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: 3/31

Portfolio of Investments
Seligman Capital Portfolio
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (93.0%)

Issuer	Shares			Value(a)
Aerospace & Defense (3.1%)
Goodrich Corp.		1,100		$	77,572
ITT Corp.		790			42,352
Precision Castparts Corp.		1,100			139,381
Total					259,305
Airlines (1.0%)
Delta Air Lines, Inc.		5,760	(b)		84,038
Biotechnology (3.7%)
Alexion Pharmaceuticals, Inc.		1,180	(b)		64,157
Amylin Pharmaceuticals, Inc.		720	(b)		16,193
BioMarin Pharmaceutical, Inc.		2,410	(b)		56,322
Dendreon Corp.		2,210	(b)		80,599
Vertex Pharmaceuticals, Inc.		2,300	(b)		94,000
Total					311,271
Capital Markets (0.6%)
Invesco Ltd.		2,300			50,393
Chemicals (2.2%)
Celanese Corp., Series A		2,480			78,988
Ecolab, Inc.		800			35,160
Potash Corp of Saskatchewan, Inc.		560	(c)		66,836
Total					180,984
Commercial Services & Supplies (0.5%)
Avery Dennison Corp.		1,090			39,687
Communications Equipment (3.6%)
Blue Coat Systems, Inc.		6,060	(b)		188,102
F5 Networks, Inc.		1,320	(b)		81,193
JDS Uniphase Corp.		2,290	(b)		28,694
Total					297,989
Computers & Peripherals (0.2%)
Seagate Technology		1,080	(b,c)		19,721
Construction & Engineering (1.3%)
Foster Wheeler AG		4,110	(b,c)		111,545
Consumer Finance (1.1%)
Capital One Financial Corp.		2,270			94,001
Diversified Consumer Services (1.2%)
Coinstar, Inc.		3,053	(b,e)		99,223
Diversified Financial Services (0.5%)
Interactive Brokers Group, Inc., Class A		2,490	(b)		40,214

Issuer	Shares			Value(a)
Diversified Telecommunication Services (0.8%)
Qwest Communications International, Inc.		13,500			70,470
Electric Utilities (1.1%)
ITC Holdings Corp.		1,630			89,650
Electrical Equipment (0.4%)
General Cable Corp.		1,370	(b)		36,990
Energy Equipment & Services (3.0%)
Cameron International Corp.		2,470	(b)		105,864
CARBO Ceramics, Inc.		1,000			62,340
Noble Corp.		1,850	(b,c)		77,367
Total					245,571
Food & Staples Retailing (0.7%)
The Kroger Co.		2,860			61,948
Food Products (0.6%)
Dole Food Co., Inc.		4,015	(b,e)		47,578
Health Care Equipment & Supplies (1.1%)
Edwards Lifesciences Corp.		500	(b)		49,440
Intuitive Surgical, Inc.		120	(b)		41,776
Total					91,216
Health Care Providers & Services (1.6%)
Express Scripts, Inc.		850	(b)		86,496
WellPoint, Inc.		690	(b)		44,422
Total					130,918
Health Care Technology (0.9%)
Cerner Corp.		920	(b)		78,255
Hotels, Restaurants & Leisure (1.6%)
Bally Technologies, Inc.		3,310	(b)		134,187
Household Durables (2.8%)
Lennar Corp., Class A		3,440			59,202
Meritage Homes Corp.		4,820	(b)		101,220
NVR, Inc.		100	(b)		72,650
Total					233,072
Insurance (3.5%)
AFLAC, Inc.		1,610			87,407
Principal Financial Group, Inc.		1,619			47,291
Prudential Financial, Inc.		2,535			153,367
Total					288,065
Internet Software & Services (6.1%)
Baidu, Inc., ADR		100	(b,c)		59,700
Equinix, Inc.		1,350	(b)		131,409
SAVVIS, Inc.		18,876	(b)		311,454
Total					502,563

Issuer	Shares			Value(a)
IT Services (6.3%)
Cognizant Technology Solutions Corp., Class A		4,970	(b)		253,371
MasterCard, Inc., Class A		1,060			269,240
Total					522,611
Life Sciences Tools & Services (2.0%)
Illumina, Inc.		1,470	(b)		57,183
Waters Corp.		1,670	(b)		112,792
Total					169,975
Machinery (2.8%)
Cummins, Inc.		1,190			73,721
Joy Global, Inc.		2,190			123,954
Oshkosh Corp.		830	(b)		33,482
Total					231,157
Media (1.4%)
CBS Corp., Class B		4,870			67,887
Time Warner Cable, Inc.		960			51,178
Total					119,065
Metals & Mining (2.0%)
Agnico-Eagle Mines Ltd.		1,350	(c)		75,155
United States Steel Corp.		1,400			88,928
Total					164,083
Multiline Retail (2.4%)
Big Lots, Inc.		1,380	(b)		50,260
Dollar General Corp.		5,913	(b)		149,303
Total					199,563
Multi-Utilities (0.2%)
Public Service Enterprise Group, Inc.		670			19,778
Oil, Gas & Consumable Fuels (2.9%)
Atlas Energy, Inc.		4,330	(b)		134,750
Massey Energy Co.		1,340			70,069
Southwestern Energy Co.		820	(b)		33,390
Total					238,209
Personal Products (1.7%)
Avon Products, Inc.		4,130			139,883
Pharmaceuticals (3.2%)
Medicis Pharmaceutical Corp., Class A		6,630			166,811
Perrigo Co.		1,670			98,062
Total					264,873
Road & Rail (2.1%)
CSX Corp.		2,530			128,777
JB Hunt Transport Services, Inc.		1,260			45,209
Total					173,986
Semiconductors & Semiconductor Equipment (5.9%)
Intersil Corp., Class A		7,600			112,176
Marvell Technology Group Ltd.		7,740	(b,c)		157,741

Issuer	Shares			Value(a)
Micron Technology, Inc.		8,400	(b)		87,276
Microsemi Corp.		7,520	(b)		130,397
Total					487,590
Software (6.8%)
Activision Blizzard, Inc.		5,700			68,742
Citrix Systems, Inc.		1,800	(b)		85,446
Rovi Corp.		10,902	(b)		404,791
Total					558,979
Specialty Retail (4.5%)
American Eagle Outfitters, Inc.		8,180			151,493
Dick’s Sporting Goods, Inc.		3,880	(b)		101,307
GUESS?, Inc.		2,510			117,920
Total					370,720
Tobacco (1.5%)
Lorillard, Inc.		1,610			121,136
Transportation Infrastructure (2.2%)
Aegean Marine Petroleum Network, Inc.		6,552	(c)		185,946
Wireless Telecommunication Services (1.9%)
NII Holdings, Inc.		2,770	(b)		115,398
SBA Communications Corp., Class A		1,100	(b)		39,677
Total					155,075
Total Common Stocks (Cost: $5,890,988)				$	7,721,483
Money Market Fund (7.5%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		621,117	(d)	$	621,117
Total Money Market Fund (Cost: $621,117)				$	621,117

Investments of Cash Collateral Received for Securities on Loan (1.7%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		142,680	$	142,680
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $142,680)			$	142,680
Total Investments in Securities (Cost: $6,654,785)(f)			$	8,485,280

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.

