UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-05221

SELIGMAN PORTFOLIOS, INC.

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center, Minneapolis, Minnesota	55474
(Address of principal executive offices)	(Zip code)

Scott R. Plummer - 5228 Ameriprise Financial Center, Minneapolis, MN 55474

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 671-1947

Date of fiscal year end: 12/31

Date of reporting period: 9/30

Portfolio of Investments
Seligman Capital Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (98.1%)

Issuer	Shares			Value(a)
Aerospace & Defense (3.1%)
Goodrich		650		$	35,321
ITT		1,630			85,005
Precision Castparts		1,100			112,057
Total					232,383
Airlines (0.7%)
Delta Air Lines		5,760	(b)		51,610
Biotechnology (1.9%)
Alexion Pharmaceuticals		1,410	(b)		62,801
United Therapeutics		340	(b,d)		16,657
Vertex Pharmaceuticals		1,800	(b,d)		68,220
Total					147,678
Capital Markets (1.1%)
Invesco		3,650			83,074
Chemicals (1.6%)
Celanese Series A		1,300			32,500
Ecolab		800			36,984
Potash Corp of Saskatchewan		560	(c)		50,590
Total					120,074
Commercial Banks (0.5%)
Zions Bancorporation		2,080	(d)		37,378
Commercial Services & Supplies (0.3%)
Avery Dennison		600			21,606
Communications Equipment (3.2%)
Blue Coat Systems		5,220	(b,d)		117,920
Brocade Communications Systems		9,690	(b,d)		76,163
F5 Networks		1,320	(b)		52,312
Total					246,395
Construction & Engineering (2.1%)
Fluor		800			40,680
Foster Wheeler		2,840	(b)		90,624
Quanta Services		1,260	(b)		27,884
Total					159,188
Consumer Finance (1.3%)
Discover Financial Services		5,910			95,919
Diversified Consumer Services (4.4%)
Apollo Group Cl A		1,030	(b)		75,880
Coinstar		7,807	(b,d)		257,475
Total					333,355

Issuer	Shares			Value(a)
Diversified Financial Services (1.2%)
CME Group		40			12,328
Interactive Brokers Group Cl A		3,970	(b)		78,884
Total					91,212
Diversified Telecommunication Services (0.4%)
Qwest Communications Intl		8,830			33,642
Electric Utilities (1.4%)
ITC Holdings		2,400	(d)		109,080
Electrical Equipment (1.5%)
General Cable		2,820	(b)		110,403
Energy Equipment & Services (3.6%)
Cameron Intl		1,160	(b,d)		43,871
Natl Oilwell Varco		2,240	(b)		96,611
Noble		1,100			41,756
Weatherford Intl		4,490	(b,c)		93,078
Total					275,316
Food & Staples Retailing (1.5%)
BJ’s Wholesale Club		3,060	(b)		110,833
Health Care Equipment & Supplies (3.0%)
Alcon		820	(c)		113,710
Beckman Coulter		509			35,090
NuVasive		1,890	(b,d)		78,926
Total					227,726
Health Care Providers & Services (2.5%)
Community Health Systems		2,400	(b,d)		76,632
Express Scripts		980	(b)		76,028
WellPoint		780	(b)		36,941
Total					189,601
Health Care Technology (0.9%)
Cerner		920	(b,d)		68,816
Hotels, Restaurants & Leisure (3.6%)
Bally Technologies		3,790	(b)		145,423
Darden Restaurants		3,840			131,059
Total					276,482
Household Durables (2.6%)
Lennar Cl A		4,540	(d)		64,695
Meritage Homes		3,420	(b)		69,426
NVR		100	(b)		63,737
Total					197,858
Insurance (3.4%)
AFLAC		2,500			106,850
Principal Financial Group		1,989			54,479
Prudential Financial		1,995			99,570
Total					260,899

Issuer	Shares			Value(a)
Internet Software & Services (5.0%)
Equinix		690	(b,d)		63,480
SAVVIS		19,926	(b)		315,229
Total					378,709
IT Services (5.2%)
Cognizant Technology Solutions Cl A		4,580	(b)		177,063
MasterCard Cl A		1,080			218,322
Total					395,385
Life Sciences Tools & Services (3.5%)
Illumina		3,740	(b,d)		158,950
Life Technologies		2,240	(b)		104,272
Total					263,222
Machinery (2.0%)
Cummins		950			42,570
Joy Global		2,190	(d)		107,178
Total					149,748
Metals & Mining (2.1%)
Agnico-Eagle Mines		1,480	(c)		100,418
United States Steel		1,400	(d)		62,118
Total					162,536
Multiline Retail (3.7%)
Big Lots		4,730	(b)		118,345
Kohl’s		2,820	(b)		160,881
Total					279,226
Multi-Utilities (0.4%)
Public Service Enterprise Group		900			28,296
Oil, Gas & Consumable Fuels (2.0%)
Massey Energy		1,340	(d)		37,373
Noble Energy		870			57,385
Southwestern Energy		1,370	(b)		58,471
Total					153,229
Personal Products (2.6%)
Avon Products		5,920			201,043
Pharmaceuticals (1.0%)
Allergan		620			35,191
Medicis Pharmaceutical Cl A		1,800			38,430
Total					73,621
Professional Services (1.3%)
FTI Consulting		2,280	(b)		97,151
Road & Rail (1.7%)
CSX		2,130			89,162
JB Hunt Transport Services		1,260	(d)		40,484
Total					129,646

Issuer	Shares			Value(a)
Semiconductors & Semiconductor Equipment (7.1%)
Intersil Cl A		7,600	(d)		116,356
Marvell Technology Group		16,560	(b,c)		268,106
Microsemi		10,140	(b,d)		160,111
Total					544,573
Software (10.3%)
Activision Blizzard		9,030	(b)		111,882
Citrix Systems		2,410	(b)		94,544
McAfee		3,500	(b)		153,265
Rovi		12,822	(b,d)		430,819
Total					790,510
Specialty Retail (1.7%)
J Crew Group		3,650	(b,d)		130,743
Transportation Infrastructure (1.6%)
Aegean Marine Petroleum Network		5,430	(c)		122,175
Wireless Telecommunication Services (1.1%)
NII Holdings		1,900	(b)		56,962
SBA Communications Cl A		1,100	(b,d)		29,733
Total					86,695
Total Common Stocks (Cost: $6,026,913)				$	7,467,036
Money Market Fund (4.5%)

	Shares		Value(a)
RiverSource Short-Term Cash Fund, 0.28%	341,213	(e)	$	341,213
Total Money Market Fund (Cost: $341,213)			$	341,213
Investments of Cash Collateral Received for Securities on Loan (25.6%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		1,949,143	$	1,949,143
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $1,949,143)			$	1,949,143
Total Investments in Securities (Cost: $8,317,269)(f)			$	9,757,392

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At Sept. 30, 2009, the value of foreign securities represented 9.8% of net assets.
(d)	At Sept. 30, 2009, security was partially or fully on loan.

