UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-5221

Seligman Portfolios, Inc.

(Exact name of Registrant as specified in charter)

100 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Lawrence P. Vogel

100 Park Avenue

New York, New York 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(212) 850-1864

Date of fiscal year end:

12/31

Date of reporting period:

6/30/03

FORM N-CSR

ITEM 1. REPORTS TO STOCKHOLDERS.

Seligman Portfolios, Inc.
	Mid-Year Report June 30, 2003

Seligman Portfolios, Inc.

Dear Contract Owner:

J. & W. Seligman & Co. Incorporated, Manager of Seligman Portfolios, Inc., is pleased to provide the enclosed report for the six months ended June 30, 2003. Performance and portfolio information, as well as financial statements, are contained in the pages following this letter.

A Special Meeting of Shareholders was held on April 22, 2003, and adjourned to May 8, 2003, with respect to certain matters, at the offices of the Fund in New York City. At the meeting, all director nominees were elected and proposals to amend investment objectives were approved, as were proposals to amend or eliminate various fundamental investment restrictions. Complete details of the vote are provided on pages 65-68 of this report.

We thank you for your continued support of Seligman Portfolios, Inc. and look forward to serving your investment needs in the future.

Respectfully,

 

William C. Morris

Chairman

J. & W. Seligman & Co. Incorporated

August 8,2003

For More Information

Manager	General Distributor	General Counsel
J. & W. Seligman & Co.	Seligman Advisors, Inc.	Sullivan & Cromwell LLP
Incorporated	100 Park Avenue	Custodians
100 Park Avenue	New York, New York 10017	JPMorgan Chase Bank
New York, New York 10017		State Street Bank and Trust Company
	Independent Auditors
	Ernst & Young LLP

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Largest Portfolio Changes†

During the Six Months Ended June 30, 2003

Seligman Capital Portfolio
Largest Purchases	Largest Sales
Smithfield Foods	Diebold**
Arkansas Best*	AFLAC**
Staples*	Expeditors International of Washington**
Fastenal	Avery Dennison**
Lyondell Chemical*	Pactiv**
Symbol Technologies*	Ecolab**
Watson Pharmaceuticals*	ChoicePoint**
Mattel*	Coach**
Siebel Systems*	Millipore**
Cognos*	Lexmark International (Class A)**

Seligman Common Stock Portfolio
Largest Purchases	Largest Sales
Sun Microsystems*	Exxon Mobil
American Express*	Peabody Energy**
Limited Brands*	Southern**
ChevronTexaco*	Donaldson**
Gannett*	Procter & Gamble
Devon Energy*	MGIC Investment**
Pulte Homes*	Outback Steakhouse**
Cadence Design Systems*	Wells Fargo**
Royal Caribbean Cruises*	Cardinal Health
W.R. Berkley*	Coca-Cola**

Seligman Communications and Information Portfolio
Largest Purchases	Largest Sales
Quest Diagnostics	Synopsys
Affiliated Computer Services (Class A)*	Electronic Arts**
Laboratory Corporation of America Holdings	Cisco Systems
Fisher Scientific International*	Lexmark International (Class A)
International Business Machines*	Sabre Holdings (Class A)
Network Associates	SunGard Data Systems
Becton, Dickinson*	Cytyc**
Marvell Technology Group*	Millipore**
Computer Sciences*	Boston Scientific
Fair, Isaac	Rational Software**

Seligman Frontier Portfolio
Largest Purchases	Largest Sales
FileNET*	XTO Energy**
Wolverine World Wide*	Pioneer Natural Resources**
Respironics*	Waste Connections**
Key Energy Services*	J.D. Edwards**
Dade Behring Holdings*	Iron Mountain**
Cooper Companies*	PETCO Animal Supplies**
Western Gas Resources*	Priority Healthcare (Class B)**
AnnTaylor Stores*	Performance Food Group**
Cumulus Media (Class A)*	Medicis Pharmaceutical (Class A)**
ARRIS Group*	Documentum

_____________

See footnotes on page 7.

1

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Seligman Global Growth Portfolio

Largest Portfolio Changes †

During the Six Months Ended June 30, 2003

Largest Purchases	Largest Sales
JFE Holdings*	MedImmune**
Exxon Mobil*	Dow Chemical**
Citigroup*	Aventis**
Marathon Oil*	Amvescap**
US Bancorp*	Bank of Ireland**
PNC Financial Services Group*	ENI
The Carphone Warehouse Group*	Gallagher Group (ADRs)
Occidental Petroleum*	Nestlé
Coca-Cola	E.ON
Fannie Mae*	Hilton Hotels**

Diversification of Net Assets by Industry***
June 30, 2003
				Percent of Net Assets
				June 30,	December 31,
	Issues	Cost	Value	2003	2002
Common and Preferred Stocks:
Automobiles and Components	4	$ 80,847	$ 87,684	3.5%	2.0%
Banks	13	333,001	350,732	13.9	10.7
Capital Goods	3	73,903	76,589	3.0	3.3
Chemicals	6	86,940	88,974	3.5	5.0
Commercial Services and Supplies	1	14,555	14,684	0.6	0.7
Communications Equipment	1	38,391	36,432	1.5	3.1
Computers and Peripherals	2	88,076	88,110	3.5	2.9
Consumer Durables and Apparel	4	90,226	96,642	3.8	3.3
Consumer Staples	8	196,421	200,976	8.0	9.6
Containers and Packaging	1	5,746	8,341	0.3	0.8
Diversified Financials	2	68,576	75,519	3.0	3.4
Electronic Equipment and Instruments	—	—	—	—	0.5
Energy	10	250,786	272,197	10.8	8.5
Health Care	13	345,904	353,729	14.0	20.4
Hotels, Restaurants and Leisure	—	—	—	—	1.6
Insurance	2	18,384	14,801	0.6	1.2
Media	2	38,060	44,800	1.8	4.0
Metals and Mining	2	91,899	99,618	4.0	1.2
Office Electronics	1	17,562	22,986	0.9	1.0
Paper and Forest Products	1	6,905	5,848	0.2	1.2
Retailing	2	42,448	53,114	2.1	1.3
Semiconductors and Semiconductor Equipment	3	103,824	80,318	3.2	3.7
Software and Services	2	59,789	63,287	2.5	1.8
Telecommunication Services	7	112,157	133,637	5.3	3.7
Transportation	3	67,863	65,746	2.6	1.3
Utilities	5	80,976	83,325	3.3	3.6
	98	2,313,239	2,418,089	95.9	99.8
Other Assets Less Liabilities	—	102,769	102,769	4.1	0.2
Net Assets	98	$2,416,008	$2,520,858	100.0%	100.0%

_____________

See footnotes on page 7.

2

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Seligman Global Smaller Companies Portfolio

Largest Portfolio Changes †

During the Six Months Ended June 30, 2003

Largest Purchases	Largest Sales
Ranbaxy Laboratories*	Pioneer Natural Resources**
Drake Beam Morin-Japan*	Waste Connections**
Tamron*	Cox Radio (Class A)**
Capita Group*	Iron Mountain**
Alpine Electronics*	Patterson-UTI Energy**
JSR*	J.D. Edwards**
USS*	Apria Healthcare Group**
Integra LifeSciences Holdings	Documentum**
Hit Entertainment	The Corporate Executive Board**
LG Life Sciences*	Konami Sports**

Diversification of Net Assets by Industry ***
June 30, 2003
						Percent of Net Assets
						June 30,	December 31,
	Issues		Cost		Value	2003	2002
Common Stocks:
Automobiles and Components	4	$	156,823	$	164,925	2.9%	0.8%
Capital Goods	5		254,453		289,707	5.1	6.6
Chemicals	2		108,176		126,529	2.2	2.5
Commercial Services and Supplies	4		313,590		343,477	6.0	9.7
Communications Equipment	2		102,996		123,338	2.1	2.1
Computers and Peripherals	4		181,594		226,595	4.0	—
Consumer Durables and Apparel	3		244,756		349,345	6.1	2.6
Consumer Staples	—		—		—	—	4.9
Electronic Equipment and Instruments	4		193,628		246,693	4.3	1.6
Energy	6		262,359		298,115	5.2	5.0
Financials	8		407,416		446,187	7.8	10.3
Health Care Equipment and Supplies	5		302,954		329,936	5.8	5.1
Health Care Providers and Services	3		280,673		303,859	5.3	6.9
Hotels, Restaurants and Leisure	3		148,286		195,553	3.4	7.9
Media	3		214,657		226,648	4.0	4.2
Metals and Mining	2		115,322		106,823	1.9	1.4
Office Electronics	1		45,872		63,839	1.1	0.3
Pharmaceuticals and Biotechnology	11		620,662		749,210	13.1	3.9
Retailing	10		576,199		629,504	11.0	5.5
Semiconductors and Semiconductor Equipment	1		68,980		66,764	1.2	3.8
Software and Services	5		170,825		185,520	3.2	7.5
Telecommunication Services	—		—		—	—	0.6
Transportation	1		49,776		48,919	0.8	3.3
Utilities	2		100,371		111,258	1.9	1.0
	89		4,920,368		5,632,744	98.4	97.5
Other Assets Less Liabilities	—		90,066		90,066	1.6	2.5
Net Assets	89	$5,010,434		$5,722,810		100.0%	100.0%

_____________

See footnotes on page 7 .

3

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Seligman Global Technology Portfolio

Largest Portfolio Changes †

During the Six Months Ended June 30, 2003

Largest Purchases	Largest Sales
Laboratory Corporation of America Holdings*	Infosys Technologies**
NEC*	PeopleSoft**
Pioneer*	Hewlett-Packard**
ALLTEL*	Cosmote Mobile Communications**
Nortel Networks*	Ambit Microsystems**
Matsushita Electric Industrial*	Garmin**
Network Associates	Satyam Computer Services**
Telefonaktiebolaget LM Ericsson (ADRs)*	VERITAS Software**
Autodesk	SMC**
Flextronics International*	Hoya

Diversification of Net Assets by Industry ***
June 30, 2003
					Percent of Net Assets
					June 30,	December 31,
	Issues		Cost	Value	2003	2002
Common Stocks, Net of Call Options Written:
Application Software	10	$	2,008,288	$ 1,767,024	16.3%	14.5%
Capital Goods	1		140,224	186,425	1.7	1.8
Commercial Services and Supplies	2		151,211	140,610	1.3	4.9
Communications Equipment	5		695,257	696,991	6.4	3.1
Computers and Peripherals	7		1,169,967	1,300,635	12.0	9.3
Consumer Durables and Apparel	4		344,502	364,541	3.4	3.1
Data Processing and Outsourced Services	7		2,054,880	1,739,849	16.1	14.3
Electronic Equipment and Instruments	7		774,179	691,078	6.4	7.5
Health Care	6		658,509	734,463	6.8	2.0
Home Entertainment Software	1		96,286	119,112	1.1	0.7
Hotels, Restaurants and Leisure	1		54,725	56,730	0.5	—
Internet Software and Services	—		—	—	—	1.4
Materials	1		138,202	194,769	1.8	2.3
Media	1		147,839	122,931	1.1	2.8
Office Electronics	3		246,936	293,479	2.7	3.2
Retailing	1		60,650	87,032	0.8	—
Semiconductors and Semiconductor Equipment	8		666,995	717,226	6.6	5.2
Systems Software	6		2,095,000	1,913,126	17.6	15.8
Telecommunication Services	4		554,384	599,446	5.5	1.2
	75		12,058,034	11,725,467	108.1	93.1
Put Options Purchased	1		25,434	2,410	—	—
Other Assets Less Other Liabilities	—		(880,408)	(880,408)	(8.1)	6.9
Net Assets	76	$11,203,060		$10,847,469	100.0%	100.0%

_____________

See footnotes on page 7 .

4

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Largest Portfolio Changes †

During the Six Months Ended June 30, 2003

Seligman High-Yield Bond Portfolio
Largest Purchases	Largest Sales
Qwest Services 13.50%, 12/15/2010*	Spanish Broadcasting System 9.625%, 11/1/2009**
Williams Companies 8.125%, 3/15/2012*	Magnum Hunter Resources 9.60%, 3/15/2012**
Charter Communications Holdings 0% (11.75%), 5/15/2011*	Chesapeake Energy 8.375%, 11/1/2008**
Alliance Imaging 10.375%, 4/15/2011*	Mandalay Resort Group 9.375%, 2/15/2010
Sun Media 7.625%, 2/15/2013*	Encore Acquisition 8.375%, 6/15/2012**
Houghton Mifflin 9.875%, 2/1/2013*	Methanex 8.75%, 8/15/2012**
El Paso Production Holdings 7.75%, 6/1/2013*	Qwest 8.875%, 3/15/2012**
Dynegy Holdings 8.75%, 2/15/2012*	Nuevo Energy 9.50%, 6/1/2008**
Dex Media East 12.125%, 11/15/2012*	EchoStar 9.375%, 2/1/2009
IASIS Healthcare 13%, 10/15/2009*	Trimas 9.875%, 6/15/2012**

Seligman Income and Growth Portfolio
Largest Purchases	Largest Sales
US Treasury Notes:	FHLMC Gold 4.50%, 11/1/2007
1.125%, 6/30/2005*	US Treasury Notes 4%, 11/15/2012**
3.875%, 2/15/2013*	Gillette**
US Treasury Bonds 5.375%, 2/15/2031	US Treasury Bonds 6.25%, 8/15/2023**
FNMA 1.75%, 6/16/2016*	Exxon Mobil
Sun Microsystems*	Lockheed Martin
FHLMC 2.20%, 9/12/2005*	Coca-Cola**
FNMA 2.65%, 4/3/2006*	FHLMC 4.125%, 1/17/2006**
General Electric	W.R. Berkley
FHLMC 4%, 6/12/2013*	FNMA 5.25%, 2/22/2007**
Computer Sciences 6.75%, 6/15/2016*

Seligman International Growth Portfolio
Largest Purchases	Largest Sales
The Carphone Warehouse Group*	Amvescap**
JFE Holdings*	Bank of Ireland**
Royal Dutch Petroleum (NY shares)*	Aventis**
DBS Group Holdings*	ENI
EnCana*	Commonwealth Bank of Australia**
BP (ADRs)	Syngenta
Pioneer*	Reed Elsevier**
Singapore Technologies Engineering*	AstraZeneca (ADRs)**
Matsushita Electric Industrial*	E.ON
Casino Guichard-Perrachon*	News Corp. (ADRs)

_____________

See footnotes on page 7.

5

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Diversification of Net Assets by Industry ^***

June 30, 2003

Seligman International Growth Portfolio

					Percent of Net Assets
					June 30,	December 31,
	Issues	Cost		Value	2003	2002
Common and Preferred Stocks:
Automobiles and Components	4	$ 167,093	$	180,042	5.8%	2.8%
Banks	9	474,180		504,565	16.3	15.3
Capital Goods	2	61,150		59,486	1.9	2.1
Chemicals	3	86,685		90,482	2.9	4.0
Commercial Services and Supplies	1	29,110		29,369	1.0	—
Communications Equipment	—	—		—	—	2.0
Consumer Durables and Apparel	4	182,564		197,610	6.4	5.3
Consumer Staples	4	134,976		139,400	4.5	9.1
Containers and Packaging	1	24,968		33,362	1.1	1.1
Diversified Financials	2	54,619		63,966	2.1	5.1
Electronic Equipment and Instruments	1	24,389		22,444	0.7	0.7
Energy	7	325,708		371,215	12.0	12.3
Health Care	6	189,405		210,309	6.8	12.2
Insurance	2	55,919		44,403	1.4	1.6
Media	2	70,973		84,606	2.8	5.9
Metals and Mining	2	142,096		153,127	5.0	1.7
Office Electronics	1	53,256		68,958	2.2	1.3
Paper and Forest Products	1	19,173		16,082	0.5	1.9
Retailing	2	103,114		129,798	4.2	—
Semiconductors and Semiconductor Equipment	2	45,749		48,872	1.6	2.4
Telecommunication Services	7	211,590		250,933	8.1	5.5
Transportation	3	115,653		111,902	3.6	2.1
Utilities	4	106,163		108,946	3.5	2.9
	70	2,678,533		2,919,877	94.4	97.3
Other Assets Less Liabilities	—	172,159		172,159	5.6	2.7
Net Assets	70	$2,850,692	$3,092,036		100.0%	100.0%

Largest Portfolio Changes †

During the Six Months Ended June 30, 2003

Seligman Investment Grade Fixed Income Portfolio

Largest Purchases	Largest Sales
US Treasury Notes 3%, 2/15/2008*	US Treasury Bonds 6.25%, 8/15/2023**
FHLMC GOLD:	Core Investment Grade 4.727%, 11/30/2007**
6.50%, 7/1/2032*	FHLMC GOLD 4.50%, 11/1/2007
6%, 12/1/2032*	US Treasury Notes 4%, 11/15/2012**
FNMA 2.875%, 5/19/2008*	FHLMC:
FHLMC 4%, 6/12/2013*	3.60%, 1/28/2005**
US Treasury Notes 1.125%, 6/30/2005*	5.75%, 4/29/2009**
FNMA:	4.125%, 1/17/2006**
1.75%, 6/16/2006*	FNMA 5.25%, 3/22/2007**
7%, 5/1/2032*	FHLMC 4.50%, 7/23/2007**
FHLMC:	FNMA 2.40%, 11/19/2004**
5.50%, 4/1/2029*
2.20%, 9/12/2005*

_____________

See footnotes on page 7.

6

Seligman Portfolios, Inc.

Portfolio Overview (unaudited)

Largest Portfolio Changes †

During the Six Months Ended June 30, 2003

Seligman Large-Cap Growth Portfolio

Largest Purchases	Largest Sales
Eaton*	Amgen
Hewlett-Packard	Genentech
The Home Depot*	Johnson & Johnson
Tyco International*	AFLAC
Carnival*	Hilton Hotels
General Electric	Praxair
Illinois Tool Works*	Monsanto
3M*	PepsiCo*
QUALCOMM	Harley-Davidson
Wal-Mart Stores	Medtronic

Seligman Large-Cap Value Portfolio

Largest Purchases	Largest Sales
Honeywell International*	Juniper Networks**
Sears, Roebuck*	Goodrich (B.F.)**
Cisco Systems*	Boeing**
CSX*	El Paso**
AES	Washington Mutual
	Citigroup
	Kimberly-Clark
	Medtronic
	St. Paul Companies
	Costco Wholesale

Seligman Small-Cap Value Portfolio

Largest Purchases	Largest Sales
AGCO*	Smith International**
J.B. Hunt Transport Services*	Equitable Resources**
Select Medical*	Clayton Homes**
Sotheby’s Holdings (Class A)*	Fresh Del Monte Produce**
Lyondell Chemical*	Reader’s Digest Association**
Hanover Compressor*	Trimble Navigation
Loews-Carolina Group*	Fred’s
Brink’s*	Continental Airlines
Enzon	Eon Labs**
Pharmacopeia	Agere Systems (Class A)

_____________

†   Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities, listed in descending order.

*   Position added during the period.

**Position eliminated during the period.

*** "Diversification of Net Assets by Industry" is included for the Seligman International Portfolios because their portfolio holdings are listed by country rather than by industry in the "Portfolios of Investments."

7

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Capital Portfolio

	Shares		Value
Common Stocks 94.2%
Automobiles and Components 2.4%
Gentex*	8,700	$	266,220
Harley-Davidson	1,700		67,762
			333,982
Capital Goods 8.9%
Danaher	2,100		142,905
Fastenal	9,800		333,739
Navistar International*	9,000		293,670
Rockwell Automation	20,900		498,256
1,268,570
Chemicals 4.1%
Georgia Gulf	12,900		255,420
Lyondell Chemical	14,200		192,126
Potash of Saskatchewan (Canada)	2,000		128,000
			575,546
Commercial Services and
Supplies 3.9%
Cintas	3,100		109,880
H&R Block	3,300		142,725
Pitney Bowes	3,900		149,799
Robert Half International*	8,300		157,202
			559,606
Communications Equipment 5.2%
ADC Telecommunications*	39,800		92,933
ADTRAN*	1,200		61,218
Corning*	16,000		118,240
Foundry Networks*	5,500		79,173
JDS Uniphase*	17,400		61,161
Juniper Networks*	8,100		100,156
Lucent Technologies*	22,200		45,066
McDATA (Class A)*	5,600		82,180
UTStarcom*	2,700		96,039
			736,166
Computers and Peripherals 0.6%
Network Appliance*	5,500		89,210
Consumer Durables and Apparel 1.1%
Mattel	8,400		158,928
Consumer Staples 3.2%
Smithfield Foods*	19,800		453,816
Electronic Equipment and
Instruments 4.8%
Amphenol*	1,600		74,912
Flextronics International* (Singapore)	9,300		97,092
Molex	5,300		143,074
Symbol Technologies	17,300		225,073
Vishay Intertechnology*	10,900		143,880
			684,031

	Shares		Value
Energy 0.8%
BJ Services*	3,000	$	112,080
Health Care Equipment and Supplies 3.5%
Applera-Applied Biosystems Group	2,800		53,284
Biomet	6,400		183,392
St. Jude Medical*	2,400		138,000
Zimmer Holdings*	2,600		117,130
			491,806
Health Care Providers and Services 2.4%
Pharmaceutical Product Development*	6,700		192,390
Quest Diagnostics*	2,300		146,740
			339,130
Hotels, Restaurants and Leisure 2.9%
P.F. Chang’s China Bistro*	4,100		201,945
Starbucks*	5,700		139,622
Yum! Brands*	2,500		73,900
			415,467
Media 1.0%
Univision Communications (Class A)*	4,800		145,920
Pharmaceuticals and Biotechnology 11.8%
Allergan	1,800		138,780
Biogen*	3,300		125,334
Chiron*	1,600		70,064
Genzyme*	3,700		153,864
Gilead Sciences*	3,600		199,962
IDEC Pharmaceuticals*	4,900		166,576
King Pharmaceuticals*	7,100		104,796
MedImmune*	7,900		287,402
SICOR*	9,400		190,491
Watson Pharmaceuticals*	5,700		230,109
			1,667,378
Retailing 6.9%
Amazon.com*	2,100		76,535
Bed Bath & Beyond*	4,300		166,990
Chico’s FAS*	11,600		244,180
Staples*	11,600		212,744
Williams-Sonoma*	9,700		283,240
			983,689

_____________

* Non-income producing security.

See Notes to Financial Statements.

8

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Capital Portfolio (continued)

	Shares			Value
Semiconductors and Semiconductor
Equipment 9.2%
Altera*	5,600	$		92,232
Broadcom (Class A)*	1,600			39,832
Cabot Microelectronics*	3,000			151,560
KLA-Tencor*	4,900			227,752
Micron Technology*	7,300			84,899
National Semiconductor*	4,400			86,768
Novellus Systems*	7,100			260,037
QLogic*	6,300			303,345
RF Micro Devices*	10,000			60,250
			1,306,675
Software and Services 14.9%
BEA Systems*	5,300			57,478
BearingPoint*	10,800			104,220
BMC Software*	5,100			83,283
Ceridian*	7,600			128,972
Citrix Systems*	2,700			54,985
Cognos* (Canada)	6,200			167,524
Compuware*	4,900			28,298
Fiserv*	7,200			256,860
Mercury Interactive*	7,200			277,956
PeopleSoft*	6,000			105,450
Siebel Systems*	18,300			174,033
Symantec*	3,300			144,590
Synopsys*	3,500			216,422
VERITAS Software*	6,500			186,290
Yahoo!*	4,000			132,560
			2,118,921

	Shares or
	Principal
	Amount			Value
Telecommunication Services 2.3%
Nextel Communications (Class A)*	10,700 shs.	$		192,814
Sprint PCS Group*	22,500			129,375
				322,189
Transportation 4.3%
Arkansas Best	11,600			274,862
J.B. Hunt Transport Services*	500			19,075
JetBlue Airways*	700			29,600
C.H. Robinson Worldwide	4,500			160,110
Swift Transportation*	6,500			121,030
				604,677
Total Common Stocks
(Cost $11,749,001)				13,367,787
Repurchase Agreement 6.0%
State Street Bank & Trust, 0.93%,
dated 6/30/2003, maturing
7/1/2003 in the amount of
$850,022, collateralized by:
$750,000 US Treasury Bonds
10%, 5/15/2010, with a fair
market value of $877,500
(Cost $850,000)	$850,000			850,000
Total Investments 100.2%
(Cost $12,599,001)				14,217,787
Other Assets Less Liabilities (0.2)%				(34,456)
Net Assets 100.0%			$14,183,331

_____________

* Non-income producing security. See Notes to Financial Statements.

9

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Cash Management Portfolio

	Annualized
	Yield on	Principal
	Purchase Date	Amount		Value
US Government
and Government
Agency
Securities 63.3%
US Government
Securities 13.0%
US Treasury Bills,
7/24/2003
(Cost $749,523)	1.01%	$ 750,000	$	749,523
US Government
Agency Securities 50.3%
Federal Home Loan
Bank, 7/7/2003	0.96	1,000,000		999,842
Federal Home Loan
Mortgage, 7/22/2003	1.01	903,000		902,473
Federal National
Mortgage
Association, 7/11/2003	0.92	1,000,000		999,747
Total US Government
Agency Securities
(Cost $2,902,062)				2,902,062
Total US Government
and Government
Agency Securities
(Cost $3,651,585)			3,651,585

	Annualized
	Yield on	Principal
	Purchase Date	Amount		Value
Commercial
Paper 16.4%
AIG Funding, 7/15/2003	0.93%	$	300,000	$	299,893
American Express Credit,
8/14/2003	0.91		300,000		299,670
General Electric Capital,
8/12/2003	1.13		350,000		349,547
Total Commercial Paper
(Cost $949,110)					949,110
Repurchase
Agreement 24.3%
State Street Bank &
Trust, 0.93%, dated
6/30/2003, maturing
7/1/2003 in the amount of
$1,400,036, collateralized
by: $1,235,000 US
Treasury Bonds 10%,
5/15/2010, with a
fair market value of
$1,444,950
(Cost $1,400,000)	0.94	1,400,000			1,400,000
Total Investments 104.0%
(Cost $6,000,695)					6,000,695
Other Assets
Less Liabilities (4.0)%					(229,711)
Net Assets 100.0%				$5,770,984

_____________

See Notes to Financial Statements.

