Alpine Electronics (Household Durables)		1,000			14,382
Ariake Japan (Food Products)		200			5,001
Bank of Nagoya (Commercial Banks)		2,000			14,272
Chofu Seisakusho (Household Durables)		400			8,823
Disco* (Semiconductors and Semiconductor Equipment)		700			30,032
Ebara (Machinery)		3,000			13,276
Fujimi (Chemicals)		1,400			18,882
Futaba (Electrical Equipment)		1,000			27,958
The Gunma Bank (Commercial Banks)		1,000			5,769
Hogy Medical (Health Care Equipment and Supplies)		400			19,420
Hokuto (Food Products)		1,200			20,904
Hosiden (Electronic Equipment and Instruments)		2,400			26,832
Iwatani International (Trading Companies and Distributors)		4,000			10,813
Japan Petroleum Exploration (Oil and Gas)		500			20,477
Kenwood (Household Durables)		5,000			10,672
Kobayashi Pharmaceutical (Health Care Equipment and Supplies)		1,400			38,191
Komori (Machinery)		1,000			15,228
Milbon (Personal Products)		700			20,173
Mochida Pharmaceutical (Pharmaceuticals)		4,000			27,224
Obic (IT Services)		100			19,506
Obic Business Consultants* (Software)		500			23,388
Sazaby (Specialty Retail)		1,000			22,905
Sumisho Computer Systems (Software)		500			9,878
Taiyo Ink Manufacturing (Chemicals)		900			34,498
Takasago International (Chemicals)		4,000			20,638
Tanabe Seiyaku (Pharmaceuticals)		2,400			23,803
THK (Machinery)		700			14,118
Tokyo Ohka Kogyo (Chemicals)		1,800			38,414
Toppan Forms (Commercial Services and Supplies)		1,400			16,191
The Towa Bank (Commercial Banks)		4,000			10,182
Towa Pharmaceutical (Pharmaceuticals)		700			16,539
Union Tool (Machinery)		800			24,900
					666,782
Malaysia 0.1%
Resorts World (Hotels, Restaurants and Leisure)		2,000			4,921
Netherlands 1.6%
AM (Construction and Engineering)		2,500			27,102
ASM International* (Semiconductors and Semiconductor Equipment)		774			12,789
Exact Holdings (Software)		400			13,759
Qiagen* (Biotechnology)		1,300			15,405
Unit 4 Agresso* (Software)		1,348			23,067
					92,122
New Zealand 1.1%
Air New Zealand* (Airlines)		12,894			13,868
Carter Holt Harvey (Paper and Forest Products)		17,588			24,683
The Warehouse Group (Multi-Line Retail)		7,385			20,888
					59,439
South Africa 0.4%
Dimension Data Holdings (IT Services)		32,621			20,166
South Korea 1.4%
Cheil Communications (Media)		80			13,536
Industrial Bank of Korea (Commercial Banks)		4,310			37,282
Kook Soon Dang Brewery (Food Products)		668			10,484
LG Household and Health Care (Household Products)		577			18,868
					80,170
Spain 0.6%
Prosegur, Companie de Seguridad (Commercial Services and Supplies)		1,600			34,229
Sweden 1.0%
Medivir (Class B)* (Biotechnology)		690			6,541
Munters (Machinery)		700			18,826
Teleca (Class B)* (IT Services)		5,790			30,473
					55,840
Switzerland 1.9%
Baloise Holding (Insurance)		869			41,860
BB Biotech (Biotechnology)		250			13,642
Dottikon Es Holding* (Chemicals)		9			1,524
EMS-Chemie Holding (Chemicals)		190			17,963
Helvetia Patria Holding (Insurance)		164			25,361
Julius Baer Holding (Capital Markets)		22			7,646
					107,996
Thailand 0.2%
Thai Military Bank (Commercial Banks)		123,400			11,829
United Kingdom 7.4%
Aggreko (Commercial Services and Supplies)		9,600			32,632
Benfield Group (Insurance)		3,555			17,084
Bespak (Health Care Equipment and Supplies)		817			7,792
Cambridge Antibody Technology Group* (Biotechnology)		2,000			24,964
Capital Radio (Media)		2,455			18,727
De La Rue (Commercial Services and Supplies)		2,020			14,571
Expro International Group (Energy Equipment and Services)		2,603			21,310
Group 4 Securicor* (Commercial Services and Supplies)		4,789			12,387
GWR Group (Media)		2,127			9,437
Hiscox (Insurance)		2,826			8,578
Jardine Lloyd Thompson Group (Insurance)		6,500			47,012
John Wood Group (Energy Equipment and Services)		5,153			14,762
Logica (IT Services)		6,500			21,717
Luminar (Hotels, Restaurants and Leisure)		1,200			11,217
Misys (Software)		9,301			38,892
PHS Group (Commercial Services and Supplies)		16,473			26,907
Premier Farnell (Electronic Equipment and Instruments)		7,340			23,529
Radstone Technology (Aerospace and Defense)		3,574			18,967
SurfControl* (Software)		1,620			19,197
VT Group (Aerospace and Defense)		1,771			10,620
Yule Catto (Chemicals)		3,450			17,847
					418,149
United States 48.7%
1-800 Contacts* (Internet and Catalog Retail)		650			13,543
Abgenix* (Biotechnology)		3,700			25,882
Acadia Realty Trust (Real Estate)		1,850			29,748
Adaptec* (Computers and Peripherals)		3,900			18,700
AGCO (Machinery)		1,800			32,850
Alliant Techsystems* (Aerospace and Defense)		375			26,794
American Home Mortgage Holdings (Real Estate)		925			26,492
American Reprographics* (Commercial Services and Supplies)		1,800			25,830
AmSurg* (Health Care Providers and Services)		1,025			25,917
Apex Silver Mines* (Metals and Mining)		1,200			19,224
Applera-Celera Genomics Group* (Biotechnology)		1,700			17,425
Arch Coal (Metals and Mining)		700			30,107
Archipelago Holdings (Diversified Financial Services)		950			16,815
ARIAD Pharmaceuticals* (Biotechnology)		4,300			23,908
Armor Holdings* (Aerospace and Defense)		550			20,399
Array BioPharma* (Biotechnology)		3,400			23,698
