N-Q 1 body_26107.htm 26107_BODY 26107_body
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: 3/31/07


FORM N-Q

ITEM 1.
SCHEDULE OF INVESTMENTS.

Seligman Portfolios, Inc.           
Schedules of Investments (Unaudited)
          
March 31, 2007
          
           
Seligman Capital Portfolio
          
   
Shares
  
Value
  
Common Stocks 98.1%
          
Aerospace and Defense 4.5%
          
Goodrich
    
3,500
  
$
180,180
  
Precision Castparts
    
2,100
    
218,505
  
Spirit Aerosystems Holdings (Class A)*
    
2,600
    
82,810
  
           
481,495
  
Biotechnology 5.5%
              
BioMarin Pharmaceutical*
    
2,700
    
46,602
  
Celgene*
    
3,000
    
157,380
  
Cephalon*
    
1,500
    
106,815
  
Cepheid*
    
9,800
    
116,424
  
Genzyme*
    
900
    
54,018
  
MedImmune*
    
3,150
    
114,629
  
           
595,868
  
Capital Markets 1.1%
              
E*TRADE Financial*
    
5,800
    
123,076
  
               
Commercial Services and Supplies 0.6%
              
eTelecare Global Solutions (ADR)*
    
4,500
    
68,175
  
               
Communications Equipment 4.7%
              
Comverse Technology*
    
12,400
    
265,670
  
OpNext*
    
6,900
    
102,051
  
Research In Motion*
    
1,000
    
136,490
  
           
504,211
  
Computers and Peripherals 3.3%
              
Brocade Communications Systems*
    
8,200
    
78,064
  
Palm*
    
6,000
    
108,780
  
Seagate Technology
    
7,200
    
167,760
  
           
354,604
  
Diversified Consumer Services 1.5%
              
Apollo Group (Class A)*
    
3,600
    
158,040
  
               
Diversified Financial Services 0.5%
              
Chicago Mercantile Exchange Holdings (Class A)
    
100
    
53,246
  
               
Diversified Telecommunication Services 1.5%
              
Time Warner Telecom (Class A)*
    
7,800
    
162,006
  
               
Electrical Equipment 1.8%
              
Thomas & Betts*
    
3,900
    
190,398
  
               
Electronic Equipment and Instruments 0.7%
              
Trimble Navigation*
    
3,000
    
80,520
  
               
Energy Equipment and Services 6.8%
              
BJ Services
    
6,700
    
186,930
  
Ensco International
    
2,900
    
157,760
  
Grant Prideco*
    
3,700
    
184,408
  
National Oilwell Varco*
    
1,900
    
147,801
  
Weatherford International*
    
1,200
    
54,120
  
           
731,019
  
Food and Staples Retailing 2.2%
              
Rite Aid*
    
40,300
    
232,531
  
               
Health Care Equipment and Supplies 5.2%
              
DENTSPLY International
    
5,100
    
167,025
  
Gen-Probe*
    
4,600
    
216,568
  
Hologic*
    
1,300
    
74,932
  
Northstar Neuroscience*
    
4,000
    
51,200
  
Respironics*
    
1,300
    
54,587
  
           
564,312
  
Health Care Providers and Services 4.4%
              
Coventry Health Care*
    
2,000
    
112,100
  
Henry Schein*
    
1,900
    
104,842
  
inVentiv Health*
    
1,400
    
53,606
  
Psychiatric Solutions*
    
1,900
    
76,589
  
Quest Diagnostics
    
2,600
    
129,662
  
           
476,799
  
Hotels, Restaurants and Leisure 6.6%
              
Hilton Hotels
    
3,000
    
107,880
  
Life Time Fitness*
    
1,600
    
82,256
  
Pinnacle Entertainment*
    
4,300
    
125,001
  
WMS Industries*
    
4,800
    
188,352
  
Wynn Resorts*
    
2,200
    
208,692
  
           
712,181
  
Industrial Conglomerates 1.9%
              
Textron
    
2,300
    
206,540
  
               
Internet and Catalog Retail 1.9%
              
NutriSystem*
    
3,900
    
204,399
  
               
Internet Software and Services 4.7%
              
Equinix*
    
1,600
    
137,008
  
SAVVIS*
    
5,900
    
282,492
  
VeriSign*
    
3,600
    
90,432
  
           
509,932
  
IT Services 2.6%
              
Amdocs*
    
2,400
    
87,552
  
Cognizant Technology Solutions (Class A)*
    
2,200
    
194,194
  
           
281,746
  
Life Sciences Tools and Services 1.1%
              
Waters*
    
2,000
    
116,000
  
               
Machinery 2.2%
              
AGCO*
    
2,700
    
99,819
  
ITT
    
2,200
    
132,704
  
           
232,523
  
Media 0.8%
              
Liberty Global (Class A)*
    
2,500
    
82,325
  
               
Metals and Mining 2.6%
              
Century Aluminum*
    
1,800
    
84,384
  
Freeport-McMoRan Copper & Gold (Class B)
    
2,900
    
191,951
  
           
276,335
  
Oil, Gas and Consumable Fuels 1.7%
              
Noble Energy
    
3,100
    
184,915
  
               
Pharmaceuticals 2.6%
              
Adams Respiratory Therapeutics*
    
1,300
    
43,719
  
Allergan
    
1,400
    
155,148
  
Shire (ADR)
    
1,300
    
80,470
  
           
279,337
  
Road and Rail 0.5%
              
CSX
    
1,300
    
52,065
  
               
Semiconductors and Semiconductor Equipment 5.4%
              
Broadcom (Class A)*
    
3,400
    
109,038
  
FormFactor*
    
3,300
    
147,675
  
Integrated Device Technology*
    
4,300
    
66,306
  
Intersil (Class A)*
    
6,500
    
172,185
  
KLA-Tencor
    
1,500
    
79,980
  
           
575,184
  
Software 3.4%
              
Business Objects (ADR)*
    
2,200
    
79,618
  
Electronic Arts*
    
2,200
    
110,792
  
salesforce.com*
    
4,000
    
171,280
  
           
361,690
  
Specialty Retail 7.1%
              
Coldwater Creek*
    
5,500
    
111,540
  
GameStop (Class A)*
    
7,000
    
227,990
  
OfficeMax
    
2,700
    
142,398
  
Urban Outfitters*
    
10,400
    
275,704
  
           
757,632
  
Textiles, Apparel and Luxury Goods 4.0%
              
Coach*
    
2,900
    
145,145
  
Iconix Brand Group*
    
14,000
    
285,600
  
           
430,745
  
Wireless Telecommunication Services 4.7%
              
American Tower (Class A)*
    
4,200
    
163,590
  
NII Holdings*
    
4,600
    
341,228
  
           
504,818
  
Total Investments 98.1%
          
10,544,667
  
               
Other Assets Less Liabilities 1.9%
          
199,416
  
               
Net Assets 100.0%
        
$
10,744,083
  
               


1

 

 
   
Annualized
Yield on
Purchase
Date
  
Principal
Amount
  
Value
  
U.S. Government and Government Agency Securities 62.3%
              
U.S. Government Securities 37.4%
              
US Treasury Bills:
              
5.03%, 4/5/2007
    
  5.10%
 
$
1,000,000
  
$
999,319
  
5.073%, 4/12/2007
    
5.14
    
1,000,000
    
998,348
  
5.22%, 4/19/2007
    
5.29
    
700,000
    
698,103
  
5.141%, 5/10/2007
    
5.21
    
1,000,000
    
994,442
  
5.051%, 5/17/2007
    
5.12
    
500,000
    
496,785
  
                 
4,186,997
  
Government Agency Securities 24.9%
                    
Federal Home Loan Bank 5.25%, 4/11/2007
    
5.32
    
1,000,000
    
998,436
  
Freddie Mac:
                    
5.252%, 4/23/2007
    
5.32
    
800,000
    
797,380
  
5.262%, 4/27/2007
    
5.34
    
1,000,000
    
996,153
  
                 
2,791,969
  
Total U.S. Government and Government Agency Securities
              
6,978,966
  
                     
Commercial Paper 15.5%
                    
AIG Funding 5.243%, 7/5/2007
    
5.32
    
570,000
    
562,157
  
American Express Credit 5.29%, 4/25/2007
    
5.36
    
590,000
    
587,861
  
General Electric Capital 5.288%, 7/27/2007
    
5.36
    
590,000
    
582,529
  
 
              