(e)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(f)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $8,317,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	1,558,000
Unrealized depreciation		(118,000	)
Net unrealized appreciation	$	1,440,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Equity Securities
Common Stocks (a)	$	7,467,036	$	—	$	—	$	7,467,036
Total Equity Securities		7,467,036		—		—		7,467,036
Other
Affiliated Money Market Fund (b)		341,213		—		—		341,213
Investments of Cash Collateral Received for Securities on Loan		1,949,143		—		—		1,949,143
Total Other		2,290,356		—		—		2,290,356
Total	$	9,757,392	$	—	$	—	$	9,757,392

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

Portfolio of Investments
Seligman Cash Management Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

U.S. Government Agencies (99.9%)

				Amount
	Effective			payable at
Issuer	yield			maturity			Value(a)
Federal Farm Credit Bank Disc Nts
10-07-09		0.09	%	$	300,000		$	299,995
10-13-09		0.09			500,000			499,983
11-09-09		0.12			700,000			699,909
Federal Home Loan Bank Disc Nts
10-01-09		0.00			1,700,000	(b)		1,699,999
Federal Home Loan Mtge Corp Disc Nts
10-26-09		0.10			1,500,000			1,499,896
Federal Natl Mtge Assn Disc Nts
10-07-09		0.13			1,300,000			1,299,968
U.S. Treasury Bills
12-10-09		0.06			1,500,000			1,499,825
Total U.S. Government Agencies (Cost: $7,499,575)							$	7,499,575
Money Market Fund (0.8%)
				Shares			Value(a)
JPMorgan US Govt Money Market Fund					61,177		$	61,177
Total Money Market Fund (Cost: $61,177)							$	61,177
Total Investments in Securities (Cost: $7,560,752)(c)							$	7,560,752

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	For zero coupons, the interest rate disclosed (0.001%) represents the annualized effective yield on the date of acquisition.
(c)	Also represents the cost of securities for federal income tax purposes at Sept. 30, 2009.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Short-Term Securities
U.S. Government Agencies	$	—	$	7,499,575	$	—	$	7,499,575
Total Short-Term Securities		—		7,499,575		—		7,499,575
Other
Affiliated Money Market Fund (a)		61,177		—		—		61,177
Total Other		61,177		—		—		61,177
Total	$	61,177	$	7,499,575	$	—	$	7,560,752

(a) Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

Portfolio of Investments
Seligman Common Stock Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (98.4%)

Issuer	Shares			Value(a)
Aerospace & Defense (1.3%)
General Dynamics		322		$	20,801
Northrop Grumman		253			13,093
Total					33,894
Beverages (3.3%)
Coca-Cola		1,120			60,145
Coca-Cola Enterprises		467			9,998
PepsiCo		334			19,592
Total					89,735
Biotechnology (1.7%)
Amgen		574	(b)		34,572
Biogen Idec		212	(b)		10,710
Total					45,282
Capital Markets (4.3%)
Charles Schwab		518	(e)		9,920
Goldman Sachs Group		342			63,048
Morgan Stanley		1,340	(e)		41,379
Total					114,347
Chemicals (1.6%)
Air Products & Chemicals		102			7,913
Dow Chemical		1,341			34,960
Total					42,873
Commercial Banks (2.9%)
BB&T		312	(e)		8,499
Fifth Third Bancorp		633			6,412
PNC Financial Services Group		465	(e)		22,594
SunTrust Banks		469	(e)		10,576
Wells Fargo & Co		1,060			29,871
Total					77,952
Communications Equipment (2.7%)
Cisco Systems		3,119	(b)		73,421
Computers & Peripherals (7.6%)
Apple		485	(b)		89,904
Dell		920	(b)		14,039
IBM		701			83,847
Lexmark Intl Cl A		281	(b,e)		6,053
Western Digital		311	(b)		11,361
Total					205,204
Consumer Finance (0.7%)
Capital One Financial		500	(e)		17,865

Issuer	Shares			Value(a)
Diversified Consumer Services (0.1%)
Apollo Group Cl A		51	(b,e)		3,757
Diversified Financial Services (6.7%)
Bank of America		6,287			106,376
Citigroup		9,431			45,646
JPMorgan Chase & Co		667			29,228
Total					181,250
Diversified Telecommunication Services (3.4%)
AT&T		1,809			48,861
CenturyTel		131			4,402
Verizon Communications		1,267			38,352
Total					91,615
Electric Utilities (0.8%)
FirstEnergy		160			7,315
Progress Energy		129	(e)		5,039
Southern		323			10,229
Total					22,583
Electronic Equipment, Instruments & Components (1.0%)
Corning		1,346			20,608
Tyco Electronics		298	(c)		6,639
Total					27,247
Energy Equipment & Services (1.5%)
Baker Hughes		323	(e)		13,779
ENSCO Intl		245	(e)		10,422
Natl Oilwell Varco		389	(b)		16,778
Total					40,979
Food & Staples Retailing (1.9%)
Walgreen		264			9,892
Wal-Mart Stores		825			40,499
Total					50,391
Food Products (1.0%)
Archer-Daniels-Midland		889			25,977
Health Care Equipment & Supplies (0.3%)
CareFusion		88	(b)		1,918
St. Jude Medical		141	(b)		5,501
Total					7,419
Health Care Providers & Services (3.1%)
Aetna		252			7,013
Cardinal Health		375			10,050
CIGNA		629	(e)		17,669
McKesson		122			7,265
UnitedHealth Group		1,596			39,964
Total					81,961

Issuer	Shares			Value(a)
Hotels, Restaurants & Leisure (2.7%)
McDonald’s		861			49,137
Starbucks		1,110	(b,e)		22,922
Total					72,059
Household Products (3.1%)
Clorox		91			5,353
Colgate-Palmolive		231			17,621
Procter & Gamble		1,045			60,526
Total					83,500
Industrial Conglomerates (2.4%)
General Electric		3,335			54,761
Tyco Intl		267	(c)		9,206
Total					63,967
Insurance (6.3%)
AFLAC		145			6,197
Allstate		1,474			45,133
Chubb		194	(e)		9,780
Hartford Financial Services Group		463			12,270
Lincoln Natl		305			7,903
MetLife		350			13,324
Principal Financial Group		476	(e)		13,038
Progressive		582	(b)		9,650
Prudential Financial		234			11,679
Torchmark		134			5,820
Travelers Companies		703	(e)		34,608
Total					169,402
IT Services (0.9%)
Affiliated Computer Services Cl A		87	(b)		4,713
Automatic Data Processing		283			11,121
Computer Sciences		146	(b)		7,696
Total					23,530
Machinery (0.7%)
Illinois Tool Works		207			8,841
Ingersoll-Rand		365	(c,e)		11,195
Total					20,036
Media (0.9%)
CBS Cl B		921	(e)		11,098
Viacom Cl B		497	(b)		13,936
Total					25,034
Metals & Mining (2.8%)
Alcoa		897	(e)		11,769
Allegheny Technologies		151			5,283
Freeport-McMoRan Copper & Gold		330			22,642
Newmont Mining		474			20,865
Nucor		140			6,581
United States Steel		203	(e)		9,007
Total					76,147
Multiline Retail (0.8%)
Kohl’s		355	(b,e)		20,253