10

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Common Stock Portfolio

	Shares		Value
Common Stocks 99.6%
Automobiles and Components 0.6%
Lear*	1,480	$	68,110
Banks 8.2%
Bank of America	5,070		400,682
Golden West Financial	1,120		89,611
GreenPoint Financial	1,800		91,692
Radian Group	1,480		54,242
U.S. Bancorp	2,980		73,010
Wachovia	5,440		217,382
			926,619
Capital Goods 7.4%
Deere	1,330		60,781
General Electric	14,030		402,380
Illinois Tool Works	1,690		111,286
Lockheed Martin	1,040		49,473
PACCAR	630		42,431
Raytheon	1,950		64,038
Tyco International	5,760		109,325
			839,714
Chemicals 1.4%
Air Products and Chemicals	3,930		163,488
Communications Equipment 1.8%
Cisco Systems*	9,850		163,116
Telefonaktiebolaget LM Ericsson
(ADRs) (Sweden)	3,450		36,708
			199,824
Computers and Peripherals 5.5%
Dell*	5,650		180,602
Hewlett-Packard	5,760		122,688
International Business Machines	1,120		92,400
Sun Microsystems*	49,150		225,844
			621,534
Consumer Durables and Apparel 2.0%
Mohawk Industries*	1,620		89,959
Pulte Homes	2,230		137,502
			227,461
Consumer Staples 8.4%
Altria Group	6,670		303,085
Avon Products	710		44,161
Kraft Foods (Class A)	1,770		57,613
Procter & Gamble	1,610		143,580
Unilever (NY shares) (Netherlands)	870		46,980
Wal-Mart Stores	6,750		362,273
			957,692
Diversified Financials 14.4%
Allied Capital	1,860		42,966
American Express	6,230		260,476
The Bank of New York	1,810		52,037
Bear Stearns	4,540		328,787

	Shares		Value
Diversified Financials (continued)
Citigroup	11,860	$	507,608
Merrill Lynch	1,620		75,622
J.P. Morgan Chase	9,890		338,040
Morgan Stanley	740		31,635
				1,637,171
Energy 8.8%
ChevronTexaco	2,150		155,230
ConocoPhillips	1,614		88,447
Devon Energy	2,760		147,384
Exxon Mobil	4,050		145,435
Noble Energy	3,790		143,262
Occidental Petroleum	1,650		55,358
Rowan*	3,320		74,368
Royal Dutch Petroleum (NY shares)
(Netherlands)	2,090		97,436
Weatherford International*	2,190		91,761
			998,681
Health Care 11.6%
Amgen*	1,350		90,430
Anthem*	470		36,260
Barr Laboratories*	955		62,553
Boston Scientific*	1,330		81,263
Cardinal Health	970		62,371
Forest Laboratories*	820		44,895
Johnson & Johnson	3,480		179,916
Merck	2,280		138,054
Pfizer	10,200		348,330
Teva Pharmaceutical (ADRs) (Israel)	1,250		71,169
UnitedHealth Group	1,450		72,862
Wyeth	2,870		130,729
				1,318,832
Hotels, Restaurants and Leisure 1.1%
Royal Caribbean Cruises	5,360		124,138
Insurance 4.8%
American International Group	3,700		204,166
W.R. Berkley	3,580		188,666
Everest Re Group	480		36,720
PartnerRe	1,710		87,398
RenaissanceRe Holdings	750		34,140
			551,090
Media 4.4%
AOL Time Warner*	5,890		94,770
Clear Channel Communications*	2,100		89,019
Gannett	1,810		139,026
Univision Communications (Class A)*	2,090		63,536
Viacom (Class B)*	2,510		109,587
			495,938
Paper and Forest Products 1.4%
Weyerhaeuser	3,020		163,080

_____________

* Non-income producing security.

See Notes to Financial Statements.

11

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Common Stock Portfolio (continued)

	Shares		Value
Retailing 3.5%
eBay*	1,180	$	122,944
Federated Department Stores	1,610		59,328
Limited Brands	8,990		139,345
Michaels Stores	1,900		72,314
			393,931
Semiconductors and Semiconductor
Equipment 3.1%
Analog Devices*	1,520		52,926
Intel	5,290		110,006
KLA-Tencor*	1,200		55,776
LSI Logic*	8,740		61,879
Texas Instruments	4,150		73,040
			353,627
Software and Services 7.6%
Adobe Systems	2,280		72,983
Amdocs*	3,300		79,200
BMC Software*	2,070		33,803
Cadence Design Systems*	10,150		122,409
Check Point Software Technologies* (Israel)	4,770		93,015
Microsoft	15,070		386,018

	Shares		Value
Software and Services (continued)
Network Associates*	2,370	$	30,052
Oracle*	3,800		45,657
			863,137
Telecommunication Services 2.2%
Nextel Communications (Class A)*	4,060		73,161
SBC Communications	4,980		127,239
Verizon Communications	1,290		50,891
			251,291
Transportation 0.8%
Burlington Northern Santa Fe	1,710		48,632
CSX	1,500		45,135
			93,767
Utilities 0.6%
Xcel Energy	4,570		68,733
Total Investments 99.6%
(Cost $10,868,678)			11,317,858
Other Assets Less Liabilities 0.4%			40,359
Net Assets 100.0%		$	11,358,217

Seligman Communications and Information Portfolio

Common Stocks 92.1%
Application Software 18.4%
Autodesk	142,900	$		2,309,978
BEA Systems*	34,800			377,406
Cadence Design Systems*	178,800			2,156,328
Fair, Isaac	19,600			1,008,420
Printcafe Software*	8,000			19,544
Synopsys*	102,600			6,344,271
Verisity*	18,900			223,492
			12,439,439
Communications Equipment 0.9%
Cisco Systems*	35,500			587,880
Computers and Peripherals 6.6%
International Business Machines	8,200			676,500
Itron*	28,000			602,700
Lexmark International (Class A)*	33,900			2,399,103
Seagate Technology*	43,000			758,950
				4,437,253
Data Processing and
Outsourced Services 15.2%
Affiliated Computer Services (Class A)*	19,600			896,308
Amdocs*	100,800			2,419,200
The BISYS Group*	21,200			389,444
Computer Sciences*	13,400			510,808
Concord EFS*	46,000			677,120
CSG Systems International*	88,300			1,249,445
First Data	17,700			733,488

Data Processing and
Outsourced Services (continued)
Sabre Holdings (Class A)*	8,000	$	197,200
SunGard Data Systems*	124,900		3,236,159
			10,309,172
Electronic Equipment and
Instruments 3.7%
Amphenol (Class A)*	19,600		917,672
Orbotech* (Israel)	44,400		740,592
Varian*	16,700		578,989
Waters*	9,900		288,387
			2,525,640
Health Care Equipment and Supplies 6.9%
Advanced Medical Optics*	8,600		146,630
Apogent Technologies*	37,500		750,000
Beckman Coulter	14,200		577,088
Becton, Dickinson	17,800		691,530
Boston Scientific*†	6,200		378,820
Dade Behring Holdings*	14,000		324,870
Fisher Scientific International*	26,800		935,320
Guidant	8,800		390,632
STERIS*	19,600		452,564
			4,647,454
Health Care Providers and Services 10.4%
Laboratory Corporation of America Holdings*	117,400		3,539,610
Quest Diagnostics*	54,200		3,457,960
			6,997,570

_____________

* Non-income producing security.

† 5,600 shares of the security, with a market value of $342,160, are pledged as collateral for the call option written.

See Notes to Financial Statements.

12

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Communications and Information Portfolio (continued)

	Shares		Value
Home Entertainment Software 2.6%
Take-Two Interactive Software*	31,900	$	904,684
THQ*	49,200		886,092
			1,790,776
Media 2.7%
Clear Channel Communications*	23,900		1,013,121
McGraw-Hill	13,100		812,200
			1,825,321
Pharmaceuticals and
Biotechnology 1.9%
Charles River Laboratories International*	35,600		1,145,608
Digene*	4,900		133,403
			1,279,011
Semiconductors and Semiconductor
Equipment 3.7%
Amkor Technology*	146,300		1,923,113
Marvell Technology Group*	17,500		601,563
			2,524,676
Systems Software 18.9%
BMC Software*	133,700		2,183,321
Computer Associates International	143,500		3,197,180
Microsoft	100,000		2,561,500
NetIQ*	49,700		768,114
Network Associates*	71,700		909,156
Symantec*	71,500		3,132,772
12,752,043

	Shares, Principal
	Amount or
	Shares
	Subject to Call		Value
Telecommunication Services 0.2%
ALLTEL	3,500 shs.	$	168,770
Total Common Stocks
(Cost $68,144,567)			62,285,005
Repurchase Agreement 8.9%
State Street Bank & Trust, 0.93%,
dated 6/30/2003, maturing
7/1/2003 in the amount of
$6,000,155, collateralized by:
$5,285,000 US Treasury Bonds
10%, 5/15/2010, with a fair
market value of $6,183,450
(Cost $6,000,000)	$6,000,000		6,000,000
Total Investments 101.0%
(Cost $74,144,567)			68,285,005
Call Options Written * (0.1)%
Boston Scientific, expiring
August 2003 at $55 (Premiums
received $10,441)	5,600 shs.		(40,040)
Other Assets Less
Other Liabilities (0.9)%			(628,114)
Net Assets 100.0%	$ 67,616,851

Seligman Frontier Portfolio

Common Stocks 99.7%
Capital Goods 6.5%
Aeroflex*	10,400	$	80,444
AMETEK	2,205		80,813
Baldor Electric	297		6,118
Chicago Bridge & Iron	1,799		40,801
CLARCOR	1,200		46,260
Cubic	2,807		62,372
EMCOR Group*	700		34,552
Graco	1,513		48,416
IDEX	1,172		42,473
			442,249
Chemicals 1.6%
Airgas*	4,420		74,035
Minerals Technologies	728		35,424
			109,459

Communications Equipment 5.3%
Adaptec*	12,991 shs.	$	100,875
ARRIS Group*	10,893		54,084
Extreme Networks*	5,619		29,781
McDATA (Class A)*	7,140		104,779
Tekelec*	5,995		67,684
			357,203
Consumer Durables and Apparel 1.7%
Oakley*	3,030		35,663
Wolverine World Wide	4,154		80,006
			115,669
Consumer Staples 0.6%
Wild Oats Markets*	3,797		41,406

_____________

* Non-income producing.

See Notes to Financial Statements.

13

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Frontier Portfolio (continued)

	Shares		Value
Diversified Commercial Services 8.1%
Career Education*		1,281	$	87,588
Corinthian Colleges*		2,128		103,070
The Corporate Executive Board*		3,160		129,244
Education Management*		997		53,006
Watson Wyatt Holdings*		4,160		96,429
West*		3,060		81,625
				550,962
Electronic Equipment and Instruments 1.6%
Cognex*		1,478		33,070
Electro Scientific Industries*		3,054		46,344
Methode Electronics (Class A)		2,911		31,584
				110,998
Employment Services 1.8%
Resources Connection*		5,200		123,942
Energy 6.1%
Evergreen Resources*		957		51,975
Key Energy Services*		6,038		64,727
Lone Star Technologies*		1,508		31,939
Maverick Tube*		2,693		51,571
Patina Oil & Gas		1,561		50,186
Patterson-UTI Energy*		1,999		64,758
Ultra Petroleum*		3,540		45,701
Western Gas Resources		1,436		56,866
				417,723
Environmental Services 0.5%
Headwaters*		2,395		35,171
Financials 11.5%
Affiliated Managers Group*		1,900		115,805
American Capital Strategies		2,549		63,483
Arch Capital Group*		992		34,457
Brown & Brown		1,331		43,258
Community First Bankshares		1,348		36,720
Corrections Corporation of America*		2,304		58,360
East West Bancorp		2,000		72,290
F.N.B.		1,372		41,510
Gladstone Capital		952		19,602
HCC Insurance Holdings		2,292		67,774
Hilb, Rogal and Hamilton		970		33,019
Investors Financial Services		590		17,086
Jefferies Group		879		43,765
Southwest Bancorporation of Texas*		529		17,195
UCBH Holdings		2,130		61,014
W Holding		2,000		33,840
Wintrust Financial		900		26,645
				785,823
Health Care Equipment and Supplies 6.4%
American Medical Systems Holdings*		2,290		38,781
Cooper Companies		2,004		69,679
Dade Behring Holdings*		2,720		63,118

	Shares		Value
Health Care Equipment and
Supplies (continued)
Diagnostic Products		1,200	$	49,260
Edwards Lifesciences*		1,920		61,709
Kyphon*		1,480		22,119
Merit Medical Systems*		1,150		23,046
Respironics*		2,070		77,470
Thoratec*		2,100		31,164
				436,346
Health Care Providers and Services 5.8%
AmSurg*		1,886		57,532
Apria Healthcare Group*		2,900		72,152
Community Health Systems*		3,274		63,155
Odyssey HealthCare*		1,146		42,391
Select Medical*		6,290		156,181
				391,411
Hotels, Restaurants and Leisure 6.1%
Alliance Gaming*		3,770		71,291
P.F. Chang’s China Bistro*		633		31,178
Cheesecake Factory*		1,479		53,044
Choice Hotels International*		1,290		35,230
Jack in the Box*		2,262		50,443
RARE Hospitality International*		2,708		88,511
Station Casinos*		3,478		87,820
				417,517
Media 4.1%
Cox Radio (Class A)*		3,900		90,129
Cumulus Media (Class A)*		2,722		51,541
Imax* (Canada)		2,703		24,435
Macrovision*		5,600		111,972
				278,077
Office Electronics 0.7%
Zebra Technologies (Class A)*		598		44,892
Pharmaceuticals and Biotechnology 2.3%
Alexion Pharmaceuticals*		3,400		57,970
Cell Genesys*		1,813		15,347
CV Therapeutics*		820		24,256
Medicines*		1,730		34,470
Trimeris*		514		23,546
				155,589
Retailing 7.1%
Advance Auto Parts*		1,600		97,440
AnnTaylor Stores*		2,338		67,685
Chico’s FAS*		2,054		43,237
Cost Plus*		972		34,657
Gymboree*		2,570		43,163
Hollywood Entertainment*		5,763		99,095
Hot Topic*		1,884		50,764
The Pep Boys – Manny, Moe & Jack		3,700		49,987
				486,028

_____________

* Non-income producing security.

See Notes to Financial Statements.

14

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Frontier Portfolio (continued)

	Shares		Value
Semiconductors and Semiconductor
Equipment 7.6%
Applied Micro Circuits*		3,605	$	21,792
ATMI*		2,119		52,922
Cymer*		1,416		45,255
DSP Group*		3,890		83,927
Exar*		5,200		82,550
FEI*		1,400		26,271
Micrel*		3,442		35,745
Photronics*		2,464		42,713
RF Micro Devices*		8,020		48,321
Semtech*		3,938		56,038
Skyworks Solutions		2,944		19,901
				515,435
Software and Services 12.4%
Acxiom*		5,200		78,598
Agile Software*		13,110		126,643
Business Objects (ADRs)* (France)		1,970		43,153
CACI International (Class A)*		1,600		54,880
Documentum*		3,389		66,526
FileNET*		4,290		77,370
Jack Henry & Associates		2,250		40,230
Informatica*		13,500		92,947
iPayment Holdings*		620		14,827
Pegasus Solutions*		2,522		41,058
Progress Software*		3,573		73,997
Retek*		6,204		39,768
Verisity* (Israel)		5,112		60,449
Verity*		812		10,304
webMethods*		2,887		23,428
				844,178

	Shares or
	Principal
	Amount		Value
Transportation 1.9%
Heartland Express*	1,203 shs.	$	26,743
Knight Transportation*	1,160		28,855
Old Dominion Freight Line*	1,446		31,176
UTi Worldwide	1,421		44,307
			131,081
Total Common Stocks
(Cost $6,048,280)			6,791,159
Repurchase Agreement 1.5%
State Street Bank & Trust, 0.93%,
dated 6/30/2003, maturing
7/1/2003 in the amount of
$100,003, collateralized by:
$90,000 US Treasury Bonds
10%, 5/15/2010, with a fair
market value of $105,300
(Cost $100,000)	$100,000		100,000
Total Investments 101.2%
(Cost $6,148,280)			6,891,159
Other Assets Less Liabilities (1.2)%			(81,772)
Net Assets 100.0%		$		6,809,387

Seligman Global Growth Portfolio

Common Stocks 94.9%
Australia 0.7%
News Corp. (ADRs) (Media)	600			$	18,162
Austria 0.3%
Mayr-Melnhof Karton (Containers and
Packaging)	100				8,340
Belgium 1.1%
Mobistar* (Telecommunication Services)	700				28,817
Canada 1.1%
EnCana (Energy)	700				26,694
Denmark 0.7%
Danske Bank (Banks)	900				17,553
Finland 1.3%
Fortum (Energy)		3,200 shs.	$		25,692
UPM-Kymmene*
(Paper and Forest Products)		400			5,848
					31,540
France 2.6%
Caisse Nationale de Cr´edit Agricole (Banks)		1,550			29,507
Casino Guichard-Perrachon*
(Consumer Staples)		300			23,465
Schneider Electric* (Capital Goods)		100			4,709
Total (ADRs) (Energy)		100			7,580
					65,261

_____________

* Non-income producing security.

See Notes to Financial Statements.

15

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Global Growth Portfolio (continued)

	Shares		Value
Germany 2.8%
Bayer (Chemicals)		600	$	13,927
Bayerische Motoren Werke "BMW"
( Automobiles and Components)		450		17,340
E.ON (Utilities)		300		15,449
PUMA (Consumer Durables and Apparel)		250		24,874
				71,590
Greece 1.5%
Cosmote Mobile Communications*
(Telecommunication Services)		1,000		10,697
Public Power "PPC"* (Utilities)		400		7,233
Vodafone Panafon (Telecommunication
Services)		3,000		20,014
				37,944
Hong Kong 0.5%
CNOOC (Energy)		8,400		12,280
India 0.5%
Ranbaxy Laboratories (Health Care)		800		13,546
Israel 0.5%
Teva Pharmaceutical Industries (ADRs)
(Health Care)		200		11,387
Italy 1.5%
Eni (Energy)		800		12,119
Telecom Italia Mobile "TIM"
( Telecommunication Services)		5,300		26,153
				38,272
Japan 11.8%
Canon (Office Electronics)		500		22,986
East Japan Railway (Transportation)		7		31,188
Honda Motor* (Automobiles and Components)		400		15,185
JFE Holdings (Metals and Mining)		4,000		60,073
JSR (Chemicals)		1,100		13,390
Matsushita Electric Industrial ( Consumer
Durables and Apparel)		2,000		19,841
Nissan Motor (Automobiles and Components)		3,100		29,693
Nomura Holdings (Diversified Financials)		1,900		24,159
NTT DoCoMo (ADRs) (Telecommunication
Services)		700		15,386
Pioneer (Consumer Durables and Apparel)		1,000		22,527
Secom (Commercial Services and Supplies)		500		14,684
Takeda Chemical Industries (Health Care)		500		18,481
USS (Retailing)		200		10,146
				297,739
Netherlands 2.5%
Gucci Group (NY shares)
(Consumer Durables and Apparel)		300		29,400
Royal Dutch Petroleum (NY shares) (Energy)		500		23,310
Unilever (NY shares) (Consumer Staples)		200		10,800
				63,510

	Shares		Value
Norway 0.8%
DnB Holding (Banks)		3,800	$	18,753
Singapore 1.9%
DBS Group Holdings* (Banks)		4,000		23,399
Singapore Technologies Engineering
(Capital Goods)		23,400		23,124
				46,523
South Korea 1.4%
Kookmin Bank (Banks)		200		6,028
Samsung Electronics (Semiconductors
and Semiconductor Equipment)		100		29,720
				35,748
Spain 2.2%
Banco Bilbao Vizcaya Argentaria "BBVA"
(Banks)		2,450		25,786
Banco Popular Espa?nol (Banks)		575		29,101
Red El´ectrica de Espa?na (Utilities)		100		1,311
				56,198
Sweden 0.6%
Tele2 (Series B)* (Telecommunication Services)		400		14,884
Switzerland 2.7%
Converium Holding (Insurance)		200		9,248
Nestl´e (Consumer Staples)		50		10,340
Novartis (Health Care)		300		11,897
Roche Holding (Health Care)		200		15,722
Swiss Re (Insurance)		100		5,553
Syngenta (Chemicals)		300		15,071
				67,831
Taiwan 0.4%
Taiwan Semiconductor Manufacturing (ADRs)*
(Semiconductors and Semiconductor
Equipment)		1,100		11,088
United Kingdom 11.7%
BAA (Transportation)		1,400		11,350
Barclays* (Banks)		3,400		25,289
BHP Billiton (Metals and Mining)		7,500		39,546
BP (ADRs) (Energy)		900		37,818
British Sky Broadcasting Group* (Media)		2,400		26,638
The Carphone Warehouse Group* (Retailing)		26,800		42,969
Gallagher Group (ADRs) (Consumer Staples)		200		7,920
GlaxoSmithKline (ADRs)* (Health Care)		500		20,270
National Grid Transco (Utilities)		3,000		20,380
Royal Bank of Scotland Group (Banks)		1,591		44,706
Vodafone Group (ADRs) (Telecommunication
Services)		900		17,685
				294,571

_____________

* Non-income producing security.

See Notes to Financial Statements.

16

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Global Growth Portfolio (continued)

	Shares		Value
United States 43.8%
Amgen* (Health Care)		800	$	53,588
BioMarin Pharmaceutical* (Health Care)		1,300		12,682
Cisco Systems* (Communications
Equipment)		2,200		36,432
Citigroup (Diversified Financials)		1,200		51,360
Coca-Cola (Consumer Staples)		1,400		64,974
Consolidated Edison (Utilities)		900		38,952
Eastman Chemical (Chemicals)		700		22,169
Exxon Mobil (Energy)		1,400		50,274
Fannie Mae (Banks)		400		26,976
First Data (Software and Services)		600		24,864
Freddie Mac (Banks)		500		25,385
General Electric (Capital Goods)		1,700		48,756
Hewlett-Packard (Computers
and Peripherals)		2,200		46,860
Intel (Semiconductors and
Semiconductor Equipment)		1,900		39,511
International Business Machines
(Computers and Peripherals)		500		41,250
Johnson & Johnson (Health Care)		800		41,360
Lubrizol (Chemicals)		400		12,396
Marathon Oil (Energy)		1,500		39,525
Medtronic (Health Care)		1,400		67,158
Merck (Health Care)		600		36,330
Microsoft (Software and Services)		1,500		38,423

	Shares		Value
United States (continued)
Occidental Petroleum (Energy)		1,100	$	36,905
Pfizer (Health Care)		1,100		37,565
PNC Financial Services Group (Banks)		800		39,048
Praxair (Chemicals)		200		12,020
Procter & Gamble (Consumer Staples)		300		26,754
Trimeris* (Health Care)		300		13,743
Union Pacific (Transportation)		400		23,208
US Bancorp (Banks)		1,600		39,200
UST (Consumer Staples)		700		24,521
Wal-Mart Stores (Consumer Staples)		600		32,202
				1,104,391
Total Common Stocks
(Cost $2,290,191)				2,392,622
Preferred Stocks 1.0%
(Cost $23,048)
Germany 1.0%
Porsche (non-voting)* (Automobiles and
Components)		60		25,467
Total Investments 95.9%
(Cost $2,313,239)				2,418,089
Other Assets Less Liabilities 4.1%				102,769
Net Assets 100.0%			$	2,520,858

Seligman Global Smaller Companies Portfolio

Common Stocks 98.4%
Belgium 1.1%
Omega Pharma (Health Care Equipment
and Supplies)	2,000	$	60,963
Canada 4.0%
Ensign Resource Service Group (Energy)	3,900		58,108
Goldcorp (Metals and Mining)	5,000		60,000
Neurochem* (Pharmaceuticals and
Biotechnology)	6,400		66,089
SouthernEra Resources* (Metals and
Mining)	12,000		46,823
			231,020
France 2.6%
ActivCard (ADRs)* (Computers and
Peripherals)	470		4,402
Montupet (Automobiles and Components)	2,190		36,602
Neopost* (Office Electronics)	1,500		63,839
SR Teleperformance* (Media)	3,000		44,515
			149,358

Germany 2.2%
BERU (Automobiles and Components)	714	$	41,187
Medion (Retailing)	2,000		87,097
			128,284
Hong Kong 3.6%
China Pharmaceutical Group
(Pharmaceuticals and Biotechnology)	206,000		69,343
TechTronic Industries (Consumer Durables
and Apparel)	50,000		83,674
Wah Sang Gas Holdings (Utilities)	450,000		53,089
			206,106
India 5.5%
Bharat Forge (Capital Goods)	9,000		66,301
Divi’s Laboratories* (Pharmaceuticals and
Biotechnology)	2,700		31,995
Matrix Laboratories (Pharmaceuticals and
Biotechnology)	900		11,010

_____________

* Non-income producing security.