1,732,547
  
                     
Fixed Time Deposits 14.9%
                    
BNP Paribas, Grand Cayman, 5.32%, 4/3/2007
    
5.39
    
558,000
    
558,000
  
Citibank, Nassau 5.19%, 4/2/2007
    
5.26
    
558,000
    
558,000
  
Rabobank Nederland, Grand Cayman 5.23%, 4/2/2007
    
5.30
    
558,000
    
558,000
  
 
                
1,674,000
  
                     
Repurchase Agreement 7.5%
                    
State Street Bank 4.65%, dated 3/30/2007, maturing 4/2/2007, in the amount of $845,327, collateralized by: $870,000 US Treasury Notes 4.375%, 1/31/2008, with a fair value of $871,088
    
4.71
    
845,000
    
845,000
  
Total Investments 100.2%
              
11,230,513
  
                     
Other Assets Less Liabilities (0.2)%
                
(24,412
)
                     
Net Assets 100.0%
              
$
11,206,101
  

2
 
 
   
Shares, Warrants,
Shares
Subject to
Call/Put or
Principal Amount
  
Value
  
Common Stocks 87.4%
          
Aerospace and Defense 2.5%
              
Boeing
    
1,000
  shs.
$
88,910
  
General Dynamics
    
300
    
22,920
  
Honeywell International
    
1,600
    
73,696
  
         
185,526
  
Air Freight and Logistics 0.6%
              
FedEx
    
300
    
32,229
  
TNT (ADR)
    
200
    
9,210
  
         
41,439
  
Airlines 0.2%
              
JetBlue Airways*
    
1,500
    
17,265
  
               
Biotechnology 3.1%
              
Amgen*
    
1,200
    
67,056
  
Genentech*
    
700
    
57,484
  
MedImmune*
    
1,200
    
43,668
  
Pharmion*
    
2,343
    
61,597
  
         
229,805
  
Capital Markets 1.3%
              
Goldman Sachs Group
    
200
    
41,326
  
Merrill Lynch
    
700
    
57,169
  
         
98,495
  
Chemicals 0.7%
              
E. I. du Pont de Nemours
    
1,100
    
54,373
  
               
Commercial Banks 2.4%
              
Wachovia
    
3,140
    
172,857
  
               
Commercial Services and Supplies 1.0%
              
Waste Management
    
2,200
    
75,702
  
               
Communications Equipment 5.8%
              
Alcatel-Lucent (ADR)*
    
7,272
    
85,955
  
Alcatel-Lucent (exercise price of $2.75, expiring 12/17/2007)*
    
39,071
  wts.  
3,907
  
Cisco Systems*
    
1,470
  shs.  
37,529
  
Comverse Technology*
    
6,500
    
139,263
  
Motorola
    
4,300
    
75,981
  
QUALCOMM
    
1,800
    
76,788
  
         
419,423
  
Computers and Peripherals 4.4%
              
Apple*
    
500
    
46,455
  
Hewlett-Packard
    
1,600
    
64,224
  
International Business Machines
    
620
    
58,441
  
Palm*
    
3,500
    
63,455
  
SanDisk*
    
500
    
21,900
  
Seagate Technology
    
3,000
    
69,900
  
         
324,375
  
Consumer Finance 2.6%
              
American Express
    
600
    
33,840
  
Capital One Financial
    
2,059
    
155,372
  
         
189,212
  
Containers and Packaging 1.4%
              
Packaging Corp. of America
    
1,000
    
24,400
  
Smurfit-Stone Container*
    
6,900
    
77,694
  
         
102,094
  
Diversified Consumer Services 1.3%
              
Apollo Group (Class A)*
    
2,200
    
96,580
  
               
Diversified Financial Services 5.5%
              
Bank of America
    
2,940
    
149,999
  
Citigroup
    
1,760
    
90,358
  
JPMorgan Chase
    
3,240
    
156,751
  
         
397,108
  
Diversified Telecommunication Services 1.2%
              
Citizens Communications
    
2,300
    
34,385
  
Windstream
    
3,700
    
54,353
  
         
88,738
  
Energy Equipment and Services 2.2%
              
Halliburton
    
1,900
    
60,306
  
Tidewater
    
1,000
    
58,580
  
Weatherford International*
    
900
    
40,591
  
         
159,477
  
Food and Staples Retailing 3.9%
              
Costco Wholesale
    
1,000
    
53,840
  
CVS Caremark
    
3,200
    
109,248
  
Rite Aid*
    
20,900
    
120,593
  
         
283,681
  
Food Products 1.2%
              
Archer-Daniels-Midland
    
1,100
    
40,370
  
Hershey
    
800
    
43,728
  
         
84,098
  
Health Care Equipment and Supplies 1.4%
              
Boston Scientific*
    
3,600
    
52,344
  
Medtronic
    
1,000
    
49,060
  
         
101,404
  
Health Care Providers and Services 2.2%
              
Aetna
    
1,300
    
56,927
  
WellPoint*
    
1,300
    
105,430
  
         
162,357
  
Hotels, Restaurants and Leisure 1.0%
              
Las Vegas Sands*
    
400
    
34,644
  
Starbucks*
    
1,200
    
37,632
  
         
72,276
  
Industrial Conglomerates 4.3%
              
3M
    
1,200
    
91,716
  
General Electric
    
6,310
    
223,122
  
         
314,838
  
Insurance 2.7%
              
American International Group
    
1,700
    
114,274
  
Hartford Financial Services Group
    
900
    
86,022
  
         
200,296
  
Internet Software and Services 1.1%
              
Google (Class A)*
    
125
    
57,270
  
Yahoo!*
    
700
    
21,903
  
         
79,173
  
IT Services 0.8%
              
Amdocs*
    
1,600
    
58,368
  
               
Machinery 0.8%
              
Caterpillar
    
900
    
60,327
  
               
Media 1.2%
              
Time Warner
    
4,390
    
86,571
  
               
Metals and Mining 2.5%
              
Alcoa
    
1,600
    
54,240
  
Barrick Gold
    
1,700
    
48,535
  
Freeport-McMoRan Copper & Gold (Class B)
    