Issuer	Shares			Value(a)
Multi-Utilities (1.1%)
Consolidated Edison		134	(e)		5,486
PG&E		430			17,411
Xcel Energy		309	(e)		5,945
Total					28,842
Oil, Gas & Consumable Fuels (11.4%)
Chevron		2,155			151,776
ConocoPhillips		894			40,372
Hess		224			11,975
Marathon Oil		952			30,369
Murphy Oil		181			10,420
Occidental Petroleum		499			39,122
Valero Energy		1,128			21,872
Total					305,906
Pharmaceuticals (12.7%)
Allergan		179			10,160
Forest Laboratories		352	(b)		10,363
Johnson & Johnson		1,289			78,487
Merck & Co		2,249	(e)		71,136
Pfizer		7,315	(e)		121,062
Schering-Plough		1,224			34,578
Wyeth		331			16,080
Total					341,866
Semiconductors & Semiconductor Equipment (0.8%)
Broadcom Cl A		467	(b)		14,333
NVIDIA		409	(b)		6,147
Total					20,480
Software (0.5%)
Intuit		490	(b)		13,965
Specialty Retail (3.9%)
Bed Bath & Beyond		159	(b)		5,969
Best Buy		290			10,881
Gap		624			13,353
Home Depot		2,401			63,962
O’Reilly Automotive		85	(b,e)		3,072
Sherwin-Williams		147			8,844
Total					106,081
Textiles, Apparel & Luxury Goods (0.8%)
Coach		353			11,621
Nike Cl B		137			8,864
Total					20,485
Tobacco (0.5%)
Lorillard		184			13,671
Wireless Telecommunication Services (0.2%)
Sprint Nextel		1,247	(b)		4,926
Total Common Stocks (Cost: $2,428,958)				$	2,643,902

Equity-Linked Notes (0.3%)(h)

	Coupon			Principal
Issuer	rate			amount			Value(a)
Lehman Brothers Holdings
Sr Unsecured
09-14-08		53.31	%	$	33,000	(b,d,f,g)	$	3,908
10-02-08		39.50			33,000	(b,d,f,g)		4,838
Total								8,746
Total Equity-Linked Notes (Cost: $66,000)							$	8,746

Money Market Fund (0.2%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		6,330	(i)	$	6,330
Total Money Market Fund (Cost: $6,330)				$	6,330

Investments of Cash Collateral Received for Securities on Loan (15.7%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		420,577	$	420,577
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $420,577)			$	420,577
Total Investments in Securities (Cost: $2,921,865)(j)			$	3,079,555

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing. For long-term debt securities, item identified is in default as to payment of interest and/or principal.
(c)	Foreign security values are stated in U.S. dollars. At Sept. 30, 2009, the value of foreign securities represented 1.0% of net assets.
(d)	Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security may be determined to be liquid under guidelines established by the Fund’s Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Sept. 30, 2009, the value of these securities amounted to $8,746 or 0.3% of net assets.
(e)	At Sept. 30, 2009, security was partially or fully on loan.
(f)	This position is in bankruptcy.
(g)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at Sept. 30, 2009 was $8,746, representing 0.3% of net assets. Information concerning such security holdings at Sept. 30, 2009 is as follows:

	Acquisition
Security	dates		Cost
Lehman Brothers Holdings
Sr Unsecured
53.31% 2008		03-07-08	$	33,000
39.50% 2008		03-26-08		33,000

(h)	Equity-Linked Notes (ELNs) are notes created by a counterparty, typically an investment bank that may bear interest at a fixed or floating rate. At maturity, the notes must be exchanged for an amount based on the value of one or more equity securities of third party issuers or the value of an index. The exchanged value may be limited to an amount less than the actual value of the underlying stocks or value of an index at the maturity date. Any difference between the exchange amount and the original cost of the notes will be a gain or loss.
(i)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(j)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $2,922,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	337,000
Unrealized depreciation		(179,000	)
Net unrealized appreciation	$	158,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Equity Securities
Common Stocks (a)	$	2,643,902	$	—	$	—	$	2,643,902
Total Equity Securities		2,643,902		—		—		2,643,902
Other
Equity-Linked Notes		—		8,746		—		8,746
Affiliated Money Market Fund (b)		6,330		—		—		6,330
Investments of Cash Collateral Received for Securities on Loan		420,577		—		—		420,577
Total Other		426,907		8,746		—		435,653
Total	$	3,070,809	$	8,746	$	—	$	3,079,555

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

Portfolio of Investments
Seligman Communications and Information Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (90.7%)

Issuer	Shares			Value(a)
Communications Equipment (10.0%)
Cisco Systems		101,800	(b)	$	2,396,372
F5 Networks		16,068	(b,d)		636,775
Nortel Networks		16	(b,c)		1
Polycom		6,900	(b,d)		184,575
QUALCOMM		42,500			1,911,650
Total					5,129,373
Computers & Peripherals (16.6%)
Apple		12,400	(b)		2,298,588
Electronics for Imaging		66,200	(b,d)		746,074
EMC		60,500	(b)		1,030,920
Hewlett-Packard		36,800			1,737,328
NetApp		89,367	(b)		2,384,313
Seagate Technology		11,700	(c)		177,957
Western Digital		3,500	(b)		127,855
Total					8,503,035
Diversified Telecommunication Services (1.0%)
Qwest Communications Intl		61,700	(d)		235,077
Telecom Italia		161,300	(c)		282,961
Total					518,038
Health Care Equipment & Supplies (4.1%)
Baxter Intl		7,200			410,472
Medtronic		12,800			471,040
St. Jude Medical		31,500	(b)		1,228,815
Total					2,110,327
Health Care Providers & Services (0.8%)
Quest Diagnostics		7,800	(d)		407,082
Internet Software & Services (6.4%)
Open Text		48,471	(b,c)		1,809,422
VeriSign		39,100	(b,d)		926,279
Yahoo!		32,100	(b)		571,701
Total					3,307,402
IT Services (6.6%)
Amdocs		106,800	(b,c,d)		2,870,784
Fidelity Natl Information Services		20,600	(d)		525,506
Total					3,396,290
Life Sciences Tools & Services (0.7%)
Life Technologies		4,462	(b)		207,706

Issuer	Shares			Value(a)
Thermo Fisher Scientific		3,500	(b)		152,845
Total					360,551
Media (0.5%)
DreamWorks Animation SKG Cl A		7,000	(b)		248,990
Pharmaceuticals (2.9%)
Abbott Laboratories		30,200			1,493,994
Semiconductors & Semiconductor Equipment (2.2%)
Avago Technologies		7,933	(b,c)		135,416
Elpida Memory		4,100	(b,c)		53,763
Marvell Technology Group		9,659	(b,c)		156,379
Novellus Systems		12,000	(b)		251,760
Taiwan Semiconductor Mfg		272,000	(c)		546,066
Total					1,143,384
Software (38.9%)
Adobe Systems		21,800	(b)		720,272
Aspen Technology		24,900	(b)		254,603
BMC Software		33,900	(b)		1,272,267
Check Point Software Technologies		116,300	(b,c,d)		3,297,105
Magma Design Automation		10,600	(b,d)		22,154
McAfee		2,691	(b)		117,839
Mentor Graphics		93,500	(b,d)		870,485
Microsoft		101,400			2,625,246
Nuance Communications		76,300	(b,d)		1,141,448
Oracle		82,500			1,719,300
Parametric Technology		120,900	(b,d)		1,670,838
SonicWALL		14,885	(b,d)		125,034
Symantec		156,223	(b)		2,572,993
Synopsys		156,000	(b)		3,497,520
Total					19,907,104
Total Common Stocks (Cost: $44,024,297)				$	46,525,570
Money Market Fund (7.9%)
	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		4,066,991	(e)	$	4,066,991
Total Money Market Fund (Cost: $4,066,991)				$	4,066,991
Investments of Cash Collateral Received for Securities on Loan (6.2%)
	Shares			Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		3,165,281		$	3,165,281
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $3,165,281)				$	3,165,281
Total Investments in Securities (Cost: $51,256,569)(f)				$	53,757,842