See Notes to Financial Statements

17

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
India (continued)
Ranbaxy Laboratories (Pharmaceuticals and
Biotechnology)		12,120	$	205,229
				314,535
Israel 3.0%
M-Systems Flash Disk Pioneers*
(Computers and Peripherals)		9,800		109,515
RADVision* (Software and Services)		9,700		64,602
				174,117
Japan 12.6%
Alpine Electronics (Consumer Durables
and Apparel)		7,800		96,967
Citizen Electronics ( Electronic Equipment
and Instruments)		1,400		61,207
Drake Beam Morin-Japan (Commercial
Services and Supplies)		3,200		101,723
GEOMATEC (Electronic Equipment and
Instruments )		3,400		53,615
JSR (Chemicals)		8,000		97,384
Showa (Automobiles and Components)		6,000		54,816
Tamron (Consumer Durables and Apparel)		6,000		168,704
USS (Retailing)		1,670		84,716
				719,132
Netherlands 0.6%
IHC Caland (Energy)		700		35,798
Norway 0.5%
TGS Nopec Geophysical* (Energy)		2,600		29,195
Singapore 3.9%
Citiraya Industries (Capital Goods)		90,000		30,158
ComfortDelGro* (Transportation)		107,000		48,919
DMX Technologies Group* (Software
and Services)		194,000		31,952
Innovalues Precision (Capital Goods)		70,000		46,912
Unisteel Technology (Computers and
Peripherals)		160,000		66,790
				224,731
South Korea 7.4%
Baiksan (Commercial Services and Supplies)		6,000		48,271
F&F (Media)		16,000		39,113
Interflex (Electronic Equipment and
Instruments)		2,200		31,494
KH Vatec* (Electronic Equipment and
Instruments)`		1,100		100,377
LG Life Sciences* (Pharmaceuticals and
Biotechnology)		3,100		111,984
NHN (Software and Services)		200		24,696
Seoul Semiconductor (Semiconductors and
Semiconductor Equipment)		5,500		66,764
				422,699

	Shares		Value
Spain 2.2%
Aldeasa (Retailing)		3,270	$	67,328
Gamesa Corporaci´on Tecnol´ogica "Gamesa"
(Utilities)		2,600		58,168
				125,496
Taiwan 3.2%
CTCI (Capital Goods)		101,000		65,368
Global Sun Technology*
(Communications Equipment)		40,000		51,430
Pihsiang Machinery Manufacturing
(Health Care Equipment and Supplies)		23,000		68,116
				184,914
United Kingdom 7.2%
Benfield Group* (Financials)		8,400		39,154
Capita Group (Commercial Services
and Supplies)		28,000		104,596
The Carphone Warehouse Group* (Retailing)		26,900		43,129
Eidos* (Software and Services)		17,000		38,356
Game Group (Retailing)		43,000		40,690
Hit Entertainment (Media)		35,000		143,021
				408,946
United States 38.8%
ActivCard* (Computers and Peripherals)		4,900		45,889
Advance Auto Parts* (Retailing)		1,400		85,260
Airgas* (Chemicals)		1,740		29,145
Alexion Pharmaceuticals* (Pharmaceuticals
and Biotechnology)		4,800		81,840
Arch Capital Group* (Financials)		1,320		45,850
BioMarin Pharmaceutical* (Pharmaceuticals
and Biotechnology)		5,000		48,775
Career Education* (Commercial Services
and Supplies)		1,300		88,887
Cheesecake Factory* (Hotels, Restaurants
and Leisure)		1,700		60,971
Chico’s FAS* (Retailing)		2,900		61,045
Community First Bankshares (Financials)		2,150		58,566
Community Health Systems*
(Health Care Providers and Services)		4,400		84,876
Discovery Laboratories*
(Pharmaceuticals and Biotechnology)		6,000		38,490
DRS Technologies* (Capital Goods)		2,900		80,968
Edwards Lifesciences* (Health Care
Equipment and Supplies)		2,000		64,280
F.N.B. (Financials)		1,911		57,817
Fred’s (Retailing)		1,200		44,784
Hilb, Rogal and Hamilton (Financials)		1,490		50,720
Hollywood Entertainment* (Retailing)		3,300		56,743
Integra LifeSciences Holdings* (Health
Care Equipment and Supplies)		4,300		114,122
InterMune* (Pharmaceuticals and
Biotechnology)		2,000		32,320

_____________

* Non-income producing security.

See Notes to Financial Statements.

18

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Global Smaller Companies Portfolio (continued)

	Shares	Value
United States (continued)
Key Energy Services* (Energy)	4,700	$	50,384
McDATA (Class A)* (Communications
Equipment)	4,900		71,908
MGI Pharma* (Pharmaceuticals and
Biotechnology)	1,500		38,535
Patina Oil & Gas (Energy)	2,000		64,300
PETCO Animal Supplies* (Retailing)	2,700		58,711
Priority Healthcare (Class B)* (Health Care
Providers and Services)	5,000		92,350
RARE Hospitality International* (Hotels,
Restaurants and Leisure)	1,800		58,833
Respironics* (Health Care Equipment
and Supplies)	600		22,455
SangStat Medical* (Pharmaceuticals
and Biotechnology	3,500		45,920

	Shares		Value
United States (continued)
Select Medical* (Health Care Providers
and Services)	5,100	$	126,633
Station Casinos* (Hotels, Restaurants
and Leisure)	3,000		75,750
UCBH Holdings (Financials)	2,900		83,071
United Bankshares (Financials)	2,100		60,249
W Holding (Financials)	3,000		50,760
Websense* (Software and Services)	1,650		25,913
XTO Energy (Energy)	3,000		60,330
			2,217,450
Total Investments
(Cost $4,920,368)			5,632,744
Other Assets Less Liabilities 1.6%			90,066
Net Assets 100.0%		$         5,722,810

Seligman Global Technology Portfolio

Common Stocks 109.0%
Canada 1.5%
Nortel Networks* (Communications)
Equipment	60,000	$	162,000
Denmark 0.4%
Maconomy* †(Application Software)	48,500		48,422
France 0.5%
Alcatel (Communications Equipment)	6,500		58,691
Germany 1.1%
SAP (ADRs) (Application Software)	3,900		113,958
India 1.1%
Geometric Software Solutions
(Application Software)	14,000		116,395
Japan 21.7%
Canon (Office Electronics)	4,000		183,889
Dai Nippon Printing ( Commercial Services
and Supplies)	14,000		148,346
Furukawa Electric* (Capital Goods)	57,000		186,425
Hoya (Electronic Equipment and Instruments)	3,000		207,000
JSR (Materials)	16,000		194,769
KDDI (Telecommunication Services)	30		116,391
Matsushita Electric Industrial (Consumer
Durables and Apparel)	19,000		188,486
NEC (Computers and Peripherals)	55,000		275,333
NTT DoCoMo (Telecommunication Services)	64		138,834
Olympus Optical (Health Care)	7,000		145,134
Omron (Electronic Equipment and
Instruments)	9,000		152,059
Japan (continued)
Pioneer (Consumer Durables and Apparel)	9,000	$	202,745
Rohm (Semiconductors and
Semiconductor Equipment)	1,000		109,215
Tokyo Electron (Semiconductors and
Semiconductor Equipment)	2,200		104,443
			2,353,069
Mexico 1.3%
Am´erica M´ovil (Class L ADRs)
(Telecommunication Services)	7,300		136,875
Singapore 1.2%
Flextronics International* (Electronic
Equipment and Instruments)	13,000		135,720
South Korea 2.1%
Interflex (Electronic Equipment and
Instruments)	6,864		98,262
Sindo Ricoh* (Office Electronics)	2,200		128,556
			226,818
Sweden 1.5%
Telefonaktiebolaget LM Ericsson (ADRs)
(Communications Equipment)	15,200		161,728
Switzerland 0.2%
Leica Geosystems* (Electronic Equipment
and Instruments)	300		23,805

_____________

* Non-income producing security.

† Rule 144A security.

See Notes to Financial Statements

19

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Global Technology Portfolio (continued)

	Shares		Value
Taiwan 3.1%
Acer (Computers and Peripherals)		47,000	$	59,072
Nanya Technology* (Semiconductors
and Semiconductor Equipment)		173,000		125,464
Synnex Technology (Electronic Equipment
and Instruments)		70,000		98,093
Taiwan Semiconductor Manufacturing*
(Semiconductors and Semiconductor
Equipment)		33,000		54,348
				336,977
United States 73.3%
ActivCard* (Computers and Peripherals)		14,800		138,602
Affiliated Computer Services (Class A)* (Data
Processing and Outsourced Services)		5,300		242,369
Alliance Gaming* (Hotels, Restaurants
and Leisure)		3,000		56,730
ALLTEL (Telecommunication Services)		4,300		207,346
Amdocs* (Data Processing and Outsourced
Services)		16,800		403,200
Analog Devices* (Semiconductors and
Semiconductor Equipment)		2,100		73,122
Autodesk (Application Software)		13,900		224,694
BEA Systems* (Application Software)		8,500		92,182
Beckman Coulter (Health Care)		2,800		113,792
The BISYS Group* (Data Processing and
Outsourced Services)		10,500		192,885
BMC Software* (Systems Software)		19,400		316,802
Cadence Design Systems*
(Application Software)		16,300		196,578
Charles River Laboratories International*
(Health Care)		2,700		86,886
Cisco Systems* (Communications
Equipment)		14,700		243,432
Clear Channel Communications* (Media)		2,900		122,931
Computer Associates International
(Systems Software)		12,200		271,816
Computer Sciences* (Data Processing
and Outsourced Services)		2,800		106,736
CSG Systems International* (Data
Processing and Outsourced Services)		7,900		111,785
Dell* (Computers and Peripherals)		6,400		204,576
Fair, Isaac (Application Software)		500		25,725
FileNET* (Application Software)		5,260		94,864
First Data ( Data Processing and
Outsourced Services)		7,100		294,224
Informatica* (Application Software)		13,600		93,636
Intel ( Semiconductors and Semiconductor
Equipment)		6,300		131,009
InterActiveCorp* (Retailing)		2,200		87,032
International Business Machines
(Computers and Peripherals)		1,100		90,750

	Shares/Shares
	Subject
	to Call		Value
United States (continued)
Laboratory Corporation of America Holdings*
(Health Care)	9,100	$	274,365
Lexmark International (Class A)*
(Computers and Peripherals)	6,100		431,697
Marvell Technology Group* (Semiconductors
and Semiconductor Equipment)	2,200		75,625
Microsoft (Systems Software)	16,000		409,840
NetIQ* (Systems Software)	11,700		180,823
Network Associates* (Systems Software)	17,100		216,828
Quest Diagnostics* (Health Care)	2,100		133,980
Seagate Technology* (Computers and
Peripherals)	5,700		100,605
SunGard Data Systems* (Data Processing
and Outsourced Services)	15,000		388,650
Symantec* (Systems Software)	11,800		517,017
Synopsys* (Application Software)	12,300		760,571
Take-Two Interactive Software*
(Home Entertainment Software)	4,200		119,112
Texas Instruments (Semiconductors and
Semiconductor Equipment )	2,500		44,000
UTStarcom* (Communications Equipment)	2,000		71,140
			7,947,957
Total Common Stocks
(Cost $12,086,149)		11,822,415
Put Options Purchased *
Japan
Topix Index, expiring August 2003
at ¥773 (Premiums paid $25,434) 190,000			2,410
Total Investments 109.0%
(Cost $12,111,583)		11,824,825
Call Options Written * (0.9)%
Japan (0.9)%
Canon, expiring August 2003 at ¥5034	4,000		(18,966)
Dai Nippon Printing, expiring August 2003
at ¥1251	14,000		(7,736)
Hoya, expiring August 2003 at ¥7387	3,000		(23,862)
Matsushita Electric Industrial, expiring
August 2003 at ¥1052	13,000		(15,837)
Olympus Optical, expiring July 2003 at ¥2157	7,000		(19,693)
Pioneer, expiring August 2003 at ¥2551	6,000		(10,854)
Total Call Options Written
(Premiums received $28,115)			(96,948)
Other Assets Less Other Liabilities (8.1)%			(880,408)
Net Assets 100.0%		$        10,847,469

_____________

* Non-income producing.

See Notes to Financial Statements

20

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman High-Yield Bond Portfolio

	Principal
	Amount		Value
Corporate Bonds 93.3%
Aerospace 1.4%
K & F Industries 9.625%, 12/15/2010	$	25,000	$                27,875
L 3 Communications 6.125%, 7/15/2013†		25,000	25,375
Sequa 9%, 8/1/2009		50,000	53,250
			106,500
Auto 2.1%
Dana 10.125%, 3/15/2010		25,000	27,688
Stoneridge 11.50%, 5/1/2012		50,000	56,250
Tenneco Automotive 10.25%, 7/15/2013†		25,000	25,437
TRW Automotive Acquisition 11%, 2/15/2013†		25,000	27,375
United Components 9.375%, 6/15/2013†		25,000	26,063
			162,813
Broadcasting 3.8%
NextMedia Operating 10.75%, 7/1/2011		25,000	28,125
Paxson Communications 0% (12.25%**),
1/15/2009		100,000	84,000
Sinclair Broadcast Group 8%, 3/15/2012†		50,000	53,125
Sun Media 7.625%, 2/15/2013 (Canada)		75,000	80,250
Young Broadcasting (Series B)
8.75%, 6/15/2007		51,000	52,020
			297,520
Building Products 1.7%
Associated Materials 9.75%, 4/15/2012		50,000	54,812
Reliant Resources 9.25%, 7/15/2010†		50,000	50,500
Texas Industries 10.25%, 6/15/2011†		25,000	26,250
			131,562
Cable 2.9%
Charter Communications Holdings:
0% (9.92%**), 4/1/2011		50,000	33,125
0% (11.75%**), 5/15/2011		200,000	102,000
Insight Communications 0% (12.25%**),
2/15/2011		75,000	62,625
Mediacom Broadband 11%, 7/15/2013		25,000	27,938
			225,688
Capital Goods 1.4%
Briggs & Stratton 8.875%, 3/15/2011		25,000	29,000
Joy Global 8.75%, 3/15/2012		25,000	27,500
NMHG Holding 10%, 5/15/2009		25,000	27,625
Terex 8.875%, 4/1/2008		25,000	26,125
			110,250
Chemicals 4.2%
Arch Western Financial 6.75%, 7/1/2013		25,000	25,750
Equistar Chemicals 10.125%, 9/1/2008		15,000	15,525
FMC 10.25%, 11/1/2009		50,000	56,500
Huntsman ICI Chemicals 10.125%, 7/1/2009		25,000	24,125
International Specialty Holdings 10.625%,
12/15/2009		50,000	53,375
Lyondell Chemical 11.125%, 7/15/2012		25,000	25,750

	Principal
	Amount		Value
Chemicals (continued)
Millennium America:
9.25%, 6/15/2008	$       25,000	$	27,000
7.625%, 11/15/2026	50,000		46,750
Rhodia 8.875%, 6/1/2011†	50,000		52,000
			326,775
Consumer Products 1.0%
Jostens 12.75%, 5/1/2010	25,000		29,625
Remington Arms 10.50%, 2/1/2011†	50,000		52,500
			82,125
Containers 3.3%
BWAY 10%, 10/15/2010†	25,000		25,500
Graham Packaging:
8.75%, 1/15/2008	25,000		25,000
8.75%, 1/15/2008†	50,000		50,000
Graphic Packaging 8.625%, 2/15/2012	75,000		76,875
Owens Brockway Glass Container:
8.875%, 2/15/2009	50,000		54,500
8.25%, 5/15/2013†	25,000		26,250
			258,125
Diversified Telecommunication 2.2%
Qwest Services 13.50%, 12/15/2010†	150,000		170,250
Electric 1.7%
CMS Energy 9.875%, 10/15/2007	25,000		26,781
MSW Energy Holdings 8.50%, 9/1/2010†	25,000		25,812
Western Resources 9.75%, 5/1/2007	75,000		84,375
			136,968
Energy 8.3%
Citgo Petroleum 11.375%, 2/1/2011†	25,000		28,000
Clark Refining & Marketing
8.875%,11/15/2007	50,000		51,250
Dresser 9.375%, 4/15/2011	25,000		25,875
Dynegy Holdings 8.75%, 2/15/2012	75,000		70,125
El Paso 7.875%, 6/15/2012†	50,000		46,563
El Paso Production Holdings
7.75%, 6/1/2013†	75,000		75,188
Ferrellgas Partners 8.75%, 6/15/2012	50,000		54,500
Frontier Escrow 8%, 4/15/2013†	25,000		26,250
Grant Prideco 9%, 12/15/2009	25,000		27,875
Gulfterra Energy Partners (Series B)
10.625%, 12/1/2012	25,000		29,000
Premcor Refining Group 9.50%, 2/1/2013	25,000		27,750
Universal Compression 7.25%, 5/15/2010†	25,000		26,000
Williams Companies:
8.625%, 6/1/2010	25,000		26,250
8.125%, 3/15/2012	125,000		128,750
			643,376
Environmental 1.4%
Allied Waste North America 10%, 8/1/2009	100,000		106,750

_____________

†  Rule 144A security.

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

See Notes to Financial Statements.

21

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman High-Yield Bond Portfolio (continued)

	Principal
	Amount		Value
Finance 2.1%
Corrections Corporation of America
7.50%, 5/1/2011	$	50,000	$	52,500
Western Financial Bank 9.625%, 5/15/2012		100,000		108,500
				161,000
Food and Beverage 1.7%
Del Monte 8.625%, 12/15/2012†		25,000		26,625
Dole Food:
7.25%, 6/15/2010†		25,000		25,188
8.875%, 3/15/2011†		25,000		26,625
Smithfield Foods 7.75%, 5/15/2013†		50,000		53,875
				132,313
Food and Drug 2.7%
Rite Aid:
9.50%, 2/15/2011†		50,000		54,000
7.70%, 1/15/2027		25,000		20,750
Roundy’s (Series B) 8.875%, 6/15/2012		125,000		131,250
				206,000
Gaming 2.5%
Ameristar Casinos 10.75%, 2/15/2009		50,000		56,938
Mandalay Resort Group 9.375%, 2/15/2010		50,000		56,750
Park Place Entertainment 9.375%, 2/15/2007		50,000		55,500
Venetian Casino Resort 11%, 6/15/2010		25,000		28,312
				197,500
Health Care Facilities and Supplies 4.0%
Alaris Medical Systems:
0% (8.125%**), 8/1/2008		50,000		53,000
7.25%, 7/1/2011		25,000		25,438
Alliance Imaging 10.375%, 4/15/2011		75,000		78,750
IASIS Healthcare 13%, 10/15/2009		50,000		55,750
Medex 8.875%, 5/15/2013†		50,000		52,125
Province Healthcare 7.50%, 6/1/2013		50,000		49,500
				314,563
Home Builders 2.5%
Beazer Homes USA 8.375%, 4/15/2012		50,000		55,625
D.R. Horton 8%, 2/1/2009		25,000		27,937
Hovnanian, K. Enterprises 8.875%, 4/1/2012		50,000		54,875
KB Home 9.50%, 2/15/2011		50,000		56,812
				195,249
Industrials 0.7%
Apogent Technologies 6.50%, 5/15/2013†		50,000		51,875
Leisure 1.3%
AMC Entertainment 9.50%, 2/1/2011		50,000		52,000
Bally Total Fitness Holdings
10.50%, 7/15/2011†		25,000		25,125
Six Flags 8.875%, 2/1/2010		25,000		24,125
				101,250

	Principal
	Amount		Value
Lodging 3.0%
Felcore Lodging 10%, 9/15/2008	$	75,000	$     77,812
John Q. Hammons Hotels (Series B)
8.875%, 5/15/2012		50,000	52,750
Host Marriott (Series I) 9.50%, 1/15/2007		50,000	54,000
MeriStar Hospitality 9.125%, 1/15/2011		50,000	49,250
			233,812
Metals and Mining 1.3%
Hexcel 9.75%, 1/15/2009		25,000	25,000
Earle M. Jorgensen 9.75%, 6/1/2012		25,000	26,625
Steel Dynamics 9.50%, 3/15/2009		25,000	26,313
UCAR Financial 10.25%, 2/15/2012		25,000	24,625
			102,563
Oil and Gas Producers 0.7%
Encore Acquisition 8.375%, 6/15/2012		25,000	26,875
Plains Exploration & Production
8.75%, 7/1/2012		25,000	26,875
			53,750
Oil Equipment 0.5%
DI Industries 8.875%, 7/1/2007		9,000	9,315
Key Energy Services 8.375%, 3/1/2008		25,000	27,250
			36,565
Paper and Forest Products 4.4%
Ainsworth Lumber 12.50%, 7/15/2007
(Canada)		50,000	56,750
Buckeye Technologies 8%, 10/15/2010		50,000	47,000
Georgia-Pacific:
8.125%, 5/15/2011		25,000	24,625
8.875%, 5/15/2031		50,000	51,625
Jefferson Smurfit:
8.25%, 10/1/2012		25,000	26,938
7.50%, 6/1/2013†		50,000	51,250
Longview Fibre 10%, 1/15/2009		50,000	55,750
Norampac 6.75%, 6/1/2013†		25,000	26,375
			340,313
Property and Real Estate Development 0.3%
Forest City Enterprises 7.625%, 6/1/2015		25,000	26,344
Publishing 5.0%
American Media Operations 10.25%, 5/1/2009		25,000	27,125
Dex Media East 12.125%, 11/15/2012		50,000	59,375
R.H. Donnelley Financial:
8.875%, due 12/15/2010†		50,000	58,500
10.875%, due 12/15/2012†		25,000	27,750
Garden State Newspapers 8.75%, 10/1/2009		50,000	51,875
Houghton Mifflin 9.875%, 2/1/2013†		75,000	81,750
Moore North America Financial
7.875%, 1/15/2011†		25,000	26,187
Primedia 8.875%, 5/15/2011		25,000	26,437
Quebecor Media 11.125%, 7/15/2011 (Canada)		25,000	28,750
			387,749

_____________

†Rule 144A security.

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

See Notes to Financial Statements.

22

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman High-Yield Bond Portfolio (continued)

	Principal
	Amount			Value
Restaurants 0.7%
Domino’s 8.25%, 7/1/2011†	$	25,000	$	25,937
Tricon Global Restaurants 8.875%, 4/15/2011		25,000		29,750
				55,687
Satellite 1.4%
DirecTV Holdings 8.375%, 3/15/2013†		50,000		56,000
EchoStar 9.375%, 2/1/2009		25,000		26,781
PanAmSat 8.50%, 2/1/2012		25,000		27,188
				109,969
Services 7.0%
Alderwoods Group 11%, 1/2/2007		43,300		44,058
Hollywood Entertainment 9.625%, 3/15/2011		25,000		27,469
Iron Mountain 8.625%, 4/1/2013		40,000		43,000
Mail-Well:
8.75%, 12/15/2008		25,000		23,750
9.625%, 3/15/2012		25,000		26,438
Mobile Mini 9.50%, 7/1/2013		25,000		26,000
NBC Acquisition 10.75%, 2/15/2009		95,000		95,475
Perry-Judd 10.625%, 12/15/2007		50,000		52,250
Rent-A-Center 7.50%, 5/1/2010†		25,000		26,375
Service Corp. International 7.20%, 6/1/2006		50,000		50,500
Stewart Enterprises 10.75%, 7/1/2008		25,000		28,000
United Rentals (Series B) 9.25%, 1/15/2009		25,000		24,750
Williams Scotsman 9.875%, 6/1/2007		75,000		73,875
				541,940
Stores 2.1%
Central Garden & Pet 9.125%, 2/1/2013		25,000		26,750
CSK Auto 12%, 6/15/2006		75,000		83,625
United Auto Group 9.625%, 3/15/2012		50,000		53,750
				164,125
Technology 3.6%
AMI Semiconductor 10.75%, 2/1/2013†		50,000		56,750
Amkor Technology:
10.50%, 5/1/2009		50,000		50,750
7.75%, 5/15/2013†		25,000		23,875
Lucent Technologies 7.25%, 7/15/2006		50,000		47,625
Nortel Networks 6.125%, 2/15/2006 (Canada)		25,000		24,375
Thomas & Betts 7.25%, 6/1/2013		50,000		50,250
Xerox 7.625%, 6/15/2013		25,000		25,156
				278,781
Textile and Apparel 0.7%
Russell 9.25%, 5/1/2010		50,000		54,750
Transportation 0.3%
Offshore Logistics 6.125%, 6/15/2013†		25,000		25,187
Utilities 2.6%
AES:
9.375%, 9/15/2010		10,000		10,100
8.75%, 5/15/2013†		50,000		52,250

		Principal Amount, Shares or Warrants	Value
Utilities (continued)
Calpine 8.625%, 8/15/2010	$	75,000	$     56,625
Midland Funding 11.75%, 7/23/2005		50,000	54,250
National Waterworks (Series B)
10.50%, 12/1/2012		25,000	27,781
			201,006
Wireless 4.0%
Alamosa Holdings 13.625%, 8/15/2011		50,000	42,250
Dobson Communications 10.875%,
7/1/2010		50,000	54,250
Dobson/Sygnet Communications
12.25%, 12/15/2008		50,000	53,750
Nextel Communications 12%, 11/1/2008		50,000	54,000
Nextel Partners 12.50%, 11/15/2009		50,000	56,500
Triton PCS 8.50%, 6/1/2013†		50,000	54,000
			314,750
Wireless Tower 2.8%
American Tower 9.375%, 2/1/2009		100,000	101,000
American Tower Escrow 0%, 8/1/2008		25,000	16,250
Crown Castle International
10.75%, 8/1/2011		50,000	54,750
SBA Communications
10.25%, 2/1/2009		50,000	46,250
			218,250
Total Corporate Bonds
(Cost $6,761,936)			7,263,993
Preferred Stocks 2.1%
Broadcasting 1.5%
Paxson Communications 14.25%		2 shs.	19,750
Sinclair Capital 11.625%		900	94,950
			114,700
Cable 0.6%
CSC Holdings 11.75%		500	51,500
Total Preferred Stocks (Cost $160,729)			166,200
Warrants 0.1%
(Cost $1,888)
Wireless Tower 0.1%
American Tower*?		25 wts.	2,575
Repurchase Agreement 1.3%
State Street Bank & Trust, 0.93%,
dated 6/30/2003, maturing
7/1/2003 in the amount of
$100,003, collateralized by:
$90,000 US Treasury Bonds
10%, 5/15/2010, with a fair
market value of $105,300
(Cost $100,000) $100,000			100,000
Total Investments 96.8% (Cost $7,024,553)			7,532,768
Other Assets Less Liabilities 3.2%			252,913
Net Assets 100.0%			$     7,785,681

_____________

† Rule 144A security.

* Non-income producing security.

See Notes to Financial Statements.

