Seligman Portfoliios, Inc. Annual Report

N-30D/A 1 seligman.htm SELIGMAN PORTFOLIOS Seligman Portfoliios, Inc. Annual Report

Seligman

Portfolios, Inc.

	Annual Report
	December 31, 2002

Seligman Portfolios, Inc.

Dear Contract Owner:

We are pleased to present the enclosed report for Seligman Portfolios, Inc. for the year ended December 31, 2002. Performance and portfolio information, as well as audited financial statements, are contained in the pages following this letter.

The past year was highly challenging for equity investors as the major stock indices recorded their third consecutive annual loss, something that has not happened in the post-World War II era. Investor confidence was shaken by geopolitical uncertainty, worries about the strength of the economic recovery, accounting scandals, and well-publicized corporate malfeasance. As in 2001, investors in US government and higher-quality corporate bonds benefited from the flight to quality caused by volatility in the stock market.

While economic reports ultimately painted a brightening picture for the US during the year, a commensurate recovery in corporate profits did not occur in 2002. Once the crisis of confidence brought on by corporate governance scandals abated, investor anxiety was fed by continued moribund corporate spending and worries over the impact of a protracted military engagement in the Middle East.

Despite the difficulties of the last year, we believe the US economy is improving and should expand moderately in 2003. The economy has posted several straight quarters of GDP growth, consumer spending is stable, and inflation remains benign. There are also encouraging signs coming out of the corporate sector, which was the economy's weakest link in the recent downturn. Corporate earnings are beginning to strengthen, companies have been paying off debt, and capital spending by businesses (excluding telecommunications and utilities) is beginning to trend upward. Additionally, there is broad consensus in Washington on the need for some sort of fiscal stimulus to spur job creation and help the economy recover from its current weakness. While the ultimate size of the stimulus package will be debated, the ultimate impact on the capital markets should be positive.

We are mindful that there are risks to this outlook, including the possibility of a prolonged war and/or new terror attacks, but we are encouraged by the government's emphasis on homeland security and the confrontation of terrorism. Over the long term, this should be positive for the capital markets.

After three straight years of negative stock market performance, investors are understandably frustrated, and some may be tempted to give up on stocks. However, we believe that, instead of losing faith, now is precisely the time to maintain or increase equity investments. Historically, stocks have outpaced inflation and provided attractive returns over longer periods of time, and we believe stocks will continue to play an important role in a diversified portfolio of investments.

Thank you for your continued support of Seligman Portfolios, Inc. We look forward to serving your investment needs for many years to come.

Respectfully,

William C. Morris

Chairman

J. & W. Seligman & Co. Incorporated

February 14, 2003

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

The following charts compare a $10,000 hypothetical investment in Class 1 shares of each of the Portfolios of Seligman Portfolios, Inc. (with the exception of Seligman Cash Management Portfolio), for the 10-year period ended December 31, 2002, or since inception through December 31, 2002, if less than 10 years, to $10,000 hypothetical investments in the appropriate benchmark indices and averages for the same period. Calculations assume reinvestment of distributions. For those Portfolios that have issued Class 2 shares, the performances for Class 2 shares are not shown in the charts but are included in the tables of returns. The performance of Class 2 shares may be less than the performance of Class 1 shares, based on the differences in fees paid by each class and as a result of different inception dates. Accompanying each chart is a discussion of factors that affected the Portfolio during the past year.

The charts and total returns do not reflect any fees or charges that investors will incur in purchasing or selling units of the Variable Accounts.

Seligman Capital Portfolio

2002 proved to be yet another dismal year for equity investors. While no area of the market was safe every sector delivered negative performance growth stocks fared even worse. Investors pursued what they perceived to be the very safest of investments, with US Treasury securities topping the list, and shunned stocks whose prices depend heavily upon investor optimism for the future, particularly growth stocks.

As we headed into 2002, we believed the economy would stage a lasting recovery, and were thus hopeful for growth stocks, which typically do well in the early phases of recovery. We had expected corporations, whose spending has been sluggish, to lead the economy out of its mild recession with increased capital spending. We expected consumer strength, which had remained robust throughout the economic downturn, to weaken. Instead, corporate spending refused to budge, in spite of some improvements in corporate profits, though consumer spending showed surprising strength through the middle of 2002. In hindsight, we were early in our expectations for a recovery.

Seligman Capital Portfolio had a large weighting in health care, particularly pharmaceuticals and biotechnology, and these stocks performed poorly in 2002. Approvals for new drugs were held up, there were manufacturing problems, and patents were expiring on older drugs. We have increased the Portfolio's exposure in this area, however, because of attractive valuations, an anticipated improvement in the regulatory and legislative environment, and a full pipeline of new products.

The Portfolio's technology holdings (in particular computer software and services) also hurt overall performance in 2002, as technology was one of the worst-performing market sectors. Spending on equipment and software bottomed at the beginning of 2002, but has since been improving. Spending in this area is now growing at its fastest rate in three years, and we believe this growth will continue in 2003. Expectations for technology stocks have fallen to such low levels that any improvement in the earnings outlook for these companies should revive interest in the stocks.

We believe that an economic recovery is slowly taking place, and that industrial, rather than consumer, stocks will be the primary beneficiaries. Industrials represent a significant part of the Portfolio. We view the possibility of war in the Middle East as the primary obstacle to a stock market and economic rebound. If the Iraq conflict is resolved quickly, investors could see some improvement as early as the middle of 2003.

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The rates of return will vary and principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. Past performance is not indicative of future investment results.

See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Common Stock Portfolio

In 2002, the Portfolio operated within a very negative environment characterized by a tense geopolitical situation, mixed news on the economy, and worries regarding corporate accounting practices. As a result, investor confidence was severely undermined, and 2002 was the third consecutive down year for the stock market. The market tended to move quickly in 2002, experiencing periods of sharp price movements, often not based on fundamentals. High-volatility, lower-quality stocks benefited during these periods. Investors have been waiting, so far in vain, for a rebound in corporate capital spending. Businesses continue to be cautious regarding expense budgets. In some industries, prices have fallen so low that many companies are finding profits to be unattainable or seriously squeezed. GDP has expanded for five consecutive quarters, but much of that reflects the strength of the consumer rather than strong business spending.

With so much market volatility and so much uncertainty, we tried to take a somewhat neutral approach, attempting to reduce risk. The Portfolio has no significant overweightings relative to the S&P 500. The Portfolio's largest weightings at year-end were in health care, banks, and capital goods. Some of the Portfolio's selections in the areas of banking, health care equipment, and biotechnology contributed positively to performance, as did one of our capital goods companies involved in defense-related activities. The Portfolio's technology holdings (specifically, software and services and hardware and equipment) performed poorly overall. During the second half of the year, the Portfolio's holdings in financials were severely hit by fallout from the corporate accounting and governance scandals.

We are cautiously optimistic regarding the future of the stock market. Many areas of concern remain, e.g.: the increasingly likely conflict in Iraq. However, we also see reasons for optimism. The US government has provided an extraordinary degree of stimulus for the economy, and we believe that these actions will increase economic activity. Interest rates now stand at a 40-year low. The tax cuts passed last year, as well as those now being contemplated, should also have a positive impact. We believe that 2003 will see a strengthening of the equity markets.

Seligman Communications and Information Portfolio

No sector of the stock market delivered strong returns in 2002. Nearly everything was down, except for consumer staples, which was flat, and utilities, which was up slightly. Technology was burdened by the same issues that plagued the rest of the market: rising geopolitical tensions, corporate scandals, and a sluggish economy.

Technology, however, was the worst-performing sector of the S&P 500, and it did have some specific issues of its own. First, the industries that are the biggest users of technology telecommunications and financial services continued to struggle. Both industries continued to lay off employees, and thus have little need for new PCs or software licenses. In fact, they have a surplus. They are also not anxious to make large technology investments as they struggle with cash flow issues. Many subsectors of technology continued to grapple with a lack of pricing power, overcapacity, a weak financing environment, and, in many cases, high stock-price valuations.

The Portfolio continued to have a large weighting in software stocks in 2002. We still believe the software industry has stronger fundamentals and fewer saturation issues than most other areas of technology, particularly the semiconductor, personal computer, cellular telephone, and telecommunications industries. Within software, we have invested heavily in electronic design automation software. We also favor security software, particularly anti-virus and intrusion detection software, as well as mainframe software.

Other areas the Portfolio has focused on are video game stocks, a segment which we believe has some of the strongest fundamentals in all of technology, and health care equipment and services, which are generally reasonably valued and have potential for long-term growth. The Portfolio was underweighted in the Internet sector, communications equipment, and semiconductor capi-

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Communications and Information Portfolio (continued)

tal equipment, and these underweightings helped mitigate a difficult year. The top detractor from performance was a holding in the IT consulting and services industry.

The near-term outlook for technology is difficult. Issues such as overcapacity are worrisome, as is the unresolved situation in Iraq. We believe IT spending in the US will see somewhere between 0 - 3% growth in 2003. We are confident, however, about the long-term potential of the Portfolio's holdings. In this challenging environment, we are being extremely selective in choosing stocks. Over the long term, we are optimistic about the technology sector's prospects.

Seligman Frontier Portfolio

During the past year, the US economy continued to show signs of recovery, and has now posted several quarters of positive economic growth. However, areas of uncertainty such as continuing weak corporate profits and spending, falling consumer confidence, a spate of corporate governance scandals, and increased geopolitical tensions weighed heavily on the stock market. The consumer sector, helped by mortgage refinancings, remained generally strong, though we believe the consumer sector now has limited growth potential.

Investments in the technology sector made the greatest negative contribution to overall Portfolio return as the sector continued to languish. However, our underweighting in the sector helped the Portfolio's relative returns during this time. While technology may be nearing the bottom of a cyclical downturn, the muted economic recovery and other factors weighing on the market may result in further stock price declines among technology stocks.

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Frontier Portfolio (continued)

Businesses are unlikely to resume spending on capital budget items until the economy improves, and the sector is unlikely to advance until that occurs. However, we believe that valuations are attractive, even after a year-end rally, and we will seek to selectively add technology to the Portfolio in the coming months.

The Portfolio's exposure to the energy sector helped overall returns. While the sector delivered generally negative results, the energy stocks held by the Portfolio performed well, both on an absolute basis and relative to the Russell benchmark. However, we have begun to eliminate some of these names from the Portfolio because we believe they have become fully valued. One of the Portfolio's largest weightings during this time was health care. The group as a whole delivered poor performance during the past year, and we have been lowering the Portfolio's exposure to health care stocks. The Portfolio's investments in this area performed well on a relative basis, however. Within health care, our focus has been on undervalued health care service companies and biotechnology firms with established products and established cash flows.

We believe the US economic recovery will be led by industrial companies and therefore, consumer companies are likely to fall behind. We believe the Portfolio is currently well positioned for an environment of renewed overall economic strength, and particularly for an increase in industrial demand.

Seligman Global Growth Portfolio††

As 2002 began, our view of the US economy was that consumer spending would experience moderate growth, the economy would benefit from a period of inventory rebuilding, earnings would rebound due to cost-cutting, and capital expenditures would increase. In hindsight, we were early in our expectations for a recovery. While the consumer did continue to spend, aided by a wave of mortgage refinancings, the inventory rebuilding we saw in the first quarter of 2002 was not sustained. Also, we are still waiting for a clear improvement in corporate profitability, and for this reason, companies have been highly conservative in their capital spending.

As in the US, large-capitalization stocks in Europe posted large losses. Further, Continental Europe did not benefit from the mortgage refinancing trend that has helped boost consumer spending in the US and UK. The Japanese stock market performed relatively well, as did technology stocks in other parts of Asia.

The Portfolio has a significant weighting in the areas of pharmaceuticals and biotechnology and health care, mainly in the US and in Europe. In general, we believe health care stocks continue to benefit from demographic trends, with the demand for health care products being driven by the aging populations in both regions. We expect the need for basic health care services to increase, as well as for innovative quality-of-life enhancing products and services. Investments in the technology sector were the greatest negative contributors to overall Portfolio return as the sector continued to languish. At the beginning of the year, we had expected technology stocks to benefit by year-end from renewed capital expenditures. Instead, cost-cutting and reduced expenditures caused the sector to suffer further painful declines. We do not expect a recovery in technology until later in 2003. Until then, our focus will be on established companies with strong balance sheets, products and client relationships, as well as on those companies whose compelling valuations make them attractive.

We still believe that an economic recovery in the US will be led by the industrial side of the economy, and we continue to position the Portfolio for an economic recovery led by industrial and basic material stocks. These stocks have been at depressed levels for nearly two years and present investors with the possibility for significant upside potential. Our holdings in the sector include diversified manufacturing-related concerns. The prospect of military action in the Middle East makes the timing of a rebound somewhat uncertain. However, if military conflict can be resolved quickly, investors may see some improvement by mid-2003.

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Global Smaller Companies Portfolio††

During the past year, the US economy continued to show signs of recovery, and has now posted five quarters of positive economic growth. However, areas of uncertainty such as continued weak corporate profits and spending, wavering consumer confidence, a spate of corporate governance scandals, and increased geopolitical tensions weighed heavily on the US stock market. Stock markets abroad posted mixed results. European economies are sluggish, and stock performance there reflected this economic weakness. The European Central Bank lowered interest rates 50 basis points on November 6, 2002, in an effort to revive flagging economies in the euro zone. Europe, however, was largely unaffected by the wave of corporate accounting scandals. As in the US, consumers in the UK have been resilient and have benefited from low interest rates and mortgage refinancings. The consumer has also been strong in Asia, particularly in South Korea.

During the period under review, the Portfolio was positioned for a cyclical recovery. In the international portion of the Portfolio, we sought to increase the number of holdings. We also sought to spread geographic risk by adding exposure to new markets.

Investments in the technology sector were a negative contributor to performance as the sector continued to languish. While technology may be nearing the bottom of a cyclical downturn, the weak economic recovery and other factors weighing on the market may result in further price declines among technology stocks. Businesses are unlikely to resume spending on capital budget items until the economy improves, and the sector is unlikely to advance until that occurs. However, we believe that valuations are currently attractive, and we may use further price declines as opportunities to selectively add technology stocks to the Portfolio in the coming months.

The Portfolio's investments in the health care area have been focused on undervalued health care service companies and biotechnology firms with established products and established cash flow. During the past year, the health care industry underperformed, and we have been lowering the Portfolio's exposure. The Portfolio's exposure to the energy sector helped overall returns. While the sector delivered generally negative returns, the energy stocks within the Portfolio delivered good performance, both on an absolute and relative basis.

The UK's economy remained strong relative to Continental Europe, but reasonable stock valuations were difficult to find. In light of the boom in mortgage refinancings and the low interest rate environment, the Portfolio had exposure to the construction industry in the UK. There is strong demand for modestly priced houses, and the Portfolio owned the stock of a house builder as a way to attempt to capitalize on this trend. Reflecting the continued strength of the consumer in the UK, we also had exposure to consumer-related stocks. In Europe, economic conditions were weak, but we believe this will slowly improve as the US economic recovery takes hold. The Portfolio was hurt by its exposure to the outsourcing theme in Europe. During the past year, companies cut back on outsourcing, and business services stocks suffered. In Asia, South Korea in particular has benefited from healthy consumer demand, and the Portfolio's exposure here has focused on consumer-related stocks such as supermarkets and other retail shops. In Japan, the Portfolio is diversified across a variety of economic sectors.

We believe that the US economy is in the beginning of an enduring, albeit slow and possibly unsteady, economic recovery. In our view, this recovery will be led by industrial companies and that consumer companies are likely to fall behind as consumer spending weakens. In international markets, things are slowly improving. We believe the economic weakness in Europe has created opportunities for the Portfolio to purchase attractively valued stocks. Going forward, the Portfolio is positioned for cyclical, not structural, growth, and we believe 2003 will be a better year.

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Global Technology Portfolio††

Despite a year-end rally, the past year was difficult and disappointing for technology stocks around the world. At the beginning of the year, markets were expecting an economic recovery by the end of 2002. As the year progressed, however, prospects for a global recovery were pushed out until later in 2003. The market began to realize that end demand was not moving nearly as quickly as supply. European technology markets, which are heavily weighted with struggling telecommunications companies, lagged the US market. Asian markets performed well early on, then relinquished their lead as investors worried that Asian technology companies would remain mired in difficulty if the US failed to pull out of its slump.

During this difficult year, the Portfolio favored relatively defensive technology companies with less earnings variability than the average technology stock. We also liked companies that demonstrated the potential to grow quickly by taking market share. One of the Portfolio's largest weightings was software, which performed in line with the rest of the technology market. However, within this group we were selective, and the stocks we chose performed well overall on a relative basis, although many delivered negative absolute returns. The Portfolio's holdings in IT services and processing services were poor performers. The Portfolio's US holdings focused on software and services. In Asia, the Portfolio has sought to gain exposure to companies that have benefited from the outsourcing of production and services to Asia. It has been difficult to find good investment opportunities in European technology stocks, and the Portfolio is underweighted here.

Until there are more solid signs of a global economic recovery, the Portfolio will maintain a somewhat defensive bias. End demand must rebound before technology can stage a meaningful recovery. However, we are optimistic about the future of technology stocks as a whole because valuations are generally reasonable and reflect the difficult operating environment.

Seligman High-Yield Bond Portfolio

Seligman High-Yield Bond Portfolio spent the first few months of 2002 continuing to reposition its holdings in an attempt to add more diversity and liquidity. Defaults remained a major issue for the high-yield bond market in 2002, and risk avoidance became the watchword after an initial period of enthusiasm. The market began to punish risk, and in response the Portfolio became more conservative, looking for cash-generating bonds and avoiding those companies with eroding profitability or in danger of being downgraded. During this time, we underweighted technology and cyclicals. In October, however, investor sentiment shifted, and the high-yield bond market rallied sharply, rewarding risky credits such as telecom and other lower-rated bonds. The year's worst performers suddenly rallied, as investors felt there were bargains to be found. This change in the perception of risk coincided with an accumulation of good news such as improved economic numbers, a surprise interest rate cut by the Federal Reserve Board, and what the market perceived to be positive political developments.

As the October high-yield rally firmed, the Portfolio began to take on more risk, adding exposure to cyclicals and lower-rated credits. We shifted the Portfolio's credit quality mix in order to add yield and total return potential. We were also able to purchase what we felt to be oversold securities at very attractive prices, while at the same time sticking to our fundamental research process. We

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman High-Yield Bond Portfolio (continued)

continued to target credits with adequate liquidity, manageable debt loads, and stable or improving fortunes.

The Portfolio's performance was helped in 2002 by the avoidance of troubled names like Enron and WorldCom. The Portfolio's holdings in autos and industrials performed well during the first half of the year, as did our holdings in the areas of gaming, media, broadcasting, and energy. Performance was hurt in the last three months of 2002 by our lack of exposure to the lower quality bonds that rallied during this time. The Portfolio's underweighting in the consumer sector hurt performance, as these bonds did well. Cable, telecommunications, and certain utilities also performed poorly.

We believe 2003 will see an improved environment, both for the US economy and for the high-yield bond market. There is a great deal of monetary and fiscal stimulus in the system, and this should contribute to moderate economic growth. In the high-yield bond market, we think defaults will continue to decrease. The Federal Reserve Board will likely leave interest rates untouched over the near term, as inflation is contained. We believe all of these factors constitute a constructive environment for high-yield bonds, and we have accordingly positioned the Portfolio for an economic recovery. Geopolitics continue to be a concern, of course, and in the event of a prolonged war or slower-than-expected economic growth, the Portfolio would again adopt a more conservative approach.

Seligman Income Portfolio

The Portfolio continued to dedicate roughly 60% of its assets to common stocks, and 40% to a mix of Treasuries, US government agency bonds, and corporates. With so much market volatility and uncertainty surrounding the geopolitical situation, we have tried to take a somewhat neutral approach, attempting to reduce risk. The Portfolio has no significant overweightings relative to the S&P 500. Some of the

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Income Portfolio (continued)

Portfolio's stock selections in the areas of health care and consumer durables contributed positively to performance in 2002. Our technology holdings performed poorly overall. During the second half of the year, some of the Portfolio's holdings in technology and diversified financials were severely hit by fallout from the corporate accounting and governance scandals. The Portfolio's fixed income holdings contributed positively to performance during the year. At the beginning of 2002, investors expected the economy would improve, but as the rebound lost strength, risk was punished in the bond market. In response, we upgraded the quality of the Portfolio's fixed income holdings, and were able to benefit from the subsequent rally in Treasuries and other high-quality bonds.

Going forward, we are cautiously optimistic. Many areas of concern remain, e.g.: the war on terrorism, the increasingly likely conflict in Iraq, falling consumer confidence and spending, and continued anemic corporate spending and profits. However, we also see reasons for optimism. The US government has provided an extraordinary degree of stimulus for the economy, and we believe that these actions will produce the desired effect of increasing economic activity. The recovery may be gradual, however. The Portfolio is positioned for what we believe will be a moderate economic recovery, and accordingly, we have increased our weighting in corporate bonds.

Seligman International Growth Portfolio††

During the past year, the world economy had difficulty gaining momentum, and corporate profits did not improve appreciably. Overseas markets experienced major corrections, as did the US stock market. Some areas fared better than others, however. Asian markets posted better performance than European markets, where large-capitalization stocks suffered steep declines. Japan benefited from a certain degree of optimism regarding the reform process there, as well as from some currency appreciation. Australia's stock market was largely insulated from world events despite having several large exporters in the mining sector and a large multi-national media company. In general terms, the countries in which homeownership is prevalent and interest rates are low (such as the US, the UK, and Australia) had relatively healthy economies. Europe, where renters predominate, did not benefit from the refinancing trend, nor was the European Central Bank aggressive in lowering interest rates during the past year.

Information technology stocks detracted from Portfolio performance over the past year. Despite some decent performance from our Asian technology holdings, we were hurt by stock selection in this area. Certain companies appeared to offer attractive valuations and good growth, but, unfortunately, the growth failed to materialize. Consumer staples stocks were a major weighting for the Portfolio during the past year, and they contributed positively toward performance. Against a backdrop of economic weakness, investors have seen this sector as a safe haven. Valuations now reflect these stocks' popularity, and we believe this rally has run its course, particularly since the factors supporting the consumer the prospect of lower interest rates, mortgage refinancings, and tax cuts will be difficult to sustain in 2003. Going forward, the Portfolio's exposure to these stocks will be lowered.

Continental Europe continues to be our largest geographic allocation, representing roughly one-half of the Portfolio. Switzerland, the Netherlands, and Germany are the Portfolio's largest country weightings in this region. In our view, Europe's economic downturn is bottoming, and export sectors should be the first beneficiaries of a global economic upturn. Politically, we believe monetary and fiscal policy on balance may be shifting towards greater accommodation and growth. The Fund's holdings in the UK represent roughly 20% of holdings, and are broadly diversified, including large pharmaceutical companies and banks.

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman International Growth Portfolio†† (continued)

The Portfolio's weighting in Japanese equities has decreased over the past year, with Japan representing almost 12% of the Portfolio's holdings. As the reform process moves slowly forward, the reform of bank balance sheets is taking on greater urgency. We believe Japan's economy is slowing, but we expect Japan's export sector to benefit from a global economic recovery in 2003. Increasing restructuring and merger activity is helping Japanese corporations adapt to changes in the Asian region. The Portfolio's holdings in Japan are diversified, and include well-known exporters.

The Portfolio's weighting in non-Japanese Pacific markets has increased slightly over the period under review, representing about 10% of the Portfolio's investments. Australia is the largest country weighting in this region, though the Portfolio also has investments in Hong Kong, South Korea, and Taiwan. Australia's economy has been relatively healthy and insulated from world events over the past year, and is expected to grow at a fairly strong pace in 2003. We believe the resource-based Australian economy is positioned to be a chief beneficiary of a cyclical global economic recovery.