Notes to Portfolio of Investments

ADR — American Depository Receipt

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)	Non-income producing.

(c)	Foreign security values are stated in U.S. dollars. At March 31, 2010, the value of foreign securities, excluding short-term securities, represented 9.08% of net assets.
(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 March 31, 2010.
(e)	At March 31, 2010, security was partially or fully on loan.
(f)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $6,655,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	1,867,000
Unrealized depreciation		(37,000	)
Net unrealized appreciation	$	1,830,000

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.

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 Annual Report dated Dec. 31, 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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	7,721,483	$	—	$	—	$	7,721,483
Total Equity Securities		7,721,483		—		—		7,721,483
Other
Affiliated Money Market Fund (b)		621,117		—		—		621,117
Investments of Cash Collateral Received for Securities on Loan (c)		142,680		—		—		142,680
Total Other		763,797		—		—		763,797
Total	$	8,485,280	$	—	$	—	$	8,485,280

(a)	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 March 31, 2010.
(c)	Asset categories for Investments of Cash Collateral are identified in the Portfolio of Investments.

Portfolio of Investments
Seligman Common Stock Portfolio
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (98.5%)

Issuer	Shares			Value(a)
Aerospace & Defense (1.6%)
General Dynamics Corp.		248		$	19,146
Lockheed Martin Corp.		158			13,149
Northrop Grumman Corp.		85			5,573
Raytheon Co.		103			5,883
Total					43,751
Beverages (2.8%)
PepsiCo, Inc.		334			22,097
The Coca-Cola Co.		1,026			56,430
Total					78,527
Capital Markets (3.3%)
Franklin Resources, Inc.		105			11,645
Morgan Stanley		305			8,933
State Street Corp.		305			13,768
The Goldman Sachs Group, Inc.		336			57,331
Total					91,677
Chemicals (1.5%)
Air Products & Chemicals, Inc.		102			7,543
The Dow Chemical Co.		1,136			33,591
Total					41,134
Commercial Banks (3.2%)
Fifth Third Bancorp		1,095			14,881
PNC Financial Services Group, Inc.		587			35,044
SunTrust Banks, Inc.		251			6,724
Wells Fargo & Co.		1,060			32,987
Total					89,636
Commercial Services & Supplies (0.2%)
RR Donnelley & Sons Co.		309			6,597
Communications Equipment (1.1%)
Cisco Systems, Inc.		583	(b)		15,175
Motorola, Inc.		1,993	(b)		13,991
Total					29,166
Computers & Peripherals (9.2%)
Apple, Inc.		688	(b)		161,632
Dell, Inc.		1,318	(b)		19,783
IBM Corp.		323			41,425
NetApp, Inc.		411	(b)		13,382
Western Digital Corp.		443	(b)		17,273
Total					253,495

Issuer	Shares			Value(a)
Consumer Finance (1.7%)
American Express Co.		611			25,210
Capital One Financial Corp.		303			12,547
Discover Financial Services		691			10,296
Total					48,053
Diversified Financial Services (6.3%)
Bank of America Corp.		6,287			112,223
Citigroup, Inc.		14,954	(b)		60,564
Total					172,787
Diversified Telecommunication Services (4.8%)
AT&T, Inc.		3,510			90,699
Verizon Communications, Inc.		1,314			40,760
Total					131,459
Electric Utilities (0.7%)
Exelon Corp.		326			14,282
FirstEnergy Corp.		160			6,254
Total					20,536
Electronic Equipment, Instruments & Components (1.2%)
Agilent Technologies, Inc.		398	(b)		13,688
Corning, Inc.		545			11,014
Tyco Electronics Ltd.		298	(c)		8,189
Total					32,891
Energy Equipment & Services (0.9%)
Baker Hughes, Inc.		80			3,747
Ensco PLC, ADR		113	(c)		5,060
Nabors Industries Ltd.		304	(b,c)		5,968
National Oilwell Varco, Inc.		264			10,713
Total					25,488
Food & Staples Retailing (2.2%)
Walgreen Co.		411			15,244
Wal-Mart Stores, Inc.		825			45,870
Total					61,114
Food Products (0.3%)
Archer-Daniels-Midland Co.		250			7,225
Health Care Equipment & Supplies (1.2%)
Becton Dickinson and Co.		74			5,826
CareFusion Corp.		88	(b)		2,326
Intuitive Surgical, Inc.		43	(b)		14,970
Medtronic, Inc.		238			10,717
Total					33,839
Health Care Providers & Services (4.8%)
Aetna, Inc.		440			15,448
Cardinal Health, Inc.		375			13,511
CIGNA Corp.		651			23,814
McKesson Corp.		122			8,018
UnitedHealth Group, Inc.		1,596			52,142
WellPoint, Inc.		322	(b)		20,730
Total					133,663

Issuer	Shares			Value(a)
Hotels, Restaurants & Leisure (1.3%)
McDonald’s Corp.		525			35,028
Household Durables (0.2%)
Whirlpool Corp.		75			6,544
Industrial Conglomerates (3.6%)
3M Co.		231			19,305
General Electric Co.		4,007			72,927
Textron, Inc.		350			7,431
Total					99,663
Insurance (7.5%)
AFLAC, Inc.		253			13,735
Berkshire Hathaway, Inc., Class B		194	(b)		15,766
Chubb Corp.		307			15,918
Hartford Financial Services Group, Inc.		463			13,158
Lincoln National Corp.		305			9,364
MetLife, Inc.		350			15,169
Principal Financial Group, Inc.		476			13,904
Prudential Financial, Inc.		224			13,552
The Allstate Corp.		1,474			47,626
The Progressive Corp.		582			11,110
The Travelers Companies, Inc.		573			30,908
Torchmark Corp.		134			7,170
Total					207,380
Internet & Catalog Retail (0.6%)
priceline.com, Inc.		68	(b)		17,340
Internet Software & Services (0.6%)
eBay, Inc.		598	(b)		16,116
IT Services (1.2%)
Automatic Data Processing, Inc.		149			6,626
Cognizant Technology Solutions Corp., Class A		511	(b)		26,051
Total					32,677
Machinery (0.4%)
Illinois Tool Works, Inc.		93			4,404
Ingersoll-Rand PLC		207	(c)		7,219
Total					11,623
Media (1.5%)
CBS Corp., Class B		921			12,839
News Corp., Class A		1,544			22,249
Viacom, Inc., Class B		152	(b)		5,226
Total					40,314
Metals & Mining (3.2%)
Alcoa, Inc.		1,333			18,982
Allegheny Technologies, Inc.		52			2,807
Freeport-McMoRan Copper & Gold, Inc.		538			44,945
United States Steel Corp.		325			20,644
Total					87,378