Asyst Technologies* (Semiconductors and Semiconductor Equipment)		4,450			21,271
Bio-Rad Laboratories (Class A)* (Health Care Equipment and Supplies)		625			30,444
Biosite* (Health Care Equipment and Supplies)		600			31,248
BISYS Group* (IT Services)		1,900			29,792
Blackbaud* (Software)		1,900			23,892
Blount International* (Household Durables)		1,700			28,866
Cabot Oil & Gas (Oil and Gas)		625			34,469
Charming Shoppes* (Specialty Retail)		3,100			25,187
Chicago Bridge & Iron (NY shares) (Construction and Engineering)		650			28,619
Cleveland-Cliffs (Metals and Mining)		350			25,504
Corinthian Colleges* (Commercial Services and Supplies)		1,550			24,343
Credence Systems* (Semiconductors and Semiconductor Equipment)		3,350			26,716
CV Therapeutics* (Biotechnology)		2,100			42,588
Denbury Resources* (Oil and Gas)		900			31,707
Diamondrock Hospitality*† (Real Estate)		3,000			31,950
EDO (Aerospace and Defense)		950			28,548
Education Realty Trust* (Real Estate)		1,300			21,619
Electronics Boutique Holdings* (Specialty Retail)		475			20,430
Encore Acquisition* (Oil and Gas)		300			12,390
Encysive Pharmaceuticals* (Biotechnology)		4,250			43,414
Exelixis* (Biotechnology)		4,100			27,900
FairPoint Communications* (Diversified Telecommunication Services)		2,600			38,922
Ferro (Chemicals)		1,350			25,407
First Republic Bank (Commercial Banks)		862			27,903
FirstFed Financial* (Thrifts and Mortgage Finance)		550			28,055
Forest Oil* (Oil and Gas)		550			22,275
GameStop (Class A)* (Specialty Retail)		1,750			38,780
Gold Kist* (Food Products)		2,000			31,730
GrafTech International* (Electrical Equipment)		4,400			25,036
Group 1 Automotive* (Specialty Retail)		1,100			28,930
HCC Insurance Holdings (Insurance)		800			28,928
Human Genome Sciences* (Biotechnology)		2,750			25,259
Hutchinson Technology* (Computers and Peripherals)		950			32,979
Incyte* (Biotechnology)		4,100			27,737
International Rectifier* (Semiconductors and Semiconductor Equipment)		725			32,987
Iomega* (Computers and Peripherals)		5,400			23,166
Iron Mountain* (IT Services)		850			24,514
Itron* (Electronic Equipment and Instruments)		1,200			35,532
Kansas City Life Insurance (Insurance)		450			21,906
KFX* (Oil and Gas)		1,850			24,790
KNBT Bancorp (Thrifts and Mortgage Finance)		2,000			30,440
Leadis Technology* (Semiconductors and Semiconductor Equipment)		2,563			15,301
Lin TV (Class A)* (Media)		1,200			20,316
M/I Schottenstein Homes (Household Durables)		575			28,135
Macquaire Infrastructure (Transportation Infrastructure)		500			14,000
Massey Energy (Metals and Mining)		775			31,031
MAXIMUS* (IT Services)		1,050			35,165
MedCath* (Health Care Providers and Services)		925			27,093
Medical Properties Trust† (Real Estate)		2,100			21,525
Mercury Computer Systems* (Aerospace and Defense)		900			24,759
MFA Mortgage Investments (Real Estate)		2,700			20,547
NBTY* (Personal Products)		1,250			31,363
Nexstar Broadcasting Group (Class A)* (Media)		2,600			18,213
O'Reilly Automotive* (Specialty Retail)		625			30,981
optionsXpress Holdings* (Capital Markets)		1,400			22,715
OSI Systems* (Electronic Equipment and Instruments)		1,800			31,473
ParkerVision*† (Communications Equipment)		3,100			24,444
Penn Virginia (Oil and Gas)		750			34,425
PFF Bancorp (Thrifts and Mortgage Finance)		975			26,910
Pilgrim's Pride (Food Products)		550			19,646
Platinum Underwriters Holdings (Insurance)		935			27,769
PNM Resources (Electric Utilities)		325			8,671
PolyMedica (Health Care Equipment and Supplies)		975			30,961
Regis (Specialty Retail)		675			27,628
Rotech Healthcare* (Health Care Providers and Services)		975			26,822
ScanSoft* (Software)		7,800			28,977
Shurgard Storage Centers (Real Estate)		525			21,515
SiRF Technology Holdings* (Communications Equipment)		2,500			27,825
SpatiaLight* (Electronic Equipment and Instruments)		5,300			26,474
Standard Motor Products (Auto Components)		1,050			12,285
Standard Pacific (Household Durables)		325			23,462
Steel Dynamics (Metals and Mining)		700			24,112
Stone Energy* (Oil and Gas)		300			14,571
SureBeam (Class A)* (Electronic Equipment and Instruments)		8,500			111
Swift Energy* (Oil and Gas)		1,200			34,128
Syntroleum* (Oil and Gas)		2,200			26,917
Sypris Solutions (Aerospace and Defense)		1,500			16,065
Terex* (Machinery)		425			18,403
theglobe.com (Media)		18,400			2,760
TierOne (Thrifts And Mortgage Finance)		1,250			29,319
Timberland (Class A)* (Textiles, Apparel and Luxury Goods)		390			27,663
UGI (Gas Utilities)		525			23,845
United Rentals* (Trading Companies and Distributors)		1,800			36,378
Universal Forest Products (Building Products)		625			24,272
Value Line (Media)		400			15,600
Vintage Petroleum (Oil and Gas)		1,100			34,606
Wheeling-Pittsburgh* (Metals and Mining)		1,475			45,644
William Lyon Homes* (Household Durables)		300			23,010
Wright Express* (IT Services)		1,600			27,360
Yankee Candle* (Household Durables)		1,100			34,870
					2,743,570
Total Common Stocks					5,515,873
Warrants
United States
theglobe.com*† (Media) (exercise price of $0.001, expiring 3/5/2009)		11,250	wts.		2,014
Total Investments 98.0%					5,517,887
Other Assets Less Liabilities 2.0%					112,825
Net Assets 100.0%				$	5,630,712