23

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Income and Growth Portfolio

	Shares	Value
Common Stocks 57.9%
Automobiles and Components 0.4%
Lear*	240	$	11,045
Banks 4.7%
Bank of America	820		64,805
Golden West Financial	180		14,402
GreenPoint Financial	280		14,263
Radian Group	250		9,162
U.S. Bancorp	480		11,760
Wachovia	880		35,165
			149,557
Capital Goods 4.3%
Deere	210		9,597
General Electric	2,250		64,530
Illinois Tool Works	280		18,438
Lockheed Martin	170		8,087
PACCAR	100		6,735
Raytheon	320		10,509
Tyco International	930		17,651
			135,547
Chemicals 0.8%
Air Products and Chemicals	630		26,208
Communications Equipment 1.0%
Cisco Systems*	1,610		26,662
Telefonaktiebolaget LM Ericsson
(ADRs) (Sweden)	540		5,745
			32,407
Computers and Peripherals 3.2%
Dell*	910		29,088
Hewlett-Packard	930		19,809
International Business Machines	180		14,850
Sun Microsystems*	8,000		36,760
			100,507
Consumer Durables and Apparel 1.1%
Mohawk Industries*	250		13,882
Pulte Homes	360		22,198
			36,080
Consumer Staples 5.0%
Altria Group	1,090		49,530
Avon Products	120		7,464
Kraft Foods (Class A)	290		9,439
Procter & Gamble	260		23,187
Unilever (NY shares) (Netherlands)	140		7,560
Wal-Mart Stores	1,110		59,574
			156,754
Diversified Financials 8.4%
Allied Capital	300		6,930
American Express	1,010		42,228
The Bank of New York	290		8,337

	Shares	Value
Diversified Financials (continued)
Bear Stearns	740	$	53,591
Citigroup	1,923		82,304
Merrill Lynch	250		11,670
J.P. Morgan Chase	1,590		54,346
Morgan Stanley	120		5,130
			264,536
Energy 5.0%
ChevronTexaco	340		24,548
ConocoPhillips	270		14,796
Devon Energy	420		22,428
Exxon Mobil	644		23,126
Noble Energy	610		23,058
Occidental Petroleum	270		9,059
Rowan*	510		11,424
Royal Dutch Petroleum (NY shares)
(Netherlands)	340		15,851
Weatherford International*	350		14,665
			158,955
Health Care 6.8%
Amgen*	220		14,737
Anthem*	80		6,172
Barr Laboratories*	160		10,480
Boston Scientific*	220		13,442
Cardinal Health	160		10,288
Forest Laboratories*	140		7,665
Johnson & Johnson	560		28,952
Merck	360		21,798
Pfizer	1,660		56,689
Teva Pharmaceutical (ADRs) (Israel)	210		11,956
UnitedHealth Group	240		12,060
Wyeth	460		20,953
			215,192
Hotels, Restaurants and Leisure 0.6%
Royal Caribbean Cruises	870		20,149
Insurance 2.8%
American International Group	600		33,108
W.R. Berkley	575		30,302
Everest Re Group	80		6,120
PartnerRe	280		14,311
RenaissanceRe Holdings	120		5,462
			89,303
Media 2.5%
AOL Time Warner*	950		15,286
Clear Channel Communications*	330		13,989
Gannett	300		23,043
Univision Communications (Class A)*	330		10,032
Viacom (Class B)*	400		17,464
			79,814

_____________

* Non-income producing security.

See Notes to Financial Statements.

24

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Income and Growth Portfolio (continued)

	Shares or
	Principal
	Amount		Value
Paper and Forest Products 0.8%
Weyerhaeuser		490 shs.	$	26,460
Retailing 2.0%
eBay*		190		19,796
Federated Department Stores		270		9,950
Limited Brands		1,460		22,630
Michaels Stores		300		11,418
				63,794
Semiconductors and Semiconductor
Equipment 2.0%
Analog Devices*		240		8,357
Intel		850		17,676
KLA-Tencor*		190		8,831
Linear Technology		160		5,157
LSI Logic*		1,410		9,983
Texas Instruments		680		11,968
				61,972
Software and Services 4.4%
Adobe Systems		370		11,844
Amdocs*		530		12,720
BMC Software*		340		5,552
Cadence Design Systems*		1,640		19,778
Check Point Software Technologies* (Israel) 770				15,015
Microsoft		2,480		63,525
Network Associates*		390		4,945
Oracle*		590		7,089
				140,468
Telecommunication Services 1.3%
Nextel Communications (Class A)*		650		11,713
SBC Communications		769		19,648
Verizon Communications		210		8,284
				39,645
Transportation 0.5%
Burlington Northern Santa Fe		280		7,963
CSX		240		7,222
				15,185
Utilities 0.3%
Xcel Energy		720		10,829
Total Common Stocks
(Cost $1,689,561)				1,834,407
US Government and Government
Agency Securities 23.1%
US Government Securities 13.9%
US Government Gtd. Title XI
(Bay Transportation) 7.30%,
6/1/2021	$	86,000		99,887

	Principal
	Amount		Value
US Government Securities (continued)
US Treasury Bonds 5.375%, 2/15/2031	$	105,000	$	118,269
US Treasury Notes:
1.125%, 6/30/2005		110,000		109,622
3.875%, 2/15/2013		95,000		97,787
3.625%, 5/15/2013		15,000		15,122
Total US Government Securities
(Cost $431,061)				440,687
Agency Securities 8.7%
FHLB:
2.375%, 2/15/2006		15,000		15,271
2.25%, 5/15/2006		20,000		20,287
FHLMC:
2.20%, 9/12/2005		30,000		30,245
5.50%, 7/15/2006		15,000		16,611
4%, 10/29/2007		20,000		20,552
4.75%, 10/11/2012		25,000		25,827
4%, 6/12/2013		30,000		29,514
FNMA:
2.65%, 4/3/2006		30,000		30,123
1.75%, 6/16/2006		40,000		39,890
3.50%, 10/15/2007		15,000		15,314
6.25%, 7/19/2011		20,000		20,925
4.625%, 5/1/2013		10,000		10,304
Total Agency Securities
(Cost $271,276)				274,863
Mortgage-Backed Securities †0.5%
FHLMC GOLD:
4.50%, 11/1/2007		4,030		4,166
8%, 12/1/2023		7,233		7,855
FNMA 8.50%, 9/1/2015		3,169		3,499
Total Mortgage-Backed Securities
(Cost $14,687)				15,520
Total US Government and
Government Agency Securities
(Cost $717,024)				731,070
Corporate Bonds 16.9%
Automobiles and Components 1.3%
Ford Motor 5.80%, 1/12/2009		30,000		29,850
General Motors 7.70%, 4/15/2016		10,000		10,132
				39,982
Banks 0.8%
US Bank National Association 4.80%,
4/15/2015		10,000		10,337
Washington Mutual 5.50%, 1/15/2013		15,000		16,382
				26,719

_____________

*  Non-income producing security.

†  Investments in mortgage-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying mortgage instruments, the average life may

   be less than the original maturity. This, in turn, may impact the ultimate yield realized from these investments.

See Notes to Financial Statements.

25

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Income and Growth Portfolio (continued)

	Principal
		Amount		Value
Capital Goods 1.0%
General Electric 5%, 2/1/2013	$	15,000	$	15,874
Raytheon 5.375%, 4/1/2013		15,000		15,897
				31,771
Chemicals 0.3%
Monsanto 4%, 5/15/2008		10,000		10,292
Consumer Durables and Apparel 0.3%
Pulte Homes 6.375%, 5/15/2033		10,000		10,120
Consumer Staples 1.0%
Anheuser-Busch 4.625%, 2/1/2015		5,000		5,238
Kellogg 2.875%, 6/1/2008		15,000		14,911
Sara Lee 1.95%, 6/15/2006		10,000		10,008
				30,157
Diversified Financials 5.4%
Bear Stearns 5.70%, 11/15/2014		10,000		11,107
CIT Group 5.50%, 11/30/2007		10,000		10,829
Countrywide Funding 5.625%, 7/15/2009		15,000		16,699
EOP Operating 5.875%, 1/15/2013		15,000		16,202
Franklin Resources 3.70%, 4/15/2008		5,000		5,122
General Electric Capital 3.50%, 5/1/2008		10,000		10,251
General Motors Acceptance 8%, 11/1/2031		10,000		9,839
Goldman Sachs Group 5.25%, 4/1/2013		10,000		10,683
John Hancock Financial Services 5.625%,
12/1/2008		10,000		11,125
International Lease Finance 5.875%, 5/1/2013		5,000		5,393
Merrill Lynch 3.70%, 4/21/2008		10,000		10,338
J.P. Morgan Chase 5.75%, 1/2/2013		10,000		10,953
Morgan Stanley Group 3.625%, 4/1/2008		20,000		20,518
PP&L Capital Funding 8.375%, 6/15/2007		20,000		23,628
				172,687
Energy 0.5%
ChevronTexaco 3.375%, 2/15/2008		5,000		5,168
Progress Energy 7.10%, 3/1/2011		10,000		11,654
				16,822
Health Care 0.2%
Becton, Dickinson 4.55%, 4/15/2013		5,000		5,198
Insurance 0.2%
Allstate 6.125%, 12/15/2032		5,000		5,477
Media 1.1%
AOL Time Warner 6.875%, 5/1/2012		25,000		28,598
Viacom 7.875%, 7/30/2030		5,000		6,554
				35,152

		Principal
		Amount		Value
Paper and Forest Products 0.4%
Weyerhaeuser 6.75%, 3/15/2012	$	10,000	$	11,371
Retailing 0.7%
Albertson’s 7.50%, 2/15/2011		5,000		5,850
Kroger 5.50%, 2/1/2013		5,000		5,288
Safeway 7.25%, 2/1/2031		5,000		5,649
Target 4%, 6/15/2013		5,000		4,909
				21,696
Software and Services 0.9%
Computer Sciences 6.75%, 6/15/2006		25,000		28,283
Telecommunication Services 2.1%
AT&T 8.50%, 11/15/2031		10,000		11,378
AT&T Broadband 9.455%, 11/15/2022		5,000		6,836
AT&T Wireless 7.875%, 3/1/2011		5,000		5,916
Bellsouth 6%, 10/15/2011		10,000		11,451
Sprint Capital 8.75%, 3/15/2032		10,000		12,013
Verizon Global Funding:
7.25%, 12/1/2010		10,000		12,031
7.75%, 12/1/2030		5,000		6,357
				65,982
Transportation 0.2%
CSX 7.95%, 5/1/2027		5,000		6,421
Utilities 0.5%
Consolidated Edison 5.875%, 4/1/2033		5,000		5,353
Dominion Resources 5.70%, 9/17/2012		5,000		5,499
South Carolina Electric & Gas 5.30%,
5/15/2033		5,000		4,976
				15,828
Total Corporate Bonds
(Cost $515,481)				533,958
Total Investments 97.9%
(Cost $2,922,066)				3,099,435
Other Assets Less Liabilities 2.1%				67,044
Net Assets 100.0%			$	3,166,479

_____________

See Notes to Financial Statements.

26

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman International Growth Portfolio

	Shares		Value
Common Stocks 93.0%
Australia 1.2%
News Corp. (ADRs) (Media)	1,200	$	36,324
Austria 1.1%
Mayr-Melnhof Karton (Containers and
Packaging)	400		33,362
Belgium 1.2%
Mobistar* (Telecommunication Services)	900		37,051
Canada 2.6%
CP Railway (Transportation)	900		20,340
EnCana (Energy)	1,600		61,014
			81,354
Denmark 1.2%
Danske Bank (Banks)	1,900		37,057
Finland 2.6%
Fortum (Energy)	8,100		65,033
UPM-Kymmene* (Paper and Forest Products)	1,100		16,082
			81,115
France 3.7%
Caisse Nationale de Cr´edit Agricole (Banks)	2,000		38,073
Casino Guichard-Perrachon*
(Consumer Staples)	600		46,930
Schneider Electric* (Capital Goods)	300		14,127
Total (ADRs) (Energy)	200		15,160
			114,290
Germany 4.4%
Bayer (Chemicals)	1,400		32,497
Bayerische Motoren Werke "BMW"
(Automobiles and Components)	1,050		40,460
E.ON (Utilities)	650		33,473
PUMA (Consumer Durables and Apparel)	300		29,849
			136,279
Greece 1.8%
Cosmote Mobile Communications*
(Telecommunication Services)	1,000		10,697
Public Power "PPC"* (Utilities)	700		12,657
Vodafone Panafon (Telecommunication
Services)	5,000		33,357
			56,711
Hong Kong 1.0%
CNOOC (Energy)	21,000		30,700
India 1.1%
Ranbaxy Laboratories (Health Care)	2,000		33,866
Israel 0.9%
Teva Pharmaceutical Industries (ADRs)
(Health Care)	500		28,467

	Shares		Value
Italy 2.7%
Eni (Energy)	2,100	$	31,812
Telecom Italia Mobile "TIM"
(Telecommunication Services)	10,500		51,813
			83,625
Japan 19.3%
Canon (Office Electronics)	1,500		68,958
East Japan Railway (Transportation)	14		62,375
Honda Motor* (Automobiles and Components)	1,600		60,740
JFE Holdings (Metals and Mining)	5,000		75,091
JSR (Chemicals)	2,700		32,867
Matsushita Electric Industrial ( Consumer
Durables and Apparel)	5,000		49,602
Nissan Motor (Automobiles and Components)	3,800		36,397
Nomura Holdings (Diversified Financials)	2,400		30,517
NTT DoCoMo (ADRs) (Telecommunication
Services)	1,700		37,366
Pioneer (Consumer Durables and Apparel)	2,200		49,560
Secom (Commercial Services and Supplies)	1,000		29,369
Takeda Chemical Industries (Health Care)	1,200		44,354
USS (Retailing)	400		20,291
			597,487
Netherlands 5.7%
Gucci Group (NY shares) (Consumer
Durables and Apparel)	700		68,600
Royal Dutch Petroleum (NY shares) ( Energy)	1,700		79,254
Unilever (NY shares) (Consumer Staples)	500		27,000
			174,854
Norway 1.2%
DnB Holding (Banks)	7,400		36,520
Singapore 3.5%
DBS Group Holdings* (Banks)	11,000		64,348
Singapore Technologies Engineering
(Capital Goods)	45,900		45,359
			109,707
South Korea 1.5%
Kookmin Bank (Banks)	500		15,069
Samsung Electronics (Semiconductors and
Semiconductor Equipment)	100		29,720
			44,789
Spain 5.4%
Banco Bilbao Vizcaya Argentaria "BBVA"
(Banks)	6,200		65,254
Banco Popular Espa?nol (Banks)	1,425		72,121
Red El´ectrica de Espa?na (Utilities)	2,200		28,848
			166,223
Sweden 1.1%
Tele2 (Series B)* (Telecommunication Services)	900		33,489
Switzerland 7.1%
Converium Holding (Insurance)	600		27,745
Nestl´e (Consumer Staples)	240		49,630

_____________

* Non-income producing security.

See Notes to Financial Statements.

27

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman International Growth Portfolio (continued)

	Shares or
	Principal
	Amount		Value
Switzerland (continued)
Novartis (Health Care)	900 shs.	$	35,691
Roche Holding (Health Care)	400		31,444
Swiss Re (Insurance)	300		16,658
Syngenta (Chemicals)	500		25,118
UBS (Diversified Financials)	600		33,449
			219,735
Taiwan 1.3%
Delta Electronics* (Electronic Equipment
and Instruments)	18,900		22,444
Taiwan Semiconductor Manufacturing
(ADRs)* (Semiconductors and
Semiconductor Equipment)	1,900		19,152
			41,596
United Kingdom 21.4%
BAA (Transportation)	3,600		29,187
Barclays* (Banks)	8,700		64,711
BHP Billiton (Metals and Mining)	14,800		78,037
BP (ADRs) (Energy)	2,100		88,242
British Sky Broadcasting Group* (Media)	4,350		48,282
The Carphone Warehouse Group*
Retailing)	68,300		109,506

	Shares or
	Principal
	Amount		Value
United Kingdom (continued)
Gallagher Group (ADRs)
(Consumer Staples)	400 shs.	$	15,840
GlaxoSmithKline (ADRs)* (Health Care)	900		36,486
National Grid Transco (Utilities)	5,000		33,967
Royal Bank of Scotland Group (Banks)	3,965		111,414
Vodafone Group (ADRs)
(Telecommunication Services)	2,400		47,160
			662,832
Total Common Stocks
(Cost $2,640,120)			2,877,433
Preferred Stocks 1.4%
(Cost $38,413)
Germany 1.4%
Porsche (non-voting)* (Automobiles and
Components)	100		42,444
Total Investments 94.4%
(Cost $2,678,533)			2,919,877
Other Assets Less Liabilities 5.6%			172,159
Net Assets 100.0%		$	3,092,036

Seligman Investment Grade Fixed Income Portfolio

US Government and Government
Agency Securities 63.5%
US Government Securities 16.4%
US Treasury Bonds:
7.25%, 8/15/2022	$200,000	$	271,039
5.375%, 2/15/2031	50,000		56,318
US Treasury Notes:
1.125%, 6/30/2005	275,000		274,055
3%, 2/15/2008	740,000		761,709
3.875%, 2/15/2013	15,000		15,440
3.625%, 5/15/2013	50,000		50,406
Total US Government Securities
(Cost $1,371,906)			1,428,967
Agency Securities 26.1%
FHLB 2.375%, 2/15/2006	115,000		117,078
FHLMC:
2.20%, 9/12/2005	185,000		186,509
5.25%, 1/15/2006	125,000		136,155
5.50%, 7/15/2006	75,000		83,056
4.875%. 3/15/2007	190,000		208,516
4%, 10/29/2007	125,000		128,453
4.75%, 10/11/2012	145,000		149,797
4%, 6/12/2013	290,000		285,306

Agency Securities (continued)

FNMA:
1.75%, 6/16/2006	$270,000	$	269,259
3.50%, 10/15/2007	95,000		96,987
3.25%, 1/15/2008	105,000		108,636
2.875%, 5/19/2008	365,000		366,610
6.25%, 7/19/2011	75,000		78,467
4.625%, 5/1/2013	55,000		56,675
Total Agency Securities
(Cost $2,222,722)			2,271,504
Mortgage-Backed Securities †21.0%
FHLMC GOLD:
4.50%, 11/1/2007	253,918		262,463
6%, 11/1/2010	21,815		22,926
8%, 12/1/2023	11,749		12,760
5.50%, 4/1/2029	183,107		189,513
6.50%, 7/1/2032	500,994		521,515
6%, 12/1/2032	357,482		370,763
FNMA:
7%, 7/1/2008	48,165		51,333
8.50%, 9/1/2015	13,207		14,581

_____________

* Non-income producing security.

†  Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments,

   the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments.

See Notes to Financial Statements.

28

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Investment Grade Fixed Income Portfolio (continued)

	Principal
	Amount	Value
Mortgage-Backed Securities † (continued)
6.50%, 5/1/2017	$                 57,765	$                60,956
5.50%, 2/1/2018	108,662	112,911
7%, 5/1/2032	198,554	209,158
Total Mortgage-Backed Securities
(Cost $1,827,063)		1,828,879
Total US Government and
Government Agency Securities
(Cost $5,421,691)		5,529,350
Corporate Bonds 33.1%
Automobiles and Components 2.1%
Ford Motor 5.80%, 1/12/2009	130,000	129,352
General Motors 7.70%, 4/15/2016	50,000	50,661
		180,013
Capital Goods 2.2%
General Electric 5%, 2/1/2013	100,000	105,827
Raytheon 5.375%, 4/1/2013	85,000	90,086
		195,913
Chemicals 0.5%
Monsanto 4%, 5/15/2008	45,000	46,312
Consumer Durables and Apparel 0.5%
Pulte Homes 6.375%, 5/15/2033	45,000	45,540
Consumer Staples 2.0%
Anheuser-Busch 4.625%, 2/1/2015	25,000	26,188
Kellogg 2.875%, 6/1/2008	105,000	104,380
Sara Lee 1.95%, 6/15/2006	40,000	40,030
		170,598
Energy 1.0%
ChevronTexaco 3.375%, 2/15/2008	15,000	15,505
Progress Energy 7.10%, 3/1/2011	65,000	75,752
		91,257
Financials 12.3%
Allstate 6.125%, 12/15/2032	15,000	16,432
Bear Stearns 5.70%, 11/15/2014	50,000	55,536
CIT Group 5.50%, 11/30/2007	65,000	70,389
Countrywide Funding 5.625%, 7/15/2009	80,000	89,060
EOP Operating 5.875%, 1/15/2013	65,000	70,207
Franklin Resources 3.70%, 4/15/2008	25,000	25,611
General Electric Capital 3.50%, 5/1/2008	65,000	66,631
General Motors Acceptance 8%, 11/1/2031	45,000	44,274
Goldman Sachs Group 5.25%, 4/1/2013	45,000	48,074
John Hancock Financial Services 5.625%,
12/1/2008	65,000	72,311
International Lease Finance 5.875%,
5/1/2013	15,000	16,179

	Principal
	Amount			Value
Financials (continued)
Merrill Lynch 3.70%, 4/21/2008	$	40,000	$	41,351
J.P. Morgan Chase 5.75%, 1/2/2013		50,000		54,765
Morgan Stanley Group 3.625%, 4/1/2008	130,000			133,370
PP&L Capital Funding 8.375%, 6/15/2007	125,000			147,673
US Bank National Association 4.80%,
4/15/2015		40,000		41,347
Washington Mutual 5.50%, 1/15/2013		70,000		76,451
			1,069,661
Health Care 0.2%
Becton, Dickinson 4.55%, 4/15/2013		20,000		20,792
Media 2.2%
AOL Time Warner 6.875%, 5/1/2012	150,000			171,590
Viacom 7.875%, 7/30/2030		15,000		19,663
				191,253
Paper and Forest Products 0.7%
Weyerhaeuser 6.75%, 3/15/2012		50,000		56,855
Retailing 1.7%
Albertson’s 7.50%, 2/15/2011		35,000		40,950
Kroger 5.50%, 2/1/2013		35,000		37,014
Safeway 7.25%, 2/1/2031		30,000		33,897
Target 4%, 6/15/2013		35,000		34,365
				146,226
Software and Services 1.2%
Computer Sciences 6.75%, 6/15/2006		95,000		107,475
Telecommunication Services 4.7%
AT&T 8.50%, 11/15/2031		45,000		51,203
AT&T Broadband 9.455%, 11/15/2022		45,000		61,523
AT&T Wireless 7.875%, 3/1/2011		45,000		53,240
Bellsouth 6%, 10/15/2011		40,000		45,803
Sprint Capital 8.75%, 3/15/2032		65,000		78,082
Verizon Global Funding:
7.25%, 12/1/2010		45,000		54,138
7.75%, 12/1/2030		50,000		63,570
				407,559
Transportation 1.0%
CSX 7.95%, 5/1/2027		70,000		89,890
Utilities 0.8%
Consolidated Edison 5.875%, 4/1/2033		10,000		10,706
Dominion Resources 5.70%, 9/17/2012		30,000		32,995
South Carolina Electric & Gas 5.30%,
5/15/2033		25,000		24,878
				68,579
Total Corporate Bonds
(Cost $2,781,089)			$          2,887,923

_____________

† Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments,

  the average life may be less than the original maturity. This, in turn, may impact the ultimate yield realized from these investments.

See Notes to Financial Statements.

29

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Investment Grade Fixed Income Portfolio (continued)

	Principal
	Amount
	or Shares		Value
Asset-Backed Securities †2.2%
Aerospace and Defense 2.2%
Peco Energy Transition Trust 6.05%,
3/1/2009	$100,000	$	111,438
PP&L Transition 6.83%, 3/25/2007	75,000		79,608
Total Asset-Backed Securities
(Cost $174,910)			191,046

	Shares	Value
Total Investments 98.8%
(Cost $8,377,690)		$       8,608,319
Other Assets Less Liabilities 1.2%		106,499
Net Assets 100.0%		$       8,714,818

Seligman Large-Cap Growth Portfolio

Common Stocks 91.8%
Automobiles and Components 0.8%
Harley-Davidson	450 shs.	$	17,937
Biotechnology 6.5%
Amgen*	800		53,588
Genentech*	400		28,848
IDEC Pharmaceuticals*	400		13,598
MedImmune*	1,200		43,656
			139,690
Capital Goods 7.9%
3M	100		12,898
Boeing	100		3,432
Eaton	400		31,444
General Electric	3,250		93,210
Illinois Tool Works	200		13,170
Tyco International	900		17,082
			171,236
Chemicals 6.1%
Air Products and Chemicals	500		20,800
Dow Chemical	2,200		68,112
Praxair	700		42,070
			130,982
Commercial Services and Supplies 1.1%
Pitney Bowes	600		23,046
Communications Equipment 5.9%
Cisco Systems*	4,500		74,520
Nokia (ADRs) (Finland)	900		14,787
QUALCOMM*	1,100		39,418
			128,725
Computers and Peripherals 9.1%
Dell*	1,500		47,948
EMC*	1,900		19,893
Hewlett-Packard	2,600		55,380
International Business Machines	900		74,250
			197,471
Consumer Staples 4.6%
Coca-Cola	700	$	32,487
Procter & Gamble	100		8,918
Wal-Mart Stores	1,100		59,037
			100,442
Financials 3.1%
AFLAC	300		9,225
American Express	200		8,362
American International Group	600		33,108
Citigroup	400		17,120
			67,815
Health Care Equipment and Supplies 2.7%
Medtronic	1,200		57,564
Health Care Providers and Services 0.9%
Quest Diagnostics*	300		19,140
Hotels, Restaurants and Leisure 2.2%
Carnival	1,000		32,510
Hilton Hotels	1,100		14,069
			46,579
Media 2.2%
AOL Time Warner*	800		12,872
Clear Channel Communications*	500		21,195
Viacom (Class B)*	300		13,098
			47,165
Paper and Forest Products 1.7%
Weyerhaeuser	700		37,800
Pharmaceuticals 15.1%
Abbot Laboratories	300		13,128
Allergan	300		23,130
Johnson & Johnson	1,300		67,210
Eli Lilly	600		41,382
Merck	600		36,330
Pfizer	4,230		144,454
			325,634

_____________

† Investments in mortgage-backed and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the

   average life may be less than the original maturity. This, in turn, may impact the ultimate yield realized from these investments.

* Non-income producing security.

See Notes to Financial Statements.