We are cautiously optimistic in our outlook, and believe we are in the early stages of a global economic recovery led by the US. Certain economies, particularly in Asia, are projected to have higher growth rates than the US. We have noted several positive trends that are conducive to international investing, including a weaker US currency, rising productivity around the world, a new openness to trade and investment, and improving regulatory, monetary, and taxation policies in many parts of the world. The Portfolio is positioned for a cyclical recovery, which we believe will begin in 2003.

Seligman Investment Grade Fixed Income Portfolio

At the beginning of 2002, interest rates were slowly moving higher, as investors began to anticipate economic recovery. However, by the early spring of 2002, rates began a freefall, with the 10-year Treasury yield falling from its peak of about 5.4% in the middle of March to 3.6% at the end of September, ending the year at 3.8%. The sharp decline in rates was driven by the fact that the economic recovery seemed slower and less steady than many had hoped. Also, the largest declines in yields were concentrated among Treasuries and higher-rated corporate bonds, producing enormous spreads between high-grade and low-grade debt. As perceived geopolitical risks increased and more allegations of corporate malfeasance surfaced, investors sought a degree of safety in high-quality bonds, particularly Treasuries.

As 2002 began, the Portfolio was positioned for an economic recovery and, thus, higher interest rates. We were increasing exposure to lower-rated investment-grade bonds to capture potential capital appreciation as spreads narrowed. We reassessed our strategy, however, when the economy showed signs of slowing and risk was being punished by the market. We steered the Portfolio into what proved to be safer territory, and the Portfolio benefited from this emphasis on Treasuries and high-quality corporate bonds.

While we believe the US economy is in the early stages of recovery, growth is likely to be slow and possibly unsteady over the next several months. Thus, we plan to remain conservative, with the Portfolio concentrated in Treasuries and top-tier corporate bonds. We believe there will be attractive opportunities among relatively lower rated investment-grade corporates as market sentiment improves, and we will pursue these opportunities when we feel the time is right, but investors may remain risk averse for a while.

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Large-Cap Growth Portfolio

As we headed into 2002, we believed the economy would stage a lasting recovery, and were thus hopeful for growth stocks, which typically do well in the early phases of recovery. In hindsight, we were early in our expectations, as 2002 proved to be yet another dismal year for equity investors. While no area of the market was safe every sector delivered negative performance growth stocks fared even worse. Investors pursued what they perceived to be the very safest of investments and shunned stocks whose prices depend heavily upon investor optimism for the future, particularly growth stocks.

The Portfolio maintained a relatively large weighting in technology. This exposure hurt returns since technology was one of the worst-performing sectors of the market. Spending on equipment and software bottomed in the beginning of 2002, but has since been improving. Spending in this area is now growing at its fastest rate in three years, and we believe this growth will continue throughout 2003. Industrial stocks, particularly chemical manufacturing companies, remained a significant part of the Portfolio. Business investment improved in 2002, and industrial stocks were among the chief beneficiaries. Companies maintained historically low inventories in 2002, which we believe bodes well for 2003.

We continue to have confidence that an economic recovery is slowly taking place, and that industrial stocks will be the primary beneficiaries. Businesses have cut costs dramatically over the past few years. If demand resumes, earnings will be highly leveraged. We are focusing on those industries, such as technology and industrials, best positioned to take advantage of this type of recovery. The major risk to this outlook is the possibility of war in the Middle East.

Seligman Large-Cap Value Portfolio

2002 was an extremely difficult year for equity investors and for the Portfolio. Many had expected it to be a positive year for equities, but, as it turned out, it was a year characterized by high-profile cases of fraudulent corporate accounting and unethical corporate governance. The effect of these well-publicized scandals was to severely undermine investor confidence at a time when the US economy was struggling to emerge from recession. The scandals counteracted the vast amount of fiscal and monetary stimulus provided to restart the economy. The overall economy was still plagued by a recession in corporate profits and capital spending by businesses.

In 2002 the Portfolio significantly underperformed, largely because its merchant energy holdings (e.g., AES and El Paso) suffered severe price declines despite, in our opinion, being fundamentally sound businesses. We continue to hold AES because it received approval for a debt restructuring. The Portfolio also continues to own El Paso.

At year-end the Portfolio's largest weightings were in banks, insurance, and diversified financials. Much of the bad news earlier in the year that afflicted financial stocks, including Enron-related litigation and high-risk loan exposure, appears to be ending. Among the Portfolio's largest holdings are a large investment bank and a financial services conglomerate. They should benefit from a domestic and global economic recovery. The Portfolio also owns several high-quality insurance companies. We believe the insurance industry currently has pricing power, since we are in the middle of what is typically a three-year cycle of rising premiums.

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See footnotes on page 11.

Seligman Portfolios, Inc.

Annual Performance Overview(unaudited)

Seligman Large-Cap Value Portfolio (continued)

We are optimistic that 2003 will be a better year. For stocks to move ahead, we think it is important that five elements be in place tangible proof of economic growth; the lowering and stability of the price of oil; resolution of the Iraqi confrontation; earnings growth exceeding expectations; and the recognition by investors of the relative and absolute attractiveness of equities. We believe the Portfolio is currently positioned well, with strong companies purchased at relatively attractive prices.

Seligman Small-Cap Value Portfolio

2002 was a difficult year, with the biggest factor driving performance being the market itself. Unnerved by high-profile corporate scandals, investors punished nearly all stocks, regardless of size, style, and industry. The Portfolio, which had been positioned for a recovery, was hurt when this recovery was pushed out into the future. The Portfolio's financial stocks performed especially poorly. The Portfolio had a large weighting in consumer-oriented stocks. Consumer spending remains stable. Our consumer holdings include a manufacturer of residential furniture and specialty retailers.

We also maintained a large weighting in the health care sector. Valuations in health care are significantly below their five-year average, as are profit margins, leaving room for growth. Additionally, the regulatory and legislative environment is currently more favorable for many health care companies. Portfolio holdings in the sector include both biopharmaceutical companies and health care and medical products providers. We also maintained a large weighting in the industrials sector. We expect excess capacity to diminish in 2003 as companies replace equipment. Inventory-to-sales ratios are at record lows as companies keep minimal stock on hand. As business spending increases, we believe manufacturing orders will increase.

We believe that 2003 will be the first year of normalized earnings that investors have seen in a long while. Many American companies have eliminated excess costs, resulting in improved profit margins. We believe that as business spending and sales improve, earnings have the potential to improve as well. In anticipation of increased business spending, the Portfolio has selectively added technology stocks, including a supplier of chipsets to mobile phone manufacturers. We will seek to add other companies that are taking market share and that have reasonable longer-term prospects.

__________

The views and opinions expressed are those of the Portfolio Manager(s), are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendation for, any person. There can be no guarantee as to the accuracy of market forecasts. Opinions, estimates, and forecasts may be changed without notice.

†

Performance data quoted represent past performance, reflect any change in price and assume all distributions are reinvested in additional shares. Returns are net of all portfolio operating expenses, but do not include any charges imposed on contract owners by the insurance companies' separate account. If the returns included the effect of these additional charges, they would have been lower. For certain Portfolios, the Manager is voluntarily reimbursing a portion of the Portfolio's expenses, and such reimbursement can be discontinued at any time at the Manager's discretion. Absent such reimbursement, returns would have been lower.

††

Investing in this Portfolio is subject to certain risks, including the possible loss of principal. There are specific risks associated with global investing, such as currency fluctuations, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions.

Seligman Portfolios, Inc.

Portfolio Overview

Largest Portfolio Changes ^†
During the Six Months Ended December 31, 2002

Seligman Capital Portfolio
Largest Purchases		Largest Sales

King Pharmaceuticals*		Staples**
Express Scripts*		Starwood Hotels & Resorts Worldwide**
Covance		ServiceMaster**
BMC Software*		Pharmaceutical Resources**
Biomet*		Williams-Sonoma
St. Jude Medical*		Human Genome Sciences**
Cheesecake Factory*		Georgia Gulf
Swift Transportation*		Alloy**
Adolph Coors (Class B)*		Robert Half International**
Intersil (Class A)*		Research In Motion**

Seligman Common Stock Portfolio
Largest Purchases		Largest Sales

Wachovia*		Chubb**
Cardinal Health*		XL Capital (Class A)**
MGIC Investment*		Baxter International**
Bank of America*		Citigroup
Bear Stearns*		Lockheed Martin
Mohawk Industries*		General Electric
Fifth Third Bancorp*		Air Products and Chemicals
Radian Group*		May Department Stores**
Wells Fargo*		Kraft Foods (Class A)
The PMI Group*		J.P. Morgan Chase

Seligman Communications and Information Portfolio
Largest Purchases		Largest Sales

Laboratory Corp. of America Holdings*		Symantec
Quest Diagnostics*		Lexmark International (Class A)
Concord EFS*		Microsoft
BMC Software		Clear Channel Communications
McGraw-Hill*		Electronic Data Systems**
Samsung Electronics*		Electronic Arts
Cytyc*		Autodesk
Boston Scientific*		Affymetrix**
First Data		Integrated Circuit Systems
Charles River Laboratories International		Lockheed Martin**

Seligman Frontier Portfolio
Largest Purchases		Largest Sales

LifePoint Hospitals*		XTO Energy
PETCO Animal Supplies		THQ**
Semtech*		Pioneer Natural Resources
AMETEK*		Spinnaker Exploration**
Medicines*		Smith International**
Diagnostic Products*		Activision**
Macrovision*		Iron Mountain
Airgas*		Career Education
Progress Software*		Big Lots**
McDATA (Class A)*		Duane Reade**

__________

See footnotes on page 18.

Seligman Portfolios, Inc.

Portfolio Overview

Seligman Global Growth Portfolio

Largest Portfolio Changes ^†
During the Six Months Ended December 31, 2002

Largest Purchases		Largest Sales

Amvescap*		Hilton Hotels
General Electric*		Woolworths**
Nestlé*		Barrick Gold**
Gallagher Group (ADRs)*		Eli Lilly**
Gucci Group (NY shares)*		Honda Motor
Merck*		Honeywell International**
Telecom Italia Mobile "T.I.M."*		BP (ADRs)
Hewlett-Packard*		Diageo
Consolidated Edison*		Carrefour**
Wal-Mart Stores*		Teva Pharmaceutical Industries (ADRs)

Diversification of Net Assets by Industry***

December 31, 2002

							Percent of Net Assets December 31,

	Issues		Cost		Value		2002			2001

Common Stocks:

Automobiles and Components		2	$	59,808	$	51,655		2.0	%		3.7	%
Banks		10		291,457		282,499		10.7			8.4
Capital Goods		3		96,366		86,085		3.3			6.4
Chemicals		3		138,528		131,564		5.0			-
Commercial Services and Supplies		1		18,394		17,721		0.7			1.5
Communications Equipment		5		103,357		81,079		3.1			5.9
Computer and Peripherals		2		88,076		76,942		2.9			1.3
Consumer Durables and Apparel		3		89,550		87,142		3.3			2.0
Consumer Staples		8		258,393		253,367		9.6			7.7
Containers and Packaging		1		17,145		22,180		0.8			-
Diversified Financials		2		100,285		88,148		3.4			6.2
Electronic Equipment and Instruments		1		11,060		13,237		0.5			1.3
Energy		8		203,105		223,082		8.5			0.6
Health Care		12		615,641		538,228		20.4			18.4
Hotels, Restaurants and Leisure		1		36,486		41,943		1.6			1.4
Insurance		2		37,359		31,985		1.2			4.1
Leisure Equipment and Products		-		-		-		-			0.7
Media		3		105,282		105,960		4.0			3.8
Metals and Mining		1		28,229		30,969		1.2			2.5
Office Electronics		1		25,252		26,347		1.0			-
Paper and Forest Products		1		33,791		32,090		1.2			1.1
Retailing		1		36,744		35,357		1.3			2.9
Semiconductor Equipment and Products		4		162,105		96,248		3.7			5.3
Software and Services		1		52,871		46,548		1.8			5.4
Telecommunication Services		4		89,963		98,390		3.7			3.1
Textiles and Apparel		-		-		-		-			0.7
Transportation		1		31,893		34,717		1.3			0.7
Utilities		3		106,729		93,836		3.6			1.5

		84		2,837,869		2,627,319		99.8			96.6
Other Assets Less Liabilities		-		6,194		6,194		0.2			3.4

Net Assets		84	$	2,844,063	$	2,633,513		100.0	%		100.0	%

__________

See footnotes on page 18.

Seligman Portfolios, Inc.

Portfolio Overview

Seligman Global Smaller Companies Portfolio

Largest Portfolio Changes^†

During the Six Months Ended December 31, 2002

Largest Purchases		Largest Sales

Otsuka Kagu*		XTO Energy
LifePoint Hospitals*		Ferretti**
PETCO Animal Supplies		THQ**
Lotte Chilsung Beverage*		Pioneer Natural Resources
Semtech*		Smith International**
Moshi Moshi Hotline		Spinnaker Exploration**
AMETEK*		Compañia de Distribución Integral Logista**
Gamesa Corporación Tecnológica “Gamesa”*		Activision**
Medicines*		Iron Mountain
Dairy Crest Group*		Group 4 Falck**

Diversification of Net Assets by Industry***

December 31, 2002

							Percent of Net Assets
							December 31,

	Issues		Cost		Value		2002			2001

Common Stocks:

Automobiles and Components		2	$	29,846	$	48,725		0.8	%		0.6	%
Capital Goods		15		471,494		392,642		6.6			6.3
Chemicals		4		183,352		148,103		2.5			1.1
Commercial Services and Supplies		12		617,421		576,703		9.7			13.5
Communications Equipment		6		220,493		123,147		2.1			0.9
Consumer Durables and Apparel		5		180,238		154,601		2.6			3.8
Consumer Staples		9		289,871		287,404		4.9			4.6
Containers and Packaging		-		-		-		-			0.3
Diversified		-		-		-		-			0.9
Electronic Equipment and Instruments		2		129,815		91,831		1.6			2.9
Energy		5		209,663		294,620		5.0			7.6
Financials		20		602,211		606,333		10.3			6.5
Health Care Equipment and Supplies		11		313,342		302,912		5.1			2.8
Health Care Providers and Services		10		483,890		408,760		6.9			10.4
Hotels, Restaurants and Leisure		14		492,253		466,566		7.9			5.9
Media		7		269,417		245,384		4.2			2.8
Metals and Mining		3		96,207		83,527		1.4			0.2
Office Electronics		1		16,571		17,794		0.3			-
Pharmaceuticals and Biotechnology		9		288,842		233,152		3.9			6.5
Real Estate		-		-		-		-			0.5
Retailing		14		428,117		326,538		5.5			4.9
Semiconductor Equipment and Products		10		296,456		223,870		3.8			2.7
Software and Services		11		513,244		442,249		7.5			3.7
Telecommunication Services		1		29,812		37,100		0.6			3.9
Transportation		8		198,934		194,142		3.3			2.9
Utilities		2		56,151		60,005		1.0 0.2			-

		181		5,766,108		6,417,640		97.5			96.4
Other Assets Less Liabilities		-		148,949		148,949		2.5			3.6

Net Assets		181	$	6,566,589	$	5,915,057		100.0	%		100.0	%

__________

See footnotes on page 18.

Seligman Portfolios, Inc.

Portfolio Overview

Seligman Global Technology Portfolio

Largest Portfolio Changes^†

During the Six Months Ended December 31, 2002

Largest Purchases		Largest Sales

Canon*		Autodesk
Dell Computer*		Garmin
Concord EFS*		ASM International**
Synnex Technology*		Samsung SDI**
Hewlett-Packard*		Venture Manufacturing**
Infosys Technologies		Samsung Electro-Mechanics**
PeopleSoft*		Symantec
Satyam Computer Services*		TCL International Holdings**
Informatica*		Synopsys
Mastek*		FANUC**

Diversification of Net Assets by Industry

December 31, 2002

							Percent of Net Assets
							December 31,

	Issues		Cost		Value		2002			2001

Common Stocks, Preferred Stocks
and Convertible Bonds:

Application Software		10	$	2,185,568	$	1,588,672		14.5	%		11.3	%
Capital Goods		2		247,091		201,507		1.8			1.3
Commercial Services and Supplies		4		594,826		539,728		4.9			-
Communications Equipment		4		392,710		343,483		3.1			7.1
Computers and Peripherals		7		922,851		1,015,171		9.3			6.2
Consumer Durables and Apparel		3		279,887		341,000		3.1			-
Electronic Equipment and Instruments		5		1,133,718		825,177		7.5			19.2
Entertainment Software		1		147,394		71,604		0.7			-
Health Care		3		200,685		220,699		2.0			-
Internet Software and Services		1		336,230		156,768		1.4			1.5
IT Consulting and Services		7		2,439,963		1,569,866		14.3			15.4
Materials		1		205,902		250,926		2.3			-
Media		3		388,161		304,947		2.8			-
Office Electronics		2		319,851		347,329		3.2			-
Semiconductor Equipment and Products		7		678,468		568,760		5.2			13.8
Systems Software		6		1,938,421		1,732,964		15.8			7.0
Telecommunication Services		1		116,528		129,412		1.2			2.5

		67		12,528,254		10,208,013		93.1			85.3
Other Assets Less Liabilities		-		751,070		751,070		6.9			14.7

Net Assets		67	$	13,279,324	$	10,959,083		100.0	%		100.0	%

__________

See footnotes on page 18.

Seligman Portfolios, Inc.

Portfolio Overview

Largest Portfolio Changes^†

During the Six Months Ended December 31, 2002

Seligman High-Yield Bond Portfolio
Largest Purchases		Largest Sales

Chesapeake Energy 8.375%, 11/1/2008*		Station Casinos 9.875%, 7/1/2010**
Host Marriot 9.50%, 1/15/2007*		TDL Infomedia Holdings 0% (15.50%), 10/15/2010**
EchoStar 9.375%, 2/1/2009*		Westport Resources 8.25%, 11/1/2011**
Allied Waste North America 10%, 8/1/2009		Trico Marine Services 8.875%, 5/15/2012**
Qwest 8.875%, 3/15/2012*		Charter Communications Holdings 12.125%, 1/15/2012**
Felcore Lodging 9.50%, 9/15/2008*		Lin Television 8.375%, 3/1/2008**
Graphic Packaging 8.625%, 2/15/2012*		Forest Oil 8%, 12/15/2011**
MeriStar Hospitality 9.125%, 1/15/2011*		Ucar Finance 10.25%, 2/15/2012**
Mediacom Broadband 11%, 7/15/2013*		AK Steel 7.75%, 6/15/2012**
Pliant 13%, 6/1/2010*		MGM Grand 9.75%, 6/1/2007**


Seligman Income Portfolio
Largest Purchases		Largest Sales

FHLMC Gold 4.50%, 11/1/2007*		US Treasury Bonds 5.375%, 2/15/2031
US Treasury Notes 4%, 11/15/2012*		US Treasury Notes:
Bear Stearns*		6%, 8/15/2004**
Coca-Cola*		4.625%, 5/15/2006**
US Treasury Bonds 6.25%, 8/15/2023*		5%, 8/15/2011**
Lockheed Martin		FHLMC 3.50%, 1/16/2004**
FHLMC 4.125%, 1/17/2006*		US Treasury Notes 4.75%, 11/15/2008**
Pulte Homes*		May Department Stores**
Bank of America		Raytheon
FNMA 5.25%, 2/22/2007*		Ford Motor 7.375%, 2/1/2011**
		BB&T

Seligman International Growth Portfolio
Largest Purchases		Largest Sales

Amvescap*		Teva Pharmaceutical Industries (ADRs)
Nestlé*		Barrick Gold**
Gucci Group (NY shares)*		Woolworths**
Telecom Italia Mobile “T.I.M.”*		Carrefour**
Fortum*		BP (ADRs)
Gallagher Group (ADRs)*		Diageo
BHP Billiton*		Honda Motor
SKF*		Empresa Brasileira de Aeronautica “Embraer” (ADRs)**
AstraZeneca (ADRs)*		Akzo Nobel**
Syngenta		Hankyu Department Stores**

__________

See footnotes on page 18.

Seligman Portfolios, Inc.

Portfolio Overview

Diversification of Net Assets by Industry ^***

December 31, 2002

Seligman International Growth Portfolio

							Percent of Net Assets
							December 31,

	Issues		Cost		Value		2002			2001

Common Stocks:

Automobiles and Components		2	$	107,517	$	91,367		2.8	%		5.7	%
Banks		10		527,229		505,550		15.3			12.8
Capital Goods		2		69,625		69,900		2.1			1.8
Chemicals		2		126,336		132,752		4.0			-
Commercial Services and Supplies		-		-		-		-			2.2
Communications Equipment		4		80,127		67,171		2.0			3.5
Consumer Durables and Apparel		3		179,101		174,283		5.3			-
Consumer Staples		6		299,961		303,142		9.1			9.9
Containers and Packaging		1		28,616		36,967		1.1			-
Diversified Financials		2		193,803		169,249		5.1			6.3
Electronic Equipment and Instruments		1		19,903		23,827		0.7			2.3
Energy		8		370,124		407,390		12.3			7.0
Health Care		6		440,170		403,513		12.2			12.1
Insurance		2		63,025		51,442		1.6			6.8
Leisure Equipment and Products		-		-		-		-			1.1
Media		3		199,641		197,156		5.9			4.3
Metals and Mining		1		52,584		57,667		1.7			3.7
Office Electronics		1		39,521		41,403		1.3			-
Paper and Forest Products		1		63,897		64,180		1.9			1.7
Retailing		-		-		-		-			1.2
Semiconductor Equipment and Products		3		91,138		79,688		2.4			1.3
Software and Services		-		-		-		-			3.5
Telecommunication Services		4		167,473		183,010		5.5			5.3
Textiles and Apparel		-		-		-		-			1.1
Transportation		1		64,274		69,434		2.1			1.0
Utilities		2		119,002		95,101		2.9			3.5

		65		3,303,067		3,224,192		97.3			98.1
Other Assets Less Liabilities		-		90,426		90,426		2.7			1.9

Net Assets		65	$	3,393,493	$	3,314,618		100.0	%		100.0	%

Largest Portfolio Changes ^†

During the Six Months Ended December 31, 2002

Seligman Investment Grade Fixed Income Portfolio

Largest Purchases		Largest Sales

FHLMC GOLD 4.50%, 11/1/2007*		US Treasury Notes:
Core Investment Grade 4.727%, 11/30/2007*		5%, 8/15/2011
US Treasury Notes 4%, 11/15/2012*		4.625%, 5/15/2006**
FHLMC 3.60%, 1/28/2005*		US Treasury Bonds 5.375%, 2/15/2031**
US Treasury Bonds 6.25%, 8/15/2023		Ford Motor 7.375%, 10/1/2011**
FHLMC:		FNMA 6%, 12/15/2005**
5.75%, 4/29/2009*		US Treasury Notes:
4.125%, 1/17/2006*		3.375%, 3/30/2004**
FNMA 5.25%, 3/22/2007*		4.75%, 11/15/2008**
FHLMC 4.50%, 7/23/2007*		FNMA 6.50%, 8/15/2004**
FNMA 2.40%, 11/19/2004*		Coca-Cola Enterprises 5.25%, 5/15/2007**
		Kraft Foods 6.25%, 6/1/2012**

__________

See footnotes on page 18.

Seligman Portfolios, Inc.