_______________

See accompanying notes.

Seligman Global Technology Portfolio

	Shares		Value
Common Stocks 93.6%
China 0.4%
China Finance Online (ADR) (Internet Software and Services)	4,700	$	33,628
Finland 2.4%
Elcoteq Network (Class A) (Communications Equipment)	1,250		24,901
Nokia (ADR) (Communications Equipment)	9,400		145,042
TietoEnator (IT Services)	1,300		44,479
			214,422
France 2.6%
Atos Origin* (IT Services)	1,513		102,319
Business Objects (ADR)* (Application Software)	1,600		42,984
Thomson* (Household Durables)	3,188		85,956
			231,259
India 3.2%
Infosys Technologies (IT Services)	2,600		134,116
Tata Consultancy Services (IT Services)	4,643		152,334
			286,450
Israel 2.8%
Check Point Software Technologies* (Systems Software)	6,000		130,350
Ness Technologies (IT Services)	1,200		14,358
Orbotech* (Electronic Equipment and Instruments)	3,900		85,351
Syneron Medical (Health Care Equipment and Supplies)	500		15,902
			245,961
Japan 7.5%
Canon (Office Electronics)	800		42,848
HOYA (Electronic Equipment and Instruments)	800		87,974
Ibiden (Electronic Equipment and Instruments)	7,600		146,924
JSR (Chemicals)	3,200		63,047
Nidec (Electronic Equipment and Instruments)	800		99,498
Nippon Electric Glass (Electronic Equipment and Instruments)	3,100		44,616
Sega Sammy Holdings (Leisure Equipment and Products)	1,500		91,113
Sony (Household Durables)	2,300		91,859
			667,879
South Korea 2.6%
LG Micron* (Electronic Equipment and Instruments)	760		41,764
Samsung Electronics* (Semiconductors and Semiconductor Equipment)	380		187,531
			229,295
Taiwan 0.5%
Advanced Semiconductor Engineering* (Semiconductors and Semiconductor Equipment)	58,000		42,726
United Kingdom 0.4%
C.S.R.* (Communications Equipment)	6,499		40,121
United States 71.2%
Advanced Micro Devices* (Semiconductors and Semiconductor Equipment)	2,900		46,748
Altiris* (Application Software)	1,600		38,112
Amdocs* (IT Services)	11,600		329,440
Amphenol (Class A) (Electronic Equipment and Instruments)	2,800		103,712
Analog Devices* (Semiconductors and Semiconductor Equipment)	1,300		46,982
Apple Computer* (Computers and Peripherals)	1,600		66,800
Avid Technology* (Computers and Peripherals)	3,300		178,645
Avocent* (Communications Equipment)	3,400		87,193
Biomet (Health Care Equipment and Supplies)	1,100		39,969
BMC Software* (Systems Software)	20,000		300,000
Boston Scientific* (Health Care Equipment and Supplies)	2,900		84,941
Broadcom (Class A)* (Semiconductors and Semiconductor Equipment)	4,700		140,976
Brocade Communications Systems* (Computers and Peripherals)	3,900		23,069
Cadence Design Systems* (Technical Software)	4,900		73,255
Cisco Systems* (Communications Equipment)	9,700		173,776
Citrix Systems* (Systems Software)	10,700		254,820
Computer Associates International (Systems Software)	9,689		262,572
Corning* (Communications Equipment)	10,800		120,204
Digital River* (Internet Software and Services)	3,100		96,581
EMC* (Computers and Peripherals)	16,800		206,976
Epicor Software* (Application Software)	5,500		71,967
Fiserv* (IT Services)	2,300		91,506
Fisher Scientific International* (Health Care Equipment and Supplies)	1,500		85,380
Garmin* (Household Durables)	2,000		92,680
Hutchinson Technology* (Computers and Peripherals)	1,300		45,130
Hyperion Solutions* (Application Software)	1,400		61,663
Integrated Circuit Systems* (Semiconductors and Semiconductor Equipment)	2,200		42,130
Intel (Semiconductors and Semiconductor Equipment)	7,900		183,517
Invitrogen* (Biotechnology)	600		41,517
Kinetic Concepts* (Health Care Equipment and Supplies)	700		41,755
Laboratory Corporation of America Holdings* (Health Care Providers and Services)	2,700		130,140
Lam Research* (Semiconductors and Semiconductor Equipment)	1,700		49,070
Macrovision* (Systems Software)	2,100		47,617
Magma Design Automation* (Technical Software)	2,000		23,530
Mattson Technology* (Semiconductors and Semiconductor Equipment)	700		5,541
MEMC Electronic Materials* (Semiconductors and Semiconductor Equipment)	29,600		398,120
Microsoft (Application Software)	17,500		422,887
Motorola (Communications Equipment)	5,500		82,335
NETGEAR* (Communications Equipment)	1,600		24,104
Oracle* (Systems Software)	20,100		250,747
Plantronics (Communications Equipment)	2,300		87,584
QUALCOMM (Communications Equipment)	3,800		139,213
RSA Security (Systems Software)	2,500		39,475
S1* (Internet Software and Services)	4,300		29,735
Sprint (FON Group) (Diversified Telecommunication Services)	3,100		70,525
Symantec* (Internet Software and Services)	4,000		85,440
Synaptics* (Computers and Peripherals)	1,800		41,670
Synopsys* (Technical Software)	8,600		155,531
Take-Two Interactive Software* (Consumer Software)	6,100		238,418
THQ* (Consumer Software)	3,400		95,336
VeriSign* (Internet Software and Services)	4,500		129,083
VERITAS Software* (Systems Software)	10,800		250,722
Yahoo!* (Internet Software and Services)	3,200		108,656
			6,337,495
Total Investments 93.6%			8,329,236
Other Assets Less Liabilities 6.4%			571,843
Net Assets 100.0%		$	8,901,079

_______________

See accompanying notes.