1,200
    
79,428
  
         
182,203
  
Oil, Gas and Consumable Fuels 6.3%
              
Chevron
    
500
    
36,980
  
ConocoPhillips
    
1,300
    
88,855
  
El Paso
    
5,600
    
81,032
  
Exxon Mobil
    
2,450
    
184,852
  
Murphy Oil
    
1,240
    
66,216
  
         
457,935
  
Personal Products 0.8%
              
Herbalife*
    
1,500
    
58,785
  
               
Pharmaceuticals 5.0%
              
Bristol-Meyers Squibb
    
2,700
    
74,952
  
Pfizer
    
5,800
    
146,508
  
Schering-Plough
    
1,200
    
30,612
  
Wyeth
    
2,170
    
108,565
  
         
360,637
  
Road and Rail 1.0%
              
Avis Budget Group*
    
2,650
    
72,398
  
               
Semiconductors and Semiconductor Equipment 1.4%
              
Broadcom (Class A)*
    
900
    
28,863
  
KLA-Tencor
    
800
    
42,656
  
Texas Instruments
    
1,000
    
30,100
  
         
101,619
  
Software 4.0%
              
Adobe Systems*
    
900
    
37,530
  
BEA Systems*
    
3,700
    
42,883
  
Business Objects (ADR)*
    
1,100
    
39,809
  
Electronic Arts*
    
1,100
    
55,396
  
Microsoft
    
4,270
    
119,005
  
         
294,623
  
Specialty Retail 3.8%
              
Best Buy
    
1,900
    
92,568
  
Foot Locker
    
4,400
    
103,620
  
Urban Outfitters*
    
3,100
    
82,181
  
         
278,369
  
Thrifts and Mortgage Finance 1.4%
              
Countrywide Financial
    
800
    
26,912
  
Washington Mutual
    
1,800
    
72,684
  
         
99,596
  
Tobacco 3.5%
              
Altria Group
    
3,070
    
256,425
  
               
Wireless Telecommunication Services 0.9%
              
Sprint Nextel
    
3,500
    
66,360
  
               
Total Common Stocks
          
6,384,808
  


Options Purchased* 3.3%
          
Beverages 0.1%
          
Coca-Cola Enterprises, Call expiring January 2008 at $15
    
1,400
  shs.
 $
7,980
  
               
Capital Markets 0.1%
              
Bear Stearns, Call expiring January 2008 at $150
    
300
    
5,280
  
               
Communications Equipment 0.4%
              
Comverse Technology, Call expiring January 2008 at $20
    
5,800
    
21,750
  
QUALCOMM, Call expiring January 2009 at $40
    
1,000
    
10,140
  
           
31,890
  
Computers and Peripherals 0.3%
              
Dell, Call expiring January 2008 at $25
    
1,300
    
2,444
  
Palm, Call expiring January 2008 at $17.50
    
5,600
    
14,000
  
Seagate Technology, Call expiring January 2008 at $17.50
    
400
    
2,680
  
           
19,124
  
Consumer Finance 0.1%
              
Capital One Financial, Call expiring January 2008 at $80
    
1,500
    
9,450
  
               
Energy Equipment and Services 0.1%
              
Oil Service Holders Trust, Call expiring January 2008 at $140
    
500
    
9,990
  
               
Food Products 0.1%
              
Kraft Foods, Put expiring June 2007 at $35
    
1,500
    
5,400
  
               
Health Care Equipment and Supplies 0.1%
              
Boston Scientific, Call expiring January 2009 at $20
    
3,600
    
5,580
  
               
Health Care Providers and Services 0.1%
              
Aetna, Call expiring January 2008 at $42.50
    
1,000
    
5,600
  
               
Internet Software and Services 0.2%
              
Yahoo!, Call expiring January 2009 at $30
    
2,200
    
14,916
  
               
Machinery 0.1%
              
Caterpillar, Call expiring January 2009 at $80
    
1,300
    
7,150
  
               
Metals and Mining 0.1%
              
Alcoa, Call expiring January 2008 at $35
    
1,300
    
3,835
  
               
Oil, Gas and Consumable Fuels 0.1%
              
Murphy Oil, Call expiring January 2008 at $50
    
700
    
5,320
  
               
Paper and Forest Products 0.1%
              
International Paper, Call expiring January 2009 at $40
    
1,500
    
4,800
  
               
Pharmaceuticals 0.2%
              
Bristol-Myers Squibb, Call expiring September 2007 at $27.50
    
7,000
    
13,650
  
               
Semiconductors and Semiconductor Equipment 0.1%
              
Intel, Call expiring January 2009 at $20
    
1,400
    
3,836
  
Marvell Technology Group, Call expiring January 2009 at $20
    
1,300
    
4,030
  
Maxim Integrated Products, Call expiring January 2008 at $35
    
1,100
    
1,760
  
         
9,626
  
Software 0.0%
              
Business Objects, Call expiring April 2007 at $40
    
900
    
180
  
               
Specialty Retail 0.1%
              
Foot Locker, Call expiring January, 2008 at $25
    
2,200
    
3,850
  
               
Thrifts and Mortgage Finance 0.1%
              
Countrywide Financial:
              
Call expiring January 2008 at $37.50
    
900
    
3,195
  
Call expiring January 2009 at $37.50
    
100
    
570
  
           
3,765
  
Tobacco 0.6%
              
Altria Group:
              
Call expiring January 2008 at $80
    
1,800
    
20,340
  
Call expiring January 2008 at $85
    
3,200
    
24,640
  
         
44,980
  
Wireless Telecommunication Services 0.2%
              
Sprint Nextel, Call expiring January 2009 at $20
    
4,300
    
12,685
  
               
Total Options Purchased*
          
225,051
  
               
Short-Term Holdings 9.6%
              
Equity-Linked Notes† øø 9.1%
              
Deutsche Bank:
              
19.85%, 8/6/2007(1)(a)
  
$
38,165
    
39,139
  
34.90%, 8/23/2007(1)(b)
    
54,000
    
51,147
  
30.10%, 9/5/2007(1)(c)
    
27,000
    
25,471
  
Goldman Sachs:
              
8.25%, 7/27/2007(1)(d)
    
34,999
    
39,700
  
13.75%, 8/2/2007(1)(e)
    
26,043
    
25,062
  
33%, 8/6/2007(1)(f)
    
53,700
    
53,104
  
34.80%, 8/9/2007(1)(g)
    
49,400
    
48,190
  
30.80%, 9/4/2007(1)(h)
    
53,900
    
50,623
  
9.8%, 9/27/2007(1)(i)
    
35,342
    
36,107
  
Merrill Lynch 30%, 10/3/2007(1)(j)
    
37,000
    
35,085
  
Morgan Stanley:
              
8.08%, 5/1/2007(1)(d)
    
38,456
    
44,828
  
31.90%, 8/23/2007(2)(a)
    
54,000
    
49,751
  
10.25%, 8/25/2007(1)(k)
    
56,264
    
62,635
  
30%, 8/31/2007(1)(l)
    
54,000
    
50,019
  
35.30%, 9/6/2007(2)(b)
    
27,000
    
24,802
  
30.35%, 9/6/2007(2)(c)
    
27,000
    
24,852
  
         
660,515
  
US Government Securities 0.3% 
              
US Treasury Notes 3.625%, 4/30/2007
    
20,000
    
19,977
  
               
Repurchase Agreement 0.2%
              
State Street Bank 4.65%, dated 3/30/2007, maturing 4/2/2007, in the amount
              
of $15,006, collateralized by: $20,000 US Treasury Notes 4.375%,
             
1/31/2008, with a fair value of $20,025
    
15,000
    
15,000
  
               
Total Short-Term Holdings
          
695,492
  
               
Total Investments 100.3%
          
7,305,351
  
 
              
Other Assets Less Liabilities (0.3)%
          
(20,848
)
               
Net Assets 100.0%
        
$
7,284,503
  

   
Shares
Subject
to Call
  
Value
  
Options Written* 0.0%
              
(Premium received $696)
              
Las Vegas Sands,
              
expiring April 2007 at $90
    
200
  
$
(1,000
)

3
 
 
   
Shares or
Prin. Amt.
  
Value
  
Common Stocks 98.0%
          
Advertising 0.5%
              
Focus Media Holding (ADR)*
    
3,600
  shs.
$
282,456
  
               
Alternative Carriers 0.5%
              
Time Warner Telecom (Class A)*
    
14,600
    
303,242
  
               
Application Software 3.0%
              
Business Objects (ADR)*
    
33,600
    
1,215,984
  
Parametric Technology*
    
23,300
    
444,797
  
           
1,660,781
  
Communications Equipment 9.8%
              
Cisco Systems*
    
42,300
    
1,079,919
  
Corning*
    
39,000
    
886,860
  
Juniper Networks*
    
22,400
    
440,832
  
QUALCOMM
    
58,700
    
2,504,142
  
Telefonaktiebolaget LM Ericsson (ADR)
    