Portfolio Overview

Largest Portfolio Changes ^†

During the Six Months Ended December 31, 2002

Seligman Large-Cap Growth Portfolio
Largest Purchases		Largest Sales

Merck*		Hilton Hotels
Weyerhaeuser*		Eli Lilly
Applied Materials*		Starwood Hotels & Resorts Worldwide**
Johnson & Johnson		Honeywell International**
General Electric		AOL Time Warner**
International Business Machines		Home Depot**
Air Products and Chemicals*		Mattel**
PepsiCo*		Viacom (Class B)
Altria Group*		NIKE (Class B)**
Hewlett-Packard		Medtronic

Seligman Large-Cap Value Portfolio
Largest Purchases		Largest Sales

J. C. Penney**		Radio Shack**
El Paso		Washington Mutual
		United Technologies
		Allstate
		Lucent Technologies**
		International Paper
		Praxair
		Kimberly-Clark
		Medtronic
		ChevronTexaco

Seligman Small-Cap Value Portfolio
Largest Purchases		Largest Sales

American Italian Pasta*		BWAY**
Montpelier Re Holdings*		Omnicare**
Continental Airlines		Fresh Del Monte Produce
Eon Labs		Allmerica Financial**
The Wet Seal (Class A)		Harman International Industries
Clayton Homes		Bunge
Agere Systems (Class A)		Edwards Lifesciences
Innkeepers USA Trust		NOVA Chemicals
Furniture Brands International		Urban Outfitters
Cadmus Communications		Olin

__________

^†	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. The data has not been audited by Ernst & Young LLP.

*	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.” The data has not been audited by Ernst & Young LLP.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Capital Portfolio

	Shares		Value
Common Stocks 96.0%

Automobiles and Components 3.9%

Gentex*		11,200	$	354,312
Harley-Davidson		4,900		226,380

				580,692


Capital Goods 6.4%

Actuant (Class A)*		1,200		55,740
Danaher		3,700		243,090
Fastenal		3,500		130,882
Navistar International*		3,400		82,654
Rockwell Automation		20,900		432,839

				945,205


Chemicals 4.9%

Ecolab		5,700		282,150
Georgia Gulf		18,800		435,032

				717,182


Commercial Services and
Supplies 8.1%

Avery Dennison		6,100		372,588
ChoicePoint*		7,033		277,733
Cintas		5,100		233,223
Fiserv*		6,700		227,197
Pitney Bowes		2,700		88,182

				1,198,923


Communications Equipment 1.1%

ADC Telecommunications*		21,800		45,671
CIENA*		4,300		22,037
JDS Uniphase*		13,900		34,194
Juniper Networks*		8,100		55,080

				156,982


Computers and Peripherals 1.6%

Lexmark International (Class A)*		2,800		169,400
Seagate Technology*		5,700		61,161

				230,561


Consumer Durables and Apparel 2.5%

Coach*		6,900		227,148
Mohawk Industries*		2,600		148,070

				375,218


Consumer Staples 1.4%

Adolph Coors (Class B)		2,500		153,125
Smithfield Foods*		700		13,888
United Natural Foods*		1,500		38,070

				205,083


Containers and Packaging 2.3%

Pactiv*		15,600		341,016

	Shares		Value
Electronic Equipment
and Instruments 5.2%

Diebold		10,000	$	412,200
Millipore		5,900		200,600
Molex		2,600		59,904
Vishay Intertechnology*		8,000		89,440

				762,144


Energy 0.6%

BJ Services*		2,700		87,237

Financials 2.3%

AFLAC		11,200		337,344


Health Care Equipment and Services 10.0%

Accredo Health*		4,050		142,965
Biomet		5,900		169,241
Covance*		10,700		263,113
Express Scripts*		4,000		192,340
Laboratory Corp. of America Holdings*		6,500		151,060
Pharmaceutical Product Development*		7,200		210,852
Quest Diagnostics*		2,700		153,630
St. Jude Medical*		4,700		186,684

				1,469,885


Hotels, Restaurants and Leisure 3.9%

P.F. Chang’s China Bistro*		7,300		265,245
Cheesecake Factory*		5,400		195,318
Starbucks*		5,700		116,394

				576,957


Media 1.0%

Univision Communications (Class A)*		5,700		139,650


Pharmaceuticals and Biotechnology 13.5%

Allergan		2,400		138,288
Biogen*		4,500		180,495
Cephalon*		3,900		189,930
Charles River Laboratories International*		5,900		227,032
Gilead Sciences*		1,900		64,419
IDEC Pharmaceuticals*		5,700		188,841
IDEXX Laboratories*		4,700		155,171
King Pharmaceuticals*		12,000		206,280
MedImmune*		9,700		263,452
NPS Pharmaceuticals*		8,300		208,828
SICOR*		10,300		163,306

				1,986,042

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Capital Portfolio (continued)

	Shares		Value
Retailing 4.3%

Amazon.com*		3,800	$	71,763
Bed Bath & Beyond*		4,200		145,299
Chico’s FAS*		11,000		208,010
Williams-Sonoma*		7,600		206,340

				631,412


Semiconductor Equipment and
Products 6.1%

Integrated Circuit Systems*		1,300		23,718
Intersil (Class A)*		9,500		132,763
KLA-Tencor*		3,600		127,134
Marvell Technology Group*		7,200		136,116
Microchip Technology		1,800		44,019
National Semiconductor*		3,900		58,539
Novellus Systems*		4,600		129,260
QLogic*		6,100		210,480
RF Micro Devices*		5,700		41,753

				903,782


Software and Services 10.7%

Adobe Systems		5,300		131,573
BEA Systems*		7,800		89,778
BMC Software*		11,900		203,609
Intuit*		3,800		178,429
Mercury Interactive*		9,500		281,723

	Shares		Value
Software and Services (continued)

PeopleSoft*		4,300	$	78,647
SunGard Data Systems*		5,900		139,004
Symantec*		3,000		121,575
Synopsys*		2,300		106,191
VERITAS Software*		6,900		107,537
Yahoo!*		8,600		140,567

				1,578,633


Telecommunication Services 1.5%

Nextel Communications (Class A)*		10,500		119,543
Sprint PCS Group*		21,400		93,732

				213,275

Transportation 4.7%

Expeditors International of Washington		9,700		317,045
C.H. Robinson Worldwide		6,100		190,259
Swift Transportation*		9,200		183,724

				691,028


Total Investments 96.0%

(Cost $13,575,019)				14,128,251
Other Assets Less Liabilities 4.0%				595,851

Net Assets 100.0%			$	14,724,102

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Cash Management Portfolio

		Annualized
		Yield on			Principal
		Purchase Date			Amount		Value
US Government
and Government
Agency
Securities 63.5%

US Government
Securities 25.4%

US Treasury Bills:
	1/2/2003		1.22	%	$	1,000,000	$	999,967
	1/27/2003		1.19			1,000,000		997,237

Total US
	Government Securities
	(Cost $1,997,204)							1,997,204


US Government
Agency Securities 38.1%

Federal Home Loan
	Bank, 1/24/2003		1.28			1,000,000		999,195
Federal Home Loan
	Mortgage Corp.,
	1/14/2003		1.26			1,000,000		999,552

Federal National
	Mortgage
	Association,
	2/6/2003		1.29			1,000,000		998,730


Total US Government
	Agency Securities
	(Cost $2,997,477)							2,997,477


Total US Government
	and Government
	Agency Securities
	(Cost $4,994,681)							4,994,681

		Annualized
		Yield on			Principal
		Purchase Date			Amount		Value
Commercial
Paper 20.3%

AIG Funding, 1/6/2003			1.31	%	$	400,000	$	399,928
American Express Credit,
	1/16/2003		1.34			400,000		399,780
Citicorp, 1/29/2003			1.25			400,000		399,618
General Electric Capital,
	1/8/2003		1.35			400,000		399,897


Total Commercial Paper
	(Cost $1,599,223)							1,599,223


Repurchase
Agreement 15.2%

State Street Bank &
	Trust, 1.00%, dated
	12/31/2002, maturing
	1/2/2003 in the amount of
	$1,200,067, collateralized
	by: $915,000 US
	Treasury Bonds 10.375%,
	11/15/2012, with a
	fair market value of
	$ 1,236,385
	(Cost $1,200,000)		1.01			1,200,000		1,200,000


Total Investments 99.0%
	(Cost $7,793,904)							7,793,904

Other Assets
Less Liabilities 1.0%								75,774

Net Assets 100.0%							$	7,869,678

__________

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Common Stock Portfolio

	Shares		Value
Common Stocks 99.9%

Automobiles and Components 1.2%

Lear*		4,800	$	159,744


Banks 11.3%

Bank of America		4,560		317,239
BB&T		4,510		166,825
Fifth Third Bancorp		3,300		193,578
GreenPoint Financial		4,100		185,238
Wachovia		10,840		395,010
Wells Fargo		4,300		201,541

				1,459,431


Capital Goods 9.1%

Deere		2,300		105,455
Donaldson		7,070		254,520
General Dynamics		700		55,559
General Electric		10,720		261,032
Lockheed Martin		5,140		296,835
Raytheon		6,800		209,100

				1,182,501


Chemicals 0.9%

Air Products and Chemicals		2,760		117,990


Communications Equipment 2.6%

Cisco Systems*		17,970		235,317
Motorola		5,200		44,980
QUALCOMM*		1,600		58,176

				338,473


Computers and Peripherals 4.2%

Dell Computer*		4,600		123,165
Hewlett-Packard		10,900		189,224
International Business Machines		2,900		224,750

				537,139


Consumer Durables and Apparel 2.9%

Lennar		1,300		67,080
Mohawk Industries*		5,420		308,669

				375,749


Consumer Staples 8.2%

Altria Group		4,380		177,521
Coca-Cola		4,660		204,201
Gillette		6,100		185,196
Kraft Foods (Class A)		3,470		135,087
Procter & Gamble		4,210		361,807

				1,063,812


Diversified Financials 7.8%

Bear Stearns		3,880		230,472
Citigroup		8,970		315,654
J.P. Morgan Chase		8,420		202,080
Morgan Stanley		1,100		43,912
Raymond James Financial		7,190		212,680

				1,004,798

	Shares		Value
Energy 7.9%

ConocoPhillips		3,944	$	190,850
Exxon Mobil		15,130		528,642
Noble Energy		2,630		98,757
Occidental Petroleum		6,900		196,305

				1,014,554


Health Care 11.8%

Amgen*		1,300		62,868
Barr Laboratories*		700		45,563
Biovail*		1,400		36,974
Cardinal Health		4,800		284,112
Johnson & Johnson		4,840		259,956
Eli Lilly		1,010		64,135
Merck		1,300		73,593
Mylan Laboratories		1,400		48,860
Pfizer		10,530		321,902
Pharmacia		2,200		91,960
UnitedHealth Group		1,660		138,610
Wyeth		2,610		97,614

				1,526,147


Hotels, Restaurants and Leisure 1.8%

Outback Steakhouse		6,590		226,960

Insurance 5.1%

American International Group		2,200		127,270
MGIC Investment		5,330		220,129
The PMI Group		5,400		162,216
Radian Group		4,160		154,544

				664,159


Media 4.2%

AOL Time Warner*		9,100		119,210
Clear Channel Communications*		4,610		171,907
Viacom (Class B)*		6,220		253,527

				544,644


Metals and Mining 2.6%

Peabody Energy		11,520		336,730


Paper and Forest Products 1.1%

Weyerhaeuser		2,780		136,804


Retailing 5.2%

Kohl’s*		1,440		80,568
Lowe’s		4,400		165,000
Wal-Mart Stores		8,410		424,789

				670,357


Semiconductor Equipment
and Products 2.9%

Analog Devices*		1,600		38,192
Applied Materials*		3,100		40,409
Intel		14,730		229,420
Texas Instruments		4,800		72,048

				380,069

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Common Stock Portfolio (continued)

	Shares		Value
Software and Services 4.1%

Microsoft*		7,800	$	403,416
Oracle*		12,100		130,801

				534,217


Telecommunication Services 3.2%

SBC Communications		10,500		284,655
Sprint FON Group		5,600		81,088
Verizon Communications		1,200		46,500

				412,243

	Shares		Value
Utilities 1.8%

Southern		8,230	$	233,650


Total Investments 99.9%
(Cost $14,034,463)				12,920,171

Other Assets Less Liabilities 0.1%				10,546

Net Assets 100.0%			$	12,930,717

Seligman Communications and Information Portfolio

Common Stocks 89.0%

Application Software 19.7%

Autodesk	136,700	$	1,960,961
Cadence Design Systems*	177,400		2,091,546
J.D. Edwards*	46,700		530,512
Fair, Isaac	9,400		401,380
Magma Design Automation*	1,900		18,269
NetIQ*	49,700		614,292
Printcafe Software*	10,000		12,500
Rational Software*	55,600		577,128
Synopsys*	121,276		5,599,313
Verisity*	13,100		250,210

			12,056,111


Commercial Services and
Supplies 3.5%

The BISYS Group*	9,000		143,100
Concord EFS*	65,300		1,027,822
First Data	27,800		984,398

			2,155,320


Communications Equipment 2.7%

Cisco Systems*	101,800		1,333,071
Polycom*	30,900		296,022

			1,629,093


Computers and Peripherals 6.1%

Avocent*	16,600		370,180
Itron*	13,900		266,880
Lexmark International (Class A)*	44,600		2,698,300
Seagate Technology*	36,000		386,280

			3,721,640


Electronic Equipment and Instruments 4.7%

Amphenol (Class A)*	16,400		623,200
Millipore*	19,400		659,600
Orbotech (Israel)*	48,300		664,608
Varian*	16,000		458,160
Waters*	23,000		500,940

			2,906,508

Entertainment Software 3.5%

Electronic Arts*	11,200	$	557,088
Take-Two Interactive Software*	22,100		519,460
THQ*	81,900		1,085,994

			2,162,542


Health Care Equipment and
Supplies 4.2%

Apogent Technologies*	34,500		717,600
Beckman Coulter	16,700		492,984
Boston Scientific*	14,800		629,296
Cytyc*	56,000		571,480
HealtheTech*	21,500		137,492

			2,548,852


Health Care Providers and
Services 6.3%

Laboratory Corp. of America Holdings*	87,700		2,038,148
Quest Diagnostics*	32,600		1,854,940

			3,893,088


IT Consulting and Services 11.3%

Amdocs*	111,800		1,097,876
CSG Systems International*	102,500		1,399,637
Sabre Holdings (Class A)*	46,100		834,871
SunGard Data Systems*	153,500		3,616,460

			6,948,844


Media 4.1%

Clear Channel Communications*	37,300		1,390,917
Fox Entertainment Group (Class A)*	13,800		357,834
McGraw-Hill	13,100		791,764

			2,540,515


Pharmaceuticals and
Biotechnology 1.7%

Charles River Laboratories International*	24,400		938,912
Invitrogen*	2,600		81,367

			1,020,279

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Communications and Information Portfolio (continued)

		Shares		Value
Semiconductor Equipment and
Products 3.7%

Advanced Micro Devices*			42,300	$	273,258
Amkor Technology*			186,600		887,283
Integrated Circuit Systems*			4,700		85,751
Integrated Device Technology*			35,900		299,586
Microtune*			36,800		115,736
Samsung Electronics (South Korea)			2,300		608,912

					2,270,526


Systems Software 17.5%

BMC Software*			139,800		2,391,978
Computer Associates International			143,500		1,937,250
Microsoft*			50,000		2,586,000
Network Associates*			21,100		339,499
Symantec*			78,100		3,165,003
VERITAS Software*			18,700		291,440

					10,711,170


Total Common Stocks
	(Cost $75,305,848)				54,564,488

		Principal
		Amount
		or Shares		Value
Repurchase Agreement 11.4%

State Street Bank & Trust, 1.00%,
	dated 12/31/2002, maturing
	1/2/2003 in the amount of
	$7,000,389, collateralized by:
	$5,340,000 US Treasury Bonds
	10 . 375%, 11/15/2012, with a fair
	market value of $7,215,622
	(Cost $7,000,000)	$	7,000,000	$	7,000,000


Total Investments 100.4%
	(Cost $82,305,848)				61,564,488

Other Assets Less Liabilities (0.4)%					(251,534	)

Net Assets 100.0%				$	61,312,954

Seligman Frontier Portfolio

Common Stocks 98.6%

Capital Goods 4.7%

Aeroflex*	10,400	$	72,852
AMETEK	2,100		80,829
CLARCOR	1,200		38,724
DRS Technologies*	1,860		58,274
EMCOR Group*	700		37,107
IDEX	920		30,084
Oshkosh Truck	240		14,760

			332,630


Chemicals 0.9%

Airgas*	3,720		64,170

Communications Equipment 3.4%

Adaptec*	12,420		70,049
Computer Network Technology*	2,800		19,880
McDATA (Class A)*	6,930		49,376
Powerwave Technologies*	7,500		40,612
Tekelec*	5,690		59,461

			239,378


Consumer Durables and Apparel 1.2%

Oakley*	8,550		87,808


Consumer Staple s 1.6%

Performance Food Group*	3,265		110,847


Data Processing Services 1.7%

Iron Mountain*	3,730		123,127

Diversified Commercial Services 8.0%

Career Education*	2,700	shs.	$	108,013
Corinthian Colleges*	2,890			109,358
Corporate Executive Board*	4,300			138,267
Education Management*	1,400			52,689
Watson Wyatt Holdings*	3,960			86,130
West*	4,200			69,762

				564,219


Electronic Equipment and Instruments 1.0%

Cognex*	3,800			69,939


Employment Services 2.0%

Resources Connection*	5,950			138,486


Energy 6.5%

Patterson-UTI Energy*	4,410			133,160
Pioneer Natural Resources*	6,400			161,600
XTO Energy	6,710			165,737

				460,497


Environmental Services 2.4%

Waste Connections*	4,410			170,270


Financials 12.3%

Affiliated Managers Group*	1,900			95,570
American Capital Stategies	4,800			103,608
Arch Capital Group*	2,100			65,226
Brown & Brown	2,100			67,872
Community First Bankshares	1,100			29,183

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Frontier Portfolio (continued)

	Shares		Value
Financials (continued)

East West Bancorp		2,900	$	104,719
F.N.B.		1,600		44,032
Gladstone Capital		3,600		59,364
HCC Insurance Holdings		1,500		36,900
Hilb, Rogal and Hamilton		980		40,082
New York Community Bancorp		1,500		43,320
Southwest Bancorporation of Texas*		1,200		34,614
UCBH Holdings		1,800		76,383
United Bankshares		1,200		34,908
W Holding		2,300		37,743

				873,524


Health Care Equipment and Supplies 3.6%

Diagnostic Products		1,920		74,150
Edwards Lifesciences*		1,120		28,526
Integra LifeSciences Holdings*		2,900		51,214
Kyphon*		1,500		12,915
SonoSite*		2,700		35,276
Thoratec*		7,100		54,315

				256,396


Health Care Providers and Services 9.6%

Alliance Imaging*		8,900		47,170
Apria Healthcare Group*		5,570		123,877
Community Health Systems*		5,610		115,510
LifePoint Hospitals*		3,630		108,555
Medical Staffing Network Holdings*		4,100		65,600
Priority Healthcare (Class B)*		4,400		102,498
Select Medical*		7,600		102,524
VistaCare (Class A)*		1,000		16,000

				681,734


Hotels, Restaurants and Leisure 6.9%

Alliance Gaming*		5,700		97,071
Cheesecake Factory*		1,800		65,106
Four Seasons Hotels (Canada)		1,000		28,250
P.F. Chang’s China Bistro*		1,500		54,502
RARE Hospitality International*		4,000		110,540
Sonic*		880		18,049
Station Casinos*		6,600		116,820

				490,338


Media 2.8%

Cox Radio (Class A)*		6,200		141,422
Macrovision*		3,470		55,520

				196,942


Office Electronics 0.5%

Zebra Technologies (Class A)*		610		35,014


Pharmaceuticals and Biotechnology 6.5%

Alexion Pharmaceuticals*		3,400		48,025
Cell Genesys*		3,000		33,480
CV Therapeutics*		2,200		40,172
Enzon*		4,240		71,084

		Shares		Value
Pharmaceuticals and
Biotechnology (continued)

Medicines*		$	4,080		65,158
Medicis Pharmaceutical (Class A)*			1,700		84,439
OSI Pharmaceuticals*			2,600		42,588
SangStat Medical*			3,000		33,810
Serologicals*			3,900		42,744

					461,500

Retailing 6.4%

Advance Auto Parts*			1,880		91,932
Chico’s FAS*			700		13,237
Christopher & Banks*			2,040		42,330
Cost Plus*			240		6,896
Fred’s			700		17,993
Gymboree*			1,000		15,835
Hollywood Entertainment*			4,700		70,853
J. Jill Group*			1,400		19,642
PETCO Animal Supplies*			4,830		113,191
Talbots			1,000		27,530
The Wet Seal (Class A)*			3,100		33,496

					452,935


Semiconductor Equipment and Products 5.9%

ATMI*			1,800		33,165
Cirrus Logic*			13,710		39,348
Cymer*			1,300		41,938
DSP Group*			3,090		48,977
Exar*			5,200		64,610
Micrel*			2,730		24,570
Semtech*			5,400		58,887
Silicon Image*			9,300		55,753
Varian Semiconductor Equipment Associates*			2,300		54,717

					421,965


Software and Services 9.6%

Acxiom*			4,600		70,541
Agile Software*			13,510		105,040
CACI International (Class A)*			2,000		71,280
Documentum*			8,450		132,454
Informatica*			13,500		77,895
J.D. Edwards*			11,295		128,311
Progress Software*			4,130		53,504
Websense*			1,920		41,088

					680,113


Transportation 1.1%

Heartland Express*			1,670		38,243
Knight Transportation*			1,850		38,813

					77,056


Total Investments 98.6%
	(Cost $7,464,674)				6,988,888
Other Assets Less Liabilities 1.4%					100,029

Net Assets 100.0%				$	7,088,917

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Growth Portfolio

		Shares		Value
Common Stocks 99.8%

Argentina 0.8%

Tenaris (ADRs) (Energy)*			1,097	$	21,084


Australia 2.8%

Commonwealth Bank of Australia (Banks)			2,000		30,389
News Corp. (ADRs) (Media)			1,700		44,625

					75,014


Austria 0.8%

Mayr-Melnhof Karton (Containers and
Packaging)			300		22,180


China 0.3%

China Oilfield Services (Energy)*			37,800		9,209


Denmark 0.7%

Danske Bank (Banks)			1,100		18,167


Finland 3.4%

Fortum (Energy)			6,200		40,637
Nokia (ADRs) (Communications Equipment)			1,000		15,500
UPM-Kymmene (Paper and Forest Products)*			1,000		32,090

					88,227


France 3.7%

Alcatel (Communications Equipment)*			2,000		8,767
Aventis (Health Care)			950		51,607
Caisse Nationale de Crédit Agricole (Banks)			1,050		15,834
Total Fina Elf (ADRs) (Energy)			300		21,450

					97,658


Germany 4.1%

Bayerische Motoren Werke "BMW"
	(Automobiles and Components)		850		25,779
Deutsche Bank (Banks)			300		13,629
E.ON (Utilities)			1,200		48,387
PUMA (Consumer Durables and Apparel)			300		20,459

					108,254

Greece 0.3%

Public Power (Utilities)*			500		6,911


Hong Kong 1.1%

CNOOC (Energy)			21,900		28,644


Ireland 1.6%

Bank of Ireland (Banks)			4,048		41,560


Israel 1.2%

Teva Pharmaceutical Industries (ADRs)
	(Health Care)		800		30,880


Italy 4.0%

ENI (Energy)			3,800		60,374
Telecom Italia Mobile "T.I.M."
	(Telecommunication Services)		9,600		43,794

					104,168

		Shares		Value
Japan 7.9%

Canon (Office Electronics)			700	$	26,347
East Japan Railway (Transportation)			7		34,717
Honda Motor (Automobiles and Components)			700		25,876
Icom (Communications Equipment)			400		4,059
JSR (Chemicals)			2,000		20,074
Nomura Holdings (Diversified Financials)			3,000		33,698
Sony (Consumer Durables and Apparel)			500		20,882
Takeda (Health Care)			1,000		41,765

					207,418


Mexico 0.7%

Teléfonos de México (Class L ADSs)
	(Telecommunication Services)		600		19,188


Netherlands 5.3%

ASML Holding*
	(Semiconductor Equipment and Products)		900		7,506
Gucci Group (NY shares) (Consumer
	Durables and Apparel)		500		45,800
Reed Elsevier (Media)			3,000		36,652
Unilever (Consumer Staples)			800		49,368