Issuer	Shares			Value(a)
Multiline Retail (0.6%)
Macy’s, Inc.		344			7,489
Nordstrom, Inc.		206			8,415
Total					15,904
Oil, Gas & Consumable Fuels (14.8%)
Chesapeake Energy Corp.		299			7,068
Chevron Corp.		2,085			158,105
ConocoPhillips		1,625			83,151
Exxon Mobil Corp.		554			37,107
Hess Corp.		224			14,011
Marathon Oil Corp.		1,119			35,405
Murphy Oil Corp.		181			10,170
Occidental Petroleum Corp.		433			36,606
Valero Energy Corp.		1,128			22,222
Total					403,845
Paper & Forest Products (0.5%)
International Paper Co.		598			14,717
Pharmaceuticals (10.9%)
Abbott Laboratories		430			22,652
Forest Laboratories, Inc.		352	(b)		11,039
Johnson & Johnson		1,323			86,260
Merck & Co., Inc.		1,503			56,137
Pfizer, Inc.		7,331			125,726
Total					301,814
Real Estate Investment Trusts (REITs) (0.4%)
Simon Property Group, Inc.		138			11,578
Road & Rail (0.8%)
CSX Corp.		202			10,282
Norfolk Southern Corp.		223			12,463
Total					22,745
Semiconductors & Semiconductor Equipment (0.6%)
Broadcom Corp., Class A		126			4,181
Micron Technology, Inc.		904	(b)		9,392
NVIDIA Corp.		207	(b)		3,598
Total					17,171
Software (0.3%)
Salesforce.com, Inc.		110	(b)		8,190
Specialty Retail (1.7%)
Best Buy Co., Inc.		290			12,337
Home Depot, Inc.		761			24,618
Limited Brands, Inc.		365			8,986
Total					45,941
Textiles, Apparel & Luxury Goods (0.4%)
Nike, Inc., Class B		137			10,070
Wireless Telecommunication Services (0.4%)
Sprint Nextel Corp.		2,810	(b)		10,678
Total Common Stocks (Cost: $2,422,539)				$	2,717,754

Money Market Fund (1.5%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		40,646	(d)	$	40,646
Total Money Market Fund (Cost: $40,646)				$	40,646
Total Investments in Securities (Cost: $2,463,185)(e)				$	2,758,400

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.

Notes to Portfolio of Investments

ADR — American Depository Receipt

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 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 March 31, 2010, the value of foreign securities, excluding short-term securities, represented 0.96% of net assets.

(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 March 31, 2010.
(e)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $2,463,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	379,000
Unrealized depreciation		(84,000	)
Net unrealized appreciation	$	295,000

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.

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 Annual Report dated Dec. 31, 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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	2,717,754	$	—	$	—	$	2,717,754
Total Equity Securities		2,717,754		—		—		2,717,754
Other
Affiliated Money Market Fund (b)		40,646		—		—		40,646
Total Other		40,646		—		—		40,646
Total	$	2,758,400	$	—	$	—	$	2,758,400

(a)	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 March 31, 2010.

Portfolio of Investments
Seligman Communications and Information Portfolio
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (93.4%)

Issuer	Shares			Value(a)
Aerospace & Defense (2.0%)
General Dynamics Corp.		15,200		$	1,173,440
Biotechnology (1.2%)
Gilead Sciences, Inc.		15,500	(b)		704,940
Communications Equipment (7.4%)
Cisco Systems, Inc.		100,200	(b)		2,608,206
Nortel Networks Corp.		16	(b,c)		1
QUALCOMM, Inc.		41,700			1,750,983
Total					4,359,190
Computers & Peripherals (12.4%)
Apple, Inc.		12,600	(b)		2,960,117
Electronics for Imaging, Inc.		66,200	(b)		769,906
Hewlett-Packard Co.		33,300			1,769,895
NetApp, Inc.		54,167	(b)		1,763,678
Total					7,263,596
Diversified Financial Services (0.5%)
BM&FBOVESPA SA		46,700	(c)		313,698
Diversified Telecommunication Services (0.8%)
Deutsche Telekom AG, ADR		36,600	(c)		494,100
Electrical Equipment (0.4%)
Sensata Technologies Holding NV		12,935	(b,c,d)		232,313
Electronic Equipment, Instruments & Components (0.4%)
Corning, Inc.		11,400			230,394
Health Care Equipment & Supplies (2.5%)
St. Jude Medical, Inc.		35,200	(b)		1,444,960
Internet Software & Services (6.8%)
eBay, Inc.		14,128	(b)		380,750
Google, Inc., Class A		2,100	(b)		1,190,721
Open Text Corp.		41,571	(b,c)		1,973,375
VeriSign, Inc.		17,800	(b)		462,978
Total					4,007,824
IT Services (6.2%)
Amdocs Ltd.		98,800	(b,c)		2,974,868
Genpact Ltd.		10,646	(b,c)		178,533

Issuer	Shares			Value(a)
Lender Processing Services, Inc.		7,900			298,225
Rolta India Ltd.		41,100	(c)		163,769
Total					3,615,395
Life Sciences Tools & Services (1.1%)
Life Technologies Corp.		12,062	(b)		630,481
Media (0.9%)
DreamWorks Animation SKG, Inc., Class A		13,400	(b)		527,826
Office Electronics (1.0%)
Xerox Corp.		61,900			603,525
Pharmaceuticals (1.3%)
Abbott Laboratories		14,000			737,520
Semiconductors & Semiconductor Equipment (12.1%)
Amkor Technology, Inc.		64,500	(b,d)		456,015
Analog Devices, Inc.		18,500			533,170
Avago Technologies Ltd.		18,800	(b,c)		386,528
Broadcom Corp., Class A		5,200			172,536
Intel Corp.		79,000			1,758,540
Lam Research Corp.		15,900	(b)		593,388
Marvell Technology Group Ltd.		26,459	(b,c)		539,234
Micron Technology, Inc.		27,600	(b)		286,764
National Semiconductor Corp.		47,430			685,364
Novellus Systems, Inc.		59,300	(b)		1,482,500
Veeco Instruments, Inc.		4,100	(b,d)		178,350
Total					7,072,389
Software (36.4%)
Activision Blizzard, Inc.		44,600			537,876
Aspen Technology, Inc.		34,400	(b)		352,600
BMC Software, Inc.		76,200	(b)		2,895,600
Check Point Software Technologies		84,065	(b,c)		2,947,319
Mentor Graphics Corp.		114,600	(b)		919,092
Micro Focus International PLC		16,700	(c)		127,091
Microsoft Corp.		97,800			2,862,606
Nuance Communications, Inc.		92,700	(b)		1,542,528
Parametric Technology Corp.		140,400	(b)		2,534,220
SonicWALL, Inc.		19,600	(b,d)		170,324
SS&C Technologies Holdings, Inc.		1,112	(b)		16,769
Symantec Corp.		172,623	(b)		2,920,781
Synopsys, Inc.		156,000	(b)		3,489,719
Total					21,316,525
Total Common Stocks (Cost: $49,885,871)				$	54,728,116

Money Market Fund (4.4%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		2,597,032	(e)	$	2,597,032
Total Money Market Fund
(Cost: $2,597,032)				$	2,597,032

Investments of Cash Collateral Received for Securities on Loan (1.4%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		807,693	$	807,693
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $807,693)			$	807,693
Total Investments in Securities (Cost: $53,290,596)(f)			$	58,132,841

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.

Notes to Portfolio of Investments

ADR — American Depository Receipt
(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At March 31, 2010, the value of foreign securities, excluding short-term securities, represented 17.63% of net assets.
(d)	At March 31, 2010, 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 March 31, 2010.
(f)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $53,291,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	6,736,000
Unrealized depreciation		(1,894,000	)
Net unrealized appreciation	$	4,842,000

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.