15,300
    
567,477
  
           
5,479,230
  
Computer Hardware 5.4%
              
Apple*
    
13,100
    
1,217,121
  
Hewlett-Packard
    
31,800
    
1,276,452
  
International Business Machines
    
6,000
    
565,560
  
           
3,059,133
  
Computer Storage and Peripherals 10.1%
              
Electronics for Imaging*
    
55,000
    
1,289,750
  
EMC*
    
89,200
    
1,235,420
  
Innolux Display*
    
112,000
    
264,684
  
Komag*
    
12,300
    
402,579
  
Logitech International*
    
7,800
    
217,092
  
Network Appliance*
    
7,500
    
273,900
  
Seagate Technology
    
84,900
    
1,978,170
  
           
5,661,595
  
Electrical Components and Equipment 0.5%
              
Suntech Power Holdings*
    
7,900
    
273,419
  
               
Electronic Equipment Manufacturers 0.9%
              
Orbotech*
    
23,900
    
526,517
  
               
Electronic Manufacturing Services 0.7%
              
HON HAI Precision Industry
    
60,000
    
402,539
  
               
Health Care Equipment 2.1%
              
American Medical Systems Holdings*
    
10,600
    
224,402
  
C.R. Bard
    
8,000
    
636,080
  
Gen-Probe*
    
2,700
    
127,116
  
Medtronic
    
3,800
    
186,428
  
           
1,174,026
  
Human Resources and Employment Services 0.4%
              
Monster Worldwide*
    
5,300
    
251,061
  
               
Integrated Telecommunication Services 0.5%
              
AT&T
    
7,600
    
299,668
  
               
Internet Software and Other Services 18.1%
              
Digital River*
    
20,700
    
1,143,675
  
Google (Class A)*
    
900
    
412,344
  
McAfee*
    
122,700
    
3,568,116
  
Symantec*
    
63,383
    
1,096,526
  
VeriSign*
    
93,800
    
2,356,256
  
Yahoo!*
    
50,000
    
1,564,500
  
           
10,141,417
  
IT Consulting and Services 7.1%
              
Amdocs*
    
74,300
    
2,710,464
  
Satyam Computer Services
    
61,410
    
668,646
  
Tata Consultancy Services
    
20,350
    
582,608
  
           
3,961,718
  
Life Sciences Tools and Services 1.9%
              
Charles River Laboratories International*
    
2,600
    
120,276
  
Invitrogen*
    
3,500
    
222,775
  
PerkinElmer
    
30,500
    
738,710
  
           
1,081,761
  
Semiconductor Equipment 11.6%
              
ASML Holding (NY shares)*
    
35,200
    
871,199
  
Cymer*
    
40,900
    
1,699,395
  
KLA-Tencor
    
47,700
    
2,543,364
  
Lam Research*
    
22,300
    
1,055,682
  
Varian Semiconductor Equipment Associates*
    
5,800
    
309,604
  
           
6,479,244
  
Semiconductors 4.3%
              
Advanced Semiconductor Engineering*
    
157,000
    
186,227
  
Broadcom (Class A)*
    
8,200
    
262,974
  
Integrated Device Technology*
    
14,600
    
225,132
  
Microsemi*
    
20,100
    
418,281
  
Monolithic Power Systems*
    
22,300
    
287,670
  
ON Semiconductor*
    
62,700
    
559,284
  
Rambus*
    
3,600
    
76,500
  
Silicon Laboratories*
    
3,100
    
92,752
  
Xilinx
    
10,800
    
277,884
  
           
2,386,704
  
Systems Software 8.2%
              
BMC Software (Class A)*
    
46,800
    
1,440,972
  
CA
    
6,200
    
160,642
  
Check Point Software Technologies*
    
35,700
    
795,396
  
Citrix Systems*
    
35,800
    
1,146,674
  
Oracle*
    
31,900
    
578,347
  
Red Hat*
    
20,800
    
476,944
  
           
4,598,975
  
Technical Software 9.5%
              
Cadence Design Systems*
    
92,100
    
1,939,626
  
Synopsys*
    
129,900
    
3,407,277
  
           
5,346,903
  
Technology Distributors 1.1%
              
Arrow Electronics*
    
15,900
    
600,225
  
               
Wireless Telecommunication Services 1.8%
              
NII Holdings*
    
13,300
    
986,594
  
               
Total Common Stocks
          
54,957,208
  
               
Repurchase Agreement 0.2%
              
State Street Bank 4.65%, dated 3/30/2007, maturing 4/2/2007,
              
in the amount of $110,043, collateralized by: $115,000
             
US Treasury Notes 4.375%, 1/31/2008, with a fair value of $115,144
  
$
110,000
    
110,000
  
               
Total Investments 98.2%
          
55,067,208
  
               
Other Assets Less Liabilities 1.8%
          
1,010,243
  
               
Net Assets 100.0%
        
$
56,077,451
  
 
 
4
 

   
Shares
  
Value
  
Common Stocks 99.5%
          
Cayman Islands 1.0%
              
Focus Media Holding (ADR)* (Advertising)
    
600
  
$
47,076
  
Suntech Power Holdings* (Electrical Components and Equipment)
    
1,200
    
41,532
  
           
88,608
  
China 0.5%
              
Tencent Holdings (Internet Software and Services)
    
14,000
    
45,417
  
               
Finland 0.6%
              
Nokia (ADR) (Communications Equipment)
    
2,100
    
48,132
  
               
France 2.1%
              
Business Objects (ADR)* (Application Software)
    
5,000
    
180,950
  
               
Germany 1.3%
              
Infineon Technologies* (Semiconductors)
    
3,000
    
46,585
  
Qimonda (ADR)* (Semiconductors)
    
4,500
    
64,620
  
           
111,205
  
India 4.9%
              
Hexaware Technologies (IT Consulting and Other Services)
    
17,450
    
66,385
  
Rolta India (IT Consulting and Other Services)
    
4,900
    
37,001
  
Rolta India (GDR) (IT Consulting and Other Services)
    
2,447
    
18,573
  
Rolta India (GDR)† (IT Consulting and Other Services)
    
12,300
    
93,357
  
Satyam Computer Services (IT Consulting and Other Services)
    
8,780
    
94,793
  
Subex Azure (Application Software)
    
1,600
    
20,869
  
Tata Consultancy Services (IT Consulting and Other Services)
    
3,100
    
87,654
  
           
418,632
  
Israel 2.0%
              
Check Point Software Technologies* (Systems Software)
    
4,800
    
106,944
  
Orbotech* (Electronic Equipment Manufacturers)
    
2,800
    
61,684
  
           
168,628
  
Japan 3.9%
              
Canon (Office Electronics)
    
1,800
    
96,563
  
Keyence (Electronic Equipment Manufacturers)
    
200
    
45,195
  
Murata Manufacturing (Electronic Equipment Manufacturers)
    
1,300
    
94,226
  
Sony (Consumer Electronics)
    
600
    
30,311
  
Tokyo Electron (Semiconductor Equipment)
    
1,000
    
69,838
  
           
336,133
  
Netherlands 1.6%
              
ASML Holding (NY shares)* (Semiconductor Equipment)
    
5,400
    
133,649
  
               
South Korea 1.0%
              
Daum Communications* (Internet Software and Services)
    
360
    
24,071
  
Hynix Semiconductor* (Semiconductors)
    
1,830
    
62,925
  
           
86,996
  
Sweden 1.0%
              
Telefonaktiebolaget LM Ericsson (ADR) (Communications Equipment)
    
2,400
    
89,016
  
               
Switzerland 0.8%
              
Logitech International* (Computer Storage and Peripherals)
    
2,400
    
66,774
  
               
Taiwan 4.5%
              
Acer (Computer Hardware)
    
35,000
    
66,846
  
Advanced Semiconductor Engineering (Semiconductors)
    
27,000
    
32,081
  
Innolux Display* (Computer Storage and Peripherals)
    
17,000
    
40,095
  
HON HAI Precision Industry (Electronic Manufacturing Services)
    
18,723
    
125,363
  
Sonix Technology (Semiconductors)
    
18,000
    
51,076
  
Unimicron Technology (Electronic Equipment Manufacturers)
    
52,000
    
66,901
  
           
382,362
  
United States 74.3%
              
Amdocs* (IT Consulting and Other Services)
    
8,100
    
295,488
  
American Medical Systems Holdings* (Health Care Equipment)
    
2,100
    
44,457
  
Apple* (Computer Hardware)
    
2,000
    
185,820
  
Arrow Electronics (Technology Distributors)
    
1,900
    
71,725
  
AT&T (Integrated Telecommunication Services)
    
1,200
    
47,316
  
BMC Software (Class A)* (Systems Software)
    
6,600
    
203,214
  
Broadcom (Class A)* (Semiconductors)
    
1,300
    
41,691
  
CA (Systems Software)
    
1,100
    
28,501
  
Cadence Design Systems* (Technical Software)
    
8,000
    
168,480
  
Cisco Systems* (Communications Equipment)
    
6,600
    
168,498
  
Citrix Systems* (Systems Software)
    
5,000
    
160,150
  
Corning* (Communications Equipment)
    
6,100
    
138,714
  
Cymer* (Semiconductor Equipment)
    
3,900
    
162,045
  
Digital River* (Internet Software and Services)
    
3,200
    
176,800
  
Electronics for Imaging* (Computer Storage and Peripherals)
    
3,400
    
79,730
  
EMC* (Computer Storage and Peripherals)
    
13,900
    
192,515
  
eTelecare Global Solutions (ADR)* (Diversified Commercial and Professional)
    
3,800
    
57,570
  
Google (Class A)* (Internet Software and Services)
    
100
    
45,816
  
Hewlett-Packard (Computer Hardware)
    
4,900
    
196,686
  
Integrated Device Technology* (Semiconductors)
    
2,300
    
35,466
  
Juniper Networks* (Communications Equipment)
    
3,500
    
68,880
  
KLA-Tencor (Semiconductor Equipment)
    
7,300
    
389,236
  
Komag* (Computer Storage and Peripherals)
    
1,700
    
55,641
  
Lam Research* (Semiconductor Equipment)
    
3,400
    
160,956
  
McAfee* (Internet Software and Services)
    
15,700
    
456,556
  
Microsemi* (Semiconductors)
    
3,100
    
64,511
  
Monster Worldwide* (Human Resources and Employment Services)
    
800
    
37,896
  
MSC.Software* (Application Software)
    
2,382
    
32,752
  
Network Appliance* (Computer Storage and Peripherals)
    