Seligman High-Yield Bond Portfolio

	Principal Amount, Shares or Warrants		Value
Corporate Bonds 92.6%
Aerospace 2.1%
Hexcel 6.75%, 2/1/2015	$	25,000	$	24,188
Sequa 9%, 8/1/2009		50,000		53,750
TD Funding 8.375%, 7/15/2011		25,000		25,781
				103,719
Auto 3.5%
Goodyear Tire & Rubber 7.857%, 8/15/2011		50,000		48,500
Stoneridge 11.50%, 5/1/2012		50,000		55,625
Tenneco Automotive 10.25%, 7/15/2013		25,000		28,000
TRW Automotive Acquisition:
9.375%, 2/15/2013		25,000		27,000
11%, 2/15/2013		16,000		18,000
				177,125
Broadcasting 1.1%
Nextmedia Operating 10.75%, 7/1/2011		25,000		27,406
Sinclair Broadcast Group 8%, 3/15/2012		25,000		25,625
				53,031
Building Products 2.2%
Associated Materials 9.75%, 4/15/2012		50,000		54,000
Euramax International 8.50%, 8/15/2011		25,000		25,875
Texas Industries 10.25%, 6/15/2011		25,000		28,438
				108,313
Cable 4.2%
Charter Communications Holdings 10.25%, 9/15/2010		100,000		102,500
CSC Holdings 7.875%, 12/15/2007		25,000		26,125
Insight Midwest/Insight Capital 10.50%, 11/1/2010		50,000		53,750
Mediacom Broadband 11%, 7/15/2013		25,000		26,875
				209,250
Capital Goods 2.8%
Blount 8.875%, 8/1/2012		25,000		26,500
Columbus McKinnon 10%, 8/1/2010		25,000		27,312
JLG Industries 8.375%, 6/15/2012		33,000		35,310
NMHG Holding 10%, 5/15/2009		25,000		27,062
Norcross Safety Products 9.875%, 8/15/2011		25,000		26,625
				142,809
Chemicals 9.9%
ARCO Chemical 9.80%, 2/1/2020		25,000		28,375
Equistar Chemicals 10.125%, 9/1/2008		25,000		27,750
Huntsman International 7.375%, 1/1/2015†		25,000		25,000
International Specialty Holdings 10.625%, 12/15/2009		50,000		53,750
Koppers 9.875%, 10/15/2013		25,000		28,000
Lyondell Chemical 11.125%, 7/15/2012		50,000		57,750
Millennium America 9.25%, 6/15/2008		25,000		26,938
Nalco Finance Holdings 0% (9%**), 2/1/2014		50,000		38,000
Polyone 10.625%, 5/15/2010		50,000		55,750
Resolution Performance Products 9.50%, 4/15/2010		50,000		53,500
Rockwood Specialties Group 10.625%, 5/15/2011		25,000		27,875
Terra Capital 11.50%, 6/1/2010		32,000		36,960
UAP Holding 1%, 7/15/2012		50,000		40,000
				499,648
Consumer Products 2.6%
Jostens:
7.625%, 10/1/2012		25,000		24,875
0% (10.25%**), 12/1/2013†		75,000		55,125
Playtex Products 9.375%, 6/1/2011		25,000		26,125
Rayovac 8.50%, 10/1/2013		25,000		25,875
				132,000
Containers 3.1%
BWAY 10%, 10/15/2010		25,000		26,687
Crown Cork & Seal 8%, 4/15/2023		25,000		24,250
Crown European Holdings 9.50%, 3/1/2011		25,000		27,563
Owens-Illinois:
7.50%, 5/15/2010		50,000		51,750
7.80%, 5/15/2018		25,000		25,563
				155,813
Diversified Telecommunication 2.7%
Qwest 7.875%, 9/1/2011†		75,000		77,625
Qwest Services 14%%, 12/15/2010†		50,000		58,125
				135,750
Electric 1.6%
CMS Energy 9.875%, 10/15/2007		50,000		54,500
MSW Energy Holdings 8.50%, 9/1/2010		25,000		26,375
				80,875
Energy 3.5%
Dynegy Holdings 8.75%, 2/15/2012		25,000		24,063
El Paso 7.875%, 6/15/2012		50,000		50,000
El Paso Production Holdings 7.75%, 6/1/2013		25,000		25,437
Frontier Oil 6.625%, 10/1/2011		25,000		25,000
Reliant Energy 6.75%, 12/15/2014		25,000		23,437
Williams Companies 8.125%, 3/15/2012		25,000		27,500
				175,437
Environmental 0.5%
Allied Waste North America 8.50%, 12/1/2008		25,000		25,750
Finance 0.6%
Western Financial Bank 9.625%, 5/15/2012		25,000		27,875
Food and Beverage 2.2%
Land O' Lakes 8.75%, 11/15/2011		25,000		25,062
Pilgrim's Pride 9.25%, 11/15/2013		25,000		27,625
Seminis Vegetable Seeds 10.25%, 10/1/2013		50,000		59,250
				111,937
Food and Drug 0.5%
Rite Aid 8.125%, 5/1/2010		25,000		25,500
Gaming 3.2%
Harrah's Operating 7.875%, 12/15/2005		50,000		51,125
MGM Grand 9.75%, 6/1/2007		50,000		54,000
Park Place Entertainment 9.375%, 2/15/2007		50,000		53,313
				158,438
Healthcare Facilities and Supplies 3.2%
Alliance Imaging 7.25%, 12/15/2012†		25,000		23,750
Coventry Health Care 8.125%, 2/15/2002		50,000		54,500
Medex 8.875%, 5/15/2013		50,000		56,750
Universal Hospital Services 10.125%, 11/1/2011		25,000		25,750
				160,750
Industrial 1.1%
Reddy Ice Holdings 0% (10.50%**), 11/1/2012†		75,000		54,000
Leisure 1.5%
Intrawest 7.50%, 10/15/2013		50,000		50,375
Six Flags 8.875%, 2/1/2010		25,000		23,625
				74,000
Lodging 1.6%
Host Marriot 9.50%, 1/15/2007		25,000		26,500
John Q. Hammons Hotels 8.875%, 5/15/2012		25,000		26,938
MeriStar Hospitality 9.125%, 1/15/2011		25,000		26,250
				79,688
Metals and Mining 5.9%
AK Steel 7.875%, 2/15/2009		25,000		24,625
Gerdau AmeriSteel 10.375%, 7/15/2011		50,000		56,000
Earle M. Jorgensen 9.75%, 6/1/2012		25,000		27,125
Neenah Foundry 11%, 9/30/2010†		50,000		55,750
Novelis 7.25%, 2/15/2015†		50,000		49,250
UCAR Finance 10.25%, 2/15/2012		25,000		26,875
United States Steel 10.75%, 8/1/2008		51,000		58,905
				298,530
Paper and Forest Products 7.1%
Ainsworth Lumber 7.25%, 10/1/2012†		50,000		49,250
Buckeye Technologies 8%, 10/15/2010		50,000		49,750
Caraustar Industries 9.875%, 4/1/2011		50,000		52,750
Georgia-Pacific 7.50%, 5/15/2006		75,000		76,875
Jefferson Smurfit 8.25%, 10/1/2012		25,000		25,812
Longview Fibre 10%, 1/15/2009		50,000		54,000
Newark Group 9.75%, 3/15/2014		50,000		51,000
				359,437
Publishing 3.7%
Dex Media 0% (9%**), 11/15/2013		175,000		133,875
Houghton Mifflin 9.875%, 2/1/2013		50,000		51,750
				185,625
Restaurants 2.0%
Denny's 10%, 10/1/2012†		50,000		52,750
Domino's 8.25%, 7/1/2011		22,000		23,100
Landry's Restaurants 7.50%, 12/15/2014†		25,000		24,375
				100,225
Satellite 1.0%
DIRECTV Holdings 8.375%, 3/15/2013		25,000		27,187
EchoStar 5.75%, 10/1/2008		25,000		24,750
				51,937
Services 2.7%
Cenveo 9.625%, 3/15/2012		25,000		26,750
Mobile Mini 9.50%, 7/1/2013		50,000		56,500
Williams Scotsman:
9.875%, 6/1/2007		25,000		25,000
10%, 8/15/2008		25,000		26,875
				135,125
Stores 1.6%
Asbury Auto Group 9%, 6/15/2012		25,000		25,625
Central Garden & Pet 9.125%, 2/1/2013		25,000		27,000
Hollywood Entertainment 9.625%, 3/15/2011		25,000		28,375
				81,000
Technology 1.9%
AMI Semiconductor 10.75%, 2/1/2013		32,000		38,480
Xerox 9.75%, 1/15/2009		50,000		56,625
				95,105
Textiles and Apparel 1.1%
Russell 9.25%, 5/1/2010		50,000		53,375
Utilities 3.6%
AES 9.375%, 9/15/2010		25,000		27,688
Calpine 9.625%, 9/30/2014†		75,000		75,563
Edison Mission Energy 7.73%, 6/15/2009		50,000		52,375
National Waterworks (Series B) 10.50%, 12/1/2012		25,000		27,938
				183,564
Wireless 3.8%
Alamosa Holdings 11%, 7/31/2010		50,000		57,125
Centennial Cellular Operating 10.75%, 12/15/2008		14,000		14,490
Centennial Communications 8.125%, 2/1/2014		25,000		25,750
Nextel Partners:
12.50%, 11/15/2009		9,000		9,945
8.125%, 7/1/2011		25,000		26,687
Western Wireless 9.25%, 7/15/2013		50,000		57,250
				191,247
Wireless Tower 4.5%
American Tower:
9.375%, 2/1/2009		10,000		10,550
7.50%, 5/1/2012		50,000		51,000
7.125%, 10/15/2012		25,000		25,000
Crown Castle International 10.75%, 8/1/2011		50,000		53,625
SBA Telecommunications 0% (9.75%**), 12/15/2011		100,000		86,750
				226,925
Total Corporate Bonds				4,653,803
Preferred Stocks 1.0%
Publishing 1.0%
Primedia 8.625%		500 shs.		48,250
Asset-Backed Securities†† 0.3%
Utilities 0.3%
Midland Funding 11.75%, 7/23/2005	$	17,208		17,637
Warrants 0.1%
Wireless Tower 0.1%
American Tower (exercise price of $0.01, expiring 8/1/2008)*		25 wts.		5,612
Repurchase Agreement 2.8%
State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $139,009, collateralized by: $145,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $143,188	$	139,000		139,000
Total Investments 96.8%				4,864,302
Other Assets Less Liabilities 3.2%				160,335
Net Assets 100.0%			$	5,024,637