30

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Large-Cap Growth Portfolio (continued)

	Shares	Value
Retailing 4.6%
Bed Bath & Beyond*	500	$                 19,418
eBay*	100	10,419
The Home Depot	1,000	33,120
Kohl’s*	100	5,138
Williams-Sonoma*	1,100	32,120
		100,215
Semiconductors and Semiconductor
Equipment 7.3%
Analog Devices*	500	17,410
Applied Materials	2,900	45,994
Intel	3,700	76,941
Texas Instruments	1,000	17,600
		157,945
Software and Services 8.0%
First Data	600	24,864
Microsoft	3,600	92,214
Oracle*	2,500	30,038
SAP (ADRs) (Germany)	900	26,298
		173,414

	Shares or
	Principal
	Amount		Value
Telecommunication Services 1.1%
AT&T Wireless Services*	3,000 shs.	$	24,630
Transportation 0.9%
United Parcel Service (Class B)	300		19,110
Total Common Stock s
(Cost $2,135,310)			1,986,540
Repurchase Agreement 4.6%
State Street Bank & Trust, 0.93%,
dated 6/30/2003, maturing
7/1/2003 in the amount of
$100,003 collateralized by:
$95,000 US Treasury Bonds
10.375%, 11/15/2009, with a fair
market value of $107,944
(Cost $100,000)	$100,000		100,000
Total Investments 96.4%
(Cost $2,235,310)			2,086,540
Other Assets Less Liabilities 3.6%			76,906
Net Assets 100.0%		$         2,163,446

Seligman Large-Cap Value Portfolio 

Common Stocks 98.9%
Aerospace and Defense 5.5%
Honeywell International	4,000	$	107,400
United Technologies	2,000		141,660
			249,060
Automobiles and Components 2.4%
Ford Motor	10,000		109,900
Banks 10.6%
Fannie Mae	2,300		155,112
FleetBoston Financial	6,040		179,448
Washington Mutual	3,500		144,550
			479,110
Chemicals 7.2%
Dow Chemical	5,500		170,280
Praxair	2,600		156,260
			326,540
Communications Equipment 1.0%
Cisco Systems*	2,700		44,712
Computers and Peripherals 4.2%
International Business Machines	2,300		189,750
Diversified Financials 11.7%
The Bank of New York	6,500		186,875
Citigroup	3,600		154,080
J.P. Morgan Chase	5,500		187,990
			528,945

Energy 6.3%
ChevronTexaco	1,810 shs.	$	130,682
Transocean Sedco Forex	7,000		153,790
			284,472
Food and Staple Retailing 3.2%
Costco Wholesale*	4,000		146,380
Health Care Equipment and Supplies 5.5%
Baxter International	4,000		104,000
Medtronic	3,000		143,910
			247,910
Household Products 2.0%
Kimberly-Clark	1,700		88,638
Industrial Conglomerates 2.6%
General Electric	4,000		114,720
Insurance 8.9%
Allstate	4,000		142,600
St. Paul Companies	4,200		153,342
UNUMProvident	7,800		104,598
			400,540
Paper and Forest Products 6.5%
Georgia-Pacific	8,000		151,600
International Paper	4,000		142,920
			294,520

_____________

* Non-income producing security.

See Notes to Financial Statements.

31

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2003

Seligman Large-Cap Value Portfolio (continued)

	Shares		Value
Pharmaceuticals 7.5%
Bristol-Meyers Squibb	6,000	$	162,900
Wyeth	3,900		177,645
			340,545
Retailing 4.5%
J.C. Penney	8,000		134,800
Sears, Roebuck	2,000		67,280
			202,080
Tobacco 4.5%
Altria Group	4,500		204,480

	Shares		Value
Transportation 0.9%
CSX	1,300	$	39,117
Utilities 3.9%
AES	27,710		175,959
Total Investments 98.9%
(Cost $5,003,824)			4,467,378
Other Assets Less Liabilities 1.1%			51,792
Net Assets 100.0%		$	4,519,170

Seligman Small-Cap Value Portfolio 

Common Stocks 94.1%
Aerospace and Defense 2.2%
Cubic	155,000	3,444,100
Chemicals 9.0%
Crompton	400,000	2,820,000
Lyondell Chemical	203,000	2,746,590
Minerals Technologies	60,000	2,919,600
NOVA Chemicals (Canada)	160,000	3,046,400
Olin	150,000	2,565,000
		14,097,590
Commercial Services and Supplies 5.7%
Brink’s	226,272	3,296,783
Korn/Ferry International	370,000	2,997,000
Sotheby’s Holdings (Class A)*	350,000	2,604,000
		8,897,783
Consumer Staples 7.4%
American Italian Pasta*	70,000	2,915,500
Bunge	110,000	3,146,000
Constellation Brands (Class B)*	110,000	3,454,000
Loews-Carolina Group	76,300	2,060,100
		11,575,600
Containers and Packaging 1.6%
Smurfit-Stone Container*	190,000	2,473,800
Energy 4.3%
Hanover Compressor*	330,000	3,729,000
Universal Compression Holdings*	144,100	3,005,926
		6,734,926
Financials 7.8%
W.R. Berkley	80,000	4,216,000
Commercial Federal	110,000	2,332,000
Montpelier Re Holdings*	100,000	3,160,000
The PMI Group	90,000	2,415,600
		12,123,600
Health Care Equipment
and Supplies 2.1%
Edwards Lifesciences*	100,000	3,214,000

Health Care Providers and Services 7.2%
Apria Healthcare Group*	125,000	$            3,110,000
Oxford Health Plans*	75,000	3,152,250
Select Medical*	200,000	4,966,000
		11,228,250
Household Durables 4.1%
Furniture Brands International*	110,000	2,871,000
Harman International Industries	45,000	3,561,300
		6,432,300
Machinery 7.8%
AGCO*	170,000	2,903,600
Mueller Industries*	80,000	2,168,800
Navistar International*	100,000	3,263,000
Stewart & Stevenson Services	240,000	3,780,000
		12,115,400
Media 1.9%
Cadmus Communications	328,450	2,933,059
Paper and Forest Products 1.8%
Bowater	75,000	2,808,750
Pharmaceuticals and Biotechnology 8.8%
Enzon*	210,000	2,626,050
Eon Labs*	120,000	4,239,000
Pharmacopeia*	330,000	2,717,550
Protein Design Labs*	300,000	4,182,000
		13,764,600
Real Estate 1.0%
Innkeepers USA Trust	230,000	1,564,000
Retailing 8.6%
American Eagle Outfitters*	180,000	3,260,700
Fred’s	80,000	2,985,600
Urban Outfitters*	110,000	3,967,150
The Wet Seal (Class A)*	300,000	3,207,000
		13,420,450

_____________

* Non-income producing security.

See Notes to Financial Statements.

32

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

Seligman Small-Cap Value Portfolio (continued)

	Shares	Value
Semiconductors and Semiconductor
Equipment 4.8%
Agere Systems (Class A)*	2,000,000 $	4,660,000
Skyworks Solutions	416,000	2,812,160
		7,472,160
Technology Hardware and
Equipment 2.6%
Trimble Navigation*	180,000	4,126,500
Transportation 5.4%
Continental Airlines*	310,000	4,640,700
J.B. Hunt Transport Services*	100,000	3,815,000
		8,455,700
Total Common Stocks
(Cost $136,963,168)	146,882,568

	Principal
	Amount		Value
Repurchase Agreement 0.5%
State Street Bank & Trust, 0.93%,
dated 6/30/2003, maturing
7/1/2003 in the amount of
$800,021, collateralized by:
$730,000 US Treasury Bonds
10.375%, 11/15/2009, with a fair
market value of $829,463
(Cost $800,000)	$800,000	$	800,000
Total Investments 94.6%
(Cost $137,763,168)		147,682,568
Other Assets Less Liabilities 5.4%			8,408,399
Net Assets 100.0%		$      156,090,967

_____________

* Non-income producing security.

See Notes to Financial Statements.

33

Seligman Portfolios, Inc.

Statements of Assets and Liabilities (unaudited)

June 30, 2003

				Seligman	Seligman		Seligman
		Seligman		Cash	Common		Communications		Seligman
		Capital		Management	Stock		and Information		Frontier
		Portfolio		Portfolio	Portfolio		Portfolio		Portfolio
Assets:
Investments, at value* (see
portfolios of investments):
Long-term holdings	$	13,367,787	$	—	$11,317,858	$	62,285,005	$	6,791,159
Repurchase agreements		850,000		1,400,000	—		6,000,000		100,000
Other short-term holdings		—		4,600,695	—		—		—
Total Investments		14,217,787		6,000,695	11,317,858		68,285,005		6,891,159
Cash**		2,612		6,516	54,524		83,955		8,219
Receivable for securities sold		236,959		—	213,338		374,834		69,266
Dividends and interest receivable		2,294		36	14,378		8,699		1,197
Receivable for Capital Stock sold		452		—	6,119		130,062		4,752
Receivable from the Manager (Note 5)		4,003		2,287	—		—		602
Other		—		3,989	—		—		—
Total Assets		14,464,107		6,013,523	11,606,217		68,882,555		6,975,195
Liabilities:
Payable for securities purchased		216,614		—	167,383		1,082,972		117,436
Payable for Capital Stock redeemed		29,781		227,146	59,583		31,878		28,744
Management fee payable		4,773		2,067	3,854		41,691		4,252
Distribution and service fees payable		1,960		—	—		5,083		—
Call options written, at value†		—		—	—		40,040		—
Accrued expenses and other		27,648		13,326	17,180		64,040		15,376
Total Liabilities		280,776		242,539	248,000		1,265,704		165,808
Net Assets	$	14,183,331	$	5,770,984	$11,358,217	$	67,616,851	$	6,809,387
Composition of Net Assets:
Capital Stock, $0.001 at par	$	1,552	$	5,773	$ 1,324	$	6,803	$	617
Additional paid-in capital		28,804,527		5,765,211	16,111,214		123,255,343		8,637,507
Undistributed/accumulated net
investment income (loss)		(33,656)		—	215,520		(273,299)		(39,566)
Accumulated net realized loss		(16,207,878)		—	(5,419,021)		(49,482,835)		(2,532,050)
Net unrealized appreciation (depreciation)
of investments		1,618,786		—	449,180		(5,889,161)		742,879
Net Assets	$	14,183,331	$	5,770,984	$11,358,217	$	67,616,851	$	6,809,387
Class 1	$	10,856,921	$	5,770,984	$11,358,217	$	58,474,747	$	6,809,387
Class 2	$	3,326,410				$	9,142,104
Shares of Capital Stock Outstanding:
Class 1		1,186,215		5,773,370	1,324,155		5,876,385		616,823
Class 2		365,658					926,655
Net Asset Value per Share:
Class 1		$9.15		$1.00	$8.58		$9.95		$11.04
Class 2		$9.10					$9.87
*   Cost of investments are as follows:	$	12,599,001	$	6,000,695	$ 10,868,678	$	74,144,567	$	6,148,280
** Includes foreign currencies as follows:		—		—	—	$	3		—
†  Premiums from options written as follows:		—		—	—	$	10,441		—

_____________

See Notes to Financial Statements.

34

Seligman Portfolios, Inc.

Statements of Assets and Liabilities (unaudited)

June 30, 2003

		Seligman		Seligman		Seligman		Seligman		Seligman
		Global		Global Smaller		Global		High-Yield		Income and
		Growth		Companies		Technology		Bond		Growth
		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Assets:
Investments, at value* (see
portfolios of investments):
Long-term holdings	$	2,418,089	$	5,632,744	$	11,822,415	$	7,432,768	$	3,099,435
Options purchased, at value
(see portfolios of investments)		—		—		2,410		—		—
Repurchase agreements		—		—		—		100,000		—
Total Investments		2,418,089		5,632,744		11,824,825		7,532,768		3,099,435
Cash**		101,578		82,408		—		17,753		49,745
Receivable for securities sold		—		93,949		39,895		206,889		34,610
Interest and dividends receivable		7,856		7,535		9,440		142,549		18,919
Receivable for Capital Stock sold		532		1,975		871		4,153		—
Receivable from the Manager (Note 5)		8,779		30,208		17,107		3,245		6,070
Total Assets		2,536,834		5,848,819		11,892,138		7,907,357		3,208,779
Liabilities:
Payable for securities purchased		—		80,240		71,819		100,319		26,926
Payable for Capital Stock redeemed		2,221		19,666		13,222		4,274		386
Management fee payable		2,083		4,697		9,357		3,204		1,071
Distribution and service fees payable		—		—		690		—		—
Call options written, at value?		—		—		96,948		—		—
Bank overdraft**		—		—		825,692		—		—
Unrealized depreciation on
foreign currencies contracts		—		87		—		—		—
Accrued expenses and other		11,672		21,319		26,941		13,879		13,917
Total Liabilities		15,976		126,009		1,044,669		121,676		42,300
Net Assets	$	2,520,858	$	5,722,810	$	10,847,469	$	7,785,681	$	3,166,479
Composition of Net Assets:
Capital Stock, $0.001 at par	$	744	$	661	$	1,097	$	1,412	$	384
Additional paid-in capital		4,632,125		8,166,629		26,444,607		19,988,955		3,754,718
Undistributed/accumulated net
investment income (loss)		15,096		740		(56,161)		1,220,519		100,266
Accumulated net realized loss		(2,232,258)		(3,157,579)		(15,186,683)		(13,933,420)		(866,258)
Net unrealized appreciation (depreciation)
of investments		46,257		639,259		(507,507)		508,215		177,369
Net unrealized appreciation
on translation of assets and liabilities
denominated in foreign currencies and
forward currency contracts		58,894		73,100		152,116		—		—
Net Assets	$	2,520,858	$	5,722,810	$	10,847,469	$	7,785,681	$	3,166,479
Class 1	$	2,520,858	$	5,722,810	$	9,100,155	$	7,785,681	$	3,166,479
Class 2					$	1,747,314
Shares of Capital Stock Outstanding:
Class 1		744,241		660,650		919,888		1,412,234		384,200
Class 2						177,427
Net Asset Value per Share:
Class 1	$	3.39	$	8.66	$	9.89	$	5.51	$	8.24
Class 2						$9.85
*  Cost of investments are as follows:	$	2,313,239	$	4,920,368	$	12,086,149	$	7,024,553	$	2,922,066
** Includes/net of foreign currencies as follows:	$	28,038	$	232,199	$	8,893		—		—
†  Premiums from options written as follows:		—		—	$	28,115		—		—

_____________

See Notes to Financial Statements.

35

Seligman Portfolios, Inc.

Statements of Assets and Liabilities (unaudited)

June 30, 2003

		Seligman		Seligman		Seligman		Seligman		Seligman
		International		Investment Grade		Large-Cap		Large-Cap		Small-Cap
		Growth		Fixed Income		Growth		Value		Value
		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Assets:
Investments, at value* (see
portfolios of investments):
Long-term holdings	$	2,919,877	$	8,608,319	$	1,986,540	$	4,467,378	$	146,882,568
Repurchase agreements		—		—		100,000		—		800,000
Total Investments		2,919,877		8,608,319		2,086,540		4,467,378		147,682,568
Cash**		164,123		38,586		55,850		88,590		48,716
Receivable for securities sold		—		—		32,292		—		—
Dividends and interest receivable		15,663		83,017		2,131		10,772		43,170
Receivable for Capital Stock sold		1,381		2,048		14,568		7,369		8,884,747
Receivable from the Manager (Note 5)		8,708		2,396		1,902		1,670		—
Total Assets		3,109,752		8,734,366		2,193,283		4,575,779		156,659,201
Liabilities:
Payable for securities purchased		—		—		5,762		6,003		—
Payable for Capital Stock redeemed		1,791		2,573		15,537		39,182		374,783
Management fee payable		2,587		2,981		1,243		3,037		122,988
Distribution and service fees payable		—		—		—		—		4,889
Accrued expenses and other		13,338		13,994		7,295		8,387		65,574
Total Liabilities		17,716		19,548		29,837		56,609		568,234
Net Assets	$	3,092,036	$	8,714,818	$	2,163,446	$	4,519,170	$	156,090,967
Composition of Net Assets:
Capital Stock, $0.001 at par	$	414	$	766	$	397	$	580	$	12,060
Additional paid-in capital		6,235,572		7,687,737		5,269,864		6,342,188		145,155,157
Undistributed/accumulated net
investment income (loss)		28,601		465,892		(1,313)		99,472		(240,196)
Undistributed/accumulated net
realized gain (loss)		(3,415,303)		329,794		(2,956,732)		(1,386,624)		1,244,546
Net unrealized appreciation (depreciation)
of investments		115,490		230,629		(148,770)		(536,446)		9,919,400
Net unrealized appreciation
on translation of assets and liabilities
denominated in foreign currencies and
forward currency contracts		127,262		—		—		—		—
Net Assets	$	3,092,036	$	8,714,818	$	2,163,446	$	4,519,170	$	156,090,967
Class 1	$	3,092,036	$	8,714,818	$	2,163,446	$	4,519,170	$	144,396,559
Class 2									$	11,694,408
Shares of Capital Stock Outstanding:
Class 1		414,144		765,806		397,233		580,020		11,153,804
Class 2										905,986
Net Asset Value per Share:
Class 1	$	7.47	$	11.38	$	5.45	$	7.79	$	12.95
Class 2									$	12.91
*  Cost of investments are as follows:	$	2,678,533	$	8,377,690	$	2,235,310	$	5,003,824	$	137,763,168
** Includes foreign currencies as follows:	$	65,131		—		—		—		—

_____________

See Notes to Financial Statements.

36

Seligman Portfolios, Inc.

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2003

			Seligman		Seligman	Seligman
		Seligman	Cash		Common	Communications		Seligman
		Capital	Management		Stock	and Information		Frontier
		Portfolio	Portfolio		Portfolio	Portfolio		Portfolio
Investment Income:
Dividends*	$	27,609	$         —	$	102,541	$          55,065	$	12,916
Interest		1,495	41,524		742	13,475		191
Total Investment Income		29,104	41,524		103,283	68,540		13,107
Expenses:
Management fees		27,409	14,064		23,608	222,792		24,773
Shareholder account services		12,726	—		—	19,487		—
Auditing fees		8,066	5,257		7,456	24,407		5,457
Custody and related services		6,791	1,371		2,514	14,830		8,371
Shareholder reports and communications		4,932	930		1,295	8,144		3,608
Distribution and service fees — Class 2		3,710	—		—	9,551		—
Directors’ fees and expenses		3,312	2,345		3,303	3,848		3,135
Registration		2,920	616		1,062	10,157		1,973
Shareholders’ meeting		2,531	1,811		2,334	7,580		1,736
Legal fees		1,126	714		1,059	3,394		809
Miscellaneous		1,770	2,270		1,317	5,363		1,111
Total Expenses Before Reimbursement		75,293	29,378		43,948	329,553		50,973
Reimbursement of expenses (Note 5)		(16,766)	(4,765)		—	—		(1,426)
Total Expenses After Reimbursement		58,527	24,613		43,948	329,553		49,547
Net Investment Income (Loss)		(29,423)	16,911		59,335	(261,013)		(36,440)
Net Realized and Unrealized Gain
(Loss) on Investments and Foreign
Currency Transactions:
Net realized gain (loss) on investments
and foreign currency transactions		284,932	—		(590,342)	(1,842,876)		(322,420)
Net change in unrealized appreciation/
depreciation of investments		1,065,554	—		1,563,472	14,852,199		1,218,665
Net Gain on Investments and
Foreign Currency Transactions		1,350,486	—		973,130	13,009,323		896,245
Increase in Net Assets from
Operations	$	1,321,063	$16,911	$	1,032,465	$12,748,310	$	859,805
* Net of foreign tax withheld as follows:		—	—	$	683	$            1,584	$	33

_____________

See Notes to Financial Statements.

37

Seligman Portfolios, Inc.

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2003

		Seligman		Seligman
		Global		Global		Seligman		Seligman
		Income and		Smaller		Global		High-Yield		Seligman
		Growth		Companies		Technology		Bond		Growth
		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Investment Income:
Dividends*	$	35,080	$	31,705	$	27,813	$	10,109	$	14,454
Interest		—		1,263		1,216		356,164		31,077
Total Investment Income		35,080		32,968		29,029		366,273		45,531
Expenses:
Management fees		12,040		27,093		52,777		19,246		6,338
Shareholder account services		—		—		12,934		—		—
Auditing fees		3,845		4,908		6,839		5,518		3,997
Custody and related services		18,364		72,631		40,451		12,135		17,353
Shareholder reports and communications		668		845		4,510		1,041		656
Distribution and service fees — Class 2		—		—		1,284		—		—
Directors’ fees and expenses		3,044		3,131		3,151		3,136		3,172
Registration		461		635		3,425		740		532
Shareholders’ meeting		1,260		1,603		2,161		1,871		1,348
Legal fees		580		733		995		821		628
Miscellaneous		717		735		1,460		1,134		492
Total Expenses Before Reimbursement		40,979		112,314		129,987		45,642		34,516
Reimbursement of expenses (Note 5)		(24,123)		(74,384)		(54,814)		(7,150)		(19,463)
Total Expenses After Reimbursement		16,856		37,930		75,173		38,492		15,053
Net Investment Income (Loss)		18,224		(4,962)		(46,144)		327,781		30,478
Net Realized and Unrealized Gain
(Loss) on Investments and Foreign
Currency Transactions:
Net realized gain (loss) on investments		(219,145)		(1,059,635)		(874,657)		238,177		(45,711)
Net realized gain from foreign
currency transactions		125,253		261,161		115,922		—		—
Net change in unrealized appreciation/depreciation
of investments		386,872		1,521,972		2,056,342		375,757		262,220
Net change in unrealized appreciation
on translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts		(71,831)		(158,979)		(91,872)		—		—
Net Gain on Investments and
Foreign Currency Transactions		221,149		564,519		1,205,735		613,934		216,509
Increase in Net Assets from Operations	$	239,373	$	559,557	$	1,159,591	$	941,715	$	246,987
* Net of foreign tax withheld as follows:	$	3,654	$	1,749	$	6,903		—	$	111

_____________

See Notes to Financial Statements.

38

Seligman Portfolios, Inc.

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2003

		Seligman		Seligman		Seligman		Seligman		Seligman
		International		Investment Grade		Large-Cap		Large-Cap		Small-Cap
		Growth		Fixed Income		Growth		Value		Value
		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Investment Income:
Dividends*	$	55,682	$	$ —	$	10,901	$	56,003	$	492,014
Interest		27		198,830		182		43		9,040
Total Investment Income		55,709		198,830		11,083		56,046		501,054
Expenses:
Management fees		15,182		18,711		6,674		17,357		608,562
Shareholder account services		—		—		—		—		17,479
Auditing fees		4,016		5,888		3,664		4,551		34,920
Custody and related services		18,317		8,703		2,131		1,068		19,628
Shareholder reports and communications		675		1,010		659		806		10,470
Distribution and service fees — Class 2		—		—		—		—		8,861
Directors’ fees and expenses		3,171		3,252		2,890		2,968		4,440
Registration		491		728		414		605		7,714
Shareholders’ meeting		1,332		2,066		1,200		1,479		14,217
Legal fees		589		890		539		700		6,098
Miscellaneous		741		908		723		915		6,746
Total Expenses Before Reimbursement		44,514		42,156		18,894		30,449		739,135
Reimbursement of expenses (Note 5)		(23,259)		(2,396)		(7,930)		(4,414)		—
Total Expenses After Reimbursement		21,255		39,760		10,964		26,035		739,135
Net Investment Income (Loss)		34,454		159,070		119		30,011		(238,081)
Net Realized and Unrealized Gain
(Loss) on Investments and Foreign
Currency Transactions:
Net realized gain (loss) on investments		(267,739)		435,455		(82,501)		(503,811)		148,775
Net realized gain from foreign
currency transactions		215,639		—		—		—		—
Net change in unrealized appreciation/depreciation
of investments		428,124		(85,792)		309,917		885,822		22,800,995
Net change in unrealized appreciation
on translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts		(107,841)		—		—		—		—
Net Gain on Investments and
Foreign Currency Transactions		268,183		349,663		227,416		382,011		22,949,770
Increase in Net Assets from Operations	$	302,637	$	508,733	$	227,535	$	412,022	$	22,711,689
* Net of foreign tax withheld as follows:	$	7,526		—	$	64		—	$	3,034

_____________

See Notes to Financial Statements.

39

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Capital Portfolio				Seligman Cash Management Portfolio				Seligman Common Stock Portfolio
	Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002
Operations:
Net investment income (loss)	$	(29,423)	$	(102,960)	$	16,911	$	92,373	$	59,335	$	162,686
Net realized gain (loss) on investments		284,932		(6,963,490)		—		—		(590,342)		(2,992,585)
Net change in unrealized appreciation/
depreciation of investments		1,065,554		(1,896,671)		—		—		1,563,472		(2,999,136)
Increase (Decrease) in Net Assets
From Operations		1,321,063		(8,963,121)		16,911		92,373		1,032,465		(5,829,035)
Distributions to Shareholders:
Net investment income — Class 1*		—		—		(16,911)		(92,373)		—		(162,643)
Net realized short-term gain
on investments — Class 1*		—		—		—		(2,266)		—		—
Decrease in Net Assets
From Distributions		—		—		(16,911)		(94,639)		—		(162,643)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		289,928		885,131		2,848,881		10,885,722		1,685,071		3,534,348
Class 2		387,933		1,444,804		—		—		—		—
Value of shares issued in payment of:
Dividends — Class 1		—		—		16,911		92,373		—		162,643
Gain distributions — Class 1		—		—		—		2,266		—		—
Total		677,861		2,329,935		2,865,792		10,980,361		1,685,071		3,696,991
Cost of shares redeemed:
Class 1		(2,278,187)		(5,885,787)		(4,964,486)		(15,319,579)		(4,290,036)		(8,530,462)
Class 2		(261,508)		(898,718)		—		—		—		—
Total		(2,539,695)		(6,784,505)		(4,964,486)		(15,319,579)		(4,290,036)		(8,530,462)
Decrease in Net Assets From
Capital Share Transactions		(1,861,834)		(4,454,570)	(2,098,694)			(4,339,218)		(2,604,965)		(4,833,471)
Decrease in Net Assets		(540,771)		(13,417,691)	(2,098,694)			(4,341,484)		(1,572,500)	(10,825,149)
Net Assets:
Beginning of period		14,724,102		28,141,793		7,869,678		12,211,162		12,930,717		23,755,866
End of Period **	$	14,183,331	$	14,724,102	$	5,770,984	$	7,869,678	$	11,358,217	$	12,930,717
*  For tax purposes, these distributions are considered ordinary income.
** Including undistributed net investment income (net of accumulated net investment
loss) as follows:	$	(33,656)	$	(4,233)		—		—	$	215,520	$	$156,185

_____________

See Notes to Financial Statements.