					139,326


Norway 0.7%

DnB Holding (Banks)			4,100		19,274


Russia 1.0%

Surgutneftegaz (ADRs) (Energy)			1,600		25,424


Singapore 0.3%

MobileOne (Asia)*
	(Telecommunication Services)		11,700		8,229


South Korea 2.0%

Korea Tobacco & Ginseng (GDRs)
	(Consumer Staples)		1,000		6,650
LG Micron (Electronic Equipment
	and Instruments)		500		13,237
Samsung Electronics (Semiconductor
	Equipment and Products)		100		26,474
Telson Electronics (Communications
	Equipment)		2,400		6,920

					53,281


Spain 2.4%

Banco Bilbao Vizcaya Argentaria (Banks)			2,050		19,606
Banco Popular Espa˜nol (Banks)			1,075		43,933

					63,539


Sweden 1.0%

SKF (Capital Goods)			1,000		25,995

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Growth Portfolio (continued)

		Shares		Value
Switzerland 6.3%

Nestlé (Consumer Staples)			250	$	52,961
Novartis (Health Care)			800		29,181
Swiss Re (Insurance)			300		19,673
Syngenta (Chemicals)			900		52,090
Zurich Financial Services (Insurance)			132		12,311

					166,216


Taiwan 0.3%

Taiwan Semiconductor Manufacturing (ADRs)*
	(Semiconductor Equipment and Products)		1,100		7,755


United Kingdom 15.3%

Amvescap (Diversified Financials)*			8,500		54,449
AstraZeneca (ADRs) (Health Care)			800		28,072
Barclays Bank (Banks)			3,300		20,449
BHP Billiton (Metals and Mining)			5,800		30,969
BP (ADRs) (Energy)			400		16,260
British Sky Broadcasting Group (Media)*			2,400		24,683
Diageo (Consumer Staples)			1,225		13,309
Gallagher Group (ADRs) (Consumer Staples)			1,300		50,960
GlaxoSmithKline (ADRs) (Health Care)			1,300		48,698
Royal Bank of Scotland Group (Banks)*			2,491		59,658
Smiths Group (Capital Goods)			800		8,955
Tesco (Consumer Staples)			6,200		19,359
Vodafone Group (Telecommunication Services)			1,500		27,180

					403,001


United States 31.8%

Amgen (Health Care)*			1,300		62,868
Cisco Systems (Communications Equipment)*			3,500		45,833

	Shares		Value
United States (continued)

Coca-Cola (Consumer Staples)		700	$	30,674
Consolidated Edison (Utilities)		900		38,538
Dow Chemical (Chemicals)		2,000		59,400
General Electric (Capital Goods)		2,100		51,135
Hewlett-Packard (Computers and Peripherals)		2,200		38,192
Hilton Hotels (Hotels, Restaurants and Leisure)		3,300		41,943
Intel (Semiconductor Equipment and Products)		3,500		54,513
International Business Machines (Computers and Peripherals)		500		38,750
Johnson & Johnson (Health Care)		800		42,968
MedImmune (Health Care)*		2,000		54,320
Medtronic (Health Care)		1,100		50,160
Merck (Health Care)		700		39,627
Microsoft (Software and Services)*		900		46,548
Pfizer (Health Care)		1,900		58,083
Robert Half International (Commercial Services and Supplies)*		1,100		17,721
UST (Consumer Staples)		900		30,087
Wal-Mart Stores (Retailing)		700		35,357

				836,717


Total Investments 99.8%
(Cost $2,837,869)				2,627,319

Other Assets Less Liabilities 0.2%				6,194

Net Assets 100.0%			$	2,633,513

Seligman Global Smaller Companies Portfolio

Common Stocks 97.5%

Australia 1.4%

Billabong International (Consumer Durables and Apparel)	6,970	$	27,260
Foodland Associated (Consumer Staples)	2,240		22,375
Hills Motorway Group (Transportation)	4,000		11,368
Toll Holdings (Transportation)	6,800		24,300

			85,303


Austria 1.5%

OMV (Energy)	270		26,497
Telekom Austria*
(Telecommunication Services)	3,666		37,100
Voestalpine (Metals and Mining)	1,000		24,277

			87,874

Belgium 0.7%

Omega Pharma (Health Care Equipment
	and Supplies)	1,370	$	39,251

Canada 0.8%

Dofasco (Metals and Mining)		550		9,738
Four Seasons Hotels (Hotels, Restaurants and Leisure)		500		14,125
Sierra Wireless*
(Communications Equipment)		450		1,966
SNC-Lavalin Group (Capital Goods)		900		19,399

				45,228

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Smaller Companies Portfolio (continued)

		Shares		Value
Finland 1.4%

Instrumentarium (Health Care Equipment and Supplies)			1,132	$	45,325
Kone (Capital Goods)			1,220		36,604

					81,929


France 2.4%

Carbone Lorraine (Capital Goods)			1,284		29,974
Elior (Hotels, Restaurants and Leisure)			3,000		17,618
Financiere Marc de Lacharriere “Fimalac” (Consumer Durables and Apparel)			1,073		28,503
Médidep (Health Care Providers and Services)*			1,872		30,135
Pinguely-Haulotte (Capital Goods)			3,950		15,658
Unibail (Financials)*			300		21,331

					143,219


Germany 3.0%

BERU (Automobiles and Components)			734		33,099
Celanese (Chemicals)			1,518		33,430
Continental (Automobiles and Components)			1,000		15,626
FJA (Software and Services)			710		14,430
Fraport (Transportation)			1,490		26,564
GfK (Diversified Commercial Services)			1,780		23,912
Medion (Retailing)			800		28,315

					175,376


Hong Kong 1.2%

Café de Coral Holdings (Hotels, Restaurants and Leisure)			34,000		22,889
Convenience Retail Asia*
	(Consumer Staples)		64,000		16,926
TechTronic Industries (Consumer Durables and Apparel)			31,399		29,794

					69,609


Ireland 1.0%

Irish Life & Permanent (Financials)			2,500		27,266
Jurys Doyle Hotel Group (Hotels, Restaurants and Leisure)			4,200		30,832

					58,098


Italy 1.5%

Amplifon (Health Care Equipment and Supplies)			1,100		19,518
Davide Campari-Milano (Consumer Staples)*			400		12,488
Italgas (Utilities)			2,200		29,901
Permasteelisa (Capital Goods)			1,900		29,868

					91,775

	Shares		Value
Japan 8.8%

Asatsu-DK (Media)		3,100	$	54,947
Koa (Electronic Equipment and Instruments)		9,200		56,861
Kobayashi Pharmaceutical (Health Care Equipment and Supplies)		1,800		61,536
Konami Sports (Hotels, Restaurants and Leisure)		3,700		73,215
Mitsubishi Securities (Financials)		14,000		57,410
Moshi Moshi Hotline (Commercial Services and Supplies)		900		28,494
OBIC (Software and Services)		300		52,164
Otsuka Kagu (Retailing)		2,200		34,641
Taiyo Ink Manufacturing (Chemicals)		1,900		53,595
Tokyo Steel Manufacturing (Metals and Mining)		15,000		49,512

				522,375


Netherlands 1.3%

IHC Caland (Energy)		600		31,650
United Services Group (Commercial Services and Supplies)		1,678		18,759
Van der Moolen Holding (Financials)		1,300		27,948

				78,357

New Zealand 0.4%

Fisher & Paykel Appliances Holdings (Consumer Durables and Apparel)		4,572		24,061


South Korea 1.0%

Lotte Chilsung Beverage (Consumer Staples)		60		28,329
Lotte Confectionary (Consumer Staples)		70		28,152

				56,481

Spain 4.2%

Actividades de Construcción y Servicios (Capital Goods)		1,300		41,785
Aldeasa (Retailing)		2,100		30,898
Aurea Concesiones de Infraestructuras del Estado (Transportation)		2,039		50,870
Barón de Ley* (Consumer Staples)		2,109		60,601
Gamesa Corporación Tecnológica “Gamesa” (Utilities)		1,839		30,105
Metrovacesa (Financials)		1,562		33,089

				247,348


Sweden 0.5%

Swedish Match (Consumer Staples)*		4,000		31,516

__________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
Switzerland 2.5%

Flughafen (Transportation)		493	$	15,327
Lonza Group (Chemicals)		466		28,302
PubliGroupe (Media)		100		15,906
Schindler Holding (Capital Goods)		170		31,957
SEZ Holding (Semiconductor Equipment and Products)*		450		7,321
Swisslog Holding (Capital Goods)		1,943		17,841
Unilabs (Health Care Providers and Services)		1,728		33,358

				150,012

United Kingdom 4.3%

Chrysalis Group (Media)		7,200		22,713
Dairy Crest Group (Consumer Staples)		5,400		29,811
Eidos (Software and Services)*		14,800		30,014
Enterprise Inns (Hotels, Restaurants and Leisure)		5,015		45,952
Hit Entertainment (Media)		11,000		37,843
Luminar (Hotels, Restaurants and Leisure)		2,000		12,570
National Express Group (Transportation)		4,100		26,528
Sanctuary Group (Media)		23,170		15,103
SSL International (Health Care Equipment and Supplies)		3,400		14,023
J.D. Wetherspoon (Hotels, Restaurants and Leisure)		6,400		17,151

				251,708


United States 59.6%

Acxiom (Software and Services)*		2,400		36,804
Adaptec (Communications Equipment)*		6,230		35,137
Advance Auto Parts (Retailing)*		980		47,922
Aeroflex (Capital Goods)*		5,200		36,426
Affiliated Managers Group (Financials)*		900		45,270
Agile Software (Software and Services)*		6,905		53,686
Airgas (Chemicals)*		1,900		32,775
Alexion Pharmaceuticals (Pharmaceuticals and Biotechnology)*		1,700		24,012
Alliance Gaming (Hotels, Restaurants and Leisure)*		2,800		47,684
Alliance Imaging (Health Care Providers and Services)*		4,400		23,320
American Capital Stategies (Financials)		2,400		51,804
AMETEK (Capital Goods)		1,100		42,339
Apria Healthcare Group (Health Care Providers and Services)*		2,910		64,718
Arch Capital Group (Financials)*		1,000		31,060
ATMI (Semiconductor Equipment and Products)*		900		16,583
Brown & Brown (Financials)		1,100		35,552
CACI International (Class A) (Software and Services)*		1,000		35,640
Career Education (Commercial Services and Supplies)*		1,400		56,007

	Shares		Value
United States (continued)

Cell Genesys (Pharmaceuticals and Biotechnology)*		1,500	$	16,740
Cheesecake Factory (Hotels, Restaurants and Leisure)*		900		32,553
Chico’s FAS (Retailing)*		400		7,564
Christopher & Banks (Retailing)*		1,040		21,580
Cirrus Logic (Semiconductor Equipment and Products)*		7,000		20,090
CLARCOR ( Capital Goods)		600		19,362
Cognex (Electronic Equipment and Instruments)*		1,900		34,969
Community First Bankshares (Financials)		600		15,918
Community Health Systems (Health Care Providers and Services)*		2,820		58,064
Computer Network Technology (Communications Equipment)*		1,400		9,940
Corinthian Colleges (Commercial Services and Supplies)*		1,490		56,382
Corporate Executive Board (Commercial Services and Supplies)*		2,100		67,525
Cost Plus (Retailing)*		120		3,448
Cox Radio (Class A) (Media)*		3,100		70,711
CV Therapeutics (Pharmaceuticals and Biotechnology)*		900		16,434
Cymer (Semiconductor Equipment and Products)*		700		22,582
Diagnostic Products (Health Care Equipment and Supplies)		900		34,758
Documentum (Software and Services)*		4,270		66,932
DRS Technologies (Capital Goods)*		950		29,764
DSP Group (Semiconductor Equipment and Products)*		1,620		25,677
East West Bancorp (Financials)		1,500		54,165
Education Management (Commercial Services and Supplies)*		700		26,345
J.D. Edwards (Software and Services)*		5,750		65,320
Edwards Lifesciences (Health Care Equipment and Supplies)*		570		14,518
EMCOR Group (Capital Goods)*		400		21,204
Enzon (Pharmaceuticals and Biotechnology)*		2,195		36,799
Exar (Semiconductor Equipment and Products)*		2,600		32,305
F.N.B. (Financials)		800		22,016
Fred’s (Retailing)		400		10,282
Gladstone Capital (Financials)		1,800		29,682
Gymboree (Retailing)*		510		8,076
HCC Insurance Holdings (Financials)		700		17,220
Heartland Express (Transportation)*		850		19,465
Hilb, Rogal and Hamilton (Financials)		550		22,495
Hollywood Entertainment (Retailing)*		2,400		36,180

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Smaller Companies Portfolio (continued)

	Shares		Value
United States (continued)

IDEX (Capital Goods)		400	$	13,080
Informatica (Software and Services)*		6,900		39,813
Integra LifeSciences Holdings (Health Care Equipment and Supplies)*		1,500		26,490
Iron Mountain (Commercial Services and Supplies)*		1,920		63,379
J. Jill Group (Retailing)*		700		9,821
Knight Transportation (Transportation)*		940		19,721
Kyphon (Health Care Equipment and Supplies)*		800		6,888
LifePoint Hospitals (Health Care Providers and Services)*		1,850		55,324
Macrovision (Media)*		1,760		28,160
McDATA (Class A) (Communications Equipment)*		3,540		25,223
Medical Staffing Network Holdings (Health Care Providers and Services)*		2,100		33,600
Medicines (Pharmaceuticals and Biotechnology)*		2,080		33,218
Medicis Pharmaceutical (Class A) (Pharmaceuticals and Biotechnology)*		900		44,703
Micrel (Semiconductor Equipment and Products)*		1,400		12,600
New York Community Bancorp (Financials)		800		23,104
Oakley (Consumer Durables and Apparel)*		4,380		44,983
Oshkosh Truck (Capital Goods)		120		7,380
OSI Pharmaceuticals (Pharmaceuticals and Biotechnology)*		1,300		21,294
P.F. Chang’s China Bistro (Hotels, Restaurants and Leisure)*		800		29,068
Patterson-UTI Energy (Energy)*		2,250		67,939
Performance Food Group (Consumer Staples)*		1,685		57,206
PETCO Animal Supplies (Retailing)*		2,445		57,298
Pioneer Natural Resources (Energy)*		3,290		83,072
Powerwave Technologies (Communications Equipment)*		3,800		20,577
Priority Healthcare (Class B) (Health Care Providers and Services)*		2,200		51,249
Progress Software (Software and Services)*		2,060		26,687
RARE Hospitality International (Hotels, Restaurants and Leisure)*		2,000		55,270
Resources Connection (Commercial Services and Supplies)*		3,000		69,825
SangStat Medical (Pharmaceuticals and Biotechnology)*		1,600		18,032

	Shares		Value
United States (continued)

Select Medical (Health Care Providers and Services)*		3,780	$	50,992
Semtech (Semiconductor Equipment and Products)*		2,750		29,989
Serologicals (Pharmaceuticals and Biotechnology)*		2,000		21,920
Silicon Image (Semiconductor Equipment and Products)*		4,700		28,176
Sonic (Hotels, Restaurants and Leisure)*		450		9,230
SonoSite (Health Care Equipment and Supplies)*		1,000		13,065
Southwest Bancorporation of Texas (Financials)*		600		17,307
Station Casinos (Hotels, Restaurants and Leisure)*		3,300		58,410
Talbots (Retailing)		500		13,765
Tekelec (Communications Equipment)*		2,900		30,305
Thoratec (Health Care Equipment and Supplies)*		3,600		27,540
UCBH Holdings (Financials)		900		38,191
United Bankshares (Financials)		600		17,454
Varian Semiconductor Equipment Associates (Semiconductor Equipment and Products)*		1,200		28,548
VistaCare (Class A) (Health Care Providers and Services)*		500		8,000
W Holding (Financials)		1,100		18,051
Waste Connections (Commercial Services and Supplies)*		2,260		87,259
Watson Wyatt Holdings (Commercial Services and Supplies)*		2,020		43,935
Websense (Software and Services)*		970		20,758
West (Commercial Services and Supplies)*		2,100		34,881
Wet Seal (The) (Class A) (Retailing)*		1,550		16,748
XTO Energy (Energy)		3,460		85,462
Zebra Technologies (Class A) (Office Electronics)*		310		17,794

				3,526,588


Total Investments 97.5%
(Cost $6,417,640)				5,766,108
Other Assets Less Liabilities 2.5%				148,949

Net Assets 100.0%			$	5,915,057

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Technology Portfolio

	Shares		Value
Common Stocks 91.3%

Canada 0.9%

Cognos (Application Software)*		4,100	$	96,043


Denmark 0.3%

Maconomy• (Application Software)*		48,500		35,601


France 4.0%

ActivCard (ADRs) (Internet Software and Services)*		18,400		156,768
Alcatel (Communications Equipment)*		18,700		81,973
SR Teleperformance (Media)		5,202		98,741
THOMSON (Consumer Durables and Apparel)*		5,975		101,885

				439,367


Greece 1.2%

Cosmote Mobile Communications (Telecommunication Services)		13,100		129,412


India 7.0%

Infosys Technologies (IT Consulting and Services)		5,000		497,513
Mastek (Application Software)		12,000		134,515
Satyam Computer Services (IT Consulting and Services)		23,500		136,197

				768,225


Israel 0.6%

Orbotech (Electronic Equipment and Instruments)*		4,650		63,984


Japan 14.0%

Canon (Office Electronics)		6,000		225,834
Dai Nippon Printing (Commercial Services and Supplies)		15,000		165,839
Furukawa Electric (Capital Goods)*		29,000		60,803
HOYA (Electronic Equipment and Instruments)		5,000		349,865
JSR (Materials)		25,000		250,926
Olympus Optical (Health Care)		7,000		113,995
Omron (Electronic Equipment and Instruments)		15,000		221,034
SMC (Capital Goods)		1,500		140,704

				1,529,000


South Korea 2.6%

LG Electronics (Consumer Durables and Apparel)*		3,500		121,875
Sindo Ricoh (Office Electronics)*		2,200		121,496
Telson Electronics (Communications Equipment)		13,600		39,216

				282,587


Switzerland 0.1%

Leica Geosystems (Electronic Equipment and Instruments)*		300		16,051

	Shares		Value
Taiwan 3.0%

Ambit Microsystems (Computers and Peripherals)		38,000	$	123,925
High Tech Computer (Computers and Peripherals)*		4,000		17,085
Novatek Microelectronics (Semiconductor Equipment and Products)		10,000		18,903
Synnex Technology (Electronic Equipment and Instruments)		115,000		174,242

				334,155

United States 57.6%

ADC Telecommunications (Communications Equipment)*		31,100		65,154
Affiliated Computer Services (Class A) (IT Consulting and Services)*		2,900		152,685
Amdocs (IT Consulting and Services)*		16,900		165,958
Analog Devices (Semiconductor Equipment and Products)*		3,900		93,093
Applied Materials (Semiconductor Equipment and Products)*		5,500		71,692
Autodesk (Application Software)		4,300		61,683
Avocent (Computers and Peripherals)*		1,700		37,910
The BISYS Group (Commercial Services and Supplies)*		3,000		47,700
BMC Software (Systems Software)*		10,000		171,100
Cadence Design Systems (Application Software)*		10,500		123,795
Charles River Laboratories International (Health Care)*		1,500		57,720
Cisco Systems (Communications Equipment)*		12,000		157,140
Clear Channel Communications (Media)*		4,000		149,160
Computer Associates International (Systems Software)		9,200		124,200
Concord EFS (Commercial Services and Supplies)*		10,600		166,844
CSG Systems International (IT Consulting and Services)*		17,700		241,693
Cytyc (Health Care)*		4,800		48,984
Dell Computer (Computers and Peripherals)*		6,300		168,683
J.D. Edwards (Application Software)*		7,000		79,520
First Data (Commercial Services and Supplies)		4,500		159,345
Fox Entertainment Group (Class A) (Media)*		2,200		57,046
Garmin (Consumer Durables and Apparel)*		4,000		117,240
Hewlett-Packard (Computers and Peripherals)		9,300		161,448

_____________

^† Rule 144A security.

* Non-income producing security.

See Notes to Financial Statements

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Global Technology Portfolio (continued)

	Shares or
	Principal
	Amount			Value
United States (continued)

Informatica (Application Software)*		20,600	shs.	$	118,862
Intel (Semiconductor Equipment and Products)		5,800			90,335
Lexmark International (Class A) (Computers and Peripherals)*		7,000			423,500
Microsoft (Systems Software)*		14,000			724,080
NetIQ (Application Software)*		9,800			121,128
Network Associates (Systems Software)*		3,800			61,142
PeopleSoft (Application Software)*		8,600			157,294
Sabre Holdings (Class A) (IT Consulting and Services)*		4,100			74,251
Seagate Technology (Computers and Peripherals)*		7,700			82,621
SunGard Data Systems ( IT Consulting and Services)*		12,800			301,568
Symantec (Systems Software)*		13,600			551,140
Synopsys (Application Software)*		14,300			660,231
THQ (Entertainment Software)*		5,400			71,604
Texas Instruments (Semiconductors)		6,000			90,060
VERITAS Software (Systems Software)*		6,500			101,303

					6,308,912

		Shares or
		Principal
		Amount			Value
Total Common Stocks
	(Cost $12,315,163)				$	10,003,337


Preferred Stocks 0.9%
	(Cost $119,278)

South Korea 0.9%


Samsung Electronic (Semiconductor Equipment and Products)			800	shs.		101,176


Convertible Bonds 0.9%
	(Cost $93,813)


Netherlands 0.9%


ASM Lithography 4.25%, 11/30/2004 (Semiconductor Equipment and Products)		$	120,000			103,500


Total Investments 93.1%
(Cost $12,528,254)						10,208,013
Other Assets Less Liabilities 6.9%						751,070

Net Assets 100.0%					$	10,959,083

Seligman High-Yield Bond Portfolio

Corporate Bonds 94.7%

Aerospace and Defense 1.4%

B/E Aerospace 8.875%, 5/1/2011	$	50,000	$	37,000
K & F Industries 9.625%, 12/15/2012†		25,000		25,563
Sequa 9%, 8/1/2009		50,000		48,250

				110,813

Automotive and Related 5.2%

Collins & Aikman Products:
11.50%, 4/15/2006		25,000		21,125
10.75%, 12/31/2011		50,000		47,875
CSK Auto 12%, 6/15/2006		75,000		80,625
Dana 10.125%, 3/15/2010		100,000		101,750
Dura Operating:
9%, 5/1/2009		50,000		45,750
8.625%, 4/15/2012		25,000		25,250
Stoneridge 11.50%, 5/1/2012†		50,000		48,000
United Auto Group 9.625%, 3/15/2012		50,000		48,750

				419,125

Broadcasting 3.2%

Nextmedia 10.75%, 7/1/2011		25,000		26,406
Spanish Broadcasting System
9.625%, 11/1/2009		175,000		182,000
Young Broadcasting 8.75%, 6/15/2007		51,000		49,980

				258,386

Business Services 1.0%

Iron Mountain 8.625%, 4/1/2013	$	40,000	$	42,000
Muzak 9.875%, 3/15/2009†		45,000		36,900

				78,900

Cable Systems and
Satellite Video 4.9%

CSC Holdings:
8.125%, 7/15/2009		25,000		24,156
10.50%, 5/15/2016		75,000		74,719
EchoStar 9.375%, 2/1/2009		125,000		132,813
GCI 9.75%, 8/1/2007†		70,000		56,350
PanAmSat 8.50%, 2/1/2012†		50,000		48,000
Paxson Communications 0% (12.25%**), 1/15/2009		100,000		64,000

				400,038

Chemicals 7.5%

Equistar Chemicals 10.125%, 9/1/2008		65,000		59,475
FMC 10.25%, 11/1/2009†		50,000		54,250
Huntsman ICI Chemicals 10.125%, 7/1/2009		50,000		41,750
Huntsman International 9.875%, 3/1/2009		25,000		25,125
IMC Global 10.875%, 6/1/2008		25,000		27,250

___________

† Rule 144A security.