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 Annual Report dated Dec. 31, 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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	54,728,116	$	—	$	—	$	54,728,116
Total Equity Securities		54,728,116		—		—		54,728,116
Other
Affiliated Money Market Fund (b)		2,597,032		—		—		2,597,032
Investments of Cash Collateral Received for Securities on Loan (c)		807,693		—		—		807,693
Total Other		3,404,725		—		—		3,404,725
Total	$	58,132,841	$	—	$	—	$	58,132,841

(a)	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 March 31, 2010.
(c)	Asset categories for Investments of Cash Collateral are identified in the Portfolio of Investments.

Portfolio of Investments
Seligman Global Technology Portfolio
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (95.6%)

Issuer	Shares			Value(a)
Aerospace & Defense (0.8%)
General Dynamics Corp.		600		$	46,320
Application Software (18.6%)
AsiaInfo Holdings, Inc.		1,860	(b,c)		49,253
Aspen Technology, Inc.		5,941	(b)		60,895
JDA Software Group, Inc.		3,000	(b)		83,460
Longtop Financial Technologies Ltd., ADR		1,800	(b,c)		57,978
Mentor Graphics Corp.		8,895	(b)		71,338
Micro Focus International PLC		18,815	(c)		143,187
Misys PLC		9,000	(b,c)		33,106
NICE Systems Ltd., ADR		460	(b,c)		14,605
Nuance Communications, Inc.		8,500	(b)		141,440
Parametric Technology Corp.		11,900	(b)		214,795
SS&C Technologies Holdings, Inc.		119	(b)		1,795
Synopsys, Inc.		11,900	(b)		266,202
Total					1,138,054
Communications Equipment (5.1%)
Cisco Systems, Inc.		6,900	(b)		179,607
QUALCOMM, Inc.		3,100			130,169
Total					309,776
Computers & Peripherals (14.0%)
Apple, Inc.		1,200	(b)		281,915
Electronics for Imaging, Inc.		3,200	(b)		37,216
Hewlett-Packard Co.		4,200			223,230
HTC Corp.		3,000	(c)		35,060
IBM Corp.		700			89,775
NetApp, Inc.		2,593	(b)		84,428
Netezza Corp.		4,400	(b)		56,276
Toshiba Corp.		9,000	(b,c)		46,502
Total					854,402
Diversified Financial Services (0.8%)
BM&FBOVESPA SA		7,400	(c)		49,708
Diversified Telecommunication Services (1.4%)
Deutsche Telekom AG, ADR		4,200	(c)		56,700
Telefonica SA		1,300	(c)		30,799
Total					87,499
Electrical Equipment (0.3%)
Sensata Technologies Holding NV		1,187	(b,c,d)		21,319
Electronic Equipment, Instruments & Components (5.2%)
Avnet, Inc.		1,300	(b)		39,000
Hon Hai Precision Industry Co., Ltd.		11,000	(c)		47,644
Ibiden Co., Ltd.		1,900	(c)		65,447
Kyocera Corp.		400	(c)		38,982

Issuer	Shares			Value(a)
Nidec Corp.		500	(c)		53,594
TDK Corp.		600	(c)		39,923
Tripod Technology Corp.		11,000	(c)		37,249
Total					321,839
Health Care Equipment & Supplies (0.6%)
Hologic, Inc.		2,000	(b)		37,080
Health Care Providers & Services (0.3%)
Emdeon, Inc., Class A		1,100	(b)		18,172
Home Entertainment Software (1.4%)
Activision Blizzard, Inc.		2,700			32,562
NCSoft Corp.		400	(c)		50,747
Total					83,309
Household Durables (0.5%)
LG Electronics, Inc.		320	(c)		32,535
Internet Software & Services (7.4%)
eBay, Inc.		1,471	(b)		39,643
Google, Inc., Class A		100	(b)		56,701
Open Text Corp.		5,000	(b,c)		237,351
SINA Corp.		1,000	(b,c)		37,690
Telecity Group PLC		5,500	(b,c)		35,388
VeriSign, Inc.		1,900	(b)		49,419
Total					456,192
IT Services (9.4%)
Alliance Data Systems Corp.		1,000	(b,d)		63,990
Amdocs Ltd.		9,300	(b,c)		280,023
Rolta India Ltd.		22,300	(c)		88,857
Tivit Terceirizacao de Tecnologia e Servicos SA		12,388	(c)		124,472
Xchanging PLC		6,124	(c)		17,992
Total					575,334
Office Electronics (2.0%)
Canon, Inc.		1,100	(c)		50,952
Konica Minolta Holdings, Inc.		3,500	(c)		40,848
Xerox Corp.		3,200			31,200
Total					123,000
Pharmaceuticals (0.5%)
Abbott Laboratories		600			31,608
Semiconductors & Semiconductor Equipment (11.0%)
Advanced Semiconductor Engineering, Inc., ADR		12,600	(c)		57,078
Avago Technologies Ltd.		2,938	(b,c)		60,405
Intel Corp.		4,300			95,719
Lam Research Corp.		1,400	(b)		52,248
Marvell Technology Group Ltd.		2,500	(b,c)		50,950
National Semiconductor Corp.		3,741			54,057
Novellus Systems, Inc.		2,900	(b)		72,500
ON Semiconductor Corp.		10,500	(b)		84,001
Samsung Electronics Co., Ltd.		70	(c)		50,623
SUMCO Corp.		2,200	(c)		46,786
Taiwan Semiconductor Manufacturing Co., Ltd.		8,000	(c)		15,498
Tokyo Electron Ltd.		500	(c)		33,162
Total					673,027

Issuer	Shares			Value(a)
System Software (16.3%)
3i Infotech Ltd.		15,200	(c)		26,552
BMC Software, Inc.		4,700	(b)		178,600
Check Point Software Technologies		8,147	(b,c)		285,633
Microsoft Corp.		6,200			181,474
SonicWALL, Inc.		4,845	(b)		42,103
Symantec Corp.		13,900	(b)		235,188
Websense, Inc.		2,221	(b)		50,572
Total					1,000,122
Total Common Stocks (Cost: $5,158,473)				$	5,859,296

Money Market Fund (4.4%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		270,422	(e)	$	270,422
Total Money Market Fund (Cost: $270,422)				$	270,422

Investments of Cash Collateral Received for Securities on Loan (1.3%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund (1.3%)
JPMorgan Prime Money Market Fund		80,098	$	80,098
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $80,098)			$	80,098
Total Investments in Securities (Cost: $5,508,993)(f)			$	6,209,816

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.

Summary of Investments in Securities by Country

The following table represents the portfolio investments of the Fund by county as a percentage of net assets at March 31, 2010.

Country	Percentage of net assets
Bermuda		0.8	%
Brazil		2.8
Canada		3.8
China		2.3
Germany		0.9
Guernsey		4.7
India		1.8
Israel		5.0
Japan		6.8
Netherlands		0.3
Singapore		1.0
South Korea		2.1
Spain		0.5
Taiwan		3.2
United Kingdom		3.8
Total Foreign Securities*		39.8
United States		61.5

* Amount shown does not include companies based in the U.S. that derive at least 50% of their revenue from business outside the U.S. or have at least 50% of their assets outside the U.S. If such companies were included, Total Foreign Securities would be greater than 40%.