1,200
    
43,824
  
NII Holding (Wireless Telecommunication Services)
    
2,100
    
155,778
  
ON Semiconductor* (Semiconductors)
    
9,600
    
85,632
  
Oracle* (Systems Software)
    
4,900
    
88,837
  
Parametric Technology* (Application Software)
    
3,600
    
68,724
  
PerkinElmer (Life Sciences Tools and Services)
    
2,600
    
62,972
  
QUALCOMM (Communications Equipment)
    
8,200
    
349,812
  
Rambus* (Semiconductors)
    
600
    
12,750
  
Red Hat* (Systems Software)
    
2,900
    
66,497
  
RightNow Communications* (IT Consulting and Other Services)
    
5,600
    
91,728
  
Seagate Technology (Computer Storage and Peripherals)
    
13,000
    
302,900
  
Silicon Laboratories* (Semiconductors)
    
500
    
14,960
  
Sun Microsystems* (Computer Hardware)
    
10,800
    
64,908
  
Symantec* (Internet Software and Services)
    
6,176
    
106,845
  
Synopsys* (Technical Software)
    
12,500
    
327,875
  
Time Warner Telecom (Class A)* (Alternative Carriers)
    
2,400
    
49,848
  
Varian Semiconductor Equipment Associates* (Semiconductor Equipment)
    
900
    
48,042
  
VeriSign* (Internet Software and Services)
    
14,100
    
354,192
  
Xilinx (Semiconductors)
    
1,700
    
43,741
  
Yahoo!* (Internet Software and Services)
    
7,700
    
240,933
  
           
6,347,908
  
               
Total Investments 99.5%
          
8,504,410
  
 
              
Other Assets Less Liabilities 0.5%
          
45,024
  
 
              
Net Assets 100.0%
        
$
8,549,434
  


5

Seligman International Growth Portfolio

   
Shares
  
Value
  
Common Stocks 99.8%
          
Australia 1.1%
              
Aristocrat Leisure (Hotels, Restaurants and Leisure)
    
1,800
  
$
23,856
  
Brambles* (Commercial Services and Supplies)
    
2,107
    
23,227
  
     
 
    
47,083
  
Austria 0.7%
              
Erste Bank Der Oesterreichischen Sparkassen (Commercial Banks)
    
403
    
31,316
  
               
Belgium 0.9%
              
KBC Groep (Commercial Banks)
    
292
    
36,381
  
               
Brazil 1.2%
              
Companhia Vale do Rio Doce "CVRD" (ADR) (Metals and Mining)
    
1,400
    
51,786
  
               
Canada 6.5%
              
Cameco (Oil, Gas and Consumable Fuels)
    
1,200
    
49,128
  
Potash Corp. of Saskatchewan (Chemicals)
    
200
    
31,986
  
Research In Motion* (Communications Equipment)
    
700
    
95,543
  
Rogers Communications (Class B) (Media)
    
1,400
    
45,826
  
SNC-Lavalin Group (Construction and Engineering)
    
1,281
    
36,682
  
Suncor Energy (Oil, Gas and Consumable Fuels)
    
200
    
15,219
  
     
 
    
274,384
  
China 1.5%
              
Ctrip.com International (ADR) (Hotels, Restaurants and Leisure)
    
500
    
33,493
  
Focus Media Holding (ADR)* (Media)
    
400
    
31,384
  
     
 
    
64,877
  
Denmark 1.3%
              
Vestas Wind Systems (Electrical Equipment)
    
1,000
    
55,747
  
               
Finland 1.1%
              
Nokia (Communications Equipment)
    
2,090
    
47,950
  
               
France 10.6%
              
Accor (Hotels, Restaurants and Leisure)
    
917
    
87,810
  
Alstom* (Electrical Equipment)
    
357
    
46,439
  
Essilor International (Health Care Equipment and Supplies)
    
192
    
22,081
  
Iliad (Diversified Telecommunication Services)
    
571
    
59,597
  
Safran* (Aerospace and Defense)
    
946
    
23,119
  
Unibail (Real Estate Investment Trusts)
    
254
    
77,139
  
Veolia Environment (Multi-Utilities)
    
1,763
    
130,950
  
     
 
    
447,135
  
Germany 19.2%
              
BASF (Chemicals)
    
492
    
55,422
  
Continental (Auto Components)
    
354
    
45,672
  
DaimlerChrysler (Automobiles)
    
1,005
    
82,219
  
Deutsche Boerse (Diversified Financial Services)
    
321
    
73,536
  
Fresenius Medical (Health Care Providers and Services)
    
601
    
87,563
  
Infineon Technologies* (Semiconductors and Semiconductor Equipment)
    
5,741
    
89,149
  
KarstadtQuelle* (Multiline Retail)
    
2,749
    
101,390
  
MAN (Machinery)
    
187
    
21,763
  
Salzgitter (Metals and Mining)
    
542
    
79,246
  
Siemens (Industrial Conglomerates)
    
392
    
41,937
  
Volkswagon (Automobiles)
    
363
    
54,437
  
Wacker Chemie* (Chemicals)
    
441
    
76,367
  
     
 
    
808,701
  
Hong Kong 1.3%
              
Shun Tak Holdings (Real Estate Management and Development)
    
40,000
    
53,289
  
               
Ireland 3.1%
              
Elan (ADR)* (Pharmaceuticals)
    
4,500
    
59,805
  
Ryanair Holdings (ADR)* (Airlines)
    
1,600
    
71,664
  
     
 
    
131,469
  
Japan 11.8%
              
Aeon (Food and Staples Retailing)
    
1,500
    
29,745
  
Eisai (Pharmaceuticals)
    
300
    
14,334
  
Japan Tobacco (Tobacco)
    
15
    
73,321
  
Nintendo (Software)
    
200
    
58,009
  
Nomura Holdings (Capital Markets)
    
600
    
12,439
  
ORIX (Consumer Finance)
    
100
    
26,006
  
Rakuten (Internet and Catalog Retail)
    
167
    
79,795
  
SoftBank* (Internet Software and Services)
    
3,100
    
78,952
  
Sumitomo Mitsui Financial Group (Commercial Banks)
    
1
    
9,073
  
Sumitomo Realty & Development (Real Estate Management and Development)
    
2,000
    
75,741
  
Suzuki Motor (Automobiles)
    
500
    
12,896
  
Yamada Denki (Specialty Retail)
    
300
    
27,896
  
     
 
    
498,207
  
Mexico 0.8%
              
America Movil (Class L) (ADR) (Wireless Telecommunication Services)
    
500
    
23,895
  
Fomento Economico Mexicano (ADR) (Beverages)
    
100
    
11,039
  
     
 
    
34,934
  
Netherlands 5.6%
              
ASML Holding* (Semiconductors and Semiconductor Equipment)
    
2,673
    
66,187
  
Philips Electronics (Household Durables)
    
679
    
25,990
  
Royal Numico* (Food Products)
    
1,614
    
83,080
  
Unilever (Food Products)
    
2,081
    
60,714
  
     
 
    
235,971
  
Russia 0.2%
              
OAO Gazprom (ADR)† (Energy Equipment and Services)
    
200
    
8,359
  
               
South Korea 1.6%
              
Hana Financial Group (Commercial Banks)
    
90
    
4,664
  
LG Electronics (Household Durables)
    
932
    
63,521
  
     
 
    
68,185
  
Spain 0.2%
              
Gamesa Corporacion Tecnologica (Electrical Equipment)
    
201
    
7,303
  
               
Sweden 1.3%
              
Alfa Laval (Machinery)
    
200
    
10,387
  
Sandvik (Machinery)
    
2,400
    
42,768
  
     
 
    
53,155
  
Switzerland 10.4%
              
ABB* (Electrical Equipment)
    
1,280
    
21,974
  
Julius Baer Holding (Capital Markets)
    
490
    
66,995
  
Credit Suisse Group (Commercial Banks)
    
384
    
27,605
  
Logitech International* (Computers and Peripherals)
    
1,409
    
39,201
  
Nestle (Food Products)
    
300
    
116,635
  
Nobel Biocare Holding (Health Care Equipment and Supplies)
    
200
    
73,019
  
Swatch Group (Textiles, Apparel and Luxury Goods)
    
884
    
47,322
  
Xstrata (Metals and Mining)
    
883
    
45,157
  
     
 
    
437,908
  
Taiwan 0.6%
              
HON HAI Precision Industry (Electronic Equipment and Instruments)
    