_______________

See accompanying notes.

Seligman Income and Growth Portfolio

	Shares, Principal Amount or Shares Subject to Put/Call			Value
Common Stocks 63.8%
Aerospace and Defense 1.1%
General Dynamics		100	shs.	$	10,705
Honeywell International		490			18,233
					28,938
Air Freight and Logistics 0.4%
FedEx		110			10,335
Beverages 1.8%
Coca-Cola		640			26,669
PepsiCo		360			19,091
					45,760
Biotechnology 1.2%
Amgen*		190			11,052
Gilead Sciences*		120			4,295
Pharmion*		490			14,203
					29,550
Building Products 0.3%
Masco		240			8,321
Capital Markets 1.7%
The Bank of New York		260			7,553
Goldman Sachs Group		120			13,199
Merrill Lynch		220			12,452
Morgan Stanley		180			10,305
					43,509
Chemicals 1.1%
Dow Chemical		290			14,457
Praxair		310			14,837
					29,294
Commercial Banks 2.4%
Bank of America		530			23,373
Fifth Third Bancorp		180			7,737
Wachovia		430			21,891
Wells Fargo		130			7,774
					60,775
Commercial Services and Supplies 1.5%
Cendant		520			10,681
ServiceMaster		1,000			13,500
Waste Management		510			14,713
					38,894
Communications Equipment 3.3%
Cisco Systems*		1,590			28,485
Lucent Technologies*		3,750			10,312
Nokia (ADR)		1,340			20,676
Nortel Networks*		4,020			10,975
QUALCOMM		360			13,189
					83,637
Computers and Peripherals 2.2%
Dell*		150			5,764
EMC*		1,240			15,277
Hewlett-Packard		510			11,189
International Business Machines		260			23,759
					55,989
Consumer Finance 0.6%
American Express		320			16,438
Containers and Packaging 0.4%
Smurfit-Stone Container*		710			10,980
Diversified Financial Services 2.8%
CIT Group		210			7,980
Citigroup		1,113			50,018
J.P. Morgan Chase		360			12,456
					70,454
Diversified Telecommunication Services 1.1%
Citizen Communications		840			10,870
SBC Communications		300			7,107
Verizon Communications		320			11,360
					29,337
Electric Utilities 0.4%
PPL		170			9,178
Electronic Equipment and Instruments 0.4%
Jabil Circuit*		370			10,552
Food and Staples Retailing 2.2%
Kroger*		740			11,862
Sysco		200			7,160
Wal-Mart Stores		730			36,580
					55,602
Food Products 0.5%
Dean Foods*		380			13,034
Health Care Equipment and Supplies 0.8%
Boston Scientific*		290			8,494
Medtronic		230			11,719
					20,213
Health Care Providers and Services 0.4%
WellPoint*		80			10,028
Hotels, Restaurants and Leisure 0.8%
Applebee's International		340			9,362
Marriott International (Class A)		150			10,029
					19,391
Household Products 1.0%
Colgate-Palmolive		270			14,086
Procter & Gamble		230			12,190
					26,276
Index Derivatives 0.5%
iShares DJ Select Dividend Index Fund		220			13,189
Industrial Conglomerates 3.7%
General Electric		1,820			65,629
Tyco International		860			29,068
					94,697
Insurance 2.6%
American International Group		540			29,921
Hartford Financial Services Group		110			7,542
PartnerRe		110			7,106
Prudential Financial		360			20,664
					65,233
Internet and Catalog Retail 0.4%
eBay*		260			9,686
Internet Software and Services 0.7%
Ask Jeeves*		330			9,260
Yahoo!*		250			8,489
					17,749
Machinery 1.1%
Deere		140			9,398
Illinois Tool Works		220			19,697
					29,095
Media 3.7%
Clear Channel Communications*		680			23,440
Comcast (Class A)*		400			13,488
News Corp. (Class B)		530			8,968
Time Warner*		1,450			25,447
Tribune		230			9,170
Univision Communications (Class A)*		480			13,291
					93,804
Metals and Mining 1.2%
Alcoa		670			20,361
Freeport-McMoRan Copper & Gold (Class B)		240			9,506
					29,867
Multi-Line Retail 0.5%
May Department Stores		350			12,957
Multi-Utilities and Unregulated Power 0.3%
Duke Energy		310			8,683
Oil and Gas 2.5%
BP (ADR)		160			9,984
Exxon Mobil		904			53,878
					63,862
Paper and Forest Products 0.4%
Weyerhaeuser		140			9,590
Personal Products 0.3%
Gillette		150			7,572
Pharmaceuticals 6.1%
Andrx*		770			17,464
Forest Laboratories*		350			12,933
Johnson & Johnson		350			23,506
Eli Lilly		260			13,546
Merck		360			11,653
Novartis (ADR)		360			16,841
Pfizer		1,670			43,871
Wyeth		360			15,185
					154,999
Semiconductors and Semiconductor Equipment 2.0%
Applied Materials*		520			8,453
Broadcom (Class A)*		280			8,399
Intel		1,420			32,987
					49,839
Software 3.7%
Computer Associates International		570			15,447
Microsoft		2,050			49,538
Novell*		2,100			12,506
Oracle*		370			4,616
Symantec*		620			13,243
					95,350
Specialty Retail 1.2%
Advance Auto Parts*		150			7,567
The Gap		500			10,920
Michaels Stores		300			10,890
					29,377
Systems Software 0.3%
Check Point Software Technologies*		350			7,603
Telecommunication Services 0.5%
Sprint (FON Group)		550			12,512
Thrifts and Mortgage Finance 0.9%
Fannie Mae		280			15,246
Freddie Mac		140			8,848
					24,094
Tobacco 1.6%
Altria Group		620			40,542
Wireless Telecommunication Services 1.2%
American Tower (Class A)*		480			8,750
Crown Castle International*		1,380			22,163
					30,913
Total Common Stocks					1,627,698
Corporate Bonds 17.3%
Beverages 0.4%
PepsiAmericas 4.875%, 1/15/2015	$	10,000			9,807
Capital Markets 1.4%
Goldman Sachs Capital 6.345%, 2/15/2034		10,000			10,283
Goldman Sachs Group 5%, 10/1/2014		10,000			9,709
Lehman Brothers Holdings 3.021%, 11/10/2009		10,000			10,036
Morgan Stanley 6.6%, 4/1/2012		5,000			5,466
					35,494
Commercial Banks 2.0%
Bank One 5.9%, 11/15/2011		15,000			15,762
Fifth Third Bancorp 4.5%, 6/1/2018		10,000			9,221
Key Bank 5.7%, 8/15/2012		10,000			10,446
Wells Fargo 3%, 3/10/2008		15,000			15,001
					50,430
Construction and Engineering 0.3%
Pulte Homes 6%, 2/15/2035		10,000			9,106
Consumer Finance 2.5%
General Electric Capital 3.27%, 9/15/2014		20,000			20,183
General Motors Acceptance 3.56%, 1/16/2007		25,000			23,967
SLM:
4%, 1/15/2009		10,000			9,791
4.536%, 2/1/2010		10,000			9,860
					63,801
Diversified Financial Services 1.2%
CIT Group 5%, 2/13/2014		10,000			9,845
Citigroup:
3.1%, 6/9/2009		10,000			10,027
5.875%, 2/22/2033		10,000			10,151
					30,023
Diversified Telecommunication Services 0.8%
BellSouth:
2.415%, 11/15/2007		5,000			5,006
6%, 11/15/2034		5,000			4,992
SBC Communications 5.1%, 9/15/2014		10,000			9,765
					19,763
Electric Utilities 0.8%
Entergy Arkansas 5.66%, 2/1/2025		20,000			19,892
Energy Equipment and Services 0.5%
Halliburton 8.75%, 2/15/2021		10,000			13,152
Food and Staples Retailing 0.8%
Safeway 5.625%, 8/15/2014		20,000			20,071
Health Care Providers and Services 0.4%
UnitedHealth Group 3.3%, 1/30/2008		10,000			9,709
Household Durables 0.4%
Fortune Brands 2.875%, 12/1/2006		10,000			9,821
Media 0.7%
Cox Communications 4.625%, 1/15/2010†		5,000			4,864
Time Warner:
9.15%, 2/1/2023		5,000			6,589
7.625%, 4/15/2031		5,000			5,892
					17,345
Multi-Utilities and Unregulated Power 2.2%
Alabama Power 3.063%, 8/25/2009		10,000			10,015
Carolina Power & Light 5.95%, 3/1/2009		15,000			15,672
Duke Energy 5.3%, 3/1/2009		10,000			10,087
Public Service Electric and Gas 5%, 8/15/2014		15,000			14,887
Southern California Edison 5%, 1/15/2016		5,000			4,914
					55,575
Oil and Gas 1.0%
Murphy Oil 6.375%, 5/1/2012		15,000			16,318
Valero Energy 6.875%, 4/15/2012		10,000			11,115
					27,433
Pharmaceuticals and Biotechnology 0.4%
Amgen 4%, 11/18/2009		10,000			9,750
Thrifts and Mortgage Finance 0.7%
Countrywide Home Loans 3.05%, 11/16/2007		10,000			10,014
Washington Mutual 4.2%, 1/15/2010		10,000			9,742
					19,756
Wireless Telecommunication Services 0.8%
Verizon Global Funding 7.75%, 12/1/2030		5,000			6,062
Verizon Wireless Capital 5.375%, 12/15/2006		15,000			15,287
					21,349
Total Corporate Bonds					442,277
US Government and Government Agency Securities 12.6%
US Government Securities 1.7%
US Treasury Bonds 5.375%, 2/15/2031		35,000			38,157
US Treasury Notes 4%, 2/15/2015		5,000			4,805
					42,962
Mortgage-Backed Securities††ø 1.6%
Federal Home Loan Mortgage ("Freddie Mac") Gold:
4.5%, 11/1/2007		1,576			1,583
5.5%, 6/1/2018		5,218			5,333
8%, 12/1/2023		3,163			3,422
6.5%, 2/1/2033		4,975			5,173
Federal National Mortgage Association ("Fannie Mae"):
7%, 2/1/2012		971			1,005
8.5%, 9/1/2015		1,414			1,518
7%, 1/1/2032		3,495			3,688
6%, 11/1/2034		17,946			18,354
					40,076
Agency Securities††ø 9.3%
Fannie Mae:
2.5%, 7/16/2007		25,000			24,149
3.8%, 1/18/2008		50,000			49,355
5%, 4/6/2010		65,000			65,284
5%, 3/2/2015		35,000			34,612
Freddie Mac:
4.72%, 5/19/2009		15,000			15,030
4.375%, 3/1/2010		25,000			24,703
5.2%, 3/5/2019		25,000			24,730
					237,863
Total US Government And Government Agency Securities					320,901
Put Options Purchased
Oil and Gas
Exxon Mobil, expiring July 2005 at $55*		200	shs.		220
Exxon Mobil, expiring July 2005 at $60*		200			600
Total Put Options Purchased					820
Short-Term Holdings 5.7%
Repurchase Agreement 4.3%
State Street Bank & Trust 2.40%, dated 3/31/2005, maturing 4/1/2005, in the amount of $110,007, collateralized by: $115,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $113,562	$	110,000			110,000
Agency Securitiesø 1.4%
Federal Farm Credit 0.10%, 4/7/2005		35,000			34,985
Total Short-Term Holdings					144,985
Total Investments 99.4%					2,536,681
Call Options Written
Exxon Mobil, expiring July 2005 at $65*		(200)	shs.		(230	)
Exxon Mobil, expiring July 2005 at $70*		(200)			(90	)
Total Call Options Written					(320	)
Other Assets Less Other Liabilities 0.6%					14,713
Net Assets 100.0%				$	2,551,074