Investments in Derivatives

Forward Foreign Currency Contracts Open at March 31, 2010

			Unrealized		Unrealized
Exchange date	Currency to be delivered	Currency to be received	appreciation		depreciation
April 1, 2010	31,681 U.S. Dollar	2,934,580 Japanese Yen	$	—	$	(289	)
April 5, 2010	15,011 U.S. Dollar	1,389,431 Japanese Yen		—		(148	)
Total			$	—	$	(437	)

Notes to Portfolio of Investments

ADR —	American Depository Receipt
(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At March 31, 2010, the value of foreign securities, excluding short-term securities, represented 39.86% of net assets.
(d)	At March 31, 2010, 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 March 31, 2010.
(f)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $5,509,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	840,000
Unrealized depreciation		(139,000	)
Net unrealized appreciation	$	701,000

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.

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 Annual Report dated Dec. 31, 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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	5,859,296	$	—		$	—	$	5,859,296
Total Equity Securities		5,859,296		—			—		5,859,296
Other
Affiliated Money Market Fund (b)		270,422		—			—		270,422
Investments of Cash Collateral Received for Securities on Loan (c)		80,098		—			—		80,098
Total Other		350,520		—			—		350,520
Investments in Securities		6,209,816		—			—		6,209,816
Other Financial Instruments (d)		—		(437	)		—		(437	)
Total	$	6,209,816	$	(437	)	$	—	$	6,209,379

(a)	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 March 31, 2010.
(c)	Asset categories for Investments of Cash Collateral are identified in the Portfolio of Investments.
(d)	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
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (98.9%)(c)

Issuer	Shares			Value(a)
Australia (2.6%)
Toll Holdings Ltd.		6,561		$	44,666
Belgium (0.7%)
Hansen Transmissions International NV		8,736	(b)		12,004
Bermuda (1.4%)
Lancashire Holdings Ltd.		3,284			23,990
Canada (8.4%)
Barrick Gold Corp.		740			28,371
CAE, Inc.		1,940			18,951
Methanex Corp.		750			18,168
Potash Corp of Saskatchewan, Inc.		250			29,838
SNC-Lavalin Group, Inc.		580			28,335
Teck Resources Ltd., Class B		460	(b)		20,037
Total					143,700
China (1.5%)
Ctrip.com International Ltd., ADR		680	(b)		26,656
Denmark (1.6%)
DSV A/S		1,584	(d)		28,313
France (13.4%)
Alcatel-Lucent		5,103	(b)		16,136
Danone		347			20,904
Essilor International SA		529			33,775
Neopost SA		203			16,224
PPR		134			17,841
Publicis Groupe SA		580			24,818
Renault SA		431	(b)		20,201
Safran SA		1,340			34,932
Schneider Electric SA		141			16,539
Vallourec SA		147			29,644
Total					231,014
Germany (4.8%)
Adidas AG		320			17,116
Bayer AG		239			16,167
Daimler AG		518			24,387
Siemens AG		247			24,738
Total					82,408
Hong Kong (2.5%)
Li & Fung Ltd.		5,620			27,651
Sun Hung Kai Properties Ltd.		1,000			15,044
Total					42,695

Issuer	Shares			Value(a)
Ireland (1.1%)
Experian PLC		1,937			19,062
Israel (1.9%)
Teva Pharmaceutical Industries Ltd., ADR		520			32,802
Japan (13.0%)
Daiichi Sankyo Co., Ltd.		1,100			20,603
Eisai Co., Ltd.		470			16,768
Fast Retailing Co., Ltd.		100			17,383
Hino Motors Ltd.		5,810			24,550
Honda Motor Co., Ltd.		670			23,652
Mitsubishi UFJ Financial Group, Inc.		3,300			17,298
Mitsui OSK Lines Ltd.		2,840			20,386
Panasonic Corp.		1,210			18,510
Rakuten, Inc.		22			15,909
Shin-Etsu Chemical Co., Ltd.		280			16,264
SoftBank Corp.		740			18,231
Toshiba Corp.		2,840	(b)		14,674
Total					224,228
Mexico (1.4%)
America Movil SAB de CV, ADR, Series L		480			24,163
Netherlands (6.4%)
Koninklijke (Royal) KPN NV		1,052			16,668
Koninklijke Philips Electronics NV		948			30,398
QIAGEN NV		1,700	(b)		39,150
Unilever NV		769			23,261
Total					109,477
Singapore (1.1%)
Oversea-Chinese Banking Corp., Ltd.		3,000			18,683
South Korea (1.2%)
Samsung Electronics Co., Ltd.		29			20,973
Spain (1.5%)
Red Electrica Corp. SA		491			26,352
Sweden (1.3%)
Telefonaktiebolaget LM Ericsson, ADR		2,100			21,903
Switzerland (12.1%)
Kuehne & Nagel International AG		427			43,218
Nestlé SA		657			33,654
Novartis AG		290			15,666
Temenos Group AG		1,161	(b)		34,196
The Swatch Group AG		78			24,875
UBS AG		1,200	(b)		19,511
Xstrata PLC		1,937	(b)		36,698
Total					207,818
United Kingdom (21.0%)
Admiral Group PLC		696			13,942
ARM Holdings PLC		12,489			45,162
AstraZeneca PLC		415			18,509

Issuer	Shares			Value(a)
BG Group PLC		1,254			21,703
British Airways PLC		3,841	(b)		14,164
British American Tobacco PLC		1,014			34,953
Burberry Group PLC		1,978			21,447
Compass Group PLC		2,844			22,700
Imperial Tobacco Group PLC		983			29,983
J Sainsbury PLC		3,010			14,964
Reckitt Benckiser Group PLC		604			33,152
Rio Tinto PLC		610			36,148
Standard Chartered PLC		1,188			32,405
Thomas Cook Group PLC		5,270			21,577
Total					360,809
Total Common Stocks (Cost: $1,569,884)				$	1,701,716
Money Market Fund (2.2%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		37,888	(e)	$	37,888
Total Money Market Fund (Cost: $37,888)				$	37,888
Investments of Cash Collateral Received for Securities on Loan (1.0%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		16,465	$	16,465
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $16,465)			$	16,465
Total Investments in Securities (Cost: $1,624,237)(f)			$	1,756,069

Summary of Investments in Securities by Industry

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of net assets at March 31, 2010:

	Percentage of net
Industry	assets			Value(a)
Aerospace & Defense		3.1	%	$	53,883
Air Freight & Logistics		2.6			44,666
Airlines		0.8			14,164
Automobiles		4.0			68,240
Capital Markets		1.1			19,511
Chemicals		3.7			64,270
Commercial Banks		4.0			68,386
Communications Equipment		2.2			38,039
Computers & Peripherals		0.9			14,674
Construction & Engineering		1.6			28,335
Distributors		1.6			27,651
Diversified Telecommunication Services		1.0			16,668
Electric Utilities		1.5			26,352
Electrical Equipment		1.0			16,539
Food & Staples Retailing		0.9			14,964
Food Products		4.5			77,819
Health Care Equipment & Supplies		2.0			33,775
Hotels, Restaurants & Leisure		4.1			70,933
Household Durables		1.1			18,510
Household Products		1.9			33,152
Industrial Conglomerates		3.2			55,136
Insurance		2.2			37,932
Internet & Catalog Retail		0.9			15,909
Life Sciences Tools & Services		2.3			39,150
Machinery		3.8			66,198
Marine		3.7			63,604
Media		1.4			24,818
Metals & Mining		7.1			121,254
Multiline Retail		1.0			17,841
Office Electronics		0.9			16,224
Oil, Gas & Consumable Fuels		1.3			21,703
Pharmaceuticals		7.0			120,515
Professional Services		1.1			19,062
Real Estate Management & Development		0.9			15,044
Road & Rail		1.6			28,313
Semiconductors & Semiconductor Equipment		3.8			66,135
Software		2.0			34,196
Specialty Retail		1.0			17,383
Textiles, Apparel & Luxury Goods		3.7			63,438
Tobacco		3.8			64,936
Wireless Telecommunication Services		2.5			42,394
Other(1)		3.2			54,353
Total				$	1,756,069

(1) Cash & Cash Equivalents.