40

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Communications and Information Portfolio				Seligman Frontier Portfolio				Seligman Global Growth Portfolio
	Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002
Operations:
Net investment income (loss)	$	(261,013)	$	(706,615)	$	(36,440)	$	(93,053)	$	18,224	$              4,789
Net realized loss on investments		(1,842,876)		(21,485,266)		(322,420)		(1,726,157)		(219,145)	(870,935)
Net realized gain from foreign
currency transactions		—		—		—		—		125,253	57,563
Net change in unrealized appreciation/
depreciation of investments		14,852,199		(23,476,034)		1,218,665		(1,374,859)		386,872	(398,010)
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts		—		—		—		—		(71,831)	170,385
Increase (Decrease) in Net Assets
From Operations		12,748,310		(45,667,915)		859,805		(3,194,069)		239,373	(1,036,208)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		2,357,508		8,745,627		1,401,828		3,047,504		622,765	1,564,958
Class 2		1,201,651		13,752,873		—		—		—	—
Total		3,559,159		22,498,500		1,401,828		3,047,504		622,765	1,564,958
Cost of shares redeemed:
Class 1		(8,734,067)		(29,204,127)		(2,541,163)		(5,938,338)		(974,793)	(2,554,205)
Class 2		(1,269,505)		(16,273,901)		—		—		—	—
Total		(10,003,572)		(45,478,028)		(2,541,163)		(5,938,338)		(974,793)	(2,554,205)
Decrease in Net Assets From
Capital Share Transactions		(6,444,413)		(22,979,528)		(1,139,335)		(2,890,834)		(352,028)	(989,247)
Increase (Decrease) in Net Assets		6,303,897		(68,647,443)		(279,530)		(6,084,903)		(112,655)	(2,025,455)
Net Assets:
Beginning of period		61,312,954		129,960,397		7,088,917		13,173,820		2,633,513	4,658,968
End of Period **	$	67,616,851	$	61,312,954	$	6,809,387	$	7,088,917	$	2,520,858	$ 2,633,513
** Including undistributed net investment income (net of accumulated net investment loss) as follows:	$	(273,299)	$	(3,709)	$	(39,566)	$	(3,126)	$	15,096	$         (2,702)

_____________

See Notes to Financial Statements.

41

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Global Smaller Companies Portfolio				Seligman Global Technology Portfolio			Seligman High-Yield Bond Portfolio
	Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)	Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)	Year Ended December 31, 2002
Operations:
Net investment income (loss)	$	(4,962)	$	(49,120)	$       (46,144)	$	(172,982)	$        327,781	$	911,221
Net realized gain (loss) on investments		(1,059,635)		(1,587,547)	(874,657)		(5,104,672)	238,177		(2,687,333)
Net realized gain (loss) from foreign
currency transactions		261,161		(32,280)	115,922		124,499	—		—
Net change in unrealized appreciation/
depreciation of investments		1,521,972		(1,071,609)	2,056,342		(1,960,769)	375,757		1,256,211
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts		(158,979)		486,186	(91,872)		377,947	—		—
Increase (Decrease) in Net Assets
From Operations		559,557		(2,254,370)	1,159,591		(6,735,977)	941,715		(519,901)
Distributions to Shareholders:
Net investment income — Class 1		—		—	—		—	—		(1,401,014)
Decrease in Net Assets
From Distributions		—		—	—		—	—		(1,401,014)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		1,352,073		3,476,932	51,228		3,577,246	3,055,504		5,211,833
Class 2		—		—	3,636,561		8,528,574	—		—
Value of shares issued in payment of
dividends — Class 1		—		—	—		—	—		1,401,014
Total		1,352,073		3,476,932	3,687,789		12,105,820	3,055,504		6,612,847
Cost of shares redeemed:
Class 1		(2,103,877)		(5,324,941)	(1,278,504)		(6,961,115)	(4,342,942)		(9,070,122)
Class 2		—		—	(3,680,490)		(9,201,732)	—		—
Total		(2,103,877)		(5,324,941)	(4,958,994)		(16,162,847)	(4,342,942)		(9,070,122)
Decrease in Net Assets From
Capital Share Transactions		(751,804)		(1,848,009)	(1,271,205)		(4,057,027)	(1,287,438)		(2,457,275)
Decrease in Net Assets		(192,247)		(4,102,379)	(111,614)	(10,793,004)		(345,723)		(4,378,190)
Net Assets:
Beginning of period		5,915,057		10,017,436	10,959,083		21,752,087	8,131,404		12,509,594
End of Period **	$5,722,810		$	5,915,057	$10,847,469	$10,959,083		$7,785,681	$	8,131,404
** Including undistributed net investment
income (net of accumulated net investment
loss) as follows:	$	740	$	(3,211)	$        (56,161)	$	(2,750)	$   1,201,284	$	907,315

_____________

See Notes to Financial Statements. 

42

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Income and Growth Portfolio				Seligman International Growth Portfolio				Seligman Investment Grade Fixed Income Portfolio
	Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002
Operations:
Net investment income	$	30,478	$	74,537	$	34,454	$	19,890	$	159,070	$ 314,301
Net realized gain (loss) on investments		(45,711)		(409,240)		(267,739)		(1,024,863)		435,455	145,230
Net realized gain from foreign
currency transactions		—		—		215,639		116,696		—	—
Net change in unrealized appreciation/
depreciation of investments		262,220		(157,141)		428,124		(158,902)		(85,792)	293,181
Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts		—		—		(107,841)		305,018		—	—
Increase (Decrease) in Net Assets
From Operations		246,987		(491,844)		302,637		(742,161)		508,733	752,712
Distributions to Shareholders:
Net investment income — Class 1		—		(156,414)		—		—		—	(362,852)
Decrease in Net Assets
From Distributions		—		(156,414)		—		—		—	(362,852)
Capital Share Transactions:
Proceeds from sale of shares — Class 1		688,956		1,640,013		1,111,745		2,364,454		2,153,416	4,916,541
Value of shares issued in payment of
dividends — Class 1		—		156,414		—		—		—	362,852
Total		688,956		1,796,427		1,111,745		2,364,454		2,153,416	5,279,393
Cost of shares redeemed — Class 1		(1,056,191)		(2,320,229)		(1,636,964)		(3,100,763)		(3,014,168)	(3,704,996)
Increase (Decrease) in Net Assets From
Capital Share Transactions		(367,235)		(523,802)		(525,219)		(736,309)		(860,752)	1,574,397
Increase (Decrease) in Net Assets		(120,248)	(1,172,060)			(222,582)	(1,478,470)			(352,019)	1,964,257
Net Assets:
Beginning of period		3,286,727		4,458,787		3,314,618		4,793,088		9,066,837	7,102,580
End of Period **	$	3,166,479	$	3,286,727	$	3,092,036	$	3,314,618	$	8,714,818	$9,066,837
** Including undistributed net investment
income (net of accumulated net investment
loss) as follows:		$100,567		$69,035		$28,601		$(3,956)		$468,434	$308,342

_____________

See Notes to Financial Statements.

43

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

	Seligman Large-Cap Growth Portfolio			Seligman Large-Cap Value Portfolio				Seligman Small-Cap Value Portfolio
	Six Months Ended June 30, 2003 (unaudited)	Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002		Six Months Ended June 30, 2003 (unaudited)		Year Ended December 31, 2002
Operations:
Net investment income (loss)	$             119	$	(10,473)	$	30,011	$	71,315	$	(238,081)	$	(670,961)
Net realized gain (loss) on investments	(82,501)		(1,080,762)		(503,811)		(666,561)		148,775		1,100,535
Net change in unrealized appreciation/
depreciation of investments	309,917		(235,167)		885,822		(1,932,056)		22,800,995		(30,469,742)
Increase (Decrease) in Net Assets
From Operations	227,535		(1,326,402)		412,022	(2,527,302)			22,711,689		(30,040,168)
Distributions to Shareholders:
Net investment income — Class 1*	—		—		—		(71,167)		—		—
Net realized short-term gain
on investments:*
Class 1	—		—		—		—		—		(1,234,243)
Class 2	—		—		—		—		—		(106,327)
Net realized long-term gain
on investments:
Class 1	—		—		—		—		—		(246,849)
Class 2	—		—		—		—		—		(21,265)
Decrease in Net Assets
From Distributions	—		—		—		(71,167)		—		(1,608,684)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1	936,660		2,188,376		1,660,140		4,846,616		36,770,397		95,584,009
Class 2	—		—		—		—		3,881,801		11,559,635
Value of shares issued in payment of:
Dividends — Class 1	—		—		—		71,167		—		—
Gain distributions:
Class 1	—		—		—		—		—		1,481,092
Class 2	—		—		—		—		—		127,592
Total	936,660		2,188,376		1,660,140		4,917,783		40,652,198		108,752,328
Cost of shares redeemed:
Class 1	(939,007)		(2,853,687)		(2,245,449)		(5,334,818)		(17,135,896)		(63,639,344)
Class 2	—		—		—		—		(2,461,510)		(6,408,057)
Total	(939,007)		(2,853,687)		(2,245,449)		(5,334,818)		(19,597,406)		(70,047,401)
Increase (Decrease) in Net Assets From
Capital Share Transactions	(2,347)		(665,311)		(585,309)		(417,035)		21,054,792		38,704,927
Increase (Decrease) in Net Assets	225,188		(1,991,713)		(173,287)	(3,015,504)			43,766,481		7,056,075
Net Assets:
Beginning of period	1,938,258		3,929,971		4,692,457		7,707,961		112,324,486		105,268,411
End of Period **	$2,163,446	$	81,938,25	$	4,519,170	$	4,692,457	$	156,090,967	$	112,324,486
*  For tax purposes, these distributions are
considered ordinary income.
** Including undistributed net investment
income (net of accumulated net investment
loss) as follows:	$(1,313)		$(1,432)		$99,472		$69,461		$(240,196)		$(2,115)

_____________

See Notes to Financial Statements.

44

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

1.   Organization — Seligman Portfolios, Inc. (the "Fund") is an open-end diversified management investment company consisting of 15 separate portfolios (the "Portfolios"): Seligman Capital Portfolio ("Capital Portfolio"), Seligman Cash Management Portfolio ("Cash Management Portfolio"), Seligman Common Stock Portfolio ("Common Stock Portfolio"), Seligman Communications and Information Portfolio ("Communications and Information Portfolio"), Seligman Frontier Portfolio ("Frontier Portfolio"), Seligman Global Growth Portfolio ("Global Growth Portfolio"), Seligman Global Smaller Companies Portfolio ("Global Smaller Companies Portfolio"), Seligman Global Technology Portfolio ("Global Technology Portfolio"), Seligman High-Yield Bond Portfolio ("High-Yield Bond Portfolio"), Seligman Income and Growth Portfolio, formerly Seligman Income Portfolio ("Income and Growth Portfolio"), Seligman International Growth Portfolio ("International Growth Portfolio"), Seligman Investment Grade Fixed Income Portfolio, formerly Seligman Bond Portfolio ("Investment Grade Portfolio"), Seligman Large-Cap Growth Portfolio ("Large-Cap Growth Portfolio"), Seligman Large-Cap Value Portfolio ("Large-Cap Value Portfolio"), and Seligman Small-Cap Value Portfolio ("Small-Cap Value Portfolio"), each designed to meet different investment goals. Shares of the Fund are provided as an investment medium for variable annuity and life insurance separate accounts offered by various insurance companies.

2.    Multiple Classes of Shares — The Fund offers two classes of shares. Class 1 shares do not pay a distribution and service fee ("12b-1 fee"). Class 2 shares pay an annual 12b-1 fee of up to 0.25% of average daily net assets. The two classes of shares represent interests in the same portfolio of investments, have the same rights, and are generally identical in all respects except that each class bears its separate class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.

3.    Significant Accounting Policies — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from these estimates. These unaudited interim financial statements reflect all adjustments, which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. All such adjustments are of a normal recurring nature. The following summarizes the significant accounting policies of the Fund:

a.     Security Valuation — Investments in US Government and Government Agency securities, bonds, asset-backed securities, convertible securities, and stocks are valued at the most current market values or, in their absence, at fair market values determined in accordance with procedures approved by the Board of Directors. Securities traded on an exchange are valued at the last sales price or, in its absence and in the case of over-the-counter securities, at the mean of closing bid and asked prices. Short-term holdings maturing in 60 days or less are valued at amortized cost. Investments held by Cash Management Portfolio are generally valued using the amortized cost method which approximates fair value. Investments of certain other funds in the Seligman Group of Investment Companies purchased to offset the Cash Management Portfolio’s liability for deferred directors’ fees are valued at current market values.

b.     Foreign Securities — The Portfolios may invest up to 10% of their total assets in foreign securities (except Global Growth Portfolio, Global Smaller Companies Portfolio, Global Technology Portfolio, and International Growth Portfolio (together, the "Seligman International Portfolios"), which may invest up to 100% of their total assets in foreign securities). Investments in foreign securities will primarily be traded in foreign currencies, and the Portfolios may temporarily hold funds in foreign currencies. The Portfolios may also invest in US dollar-denominated American Depositary Receipts ("ADRs"), American Depositary Shares ("ADSs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Global Depositary Shares ("GDSs"). ADRs and ADSs are issued by domestic banks or trust companies and evidence ownership of securities issued by foreign corporations. ADRs and ADSs are traded on United States exchanges or over-the-counter and are not included in the 10% limitation. EDRs, GDRs, and GDSs are receipts similar to ADRs and ADSs and are typically issued by foreign banks or trust companies and traded in Europe. The books and records of the Portfolios are maintained in US dollars.

Foreign currency amounts are translated into US dollars on the following basis:

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

(ii)   purchases and sales of investment securities, income, and expenses, at the rate of exchange prevailing on the respective dates of such transactions.

The net asset values per share of Portfolios which invest in securities denominated in foreign currencies will be affected by changes in currency exchange rates. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on sales of securities, and net investment income and gains, if any, to be distributed to shareholders of the Portfolios. The rate of exchange between the US dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and from the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolios’ books, and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of portfolio securities and other foreign currency denominated assets and liabilities at period end, resulting from changes in exchange rates. The value of cash held in foreign currencies at June 30, 2003, was substantially the same as its cost.

45

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

The Seligman International Portfolios separate that portion of the results of operations resulting from changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held in the portfolios.

Similarly, these Portfolios separate the effect of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period.

c.     Options — Each Portfolio is authorized to write and purchase put and call options. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked to market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Portfolio enters into a closing transaction), the Portfolio realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). The Portfolio, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Gains or losses from options written are included in net realized and unrealized gain or loss on investments and foreign currency transactions. Written and purchased options are non-income producing investments.

d.     Forward Currency Contracts — The Seligman International Portfolios may enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings, or other amounts receivable or payable in foreign currency. A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. The contracts are valued daily at current or forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies and forward currency contracts. The gain or loss, if any, arising from the difference between the settlement value of the forward contract and the closing of such contract, is included in net realized gain or loss from foreign currency transactions. For federal income tax purposes, certain open forward currency contracts are treated as sold during the fiscal year and any gains or losses are recognized immediately. As a result, the amount of income distributable to shareholders may vary from the amount recognized for financial reporting purposes.

e.     Taxes — The Portfolios’ policy is to comply with the requirements of the Internal Revenue Code applicable to Regulated Investment Companies and to distribute substantially all of their taxable net income and net gain realized to shareholders. Therefore, no provisions for Federal income or excise taxes are required. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

f.      Security Transactions and Related Investment Income — Investment transactions are recorded on trade dates. Interest income is recorded on the accrual basis. The Portfolios amortize discount and premium on debt securities. Dividends receivable and payable are recorded on ex-dividend dates, except that certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Portfolio is informed of the dividend.

g.     Multiple Class Allocations — All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses of a Portfolio are allocated daily to each class of shares based upon the relative value of shares of each class. Class-specific expenses, which include 12b-1 fees and any other items that are specifically attributable to a particular class, are charged directly to such class. For the six months ended June 30, 2003, 12b-1 fees were the only class-specific expenses.

h.     Repurchase Agreements —The Portfolios may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by J. & W. Seligman & Co. Incorporated (the "Manager"). Securities purchased subject to repurchase agreements are deposited with the Portfolios’ custodians and, pursuant to the terms of the repurchase agreements, must have an aggregate market value greater than or equal to the repurchase price, plus accrued interest, at all times. Procedures have been established to monitor, on a daily basis, the market value of the repurchase agreements’ underlying securities to ensure the existence of the proper level of collateral.

i.     Distributions to Shareholders — The treatment for financial reporting purposes of distributions made during the year from net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. These differences primarily are caused by differences in the timing of the recognition of certain components of income, expense or realized capital gain and the recharacterization of foreign exchange gains or losses to either ordinary income or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations, or net asset values per share of the Portfolios.

4.     Purchases and Sales of Securities — Purchase and sales of portfolio securities, excluding options, US Government obligations and short-term investments, for the six months ended June 30, 2003, were as follows:

46

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

Portfolio		Purchases		Sales	Portfolio		Purchases		Sales
Capital	$	7,289,385	$	9,400,335	High-Yield Bond	$	6,932,285	$	7,939,571
Common Stock		5,958,696		8,562,639	Income and Growth		2,454,743		2,872,087
Communications and Information		26,619,380		31,959,221	International Growth		2,489,779		3,064,110
Frontier		3,022,345		4,116,319	Investment Grade		7,294,667		8,492,926
Global Growth		1,881,193		2,312,357	Large-Cap Growth		421,675		588,000
Global Smaller Companies		5,719,928		6,409,813	Large-Cap Value		317,480		971,665
Global Technology		9,634,320		9,323,296	Small-Cap Value		36,305,371		17,691,425

For the six months ended June 30, 2003, purchases and sales of US Government obligations were $1,938,386 and $1,928,984, respectively, for the Income and Growth Portfolio, and $13,120,728 and $12,315,399, respectively, for the Investment Grade Portfolio.

Identified cost of investments sold is used for both financial reporting and federal income tax purposes.

At June 30, 2003, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. The tax basis gross unrealized appreciation and depreciation of portfolio securities, including the effects of foreign currency translations, were as follows:

Portfolio	Unrealized Appreciation		Unrealized Depreciation		Portfolio	Unrealized Appreciation	Unrealized Depreciation
Capital	$	1,916,378	$	297,592	High-Yield Bond	$ 491,245	$	5,051
Common Stock		880,797		431,617	Income and Growth	219,374		40,734
Communications and Information		4,764,683		10,653,844	International Growth	291,455		50,111
Frontier		969,287		226,408	Investment Grade	251,379		19,052
Global Growth		184,243		79,393	Large-Cap Growth	131,246		280,016
Global Smaller Companies		830,884		118,508	Large-Cap Value	265,292		801,738
Global Technology		1,054,661		1,410,251	Small-Cap Value	23,379,418		13,460,018

Transactions in options written during the six months ended June 30, 2003, were as follows:

	Call Options
	Contracts	Premiums
Communications and Information Portfolio
Options outstanding, December 31, 2002	—	—
Options written and outstanding, June 30, 2003	56	$ 10,441
Global Technology Portfolio
Options outstanding, December 31, 2002	—	—
Options written	53,800	$ 34,439
Options terminated in closing purchase transactions	(6,800)	(6,324)
Options outstanding, June 30, 2003	47,000	$ 28,115

47

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

5. Management Fee, Distribution Services, and Other Transactions — The Manager manages the affairs of the Fund and provides or arranges for the necessary personnel and facilities. The Manager’s fee, which is calculated daily and payable monthly, is equal to 0.40%, on an annual basis, of each of Capital, Cash Management, Common Stock, Income and Growth, and Investment Grade Portfolios’ daily net assets; equal to 0.75%, on an annual basis, of each of Communications and Information and Frontier Portfolios’ daily net assets; and equal to 0.50%, on an annual basis, of High-Yield Bond Portfolio’s daily net assets. The Manager’s fee for the Global Technology Portfolio is equal to 1.00% per annum of the first $2 billion of average daily net assets, 0.95% per annum of the next $2 billion of average daily net assets, and 0.90% per annum in excess of $4 billion of average daily net assets of the Portfolio.

The Manager’s fee for the other Seligman International Portfolios is equal to 1.00% per annum of the first $1 billion of average daily net assets, 0.95% per annum of the next $1 billion of average daily net assets, and 0.90% per annum in excess of $2 billion of average daily net assets of each Portfolio. The Manager’s fee for the Large-Cap Growth Portfolio is equal to 0.70% per annum of the first $1 billion of average daily net assets, 0.65% per annum of the next $1 billion, and 0.60% per annum in excess of $2 billion of average daily net assets of the Portfolio. The Manager’s fee for the Large-Cap Value Portfolio is equal to 0.80% per annum of the first $500 million of average daily net assets, 0.70% per annum of the next $500 million of average daily net assets, and 0.60% per annum in excess of $1 billion of average daily net assets of the Portfolio. The Manager’s fee for the Small-Cap Value Portfolio is equal to 1.00% per annum of the first $500 million of average daily net assets, 0.90% per annum of the next $500 million of average daily net assets, and 0.80% per annum in excess of $1 billion of average daily net assets of the Portfolio.

The Manager has voluntarily agreed to reimburse expenses, other than management and 12b-1 fees, that exceed a certain rate per annum of the average daily net assets of each Portfolio. Effective August 11, 2003, these rates have been modified or eliminated as shown below. Such reimbursement can be discontinued at anytime at the Manager’s discretion.

Portfolio	Rate Prior to 8/11/03	Rate Beginning 8/11/03	Portfolio	Rate Prior to 8/11/03	Rate Beginning 8/11/03
Capital	0.40%	None	High-Yield Bond	0.50%	None
Cash Management	0.30	0.30%	Income and Growth	0.55	0.75%
Common Stock	0.40	None	International Growth	0.40	1.00
Communications and Information	0.40	None	Investment Grade	0.45	0.45
Frontier	0.75	None	Large-Cap Growth	0.45	None
Global Growth	0.40	0.75	Large-Cap Value	0.40	None
Global Smaller Companies	0.40	1.00	Small-Cap Value	0.20	None
Global Technology	0.40	0.90

The amounts of these reimbursements, where applicable, for the six months ended June 30, 2003, are disclosed in the Statements of Operations, and such amounts receivable from the Manager at June 30, 2003 are disclosed in the Statements of Assets and Liabilities.

Compensation of all officers of the Fund, all directors of the Fund who are employees of the Manager, and all personnel of the Fund and the Manager is paid by the Manager.

Seligman Advisors, Inc. (the "Distributor"), an affiliate of the Manager, acts as distributor of shares of the Fund and of contracts issued by variable annuity separate accounts of one insurance company and its affiliates. For the six months ended June 30, 2003, the Distributor earned fees of $2,589 for distributing such contracts.

Under a Rule 12b-1 plan (the "Plan") adopted by the Fund with respect to Class 2 shares of each Portfolio, insurance companies or their affiliates can enter into agreements with the Distributor and receive 12b-1 fees of up to 0.25%, on an annual basis, of the average daily net assets of Class 2 shares attributable to the particular insurance company for providing, among other things, personal services and/or the maintenance of shareholder accounts. Such fees are paid quarterly by each Portfolio to Seligman Advisors pursuant to the Plan. For the six months ended June 30, 2003, fees incurred under the Plan aggregated $3,710, or 0.25% per annum; $9,551, or 0.25% per annum; $1,284 or 0.15% per annum; and $8,861 or 0.19% per annum of the average daily net assets of Class 2 shares of Capital Portfolio, Communications and Information Portfolio, Global Technology Portfolio and Small-Cap Value Portfolio, respectively.

Certain officers and directors of the Fund are officers or directors of the Manager and the Distributor.

The Fund has a compensation arrangement under which directors who receive fees may elect to defer receiving such fees. Directors may elect to have their deferred fees accrue interest or earn a return based on the performance of the other funds in the Seligman Group of Investment Companies. The cost of such fees and earnings/loss accrued thereon is included in directors’ fees and expenses, and the accumulated balances at June 30, 2003, are included in accrued expenses and other liabilities. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid.

48

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

6.   Capital Loss Carryforwards and Other Tax Adjustments — At December 31, 2002, the Portfolios had net capital loss carryforwards for federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders of these portfolios until net capital gains have been realized in excess of the available capital loss carryforwards. These loss carryforwards expire in amounts and fiscal years as follows:

Fiscal Year	Capital			Common Stock		Communications and Information		Frontier		Global Growth	Global Smaller Companies		Global Technology
2009	$		9,474,000		—	$25,201,855		$	213,369	$1,260,346	$	608,135	$ 9,391,778
2010			6,635,561	$4,289,259		19,435,297			1,533,424	844,615	1,302,299		4,941,506
Total	$16,109,561			$4,289,259		$44,637,152		$1,746,793		$2,104,961	$1,910,434		$14,333,284
Fiscal Year	High-Yield      Bond			Income and Growth		International Growth		Investment Grade		Large-Cap Growth	Large-Cap Value
2007	$		1,594,792	$	—	$	—	$	—	$ —	$	—
2008			2,846,366		189,915		1,085,995		108,203	—		—
2009			5,531,270		21,063		1,358,382		—	1,582,183		34,864
2010			4,147,273		564,797		906,869		—	1,222,251		770,247
Total	$	14,119,701		$	775,775	$	3,351,246	$	108,203	$2,804,434	$	805,111

In addition, the Portfolios elected to defer to January 1, 2003, the recognition for tax purposes of net losses realized on sales of investments after October 31, 2002. These post-October losses, which are available to offset future taxable net gains, are as follows:

Portfolio	Amount	Portfolio	Amount
Capital	$ 271,637	Global Smaller Companies	$413,408
Common Stock	532,563	High-Yield Bond	10,908
Communications and Information	2,590,531	Income and Growth	28,687
Frontier	403,363	Large-Cap Growth	43,334
Global Growth	20,174	Large-Cap Value	77,702

7.    Committed Line of Credit — All of the Portfolios, except the Cash Management Portfolio, are participants in a joint $420 million committed line of credit that is shared by substantially all open-end funds in the Seligman Group of Investment Companies. The directors have currently limited each Portfolio’s borrowings to 10% of its net assets. Borrowings pursuant to the credit facility are subject to interest at a rate equal to the overnight federal funds rate plus 0.50%. Each Portfolio incurs a commitment fee of 0.10% per annum on its share of the unused portion of the credit facility. The credit facility may be drawn upon only for temporary purposes and is subject to certain other customary restrictions. The credit facility may be increased to a maximum of $535 million prior to September 30, 2003 at the request of the participating funds to add additional banks to or increase the commitments of existing banks in the facility. The credit facility commitment expires in June 2004, but is renewable annually with the consent of the participating banks. For the six months ended June 30, 2003, none of the Portfolios borrowed from the credit facility.