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At Sept. 30, 2009, the value of foreign securities represented 18.2% of net assets.
(d)	At Sept. 30, 2009, security was partially or fully on loan.
(e)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(f)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $51,257,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	4,720,000
Unrealized depreciation		(2,219,000	)
Net unrealized appreciation	$	2,501,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Equity Securities
Common Stocks(a)	$	46,525,570	$	—	$	—	$	46,525,570
Total Equity Securities		46,525,570		—		—		46,525,570
Other
Affiliated Money Market Fund (b)		4,066,991		—		—		4,066,991
Investments of Cash Collateral Received for Securities on Loan		3,165,281		—		—		3,165,281
Total Other		7,232,272		—		—		7,232,272
Total	$	53,757,842	$	—	$	—	$	53,757,842

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

Portfolio of Investments
Seligman Global Technology Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (95.2%)

Issuer	Shares			Value(a)
Communications Equipment (9.6%)
Brocade Communications Systems		1,803	(b,d)	$	14,172
Cisco Systems		8,400	(b)		197,736
F5 Networks		1,890	(b,d)		74,901
Polycom		900	(b,d)		24,075
QUALCOMM		4,900			220,402
Tandberg		2,700	(c,d)		64,676
Total					595,962
Computers & Peripherals (17.8%)
Acer		14,130	(c)		36,064
Apple		1,400	(b)		259,518
Electronics for Imaging		3,400	(b,d)		38,318
EMC		11,500	(b)		195,960
Hewlett-Packard		4,600			217,166
IBM		200			23,922
NetApp		11,293	(b)		301,296
Netezza		2,600	(b,d)		29,224
Total					1,101,468
Diversified Telecommunication Services (1.7%)
BT Group		12,700	(c)		26,383
Koninklijke (Royal) KPN		2,624	(c)		43,517
Telecom Italia		19,000	(c)		33,331
Total					103,231
Electronic Equipment, Instruments & Components (6.9%)
Hon Hai Precision Industry		26,000	(c)		104,395
Ibiden		800	(c)		29,769
Murata Mfg		900	(c,d)		42,714
Nidec		500	(c)		40,609
Taiyo Yuden		4,000	(c)		47,193
TDK		500	(c)		28,911
Tivit Terceirizacao de Tecnologia e Servicos		10,788	(b,c)		78,476
Tripod Technology		11,000	(c)		28,212
Unimicron Technology		22,000	(c)		26,774
Total					427,053
Internet Software & Services (6.7%)
Open Text		5,900	(b,c)		220,247
TelecityGroup		5,100	(b,c)		26,071
VeriSign		3,400	(b)		80,546
Yahoo!		5,100	(b)		90,831
Total					417,695

Issuer	Shares			Value(a)
IT Services (8.6%)
Amdocs		12,600	(b,c)		338,688
Fidelity Natl Information Services		2,700			68,877
Fiserv		800	(b)		38,560
Mphasis		2,500	(c)		34,924
Rolta India		8,700	(c)		32,329
Xchanging		6,524	(c)		22,998
Total					536,376
Pharmaceuticals (1.0%)
Abbott Laboratories		1,300			64,311
Semiconductors & Semiconductor Equipment (4.1%)
Advanced Semiconductor Engineering		40,000	(c)		32,931
Advanced Semiconductor Engineering ADR		4,200	(c)		17,346
Avago Technologies		1,279	(b,c)		21,833
Elpida Memory		4,000	(b,c)		52,452
Marvell Technology Group		1,200	(b,c)		19,428
Novellus Systems		1,400	(b)		29,372
Powertech Technology		10,000	(c)		30,067
Taiwan Semiconductor Mfg		16,000	(c)		32,122
Transcend Information		5,247	(c)		18,781
Total					254,331
Software (38.3%)
Adobe Systems		2,600	(b)		85,904
AsiaInfo Holdings		2,160	(b,c,d)		43,135
Aspen Technology		6,341	(b)		64,837
BMC Software		3,800	(b)		142,614
Check Point Software Technologies		11,811	(b,c,d)		334,841
Longtop Financial Technologies ADR		1,800	(b,c,d)		51,228
Magma Design Automation		2,000	(b,d)		4,180
McAfee		735	(b)		32,186
Mentor Graphics		9,495	(b)		88,398
Micro Focus Intl		31,215	(c)		177,327
Microsoft		9,100			235,599
NCSoft		240	(c)		34,434
NICE Systems ADR		1,389	(b,c,d)		42,281
Nuance Communications		7,600	(b,d)		113,696
Oracle		4,200			87,528
Parametric Technology		12,500	(b)		172,750
SonicWALL		5,945	(b)		49,938
Symantec		16,600	(b)		273,402
Synopsys		14,000	(b)		313,880
Totvs		600	(c)		29,482
Total					2,377,640
Wireless Telecommunication Services (0.5%)
Vodacom Group		4,000	(b,c)		29,917
Total Common Stocks
(Cost: $5,438,399)				$	5,907,984

Money Market Fund (4.6%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		284,256	(e)	$	284,256
Total Money Market Fund (Cost: $284,256)				$	284,256
Investments of Cash Collateral Received for Securities on Loan (11.6%)
	Shares			Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		720,560		$	720,560
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $720,560)				$	720,560
Total Investments in Securities (Cost: $6,443,215)(f)				$	6,912,800

Investments in Derivatives

Forward Foreign Currency Contracts Open at Sept. 30, 2009

					Unrealized		Unrealized
Exchange date	Currency to be delivered		Currency to be received		appreciation		depreciation
Oct. 1, 2009		12,041		1,081,755	$	11	$	—
	U.S. Dollar		Japanese Yen
Oct. 1, 2009		46,900		4,194,187		—		(173	)
	U.S. Dollar		Japanese Yen
Total					$	11	$	(173	)

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At Sept. 30, 2009, the value of foreign securities represented 36.7% of net assets.
(d)	At Sept. 30, 2009, security was partially or fully on loan.
(e)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(f)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $6,443,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	639,000
Unrealized depreciation		(169,000	)
Net unrealized appreciation	$	470,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other			Level 3
	in active		significant			significant
	markets for		observable			unobservable
Description	identical assets		inputs			inputs		Total
Equity Securities
Common Stocks (a)	$	5,907,984	$	—		$	—	$	5,907,984
Total Equity Securities		5,907,984		—			—		5,907,984
Other
Affiliated Money Market Fund (b)		284,256		—			—		284,256
Investments of Cash Collateral Received for Securities on Loan		720,560		—			—		720,560
Total Other		1,004,816		—			—		1,004,816
Investments in Securities		6,912,800		—			—		6,912,800
Other Financial Instruments (c)		—		(162	)		—		(162	)
Total	$	6,912,800	$	(162	)	$	—	$	6,912,638

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.
(c)	Other Financial Instruments are derivative instruments, which are valued at the unrealized appreciation (depreciation) on the instrument. Derivative descriptions are located in the Investments in Derivatives section of the Portfolio of Investments.