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.

Investments in Derivatives

Forward Foreign Currency Contracts Open at March 31, 2010

					Unrealized		Unrealized
Exchange date	Currency to be delivered		Currency to be received		appreciation		depreciation
April 13, 2010		14,140,000		153,982	$	2,715	$	—
	Japanese Yen		U.S. Dollar

Notes to Portfolio of Investments

ADR — American Depository Receipt
(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars.
(d)	At March 31, 2010, 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 March 31, 2010.
(f)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $1,624,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	159,000
Unrealized depreciation		(27,000	)
Net unrealized appreciation	$	132,000

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.

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 Annual Report dated Dec. 31, 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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	1,701,716	$	—	$	—	$	1,701,716
Total Equity Securities		1,701,716		—		—		1,701,716
Other
Affiliated Money Market Fund (b)		37,888		—		—		37,888
Investments of Cash Collateral Received for Securities on Loan (c)		16,465		—		—		16,465
Total Other		54,353		—		—		54,353
Investments in Securities		1,756,069		—		—		1,756,069
Other Financial Instruments (d)		—		2,715		—		2,715
Total	$	1,756,069	$	2,715	$	—	$	1,758,784

(a)	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 March 31, 2010.
(c)	Asset categories for Investments of Cash Collateral are identified in the Portfolio of Investments.
(d)	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
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)
Investments in Securities

Bonds (80.5%)

	Coupon			Principal
Issuer	rate			amount			Value(a)
Supranational (0.6%)(c)
Corp Andina de Fomento
01-12-17		5.75	%	$	10,000		$	10,177
U.S. Government Obligations & Agencies (42.2%)
Federal Farm Credit Bank
02-07-13		3.40			40,000			41,761
Federal Home Loan Banks
05-20-11		2.63			45,000			46,001
05-18-12		1.13			10,000			9,972
11-17-17		5.00			10,000			10,929
Federal Home Loan Mtge Corp
12-15-11		1.13			5,000			5,010
07-15-14		5.00			5,000			5,518
02-09-15		2.88			5,000			5,031
Federal Natl Mtge Assn
06-09-10		3.26			15,000			15,082
08-12-10		3.25			10,000			10,109
11-10-11		1.30			25,000			25,022
11-19-12		4.75			10,000			10,817
11-20-14		2.63			15,000			14,983
U.S. Treasury
02-29-12		0.88			5,000			4,990
11-15-12		1.38			15,000			14,996
01-15-13		1.38			10,000			9,968
02-15-13		1.38			10,000			9,953
12-31-13		1.50			35,000			34,355
01-31-15		2.25			75,100			74,284
03-31-15		2.50			79,000			78,778
03-31-16		2.38			30,000			29,016
04-30-16		2.63			20,000			19,580
11-15-19		3.38			30,000			28,950
02-15-20		3.63			88,000			86,500
02-15-29		5.25			15,000			16,322
11-15-39		4.38			75,000			70,922
02-15-40		4.63			15,000			14,784
U.S. Treasury Inflation-Indexed Bond
01-15-15		1.63			9,078	(h)		9,484
01-15-20		1.38			10,019	(h)		9,823
U.S. Treasury
STRIPS
02-15-40		0.00			15,000			3,431
Total								716,371
Asset-Backed (1.5%)
Caterpillar Financial Asset Trust
Series 2008-A Cl A3
04-25-14		4.94			13,264			13,534

	Coupon		Principal
Issuer	rate		amount			Value(a)
Centex Home Equity
Series 2002-D Cl M2
12-25-32		2.30		19,243	(i)		3,537
Irwin Home Equity
Series 2005-A Cl A3
02-25-34		0.63		10,134	(i)		8,242
Total							25,313
Residential Mortgage-Backed (14.4%)(f)
Federal Home Loan Mtge Corp
04-01-25		5.50		100,000	(e)		107,000
Federal Home Loan Mtge Corp #1Q0140
08-01-36		6.11		9,520	(i)		10,049
Federal Natl Mtge Assn
05-01-40		6.50		25,000	(e)		27,016
Federal Natl Mtge Assn #256901
09-01-37		6.50		25,359			27,320
Federal Natl Mtge Assn #745392
12-01-20		4.50		12,411			13,048
Federal Natl Mtge Assn #881886
04-01-36		5.35		15,443	(i)		16,207
Federal Natl Mtge Assn #886764
08-01-36		6.00		16,039	(i)		16,868
Indymac Index Mtge Loan Trust
Collateralized Mtge Obligation
Series 2006-AR3 Cl 2A1B
03-25-36		5.68		24,374	(i)		12,582
Wells Fargo Mtge Backed Securities Trust
Collateralized Mtge Obligation
Series 2004-K Cl 2A3
07-25-34		4.71		13,585	(i)		13,385
Total							243,475
Banking (1.9%)
Bank of America
Sr Unsecured
05-01-18		5.65		10,000			10,125
Citigroup
Sr Unsecured
05-15-18		6.13		10,000			10,218
Goldman Sachs Group
Sr Unsecured
02-15-19		7.50		5,000			5,699
JPMorgan Chase & Co
Sr Unsecured
04-23-19		6.30		5,000			5,501
Total							31,543
Brokerage (0.2%)
Lehman Brothers Holdings
Sr Unsecured
05-02-18		6.88		15,000	(b,g)		3,544
Chemicals (0.4%)
Dow Chemical
Sr Unsecured
05-15-19		8.55		5,000			6,049