8.    Outstanding Forward Exchange Currency Contracts — At June 30, 2003, the Global Smaller Companies Portfolio had outstanding forward exchange currency contracts to purchase or sell foreign currencies as follows:

Contract	Foreign Currency	In Exchange for US $	Settlement Date	US $ Value		Unrealized Depreciation
Purchases:
Singapore dollars	34,628	19,745	7/1/2003	19,667	$	(78	)
Sales:
British pounds	2,612	4,308	7/1/2003	4,317		(9	)
					$	(87	)

9. Capital Stock Transactions — At June 30, 2003, there were 20,000,000 shares of Capital Stock authorized for each of Global Growth, Global Technology, Large-Cap Growth, Large-Cap Value, and Small-Cap Value Portfolios; 80,000,000 shares for each of Capital, Global Smaller Companies, Income and Growth, International Growth, and Investment Grade Portfolios; and 100,000,000 shares for each of Cash Management, Common Stock, Communications and Information, Frontier, and High-Yield Bond Portfolios, all at a par value of $0.001 per share. Transactions in shares of Capital Stock were as follows:

49

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

	Capital Portfolio				Cash		Common
					Management		Stock
	Class 1		Class 2		Portfolio		Portfolio
	Six Months	Year	Six Months	Year	Six Months	Year	Six Months	Year
	Ended	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02
Sale of shares	33,118	84,406	46,200	144,178	2,848,881	10,887,120	208,147	373,419
Shares issued in payment of dividends	—	—	—	—	16,911	92,373	—	20,745
Shares issued in Payment of gain
distributions	—	—	—	—	—	2,266	—	—
Total	33,118	84,406	46,200	144,178	2,865,792	10,981,759	208,147	394,164
Shares redeemed	(275,027)	(625,171)	(31,212)	(100,877)	(4,964,486)	(15,319,579)	(541,279)	(929,205)
Increase (decrease) in shares	(241,909)	(540,765)	14,988	43,301	(2,098,694)	(4,337,820)	(333,132)	(535,041)

	Communications and Information Portfolio
					Frontier		Global Growth
	Class 1		Class 2		Portfolio		Portfolio
	Six Months	Year	Six Months	Year	Six Months	Year	Six Months	Year
	Ended	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02
Sale of shares	263,000	848,542	136,993	1,345,136	141,287	270,170	193,202	441,279
Shares redeemed	(1,069,194)	(3,174,161)	(154,782)	(1,720,065)	(259,847)	(538,508)	(312,462)	(737,027)
Decrease in shares	(806,194)	(2,325,619)	(17,789)	(374,929)	(118,560)	(268,338)	(119,260)	(295,748)

			Global Technology Portfolio
	Global Smaller						High-Yield Bond
	Companies Portfolio		Class 1		Class 2		Portfolio
	Six Months	Year	Six Months	Year	Six Months	Year	Six Months	Year
	Ended	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02
Sale of shares	173,736	381,856	5,589	286,268	369,362	813,503	583,593	882,926
Shares issued in payment of dividends	—	—	—	—	—	—	—	288,275
Total	173,736	381,856	5,589	286,268	369,362	813,503	583,593	1,171,201
Shares redeemed	(272,043)	(592,193)	(142,559)	(659,709)	(373,127)	(881,261)	(839,444)	(1,552,366)
Decrease in shares	(98,307)	(210,337)	(136,970)	(373,441)	(3,765)	(67,758)	(255,851)	(381,165)

	Income and Growth		International Growth		Investment Grade		Large-Cap Growth
	Portfolio		Portfolio		Fixed Income Portfolio		Portfolio
	Six Months	Year	Six Months	Year	Six Months	Year	Six Months	Year
	Ended	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02	6/30/03	12/31/02
Sale of shares	90,976	194,984	163,888	323,226	196,398	459,362	184,261	379,327
Shares issued in payment of dividends	—	20,608	—	—	—	34,070	—	—
Total	90,976	215,592	163,888	323,226	196,398	493,432	184,261	379,327
Shares redeemed	(138,264)	(277,171)	(242,839)	(425,787)	(270,073)	(346,985)	(188,363)	(503,962)
Increase (decrease) in shares	(47,288)	(61,579)	(78,951)	(102,561)	(73,675)	146,447	(4,102)	(124,635)

						Small-Cap Value Portfolio
	Large-Cap Value
	Portfolio					Class 1					Class 2
		Six Months		Year			Six Months		Year			Six Months		Year
		Ended		Ended			Ended		Ended			Ended		Ended
		6/30/03		12/31/02			6/30/03		12/31/02			6/30/03		12/31/02
Sale of shares		231,401		550,357			3,159,520		7,677,545			332,200		925,578
Shares issued in payment of dividends		—		9,996			—		—			—		—
Shares issued in payment
of gain distributions		—		—			—		134,645			—		11,620
Total		231,401		560,353			3,159,520		7,812,190			332,200		937,198
Shares redeemed		(319,697	)	(628,981	)		(1,548,936	)	(5,945,012	)		(214,491	)	(546,162	)
Increase (decrease) in shares		(88,296	)	(68,628	)		1,610,584		1,867,178			117,709		391,036

50

Seligman Portfolios, Inc.

Financial Highlights

The tables below are intended to help you understand the financial performance of each Class of each Portfolio for the past five and one-half years or from its inception, if less than five and one-half years. Certain information reflects financial results for a single share that was held throughout the periods shown. Per share amounts are calculated using average shares outstanding. "Total return" shows the rate that you would have earned (or lost) on an investment in each Portfolio, assuming you reinvested all your dividends and capital gain distributions. Total returns do not reflect any administrative fees or asset-based sales charges that are associated with variable annuity and variable life insurance contracts, and are not annualized for periods of less than one year.

Capital Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$8.29			$12.37			$24.68			$23.90			$20.81			$18.10
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.02	)		(0.05	)		(0.06	)		0.02			0.01			0.04
Net realized and unrealized gain (loss)
on investments		0.88			(4.03	)		(4.01	)		2.06			10.21			3.89
Total from Investment Operations		0.86			(4.08	)		(4.07	)		2.08			10.22			3.93
Less Distributions:
Dividends from net investment income		—			—			(0.02	)		—			(0.01	)		(0.04	)
Distributions from net realized capital gain		—			__			(8.22	)		(1.30	)		(7.12	)		(1.18	)
Total Distributions		—			—			(8.24	)		(1.30	)		(7.13	)		(1.22	)
Net Asset Value, End of Period	$	9.15		$	8.29		$	12.37		$	24.68		$	23.90		$	20.81
Total Return:		10.37	%		(32.98)	%		(15.97)	%		8.50	%		53.33	%		22.19	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	10,857		$	11,833		$	24,349		$	37,138		$	27,586		$	24,141
Ratio of expenses to average net assets		0.80%†			0.80	%		0.61	%		0.59	%		0.59	%		0.60	%
Ratio of net investment income (loss)
to average net assets		(0.38)%†			(0.47)	%		(0.31)	%		0.07	%		0.03	%		0.19	%
Portfolio turnover rate		54.60	%		129.07	%		215.16	%		230.42	%		172.88	%		130.86	%
Without expense reimbursement: º
Ratio of expenses to average net assets		1.04%†			0.81	%		0.70	%
Ratio of net investment loss
to average net assets		(0.62)%†			(0.48)	%		(0.39)	%

_____________

†Annualized.

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

See Notes to Financial Statements.

51

Seligman Portfolios, Inc.

Financial Highlights

Capital Portfolio

CLASS 2

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003									8/30/00 * to
Per Share Data:	(unaudited)			2002			2001			12/31/00
Net Asset Value, Beginning of Period	$8.25			$12.34			$24.68			$33.31
Income (Loss) from Investment Operations:
Net investment loss	(0.03)			(0.07)			(0.11)			(0.05)
Net realized and unrealized gain (loss)
on investments	0.88			(4.02)			(4.01)			(7.28)
Total from Investment Operations		0.85			(4.09	)		(4.12	)		(7.33	)
Less Distributions:
Distributions from net realized capital gain		—			—			(8.22	)		(1.30	)
Total Distributions		—			—			(8.22	)		(1.30	)
Net Asset Value, End of Period	$	9.10		$	8.25		$	12.34		$	24.68
Total Return:		10.30	%		(33.14)	%		(16.18)	%		(22.15)	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	3,326		$	2,891		$	3,792		$	1,569
Ratio of expenses to average net assets		1.05%†			1.05	%		0.85	%		0.84%†
Ratio of net investment loss to average net assets		(0.63)%†			(0.72)	%		(0.55)	%		(0.66)%†
Portfolio turnover rate		54.60	%		129.07	%		215.16	%		230.42%††
Without expense reimbursement:º
Ratio of expenses to average net assets		1.29%†			1.06	%		0.94	%
Ratio of net investment loss to average net assets		(0.87)%†			(0.73)	%		(0.63)	%

Cash Management Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income from Investment Operations:
Net investment income	0.002			0.010			0.038			0.062			0.050			0.053
Total from Investment Operations		0.002			0.010			0.038			0.062			0.050			0.053
Less Distributions:
Dividends from net investment income		(0.002	)		(0.010	)		(0.038	)		(0.062	)		(0.050	)		(0.053	)
Total Distributions		(0.002	)		(0.010	)		(0.038	)		(0.062	)		(0.050	)		(0.053	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return:		0.24	%		1.00	%		3.88	%		6.38	%		5.07	%		5.42	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	5,771		$	7,870		$	12,211		$	12,318		$	17,611		$	10,520
Ratio of expenses to average net assets		0.70%†			0.69	%		0.07	%		__			__			__
Ratio of net investment income to average net assets		0.48%†			0.98	%		3.82	%		6.17	%		4.99	%		5.30	%
Without management fee waiver
and expense reimbursement:º
Ratio of expenses to average net assets		0.84%†						0.72	%		0.72	%		0.65	%		0.67	%
Ratio of net investment income to average net assets		0.34%†						3.17	%		5.45	%		4.34	%		4.63	%

_____________

* Commencement of offering of shares. †Annualized. †† For the year ended December 31, 2000.

 º The Manager, at its discretion, reimbursed expenses and/or waived management fees for certain periods presented.

See Notes to Financial Statements.

52

Seligman Portfolios, Inc.

Financial Highlights

Common Stock Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$7.80			$10.84			$14.23			$16.61			$18.63			$16.28
Income (Loss) from Investment Operations:
Net investment income		0.04			0.08			0.08			0.12			0.32			0.29
Net realized and unrealized gain (loss)
on investments		0.74			(3.02	)		(1.85	)		(1.86	)		2.03			3.61
Total from Investment Operations		0.78			(2.94	)		(1.77	)		(1.74	)		2.35			3.90
Less Distributions:
Dividends from net investment income		—			(0.10	)		(0.15	)		(0.01	)		(0.32	)		(0.31	)
Distributions from net realized capital gain		—			—			(1.47	)		(0.63	)		(4.05	)		(1.24	)
Total Distributions		—			(0.10	)		(1.62	)		(0.64	)		(4.37	)		(1.55	)
Net Asset Value, End of Period	$	8.58		$	7.80		$	10.84		$	14.23		$	16.61		$	18.63
Total Return:		10.00	%		(27.16)	%		(12.24)	%		(10.53)	%		13.15	%		24.16	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	11,358		$	12,931		$	23,756		$	32,738		$	47,303		$	62,588
Ratio of expenses to average net assets		0.74%†			0.60	%		0.59	%		0.60	%		0.52	%		0.52	%
Ratio of net investment income
to average net assets		1.01%†			0.88	%		0.59	%		0.71	%		1.30	%		1.61	%
Portfolio turnover rate		51.29	%		131.95	%		64.45	%		52.01	%		38.11	%		55.55	%

_____________

† Annualized.

See Notes to Financial Statements.

53

Seligman Portfolios, Inc.

Financial Hi†ghlights

Communications and Information Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$8.05			$12.59			$14.82			$26.70			$17.14			$13.09
Income (Loss) from Investment Operations:
Net investment loss		(0.04	)		(0.07	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss)
on investments		1.94			(4.47	)		0.80			(9.45	)		14.36			4.81
Total from Investment Operations		1.90			(4.54	)		0.73			(9.56	)		14.26			4.73
Less Distributions:
Distributions from net realized capital gain		—			—			(2.96	)		(2.32	)		(4.70	)		(0.68	)
Total Distributions		—			—			(2.96	)		(2.32	)		(4.70	)		(0.68	)
Net Asset Value, End of Period	$	9.95		$	8.05		$	12.59		$	14.82		$	26.70		$	17.14
Total Return:		23.60	%		(36.06)	%		5.34	%		(36.19)	%		85.81	%		36.49	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	58,475		$	53,769		$	113,424		$	127,901		$	213,961		$	122,279
Ratio of expenses to average net assets		1.08% †			0.98	%		0.93	%		0.87	%		0.86	%		0.87	%
Ratio of net investment loss
to average net assets		(0.85)%†			(0.76)	%		(0.45)	%		(0.48)	%		(0.51)	%		(0.56)	%
Portfolio turnover rate		46.28	%		91.37	%		130.94	%		104.41	%		118.16	%		132.57	%

CLASS 2

		Six Months
	Ended			Year Ended December 31,						5/1/00 *
	June 30, 2003									to
Per Share Data:	(unaudited)			2002			2001			12/31/00
Net Asset Value, Beginning of Period	$7.99			$12.53			$14.80			$30.61
Income (Loss) from Investment Operations:
Net investment loss		(0.05	)		(0.10	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.93			(4.44	)		0.80			(13.41	)
Total from Investment Operations		1.88			(4.54	)		0.69			(13.49	)
Less Distributions:
Distributions from net realized capital gain		—			—			(2.96	)		(2.32	)
Total Distributions		—			—			(2.96	)		(2.32	)
Net Asset Value, End of Period	$	9.87		$	7.99		$	12.53		$	14.80
Total Return:		23.53	%		(36.23)	%		5.08	%		(44.40)	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	9,142		$	7,544		$	16,537		$	7,822
Ratio of expenses to average net assets		1.33% †			1.23	%		1.18	%		1.12%†
Ratio of net investment loss to average net assets		(1.10)% †			(1.01)	%		(0.70)	%		(0.61)%†
Portfolio turnover rate		46.28	%		91.37	%		130.94	%		104.41%††

_____________

*Commencement of offering of shares.

†Annualized.

††For the year ended December 31, 2000.

See Notes to Financial Statements.

54

Seligman Portfolios, Inc.

Financial Highlights

Frontier Portfolio

CLASS 1

		Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$9.64			$13.12			$15.26			$18.13			$15.55			$15.78
Income (Loss) from Investment Operations:
Net investment loss	(0.05)			(0.11)			(0.05)			(0.13)			(0.10)			(0.08)
Net realized and unrealized gain (loss)
on investments		1.45			(3.37	)		(1.12	)		(2.74	)		2.68			(0.15	)
Total from Investment Operations		1.40			(3.48	)		(1.17	)		(2.87	)		2.58			(0.23	)
Less Distributions:
Distributions from net realized capital gain		—			—			(0.97	)		—			—			—
Total Distributions		—			—			(0.97	)		—			—			—
Net Asset Value, End of Period	$	11.04		$	9.64		$	13.12		$	15.26		$	18.13		$	15.55
Total Return:		14.52	%		(26.52)	%		(7.35)	%		(15.83)	%		16.59	%		(1.46)	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	6,809		$	7,089		$	13,174		$	17,011		$	25,706		$	39,148
Ratio of expenses to average net assets		1.50%†			1.23	%		1.01	%		0.95	%		0.95	%		0.92	%
Ratio of net investment loss
to average net assets		(1.11)%†			(0.93)	%		(0.38)	%		(0.73)	%		(0.68)	%		(0.51)	%
Portfolio turnover rate		45.55	%		83.83	%		125.78	%		150.67	%		57.93	%		86.52	%
Without expense reimbursement:º
Ratio of expenses to average net assets		1.54%†						1.24	%		1.18	%		0.96	%
Ratio of net investment loss
to average net assets		(1.15)%†						(0.61)	%		(0.96)	%		(0.69)	%

_____________

 † Annualized.

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

See Notes to Financial Statements.

55

Seligman Portfolios, Inc.

Financial Highlights

Global Growth Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$3.05			$4.02			$15.11			$18.22			$13.33			$11.03
Income (Loss) from Investment Operations:
Net investment income (loss)	0.02			—			0.02			(0.13)			(0.06)			(0.01)
Net realized and unrealized gain (loss)
on investments	0.25			(1.19)			(2.99)			(2.28)			7.31			2.25
Net realized and unrealized gain (loss)
on foreign currency transactions	0.07			0.22			(0.20)			(0.46)			(0.44)			0.14
Total from Investment Operations		0.34			(0.97	)		(3.17	)		(2.87	)		6.81			2.38
Less Distributions:
Distributions from net realized capital gain		—			—			(7.92	)		(0.24	)		(1.92	)		(0.08	)
Total Distributions		—			—			(7.92	)		(0.24	)		(1.92	)		(0.08	)
Net Asset Value, End of Period	$	3.39		$	3.05		$	4.02		$	15.11		$	18.22		$	13.33
Total Return:		11.15	%		(24.13)	%		(19.93)	%		(15.78)	%		52.49	%		21.60	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,521		$	2,634		$	4,659		$	8,348		$	11,889		$	8,643
Ratio of expenses to average net assets		1.40%†			1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Ratio of net investment income (loss)
to average net assets		1.51%†			0.13	%		0.13	%		(0.67)	%		(0.38)	%		(0.06)	%
Portfolio turnover rate		70.41	%		145.90	%		161.49	%		125.84	%		69.18	%		48.99	%
Without expense reimbursement:††
Ratio of expenses to average net assets		3.40%†			2.08	%		1.74	%		1.71	%		1.45	%		1.60	%
Ratio of net investment loss
to average net assets		(0.49)%†			(0.55)	%		(0.20)	%		(0.98)	%		(0.43)	%		(0.26)	%

_____________

† Annualized.

†† The Manager, and Seligman Henderson, the subadviser prior to July 1, 1998, at their discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

56

Seligman Portfolios, Inc.

Financial Highlights

Global Smaller Companies Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$7.79			$10.33			$14.40			$17.48			$13.62			$12.98
Income (Loss) from Investment Operations:
Net investment loss		(0.01	)		(0.06	)		(0.06	)		(0.09	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss)
on investments		0.73			(3.00	)		(1.40	)		(1.91	)		4.10			1.02
Net realized and unrealized gain (loss)
on foreign currency transactions		0.15			0.52			(0.79	)		(0.56	)		(0.18	)		(0.17	)
Total from Investment Operations		0.87			(2.54	)		(2.25	)		(2.56	)		3.86			0.84
Less Distributions:
Distributions from net realized capital gain		—			—			(1.82	)		(0.52	)		—			(0.20	)
Total Distributions		—			—			(1.82	)		(0.52	)		—			(0.20	)
Net Asset Value, End of Period	$	8.66		$	7.79		$	10.33		$	14.40		$	17.48		$	13.62
Total Return:		11.17	%		(24.59)	%		(15.25)	%		(14.63)	%		23.84	%		6.58	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	5,723		$	5,915		$	10,017		$	14,310		$	19,569		$	20,814
Ratio of expenses to average net assets		1.40%†			1.40	%		1.40	%		1.39	%		1.40	%		1.40	%
Ratio of net investment loss
to average net assets		(0.18)%†			(0.61)	%		(0.49)	%		(0.46)	%		(0.46)	%		(0.06)	%
Portfolio turnover rate		108.78	%		93.43	%		100.83	%		84.86	%		46.75	%		66.40	%
Without expense reimbursement:††
Ratio of expenses to average net assets		4.15%†			2.15	%		1.96	%					1.60	%		1.50	%
Ratio of net investment loss
to average net assets		(2.93)%†			(1.36)	%		(1.05)	%					(0.66)	%		(0.16)	%

_____________

† Annualized. 

††   The Manager, and Seligman Henderson, the subadviser prior to July 1, 1998, at their discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

57

Seligman Portfolios, Inc.

Financial Highlights

Global Technology Portfolio

CLASS 1

	Six Months Ended June 30, 2003			Year Ended December 31,
Per Share Data:		(unaudited	)		2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$	8.86		$	12.96		$	20.14		$	27.42		$	13.85		$	10.59
Income (Loss) from Investment Operations:
Net investment loss		(0.04	)		(0.11	)		(0.14	)		(0.13	)		(0.09	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.05			(4.32	)		(4.06	)		(6.34	)		16.25			3.81
Net realized and unrealized gain (loss)
on foreign currency transactions		0.02			0.33			(0.25	)		(0.01	)		(0.04	)		0.11
Total from Investment Operations		1.03			(4.10	)		(4.45	)		(6.48	)		16.12			3.87
Less Distributions:
Distributions from net realized capital gain		—			—			(2.73	)		(0.80	)		(2.55	)		(0.61	)
Total Distributions		—			—			(2.73	)		(0.80	)		(2.55	)		(0.61	)
Net Asset Value, End of Period	$	9.89		$	8.86		$	12.96		$	20.14		$	27.42		$	13.85
Total Return:		11.63	%		(31.64)	%		(22.05)	%		(23.75)	%		118.80	%		36.80	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	9,100		$	9,361		$	18,533		$	25,370		$	22,087		$	6,130
Ratio of expenses to average net assets		1.40% †			1.40	%		1.40	%		1.30	%		1.40	%		1.40	%
Ratio of net investment loss to average net assets		(0.85)% †			(1.06)	%		(0.87)	%		(0.46)	%		(0.51)	%		(0.43)	%
Portfolio turnover rate		88.29	%		144.18	%		160.75	%		142.42	%		116.88	%		82.27	%
Without expense reimbursement: ††
Ratio of expenses to average net assets		2.44% †			1.80	%		1.61	%					1.41	%		1.80	%
Ratio of net investment loss to average net assets		(1.89)% †			(1.46)	%		(1.08)	%					(0.52)	%		(0.83)	%

CLASS 2

	Six Months
	Ended			Year Ended December 31,						5/1/00 *
	June 30, 2003									to
Per Share Data:	(unaudited)			2002			2001			12/31/00
Net Asset Value, Beginning of Period	$8.82			$12.93			$20.14			$30.96
Income (Loss) from Investment Operations:
Net investment loss	(0.04)			(0.13)			(0.17)			(0.12)
Net realized and unrealized gain (loss) on investments	1.05			(4.31)			(4.06)			(10.01)
Net realized and unrealized gain (loss)
on foreign currency transactions		0.02			0.33			(0.25	)		0.11
Total from Investment Operations		1.03			(4.11	)		(4.48	)		(10.02	)
Less Distributions:
Distributions from net realized capital gain		—			—			(2.73	)		(0.80	)
Total Distributions		—			—			(2.73	)		(0.80	)
Net Asset Value, End of Period	$	9.85		$	8.82		$	12.93		$	20.14
Total Return:		11.68	%		(31.79)	%		(22.20)	%		(25.99)	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	1,747		$	1,598		$	3,219		$	3,400
Ratio of expenses to average net assets		1.55% †			1.55	%		1.54	%		1.55%†
Ratio of net investment loss to average net assets		(1.00)% †			(1.21)	%		(1.02)	%		(0.84)%†
Portfolio turnover rate		88.29	%		144.18	%		160.75	%		142.42% º
Without expense reimbursement:††
Ratio of expenses to average net assets		2.59% †			1.95	%		1.75	%
Ratio of net investment loss to average net assets		(2.04)% †			(1.61)	%		(1.23)	%

_____________

* Commencement of offering of shares. †Annualized. ††The Manager, and Seligman Henderson, the subadviser prior to July 1, 1998, at their discretion, reimbursed expenses for certain periods

   presented. º For the year ended December 31, 2000.

See Notes to Financial Statements.

58

Seligman Portfolios, Inc.

Financial Highlights

High-Yield Bond Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$4.87			$6.10			$8.73			$9.59			$10.87			$11.87
Income (Loss) from Investment Operations:
Net investment income	0.22			0.52			0.85			1.03			1.19			1.11
Net realized and unrealized gain (loss) on investments		0.42			(0.74	)		(2.14	)		(1.89	)		(1.27	)		(0.99	)
Total from Investment Operations		0.64			(0.22	)		(1.29	)		(0.86	)		(0.08	)		0.12
Less Distributions:
Dividends from net investment income		—			(1.01	)		(1.34	)		0.00 *			(1.20	)		(1.11	)
Distributions from net realized capital gain		—			—			—			—			—			(0.01	)
Total Distributions		—			(1.01	)		(1.34	)		—			(1.20	)		(1.12	)
Net Asset Value, End of Period	$	5.51		$	4.87		$	6.10		$	8.73		$	9.59		$	10.87
Total Return:		13.14	%		(3.67)	%		(14.70)	%		(8.93)	%		(0.75)	%		1.02	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	7,786		$	8,131		$	12,510		$	15,080		$	26,892		$	32,253
Ratio of expenses to average net assets		1.00% +			0.91	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		8.52% +			8.82	%		10.50	%		11.02	%		10.33	%		9.60	%
Portfolio turnover rate		93.17	%		170.29	%		71.22	%		29.57	%		57.05	%		43.13	%
Without expense reimbursement: º
Ratio of expenses to average net assets		1.19% +						0.78	%		0.78	%		0.77	%		0.74	%
Ratio of net investment income to average net assets		8.33% +						10.42	%		10.94	%		10.26	%		9.56	%

Income and Growth Portfolio

CLASS 1

		Six Months Ended
		June 30, 2003		Year Ended December 31,
Per Share Data:		(unaudited	)		2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$	7.62		$	9.04		$	9.65		$	9.91		$	11.01		$	10.80
Income (Loss) from Investment Operations:
Net investment income		0.07			0.16			0.31			0.30			0.53			0.45
Net realized and unrealized gain (loss) on investments		0.55			(1.21	)		(0.46	)		(0.52	)		(0.23	)		0.38
Total from Investment Operations		0.62			(1.05	)		(0.15	)		(0.22	)		0.30			0.83
Less Distributions:
Dividends from net investment income		—			(0.37	)		(0.46	)		(0.01	)		(0.52	)		(0.46	)
Distributions from net realized capital gain		—			—			—			(0.03	)		(0.88	)		(0.16	)
Total Distributions		—			(0.37	)		(0.46	)		(0.04	)		(1.40	)		(0.62	)
Net Asset Value, End of Period	$	8.24		$	7.62		$	9.04		$	9.65		$	9.91		$	11.01
Total Return:		8.14	%		(11.58)	%		(1.49)	%		(2.20)	%		2.87	%		7.76	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	3,166		$	3,287		$	4,459		$	5,640		$	8,595		$	14,582
Ratio of expenses to average net assets		0.95% +			0.95	%		0.64	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		1.92% +			1.95	%		3.34	%		3.07	%		3.62	%		3.94	%
Portfolio turnover rate		141.46	%		222.78	%		88.69	%		61.14	%		75.08	%		70.45	%
Without expense reimbursement: º
Ratio of expenses to average net assets		2.18% +			1.31	%		1.02	%		0.83	%		0.72	%		0.61	%
Ratio of net investment income to average net assets		0.69% +			1.59	%		2.96	%		2.84	%		3.50	%		3.93	%

_____________

* During 2000, a dividend of $0.004 per share was paid. + Annualized.  ºThe Manager, at its discretion, reimbursed expenses for certain periods presented.