3,400
    
22,765
  
               
United Kingdom 18.8%
              
Admiral Group (Insurance)
    
667
    
15,105
  
Amvescap (Capital Markets)
    
7,546
    
83,343
  
ARM Holdings (Semiconductors and Semiconductor Equipment)
    
18,872
    
49,860
  
Boots Group (Food and Staples Retailing)
    
1,677
    
33,911
  
Carphone Warehouse Group (Specialty Retail)
    
9,001
    
49,177
  
Kesa Electricals (Specialty Retail)
    
8,909
    
59,582
  
Kingfisher (Specialty Retail)
    
739
    
4,054
  
Man Group (Capital Markets)
    
8,495
    
92,974
  
Michael Page International (Commercial Services and Supplies)
    
1,683
    
17,760
  
Reckitt Benckiser (Household Products)
    
1,991
    
103,759
  
Rolls-Royce Group (Aerospace and Defense)
    
5,904
    
57,505
  
Smith & Nephew (Health Care Equipment and Supplies)
    
5,629
    
71,441
  
Tesco (Food and Staples Retailing)
    
17,686
    
154,769
  
     
 
    
793,240
  
Total Common Stocks
         
4,210,145
  
               
Preferred Stocks 0.0%
              
United Kingdom 0.0%
              
Rolls-Royce Group (Class B)* (Aerospace and Defense)
    
349,516
    
550
  
               
Total Investments 99.8%
          
4,210,695
  
 
              
Other Assets Less Liabilities 0.2%
          
9,131
  
               
Net Assets 100.0%
        
$
4,219,826
  

6
 

   
Principal
Amount
  
Value
  
US Government and Government Agency Securities 49.1%
          
US Government Securities 24.4%
              
US Treasury Bonds:
              
8.125%, 8/15/2021
  
$
15,000
  
$
19,966
  
5.375%, 2/15/2031
    
80,000
   
85,313
  
4.5%, 2/15/2036
    
55,000
   
51,872
  
US Treasury Inflation-Protected Securities 2.375%, 1/15/2017
    
10,035
   
10,187
  
US Treasury Notes:
              
4.75%, 2/28/2009
    
15,000
   
15,040
  
4.75%, 2/15/2010
    
25,000
   
25,150
  
4.75%, 1/31/2012
    
135,000
   
136,218
  
4.625%, 2/29/2012
    
20,000
   
20,081
  
4.25%, 8/15/2013
    
50,000
   
49,162
  
4.25%, 11/15/2014
    
15,000
   
14,648
  
4.625%, 2/15/2017
    
60,000
   
59,897
  
         
487,534
  
Government Agency Securitiesø 10.2%
              
Fannie Mae:
              
5.4%, 4/13/2009
    
75,000
  ‡  
75,001
  
5.5%, 10/15/2011
    
30,000
   
30,210
  
Freddie Mac:
              
4.5%, 7/15/2013
    
20,000
   
19,595
  
5.2%, 3/5/2019
    
80,000
   
78,611
  
         
203,417
  
Government Agency Mortgage-Backed Securities††ø 14.5%
              
Fannie Mae:
              
7%, 7/1/2008
    
2,891
   
2,914
  
7%, 2/1/2012
    
1,976
   
1,991
  
8.5%, 9/1/2015
    
3,097
   
3,308
  
6.5%, 5/1/2017
    
13,126
   
13,450
  
5.5%, 2/1/2018
    
21,547
   
21,652
  
4.5%, 12/1/2020#
    
21,531
   
20,880
  
5.45%, 8/25/2035#
    
30,000
   
29,902
  
5.5%, 10/1/2035
    
24,873
   
24,646
  
5.352%, 4/1/2036#
    
24,278
   
24,345
  
6%, 8/1/2036#
    
28,214
   
28,637
  
6.111%, 8/1/2036#
    
37,776
   
38,484
  
6%, 9/1/2036
    
24,425
   
24,615
  
5.5%, TBA 4/2007
    
10,000
   
9,897
  
Freddie Mac Gold:
              
6%, 11/1/2010
    
3,711
   
3,767
  
8%, 12/1/2023
    
2,686
   
2,835
  
6.182%, 8/1/2036#
    
22,595
   
22,941
  
5%, TBA 4/2007
    
15,000
   
14,794
  
         
289,058
  
               
Total US Government and Government Agency Securities
          
980,009
  
               
Corporate Bonds 42.8%
              
Aerospace and Defense 0.7%
              
Honeywell International 5.3%, 3/15/2017
    
15,000
   
14,857
  
               
Air Freight and Logistics 1.5%
              
FedEx 5.5%, 8/15/2009
    
30,000
   
30,246
  
               
Automobiles 1.0%
              
DaimlerChrysler North America 4.875%, 6/15/2010
    
20,000
   
19,812
  
               
Beverages 0.8%
              
Anheuser-Busch 5.6%, 3/1/2017
    
15,000
   
15,129
  
               
Capital Markets 2.6%
              
Ameriprise Financial 7.518%, 6/1/2066#
    
15,000
   
16,217
  
Bear Stearns 5.35%, 2/1/2012
    
10,000
   
10,030
  
Lehman Brothers Holdings 5.75%, 5/17/2013
    
25,000
   
25,573
  
         
51,820
  
Chemicals 1.0%
              
Praxair 5.375%, 11/1/2016
    
20,000
   
20,073
  
               
Commercial Banks 2.8%
              
Corporacion Andina de Fomento 5.75%, 1/12/2017
    
15,000
   
15,099
  
KeyCorp 5.528%, 6/2/2008#
    
20,000
  ‡  
20,053
  
Suntrust Preferred Capital I 5.853%, Perpetual##
    
10,000
   
10,150
  
Wachovia 5.7%, 8/1/2013
    
10,000
   
10,285
  
         
55,587
  
Commercial Services and Supplies 0.3%
              
Cintas Corporation No. 2 6.15%, 8/15/2036
    
5,000
   
5,057
  
               
Computers and Peripherals 0.5%
              
Hewlett-Packard 5.4%, 3/1/2017
    
10,000
   
9,958
  
               
Consumer Finance 1.6%
              
Nissan Motor Acceptance 5.625%, 3/14/2011†
    
30,000
   
30,212
  
               
Diversified Financial Services 1.2%
              
CIT Group:
              
5.415%, 3/12/2009#
   
15,000
  ‡   
14,993
  
5.65%, 2/13/2017
    
10,000
   
9,896
  
         
24,889
  
Diversified Telecommunication Services 3.5%
              
AT&T 5.456%, 2/5/2010#
    
20,000
   
20,028
  
BellSouth 5.2%, 9/15/2014
    
20,000
   
19,691
  
Southern 5.3%, 1/15/2012
    
25,000
   
25,193
  
Sprint Capital 8.75%, 3/15/2032
    
5,000
   
5,914
  
         
70,826
  
Electric Utilities 3.5%
              
CenterPoint Energy 5.95%, 2/1/2017
    
20,000
   
20,035
  
FPL Group Capital 6.35%, 10/1/2066#
    
10,000
   
10,096
  
Indiana Michigan Power 6.05%, 03/15/2037
    
15,000
   
14,824
  
MidAmerican Energy Holdings 6.125%, 4/1/2036
    
15,000
   
15,018
  
Pacific Gas & Electric 5.8%, 3/1/2037
    
10,000
   
9,674
  
         
69,647
  
Food and Staples Retailing 0.8%
              
Costco Wholesale 5.3%, 3/15/2012
    
15,000
   
15,125
  
               
Industrial Conglomerates 1.0%
              
General Electric Capital 5.375%, 10/20/2016
    
20,000
   
20,012
  
Insurance 1.2%
              
CIGNA 5.375%, 3/15/2017
    
10,000
   
9,851
  
Hartford Financial Services Group 5.375%, 3/15/2017
    
15,000
   
14,847
  
         
24,698
  
Media 1.0%
              
Comcast 6.45%, 3/15/2037
    
10,000
   
10,045
  
Time Warner 6.5%, 11/15/2036
    
10,000
   
10,004
  
         
20,049
  
Metals and Mining 1.0%
              
Vale Overseas 6.25%, 1/23/2017
    
20,000
   
20,479
  
               
Multi-Utilities 0.7%
              
Dominion Resources 5.6%, 11/15/2016
    
15,000
   
14,949
  
               
Oil, Gas and Consumable Fuels 5.0%
              
Amerada Hess 7.125%, 3/15/2033
    
10,000
   
10,851
  
Canadian National Resources:
              