* Non-income producing 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.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman High-Yield Bond Portfolio (continued)

		Principal
		Amount		Value
Chemicals (continued)

International Specialty Holdings 10.625%, 12/15/2009		$	50,000	$	43,750
Koppers Industry 9.875%, 12/1/2007			50,000		46,000
Lyondell Chemical:
	10.875%, 5/1/2009		100,000		86,000
	11.125%, 7/15/2012		25,000		24,750
Methanex 8.75%, 8/15/2012			100,000		106,500
Millennium America:
	9.25%, 6/15/2008		25,000		26,187
	7.625%, 11/15/2026		50,000		41,813
Resolution Performance Products 13.50%, 11/15/2012†			25,000		26,250

					609,100


Communications Infrastructure 1.5%

American Tower 9.375%, 2/1/2009			75,000		58,875
Crown Castle International 10.75%, 11/1/2011			75,000		66,000

					124,875


Consumer Products 2.9%

Armkel 9.50, 8/1/2009			25,000		27,250
Del Monte 8.625%, 12/15/2012†			25,000		25,625
JohnsonDiversey 9.625%, 5/15/2012†			50,000		52,875
Jostens 12.75%, 5/1/2010			25,000		28,500
Levi Strauss 12.25%, 12/15/2012†			50,000		49,250
Russell 9.25%, 5/1/2010			50,000		53,750

					237,250


Electrical Components and Equipment 0.9%

Tyco International Group 6.375%, 10/15/2011			75,000		70,263


Energy 9.0%

Chesapeake Energy 8.375%, 11/1/2008			125,000		130,000
Clark Refining & Marketing 8.875%, 11/15/2007			50,000		46,250
Dresser 9.375%, 4/15/2011			25,000		25,250
El Paso Energy Partnership 10.625%, 12/1/2012†			25,000		25,687
Encore Acquisition 8.375%, 6/15/2012†			125,000		130,625
Ferrellgas Partners 8.75%, 6/15/2012			50,000		52,000
Frontier Oil 9.125%, 2/15/2006			50,000		48,125
Grey Wolf 8.875%, 7/1/2007			50,000		51,250
Nuevo Energy 9.50%, 6/1/2008			100,000		103,500
Plains Exploration & Production 8.75%, 7/1/2012†			50,000		52,250
Western Resources:
	7.875%, 5/1/2007		25,000		25,340
	9.75%, 5/1/2007		50,000		45,546

					735,823

		Principal
		Amount		Value
Equipment 1.2%

Joy Global 8.75%, 3/15/2012		$	25,000	$	26,188
Williams Scotsman 9.875%, 6/1/2007			75,000		69,750

					95,938


Financial Services 5.5%

Dollar Financial Group 10.875%, 11/15/2006†			100,000		83,750
R.R. Donnelley Financial: 8.875%, 12/15/2010†			25,000		26,875
	10.875%, 12/15/2012†		50,000		54,750
Magnum Hunter Resources 9.60%, 3/15/2012			150,000		160,125
United Rentals 9.25%, 1/15/2009			25,000		20,563
Western Financial Bank 9.625%, 5/15/2012			100,000		97,500

					443,563


Funeral Services 1.2%

Service Corp. International 7.20%,
	6/1/2006		75,000		71,625
Stewart Enterprises 10.75%, 7/1/2008			25,000		27,750

					99,375


Gaming/Hotels 11.5%

Alliance Gaming 10%, 8/1/2007			75,000		78,750
Ameristar Casinos 10.75%, 2/15/2009			50,000		55,000
Felcore Lodging 9.50%, 9/15/2008			75,000		76,875
John Q. Hammons Hotels 8.875%, 5/15/2012			50,000		50,500
Hollywood Casino 11.25%, 5/1/2007			75,000		81,375
Hollywood Casino Shreveport 13%, 8/1/2006			25,000		25,875
Host Marriot 9.50%, 1/15/2007			125,000		127,500
Mandalay Resort Group:
	10.25%, 8/1/2007		50,000		55,125
	9.375%, 2/15/2010		175,000		189,000
MeriStar Hospitality 9.125%, 1/15/2011			75,000		65,625
Park Place Entertainment 9.375%, 2/15/2007			50,000		53,500
Venetian Casino Resort 11%, 6/15/2010†			75,000		78,750

					937,875


Health Care/Medical Products 1.3%

HealthSouth 7.625%, 6/1/2012			75,000		62,250
Tenet Healthcare 6.375%, 12/1/2011			50,000		45,088

					107,338


Industrial/Manufacturing 10.6%

Allied Waste North America 10%, 8/1/2009			125,000		124,688
Associated Materials 9.75%, 4/15/2012			50,000		53,000
Beazer Homes USA 8.375%, 4/15/2012			50,000		51,750
Briggs & Stratton 8.875%, 3/15/2011			25,000		27,062
Buckeye Technologies 8%, 10/15/2010			75,000		60,938
Fibermark 10.75%, 4/15/2011			50,000		50,750

__________

† Rule 144A security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman High-Yield Bond Portfolio (continued)

		Principal
		Amount		Value
Industrial/Manufacturing (continued)

Georgia-Pacific 8.125%, 5/15/2011		$	75,000	$	71,625
Grant Prideco 9%, 12/15/2009†			25,000		26,125
D.R. Horton 8%, 2/1/2009			50,000		50,250
Hovnanian K Enterprises 8.875%, 4/1/2012			50,000		48,000
Jefferson Smurfit 8.25%, 10/1/2012†			25,000		25,625
KB Home 9.50%, 2/15/2011			50,000		53,250
NMHG Holding 10%, 5/15/2009			25,000		25,125
Owens Brockway Glass Container 8.875%, 2/15/2009			50,000		51,750
Ryland Group 9.75%, 9/1/2010			25,000		27,500
Schuler Homes 10.50%, 7/15/2011			25,000		25,750
Terex 8.875%, 8/1/2008			50,000		45,312
URS 11.50%, 9/15/2009†			50,000		44,750

					863,250


Leisure 0.9%

Six Flags 8.875%, 2/1/2010			50,000		47,250
Tricon Global Restaurants 8.875%, 4/15/2011			25,000		27,250

					74,500

Media 1.6%

AMC Entertainment 9.50%, 2/15/2011			50,000		49,500
Mediacom Broadband 11%, 7/15/2013			75,000		76,500

					126,000


Paper and Packaging 8.1%

BWAY 10%, 10/15/2010†			25,000		26,063
Graham Packaging:
	8.75%, 1/15/2008		25,000		24,656
	0% (10.75%**), 1/15/2009		25,000		24,906
Graphic Packaging 8.625%, 2/15/2012			75,000		79,313
Longview Fibre 10%, 1/15/2009			50,000		52,750
Owens-Illinois:
	7.50%, 5/15/2010		75,000		69,375
	7.80%, 5/15/2018		75,000		64,125
Pliant 13%, 6/1/2010			75,000		69,187
Potlatch 10%, 7/15/2011			75,000		82,500
Riverwood International 10.875%, 4/1/2008			25,000		25,250
Tekni Plex 12.75%, 6/15/2010			50,000		47,000
Tembec Industries 7.75%, 3/15/2012			100,000		97,500

					662,625

Printing and Publishing 3.7%

American Media Operations 10.25%, 5/1/2009			50,000		52,000
Dex Media East 9.875%, 11/15/2009†			50,000		53,750
Garden State Newspapers 8.75%, 10/1/2009			75,000		76,500
Mail-Well 9.625%, 3/15/2012			25,000		22,375
Perry Judd’s Holdings 10.625%, 12/15/2007			50,000		50,313
Primedia 8.875%, 5/15/2011			25,000		22,750
TransWestern Holdings 11.875%, 11/15/2008			25,000		26,500

					304,188

		Principal
		Amount
		or Shares			Value
Restaurants and Food 1.5%

Roundy’s 8.875%, 6/15/2012		$	125,000		$	123,125


Retailing 2.5%

The Gap 10.55%, 12/15/2008			25,000			27,375
Hollywood Entertainment 9.625%, 3/15/2011			25,000			25,625
NBC Acquisition 0% (10.75%**), 2/15/2009			120,000			108,600
Rite Aid 7.125%, 1/15/2007			50,000			41,500

						203,100


Semiconductors 0.8%

Amkor Technology 9.25%, 2/15/2008			50,000			42,500
Fairchild Semiconductor 10.375%, 10/1/2007			25,000			26,375

						68,875

Steel and Metals 2.2%

Earle M. Jorgensen 9.75%, 6/1/2012			25,000			25,562
Oregon Steel Mills 10%, 7/15/2009†			25,000			25,500
Steel Dynamics 9.50%, 3/15/2009			25,000			26,313
Trimas 9.875%, 6/15/2012†			100,000			99,500

						176,875


Utilities 1.4%

El Paso 7.875%, 6/15/2012†			50,000			35,062
Midland Funding 11.75%, 7/23/2005			50,000			51,024
National Waterworks 10.50%, 12/1/2012†			25,000			26,219

						112,305

Wireless Telecommunications 3.2%

AT&T Wireless Services 8.125%,5/1/2012			25,000			25,174
Nextel Communications:
	12%, 11/1/2008		50,000			49,500
	9.375%, 11/15/2009		25,000			22,750
Qwest 8.875%, 3/15/2012†			100,000			97,499
Sprint Capital 8.375%, 3/15/2012			25,000			24,922
Triton PCS 0% (11%**), 5/1/2008			50,000			41,875

						261,720


Total Corporate Bonds
	(Cost $7,611,485)					7,705,225

Preferred Stocks 1.2%

	(Cost $90,719)

Broadcasting 1.2%

Sinclair Capital 11.625%			900	shs.		95,625


Total Investments 95.9%
	(Cost $7,702,204)					7,800,850
Other Assets Less Liabilities 4.1%						330,554


Net Assets 100.0%					$	8,131,404

_____________

† 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.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Income Portfolio
	Shares		Value
Common Stocks 58.2%

Automobiles and Components 0.8%

General Motors		230	$	8,478
Lear*		530		17,638

				26,116

Banks 5.5%

Bank of America		890		61,917
BB&T		930		34,401
Golden West Financial		200		14,362
GreenPoint Financial		310		14,006
Keycorp		780		19,609
Wachovia		960		34,982

				179,277

Capital Goods 4.6%

Deere		430		19,715
General Dynamics		270		21,430
General Electric		1,030		25,081
Illinois Tool Works		300		19,458
Lockheed Martin		960		55,440
Raytheon		340		10,455

				151,579

Chemicals 0.9%

Air Products and Chemicals		690		29,498


Communications Equipment 1.3%

Cisco Systems*		2,590		33,916
QUALCOMM*		220		7,999

				41,915

Computers and Peripherals 2.8%

Dell Computer*		990		26,507
Hewlett-Packard		1,940		33,678
International Business Machines		420		32,550

				92,735

Consumer Durables and Apparel 1.9%

Mohawk Industries*		420		23,919
Pulte Homes		820		39,253

				63,172

Consumer Staples 6.1%

Altria Group		580		23,507
Anheuser-Busch		390		18,876
Coca-Cola		980		42,944
Gillette		1,570		47,665
Kraft Foods (Class A)		430		16,740
Procter & Gamble		590		50,705

				200,437

Diversified Financials 7.0%

American Express		1,890		66,811
Bear Stearns		880		52,272
Citigroup		1,703		59,929
J.P. Morgan Chase		1,370		32,880
Merrill Lynch		220		8,349

	Shares		Value
Diversified Financials (continued)

Morgan Stanley	$	270		10,778

				231,019


Electronic Equipment and Instruments 0.2%

Waters*		300		6,534


Energy 5.4%

Amerada Hess		150		8,258
BP (ADRs)		200		8,130
Devon Energy		460		21,114
Exxon Mobil		1,914		66,875
Noble Energy		670		25,159
Occidental Petroleum		290		8,250
Rowan		560		12,712
Royal Dutch Petroleum*		360		15,847
Tidewater		310		9,641

				175,986


Health Care 7.1%

Barr Laboratories*		100		6,509
Biovail (Canada)*		240		6,338
Cardinal Health		360		21,308
Forest Labs		290		28,484
Johnson & Johnson		610		32,763
Lilly (Eli)		150		9,525
Merck		280		15,851
Mylan Laboratories		210		7,329
Pfizer		1,110		33,933
Pharmacia		520		21,736
UnitedHealth Group		360		30,060
Wyeth		510		19,074

				232,910


Insurance 2.4%

American International Group		120		6,942
Berkley (W.R.)		1,395		55,256
The PMI Group		250		7,510
Radian Group		270		10,031

				79,739

Media 2.2%

AOL Time Warner*		660		8,646
Gannett		320		22,976
Viacom (Class B)*		1,020		41,575

				73,197


Paper and Forest Products 0.8%

Weyerhaeuser		530		26,081


Retailing 3.4%

eBay*		210		14,245
Kohl’s*		140		7,833
Lowe’s		390		14,625
Michaels Stores*		320		10,016
Wal-Mart Stores		1,290		65,158

				111,877

__________

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

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Income Portfolio (continued)

		Shares or
		Principal
		Amount			Value
Semiconductor Equipment
and Products 1.6%

Analog Devices*			280	shs.	$	6,684
Applied Materials			620			8,082
Intel			1,840			28,658
Texas Instruments			560			8,406

						51,830


Software and Services 2.7%

Intuit*			230			10,800
Microsoft*			1,240			64,133
Oracle*			1,320			14,269

						89,202

Telecommunication Services 1.0%

SBC Communications			839			22,745
Sprint (FON Group)			770			11,150

						33,895


Transportation 0.5%

Burlington Northern Santa Fe			620			16,126


Total Common Stocks

	(Cost $2,046,316)					1,913,125


US Government and Government
Agency Securities 22.3%


US Government Securities 8.3%

US Government Gtd. Title XI
	(Bay Transportation) 7.30%, 6/1/2021		88,000		$	100,544
U.S. Treasury Bonds:
	6.25%, 8/15/2023		40,000			47,006
	5.375%, 2/15/2031		50,000			54,523
U.S. Treasury Notes:
	4%, 11/15/2012		70,000			71,012


Total US Government Securities

	(Cost $258,406)					273,085


Agency Securities 8.9%

FHLMC:
	4.125%, 1/17/2006		40,000			40,915
	5.50%, 7/15/2006		15,000			16,502
	4.50%, 7/23/2007		35,000			36,439
	5.75%, 4/29/2009		30,000			31,293
	4.75%, 10/11/2012		25,000			25,271
FNMA:
	3.125%, 8/15/2005		20,000			20,170
	5.25%, 8/14/2006		15,000			15,358
	5.25%, 2/22/2007		35,000			36,657
	3.50%, 10/15/2007		15,000			15,112
	5.25%, 1/15/2009		30,000			32,865

		Principal
		Amount		Value
Agency Securities (continued)

FNMA 6.25%, 7/19/2011			20,000	$	21,150


Total Agency Securities
	(Cost $283,223)				291,732


Mortgage-Backed Securities† 5.1%

FHLMC GOLD:
	4.50%, 11/1/2007		104,874		107,788
	7.50%, 10/1/2017		17,909		19,197
	8%, 12/1/2023		10,691		11,618
FNMA:
	8.50%, 10/1/2015		11,909		13,149
	8%, 6/1/2028		5,677		6,182
	6%, 9/1/2028		10,103		10,489


Total Mortgage-Backed Securities
	(Cost $163,859)				168,423


Total US Government and Government Agency Securities
	(Cost $705,488)				733,240


Corporate Bonds 20.0%

Automobiles and Components 0.7%

Ford Motor 7.375%, 2/1/2011			25,000		21,805


Banks 4.0%

Bank of America 6.25%, 4/15/2012			25,000		25,390
Key Bank 5.70%, 8/15/2012			15,000		15,974
Synovus Financial 7.25%, 12/15/2005			20,000		22,686
Wachovia Bank 4.85%, 7/30/2007			20,000		21,315
Washington Mutual 4.375%, 1/15/2008			20,000		20,402
Washington Mutual Finance 6.875%, 5/15/2011			10,000		11,179
Wells Fargo Financial 4.875%, 6/12/2007			15,000		15,122

					132,068


Capital Goods 0.3%

General Electric Capital 6.875%,
	11/15/2010		10,000		11,373


Chemicals 1.3%

Ashland 6.86%, 5/1/2009			10,000		10,229
Dow Chemical 6.125%, 2/1/2011			15,000		15,480
Valspar 6%, 5/1/2007			15,000		15,967

					41,676


Computers and Peripherals 0.4%

International Business Machines:
	4.75%, 11/29/2012		5,000		5,029
	5.875%, 11/29/2032		10,000		9,930

					14,959

_____________

* 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.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Income Portfolio (continued)

		Principal
		Amount
		or Shares		Value
Consumer Staples 1.3%

Anheuser-Busch 5.95%, 1/15/2033		$	5,000	$	5,257
Campbell Soup 5%, 12/3/2012			10,000		10,231
Gillette 3.50%, 10/15/2007			15,000		14,911
The Pepsi Bottling Group 7%, 3/1/2029			10,000		11,657

					42,056


Diversified Financials 5.8%

Bear Stearns 5.70%, 11/15/2014			10,000		10,250
CIT Group 5.50%, 11/30/2007			10,000		10,235
Countrywide Funding 5.50%, 2/1/2007			10,000		10,627
General Motors Acceptance:			20,000		22,707
	6.125%, 8/28/2007		20,000		20,258
	7.25%, 3/2/2011		15,000		15,309
Goldman Sachs Group 6.875%, 1/15/2011			10,000		10,101
Household Finance 7.875%, 3/1/2007			10,000		11,180
MBNA America Bank 7.125%, 11/15/2012			10,000		10,484
Merrill Lynch:
	6.15%, 1/26/2006		20,000		21,653
	4%, 11/15/2007		5,000		5,057
J.P. Morgan Chase 5.75%, 1/2/2013			10,000		10,146
Morgan Stanley Group 6.75%, 4/15/2011			10,000		11,131
SLM (“Sallie Mae”) 5.125%, 8/27/2012			20,000		20,551

					189,689


Energy 1.6%

Amerada Hess 7.375%, 10/1/2009			15,000		17,067
Occidental Petroleum 4%, 11/30/2007			20,000		20,303
Transocean Sedco Forex 6.95%, 4/15/2008			15,000		16,746

					54,116


Health Care 0.9%

Allegiance 7%, 10/15/2026			10,000		11,525
Merck 6.40%, 3/1/2028			15,000		16,683

					28,208

		Principal
		Amount
		or Shares		Value
Insurance 0.2%

Allstate 6.125%, 12/15/2032		$	5,000	$	5,111


Media 1.2%

AOL Time Warner 6.875%, 5/1/2012			15,000		15,874
Cox Communications 7.125%, 10/1/2012			10,000		11,127
Viacom 7.70%, 7/30/2010			10,000		11,898

					38,899


Paper and Forest Products 0.3%

MeadWestvaco 6.80%, 11/15/2032			10,000		10,199


Retailing 1.0%

AutoZone 5.875%, 10/15/2012			10,000		10,352
Safeway 7.50%, 9/15/2009			15,000		17,215
Target 7%, 7/15/2031			5,000		5,245

					32,812


Telecommunication Services 0.8%

AT&T Broadband 9.455%, 11/15/2022			10,000		11,817
AT&T Wireless 8.125%, 5/1/2012			10,000		10,070
Verizon 6.125%, 3/1/2012			5,000		5,418

					27,305


Utilities 0.2%

Florida Power & Light 5.85%, 2/1/2033			5,000		5,140


Total Corporate Bonds
	(Cost $633,774)				655,416


Total Investments 100.5%
	(Cost $3,385,578)				3,301,781
Other Assets Less Liabilities (0.5)%					(15,054	)

Net Assets 100.0%				$	3,286,727

Seligman International Growth Portfolio

Common Stocks 97.3%

Argentina 1.2%

Tenaris (ADRs) (Energy)*	2,012	shs.	$	38,671


Australia 4.2%

Commonwealth Bank of Australia (Banks)	3,600			54,699
News Corp. (ADRs) (Media)	3,200			84,000

				138,699


Austria 1.1%

Mayr-Melnhof Karton (Containers and Packaging)	500			36,967


China 0.5%

China Oilfield Services (Energy)*	70,000			17,054


Denmark 1.0%

Danske Bank (Banks)	2,100			34,683

Finland 5.1%

Fortum (Energy)		11,200	shs.	$	73,409
Nokia (ADRs) (Communications Equipment)		2,000			31,000
UPM-Kymmene (Paper and Forest Products)*		2,000			64,180

					168,589


France 5.1%

Alcatel (Communications Equipment)*		4,000			17,534
Aventis (Health Care)		1,550			84,200
Caisse Nationale de Crédit Agricole (Banks)		2,000			30,161
Total Fina Elf (ADRs) (Energy)		500			35,750

					167,645


Germany 5.8%

Bayerische Motoren Werke "BMW"
	(Automobiles and Components)	1,550			47,009

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman International Growth Portfolio (continued)

	Shares		Value
Germany (continued)

Deutsche Bank (Banks)		500	$	22,715
E.ON (Utilities)		2,050		82,661
PUMA (Consumer Durables and Apparel)		600		40,918

				193,303


Greece 0.4%

Public Power (Utilities)*		900		12,440


Hong Kong 1.6%

CNOOC (Energy)		41,500		54,279


Ireland 2.2 %

Bank of Ireland (Banks)		7,064		72,524


Israel 1.6%

Teva Pharmaceutical Industries (ADRs) (Health Care)		1,400		54,040


Italy 5.7%

ENI (Energy)		6,900		109,626
Telecom Italia Mobile “T.I.M.” (Telecommunication Services)		17,800		81,201

				190,827


Japan 11.7%

Canon (Office Electronics)		1,100		41,403
East Japan Railway (Transportation)		14		69,434
Honda Motor (Automobiles and Components)		1,200		44,358
Icom (Communications Equipment)		700		7,103
JSR ( Chemicals)		4,000		40,148
Nomura Holdings (Diversified Financial Services)		6,000		67,396
Sony (Consumer Durables and Apparel)		1,000		41,765
Takeda (Health Care)		1,800		75,177

				386,784


Mexico 1.1%

Teléfonos de México (Class L ADSs) (Telecommunication Services)		1,100		35,178


Netherlands 7.6%

ASML Holding (Semiconductor Equipment and Products)*		1,600		13,344
Gucci Group (NY shares) (Consumer Durables and Apparel)		1,000		91,600
Reed Elsevier (Media)		5,600		68,417
Unilever (ADRs) (Consumer Staples)		1,300		80,223

				253,584

Norway 1.1%

DnB Holding (Banks)		7,600		35,727


Russia 1.4%

Surgutneftegaz (ADRs) (Energy)		2,900		46,081


Singapore 0.5%

MobileOne (Asia) (Telecommunication Services)*		22,600		15,895

		Shares		Value
South Korea 3.1%

Korea Tobacco & Ginseng (GDRs)(Consumer Staples)			2,000	$	13,300
LG Micron (Electronic Equipment andInstruments)			900		23,827
Samsung Electronics (SemiconductorEquipment and Products)			200		52,949
Telson Electronics (CommunicationsEquipment)			4,000		11,534

					101,610

Spain 3.3%

Banco Bilbao Vizcaya Argentaria (Banks)			3,800		36,344
Banco Popular Espa˜nol (Banks)			1,825		74,584

					110,928

Sweden 1.6%

SKF (Capital Goods)			2,000		51,990


Switzerland 8.7%

Nestlé (Consumer Staples)			440		93,211
Novartis (Health Care)			1,400		51,066
Swiss Re (Insurance)			500		32,789
Syngenta (Chemicals)			1,600		92,604
Zurich Financial Services (Insurance)			200		18,654