	Coupon		Principal
Issuer	rate		amount			Value(a)
Electric (7.4%)
Cleveland Electric Illuminating
1st Mtge
11-15-18		8.88		10,000			12,419
Consumers Energy
1st Mtge Series J
02-15-14		6.00		10,000			10,966
Dominion Resources
Sr Unsecured Series A
11-15-16		5.60		15,000			16,192
DTE Energy
Sr Unsecured
05-15-14		7.63		5,000			5,688
Florida Power
1st Mtge
06-15-18		5.65		5,000			5,414
06-15-38		6.40		5,000			5,438
Metropolitan Edison
Sr Unsecured
03-15-13		4.95		5,000			5,261
Nevada Power
Series L
01-15-15		5.88		10,000			10,893
NiSource Finance
03-01-13		6.15		5,000			5,450
09-15-17		5.25		15,000			15,075
Ohio Power
Sr Unsecured Series K
06-01-16		6.00		5,000			5,480
Potomac Electric Power
1st Mtge
04-15-14		4.65		15,000			15,897
Sierra Pacific Power
Series M
05-15-16		6.00		10,000			10,871
Total							125,044
Food and Beverage (1.6%)
Dr Pepper Snapple Group
12-21-11		1.70		5,000			5,009
Kraft Foods
Sr Unsecured
08-11-17		6.50		5,000			5,588
02-01-18		6.13		5,000			5,472
02-09-40		6.50		5,000			5,150
SABMiller
Sr Unsecured
01-15-14		5.70		5,000	(c,d)		5,463
Total							26,682
Gas Pipelines (4.3%)
CenterPoint Energy Resources
Sr Unsecured
02-15-11		7.75		10,000			10,529
CenterPoint Energy Resources
Sr Unsecured Series B
04-01-13		7.88		5,000			5,725

	Coupon		Principal
Issuer	rate		amount			Value(a)
Colorado Interstate Gas
Sr Unsecured
11-15-15		6.80		30,000			33,494
Northwest Pipeline
Sr Unsecured
06-15-16		7.00		5,000			5,768
Transcontinental Gas Pipe Line LLC
Sr Unsecured
04-15-16		6.40		10,000			11,239
Transcontinental Gas Pipe Line LLC
Sr Unsecured Series B
08-15-11		7.00		5,000			5,339
Total							72,094
Independent Energy (0.3%)
Anadarko Petroleum
Sr Unsecured
03-15-14		7.63		5,000			5,748
Media Cable (0.3%)
Comcast
05-15-18		5.70		5,000			5,301
Media Non Cable (0.9%)
RR Donnelley & Sons
Sr Unsecured
01-15-17		6.13		10,000			10,039
Thomson Reuters
Sr Unsecured
04-15-40		5.85		5,000	(c)		4,864
Total							14,903
Non Captive Diversified (0.6%)
General Electric Capital
Sr Unsecured
01-08-20		5.50		5,000			5,092
01-10-39		6.88		5,000			5,393
Total							10,485
Wireless (0.3%)
US Cellular
Sr Unsecured
12-15-33		6.70		5,000			4,846
Wirelines (3.6%)
AT&T
Sr Unsecured
02-01-18		5.50		5,000			5,297
02-15-39		6.55		5,000			5,256
BellSouth
Sr Unsecured
09-15-14		5.20		15,000			16,162
TELUS
Sr Unsecured
06-01-11		8.00		7,000	(c)		7,534
Verizon New York
Sr Unsecured Series A
04-01-12		6.88		15,000			16,333

	Coupon		Principal
Issuer	rate		amount		Value(a)
Verizon New York
Sr Unsecured Series B
04-01-32		7.38		10,000		10,750
Total						61,332
Total Bonds
(Cost: $1,368,003)					$	1,362,907

Money Market Fund (25.6%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		433,980	(j)	$	433,980
Total Money Market Fund
(Cost: $433,980)				$	433,980
Total Investments in Securities
(Cost: $1,801,983)(k)				$	1,796,887

Notes to Portfolio of Investments

STRIPS — Separate Trading of Registered Interest and Principal Securities

(a)   Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 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 March 31, 2010, the value of foreign securities, excluding short-term securities, represented 1.66% 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. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2010, the value of these securities amounted to $5,463 or 0.32% of net assets.

(e)   At March 31, 2010, the cost of securities purchased, including interest purchased, on a when-issued and/or other forward-commitment basis was $133,960.

(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)   This position is in bankruptcy.

(h)   Inflation-indexed bonds are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

(i)   Interest rate varies either based on a predetermined schedule or to reflect current market conditions; rate shown is the effective rate on March 31, 2010.

(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 March 31, 2010.

(k)   At March 31, 2010, the cost of securities for federal income tax purposes was approximately $1,802,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	41,000
Unrealized depreciation		(46,000	)
Net unrealized depreciation	$	(5,000	)

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 March 31, 2010:

	Fair value at March 31, 2010
	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	$	—	$	10,177	$	—	$	10,177
U.S. Government Obligations & Agencies		493,399		222,972		—		716,371
Asset-Backed Securities		—		25,313		—		25,313
Residential Mortgage-Backed Securities		—		243,475		—		243,475
Corporate Debt Securities		—		367,571		—		367,571
Total Bonds		493,399		869,508		—		1,362,907
Other
Affiliated Money Market Fund (a)		433,980		—		—		433,980
Total Other		433,980		—		—		433,980
Total	$	927,379	$	869,508	$	—	$	1,796,887

(a) Money market fund that is a sweep investment for cash balances in the Fund at March 31, 2010.

Portfolio of Investments
Seligman Large-Cap Value Portfolio
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (97.5%)

Issuer	Shares			Value(a)
Aerospace & Defense (8.9%)
General Dynamics Corp.		1,100		$	84,920
Honeywell International, Inc.		1,500			67,905
United Technologies Corp.		800			58,888
Total					211,713
Capital Markets (3.0%)
Morgan Stanley		2,400			70,296
Chemicals (3.9%)
EI du Pont de Nemours & Co.		1,700			63,308
Praxair, Inc.		350			29,050
Total					92,358
Commercial Banks (3.3%)
US Bancorp		3,000			77,640
Communications Equipment (3.2%)
Juniper Networks, Inc.		2,500	(b)		76,700
Diversified Financial Services (9.2%)
Bank of America Corp.		6,000			107,100
JPMorgan Chase & Co.		2,500			111,875
Total					218,975
Food & Staples Retailing (3.9%)
Costco Wholesale Corp.		600			35,826
Wal-Mart Stores, Inc.		1,000			55,600
Total					91,426
Food Products (6.1%)
Tyson Foods, Inc., Class A		7,500			143,625
Health Care Equipment & Supplies (2.0%)
Baxter International, Inc.		800			46,560
Health Care Providers & Services (3.3%)
Humana, Inc.		1,700	(b)		79,509
Independent Power Producers & Energy Traders (3.2%)
The AES Corp.		7,000	(b)		77,000
Insurance (10.7%)
MetLife, Inc.		1,500			65,010
Prudential Financial, Inc.		1,000			60,500
The Travelers Companies, Inc.		1,000			53,940
Unum Group		3,000			74,310
Total					253,760

Issuer	Shares		Value(a)
Multiline Retail (5.1%)
JC Penney Co., Inc.		1,700		54,689
Nordstrom, Inc.		1,600		65,360
Total				120,049
Oil, Gas & Consumable Fuels (11.3%)
Chevron Corp.		500		37,915
ConocoPhillips		1,200		61,404
Marathon Oil Corp.		2,000		63,280
The Williams Companies, Inc.		2,500		57,750
Valero Energy Corp.		2,500		49,250
Total				269,599
Pharmaceuticals (3.9%)
Bristol-Myers Squibb Co.		3,500		93,450
Road & Rail (5.4%)
CSX Corp.		1,500		76,350
Union Pacific Corp.		700		51,310
Total				127,660
Specialty Retail (7.7%)
Lowe’s Companies, Inc.		2,800		67,872
The Gap, Inc.		3,500		80,885
The Sherwin-Williams Co.		500		33,840
Total				182,597
Tobacco (3.4%)
Altria Group, Inc.		1,400		28,728
Philip Morris International, Inc.		1,000		52,160
Total				80,888
Total Common Stocks (Cost: $1,845,538)			$	2,313,805

Money Market Fund (2.9%)

	Shares			Value(a)
RiverSource Short-Term Cash Fund, 0.18%		69,766	(c)	$	69,766
Total Money Market Fund (Cost: $69,766)				$	69,766
Total Investments in Securities (Cost: $1,915,304)(d)				$	2,383,571

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

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)	Non-income producing.