5.7%, 5/15/2017
    
20,000
   
19,945
  
6.5%, 2/15/2037
    
10,000
   
10,177
  
Pemex Project Funding 8%**, 11/15/2011
    
40,000
   
44,300
  
Plains All American Pipeline 6.65%, 1/15/2037†
    
15,000
   
15,299
  
         
100,572
  
Pharmaceuticals 0.5%
              
Wyeth 5.95%, 4/1/2037
    
10,000
   
9,882
  
               
Real Estate Investment Trusts 4.3%
              
BRE Properties 5.5%, 3/15/2017
    
10,000
   
9,922
  
Health Care Properties 6%, 1/30/2017
    
15,000
   
15,077
  
iStar Financial:
              
5.5%, 6/15/2012
    
20,000
   
19,931
  
5.95%, 10/15/2013
    
15,000
   
15,203
  
Prologis Trust 5.625%, 11/15/2016
    
15,000
   
15,141
  
Simon Property Group 5.25%, 12/1/2016
    
10,000
   
9,803
  
         
85,077
  
Real Estate Management and Development 0.8%
              
AMB Property 5.9%, 8/15/2013
    
15,000
   
15,400
  
               
Thrifts and Mortgage Finance 3.7%
              
Countrywide Home Loans 5.625%, 7/15/2009
    
40,000
   
40,197
  
Residential Capital:
              
5.84%, 6/9/2008#
   
25,000
  ‡  
24,756
  
6.375%, 6/30/2010
    
10,000
   
10,005
  
         
74,958
  
Trading Companies and Distributors 0.8%
              
GATX Financial 5.5%, 2/15/2012
    
15,000
   
15,045
  
               
Wireless Telecommunication Services 1.0%
              
Vodafone Group 5.625%, 2/27/2017
    
20,000
   
19,864
  
               
Total Corporate Bonds
          
854,223
  
               
Collateralized Mortgage Obligations†† 4.5%
              
Bank of America Mortgage Securities 3.664%, 7/25/2034#
    
16,182
   
16,126
  
Indymac Index Mortgage Loan Trust 6.2%, 3/25/2036#
    
37,409
   
38,117
  
Wells Fargo 4.734%, 7/25/2034#
    
35,298
   
34,586
  
               
Total Collateralized Mortgage Obligations
         
88,829
  
               
Asset-Backed Securities†† 3.3%
              
Centex Home Equity 7.37%, 12/25/2032#
   
25,839
  ‡   
25,879
  
Structured Asset Securities 4.04%**, 6/25/2033
    
42,178
   
40,902
  
               
Total Asset-Backed Securities
          
66,781
  
               
Repurchase Agreement 1.2%
              
State Street Bank 4.65%, dated 3/30/2007, maturing 4/2/2007, in the amount of $25,010,
collateralized by: $30,000 US Treasury Notes 4.375%, 1/31/2008, with a fair value of $30,038
    
25,000
   
25,000
  
               
Total Investments 100.9%
          
2,014,842
  
 
              
Other Assets Less Liabilities (0.9)%
          
(17,755
)
               
Net Assets 100.0%
        
$
1,997,087
  


7
 

   
Shares or
Principal
Amount
  
Value
  
Common Stocks 98.7%
          
Aerospace and Defense 6.1%
              
Honeywell International
    
3,000
  shs.
$
138,180
  
United Technologies
    
2,000
    
130,000
  
           
268,180
  
Capital Markets 3.2%
              
Bank of New York
    
3,500
    
141,925
  
               
Chemicals 8.4%
              
E. I. du Pont de Nemours
    
2,600
    
128,518
  
Praxair
    
2,200
    
138,512
  
Rohm and Haas
    
2,000
    
103,440
  
           
370,470
  
Commercial Banks 3.2%
              
U.S. Bancorp
    
4,000
    
139,880
  
               
Communications Equipment 5.9%
              
Juniper Networks*
    
7,000
    
137,760
  
Motorola
    
7,000
    
123,690
  
           
261,450
  
Diversified Financial Services 5.8%
              
Bank of America
    
2,700
    
137,754
  
JPMorgan Chase
    
2,500
    
120,950
  
           
258,704
  
Food and Staples Retailing 3.3%
              
Costco Wholesale
    
2,700
    
145,368
  
               
Food Products 2.1%
              
Tyson Foods (Class A)
    
4,900
    
95,109
  
               
Health Care Equipment and Supplies 8.1%
              
Baxter International
    
2,800
    
147,476
  
Boston Scientific*
    
5,500
    
79,970
  
Medtronic
    
2,700
    
132,462
  
           
359,908
  
Independent Power Producers and Energy Traders 3.2%
              
AES*
    
6,500
    
139,880
  
               
Industrial Conglomerates 3.2%
              
General Electric
    
4,000
    
141,440
  
               
Insurance 9.7%
              
Prudential Financial
    
1,500
    
135,390
  
Travelers Companies
    
2,700
    
139,779
  
UnumProvident
    
6,700
    
154,301
  
           
429,470
  
Machinery 3.0%
              
Caterpillar
    
2,000
    
134,060
  
               
Multiline Retail 3.3%
              
J.C. Penney
    
1,800
    
147,888
  
               
Oil, Gas and Consumable Fuels 12.1%
              
Chevron
    
1,700
    
125,732
  
Marathon Oil
    
1,400
    
138,362
  
Valero Energy
    
2,000
    
128,980
  
Williams Companies
    
5,000
    
142,300
  
           
535,374
  
Pharmaceuticals 2.8%
              
Wyeth
    
2,500
    
125,075
  
               
Road and Rail 6.8%
              
CSX
    
4,000
    
160,200
  
Union Pacific
    
1,400
    
142,170
  
           
302,370
  
Specialty Retail 2.5%
              
The Gap
    
6,300
    
108,423
  
               
Thrifts and Mortgage Finance 2.8%
              
Washington Mutual
    
3,100
    
125,178
  
               
Tobacco 3.2%
              
Altria Group
    
1,600
    
140,496
  
               
Total Common Stocks
          
4,370,648
  
               
Repurchase Agreement 1.5%
              
State Street Bank 4.65%, dated 3/30/2007, maturing 4/2/2007,
in the amount of $67,026, collateralized by: $70,000 US Treasury Notes 4.375%,
1/31/2008, with a fair value of $70,088
  
$
67,000
    
67,000
  
               
Total Investments 100.2%
          
4,437,648
  
               
Other Assets Less Liabilities (0.2)%
          
(7,558
)
               