Portfolio of Investments
Seligman International Growth Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (96.5%)(c)

Issuer	Shares			Value(a)
Belgium (2.3%)
Fortis		5,408	(b)	$	25,328
Hansen Transmissions Intl		6,518	(b)		13,358
Total					38,686
Brazil (0.7%)
Itaú Unibanco Holding ADR		602	(d)		12,130
Canada (6.1%)
Agnico-Eagle Mines		300			20,355
Canadian Natural Resources		200			13,509
Potash Corp of Saskatchewan		280			25,295
Suncor Energy		500			17,470
Teck Resources Cl B		1000	(b)		27,568
Total					104,197
China (0.6%)
China High Speed Transmission Equipment Group		5,000			10,258
Denmark (2.4%)
Vestas Wind Systems		575	(b)		41,570
France (11.1%)
Alcatel-Lucent		9,741	(b,d)		43,569
Essilor Intl		306			17,436
Groupe Danone		380			22,895
Michelin Series B		351	(d)		27,531
Renault		425	(b)		19,814
Schneider Electric		133			13,477
Ubisoft Entertainment		1,268	(b)		24,006
Vallourec		118			19,992
Total					188,720
Germany (9.6%)
Adidas		262	(d)		13,865
Bayer		146			10,115
Daimler		916	(d)		46,110
HeidelbergCement		124			8,026
Metro		493	(d)		27,879
Siemens		427	(d)		39,534
ThyssenKrupp		503	(d)		17,317
Total					162,846
Hong Kong (4.9%)
Esprit Holdings		2,700			18,116
Huabao Intl Holdings		16,000			17,156
Li & Fung		8,120	(d)		32,742
Sun Hung Kai Properties		1,030			15,178
Total					83,192

Issuer	Shares			Value(a)
Ireland (0.9%)
Experian		1,848			15,548
Israel (1.4%)
Teva Pharmaceutical Inds ADR		470			23,763
Italy (1.0%)
Bulgari		2,248	(d)		17,366
Japan (5.8%)
Daiichi Sankyo		400			8,258
Komatsu		1,560	(d)		29,233
Shin-Etsu Chemical		200			12,300
SoftBank		1,030	(d)		22,641
Toshiba		5,000	(d)		26,237
Total					98,669
Macau (0.1%)
Wynn Macau		1,200	(b)		1,561
Mexico (1.2%)
Fresnillo		1,678			20,701
Netherlands (6.9%)
ASML Holding		1,164			34,231
Koninklijke (Royal) KPN		1,324			21,958
Qiagen		1,650	(b)		35,005
Unilever		903			26,021
Total					117,215
Russia (1.6%)
Gazprom ADR		718			16,941
Vimpel-Communications ADR		540	(b)		10,098
Total					27,039
Spain (3.8%)
Banco Santander		2,176			35,021
Red Electrica de Espana		564	(d)		28,857
Total					63,878
Sweden (0.9%)
Telefonaktiebolaget LM Ericsson Series B		1,479			14,856
Switzerland (14.4%)
Credit Suisse Group		671			37,237
GAM Holding		537			26,820
Nestlé		1,242	(d)		52,934
Roche Holding		241			38,959
Sonova Holding		174	(d)		17,549
Swatch Group		120			28,271
UBS		980	(b)		17,942
Xstrata		1,664			24,530
Total					244,242
Taiwan (1.4%)
Delta Electronics		4,000			11,392

Issuer	Shares		Value(a)
Hon Hai Precision Industry		3,000		12,046
Total				23,438
United Kingdom (19.4%)
ARM Holdings		12,036		27,619
AstraZeneca		456		20,431
AstraZeneca ADR		200		8,990
BG Group		993		17,249
British American Tobacco		1,086		34,066
Burberry Group		2,159		17,371
Eurasian Natural Resources		1,007		14,104
HSBC Holdings		1,320		15,103
Michael Page Intl		3,022		16,158
Reckitt Benckiser Group		1,161		56,734
Rio Tinto		464		19,785
Standard Chartered		1,456		35,877
Vodafone Group		21,354		47,841
Total				331,328
Total Common Stocks (Cost: $1,394,252)			$	1,641,203

Other (—%)(c)

Issuer	Shares			Value(a)
Germany
HeidelbergCement Rights		124	(b)	$	662
Total Other (Cost: $—)				$	662

Money Market Fund (7.5%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		128,014	(e)	$	128,014
Total Money Market Fund (Cost: $128,014)				$	128,014

Investments of Cash Collateral Received for Securities on Loan (6.9%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		117,567	$	117,567
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $117,567)			$	117,567
Total Investments in Securities (Cost: $1,639,833)(f)			$	1,887,446

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total net assets at Sept. 30, 2009:

	Percentage of net
Industry	assets			Value
Auto Components		1.6	%	$	27,531
Automobiles		3.9			65,924
Capital Markets		4.8			81,999
Chemicals		3.2			54,751
Commercial Banks		5.8			98,131
Communications Equipment		3.4			58,425
Computers & Peripherals		1.5			26,237
Construction Materials		0.5			8,688
Distributors		1.9			32,742
Diversified Telecommunication Services		1.9			32,056
Electric Utilities		1.7			28,857
Electrical Equipment		3.8			65,305
Electronic Equipment, Instruments & Components		1.4			23,438
Food & Staples Retailing		1.6			27,879
Food Products		6.0			101,850
Health Care Equipment & Supplies		2.1			34,985
Hotels, Restaurants & Leisure		0.1			1,561
Household Products		3.3			56,734
Industrial Conglomerates		2.3			39,534
Insurance		1.5			25,328
Life Sciences Tools & Services		2.1			35,005
Machinery		3.7			62,583
Metals & Mining		8.5			144,360
Oil, Gas & Consumable Fuels		3.8			65,169
Pharmaceuticals		6.5			110,516
Professional Services		1.9			31,706
Real Estate Management & Development		0.9			15,178
Semiconductors & Semiconductor Equipment		3.6			61,850
Software		1.4			24,006
Specialty Retail		1.1			18,116
Textiles, Apparel & Luxury Goods		4.5			76,873
Tobacco		2.0			34,066
Wireless Telecommunication Services		4.1			70,482
Other(1)		14.4			245,581
Total				$	1,887,446

(1) Cash & Cash Equivalents.

Investments in Derivatives

Forward Foreign Currency Contracts Open at Sept. 30, 2009

					Unrealized		Unrealized
Exchange date	Currency to be delivered		Currency to be received		appreciation		depreciation
Oct. 1, 2009		2,640		4,187	$	—	$	(31	)
	British Pound		U.S. Dollar
Oct. 2, 2009		972,555		10,818		—		(17	)
	Japanese Yen		U.S. Dollar
Oct. 5, 2009		15,024		9,401		—		(2	)
	U.S. Dollar		British Pound
Oct. 5, 2009		5,297		26,930		—		(3	)
	U.S. Dollar		Danish Krone
Oct. 5, 2009		13,486		9,208		—		(13	)
	U.S. Dollar		European Monetary Unit
Total					$	—	$	(66	)

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars.
(d)	At Sept. 30, 2009, security was partially or fully on loan.