(c)	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 March 31, 2010.
(d)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $1,915,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	585,000
Unrealized depreciation		(117,000	)
Net unrealized appreciation	$	468,000

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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	2,313,805	$	—	$	—	$	2,313,805
Total Equity Securities		2,313,805		—		—		2,313,805
Other
Affiliated Money Market Fund (b)		69,766		—		—		69,766
Total Other		69,766		—		—		69,766
Total	$	2,383,571	$	—	$	—	$	2,383,571

(a)	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 March 31, 2010.

Portfolio of Investments
Seligman Smaller-Cap Value Portfolio
March 31, 2010 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks (99.5%)

Issuer	Shares			Value(a)
Aerospace & Defense (3.2%)
Cubic Corp.		90,000		$	3,240,000
Airlines (8.1%)
Continental Airlines, Inc., Class B		170,000	(b)		3,734,900
Delta Air Lines, Inc.		305,000	(b)		4,449,950
Total					8,184,850
Beverages (2.3%)
Central European Distribution Corp.		67,500	(b)		2,363,175
Chemicals (2.1%)
Minerals Technologies, Inc.		40,000			2,073,600
Commercial Services & Supplies (4.1%)
The Brink’s Co.		50,000			1,411,500
Waste Connections, Inc.		80,000	(b)		2,716,800
Total					4,128,300
Communications Equipment (4.3%)
F5 Networks, Inc.		70,000	(b)		4,305,700
Construction & Engineering (2.0%)
The Shaw Group, Inc.		60,000	(b)		2,065,200
Containers & Packaging (1.6%)
Owens-Illinois, Inc.		45,000	(b)		1,599,300
Diversified Consumer Services (3.4%)
Sotheby’s		110,000			3,419,900
Electrical Equipment (7.0%)
Belden, Inc.		85,000			2,334,100
EnerSys		117,500	(b)		2,897,550
Thomas & Betts Corp.		46,500	(b)		1,824,660
Total					7,056,310
Energy Equipment & Services (4.2%)
Exterran Holdings, Inc.		70,000	(b)		1,691,900
TETRA Technologies, Inc.		210,000	(b)		2,566,200
Total					4,258,100
Food Products (2.3%)
Smithfield Foods, Inc.		110,000	(b)		2,281,400
Health Care Equipment & Supplies (0.7%)
Analogic Corp.		17,400			743,502

Issuer	Shares			Value(a)
Health Care Providers & Services (2.9%)
Select Medical Holdings Corp.		30,000	(b)		253,200
WellCare Health Plans, Inc.		90,000	(b)		2,682,000
Total					2,935,200
Health Care Technology (2.8%)
Eclipsys Corp.		140,000	(b)		2,783,200
Hotels, Restaurants & Leisure (5.2%)
Penn National Gaming, Inc.		90,000	(b)		2,502,000
Texas Roadhouse, Inc.		200,000	(b)		2,778,000
Total					5,280,000
Insurance (17.2%)
Aspen Insurance Holdings Ltd.		110,000	(c)		3,172,400
Endurance Specialty Holdings Ltd.		70,000	(c)		2,600,500
Infinity Property & Casualty Corp.		50,000			2,272,000
Lincoln National Corp.		120,000			3,684,000
The Hanover Insurance Group, Inc.		70,000	(d)		3,052,700
WR Berkley Corp.		105,000			2,739,450
Total					17,521,050
IT Services (2.4%)
CACI International, Inc., Class A		50,000	(b)		2,442,500
Machinery (2.4%)
Mueller Industries, Inc.		85,000			2,277,150
Navistar International Corp.		3,000	(b)		134,190
Total					2,411,340
Multiline Retail (1.8%)
Fred’s Inc., Class A		150,000			1,797,000
Personal Products (3.9%)
Herbalife Ltd.		85,000	(c)		3,920,200
Professional Services (2.5%)
School Specialty, Inc.		112,000	(b,d)		2,543,520
Semiconductors & Semiconductor Equipment (6.4%)
Cypress Semiconductor Corp.		200,000	(b)		2,300,000
ON Semiconductor Corp.		263,600	(b)		2,108,800
Varian Semiconductor Equipment Associates, Inc.		60,950	(b)		2,018,664
Total					6,427,464
Software (5.6%)
Lawson Software, Inc.		390,000	(b)		2,577,900
Quest Software, Inc.		175,000	(b)		3,113,250
Total					5,691,150
Transportation Infrastructure (1.1%)
Aegean Marine Petroleum Network, Inc.		37,600	(c)		1,067,088
Total Common Stocks (Cost: $85,212,464)				$	100,539,049

Investments of Cash Collateral Received for Securities on Loan (2.7%)

	Shares		Value(a)
Cash Collateral Reinvestment Fund
JPMorgan Prime Money Market Fund		2,761,260	$	2,761,260
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $2,761,260)			$	2,761,260
Total Investments in Securities (Cost: $87,973,724)(e)			$	103,300,309

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.

Notes to Portfolio of Investments

(a)	Securities are valued by using policies described in Note 2 to the financial statements in the most recent Annual Report dated Dec. 31, 2009.
(b)	Non-income producing.
(c)	Foreign security values are stated in U.S. dollars. At March 31, 2010, the value of foreign securities, excluding short-term securities, represented 10.65% of net assets.
(d)	At March 31, 2010, security was partially or fully on loan.
(e)	At March 31, 2010, the cost of securities for federal income tax purposes was approximately $87,974,000 and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	27,766,000
Unrealized depreciation		(12,440,000	)
Net unrealized appreciation	$	15,326,000

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.

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 Annual Report dated Dec. 31, 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 March 31, 2010:

	Fair value at March 31, 2010
	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)	$	100,539,049	$	—	$	—	$	100,539,049
Total Equity Securities		100,539,049		—		—		100,539,049
Other
Investments of Cash Collateral Received for Securities on Loan (b)		2,761,260		—		—		2,761,260
Total Other		2,761,260		—		—		2,761,260
Total	$	103,300,309	$	—	$	—	$	103,300,309

(a)	Industry classifications are identified in the Portfolio of Investments.
(b)	Asset categories for Investments of Cash Collateral are identified in the Portfolio of Investments.

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/ J. Kevin Connaughton
	J. Kevin Connaughton
	President and Principal Executive Officer

Date May 26, 2010

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/ J. Kevin Connaughton
	J. Kevin Connaughton
	President and Principal Executive Officer

Date May 26, 2010

By	/s/ Jeffrey P. Fox
	Jeffrey P. Fox
	Treasurer and Principal Financial Officer

Date May 26, 2010