See Notes to Financial Statements.

59

Seligman Portfolios, Inc.

Financial Highlights

International Growth Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
	June 30, 2003
Per Share Data:	(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$6.72			$8.05			$10.65			$16.63			$15.37			$13.54
Income (Loss) from Investment Operations:
Net investment income (loss)		0.08			0.04			0.03			(0.08	)		0.05			0.08
Net realized and unrealized gain (loss)
on investments		0.43			(2.13	)		(2.43	)		(4.45	)		4.59			1.90
Net realized and unrealized gain (loss)
on foreign currency transactions		0.24			0.76			(0.20	)		(0.88	)		(0.73	)		0.16
Total from Investment Operations		0.75			(1.33	)		(2.60	)		(5.41	)		3.91			2.14
Less Distributions:
Dividends from net investment income		—			—			—			(0.14	)		—			(0.15	)
Distributions from net realized capital gain		—			—			—			(0.43	)		(2.65	)		(0.16	)
Total Distributions		—			—			—			(0.57	)		(2.65	)		(0.31	)
Net Asset Value, End of Period	$	7.47		$	6.72		$	8.05		$	10.65		$	16.63		$	15.37
Total Return:		11.16	%		(16.52)	%		(24.41)	%		(32.47)	%		26.64	%		15.81	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	3,092		$	3,315		$	4,793		$	7,150		$	10,248		$	9,893
Ratio of expenses to average net assets		1.40%+			1.40	%		1.40	%		1.40	%		1.39	%		1.40	%
Ratio of net investment income (loss)
to average net assets		2.27%+			0.49	%		0.34	%		(0.57)	%		0.33	%		0.52	%
Portfolio turnover rate		84.64	%		183.86	%		199.09	%		275.32	%		79.17	%		75.81	%
Without expense reimbursement:++
Ratio of expenses to average net assets		2.93%+			1.96	%		1.80	%		2.03	%		1.66	%		1.78	%
Ratio of net investment income (loss)
to average net assets		0.74%+			(0.07)	%		(0.06)	%		(1.20)	%		0.06	%		0.14	%

_____________

+Annualized.

++The Manager, and Seligman Henderson, the subadviser prior to July 1, 1998, at their discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

60

Seligman Portfolios, Inc.

Financial Highlights

Investment Grade Fixed Income Portfolio

CLASS 1

	Six Months
		Ended		Year Ended December 31,
		June 30, 2003
Per Share Data:		(unaudited)			2002			2001			2000			1999			1998
Net Asset Value, Beginning of Period	$	10.80		$	10.25		$	10.22		$	9.27		$	10.38		$	10.24
Income (Loss) from Investment Operations:
Net investment income		0.19			0.42			0.57			0.60			0.64			0.59
Net realized and unrealized gain (loss)
on investments		0.39			0.58			(0.01	)		0.35			(1.10	)		0.25
Total from Investment Operations		0.58			1.00			0.56			0.95			(0.46	)		0.84
Less Distributions:
Dividends from net investment income		—			(0.45	)		(0.53	)		0—			(0.65	)		(0.59	)
Distributions from net realized capital gain		—			—			—			—			—			(0.11	)
Total Distributions		—			(0.45	)		(0.53	)		—			(0.65	)		(0.70	)
Net Asset Value, End of Period	$	11.38		$	10.80		$	10.25		$	10.22		$	9.27		$	10.38
Total Return:		5.37	%		9.83	%		5.52	%		10.25	%		(4.48)	%		8.20	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	8,715		$	9,067		$	7,103		$	6,483		$	4,947		$	7,320
Ratio of expenses to average net assets		0.85%+			0.82	%		0.63	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income
to average net assets		3.40%+			3.94	%		5.35	%		6.23	%		5.56	%		5.58	%
Portfolio turnover rate		229.47	%		291.98	%		146.08	%		63.07	%		64.22	%		73.31	%
Without expense reimbursement: º
Ratio of expenses to average net assets		0.90%+						0.76	%		0.84	%		0.71	%		0.82	%
Ratio of net investment income
to average net assets		3.35%+						5.22	%		5.99	%		5.45	%		5.36	%

_____________

+ Annualized.

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

See Notes to Financial Statements.

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Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Growth Portfolio

CLASS 1

	Six Months
	Ended			Year Ended December 31,
		June 30, 2003												5/1/99 * to
Per Share Data:		(unaudited)			2002			2001			2000			12/31/99
Net Asset Value, Beginning of Period	$	4.83		$	7.47		$	10.21		$	12.16		$	10.00
Income (Loss) from Investment Operations:
Net investment income (loss)		—**			(0.02	)		—**			0.01			—**
Net realized and unrealized gain (loss)
on investments		0.62			(2.62	)		(1.89	)		(1.96	)		2.16
Total from Investment Operations		0.62			(2.64	)		(1.89	)		(1.95	)		2.16
Less Distributions:
Dividends from net investment income		—			—			(0.01	)		—			—
Distributions from net realized capital gain		—			—			(0.84	)		—			—
Total Distributions		—			—			(0.85	)		—			—
Net Asset Value, End of Period	$	5.45		$	4.83		$	7.47		$	10.21		$	12.16
Total Return:		12.84	%		(35.34)	%		(18.37)	%		(16.04)	%		21.60	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	2,163		$	1,938		$	3,930		$	5,255		$	3,668
Ratio of expenses to average net assets		1.15%+			1.15	%		0.74	%		0.70	%		0.70%+
Ratio of net investment income (loss)
to average net assets		0.01%+			(0.38)	%		(0.04)	%		0.08	%		(0.03)%+
Portfolio turnover rate		22.79	%		81.67	%		166.24	%		179.44	%		56.69	%
Without expense reimbursement: º
Ratio of expenses to average net assets		1.98%+			1.46	%		1.13	%		1.18	%		1.52%+
Ratio of net investment loss
to average net assets		(0.82)%+			(0.69)	%		(0.42)	%		(0.40)	%		(0.85)%+

_____________

*Commencement of operations.

** Less than + or – $0.01.

+Annualized.

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

See Notes to Financial Statements.

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Financial Highlights

Large-Cap Value Portfolio

CLASS 1

		Six Months Ended			Year Ended December 31,
		June 30, 2003															5/1/98 ** to
Per Share Data:		(unaudited)			2002			2001			2000			1999			12/31/98
Net Asset Value, Beginning of Period	$	7.02		$	10.46		$	11.59		$	9.28		$	9.66		$	10.00
Income (Loss) from Investment Operations:
Net investment income		0.05			0.10			0.09			0.14			0.10			0.04
Net realized and unrealized gain (loss)
on investments		0.72			(3.43	)		(1.06	)		2.25			(0.37	)		(0.07	)
Total from Investment Operations		0.77			(3.33	)		(0.97	)		2.39			(0.27	)		(0.03	)
Less Distributions:
Dividends from net investment income		—			(0.11	)		(0.11	)		0.00*			(0.11	)		(0.04	)
Distributions from net realized capital gain		—			—			(0.05	)		(0.08	)		—			(0.27	)
Total Distributions		—			(0.11	)		(0.16	)		(0.08	)		(0.11	)		(0.31	)
Net Asset Value, End of Period	$	7.79		$	7.02		$	10.46		$	11.59		$	9.28		$	9.66
Total Return:		10.97	%		(31.90)	%		(8.28)	%		25.84	%		(2.76)	%		(0.26)	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	4,519		$	4,692		$	7,708		$	6,057		$	5,758		$	3,845
Ratio of expenses to average net assets		1.20%+			1.16	%		0.83	%		0.80	%		0.80	%		0.80%+
Ratio of net investment income
to average net assets		1.38%+			1.12	%		1.13	%		1.51	%		1.18	%		1.11%+
Portfolio turnover rate		7.28	%		21.83	%		28.17	%		42.29	%		28.01	%		65.82	%
Without expense reimbursement: º
Ratio of expenses to average net assets		1.40%+						1.10	%		1.22	%		1.13	%		2.24%+
Ratio of net investment income (loss)
to average net assets		1.18%+						0.86	%		1.09	%		0.85	%		(0.33)%+

_____________

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

**Commencement of operations.

+Annualized.

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

See Notes to Financial Statements.

63

Seligman Portfolios, Inc.

Financial Highlights

Small-Cap Value Portfolio

CLASS 1

		Six Months Ended		Year Ended December 31,
		June 30, 2003															5/1/98 *  to
Per Share Data:		(unaudited)			2002			2001			2000			1999			12/31/98
Net Asset Value, Beginning of Period	$	10.87		$	13.04		$	10.58		$	8.08		$	7.31		$	10.00
Income (Loss) from Investment Operations:
Net investment loss		(0.02	)		(0.06	)		(0.03	)		(0.01	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)
on investments		2.10			(1.94	)		2.52			2.66			2.49			(1.73	)
Total from Investment Operations		2.08			(2.00	)		2.49			2.65			2.46			(1.75	)
Less Distributions:
Distributions from net realized capital gain		—			(0.17	)		(0.03	)		(0.15	)		(1.69	)		(0.94	)
Total Distributions		—			(0.17	)		(0.03	)		(0.15	)		(1.69	)		(0.94	)
Net Asset Value, End of Period	$	12.95		$	10.87		$	13.04		$	10.58		$	8.08		$	7.31
Total Return:		19.13	%		(15.37)	%		23.52	%		33.00	%		35.26	%		(17.00)	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	144,397		$	103,770		$	100,090		$	16,495		$	4,403		$	2,469
Ratio of expenses to average net assets		1.20%+			1.18	%		1.19	%		1.00	%		1.00	%		1.00%+
Ratio of net investment loss to average net assets		(0.38%)+			(0.51)	%		(0.29)	%		(0.22)	%		(0.27)	%		(0.34)%+
Portfolio turnover rate		14.54	%		56.74	%		29.99	%		42.27	%		90.51	%		73.87	%
Without expense reimbursement: º
Ratio of expenses to average net assets								1.22	%		1.45	%		1.41	%		3.08%+
Ratio of net investment loss to average net assets								(0.32)	%		(0.67)	%		(0.68)	%		(2.43)%+

CLASS 2

	Six Months
		Ended
		June 30, 2003			Year Ended			5/1/01 ** to
Per Share Data:		(unaudited)			12/31/02			12/31/01
Net Asset Value, Beginning of Period	$	10.85		$	13.04		$	10.78
Income (Loss) from Investment Operations:
Net investment loss		(0.03	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss) on investments		2.09			(1.94	)		2.32
Total from Investment Operations		2.06			(2.02	)		2.29
Less Distributions:
Distributions from net realized capital gain		—			(0.17	)		(0.03	)
Total Distributions		—			(0.17	)		(0.03	)
Net Asset Value, End of Period	$	12.91		$	10.85		$	13.04
Total Return:		18.99	%		(15.52)	%		21.23	%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	11,694		$	8,554		$	5,178
Ratio of expenses to average net assets		1.39%+			1.37	%		1.39%+
Ratio of net investment loss to average net assets		(0.57)%+			(0.70)	%		(0.46)%+
Portfolio turnover rate		14.54%+			56.74	%		29.99%++
Without expense reimbursement: º
Ratio of expenses to average net assets								1.41%+
Ratio of net investment loss to average net assets								(0.48)%+

_____________

*Commencement of operations. ** Commencement of offering of shares. + Annualized.

++For the year ended December 31, 2001.

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

See Notes to Financial Statements.

64

Seligman Portfolios, Inc.

Shareholder Meeting

Each of the following proposals was considered and approved at a Special Meeting of Shareholders held at the offices of the Fund on April 22, 2003 and adjourned to May 8, 2003 with respect to certain matters. Shareholders of each of the fifteen portfolios voted together for proposal 1 and separately for proposals 2, 3, 4(a), 4(b), and 5(a)-5(j), as applicable. Tabulations of the votes received on each of the proposals appear below.

Proposal 1

To elect a Board of Directors.

	In Favor of Election	Withhold Authority to Vote
Robert B. Catell	31,275,716.544	1,356,177.380
John R. Galvin	31,844,087.872	787,806.052
Paul C. Guidone	31,851,512.255	780,381.669
Alice S. Ilchman	31,836,507.442	795,386.482
Frank A. McPherson	31,282,754.555	1,349,139.369
John E. Merow	31,820,478.924	811,415.000
Betsy S. Michel	31,840,331.243	791,562.681
William C. Morris	31,851,336.361	780,557.563
Leroy C. Richie	31,269,958.712	1,361,935.212
Robert L. Shafer	31,825,016.918	806,877.006
James N. Whitson	31,275,449.857	1,356,444.067
Brian T. Zino	31,843,160.356	788,733.568

Proposal 2	Proposal 3
To amend the investment objectives of the	To amend the investment objective of the Large-Cap
Common Stock Portfolio.	Growth Portfolio.

For	Against	Abstain	For	Against	Abstain
1,585,738.133	7,640.209	48,074.208	287,102.724	34,147.848	10,639.148

Proposal 4(a)	Proposal 4(b)
To amend the investment objectives of	To eliminate the Income Portfolio’s
the Income Portfolio. *	fundamental policy to invest at least 25% of
	the market value of its gross assets in cash,
	bonds and/or preferred stocks.

For	Against	Abstain	For	Against		Abstain
404,019.900	-0-	22,699.360	309,976.917		94,042.983	22,699.360

Proposal 5(a)

To amend each Portfolio’s fundamental restriction regarding investments in commodities.

	For	Against	Abstain
Capital Portfolio	1,612,395.882	31,350.529	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,321,020.403	441,146.472	705,367.153
Frontier Portfolio	600,713.474	110,363.686	15,898.500
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	564,472.641	130,115.309	13,583.360
Global Technology Portfolio	1,006,586.804	148,291.463	52,995.308
High-Yield Bond Portfolio	1,521,727.125	3,529.700	56,413.285
Income Portfolio	404,019.900	-0-	22,699.360
International Growth Portfolio	422,747.023	35,050.830	22,937.617
Investment Grade Fixed Income Portfolio	699,458.375	81,869.943	57,433.162
Large-Cap Growth Portfolio	263,476.928	35,021.218	33,391.574
Large-Cap Value Portfolio	502,468.530	17,983.980	136,656.670
Small-Cap Value Portfolio	9,047,266.425	903,886.786	616,259.797

* Following the approval of this proposal, the Portfolio’s name was changed to Seligman Income and Growth Portfolio.

65

Seligman Portfolios, Inc.

Shareholder Meeting

Proposal 5(b)

To amend each Portfolio’s fundamental restriction regarding the purchase of securities on margin.

	For	Against	Abstain
Capital Portfolio	1,602,141.701	41,604.710	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,371,556.931	397,405.057	698,572.040
Frontier Portfolio	608,390.411	89,077.119	29,508.130
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	631,448.960	63,138.990	13,583.360
Global Technology Portfolio	951,520.048	190,349.644	66,003.883
High-Yield Bond Portfolio	1,501,601.980	23,654.845	56,413.285
Income Portfolio	404,019.900	-0-	22,699.360
International Growth Portfolio	419,665.183	44,984.345	16,085.942
Investment Grade Fixed Income Portfolio	699,458.375	81,869.943	57,433.162
Large-Cap Growth Portfolio	263,476.928	35,021.218	33,391.574
Large-Cap Value Portfolio	507,874.458	39,019.950	110,214.772
Small-Cap Value Portfolio	8,887,300.181	1,052,894.162	627,218.665

Proposal 5(c)

To amend each Portfolio’s fundamental restriction regarding borrowing.

	For	Against	Abstain
Capital Portfolio	1,603,089.427	40,565.401	87,685.855
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,389,487.057	389,164.584	688,882.387
Frontier Portfolio	624,126.326	86,950.834	15,898.500
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	557,222.132	139,997.849	10,951.329
Global Technology Portfolio	997,943.499	151,190.648	58,739.428
High-Yield Bond Portfolio	1,501,601.980	23,654.845	56,413.285
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	425,594.041	37,128.160	18,013.269
Investment Grade Fixed Income Portfolio	699,458.375	81,869.943	57,433.162
Large-Cap Growth Portfolio	260,752.831	37,745.315	33,391.574
Large-Cap Value Portfolio	498,221.631	48,672.777	110,214.772
Small-Cap Value Portfolio	8,852,967.020	1,088,344.810	626,101.178

Proposal 5(d)

To amend each Portfolio’s fundamental restriction regarding lending.

	For	Against	Abstain
Capital Portfolio	1,603,181.010	40,565.401	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,379,757.825	296,201.044	791,575.159
Frontier Portfolio	606,612.750	85,489.724	34,873.186
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	634,080.991	63,138.990	10,951.329
Global Technology Portfolio	996,390.683	149,999.990	61,482.902
High-Yield Bond Portfolio	1,501,601.980	23,654.845	56,413.285
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	438,062.769	26,586.760	16,085.941
Investment Grade Fixed Income Portfolio	675,100.702	106,227.616	57,433.162
Large-Cap Growth Portfolio	263,476.928	35,021.218	33,391.574
Large-Cap Value Portfolio	506,991.655	39,902.753	110,214.772
Small-Cap Value Portfolio	8,972,787.552	975,312.108	619,313.348

66

Seligman Portfolios, Inc.

Shareholder Meeting

Proposal 5(e)

To amend each Portfolio’s fundamental restriction regarding underwriting.

	For	Against	Abstain
Capital Portfolio	1,618,514.985	25,231.426	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,521,123.157	251,474.045	694,936.826
Frontier Portfolio	626,613.701	79,098.403	21,263.556
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	609,598.096	87,621.885	10,951.329
Global Technology Portfolio	1,019,618.299	134,477.705	53,777.571
High-Yield Bond Portfolio	1,521,727.125	3,529.700	56,413.285
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	433,660.262	28,099.406	18,975.802
Investment Grade Fixed Income Portfolio	699,458.375	81,869.943	57,433.162
Large-Cap Growth Portfolio	263,476.928	35,021.218	33,391.574
Large-Cap Value Portfolio	506,991.655	39,902.753	110,214.772
Small-Cap Value Portfolio	9,019,627.655	909,855.006	637,930.347

Proposal 5(f )

To amend each Portfolio’s fundamental restriction regarding purchases or sales of real estate.

	For	Against	Abstain
Capital Portfolio	1,620,135.110	26,348.124	84,857.449
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,535,559.303	241,175.387	690,799.338
Frontier Portfolio	621,293.942	88,624.002	17,057.716
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	659,464.213	37,755.768	10,951.329
Global Technology Portfolio	1,033,040.213	123,910.924	50,922.438
High-Yield Bond Portfolio	1,521,727.125	3,529.700	56,413.285
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	443,543.167	21,106.363	16,085.940
Investment Grade Fixed Income Portfolio	699,458.375	81,869.943	57,433.162
Large-Cap Growth Portfolio	263,476.928	35,021.218	33,391.574
Large-Cap Value Portfolio	508,965.569	37,928.839	110,214.772
Small-Cap Value Portfolio	9,214,799.900	724,443.011	628,170.097

Proposal 5(g)

To amend each Portfolio’s fundamental restriction regarding diversification.

For Against Abstain

Capital Portfolio	1,614,268.740	31,350.529	85,721.414
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,507,701.961	253,366.889	706,465.178
Frontier Portfolio	617,577.871	93,499.289	15,898.500
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	686,579.140	10,640.841	10,951.329
Global Technology Portfolio	1,034,511.362	103,944.253	69,417.960
High-Yield Bond Portfolio	1,494,179.914	31,076.911	56,413.285
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	431,982.686	32,666.843	16,085.941
Investment Grade Fixed Income Portfolio	765,498.600	15,829.719	57,433.161
Large-Cap Growth Portfolio	282,649.792	15,848.354	33,391.574
Large-Cap Value Portfolio	508,779.365	37,928.839	110,400.976
Small-Cap Value Portfolio	9,238,045.744	698,642.704	630,724.560

67

Seligman Portfolios, Inc.

Shareholder Meeting

Proposal 5(h)

To amend each Portfolio’s fundamental restriction regarding industry concentration.

	For	Against	Abstain
Capital Portfolio	1,615,420.259	28,326.152	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,520,842.006	249,512.162	697,179.860
Frontier Portfolio	619,575.477	86,136.627	21,263.556
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	616,848.604	77,739.346	13,583.360
Global Technology Portfolio	1,049,890.344	104,317.319	53,665.912
High-Yield Bond Portfolio	1,494,179.913	-0-	87,490.197
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	420,094.794	37,703.060	22,937.616
Investment Grade Fixed Income Portfolio	765,498.600	15,829.719	57,433.161
Large-Cap Growth Portfolio	278,889.515	15,848.354	37,151.851
Large-Cap Value Portfolio	498,918.230	47,789.974	110,400.976
Small-Cap Value Portfolio	9,288,160.983	645,113.852	634,138.173

Proposal 5(i)

To eliminate each Portfolio’s fundamental restriction regarding short sales.

	For	Against	Abstain
Capital Portfolio	1,611,356.573	32,389.838	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,308,982.613	458,593.240	699,958.175
Frontier Portfolio	589,942.741	115,769.363	21,263.556
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	652,213.705	45,006.276	10,951.329
Global Technology Portfolio	995,337.818	148,617.267	63,918.490
High-Yield Bond Portfolio	1,490,650.212	14,481.467	76,538.431
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	413,666.001	49,678.222	17,391.247
Investment Grade Fixed Income Portfolio	675,100.702	106,227.616	57,433.162
Large-Cap Growth Portfolio	260,699.018	37,799.128	33,391.574
Large-Cap Value Portfolio	498,035.427	48,672.777	110,400.976
Small-Cap Value Portfolio	8,876,070.151	1,012,121.256	679,221.601

Proposal 5(j)

To eliminate each Portfolio’s fundamental restriction regarding mortgages and pledges.

	For	Against	Abstain
Capital Portfolio	1,601,010.244	42,736.167	87,594.272
Cash Management Portfolio	6,922,491.495	148,085.885	-0-
Common Stock Portfolio	1,585,738.133	7,640.209	48,074.208
Communications and Information Portfolio	6,356,026.790	408,560.955	702,946.283
Frontier Portfolio	590,200.701	115,511.403	21,263.556
Global Growth Portfolio	279,411.696	563,817.294	-0-
Global Smaller Companies Portfolio	686,579.140	10,640.841	10,951.329
Global Technology Portfolio	995,868.439	151,542.938	60,462.198
High-Yield Bond Portfolio	1,490,650.212	34,606.613	56,413.285
Income Portfolio	309,976.917	94,042.983	22,699.360
International Growth Portfolio	437,926.113	19,871.742	22,937.615
Investment Grade Fixed Income Portfolio	765,498.600	15,829.719	57,433.161
Large-Cap Growth Portfolio	263,476.928	35,021.218	33,391.574
Large-Cap Value Portfolio	506,805.451	39,902.753	110,400.976
Small-Cap Value Portfolio	8,868,319.057	1,039,703.352	659,390.599

68

Seligman Portfolios, Inc.

Board of Directors

Robert B. Catell 3,4	William C. Morris 1
• Chairman and Chief Executive Officer	• Chairman of the Board,
KeySpan Corporation	J. & W. Seligman & Co. Incorporated
	• Chairman, Carbo Ceramics Inc.
John R. Galvin 2,4	Leroy C. Richie 2, 4
• Dean Emeritus,	• Chairman and CEO, Q Standards Worldwide, Inc.
Fletcher School of Law and Diplomacy at Tufts	• Director, Kerr-McGee Corporation
University
Paul C. Guidone 1	Robert L. Shafer 3, 4
• Chief Investment Officer,	• Retired Vice President, Pfizer Inc.
J. & W. Seligman & Co. Incorporated
Alice S. Ilchman 3, 4	James N. Whitson 2, 4
• President Emerita, Sarah Lawrence College	• Director, C-SPAN
• Trustee, Committee for Economic Development	• Director, CommScope, Inc.
Frank A. McPherson 3, 4	Brian T. Zino 1
• Director, ConocoPhillips Inc.	• President, J. & W. Seligman & Co. Incorporated
• Director, Integris Health	• Chairman, Seligman Data Corp.
	• Chairman, ICI Mutual Insurance Company
	• Member of the Board of Governors,
	Investment Company Institute
John E. Merow 2, 4
• Director, Commonwealth Industries, Inc.
• Trustee, New York-Presbyterian Hospital
• Retired Chairman and Senior Partner,   Sullivan & Cromwell LLP, Law Firm
Betsy S. Michel 2, 4
• Trustee, The Geraldine R. Dodge Foundation	_________________
	Member: 1	Executive Committee
	2	Audit Committee
	3	Director Nominating Committee
	4	Board Operations Committee

Executive Officers

William C. Morris	David Guy	Steven A. Werber. Jr.
Chairman	Vice President	Vice President
Brian T. Zino	Christopher J. Mahony	Paul H. Wick
President and Chief Executive Officer	Vice President	Vice President
Daniel J. Barker	Richard M. Parower	Thomas G. Rose
Vice President	Vice President	Vice President
David F. Cooley	Kendall C. Peterson	Lawrence P. Vogel
Vice President	Vice President	Vice President and Treasurer
Neil T. Eigen	Frederick J. Ruvkun	Frank J. Nasta
Vice President	Vice President	Secretary
Ben-Ami Gradwohl	Marion S. Schultheis
Vice President	Vice President

69

S ELIGMAN A DVISORS , I NC . an affiliate of
J. & W. S ELIGMAN & C O . INCORPORATED
ESTABLISHED 1864 100 Park Avenue, New York, NY 10017 www.seligman.com
This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of Capital Stock of Seligman Portfolios, Inc., which contains information about the management fees and other costs. Please read the prospectus carefully before investing or sending money.
SP3 6/03	Printed on Recycled Paper

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEMS 5. AUDIT COMMITEE OF LISTED REGISTRANTS.

ITEM 6.  [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. [RESERVED]

ITEM 9. CONTROLS AND PROCEDURES.

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

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

ITEM 10. EXHIBITS.

(a)(1) Not applicable.

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

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

SIGNATURES

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

SELIGMAN PORTFOLIOS, INC.

By: /S/ BRIAN T. ZINO

Brian T. Zino

President and Chief Executive Officer

Date: August 22, 2003

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

By: /S/ BRIAN T. ZINO 

            Brian T. Zino

President and Chief Executive Officer

Date: August 22, 2003

By: /S/ LAWRENCE P. VOGEL

Lawrence P. Vogel

Vice President, Treasurer and Chief Financial Officer

Date: August 22, 2003

SELIGMAN PORTFOLIOS, INC .

EXHIBIT INDEX

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

(b)Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.