(e)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(f)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $1,640,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	264,000
Unrealized depreciation		(17,000	)
Net unrealized appreciation	$	247,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because
the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements — Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other			Level 3
	in active		significant			significant
	markets for		observable			unobservable
Description	identical assets		inputs			inputs		Total
Equity Securities
Common Stocks (a)		$1,641,203		$—			$—		$1,641,203
Other (a)		662		—			—		662
Total Equity Securities		1,641,865		—			—		1,641,865
Other
Affiliated Money Market Fund (b)		128,014		—			—		128,014
Investments of Cash Collateral Received for Securities on Loan		117,567		—			—		117,567
Total Other		245,581		—			—		245,581
Investments in Securities		1,887,446		—			—		1,887,446
Other Financial Instruments (c)		—		(66	)		—		(66	)
Total		$1,887,446		$(66	)		$—		$1,887,380

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Oct. 31, 2009.
(c)	Other Financial Instruments are derivative instruments, which are valued at the unrealized appreciation (depreciation) on the instrument. Derivative descriptions are located in the Investments in Derivatives section of the Portfolio of Investments.

Portfolio of Investments
Seligman Investment Grade Fixed Income Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Bonds (84.4%)

	Coupon			Principal
Issuer	rate			amount			Value(a)
Supranational (0.5%)
Corp Andina de Fomento
Unsecured		5.75	%	$	10,000	(c)	$	10,172
01-12-17
U.S. Government Obligations & Agencies (45.9%)
Federal Farm Credit Bank
02-07-13		3.40			40,000			41,758
Federal Home Loan Banks
05-20-11		2.63			45,000			46,337
11-17-17		5.00			10,000			10,924
Federal Home Loan Mtge Corp
07-15-14		5.00			5,000			5,550
Federal Natl Mtge Assn
06-09-10		3.26			15,000			15,285
08-12-10		3.25			10,000			10,238
08-17-12		2.24			5,000			5,022
11-19-12		4.75			10,000			10,920
01-02-14		5.13			6,000			6,366
U.S. Treasury
02-28-11		4.50			95,000	(e)		100,195
09-30-11		1.00			5,000			5,004
07-15-12		1.50			15,000	(e)		15,075
09-15-12		1.38			5,000			4,991
12-31-13		1.50			35,000			34,270
08-31-14		2.38			55,000			55,206
09-30-14		2.38			125,000			125,331
02-15-15		4.00			30,000			32,325
04-30-16		2.63			20,000	(e)		19,741
02-15-19		2.75			85,000			81,115
05-15-19		3.13			110,000			108,238
08-15-19		3.63			5,000			5,132
02-15-29		5.25			15,000			17,412
02-15-31		5.38			16,000			19,010
02-15-39		3.50			50,000			45,297
05-15-39		4.25			5,000			5,173
U.S. Treasury
Principal Strip
11-15-26		0.00			50,000			24,222
Total								850,137
Asset-Backed (1.5%)
Caterpillar Financial Asset Trust
Series 2008A Cl A3
04-25-14		4.94			15,000			15,163

	Coupon		Principal
Issuer	rate		amount			Value(a)
Centex Home Equity
Series 2002-D Cl M2
12-25-32		2.30		19,243	(h)		2,646
Irwin Home Equity
Series 2005-A Cl A3
02-25-34		0.63		11,445	(h)		10,018
Total							27,827
Residential Mortgage-Backed (16.6%)(f)
Banc of America Mtge Securities
Commercial Mtge Obligation
Series 2004-F Cl 1A1
07-25-34		4.09		4,873	(h)		4,312
Federal Home Loan Mtge Corp
10-01-24		5.50		100,000	(g)		105,812
Federal Home Loan Mtge Corp #1Q0140
08-01-36		6.16		15,163	(h)		16,075
Federal Natl Mtge Assn
10-01-39		6.50		25,000	(g)		26,719
Federal Natl Mtge Assn #256901
09-01-37		6.50		29,738			31,718
Federal Natl Mtge Assn #745392
12-01-20		4.50		13,976			14,720
Federal Natl Mtge Assn #881886
04-01-36		5.36		17,007	(h)		17,906
Federal Natl Mtge Assn #886764
08-01-36		6.00		16,711	(h)		17,623
GSR Mtge Loan Trust
Commercial Mtge Obligation
Series 2005-AR4 Cl 4A1
07-25-35		5.36		15,153	(h)		12,180
Homestar Mtge Acceptance
Commercial Mtge Obligation
Series 2004-1 Cl A1
03-25-34		0.57		8,219	(h)		5,361
Indymac Index Mtge Loan Trust
Commercial Mtge Obligation
Series 2006-AR3 Cl 2A1B
03-25-36		5.80		26,075	(h)		12,245
Structured Asset Securities
Series 2003-18XS Cl A6
06-25-33		4.04		30,769			28,193
Wells Fargo Mtge Backed Securities Trust
Commercial Mtge Obligation
Series 2004-K Cl 2A3
07-25-34		4.72		15,852	(h)		15,019
Total							307,883
Banking (2.0%)
Bank of America
Sr Unsecured
05-01-18		5.65		10,000			9,867
Citigroup
Unsecured
05-22-19		8.50		10,000			11,288
Goldman Sachs Group
Sr Unsecured
02-15-19		7.50		5,000			5,720

	Coupon		Principal
Issuer	rate		amount			Value(a)
JPMorgan Chase & Co
Sr Unsecured
01-15-18		6.00		5,000			5,367
Wells Fargo & Co
Sr Unsecured
12-11-17		5.63		5,000			5,252
Total							37,494
Brokerage (0.1%)
Lehman Brothers Holdings
Sr Unsecured
05-02-18		6.88		15,000	(b,i)		2,663
Chemicals (0.3%)
Dow Chemical
Sr Unsecured
05-15-19		8.55		5,000			5,621
Electric (5.3%)
Cleveland Electric Illuminating
1st Mtge
11-15-18		8.88		10,000			12,673
Consumers Energy
1st Mtge Series J
02-15-14		6.00		10,000			10,910
Dominion Resources
Sr Unsecured
11-15-16		5.60		15,000			15,986
DTE Energy
Sr Unsecured
05-15-14		7.63		5,000			5,519
Indiana Michigan Power
Sr Nts
03-15-19		7.00		5,000			5,782
Nevada Power
Series L
01-15-15		5.88		10,000			10,653
NiSource Finance
09-15-17		5.25		5,000			4,698
01-15-19		6.80		5,000			5,119
Potomac Electric Power
1st Mtge
04-15-14		4.65		15,000			15,640
Sierra Pacific Power
Series M
05-15-16		6.00		10,000			10,609
Total							97,589
Food and Beverage (1.1%)
Kraft Foods
Sr Unsecured
10-01-13		5.25		10,000			10,533
02-01-18		6.13		5,000			5,298
SABMiller
01-15-14		5.70		5,000	(c,d)		5,398
Total							21,229