Net Assets 100.0%
        
$
4,430,090
  


8
 
Seligman Smaller-Cap Value Portfolio

   
Shares or
Principal
Amount
  
Value
  
Common Stocks 99.9%
          
Aerospace and Defense 2.9%
          
Cubic
    
300,000
 shs.
$
6,492,000
  
               
Airlines 2.5%
              
Continental Airlines*
    
150,000
    
5,458,500
 
               
Biotechnology 4.0%
              
Keryx Biopharmaceuticals*
    
375,000
    
3,945,000
 
PDL BioPharma*
    
230,000
    
4,991,000
 
           
8,936,000
 
Chemicals 6.9%
              
Cabot
    
75,000
    
3,579,750
 
Hercules*
    
340,000
    
6,643,600
 
Minerals Technologies
    
85,000
    
5,283,600
 
         
15,506,950
 
Commercial Banks 1.9%
              
South Financial Group
    
175,000
    
4,326,000
 
               
Commercial Services and Supplies 9.5%
              
Brink's
    
90,000
    
5,710,500
 
Korn/Ferry International*
    
235,000
    
5,390,900
 
School Specialty*
    
115,000
    
4,152,650
 
Waste Connections*
    
202,500
    
6,062,850
 
         
21,316,900
 
Communications Equipment 2.5%
              
F5 Networks*
    
85,000
    
5,667,800
 
               
Computers and Peripherals 1.6%
              
Hypercom*
    
600,000
    
3,576,000
 
               
Construction and Engineering 2.9%
              
Shaw Group*
    
210,000
    
6,566,700
 
               
Diversified Consumer Services 3.6%
              
Sotheby's Holdings (Class A)*
    
180,000
    
8,006,400
 
               
Electrical Equipment 3.1%
              
EnerSys*
    
276,900
    
4,757,142
 
Thomas & Betts*
    
46,500
    
2,270,130
 
         
7,027,272
 
Electronic Equipment and Instruments 2.6%
              
Trimble Navigation*
    
220,000
    
5,904,800
 
               
Energy Equipment and Services 5.8%
              
Hanover Compressor*
    
310,000
    
6,897,500
 
Universal Compression Holdings*
    
90,000
    
6,091,200
 
         
12,988,700
 
Food and Staples Retailing 2.4%
              
Central European Distribution*
    
185,000
    
5,385,350
 
               
Health Care Equipment and Supplies 1.8%
              
PolyMedica
    
95,000
    
4,021,350
 
               
Health Care Providers and Services 4.0%
              
HealthSouth*
    
203,500
    
4,275,535
 
WellCare Health Plans*
    
55,000
    
4,688,750
 
         
8,964,285
 
Hotels, Restaurants and Leisure 6.7%
              
Landry's Restaurants
    
137,400
    
4,067,040
 
Penn National Gaming*
    
110,000
    
4,666,200
 
Ruby Tuesday
    
220,000
    
6,292,000
 
         
15,025,240
 
Insurance 11.6%
              
Aspen Insurance Holdings
    
200,000
    
5,242,000
 
Endurance Specialty Holdings
    
116,000
    
4,145,840
 
Hanover Insurance Group
    
110,000
    
5,073,200
 
Infinity Property and Casualty
    
140,000
    
6,560,400
 
W.R. Berkley
    
150,000
    
4,968,000
 
         
25,989,440
 
IT Services 2.1%
              
CACI International (Class A)*
    
100,000
    
4,686,000
 
               
Machinery 2.0%
              
Mueller Industries
    
145,000
    
4,364,500
 
               
Multiline Retail 2.1%
              
Fred's
    
320,000
    
4,704,000
 
               
Personal Products 1.9%
              
Herbalife*
    
110,000
    
4,310,900
 
               
Pharmaceuticals 2.0%
              
Par Pharmaceutical*
    
180,000
    
4,521,600
 
               
Semiconductors and Semiconductor Equipment 3.2%
              
Cypress Semiconductor*
    
275,000
    
5,101,250
 
Varian Semiconductor Equipment Associates*
    
39,300
    
2,097,834
 
         
7,199,084
 
Software 2.4%
              
Quest Software*
    
325,000
    
5,287,750
 
               
Specialty Retail 7.9%
              
Claire's Stores
    
190,000
    
6,102,800
 
Coldwater Creek*
    
142,800
    
2,895,984
 
Guitar Center*
    
90,000
    
4,060,800
 
Pacific Sunwear of California*
    
225,000
    
4,686,750
 
         
17,746,334
 
Total Common Stocks
          
223,979,855
 
               
Repurchase Agreement 0.2%
              
State Street Bank 4.65%, dated 3/30/2007, maturing 4/2/2007, in the amount of $493,193,
collateralized by: $515,000 US Treasury Notes 3%, 11/15/2007, with a fair value of $514,485
  
$
499,000
    
499,000
 
Total Investments 100.1%
          
224,478,855
 
 
              
Other Assets Less Liabilities (0.1)%
          
(130,861
)
 
              
Net Assets 100.0%
        
$
224,347,994
  

9
 
____________
*
  
Non-income producing security.
**
  
Current rate of step bond.
†
  
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, collateralized mortgage obligations 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.
‡
  
At March 31, 2007, these securities, with a value of $160,682, were held as collateral for the TBA securities.
#
  
Floating rate security; the interest rate is reset periodically. The interest rate disclosed reflects the rate in effect at March 31, 2007.
##
  
This security pays a fixed rate for a stipulated number of years, after which it pays a floating interest rate.
ADR - American Depositary Receipts.
GDR - Global Depositary Receipts.
TBA - To-be-announced.

øø  The Equity-Linked Notes are exchangeable at maturity, based on the terms of the respective notes,  for shares of common stock of a company or cash at a maturity value which is generally determined as follows:
 
(1)
The principal amount of the notes plus or minus the lesser of A) the lowest return of the company’s or companies’ respective stock prices determined at maturity from the date of purchase of the notes, and B) the percent limit indicated below in parentheses:

 
(a)
SanDisk (+10%)
 
(b)
Amdocs, Boston Scientific and Palm (+10%)
 
(c)
Alcatel-Lucent, BEA Systems and Best Buy (+5%)
 
(d)
Yahoo! (+20%)
 
(e)
Marvell Technology Group (+20%)
 
(f)
Motorola, SanDisk and Yahoo! (+10%)
 
(g)
KLA-Tencor, Peabody Energy and Urban Outfitters (+10%)
 
(h)
BEA Systems, Sprint Nextel and Weatherford International (+10%)
 
(i)
Seagate Technology (+20%)
 
(j)
Archer-Daniels-Midland, Countrywide Financial and Foot Locker (+10%)
 
(k)
eBay (+20%)
 
(l)
Coldwater Creek, Comverse Technology and Halliburton (+10%)

(2)
A) If the stock price of any of the companies falls 20% or more at any time during the period from the date of purchase of the notes to maturity, the lesser of i) the principal amount of the notes, or ii) the principal amount of the notes plus or minus the lowest return of the companies’ respective stock prices determined at maturity from the date of purchase of the notes, or otherwise B) the principal amount of the notes:

 
(a)
Advanced Micro Devices, Alcoa and Bristol-Myers Squibb
 
(b)
Broadcom, Herbalife and Rite Aid
 
(c)
Corning, Las Vegas Sands and Smurfit-Stone Container

10
 
Seligman Portfolios, Inc.
Notes to Schedules of Investments (unaudited)
March 31, 2007
 
1.  
Organization - Seligman Portfolios, Inc. (the “Fund”) consists of nine 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 Global Technology Portfolio (“Global Technology Portfolio”), Seligman International Growth Portfolio (“International Growth Portfolio”), Seligman Investment Grade Fixed Income Portfolio (“Investment Grade Portfolio”), Seligman Large-Cap Value Portfolio (“Large-Cap Value Portfolio”), and Seligman Smaller-Cap Value Portfolio (“Smaller-Cap Value Portfolio”), each designed to meet different investment goals. Shares of the Fund are provided as an investment medium for variable annuity and life insurance separate accounts offered by various insurance companies. Class 2 shares of the Communications and Information Portfolio are also offered to qualified pension or retirement plans.

2.  
Security Valuation - Net asset value per share is calculated at the close of business of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time. Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Fixed income securities not listed on an exchange or security market are valued 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 manager based on quotations provided by primary market makers in such securities. Equity securities not listed on an exchange or security market, or equity securities for which there is no last sales price, are valued at the mean of the most recent bid and asked prices or are valued by the Manager based on quotations provided by primary market makers in such securities. Notwithstanding these valuation methods, the Global Technology Portfolio and International Growth Portfolio may adjust the value of securities as described below in order to reflect the fair value of such securities.

Many securities markets and exchanges outside the US close prior to the close of the NYSE; 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 Fund’s Board of Directors (the “Board”) approved “fair value” procedures under which a third-party service on a regular basis recommends 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.

Other securities for which market quotations are not readily available (or are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board. This can occur in event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security.

Short-term holdings 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 current market quotations or amortized cost if the Fund’s investment manager believes it approximates fair value.

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

3.  
At March 31, 2007, 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
$    9,678,266
  
$  1,051,086
  
$   184,685
  
$     866,401
  
 
Cash Management
11,230,624
  
—
  
—
  
—
  
 
Common Stock
7,016,692
  
531,564
 *
243,209
 *
288,355
 *
 
Communications and Information
51,423,151
  
4,431,401
  
791,622
 **
3,639,779
 **
 
Global Technology
7,916,474
  
692,947
  
103,193
 **
589,754
 **
 
International Growth
3,609,530
  
636,364
  
34,524
  
601,840
 **
 
Investment Grade
2,000,827
  
18,831
  
4,816
  
14,015
  
 
Large-Cap Value
3,177,978
  
1,342,847
  
83,177
  
1,259,670
  
 
Smaller-Cap Value
175,461,288
  
57,785,935
  
8,768,368
  
49,017,567
  
 
     __________
 
*
  
Includes the effect of options written.
 
**
  
Includes the effect of foreign currency translations.
 

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.


11


SIGNATURES

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

SELIGMAN PORTFOLIOS, INC.

 

By:
/S/ BRIAN T. ZINO
 
Brian T. Zino
 
President and Chief Executive Officer
   
Date:
March 25, 2007

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:
March 25, 2007

 

By:
/S/ LAWRENCE P. VOGEL
 
Lawrence P. Vogel
 
Vice President, Treasurer and Chief Financial Officer
   
Date:
March 25, 2007

12


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.

13