_______________

See accompanying notes.

Seligman International Growth Portfolio

	Shares		Value
Common Stocks 97.0%
Australia 0.6%
Macquarie Airports (Transportation Infrastructure)	8,203	$	20,703
Belgium 1.7%
SES Global (FDR) (Media)	4,758		61,030
Canada 8.5%
Canadian National Railway (Road and Rail)	602		37,997
Canadian Pacific Railway (Road and Rail)	1,100		39,784
Inco* (Metals and Mining)	1,600		63,680
Petro-Canada (Oil and Gas)	1,451		84,266
RONA* (Specialty Retail)	1,200		23,461
SNC-Lavalin Group (Construction and Engineering)	427		24,671
Talisman Energy (Oil and Gas)	908		31,069
			304,928
Finland 1.7%
Nokia (ADR) (Communications Equipment)	4,000		61,720
France 15.4%
AXA (Insurance)	1,919		51,202
Club Mediterranee* (Hotels, Restaurants and Leisure)	471		23,389
Dassault Systemes* (Software)	356		16,770
Essilor International (Health Care Equipment and Supplies)	600		43,372
European Aeronautic Defence and Space (Aerospace and Defense)	3,482		104,088
France Telecom (Diversified Telecommunication Services)	1,215		36,337
Groupe Danone (Food Products)	704		70,042
Hermes International (Textiles, Apparel and Luxury Goods)	11		2,215
Pernod Ricard (Beverages)	300		41,892
Total (Oil and Gas)	200		46,880
Unibail (Real Estate)	500		59,334
Vivendi Universal (Media)	1,900		58,200
			553,721
Germany 3.0%
Bayerische Hypo-und Vereinsbank* (Commercial Banks)	3,292		80,546
SAP (Software)	176		28,356
			108,902
Greece 0.7%
EFG Eurobank Ergasias (Commercial Banks)	810		25,082
Hong Kong 3.0%
CNOOC (Oil and Gas)	48,000		26,200
Esprit Holdings (Specialty Retail)	12,000		81,859
			108,059
India 1.6%
Infosys Technologies (ADR) (IT Services)	800		59,076
Ireland 0.6%
Ryanair Holdings* (Airlines)	500		21,883
Italy 4.3%
Banca Intesa (Commercial Banks)	3,623		18,412
Eni (Oil and Gas)	2,933		76,290
Mediaset (Media)	2,536		36,493
Saipem (Energy Equipment and Services)	1,832		23,229
			154,424
Japan 13.7%
Bank of Yokohama (Commercial Banks)	7,000		42,660
Eisai (Pharmaceuticals)	1,000		33,948
Fuji Photo Film (Leisure Equipment and Products)	1,000		36,568
Japan Tobacco (Tobacco)	6		66,591
Keyence (Electronic Equipment and Instruments)	200		46,291
Minebea (Machinery)	5,000		21,437
Mitsubishi Tokyo Financial Group (Commercial Banks)	8		69,297
Nippon Electric Glass (Electronic Equipment and Instruments)	1,000		14,392
Sekisui House (Household Durables)	2,000		21,334
Suzuki Motor (Automobiles)	2,000		35,777
Takefuji (Consumer Finance)	590		39,676
Terumo (Health Care Equipment and Supplies)	800		24,086
Trend Micro (Software)	1,000		42,853
			494,910
Mexico 1.3%
Grupo Televisa (ADR) (Media)	800		47,040
Netherlands 6.8%
Ahold* (Food and Staples Retailing)	12,700		106,352
ASML Holding (NY shares)* (Semiconductors and Semiconductor Equipment)	2,482		41,635
Koninklijke (Royal) Philips Electronics* (Household Durables)	641		17,655
Numico* (Food Products)	1,900		77,742
			243,384
Russia 0.6%
Gazprom (ADR)† (Energy Equipment and Services)	600		20,223
South Korea 1.8%
L.G. Philips LCD* (Electronic Equipment and Instruments)	1,100		47,689
Samsung Electronics* (Semiconductors and Semiconductor Equipment)	37		18,260
			65,949
Spain 1.7%
Banco Bilbao Vizcaya Argentaria (Commercial Banks)	3,700		60,240
Sweden 0.9%
Telefonaktiebolaget LM Ericsson (B shares)* (Communications Equipment)	12,000		33,777
Switzerland 8.2%
Adecco (Commercial Services and Supplies)	320		17,571
Credit Suisse Group (Commercial Banks)	1,256		53,929
Kuehne & Nagel International* (Marine)	180		38,855
Roche Holding (Pharmaceuticals)	439		47,064
The Swatch Group (Textiles, Apparel and Luxury Goods)	2,044		57,002
UBS* (Capital Markets)	620		52,368
Zurich Financial Services (Insurance)	159		27,908
			294,697
Taiwan 4.7%
AU Optronics (ADR) (Electronic Equipment and Instruments)	6,000		87,960
Chi Mei Optoelectronics (Electronic Equipment and Instruments)	26,000		38,104
Taiwan Semiconductor Manufacturing (ADR) (Semiconductors and Semiconductor Equipment)	5,300		44,944
			171,008
United Kingdom 16.2%
AstraZeneca (Pharmaceuticals)	2,144		84,600
BHP Billiton (Metals and Mining)	1,096		14,713
Capita Group (Commercial Services and Supplies)	10,123		71,872
The Carphone Warehouse Group (Specialty Retail)	23,970		73,315
EMI Group (Media)	25,113		112,049
GUS (Internet and Catalog Retail)	4,415		76,027
Imperial Tobacco Group (Tobacco)	2,480		65,042
Royal Bank of Scotland Group (ADR)* (Commercial Banks)	576		18,348
Vodafone Group (Wireless Telecommunication Services)	25,500		67,755
			583,721
Total Investments 97.0%			3,494,477
Other Assets Less Liabilities 3.0%			107,801
Net Assets 100.0%		$	3,602,278

_______________

See accompanying notes.

Seligman Investment Grade Fixed Income Portfolio

		Principal Amount		Value
US Government and Government Agency Securities 58.3%
US Government Securities 16.3%
US Treasury Bonds 5.375%, 2/15/2031	$	130,000	$	141,726
US Treasury Notes:
2.625%, 11/15/2006		40,000		39,333
4.25%, 11/15/2014		370,000		362,470
4%, 2/15/2015		25,000		24,027
				567,556
Agency Securitiesø 25.9%
Federal National Mortgage Association ("Fannie Mae"):
3.80%, 1/18/2008		120,000		118,451
5%, 4/6/2010		270,000		271,181
5%, 3/2/2015		130,000		128,558
Federal Home Loan Mortgage ("Freddie Mac") Gold:
4.72%, 5/19/2009		55,000		55,110
4.375%, 3/1/2010		100,000		98,812
4%, 10/15/2017		185,000		172,085
5.20%, 3/5/2019		60,000		59,352
				903,549
Mortgage-Backed Securities††ø 16.1%
Fannie Mae:
7%, 1/1/2008		16,190		16,767
7%, 2/1/2012		6,392		6,620
8.50%, 9/1/2015		5,892		6,325
6.50%, 5/1/2017		23,256		24,299
5.50%, 2/1/2018		48,132		49,120
7%, 1/1/2032		23,016		24,290
7%, 5/1/2032		56,805		59,945
6%, 11/1/2034		80,758		82,592
Freddie Mac Gold:
4.50%, 11/1/2007		99,270		99,736
6%, 11/1/2010		7,270		7,540
5.50%, 6/1/2018		34,367		35,123
8%, 12/1/2023		5,138		5,558
6%, 12/1/2032		121,251		124,296
6.50%, 2/1/2033		19,899		20,693
				562,904
Total US Government and Government Agency Securities				2,034,009
Corporate Bonds 34.1%
Beverages 0.6%
PepsiAmericas 4.875%, 1/15/2015		20,000		19,615
Capital Markets 2.6%
Goldman Sachs Capital 6.345%, 2/15/2034		20,000		20,566
Goldman Sachs Group 5%, 10/1/2014		20,000		19,419
Lehman Brothers Holdings 3.021%, 11/10/2009		25,000		25,089
Morgan Stanley 6.6%, 4/1/2012		25,000		27,328
				92,402
Commercial Banks 3.5%
Bank One 5.9%, 11/15/2011		40,000		42,031
Fifth Third Bancorp 4.5%, 6/1/2018		15,000		13,831
Key Bank 5.7%, 8/15/2012		25,000		26,116
Wells Fargo 3%, 3/10/2008		40,000		40,001
				121,979
Construction and Engineering 0.9%
Pulte Homes 6%, 2/15/2035		35,000		31,871
Consumer Finance 5.2%
Ford Motor Credit 7%, 10/1/2013		5,000		4,851
General Electric Capital 2.75%, 9/15/2014		55,000		55,503
General Motors Acceptance 3.56%, 1/16/2007		55,000		52,727
SLM:
4%, 1/15/2009		50,000		48,953
4.536%, 2/1/2010		20,000		19,721
				181,755
Diversified Financial Services 2.3%
CIT Group 5%, 2/13/2014		40,000		39,381
Citigroup:
3.1%, 6/9/2009		25,000		25,068
5.875%, 2/22/2033		15,000		15,226
				79,675
Diversified Telecommunication Services 1.3%
BellSouth:
2.919%, 11/15/2007		15,000		15,019
6%, 11/15/2034		5,000		4,992
SBC Communications 5.1%, 9/15/2014		25,000		24,412
				44,423
Electric Utilities 1.1%
Entergy Arkansas 5.66%, 2/1/2025		40,000		39,783
Energy Equipment and Services 0.7%
Halliburton 8.75%, 2/15/2021		20,000		26,305
Food and Staples Retailing 1.3%
Safeway 5.625%, 8/15/2014		45,000		45,159
Health Care Providers and Services 1.2%
UnitedHealth Group 3.3%, 1/30/2008		45,000		43,689
Household Durables 1.1%
Fortune Brands 2.875%, 12/1/2006		40,000		39,285
Media 2.3%
Cox Communications 4.625%, 1/15/2010†		15,000		14,591
Time Warner:
9.15%, 2/1/2023		40,000		52,714
7.625%, 4/15/2031		10,000		11,784
				79,089
Multi-Utilities and Unregulated Power 4.1%
Alabama Power 3.063%, 8/25/2009		25,000		25,037
Carolina Power & Light 5.95%, 3/1/2009		40,000		41,791
Duke Energy 5.3%, 3/1/2009		25,000		25,218
Public Service Electric and Gas 5%, 8/15/2014		40,000		39,700
Southern California Edison 5%, 1/15/2016		10,000		9,827
				141,573
Oil and Gas 2.0%
Murphy Oil 6.375%, 5/1/2012		50,000		54,394
Valero Energy 6.875%, 4/15/2012		15,000		16,673
				71,067
Pharmaceuticals and Biotechnology 0.6%
Amgen 4%, 11/18/2009		20,000		19,501
Thrifts and Mortgage Finance 1.3%
Countrywide Home Loans 3.05%, 11/16/2007		20,000		20,029
Washington Mutual 4.2%, 1/15/2010		25,000		24,355
				44,384
Wireless Telecommunication Services 2.0%
Verizon Global Funding 7.75%, 12/1/2030		10,000		12,123
Verizon Wireless Capital 5.375%, 12/15/2006		55,000		56,054
				68,177
Total Corporate Bonds				1,189,732
Asset-Backed Securities†† 3.0%
Electric Utilities 3.0%
Peco Energy Transition Trust 6.05%, 3/1/2009		100,000		102,611
Short-Term Holdings 2.9%
Repurchase Agreement 2.6%
State Street Bank & Trust 2.40% dated 3/31/2005, maturing 4/1/2005, in the amount of $91,006, collateralized by: $95,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $93,813		91,000		91,000
Agency Securitiesø 0.3%
Federal Farm Credit 0.10%, 4/7/2005		10,000		9,996
Total Short-Term Holdings				100,996
Total Investments 98.3%				3,427,348
Other Assets Less Liabilities 1.7%				60,421
Net Assets 100.0%			$	3,487,769

_______________

See accompanying notes.