	Coupon		Principal
Issuer	rate		amount			Value(a)
Gas Pipelines (3.9%)
CenterPoint Energy Resources
Sr Unsecured
02-15-11		7.75		10,000			10,634
CenterPoint Energy Resources
Sr Unsecured Series B
04-01-13		7.88		5,000			5,630
Colorado Interstate Gas
Sr Unsecured
11-15-15		6.80		30,000			33,362
Northwest Pipeline
Sr Unsecured
06-15-16		7.00		5,000			5,688
Transcontinental Gas Pipe Line LLC
Sr Unsecured
04-15-16		6.40		10,000			11,072
Transcontinental Gas Pipe Line LLC
Sr Unsecured Series B
08-15-11		7.00		5,000			5,410
Total							71,796
Independent Energy (2.0%)
Anadarko Petroleum
Sr Unsecured
09-15-16		5.95		10,000			10,596
EnCana
Sr Unsecured
12-01-17		5.90		15,000	(c)		16,019
XTO Energy
Sr Unsecured
08-01-17		6.25		10,000			10,795
Total							37,410
Media Cable (0.3%)
Comcast
05-15-18		5.70		5,000	(e)		5,257
Media Non Cable (0.8%)
News America
11-15-37		6.65		5,000			5,208
RR Donnelley & Sons
Sr Unsecured
01-15-17		6.13		10,000			9,429
Total							14,637
Non Captive Diversified (0.6%)
General Electric Capital
Sr Unsecured
01-10-39		6.88		10,000	(e)		10,473
Wireless (0.3%)
US Cellular
Sr Unsecured
12-15-33		6.70		5,000			5,152

	Coupon		Principal
Issuer	rate		amount			Value(a)
Wirelines (3.2%)
AT&T
Sr Unsecured
02-01-18		5.50		5,000			5,217
BellSouth
Sr Unsecured
09-15-14		5.20		15,000			16,240
TELUS
Sr Unsecured
06-01-11		8.00		10,000	(c)		10,881
Verizon New York
Sr Unsecured Series A
04-01-12		6.88		15,000			16,314
Verizon New York
Sr Unsecured Series B
04-01-32		7.38		10,000			10,965
Total							59,617
Total Bonds
(Cost: $1,557,794)						$	1,564,957

Money Market Fund (22.8%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		422,583	(j)	$	422,583
Total Money Market Fund
(Cost: $422,583)				$	422,583

Investments of Cash Collateral Received for Securities on Loan (8.1%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		149,382	$	149,382
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $149,382)			$	149,382
Total Investments in Securities
(Cost: $2,129,759)(k)			$	2,136,922

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing. For long-term debt securities, item identified is in default as to payment of interest and/or principal.
(c)	Foreign security values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollar currency unless otherwise noted. At Sept. 30, 2009, the value of foreign securities represented 2.3% of net assets.
(d)	Represents a security sold under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. This security may be determined to be liquid under guidelines established by the Fund’s Board of Directors. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At Sept. 30, 2009, the value of these securities amounted to $5,398 or 0.3% of net assets.
(e)	At Sept. 30, 2009, security was partially or fully on loan.
(f)	Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property, and include single- and multi-class pass-through securities and collateralized mortgage obligations. These securities may be issued or guaranteed by U.S. government agencies or instrumentalities, or by private issuers, generally originators and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special

	purpose entities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.
(g)	At Sept. 30, 2009, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $132,042.
(h)	Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on Sept. 30, 2009.
(i)	This position is in bankruptcy.
(j)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(k)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $2,130,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	64,000
Unrealized depreciation		(57,000	)
Net unrealized appreciation	$	7,000

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Bonds
Foreign Government Obligations & Agencies	$	—	$	10,172	$	—	$	10,172
U.S. Government Obligations & Agencies		697,737		152,400		—		850,137
Asset-Backed Securities		—		27,827		—		27,827
Residential Mortgage-Backed Securities		—		295,638		12,245		307,883
Corporate Debt Securities		—		368,938		—		368,938
Total Bonds		697,737		854,975		12,245		1,564,957
Other
Affiliated Money Market Fund (a)		422,583		—		—		422,583
Investments of Cash Collateral Received for Securities on Loan		149,382		—		—		149,382
Total Other		571,965		—		—		571,965
Total	$	1,269,702	$	854,975	$	12,245	$	2,136,922

(a) Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

	Residential
	Mortgage-Backed
	Securities
Balance as of Dec. 31, 2008	$	—
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)*		—
Net purchases (sales)		—
Transfers in and/or out of Level 3		12,245
Balance as of Sept. 30, 2009	$	12,245

* Change in unrealized appreciation (depreciation) relating to securities held at Sept. 30, 2009 was $(13,900).

Portfolio of Investments
Seligman Large-Cap Value Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (100.2%)

Issuer	Shares			Value(a)
Aerospace & Defense (8.8%)
General Dynamics		1,300		$	83,980
Honeywell Intl		1,500			55,725
United Technologies		800			48,744
Total					188,449
Capital Markets (6.2%)
Bank of New York Mellon		1,999			57,951
Morgan Stanley		2,400	(c)		74,112
Total					132,063
Chemicals (4.6%)
EI du Pont de Nemours & Co		2,200			70,708
Praxair		350			28,592
Total					99,300
Commercial Banks (3.1%)
US Bancorp		3,000			65,580
Communications Equipment (3.2%)
Juniper Networks		2,500	(b)		67,550
Diversified Financial Services (10.7%)
Bank of America		7,000			118,440
JPMorgan Chase & Co		2,500			109,550
Total					227,990
Food & Staples Retailing (2.7%)
Costco Wholesale		600			33,876
Wal-Mart Stores		500			24,545
Total					58,421
Food Products (3.5%)
Tyson Foods Cl A		6,000			75,780
Health Care Equipment & Supplies (2.1%)
Baxter Intl		800			45,608
Health Care Providers & Services (3.0%)
Humana		1,700	(b)		63,410
Independent Power Producers & Energy Traders (5.5%)
AES		8,000	(b)		118,560

Issuer	Shares			Value(a)
Insurance (12.5%)
MetLife		2,000	(c)		76,140
Prudential Financial		1,500			74,865
Travelers Companies		1,000	(c)		49,230
Unum Group		3,000	(c)		64,320
Total					264,555
Machinery (3.1%)
Caterpillar		1,300	(c)		66,729
Multiline Retail (2.7%)
JC Penney		1,700			57,375
Oil, Gas & Consumable Fuels (8.0%)
Chevron		500			35,215
Marathon Oil		2,000			63,800
Valero Energy		1,400			27,146
Williams Companies		2,500			44,675
Total					170,836
Pharmaceuticals (4.2%)
Bristol-Myers Squibb		4,000			90,080
Road & Rail (4.8%)
CSX		1,500			62,790
Union Pacific		700			40,845
Total					103,635
Specialty Retail (8.1%)
Gap		4,000	(c)		85,600
Lowe’s Companies		2,800			58,632
Sherwin-Williams		500			30,080
Total					174,312
Tobacco (3.4%)
Altria Group		1,400			24,934
Philip Morris Intl		1,000			48,740
Total					73,674
Total Common Stocks (Cost: $1,936,087)				$	2,143,907

Money Market Fund (0.5%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		10,076	(d)	$	10,076
Total Money Market Fund (Cost: $10,076)				$	10,076