					288,324

Taiwan 0.4%

Taiwan Semiconductor Manufacturing(ADRs) (Semiconductor Equipment and Products)*			1,900		13,395


United Kingdom 21.3%

Amvescap (Diversified Financial Services)*			15,900		101,852
AstraZeneca (ADRs) (Health Care)			1,400		49,126
Barclays Bank (Banks)			6,000		37,179
BHP Billiton (Metals and Mining)			10,800		57,667
BP (ADRs) (Energy)			800		32,520
British Sky Broadcasting Group (Media)*			4,350		44,738
Diageo (Consumer Staples)			2,272		24,683
Gallagher Group (ADRs) (ConsumerStaples)			1,400		54,880
GlaxoSmithKline (Health Care)			2,400		89,904
Royal Bank of Scotland Group (Banks)*			4,465		106,934
Smiths Group (Capital Goods)			1,600		17,911
Tesco (Consumer Staples)			11,800		36,845
Vodafone Group (Telecommunication Services)			2,800		50,736

					704,975

Total Investments 97.3%
	(Cost $3,303,067)				3,224,192
Other Assets Less Liabilities 2.7%					90,426

Net Assets 100.0%				$	3,314,618

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Investment Grade Fixed Income Portfolio

		Principal
		Amount		Value
US Government and Government
Agency Securities 52.5%

US Government Securities 15.6%

US Treasury Bonds:
	7.25%, 8/15/2022	$	260,000	$	338,457
	6.25%, 8/15/2023		600,000		705,094
US Treasury Notes:
	5%, 8/15/2011		20,000		21,938
	4%, 11/15/2012		345,000		349,987


Total US Government Securities
	(Cost $1,316,635)				1,415,476


Agency Securities 25.0%

FHLB:
	4.375%, 2/15/2005		100,000		105,210
FHLMC:
	3.60%, 1/28/2005		285,000		288,505
	5.25%, 1/15/2006		125,000		135,890
	4.125%, 1/17/2006		175,000		179,003
	5.50%, 7/15/2006		75,000		82,512
	4.875%, 3/15/2007		190,000		205,489
	4.50%, 7/23/2007		165,000		171,782
	5.75%, 4/29/2009		190,000		198,191
	5.875%, 3/21/2011		80,000		87,880
	4.75%, 10/11/2012		145,000		146,574
FNMA:
	2.40%, 11/19/2004		145,000		145,624
	3.125%, 8/15/2005		85,000		85,722
	5.25%, 8/15/2006		85,000		87,029
	5.25%, 3/22/2007		165,000		172,812
	3.50%, 10/15/2007		95,000		95,709
	6.25%, 7/19/2011		75,000		79,312


Total Agency Securities
	(Cost $2,210,595)				2,267,244


Mortgage-Backed Securities † 11.9%

FHLMC GOLD:
	4.50%, 11/1/2007		664,203		682,658
	6%, 11/1/2010		33,744		35,097
	7.50%, 10/1/2017		26,863		28,795
	8%, 12/1/2023		17,366		18,872
FNMA:
	8.50%, 10/1/2015		32,769		36,179
	8%, 6/1/2028		11,353		12,364
	6%, 9/1/2028		84,193		87,408

		Principal
		Amount		Value
Mortgage-Backed Securities (continued)

GNMA:
	6.50%, 12/15/2028	$	51,602	$	54,260
	6%, 12/20/2028		112,077		116,776


Total Mortgage-Backed Securities
	(Cost $1,046,869)				1,072,409


Total US Government and
Government Agency Securities
	(Cost $4,574,099)				4,755,129


Corporate Bonds 42.5%

Automobiles and Components 1.5%

Ford Motor 7.45%, 7/16/2031			155,000		135,192


Capital Goods 0.5%

General Electric Capital 6.875%,
	11/15/2010		40,000		45,491


Chemicals 1.8%

Ashland 6.86%, 5/1/2009			40,000		40,915
Dow Chemical 6.125%, 2/1/2011			70,000		72,242
Valspar 6%, 5/1/2007			50,000		53,224

					166,381


Consumer Staples 2.7%

Anheuser-Busch 5.95%, 1/15/2033			30,000		31,541
Campbell Soup 5%, 12/3/2012			50,000		51,155
Gillette 3.50%, 10/15/2007			90,000		89,468
The Pepsi Bottling Group 7%, 3/1/2029			60,000		69,940

					242,104


Energy 2.9%

Amerada Hess 7.375%, 10/1/2009			75,000		85,336
Occidental Petroleum 4%, 11/30/2007			100,000		101,515
Transocean Sedco Forex 6.95%, 4/15/2008			70,000		78,149

					265,000

Financials 24.3%

Allstate 6.125%, 12/15/2032			15,000		15,334
Bank of America 3.875%, 1/15/2008			110,000		111,716
Bear Stearns 5.70%, 11/15/2014			50,000		51,252
CIT Group 5.50%, 11/30/2007			60,000		61,408

_____________

^† 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.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Investment Grade Fixed Income Portfolio (continued)

		Principal
		Amount		Value
Corporate Bonds (continued)

Financials (continued)

Core Investment Grade 4.727%, 11/30/2007		$	520,000	$	528,915
Countrywide Funding 5.50%, 2/1/2007			70,000		74,391
EOP Operating 7.75%, 11/15/2007			100,000		113,533
General Motors Acceptance:
	6.125%, 8/28/2007		100,000		101,288
	7.25%, 3/2/2011		60,000		61,235
Goldman Sachs Group 6.875%, 1/15/2011			40,000		40,406
Household Finance 7.875%, 3/1/2007			85,000		95,034
Key Bank 5.70%, 8/15/2012			85,000		90,518
MBNA America Bank 7.125%, 11/15/2012			60,000		62,902
Merrill Lynch:
	6.15%, 1/26/2006		95,000		102,852
	4%, 11/15/2007		20,000		20,226
J.P. Morgan Chase 5.75%, 1/2/2013			50,000		50,728
Morgan Stanley Group 6.75%, 4/15/2011			90,000		100,175
SLM (“Sallie Mae”) 5.125%, 8/27/2012			100,000		102,756
Synovus Financial 7.25%, 12/15/2005			75,000		85,074
Wachovia Bank 4.85%, 7/30/2007			75,000		79,931
Washington Mutual 4.375%, 1/15/2008			120,000		122,414
Washington Mutual Finance 6.875%, 5/15/2011			40,000		44,715
Wells Fargo Financial 3.75%, 10/15/2007			85,000		85,689

					2,202,492


Health Care 1.6%

Allegiance 7%, 10/15/2026			65,000		74,912
Merck 6.40%, 3/1/2028			65,000		72,295

					147,207


Media 2.0%

AOL Time Warner 6.875%, 5/1/2012			80,000		84,663
Cox Communications 7.125%, 10/1/2012			40,000		44,509
Viacom 7.70%, 7/30/2010			45,000		53,541

					182,713

		Principal
		Amount		Value
Paper and Forest Products 0.5%

MeadWestvaco 6.80%, 11/15/2032		$	45,000	$	45,897


Retailing 2.1%

AutoZone 5.875%, 10/15/2012			65,000		67,291
Safeway 7.50%, 9/15/2009			55,000		63,122
Target 6.35%, 11/1/2032			55,000		57,691

					188,104


Technology Hardware and Equipment 0.8%

International Business Machines:
	4.75%, 11/29/2012		10,000		10,058
	5.875%, 11/29/2032		60,000		59,577

					69,635


Telecommunication Services 1.6%

AT&T Broadband 9.455%, 11/15/2022			55,000		64,994
AT&T Wireless 8.125%, 5/1/2012			40,000		40,278
Verizon 6.125%, 3/1/2012			40,000		43,343

					148,615


Utilities 0.2%

Florida Power & Light 5.85%, 2/1/2033			15,000		15,419


Total Corporate Bonds
	(Cost $3,733,008)				3,854,250


Asset-Backed Securities † 2.1%

Aerospace and Defense 2.1%

Peco Energy Transition Trust 6.05%, 3/1/2009			100,000		110,503
PP&L Transition 6.83%, 3/25/2007			75,000		80,474


Total Asset-Backed Securities
	(Cost $174,906)				190,977

Total Investments 97.1%
	(Cost $8,482,013)				8,800,356
Other Assets Less Liabilities 2.9%					266,481

Net Assets 100.0%				$	9,066,837

_____________

† 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.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Large-Cap Growth Portfolio

	Shares		Value
Common Stocks 99.3%

Automobiles and Components 2.3%

Harley-Davidson		950	$	43,890


Biotechnology 8.2%

Amgen*		1,600		77,376
Genentech*		1,000		33,160
IDEC Pharmaceuticals*		300		9,939
MedImmune*		1,400		38,024

				158,499


Capital Goods 3.6%

General Electric		2,850		69,397


Chemicals 9.9%

Air Products and Chemicals		500		21,375
Dow Chemical		2,700		80,190
Monsanto		1,421		27,354
Praxair		1,100		63,547

				192,466


Commercial Services and Supplies 2.5%

Avery Dennison		200		12,216
First Data		400		14,164
Pitney Bowes		500		16,330
Robert Half International*		400		6,444

				49,154


Communications Equipment 5.0%

Cisco Systems*		4,500		58,928
Nokia (ADRs) (Finland)		800		12,400
QUALCOMM*		700		25,452

				96,780


Computers and Peripherals 7.6%

Dell Computer*		1,500		40,163
EMC*		1,600		9,824
Hewlett-Packard		1,200		20,832
International Business Machines		1,000		77,500

				148,319


Consumer Staples 5.1%

Altria Group		500		20,265
Coca-Cola		900		39,438
PepsiCo		500		21,110
Procter & Gamble		200		17,188

				98,001


Financials 4.4%

AFLAC		1,100		33,132
American International Group		500		28,925
Citigroup		400		14,076
MBNA		500		9,510

				85,643


Health Care Equipment and Services 4.6%

Medtronic		1,600		72,960
Quest Diagnostics*		300		17,070

				90,030

	Shares		Value
Hotels, Restaurants and Leisure 2.2%

Hilton Hotels		3,400	$	43,214


Media 2.6%

Clear Channel Communications*		700		26,103
Viacom (Class B)*		600		24,456

				50,559


Paper and Forest Products 1.8%

Weyerhaeuser		700		34,447


Pharmaceuticals 19.4%

Abbot Laboratories		600		24,000
Allergan		300		17,286
Johnson & Johnson		1,800		96,678
Eli Lilly		700		44,450
Merck		700		39,627
Pfizer		3,250		99,353
Pharmacia		1,300		54,340

				375,734


Retailing 4.5%

Bed Bath & Beyond*		300		10,378
The Gap		500		7,760
Kohl’s*		100		5,595
Wal-Mart Stores		900		45,459
Williams-Sonoma*		700		19,005

				88,197


Semiconductor Equipment and Products 6.6%

Analog Devices*		400		9,548
Appied Materials		2,200		28,677
Intel		3,800		59,185
Marvell Technology Group*		400		7,562
Texas Instruments		1,500		22,515

				127,487


Software and Services 7.4%

Microsoft*		1,900		98,268
Oracle*		2,500		27,025
SAP (ADRs) (Germany)		900		17,550

				142,843


Telecommunication Services 0.6%

AT&T Wireless Services*		2,100		11,865


Transportation 1.0%

United Parcel Service (Class B)		300		18,924


T otal Investments 99.3%
(Cost $2,384,136)				1,925,449

Other Assets Less Liabilities 0.7%				12,809

Net Assets 100.0%			$	1,938,258

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Large-Cap Value Portfolio

	Shares		Value
Common Stocks 101.0%

Aerospace and Defense 8.6%

Boeing	$	4,000		131,960
Goodrich (B.F.)		8,000		146,560
United Technologies		2,000		123,880

				402,400


Automobiles and Components 2.0%

Ford Motor		10,000		93,000


Banks 10.6%

Bank of New York		6,500		155,740
FleetBoston Financial		7,040		171,072
Washington Mutual		5,000		172,650

				499,462


Capital Goods 2.1%

General Electric		4,000		97,400


Chemicals 7.2%

Dow Chemical		5,500		163,350
Praxair		3,000		173,310

				336,660


Communications Equipment 2.6%

Juniper Networks*		18,000		122,400


Computers and Peripherals 4.3%

International Business Machines		2,600		201,500


Diversified Financials 10.2%

Citigroup		5,000		175,950
Fannie Mae		2,500		160,825
J.P. Morgan Chase		6,000		144,000

				480,775


Energy 6.0%

Chevron Texaco		1,810		120,329
Transocean Sedco Forex		7,000		162,400

				282,729


Health Care Equipment and Supplies 6.3%

Baxter International		4,000		112,000
Medtronic		4,000		182,400

				294,400

		Shares		Value
Household Products 2.7%

Kimberly-Clark		$	2,700		128,169


Insurance 10.5%

Allstate			4,500		166,455
St. Paul Companies			5,500		187,275
UNUMProvident			7,800		136,812

					490,542


Multi-Utilities and Unregulated Power 4.1%

AES			21,710		65,564
El Paso			18,100		125,976

					191,540


Paper and Forest Products 5.7%

Georgia-Pacific			8,000		129,280
International Paper			4,000		139,880

					269,160


Pharmaceuticals 6.6%

Bristol-Meyers Squibb			7,000		162,050
Wyeth			3,900		145,860

					307,910


Retailing 7.6%

Costco Wholesale*			5,000		140,525
J.C. Penney			9,500		218,595

					359,120

Tobacco 3.9%

Altria Group			4,500		182,385

Total Investments 101.0%
	(Cost $6,161,820)				4,739,552

Other Assets Less Liabilities (1.0)%					(47,095	)

Net Assets 100.0%				$	4,692,457

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Portfolios of Investments

December 31, 2002

Seligman Small-Cap Value Portfolio

	Shares		Value
Common Stocks 93.8%

Aerospace and Defense 2.2%

Cubic		135,000	$	2,488,050


Chemicals 7.8%

Crompton		280,000		1,666,000
Minerals Technologies		60,000		2,589,000
NOVA Chemicals (Canada)		125,000		2,287,500
Olin		140,000		2,177,000

				8,719,500


Commercial Services and Supplies 4.4%

Korn/Ferry International		350,000		2,618,000
Pittston Brink’s Group		126,272		2,333,507

				4,951,507


Consumer Staples 8.0%

American Italian Pasta*		70,000		2,518,600
Bunge		100,000		2,406,000
Constellation Brands (Class B)*		100,000		2,371,000
Fresh Del Monte Produce		90,000		1,701,900

				8,997,500


Containers and Packaging 2.6%

Smurfit-Stone Container*		190,000		2,926,000


Energy 4.6%

Smith International*		80,000		2,609,600
Universal Compression Holdings*		134,100		2,565,333

				5,174,933


Financials 8.7%

Berkley (W.R.)		70,000		2,772,700
Commercial Federal		100,000		2,335,000
Montpelier Re Holdings*		90,000		2,592,000
The PMI Group		70,000		2,102,800

				9,802,500


Health Care Equipment and Supplies 2.3%

Edwards Lifesciences*		100,000		2,547,000


Health Care Providers and Services 4.4%

Apria Healthcare Group*		115,000		2,557,600
Oxford Health Plans*		65,000		2,369,250

				4,926,850


Household Durables 6.1%

Clayton Homes		193,300		2,354,394
Furniture Brands International*		100,000		2,385,000
Harman International Industries		35,000		2,082,500

				6,821,894


Machinery 6.9%

Mueller Industries*		80,000		2,180,000
Navistar International*		100,000		2,431,000
Stewart & Stevenson Services		220,000		3,110,800

				7,721,800

		Shares		Value

Media 4.1%

Cadmus Communications			239,650	$	2,654,124
Reader’s Digest Association			130,000		1,963,000

					4,617,124

Multi-Utilities and
Unregulated Power 2.2%

Equitable Resources			70,000		2,452,800


Paper and Forest Products 2.2%

Bowater			60,000		2,517,000


Pharmaceuticals and Biotechnology 8.1%

Enzon*			140,000		2,347,100
Eon Labs*			124,200		2,359,800
Pharmacopeia*			240,000		2,136,000
Protein Design Labs*			270,000		2,296,350

					9,139,250


Real Estate 1.4%

Innkeepers USA Trust			198,000		1,516,680


Retailing 7.8%

American Eagle Outfitters*			140,000		1,927,100
Fred’s			92,187		2,369,667
Urban Outfitters*			90,000		2,116,800
The Wet Seal (Class A)*			212,500		2,296,062

					8,709,629


Technology Hardware and
Equipment 7.9%

Agere Systems (Class A)*			2,000,000		2,880,000
Skyworks Solutions			366,000		3,153,090
Trimble Navigation*			231,000		2,863,245

					8,896,335


Transportation 2.1%

Continental Airlines*			330,000		2,392,500


Total Common Stocks
	(Cost $118,200,447)				105,318,852

Repurchase Agreement 2.2%
	(Cost $2,500,000)				2,500,000


T otal Investments 96.0%
	(Cost $120,700,447)				107,818,852

Other Assets Less Liabilities 4.0%					4,505,634

Net Assets 100.0%				$	112,324,486

_____________

* Non-income producing security.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Assets and Liabilities

December 31, 2002

				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	$	14,128,251		$	-	$	12,920,171		$	54,564,488		$	6,988,888
Repurchase agreements		-			1,200,000		-			7,000,000			-
Other short-term holdings		-			6,593,904		-			-			-

Total Investments		14,128,251			7,793,904		12,920,171			61,564,488			6,988,888
Cash		627,076			91,523		57,074			29,976			117,505
Receivable for securities sold		52,000			-		-			38,564			13,250
Interest and dividends receivable		3,316			33		13,540			10,592			1,546
Receivable for Capital Stock sold		1,319			3,258		1,267			7,099			2,302
Other		1,151			5,590		1,022			5,068			559

Total Assets		14,813,113			7,894,308		12,993,074			61,655,787			7,124,050


Liabilities:

Payable for securities purchased		47,412			-		-			172,253			5,235
Payable for Capital Stock redeemed		4,400			3,587		33,768			43,996			2,889
Payable to the Manager		3,765			2,680		4,535			40,473			4,633
Accrued expenses and other		33,434			18,363		24,054			86,111			22,376

Total Liabilities		89,011			24,630		62,357			342,833			35,133

Net Assets	$	14,724,102		$	7,869,678	$	12,930,717		$	61,312,954		$	7,088,917


Composition of Net Assets:

Capital Stock, $0.001 at par	$	1,779		$	7,872	$	1,657		$	7,627		$	735
Additional paid-in capital		30,666,134			7,861,806		18,715,846			129,698,932			9,776,724
Undistributed/accumulated net investment income (loss)		(4,233	)		-		156,185			(3,709	)		(3,126	)
Accumulated net realized loss		(16,492,810	)		-		(4,828,679	)		(47,648,536	)		(2,209,630	)
Net unrealized appreciation (depreciation)of investments		553,232			-		(1,114,292	)		(20,741,360	)		(475,786	)
Net Assets	$	14,724,102		$	7,869,678	$	12,930,717		$	61,312,954		$	7,088,917

Class 1	$	11,832,621		$	7,869,678	$	12,930,717		$	53,769,437		$	7,088,917
Class 2	$	2,891,481							$	7,543,517
Shares of Capital Stock Outstanding:
Class 1		1,428,124			7,872,064		1,657,287			6,682,579			735,383

Class 2		350,670								944,444

Net Asset Value per Share:

Class 1	$	8.29		$	1.00	$	7.80		$	8.05		$	9.64
Class 2	$	8.25							$	7.99

__________
* Cost of investments are as follows:	$	13,575,019		$	7,793,904	$	14,034,463		$	82,305,848		$	7,464,674
See Notes to Financial Statements

Seligman Portfolios, Inc.

Statements of Assets and Liabilities

December 31, 2002

				Seligman			Seligman			Seligman
	Seligman			Global Smaller			Global			High-Yield			Seligman
	Global Growth			Companies			Technology			Bond			Income
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Assets:

Investments, at value* (see portfolios of investments):
Long-term holdings	$	2,627,319		$	5,766,108		$	10,208,013		$	7,800,850		$	3,301,781

Cash**		14,210			160,929			812,744			205,233			-
Receivable for securities sold		-			3,137			-			-			-
Interest and dividends receivable		7,735			9,989			4,149			172,257			19,416
Receivable for Capital Stock sold		6,352			24,970			23			1,506			2,579
Receivable from associated companies		-			2,948			-			-			633
Other		194			439			876			559			196

Total Assets		2,655,810			5,968,520			11,025,805			8,180,405			3,324,605


Liabilities:

Payable for securities purchased		1,108			4,236			26,470			26,559			-
Payable for Capital Stock redeemed		6,672			26,512			6,685			1,888			3,319
Payable to the Manager		911			-			1,953			3,476			-
Bank overdraft		-			-			-			-			17,296
Accrued expenses and other		13,606			22,715			31,614			17,078			17,263

Total Liabilities		22,297			53,463			66,722			49,001			37,878

Net Assets	$	2,633,513		$	5,915,057		$	10,959,083		$	8,131,404		$	3,286,727

Composition of Net Assets:

Capital Stock, $0.001 at par	$	864		$	759		$	1,238		$	1,668		$	431
Additional paid-in capital		4,984,033			8,918,335			27,715,671			21,276,137			4,121,906
Undistributed/accumulated net
investment income (loss)		(2,702	)		(3,211	)		(2,750	)		907,315			69,035
Accumulated net realized loss		(2,138,792	)		(2,350,192	)		(14,435,215	)		(14,152,362	)		(820,848	)
Net unrealized appreciation of investments		(340,615	)		(882,713	)		(2,563,849	)		98,646			(83,797	)
Net unrealized appreciation (depreciation)
on translation of assets and liabilities
denominated in foreign currencies and
forward currency contracts		130,725			232,079			243,988			-			-

Net Assets	$	2,633,513		$	5,915,057		$	10,959,083		$	8,131,404		$	3,286,727

Class 1	$	2,633,513		$	5,915,057		$	9,360,591		$	8,131,404		$	3,286,727
Class 2							$	1,598,492
Shares of Capital Stock Outstanding:
Class 1		863,501			758,957			1,056,858			1,668,085			431,488

Class 2								181,192

Net Asset Value per Share:

Class 1	$	3.05		$	7.79		$	8.86		$	4.87		$	7.62
Class 2							$	8.82

__________
* Cost of investments are as follows:	$	2,837,869		$	6,417,640		$	12,528,254		$	7,702,204		$	3,385,578
** Includes foreign currencies as follows:	$	3,451		$	9,213		$	158,749		$	-		$	-
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Assets and Liabilities

December 31, 2002

	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	$	3,224,192		$	8,800,356		$	1,925,449		$	4,739,552		$	105,318,852
Repurchase agreement		-			-			-			-			2,500,000

Total Investments		3,224,192			8,800,356			1,925,449			4,739,552			107,818,852
Cash**		94,935			173,637			33,435			-			-
Interest and dividends receivable		15,350			112,886			2,275			19,196			60,800
Receivable for Capital Stock sold		1,391			6,545			1,908			3,209			5,524,529
Other		216			348			154			342			6,217

Total Assets		3,336,084			9,093,772			1,963,221			4,762,299			113,410,398


Liabilities:

Payable for securities purchased		2,837			-			13,056			-			799,500
Payable for Capital Stock redeemed		1,716			6,886			1,624			1,814			98,723
Payable to the Manager		1,841			3,042			399			3,352			91,073
Bank overdraft		-			-			-			53,021			5,038
Accrued expenses and other		15,072			17,007			9,884			11,655			91,578

Total Liabilities		21,466			26,935			24,963			69,842			1,085,912

Net Assets	$	3,314,618		$	9,066,837		$	1,938,258		$	4,692,457		$	112,324,486

Composition of Net Assets:

Capital Stock, $0.001 at par	$	493		$	839		$	401		$	668		$	10,331
Additional paid-in capital		6,760,712			8,548,416			5,272,207			6,927,409			124,102,094
Undistributed/accumulated net
investment income (loss)		(3,956	)		308,342			(1,432	)		69,461			(2,115	)
Undistributed/accumulated net
realized gain (loss)		(3,365,100	)		(109,103	)		(2,874,231	)		(882,813	)		1,095,771
Net unrealized appreciation (depreciation)
of investments		(312,634	)		318,343			(458,687	)		(1,422,268	)		(12,881,595	)
Net unrealized appreciation
on translation of assets and liabilities
denominated in foreign currencies and
forward currency contracts		235,103			-			-			-			-

Net Assets	$	3,314,618		$	9,066,837		$	1,938,258		$	4,692,457		$	112,324,486

Class 1	$	3,314,618		$	9,066,837		$	1,938,258		$	4,692,457		$	103,770,013
Class 2													$	8,554,473
Shares of Capital Stock Outstanding:
Class 1		493,095			839,481			401,335			668,316			9,543,220

Class 2														788,277

Net Asset Value per Share:

Class 1	$	6.72		$	10.80		$	4.83		$	7.02		$	10.87
Class 2													$	10.85

__________
* Cost of investments are as follows:	$	3,303,067		$	8,482,013		$	2,384,136		$	6,161,820		$	120,700,447
** Includes foreign currencies as follows:	$	6,064		$	-		$	-		$	-		$	-
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Operations

For the Year Ended December 31, 2002

				Seligman		Seligman			Seligman
	Seligman			Cash		Common			Communications			Seligman
	Capital			Management		Stock			and Information			Frontier
	Portfolio			Portfolio		Portfolio			Portfolio			Portfolio
Investment Income:

Dividends*	$	63,726		$	-	$	272,659		$	87,363		$	27,422
Interest		4,008			157,715		776			103,624			3,047

Total Investment Income		67,734			157,715		273,435			190,987			30,469

Expenses:

Management fees		81,162			37,664		74,068			666,520			75,190
Shareholder account services		26,821			-		-			53,153			-
Auditing fees		15,695			10,491		14,664			49,223			10,565
Custody and related services		14,868			2,799		10,365			45,108			18,789
Shareholder reports and communications		11,994			1,936		3,431			20,061			8,679
Distribution and service fees - Class 2		8,373			-		-			28,806			-
Registration		6,013			-		1,954			21,539			3,332
Directors’ fees and expenses		4,185			5,287		4,102			5,728			4,271
Legal fees		165			1,101		286			-			981
Miscellaneous		2,773			6,064		1,879			7,464			1,715

Total Expenses Before Reimbursement		172,049			65,342		110,749			897,602			123,522

Reimbursement of expenses		(1,355	)		-		-			-			-
Total Expenses After Reimbursement		170,694			65,342		110,749			897,602			123,522

Net Investment Income (Loss)		(102,960	)		92,373		162,686			(706,615	)		(93,053	)

Net Realized and Unrealized Gain
(Loss) on Investments:

Net realized loss on investments		(6,963,490	)		-		(2,992,585	)		(21,485,266	)		(1,726,157	)
Net change in unrealized appreciation
of investments		(1,896,671	)		-		(2,999,136	)		(23,476,034	)		(1,374,859	)

Net Loss on Investments		(8,860,161	)		-		(5,991,721	)		(44,961,300	)		(3,101,016	)

Increase (Decrease) in Net Assets From
Operations	$	(8,963,121	)	$	92,373	$	(5,829,035	)	$	(45,667,915	)	$	(3,194,069	)


__________
* Net of foreign tax withheld as follows:	$	-		$	-	$	-		$	-		$	25
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Operations

For the Year Ended December 31, 2002

	Seligman			Seligman			Seligman			Seligman
	Global			Global Smaller			Global			High-Yield			Seligman
	Growth			Companies			Technology			Bond			Income
	Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
Investment Income:

Dividends*	$	53,172		$	61,335		$	36,844			51,935		$	33,771
Interest		1,340			2,355			17,391			953,747			77,201

Total Investment Income		54,512			63,690			54,235			1,005,682			110,972

Expenses:

Management fees		35,519			80,577			159,972			51,653			15,340
Shareholder account services		-			-			26,583			-			-
Auditing fees		7,318			9,834			13,473			10,535			7,490
Custody and related services		23,609			74,268			66,175			21,743			19,681
Shareholder reports and communications		1,299			2,040			10,389			2,343			1,497
Distribution and service fees - Class 2		-			-			3,256			-			-
Registration		77			401			5,119			1,327			863
Directors’ fees and expenses		4,254			4,193			4,510			4,314			3,862
Legal fees		621			907			366			1,014			732
Miscellaneous		1,068			1,100			2,165			1,532			785

Total Expenses Before Reimbursement		73,765			173,320			292,008			94,461			50,250

Reimbursement of expenses		(24,042	)		(60,510	)		(64,791	)		-			(13,815	)
Total Expenses After Reimbursement		49,723			112,810			227,217			94,461			36,435

Net Investment Income (Loss)		4,789			(49,120	)		(172,982	)		911,221			74,537

Net Realized and Unrealized Gain
(Loss) on Investments and Foreign
Currency Transactions:

Net realized loss on investments		(870,935	)		(1,587,547	)		(5,104,672	)		(2,687,333	)		(409,240	)

Net realized gain (loss) from foreign currency transactions		57,563			(32,280	)		124,499			-			-
Net change in unrealized appreciation/depreciation of investments		(398,010	)		(1,071,609	)		(1,960,769	)		1,256,211			(157,141	)
Net change in unrealized depreciation on
translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts		170,385			486,186			377,947			-			-

Net Loss on Investments and Foreign
Currency Transactions		(1,040,997	)		(2,205,250	)		(6,562,995	)		(1,431,122	)		(566,381	)

Decrease in Net Assets From
Operations	$	(1,036,208	)	$	(2,254,370	)	$	(6,735,977	)	$	(519,901	)	$	(491,844	)

__________
* Net of foreign tax withheld as follows:	$	4,778		$	5,620		$	4,762			-		$	8
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Operations

For the Year Ended December 31, 2002

	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*	$	76,896		$	-	$	20,945		$	144,873		$	811,073
Interest		365			379,206		72			69			53,475

Total Investment Income		77,261			379,206		21,017			144,942			864,548

Expenses:

Management fees		40,978			31,809		19,167			50,933			1,283,723
Shareholder account services		-			-		-			-			35,570
Auditing fees		7,627			9,618		6,887			9,121			72,215
Custody and related services		24,453			13,627		5,327			3,908			38,634
Shareholder reports and communications		1,499			2,001		1,551			1,800			28,269
Distribution and service fees - Class 2		-			-		-			-			15,245
Registration		143			1,227		367			662			10,816
Directors’ fees and expenses		3,888			3,958		4,691			4,615			7,054
Interest expense		-			-		-			-			26,857
Legal fees		442			1,046		332			1,008			10,006
Miscellaneous		1,258			1,619		1,591			1,580			7,120

Total Expenses Before Reimbursement		80,288			64,905		39,913			73,627			1,535,509

Reimbursement of expenses		(22,917	)		-		(8,423	)		-			-
Total Expenses After Reimbursement		57,371			64,905		31,490			73,627			1,535,509

Net Investment Income (Loss)		19,890			314,301		(10,473	)		71,315			(670,961	)

Net Realized and Unrealized Gain
(Loss) on Investments and Foreign
Currency Transactions:

Net realized gain (loss) on investments		(1,024,863	)		145,230		(1,080,762	)		(666,561	)		1,100,535
Net realized gain from foreign
currency transactions		116,696			-		-			-			-
Net change in unrealized appreciation/depreciation
of investments		(158,902	)		293,181		(235,167	)		(1,932,056	)		(30,469,742	)
Net change in unrealized depreciation on
translation of assets and liabilities
denominated in foreign currencies
and forward currency contracts		305,018			-		-			-			-

Net Gain (Loss) on Investments and Foreign
Currency Transactions		(762,051	)		438,411		(1,315,929	)		(2,598,617	)		(29,369,207	)

Increase (Decrease) in Net Assets From
Operations	$	(742,161	)	$	752,712	$	(1,326,402	)	$	(2,527,302	)	$	(30,040,168	)


__________
* Net of foreign tax withheld as follows:	$	9,280		$	-	$			$	-		$	6,055
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman Capital Portfolio						Seligman Cash Management Portfolio						Seligman Common Stock Portfolio

		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,

		2002			2001			2002			2001			2002			2001

Operations:

Net investment income (loss)		$	(102,960	)	$	(100,165	)	$	92,373		$	562,209		$	162,686		$	163,160
Net realized gain (loss) on investments			(6,963,490	)		(9,249,754	)		-			-			(2,992,585	)		(1,188,028	)
Net change in unrealized appreciation/
depreciation of investments			(1,896,671	)		2,958,885			-			-			(2,999,136	)		(2,843,798	)

Increase (Decrease) in Net Assets
From Operations			(8,963,121	)		(6,391,034	)		92,373			562,209			(5,829,035	)		(3,868,666	)

Distributions to Shareholders:

Net investment income - Class 1*			-			(28,303	)		(92,373	)		(562,209	)		(162,643	)		(278,079	)
Net realized short-term gain
on investments:*
	Class 1		-			(4,599,251	)		(2,266	)		-			-			(343,284	)

	Class 2		-			(709,790	)		-			-			-			-

Net realized long-term gain
on investments:

	Class 1		-			(5,091,018	)		-			-			-			(2,472,028	)

	Class 2		-			(785,683	)		-			-			-			-

Decrease in Net Assets
From Distributions			-			(11,214,045	)		(94,639	)		(562,209	)		(162,643	)		(3,093,391	)

Capital Share Transactions:

Proceeds from sale of shares:
	Class 1		885,131			3,441,538			10,885,722			112,248,040			3,534,348			26,046,078
	Class 2		1,444,804			2,930,647			-			-			-			-
Value of shares issued in payment of:
	Dividends - Class 1		-			28,303			92,373			562,209			162,643			278,079
	Gain distributions:
	Class 1		-			9,690,269			2,266			-			-			2,815,312
	Class 2		-			1,495,473			-			-			-			-

Total			2,329,935			17,586,230			10,980,361			112,810,249			3,696,991			29,139,469

Cost of shares redeemed:
	Class 1		(5,885,787	)		(10,152,891	)		(15,319,579	)		(112,917,253	)		(8,530,462	)		(31,159,369	)
	Class 2		(898,718	)		(393,286	)		-			-			-			-

Total			(6,784,505	)		(10,546,177	)		(15,319,579	)		(112,917,253	)		(8,530,462	)		(31,159,369	)

Increase (Decrease) in Net Assets From
Capital Share Transactions			(4,454,570	)		7,040,053			(4,339,218	)		(107,004	)		(4,833,471	)		(2,019,900	)

Increase (Decrease) in Net Assets			(13,417,691	)		(10,565,026	)		(4,341,484	)		(107,004	)		(10,825,149	)		(8,981,957	)
Net Assets:

Beginning of year			28,141,793			38,706,819			12,211,162			12,318,166			23,755,866			32,737,823

End of Year **		$	14,724,102		$	28,141,793		$	7,869,678		$	12,211,162		$	12,930,717		$	23,755,866

__________
*	For tax purposes, these distributions are
	considered ordinary income.
**	Including undistributed net investment
	income (net of accumulated net investment
	loss) as follows:	$	(4,233	)	$	(5,509	)	$	-		$	-		$	156,185		$	157,113
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman						Seligman						Seligman
		Communications and						Frontier						Global Growth
		Information Portfolio						Portfolio						Portfolio

		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,

		2002			2001			2002			2001			2002			2001

Operations:

Net investment income (loss)		$	(706,615	)	$	(661,649	)	$	(93,053	)	$	(54,239	)	$	4,789		$	7,927
Net realized loss on investments			(21,485,266	)		(18,830,147	)		(1,726,157	)		(437,422	)		(870,935	)		(1,230,578	)
Net realized gain (loss) from foreign
currency transactions			-			-			-			-			57,563			(63,730	)
Net change in unrealized appreciation/
depreciation of investments			(23,476,034	)		23,536,146			(1,374,859	)		(892,119	)		(398,010	)		(102,735	)

Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts			-			-			-			-			170,385			(165,513	)

Increase (Decrease) in Net Assets
From Operations			(45,667,915	)		4,044,350			(3,194,069	)		(1,383,780	)		(1,036,208	)		(1,554,629	)

Distributions to Shareholders:

Net investment income - Class 1*			-			-			-			-			-			-
Net realized short-term gain
on investments - Class 1*			-			-			-			-			-			(421,269	)
Net realized long-term gain
on investments:
	Class 1		-			(21,538,858	)		-			(910,887	)		-			(2,661,546	)

	Class 2		-			(3,112,342	)		-			-			-			-

Decrease in Net Assets
From Distributions			-			(24,651,200	)		-			(910,887	)		-			(3,082,815	)

Capital Share Transactions:

Proceeds from sale of shares:

	Class 1		8,745,627			24,384,089			3,047,504			22,190,724			1,564,958			4,467,914

	Class 2		13,752,873			23,787,944			-			-			-			-

Value of shares issued in payment of
	gain distributions:
	Class 1		-			21,538,858			- 910,887			- 3,082,815
	Class 2		-			3,112,342			-			-			-			-

Total			22,498,500			72,823,233			3,047,504			23,101,611			1,564,958			7,550,729

Cost of shares redeemed:
	Class 1		(29,204,127	)		(44,047,037	)		(5,938,338	)		(24,644,354	)		(2,554,205	)		(6,602,136	)
	Class 2		(16,273,901	)		(13,932,359	)		-			-			-			-

Total			(45,478,028	)		(57,979,396	)		(5,938,338	)		(24,644,354	)		(2,554,205	)		(6,602,136	)

Increase (Decrease) in Net Assets From
Capital Share Transactions			(22,979,528	)		14,843,837			(2,890,834	)		(1,542,743	)		(989,247	)		948,593

Decrease in Net Assets			(68,647,443	)		(5,763,013	)		(6,084,903	)		(3,837,410	)		(2,025,455	)		(3,688,851	)
Net Assets:

Beginning of year			129,960,397			135,723,410			13,173,820			17,011,230			4,658,968			8,347,819

End of Year **		$	61,312,954		$	129,960,397		$	7,088,917		$	13,173,820		$	2,633,513		$	4,658,968


___________
*	For tax purposes, these distributions are
	considered ordinary income.
**	Net of accumulated net investment
	loss as follows:	$	(3,709	)	$	(4,268	)	$	(3,126	)	$	(3,673	)	$	(2,702	)	$	(5,539	)
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman						Seligman						Seligman
		Global Smaller						Global Technology						High-Yield
		Companies Portfolio						Portfolio						Bond Portfolio

		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,

		2002			2001			2002			2001			2002			2001

Operations:

Net investment income (loss)		$	(49,120	)	$	(56,596	)	$	(172,982	)	$	(204,723	)	$	911,221		$	1,408,551
Net realized loss on investments			(1,587,547	)		(243,212	)		(5,104,672	)		(8,298,427	)		(2,687,333	)		(6,794,756	)
Net realized gain (loss) from foreign
currency transactions			(32,280	)		(476,193	)		124,499			(219,215	)		-			-
Net change in unrealized appreciation/
depreciation of investments			(1,071,609	)		(1,509,428	)		(1,960,769	)		2,684,661			1,256,211			3,266,289

Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts			486,186			140,094			377,947			(628,320	)		-			-

Decrease in Net Assets
From Operations			(2,254,370	)		(2,145,335	)		(6,735,977	)		(6,666,024	)		(519,901	)		(2,119,916	)

Distributions to Shareholders:

Net investment income - Class 1*			-			-			-			-			(1,401,014	)		(2,259,945	)
Net realized short-term gain
on investments:*
	Class 1		-			-			-			(33,491	)		-			-
	Class 2		-			-			-			(5,773	)		-			-
Net realized long-term gain
on investments:
	Class 1		-			(1,508,230	)		-			(3,116,989	)		-			-
	Class 2		-			-			-			(537,287	)		-			-

Decrease in Net Assets
From Distributions			-			(1,508,230	)		-			(3,693,540	)		(1,401,014	)		(2,259,945	)

Capital Share Transactions:

Proceeds from sale of shares:
	Class 1		3,476,932			5,268,951			3,577,246			8,770,914			5,211,833			11,738,568
	Class 2		-			-			8,528,574			2,622,848			-			-
Value of shares issued in payment of:
	Dividends - Class 1		-			-			-			-			1,401,014			2,259,945
	Gain distributions:
	Class 1		-			1,508,230			-			3,150,480			-			-
	Class 2		-			-			-			543,060			-			-

Total			3,476,932			6,777,181			12,105,820			15,087,302			6,612,847			13,998,513

Cost of shares redeemed:
	Class 1		(5,324,941	)		(7,415,944	)		(6,961,115	)		(9,763,132	)		(9,070,122	)		(12,189,154	)
	Class 2		-			-			(9,201,732	)		(1,982,091	)		-			-

Total			(5,324,941	)		(7,415,944	)		(16,162,847	)		(11,745,223	)		(9,070,122	)		(12,189,154	)

Increase (Decrease) in Net Assets From
Capital Share Transactions			(1,848,009	)		(638,763	)		(4,057,027	)		3,342,079			(2,457,275	)		1,809,359

Decrease in Net Assets			(4,102,379	)		(4,292,328	)		(10,793,004	)		(7,017,485	)		(4,378,190	)		(2,570,502	)
Net Assets:

Beginning of year			10,017,436			14,309,764			21,752,087			28,769,572			12,509,594			15,080,096

End of Year **		$	5,915,057		$	10,017,436		$	10,959,083		$	21,752,087		$	8,131,404		$	12,509,594


__________
*	For tax purposes, these distributions are
	considered ordinary income.
**	Including undistributed net investment
	income (net of accumulated net investment
	loss) as follows:	$	(3,211	)	$	(5,535	)	$	(2,750	)	$	(3,107	)	$	907,315		$	1,404,678
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman						Seligman						Seligman
		Income						International Growth						Investment Grade
		Portfolio						Portfolio						Fixed Income Portfolio

		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,

		2002			2001			2002			2001			2002			2001

Operations:

Net investment income		$	74,537		$	160,518		$	19,890		$	19,843		$	314,301		$	363,537
Net realized gain (loss) on investments			(409,240	)		(151,802	)		(1,024,863	)		(1,170,348	)		145,230			88,103
Net realized gain (loss) from foreign
currency transactions			-			-			116,696			(63,653	)		-			-
Net change in unrealized appreciation/
depreciation of investments			(157,141	)		(111,133	)		(158,902	)		(237,497	)		293,181			(110,694	)

Net change in unrealized appreciation/
depreciation on translation of assets
and liabilities denominated in foreign
currencies and forward currency contracts			-			-			305,018			(254,737	)		-			-

Increase (Decrease) in Net Assets
From Operations			(491,844	)		(102,417	)		(742,161	)		(1,706,392	)		752,712			340,946

Distributions to Shareholders:
Net investment income - Class 1*			(156,414	)		(214,337	)		-			-			(362,852	)		(349,249	)

Decrease in Net Assets
From Distributions			(156,414	)		(214,337	)		-			-			(362,852	)		(349,249	)

Capital Share Transactions:

Proceeds from sale of shares - Class 1			1,640,013			1,800,250			2,364,454			27,379,387			4,916,541			5,886,747
Value of shares issued in payment of
dividends - Class 1			156,414			214,337			-			-			362,852			349,249

Total			1,796,427			2,014,587			2,364,454			27,379,387			5,279,393			6,235,996

Cost of shares redeemed:
	Class 1		(2,320,229	)		(2,878,577	)		(3,100,763	)		(28,029,388	)		(3,704,996	)		(5,607,732	)
	Class 2		-			-			-			-			-			-

Total			(2,320,229	)		(2,878,577	)		(3,100,763	)		(28,029,388	)		(3,704,996	)		(5,607,732	)

Increase (Decrease) in Net Assets From
Capital Share Transactions			(523,802	)		(863,990	)		(736,309	)		(650,001	)		1,574,397			628,264

Increase (Decrease) in Net Assets			(1,172,060	)		(1,180,744	)		(1,478,470	)		(2,356,393	)		1,964,257			619,961
Net Assets:

Beginning of year			4,458,787			5,639,531			4,793,088			7,149,481		$	7,102,580			6,482,619

End of Year **		$	3,286,727		$	4,458,787		$	3,314,618		$	4,793,088		$	9,066,837		$	7,102,580


__________
*	For tax purposes, these distributions are considered
	ordinary income.
**	Including undistributed net investment
	income (net of accumulated net investment loss) as follows:	$	69,035		$	154,440		$	(3,956	)	$	(8,001	)	$	308,342		$	356,893
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Statements of Changes in Net Assets

		Seligman						Seligman						Seligman
		Large-Cap Growth						Large-Cap Value						Small-Cap Value
		Portfolio						Portfolio						Portfolio †

		Year Ended December 31,						Year Ended December 31,						Year Ended December 31,

		2002			2001			2002			2001			2002			2001

Operations:

Net investment income (loss)		$	(10,473	)	$	(1,542	)	$	71,315		$	72,256		$	(670,961	)	$	(153,209	)
Net realized gain (loss) on investments			(1,080,762	)		(1,581,484	)		(666,561	)		(211,612	)		1,100,535			1,998,203
Net change in unrealized appreciation/
depreciation of investments			(235,167	)		570,437			(1,932,056	)		(377,822	)		(30,469,742	)		15,045,255

Increase (Decrease) in Net Assets
From Operations			(1,326,402	)		(1,012,589	)		(2,527,302	)		(517,178	)		(30,040,168	)		16,890,249

Distributions to Shareholders:

Net investment income - Class 1*			-			(6,132	)		(71,167	)		(80,066	)		-			-
Net realized short-term gain
on investments:*
	Class 1		-			(194,797	)		-			(24,020	)		(1,234,243	)		(230,278	)
	Class 2		-			-			-			-			(106,327	)		(10,167	)
Net realized long-term gain
on investments:

	Class 1		-			(201,400	)		-			(15,285	)		(246,849	)		-

	Class 2		-			-			-			-			(21,265	)		-

Decrease in Net Assets
From Distributions			-			(402,329	)		(71,167	)		(119,371	)		(1,608,684	)		(240,445	)

Capital Share Transactions:

Proceeds from sale of shares:
	Class 1		2,188,376			3,188,503			4,846,616			8,351,407			95,584,009			88,823,639
	Class 2		-			-			-			- 11,559,635			7,248,910
Value of shares issued in payment of:
	Dividends - Class 1		-			6,132			71,167			80,066			-			-
	Gain distributions:
	Class 1		-			396,197			-			39,305			1,481,092			230,278
	Class 2		-			-			-			- 127,592			10,167

Total			2,188,376			3,590,832			4,917,783			8,470,778			108,752,328			96,312,994

Cost of shares redeemed:
	Class 1		(2,853,687	)		(3,501,157	)		(5,334,818	)		(6,182,781	)		(63,639,344	)		(21,634,280	)
	Class 2		-			-			-			-			(6,408,057	)		(2,554,826	)

Total			(2,853,687	)		(3,501,157	)		(5,334,818	)		(6,182,781	)		(70,047,401	)		(24,189,106	)

Increase (Decrease) in Net Assets From
Capital Share Transactions			(665,311	)		89,675			(417,035	)		2,287,997			38,704,927			72,123,888

Increase (Decrease) in Net Assets			(1,991,713	)		(1,325,243	)		(3,015,504	)		1,651,448			7,056,075			88,773,692
Net Assets:

Beginning of year			3,929,971			5,255,214			7,707,961			6,056,513			105,268,411			16,494,719

End of Year **		$	1,938,258		$	3,929,971		$	4,692,457		$	7,707,961		$	112,324,486		$	105,268,411


__________
*	For tax purposes, these distributions are considered
	ordinary income.
**	Including undistributed net investment
	income (net of accumulated net investment loss) as follows:	$	(1,432	)	$	(1,311	)	$	69,461		$	69,313		$	(2,115	)	$	(1,911	)
†	The Portfolio began offering Class 2 shares on May 1, 2001.
See Notes to Financial Statements.