Seligman Large-Cap Growth Portfolio

	Shares, Warrants or Principal Amount			Value
Common Stocks 97.6%
Aerospace and Defense 2.7%
Boeing		1000	shs.	$	58,460
Airlines 0.5%
Southwest Airlines		800			11,392
Automobiles 0.7%
Harley-Davidson		250			14,440
Beverages 3.7%
Coca-Cola		1,000			41,670
PepsiCo		700			37,121
					78,791
Biotechnology 5.5%
Amgen*		800			46,536
Celgene*		300			10,214
Chiron*		300			10,521
Genentech*		500			28,305
Genzyme*		200			11,451
Gilead Sciences*		300			10,738
					117,765
Commercial Services and Supplies 1.6%
Cendant		700			14,378
Waste Management		700			20,195
					34,573
Communications Equipment 4.4%
Cisco Systems*		2,700			48,370
Corning*		2,000			22,260
QUALCOMM		600			21,981
					92,611
Computers and Peripherals 3.3%
Dell*		500			19,213
EMC*		1,200			14,784
International Business Machines		400			36,552
					70,549
Construction and Engineering 1.0%
Fluor		400			22,172
Consumer Finance 0.5%
American Express		200			10,274
Energy Equipment and Services 2.9%
Halliburton		600			25,950
Schlumberger		500			35,240
					61,190
Food and Staples Retailing 0.9%
Wal-Mart Stores		400			20,044
Health Care Equipment and Supplies 5.1%
C.R. Bard		500			34,040
Baxter International		600			20,388
Boston Scientific*		300			8,787
Medtronic		600			30,570
Zimmer Holdings*		200			15,562
					109,347
Health Care Providers and Services 5.2%
Cardinal Health		400			22,320
Express Scripts*		100			8,718
HCA		500			26,785
PacifiCare Health Systems*		200			11,384
Quest Diagnostics		100			10,513
UnitedHealth Group		200			19,076
WellPoint*		100			12,535
					111,331
Hotels, Restaurants and Leisure 5.0%
Hilton Hotels		2,300			51,405
McDonald's		1,000			31,140
Wendy's International		600			23,424
					105,969
Household Durables 1.7%
Sony (ADR)		900			36,018
Household Products 4.3%
Kimberly-Clark		500			32,865
Procter & Gamble		1,100			58,300
					91,165
Industrial Conglomerates 7.0%
3M		300			25,707
General Electric		2,750			99,165
Tyco International		700			23,660
					148,532
Insurance 3.1%
AFLAC		1,000			37,260
American International Group		500			27,705
					64,965
Internet and Catalog Retail 1.2%
eBay*		700			26,078
Internet Software and Services 0.5%
Yahoo!*		300			10,187
Machinery 2.2%
Caterpillar		500			45,720
Media 3.7%
Comcast (Class A)*		1,000			33,720
Time Warner*		2,600			45,630
					79,350
Multi-Line Retail 1.4%
Target		600			30,012
Pharmaceuticals 15.4%
Abbott Laboratories		900			41,958
Johnson & Johnson		1,400			94,024
Eli Lilly		400			20,840
Merck		400			12,948
Pfizer		3,430			90,106
Sanofi-Aventis (ADR)		300			12,702
Schering-Plough		1,200			21,780
Wyeth		800			33,744
					328,102
Semiconductors and Semiconductor Equipment 4.8%
Intel		2,900			67,367
Texas Instruments		1,400			35,686
					103,053
Software 3.6%
Computer Associates International		510			13,821
Microsoft		2,600			62,829
					76,650
Specialty Retail 2.9%
Bed Bath & Beyond*		1,100			40,216
The Gap		1,000			21,840
					62,056
Thrifts and Mortgage Finance 1.3%
Fannie Mae		500			27,225
Tobacco 1.5%
Altria Group		500			32,695
Total Common Stocks					2,080,716
Warrants
Communications Equipment
Lucent Technologies* (exercise price of $2.75, expiring 12/10/2007)		1,147	wts.		774
Repurchase Agreement 3.8%
State Street Bank & Trust 2.40% dated 3/31/2005, maturing 4/1/2005, in the amount of $82,005 collateralized by: $90,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $88,875	$	82,000			82,000
Total Investments 101.4%					2,163,490
Other Assets Less Liabilities (1.4)%					(30,900	)
Net Assets 100.0%				$	2,132,590

_______________

See accompanying notes.

Seligman Large-Cap Value Portfolio

		Shares or Principal Amount			Value
Common Stocks 98.3%
Aerospace and Defense 6.1%
Honeywell International		4,000.	shs.	$	148,840
United Technologies		1,800			182,988
					331,828
Capital Markets 2.7%
The Bank of New York		5,000			145,250
Chemicals 6.9%
Dow Chemical		3,800			189,430
Praxair		3,800			181,868
					371,298
Commercial Banks 6.5%
Bank of America		4,000			176,400
U.S. Bancorp		6,000			172,920
					349,320
Communications Equipment 2.5%
Cisco Systems*		7,700			137,945
Computers and Peripherals 3.0%
International Business Machines		1,800			164,484
Diversified Financial Services 2.9%
J.P. Morgan Chase		4,500			155,700
Food and Staples Retailing 2.9%
Costco Wholesale		3,500			154,893
Health Care Equipment and Supplies 5.3%
Baxter International		4,000			135,920
Medtronic		3,000			152,850
					288,770
Health Care Providers and Services 3.9%
HCA		3,900			208,923
Industrial Conglomerates 2.7%
General Electric		4,000			144,240
Insurance 11.4%
Allstate		3,500			189,210
Prudential Financial		2,500			143,500
The St. Paul Travelers Companies		4,200			154,266
UNUMProvident		7,800			132,756
					619,732
Machinery 3.0%
Caterpillar		1,800			164,592
Multi-Line Retail 3.8%
J.C. Penney		4,000			207,680
Multi-Utilities and Unregulated Power 3.9%
AES		13,000			212,940
Oil and Gas 8.0%
ChevronTexaco		3,000			174,930
Valero Energy		3,500			256,445
					431,375
Paper and Forest Products 3.3%
Georgia-Pacific		5,000			177,450
Personal Products 1.6%
Avon Products		2,000			85,880
Pharmaceuticals 3.0%
Wyeth		3,900			164,502
Road and Rail 5.6%
CSX		4,000			166,600
Union Pacific		2,000			139,400
					306,000
Specialty Retail 2.0%
The Gap		5,000			109,200
Thrifts and Mortgage Finance 3.7%
Fannie Mae		1,100			59,895
Washington Mutual		3,500			138,250
					198,145
Tobacco 3.6%
Altria Group		3,000			196,170
Total Common Stocks					5,326,317
Repurchase Agreement 1.9%
State Street Bank & Trust 2.40% dated 3/31/2005, maturing 4/1/2005, in the amount of $103,007 collateralized by: $110,000 US Treasury Notes 3.625%, 7/15/2006 with a fair market value of $108,625	$	103,000			103,000
Total Investments 100.2%					5,429,317
Other Assets Less Liabilities (0.2)%					(12,799	)
Net Assets 100.0%				$	5,416,518

_______________

See accompanying notes.