Investments of Cash Collateral Received for Securities on Loan (14.7%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		314,242	$	314,242
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $314,242)			$	314,242
Total Investments in Securities (Cost: $2,260,405)(e)			$	2,468,225

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing.
(c)	At Sept. 30, 2009, security was partially or fully on loan.
(d)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(e)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $2,260,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	411,000
Unrealized depreciation		(203,000	)
Net unrealized appreciation	$	208,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements - Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Equity Securities
Common Stocks (a)	$	2,143,907	$	—	$	—	$	2,143,907
Total Equity Securities		2,143,907		—		—		2,143,907
Other
Affiliated Money Market Fund (b)		10,076		—		—		10,076
Investments of Cash Collateral Received for Securities on Loan		314,242		—		—		314,242
Total Other		324,318		—		—		324,318
Total	$	2,468,225	$	—	$	—	$	2,468,225

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

Portfolio of Investments
Seligman Smaller-Cap Value Portfolio
Sept. 30, 2009 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (100.1%)

Issuer	Shares			Value(a)
Aerospace & Defense (3.8%)
Cubic		90,000		$	3,552,300
Airlines (6.8%)
Continental Airlines Cl B		170,000	(b,d)		2,794,800
Delta Air Lines		400,000	(b)		3,584,000
Total					6,378,800
Beverages (2.8%)
Central European Distribution		80,000	(b,d)		2,620,800
Chemicals (2.0%)
Minerals Technologies		40,000	(d)		1,902,400
Commercial Services & Supplies (3.9%)
Brink’s		50,000			1,345,500
Waste Connections		80,000	(b)		2,308,800
Total					3,654,300
Communications Equipment (4.0%)
F5 Networks		95,000	(b)		3,764,850
Construction & Engineering (2.1%)
Shaw Group		60,000	(b)		1,925,400
Containers & Packaging (1.8%)
Owens-Illinois		45,000	(b)		1,660,500
Diversified Consumer Services (2.2%)
Sotheby’s		120,000	(d)		2,067,600
Electrical Equipment (7.4%)
Belden		85,000	(d)		1,963,500
EnerSys		160,000	(b)		3,539,200
Thomas & Betts		46,500	(b)		1,398,720
Total					6,901,420
Energy Equipment & Services (3.9%)
Exterran Holdings		70,000	(b,d)		1,661,800
TETRA Technologies		210,000	(b,d)		2,034,900
Total					3,696,700
Food Products (1.9%)
Smithfield Foods		130,000	(b,d)		1,794,000
Health Care Equipment & Supplies (0.7%)
Analogic		17,400	(d)		644,148
Health Care Providers & Services (2.9%)
WellCare Health Plans		110,000	(b)		2,711,500

Issuer	Shares			Value(a)
Health Care Technology (2.9%)
Eclipsys		140,000	(b,d)		2,702,000
Hotels, Restaurants & Leisure (5.4%)
Burger King Holdings		25,400	(d)		446,786
Penn Natl Gaming		90,000	(b)		2,489,400
Texas Roadhouse		200,000	(b)		2,124,000
Total					5,060,186
Insurance (17.9%)
Aspen Insurance Holdings		110,000	(c)		2,911,700
Endurance Specialty Holdings		70,000	(c)		2,552,900
Hanover Insurance Group		70,000	(d)		2,893,100
Infinity Property & Casualty		50,000	(d)		2,124,000
Lincoln Natl		140,000			3,627,400
WR Berkley		105,000			2,654,400
Total					16,763,500
IT Services (2.5%)
CACI Intl Cl A		50,000	(b,d)		2,363,500
Machinery (2.4%)
Mueller Inds		90,000			2,148,300
Navistar Intl		3,000	(b)		112,260
Total					2,260,560
Multiline Retail (3.4%)
Fred’s Cl A		250,000			3,182,500
Personal Products (3.1%)
Herbalife		90,000	(c)		2,946,600
Professional Services (2.8%)
School Specialty		112,000	(b,d)		2,656,640
Semiconductors & Semiconductor Equipment (6.7%)
Cypress Semiconductor		200,000	(b,d)		2,066,000
ON Semiconductor		263,600	(b,d)		2,174,700
Varian Semiconductor Equipment Associates		60,950	(b,d)		2,001,598
Total					6,242,298
Software (6.0%)
Lawson Software		390,000	(b,d)		2,433,600
Quest Software		190,000	(b)		3,201,500
Total					5,635,100
Transportation Infrastructure (0.8%)
Aegean Marine Petroleum Network		35,000	(c)		787,500
Total Common Stocks (Cost: $91,792,028)				$	93,875,102

Money Market Fund (0.2%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.28%		173,680	(e)	$	173,680
Total Money Market Fund (Cost: $173,680)				$	173,680

Investments of Cash Collateral Received for Securities on Loan (19.2%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		18,031,664	$	18,031,664

	Shares	Value(a)
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $18,031,664)		$	18,031,664
Total Investments in Securities (Cost: $109,997,372)(f)		$	112,080,446

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Semiannual Report dated June 30, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At Sept. 30, 2009, the value of foreign securities represented 9.8% of net assets.
(d)	At Sept. 30, 2009, security was partially or fully on loan.
(e)	Affiliated Money Market Fund — The Fund may invest its daily cash balance in RiverSource Short-Term Cash Fund, a money market fund established for the exclusive use of the RiverSource funds and other institutional clients of RiverSource Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009.
(f)	At Sept. 30, 2009, the cost of securities for federal income tax purposes was approximately $109,997,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	18,745,000
Unrealized depreciation		(16,662,000	)
Net unrealized appreciation	$	2,083,000

The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

• Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements - Valuation of securities in the most recent Semiannual Report dated June 30, 2009.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of Sept. 30, 2009:

	Fair value at Sept. 30, 2009
	Level 1		Level 2
	quoted prices		other		Level 3
	in active		significant		significant
	markets for		observable		unobservable
Description	identical assets		inputs		inputs		Total
Equity Securities
Common Stocks (a)	$	93,875,102	$	—	$	—	$	93,875,102
Total Equity Securities		93,875,102		—		—		93,875,102
Other
Affiliated Money Market Fund (b)		173,680		—		—		173,680
Investments of Cash Collateral Received for Securities on Loan		18,031,664		—		—		18,031,664
Total Other		18,205,344		—		—		18,205,344
Total	$	112,080,446	$	—	$	—	$	112,080,446

(a)	All industry classifications are identified in the Portfolio of Investments.
(b)	Money market fund that is a sweep investment for cash balances in the Fund at Sept. 30, 2009.

TABLE OF CONTENTS

	Item 2. Control and Procedures
	Item 3. Exhibits
SIGNATURES
EX-99.CERT

Item 2. Control and Procedures.

(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were 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.

Separate certification for the Registrant’s 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.

(Registrant) Seligman Portfolios, Inc.

By	/s/ Patrick T. Bannigan
	Patrick T. Bannigan
	President and Principal Executive Officer
Date	November 25, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Patrick T. Bannigan
	Patrick T. Bannigan
	President and Principal Executive Officer
Date	November 25, 2009
By	/s/ Jeffrey P. Fox
	Jeffrey P. Fox
	Treasurer and Principal Financial Officer
Date	November 25, 2009