Seligman Smaller-Cap Value Portfolio

	Shares		Value
Common Stocks 99.9%
Aerospace and Defense 2.1%
Cubic	300,000	$	5,682,000
Airlines 2.6%
Continental Airlines*	600,000		7,224,000
Beverages 1.5%
Constellation Brands (Class A)*	80,000		4,229,600
Biotechnology 3.5%
Enzon Pharmaceuticals*	400,000		4,062,000
Pharmacopeia Drug Discovery*	80,500		404,915
Protein Design Labs*	320,000		5,105,600
			9,572,515
Building Products 2.7%
York International	190,000		7,444,200
Chemicals 13.1%
Cabot	160,000		5,348,800
Crompton	450,000		6,570,000
Hercules*	450,000		6,520,500
Lyondell Chemical	150,000		4,188,000
Minerals Technologies	110,000		7,235,800
NOVA Chemicals	150,000		6,442,500
			36,305,600
Commercial Services and Supplies 9.9%
Brink's	190,000		6,574,000
Korn/Ferry International	375,000		7,136,250
Sotheby's Holdings (Class A)*	450,000		7,632,000
Waste Connections*	170,000		5,907,500
			27,249,750
Communications Equipment 4.5%
Extreme Networks*	1,100,000		6,473,500
Plantronics	160,000		6,092,800
			12,566,300
Computers and Peripherals 2.4%
Brocade Communications Systems*	1,120,000		6,624,800
Containers and Packaging 0.8%
Smurfit-Stone Container*	150,000		2,319,750
Electrical Equipment 1.5%
EnerSys	306,100		4,009,910
Electronic Equipment and Instruments 2.4%
Trimble Navigation*	200,000		6,741,000
Energy Equipment and Services 4.6%
Hanover Compressor*	450,000		5,431,500
Universal Compression Holdings*	190,000		7,195,300
			12,626,800
Food Products 1.9%
Bunge	100,000		5,388,000
Health Care Providers and Services 2.6%
Apria Healthcare Group*	220,000		7,062,000
Hotels, Restaurants and Leisure 3.7%
Ruby Tuesday	250,000		6,072,500
Williams Industries	150,000		4,224,000
			10,296,500
Household Durables 1.8%
Harman International Industries	55,000		4,865,300
Insurance 6.2%
Allmerica Financial*	200,000		7,190,000
Max Re Capital	63,800		1,497,386
Montpelier Re Holdings	110,000		3,866,500
W.R. Berkley	90,000		4,464,000
			17,017,886
IT Services 1.3%
Carreker*	650,000		3,656,250
Machinery 6.9%
Mueller Industries	200,000		5,630,000
Stewart & Stevenson Services	375,000		8,583,750
Terex*	112,000		4,849,600
			19,063,350
Media 1.3%
Cadmus Communications	257,450		3,627,471
Metals and Mining 2.3%
Peabody Energy	140,000		6,490,400
Multi-Line Retail 2.0%
Fred's	320,000		5,492,800
Paper and Forest Products 0.8%
Bowater	60,000		2,260,200
Pharmaceuticals 2.5%
Andrx*	300,000		6,804,000
Road and Rail 2.1%
J.B. Hunt Transport Services	130,000		5,689,450
Semiconductors and Semiconductor Equipment 3.5%
Credence Systems*	700,000		5,582,500
Skyworks Solutions	626,000		3,978,230
			9,560,730
Software 2.2%
Mentor Graphics	440,000		6,025,800
Specialty Retail 4.8%
Blockbuster (Class A)	520,000		4,591,600
Finish Line (Class A)	370,000		8,558,100
			13,149,700
Thrifts and Mortgage Finance 2.4%
Commercial Federal	240,000		6,636,000
Total Investments 99.9%			275,682,062
Other Assets Less Liabilities 0.1%			378,814
Net Assets 100.0%		$	276,060,876

_____________

*	Non-income producing security.
**	Deferred-interest debentures pay no interest for a stipulated number of years, after which they pay the indicated coupon rate.
†	The security may be offered and sold only to “qualified institutional buyers” under Rule 144A of the Securities Act of 1933.
††	Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments.
ø	Securities issued by these agencies are neither guaranteed nor insured by the US Government.
ADR - American Depositary Receipts.
FDR - Fiduciary Depositary Receipts.
(1)	All shares are subject to call.
(2)	2,800 shares are subject to call.
(3)	400 shares are subject to call.
See accompanying notes.

Seligman Portfolios, Inc.

Notes to Schedules of Investments (unaudited)

March 31, 2005

1.   Organization - Seligman Portfolios, Inc. (the “Fund”) consists of 15 separate portfolios (the “Portfolios”): Seligman Capital Portfolio (“Capital Portfolio”), Seligman Cash Management Portfolio (“Cash Management Portfolio”), Seligman Common Stock Portfolio (“Common Stock Portfolio”), Seligman Communications and Information Portfolio (“Communications and Information Portfolio”), Seligman Frontier Portfolio (“Frontier Portfolio”), Seligman Global Growth Portfolio (“Global Growth Portfolio”), Seligman Global Smaller Companies Portfolio (“Global Smaller Companies Portfolio”), Seligman Global Technology Portfolio (“Global Technology Portfolio”), Seligman High-Yield Bond Portfolio (“High-Yield Bond Portfolio”), Seligman Income and Growth Portfolio (“Income and Growth Portfolio”), Seligman International Growth Portfolio (“International Growth Portfolio”), Seligman Investment Grade Fixed Income Portfolio (“Investment Grade Portfolio”), Seligman Large-Cap Growth Portfolio (“Large-Cap Growth Portfolio”), Seligman Large-Cap Value Portfolio (“Large-Cap Value Portfolio”), and Seligman Smaller-Cap Value Portfolio (“Smaller-Cap Value Portfolio”).  

2.   Security Valuation - Net asset value per share is calculated at the close of business of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time. Securities (including options) 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 Fund’s investment adviser, based on quotations provided by primary market makers in such securities. Notwithstanding these valuation methods, certain Portfolios may adjust the value of securities as described below in order to reflect the fair value of such securities.

Many securities markets and exchanges outside the United States (“US”) close prior to the close of the NYSE, and therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after the local market close but before the close of the NYSE. The Board of Directors (the “Board”) has authorized the use of a third-party service on a regular basis to recommend adjustments to the local closing prices of certain foreign equity securities. 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 event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts and extreme market volatility in the US markets.

The books and records of each Portfolio are maintained in US dollars. The market value of investment securities, other assets, and liabilities denominated in foreign currencies are translated into US dollars at the daily rate of exchange as reported by a pricing service.

Short-term holdings that mature in more than 60 days are valued at current market quotations. Short-term holdings maturing in 60 days or less are valued at amortized cost.

Investments held by the Cash Management Portfolio are generally valued using the amortized cost method that approximates fair value. Investments of certain other funds in the Seligman Group of Investment Companies purchased to offset the Cash Management Portfolio’s liability for deferred directors’ fees are valued at net asset values.

3.   At March 31, 2005, the cost of investments for federal income tax purposes, and the tax basis gross and net unrealized appreciation and depreciation of portfolio securities, including the effects of purchased options and foreign currency translations, were as follows:

Portfolio		Tax Basis Cost		Total Unrealized Appreciation		Total Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Capital Portfolio	$	13,036,953	$	1,667,970	$	318,746	$	1,349,224
Common Stock Portfolio		9,634,081		1,162,681		649,309		513,372
Communications and Information Portfolio		65,986,229		3,387,440		6,914,144		(3,526,704	)
Frontier Portfolio		5,079,808		933,194		262,498		670,696
Global Growth Portfolio		1,959,572		101,317		51,491		49,826
Global Smaller Companies Portfolio		4,955,629		911,071		348,813		562,258
Global Technology Portfolio		8,391,448		501,653		563,865		(62,212	)
High-Yield Bond Portfolio		4,645,277		242,633		23,608		219,025
Income and Growth Portfolio		2,444,726		169,636		77,681		91,955
International Growth Portfolio		3,263,753		293,262		62,538		230,724
Investment Grade Portfolio		3,461,001		13,001		46,654		(33,653	)
Large-Cap Growth Portfolio		2,123,630		164,733		124,873		39,860
Large-Cap Value Portfolio		4,292,353		1,374,606		237,642		1,136,964
Smaller-Cap Value Portfolio		230,256,050		65,818,981		20,392,969		45,426,012

4. Liquidating Portfolios - 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 was sent by the sponsoring insurance company to contract owners who beneficially own the Redeeming Portfolios. 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 Fund. Amounts not allocated to another Portfolio by the Redemption Date will automatically be allocated to the Fund’s Cash Management Portfolio or, for certain accounts investing in the Frontier Portfolio, another money market portfolio.

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

SELIGMAN PORTFOLIOS, INC.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer
Date:	May 25, 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 in the capacities and on the dates indicated.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer
Date:	May 25, 2005

By:	/S/ LAWRENCE P. VOGEL
	Lawrence P. Vogel
	Vice President, Treasurer and Chief Financial Officer
Date:	May 25, 2005

SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

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

Exhibit (a)

CERTIFICATIONS

I, Brian T. Zino, certify that:

1.   I have reviewed this report on Form N-Q of Seligman Portfolios, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedule of investments included in this report, fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant's other certifying officer and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)   All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 25, 2005

/S/ BRIAN T. ZINO

Brian T. Zino

Principal Executive Officer

CERTIFICATIONS

I, Lawrence P. Vogel, certify that:

1.   I have reviewed this report on Form N-Q of Seligman Portfolios, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedule of investments included in this report, fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant's other certifying officer and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)   All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 25, 2005

/s/ LAWRENCE P. VOGEL

Lawrence P. Vogel

Principal Financial Officer