Seligman Portfolios, Inc.

Notes to Financial Statements

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 Portfolio (“Income 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.

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.

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. The following summarizes the significant accounting policies of the Fund:

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 net asset values.

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 December 31, 2002, was substantially the same as its cost.

Seligman Portfolios, Inc.

Notes to Financial Statements

The Portfolios separate that portion of the results of operations resulting from changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held in the portfolios. Similarly, the Portfolios separate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period.

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.

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.

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 Fund is informed of the dividend.

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 year ended December 31, 2002, 12b-1 fees were the only class-specific expenses.

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. The repurchase agreements held as of December 31, 2002 matured pursuant to their terms.

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 US Government obligations and shortterm investments, for the year ended December 31, 2002, were as follows:

Portfolio	Purchases		Sales		Portfolio	Purchases		Sales

Capital	$	25,779,759	$	30,573,623	High-Yield Bond	$	16,526,313	$	19,072,736
Common Stock		24,337,896		28,806,183	Income		5,403,739		6,056,964
Communications and Information		75,778,932		91,883,312	International Growth		7,278,947		8,010,689
Frontier		8,173,675		10,917,023	Investment Grade		10,546,063		9,350,122
Global Growth		4,874,385		5,715,800	Large-Cap Growth		2,179,452		2,736,840
Global Smaller Companies		7,270,124		8,949,833	Large-Cap Value		1,390,141		1,573,289
Global Technology		21,523,606		23,313,160	Small-Cap Value		89,124,737		71,462,715

For the year ended December 31, 2002, purchases and sales of US Government obligations were $2,877,258 and $2,639,144, respectively, for the Income Portfolio, and $12,610,610 and $11,461,108, respectively, for the Investment Grade Portfolio. Identified cost of investments sold is used for both financial reporting and federal income tax purposes.

Notes to Financial Statements

Seligman Portfolios, Inc.

At December 31, 2002, 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:

	Unrealized		Unrealized			Unrealized		Unrealized
Portfolio	Appreciation		Depreciation		Portfolio	Appreciation		Depreciation

Capital	$	1,299,170	$	745,938	High-Yield Bond	$	226,281	$	127,635
Common Stock		320,414		1,434,706	Income		92,384		176,181
Communications and Information		1,863,004		22,604,364	International Growth		166,862		245,737
Frontier		559,225		1,035,011	Investment Grade		318,816		473
Global Growth		105,959		316,509	Large-Cap Growth		32,210		490,897
Global Smaller Companies		429,400		1,080,932	Large-Cap Value		219,924		1,642,192
Global Technology		699,036		3,019,277	Small-Cap Value		9,551,936		22,433,531

Management Fee, Administrative 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 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 each of the 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.

Prior to January 1, 2003, Henderson Investment Management Limited (the “Subadviser”) was the subadviser to the Global Smaller Companies Portfolio and was responsible for furnishing investment advice, research, and assistance with respect to the Portfolio’s international investments. Under the subadvisory agreement, the Manager paid the Subadviser a subadvisory fee at a rate of 0.50% per annum of the average monthly net assets under the Subadviser’s supervision. The Subadviser is a wholly-owned subsidiary of Henderson plc, which is an indirect subsidiary of AMP Limited, an Australian life insurance and financial services company.

On November 21, 2002, at a meeting of the Fund’s Board of Directors, the Board did not renew the subadvisory agreement of the Subadviser in respect of the Global Smaller Companies Portfolio. As a result, the subadvisory agreement expired on December 31, 2002. Thereafter, the Manager has assumed full responsibility for all investments of the Seligman International Portfolios.

The Manager agreed to reimburse expenses, other than management and 12b-1 fees, that exceed the following rates per annum of average daily net assets of each Portfolio:

Portfolio	Rate			Portfolio		Rate			Portfolio		Rate

Capital		0.40	%		Global Growth		0.40	%		International Growth		0.40	%
Cash Management		0.30			Global Smaller Companies		0.40			Investment Grade		0.45
Common Stock		0.40			Global Technology		0.40			Large-Cap Growth		0.45
Communications and Information		0.40			High-Yield Bond		0.50			Large-Cap Value		0.40
Frontier		0.75			Income		0.55			Small-Cap Value		0.20

The amounts of these reimbursements, where applicable, for the year ended December 31, 2002, are disclosed in the Statements of Operations. 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 year ended December 31, 2002, the Distributor earned fees of $9,758 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 year ended December 31, 2002, fees incurred under the Plan aggregated $8,373, or 0.25% per annum; $28,806, or 0.25% per annum; $3,256 or 0.15% per annum; and $15,245, 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.

Seligman Portfolios, Inc.

Notes to Financial Statements

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 December 31, 2002, are included in other liabilities. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid.

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. These net capital loss carryforwards expire in various amounts through 2010. 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. The amounts, which were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses, are as follows:

Portfolio	Amount		Portfolio		Amount		Portfolio		Amount

Capital	$	16,109,561		Global Smaller Companies		1,910,434		Investment Grade	$	108,203
Common Stock		4,289,259		Global Technology		14,333,284		Large-Cap Growth		2,804,434
Communications and Information		44,637,152		High-Yield Bond		14,119,701		Large-Cap Value		805,111
Frontier		1,746,793		Income		775,775
Global Growth		2,104,961		International Growth		3,351,246

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 are available to offset future taxable net capital gains, as follows:

Portfolio	Amount		Portfolio		Amount		Portfolio		Amount

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

Committed Line of Credit - All of the Portfolios, except the Cash Management Portfolio, are participants in a joint $650 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 commitment expires in June 2003, but is renewable annually with the consent of the participating banks.

For the year ended December 31, 2002, the Small-Cap Value Portfolio periodically borrowed from the credit facility. The average outstanding daily balance of bank loans (based on the number of days the loans were outstanding during the period) was $4,376,289, with a weighted average interest rate of 2.278%. The maximum borrowing outstanding during the year was $11,700,000.

Capital Stock Transactions - At December 31, 2002, 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, International Growth, Income 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:

	Capital Portfolio				Cash		Common
					Management		Stock
	Class 1		Class 2		Portfolio		Portfolio

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,

	2002	2001	2002	2001	2002	2001	2002	2001

Sale of shares	84,406	160,216	144,178	140,543	10,887,120	112,248,639	373,419	1,960,193
Shares issued in payment of dividends	-	2,324	-	-	92,373	562,209	20,745	26,209
Shares issued in payment
of gain distributions	-	795,588	-	123,084	2,266	-	-	265,345
Total	84,406	958,128	144,178	263,627	10,981,759	112,810,848	394,164	2,251,747
Shares redeemed	(625,171)	(493,890)	(100,877)	(19,830)	(15,319,579)	(112,917,253)	(929,205)	(2,360,228)

Increase (decrease) in shares	(540,765)	464,238	43,301	243,797	(4,337,820)	(106,405)	(535,041)	(108,481)

Seligman Portfoliios, Inc.

Notes to Financial Statements

	Communications and Information Portfolio
					Frontier		Global Growth
	Class 1		Class 2		Portfolio		Portfolio

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,

	2002	2001	2002	2001	2002	2001	2002	2001

Sale of shares	848,542	1,575,403	1,345,136	1,452,089	270,170	1,574,742	441,279	341,572
Shares issued in payment of
gain distributions	-	1,745,450	-	253,448	-	72,697	-	782,440

Total	848,542	3,320,853	1,345,136	1,705,537	270,170	1,647,439	441,279	1,124,012

Shares redeemed	(3,174,161)	(2,944,706)	(1,720,065)	(914,683)	(538,508)	(1,758,198)	(737,027)	(517,136)

Increase (decrease) in shares	(2,325,619)	376,147	(374,929)	790,854	(268,338)	(110,759)	(295,748)	606,876

			Global Technology Portfolio
	Global Smaller						High-Yield Bond
	Companies		Class 1		Class 2		Portfolio

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,

	2002	2001	2002	2001	2002	2001	2002	2001

Sale of shares	382,856	414,591	286,268	518,457	813,503	155,145	882,926	1,447,590
Shares issued in payment of dividends	-	-	-	-	-	-	288,275	371,091
Shares issued in payment
of gain distributions	-	150,522	-	244,034	-	42,163	-	-

Total	381,856	565,113	286,268	762,491	813,503	197,308	1,171,201	1,818,681

Shares redeemed	(592,193)	(589,613)	(659,709)	(592,075)	(881,261)	(117,198)	(1,552,366)	(1,496,133)

Increase (decrease) in shares	(210,337)	(24,500)	(373,441)	170,416	(67,758)	80,110	(381,165)	322,548

	Income		International Growth		Investment Grade		Large-Cap Growth
	Portfolio		Portfolio		Fixed Income Portfolio		Portfolio

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,

	2002	2001	2002	2001	2002	2001	2002	2001

Sale of shares	194,984	192,290	323,226	3,078,988	459,362	553,377	379,327	360,898
Shares issued in payment of dividends	20,608	24,164	-	-	34,070	34,307	-	832
Shares issued in payment
of gain distributions	-	-	-	-	-	-	-	53,758

Total	215,592	216,454	323,226	3,078,988	493,432	587,684	379,327	415,488

Shares redeemed	(277,171)	(307,979)	(425,787)	(3,154,674)	(346,985)	(528,877)	(503,962)	(404,162)

Increase (decrease) in shares	(61,579)	(91,525)	(102,561)	(75,686)	146,447	58,807	(124,635)	11,326

							Small-Cap Value Portfolio
	Large-Cap Growth
	Portfolio						Class 1						Class 2

	Year Ended						Year Ended
	December 31,						December 31,
													Year Ended			5/1/01*
	2002			2001			2002			2001			12/31/02			12/31/01

Sale of shares		550,357			772,771			7,677,545			7,848,772			925,578			617,927
Shares issued in payment of
gain distributions		9,996			7,975			-			-			-			-
Shares issued in payment
of gain distributions		-			3,915			134,645			18,722			11,620			827

Total		560,353			784,661			7,812,190			7,867,494			937,198			618,754

Shares redeemed		(628,981	)		(570,178	)		(5,945,012	)		(1,751,022	)		(546,162	)		(221,513	)

Increase (decrease) in shares		(68,628	)		214,483			1,867,178			6,116,472			391,036			397,241

__________

* Commencement of offerng of shares

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 years or from its inception, if less than five 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 associat ed with variable annuity and variable life insurance contracts, and are not annualized for periods of less than one year.

Capital Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	12.37		$	24.68		$	23.90		$	20.81		$	18.10

Income from Investment Operations:
Net investment income (loss)		(0.05	)		(0.06	)		0.02			0.01			0.04
Net realized and unrealized gain (loss) on investments		(4.03	)		(4.01	)		2.06			10.21			3.89

Total from Investment Operations		(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 Year	$	8.29		$	12.37		$	24.68		$	23.90		$	20.81

Total Return:		(32.98	)%		(15.97	)%		8.50	%		53.35	%		22.19	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	11,833		$	24,349		$	37,138		$	27,586		$	24,141
Ratio of expenses to average net assets		0.80	%		0.61	%		0.59	%		0.59	%		0.60	%
Ratio of net investment income (loss) to average net assets		(0.47	)%		(0.31	)%		0.07	%		0.03	%		0.19	%
Portfolio turnover rate		129.07	%		215.16	%		230.42	%		172.88	%		130.86	%
Without expense reimbursement:ø
Ratio of expenses to average net assets		0.81	%		0.70	%
Ratio of net investment loss
to average net assets		(0.48	)%		(0.39	)%

__________

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Capital Portfolio

Class 2

	Year Ended December 31,
							*8/30/00 to**
Per Share Data:	2002			2001			12/31/00

Net Asset Value, Beginning of Period	$	12.34		$	24.68		$	33.31

Income from Investment Operations:
Net investment loss		(0.07	)		(0.11	)		(0.05	)
Net realized and unrealized loss on investments		(4.02	)		(4.01	)		(7.28	)

Total from Investment Operations		(4.09	)		(4.12	)		(7.33	)

Less Distributions:
Distribution from net realized capital gain		-			(8.22	)		(1.30	)

Total Distributions		-			(8.22	)		(1.30	)

Net Asset Value, End of Period	$	8.25		$	12.34		$	24.68

Total Return:		(33.14	)%		(16.18	)%		(22.15	)%

Ratios/Supplemental Data:

Net assets, end of period (000s omitted)	$	2,891		$	3,792		$	1,569
Ratio of expenses to average net assets		1.05	%		0.85	%		0.84†	%
Ratio of net investment loss to average net assets		(0.72	)%		(0.55	)%		(0.66†	)%
Portfolio turnover rate		129.07	%		215.16	%		230.42††	%
Without expense reimbursement:ø
Ratio of expenses to average net assets		1.06	%		0.94	%
Ratio of net investment loss to average net assets		(0.73	)%		(0.63	)%

Cash Management Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Income from Investment Operations:
Net investment income		0.010			0.038			0.062			0.050			0.053
Total from Investment Operations		0.010			0.038			0.062			0.050			0.053

Less Distributions:
Dividends from net investment income		(0.010	)		(0.038	)		(0.062	)		(0.050	)		(0.053	)
Total Distributions		(0.010	)		(0.038	)		(0.062	)		(0.050	)		(0.053	)

Net Asset Value, End of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return:		1.00	%		3.88	%		6.38	%		5.07	%		5.42	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	7,870		$	12,211		$	12,318		$	17,611		$	10,520
Ratio of expenses to average net assets		0.69	%		0.07	%		-			-			-
Ratio of net investment income to average net assets		0.98	%		3.82	%		6.17	%		4.99	%		5.30	%
Without management fee waiver and expense reimbursement: ø
Ratio of expenses to average net assets					0.72	%		0.72	%		0.65	%		0.67	%
Ratio of net investment income to average net assets					3.17	%		5.45	%		4.34	%		4.63	%

__________

* Commencement of offering of shares.

† Annualized.
†† For the year ended December 31, 2000.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Common Stock Portfolio

CLASS 1

	Year Ended December 31,

	2002			2001			2000			1999			1998

Per Share Data:
Net Asset Value, Beginning of Year	$	10.84		$	14.23		$	16.61		$	18.63		$	16.28

Income from Investment Operations:
Net investment income		0.08			0.08	*		0.12			0.32			0.29
Net realized and unrealized gain (loss) on investments		(3.02	)		(1.85	)*		(1.86	)		2.03			3.61

Total from Investment Operations		(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 Year	$	7.80		$	10.84		$	14.23		$	16.61		$	18.63

Total Return:		(27.16	)%		(12.24	)%		(10.53	)%		13.15	%		24.16	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	12,931		$	23,756		$	32,738		$	47,303		$	62,588
Ratio of expenses to average net assets		0.60	%		0.59	%		0.60	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		0.88	%		0.59	%		0.71	%		1.30	%		1.61	%
Portfolio turnover rate		131.95	%		83.49	%		52.01	%		38.11	%		55.55	%

__________

* Per share data has been restated. See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Communications and Information Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	12.59		$	14.82		$	26.70		$	17.14		$	13.09

Income from Investment Operations:
Net investment loss		(0.07	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss) on investments		(4.47	)		0.80			(9.45	)		14.36			4.81

Total from Investment Operations		(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 Year	$	8.05		$	12.59		$	14.82		$	26.70		$	17.14

Total Return:		(36.06	)%		5.34	%		(36.19	)%		85.81	%		36.49	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	53,769		$	113,424		$	127,901		$	213,961		$	122,279
Ratio of expenses to average net assets		0.98	%		0.93	%		0.87	%		0.86	%		0.87	%
Ratio of net investment loss to average net assets		(0.76	)%		(0.45	)%		(0.48	)%		(0.51	)%		(0.56	)%
Portfolio turnover rate		91.37	%		130.94	%		104.41	%		118.16	%		132.57	%

CLASS 2

	Year Ended December 31,
							*5/1/00 to**
Per Share Data:	2002			2001			12/31/00

Net Asset Value, Beginning of Period	$	12.53		$	14.80		$	30.61

Income from Investment Operations:

Net investment loss		(0.10	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss) on investments		(4.44	)		0.80			(13.41	)
Total from Investment Operations		(4.54	)		0.69			(13.49	)
Less Distributions:
Distribution from net realized capital gain		-			(2.96	)		(2.32	)
Total Distributions		-			(2.96	)		(2.32	)
Net Asset Value, End of Period	$	7.99		$	12.53		$	14.80

Total Return:		(36.23	)%		5.08	%		(44.40	)%
Ratios/Supplemental Data:

Net assets, end of period (000s omitted)	$	7,544		$	16,537		$	7,822
Ratio of expenses to average net assets		1.23	%		1.18	%		1.12	%†
Ratio of net investment loss to average net assets		(1.01	)%		(0.70	)%		(0.61)	%†
Portfolio turnover rate		91.37	%		130.94	%		104.41%	††

__________

* Commencement of offering of shares.

† Annualized.
†† For the year ended December 31, 2000.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Frontier Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	13.12		$	15.26		$	18.13		$	15.55		$	15.78

Income from Investment Operations:
Net investment loss		(0.11	)		(0.05	)		(0.13*	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss) on investments		(3.37	)		(1.12	)		(2.74*	)		2.68			(0.15	)

Total from Investment Operations		(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 Year	$	9.64		$	13.12		$	15.26		$	18.13		$	15.55

Total Return:		(26.52	)%		(7.35	)%		(15.83	)%		16.59	%		(1.46	)%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	7,089		$	13,174		$	17,011		$	25,706		$	39,148
Ratio of expenses to average net assets		1.23	%		1.01	%		0.95	%		0.95	%		0.92	%
Ratio of net investment loss to average net assets		(0.93	)%		(0.38	)%		(0.73	)%		(0.68	)%		(0.51	)%
Portfolio turnover rate		83.83	%		125.78	%		150.67	%		57.93	%		86.52	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					1.24	%		1.18	%		0.96	%
Ratio of net investment loss to average net assets					(0.61	)%		(0.96	)%		(0.69	)%

__________

* Per share data has been restated.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Global Growth Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	4.02		$	15.11		$	18.22		$	13.33		$	11.03

Income from Investment Operations:
Net investment income (loss)		-			0.02			(0.13	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(1.19	)		(2.99	)		(2.28	)		7.31			2.25

Net realized and unrealized gain (loss) on foreign currency transactions		0.22			(0.20	)		(0.46	)		(0.44	)		0.14

Total from Investment Operations		(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 Year	$	3.05		$	4.02		$	15.11		$	18.22		$	13.33

Total Return:		(24.13	)%		(19.93	)%		(15.78	)%		52.49	%		21.60	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	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	%
Ratio of net investment income (loss) to average net assets		0.13	%		0.13	%		(0.67	)%		(0.38	)%		(0.06	)%
Portfolio turnover rate		145.90	%		161.49	%		125.84	%		69.18	%		48.99	%
Without expense reimbursement: ††
Ratio of expenses to average net assets		2.08	%		1.74	%		1.71	%		1.45	%		1.60	%
Ratio of net investment loss to average net assets		(0.55	)%		(0.20	)%		(0.98	)%		(0.43	)%		(0.26	)%

_____________

†† The Manager, and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Global Smaller Companies Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	10.33		$	14.40		$	17.48		$	13.62		$	12.98

Income from Investment Operations:
Net investment loss		(0.06	)		(0.06	)		(0.09	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(3.00	)		(1.40	)		(1.91	)		4.10			1.02
Net realized and unrealized gain (loss)
on foreign currency transactions		0.52			(0.79	)		(0.56	)		(0.18	)		(0.17	)

Total from Investment Operations		(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 Year	$	7.79		$	10.33		$	14.40		$	17.48		$	13.62

Total Return:		(24.59	)%		(15.25	)%		(14.63	)%		23.84	%		6.58	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	5,915		$	10,017		$	14,310		$	19,569		$	20,814
Ratio of expenses to average net assets		1.40	%		1.40	%		1.39	%		1.40	%		1.40	%
Ratio of net investment loss to average net assets		(0.61	)%		(0.49	)%		(0.46	)%		(0.46	)%		(0.06	)%
Portfolio turnover rate		93.43	%		100.83	%		84.86	%		46.75	%		66.40	%
Without expense reimbursement:††
Ratio of expenses to average net assets		2.15	%		1.96	%					1.60	%		1.50	%
Ratio of net investment loss to average net assets		(1.36	)%		(1.05	)%					(0.66	)%		(0.16	)%

__________

†† The Manager, and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Global Technology Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	12.96		$	20.14		$	27.42		$	13.85		$	10.59

Income from Investment Operations:
Net investment loss		(0.11	)		(0.14	)		(0.13	)*		(0.09	)		(0.05	)
Net realized and unrealized gain (loss) on investments		(4.32	)		(4.06	)		(6.34	)*		16.25			3.81
Net realized and unrealized gain (loss) on foreign currency transactions		0.33			(0.25	)		(0.01	)		(0.04	)		0.11

Total from Investment Operations		(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 Year	$	8.86		$	12.96		$	20.14		$	27.42		$	13.85

Total Return:		(31.64	)%		(22.05	)%		(23.75	)%		118.80	%		36.80	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	9,361		$	18,533		$	25,370		$	22,087		$	6,130
Ratio of expenses to average net assets		1.40	%		1.40	%		1.30	%		1.40	%		1.40	%
Ratio of net investment income (loss) to average net assets		(1.06	)%		(0.87	)%		(0.46	)%		(0.51	)%		(0.43	)%
Portfolio turnover rate		144.18	%		160.75	%		142.42	%		116.88	%		82.27	%
Without expense reimbursement:††
Ratio of expenses to average net assets		1.80	%		1.61	%		1.41	%		1.80	%
Ratio of net investment loss to average net assets		(1.46	)%		(1.08	)%		(0.52	)%		(0.83	)%

CLASS 2

	Year Ended December 31,
							5/1/00 to**
Per Share Data	2002			2001			12/31/00

Net Asset Value, Beginning of Period	$	12.93		$	20.14		$	30.96

Income from Investment Operations:
Net investment loss		(0.13	)		(0.17	)		(0.12	)
Net realized and unrealized loss on investments		(4.31	)		(4.06	)		(10.01	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.33			(0.25	)		0.11

Total from Investment Operations		(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	$	8.82		$	12.93		$	20.14

Total Return:		(31.79	)%		(22.20	)%		(25.99	)%

Ratios/Supplemental Data:

Net assets, end of period (000s omitted)	$	1,598		$	3,219		$	3,400
Ratio of expenses to average net assets		1.55	%		1.54	%		1.55	%†
Ratio of net investment loss to average net assets		(1.21	)%		(1.02	)%		(0.84)	%†
Portfolio turnover rate		144.18	%		160.75	%		142.42 ø	%
Without expense reimbursement:††
Ratio of expenses to average net assets		1.95	%		1.75	%
Ratio of net investment loss to average net assets		(1.61	)%		(1.23	)%

___________

*Per share data has been restated.

** Commencement of offering of shares.

†Annualized.

†† The Manager, and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses for certain periods presented. ^ø For the year ended December 31, 2000.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

High-Yield Bond Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	6.10		$	8.73		$	9.59		$	10.87		$	11.87

Income from Investment Operations:
Net investment income		0.52			0.85	*		1.03			1.19			1.11
Net realized and unrealized loss on investments		(0.74	)		(2.14	)*		(1.89	)		(1.27	)		(0.99	)

Total from Investment Operations		(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 Year	$	4.87		$	6.10		$	8.73		$	9.59		$	10.87

Total Return:		(3.67	)%		(14.75	)%		(8.93	)%		(0.75	)%		1.02	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	8,131		$	12,510		$	15,080		$	26,892		$	32,253
Ratio of expenses to average net assets		0.91	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income to average net assets		8.82	%		10.50	%		11.02	%		10.33	%		9.60	%
Portfolio turnover rate		170.29	%		71.22	%		29.57	%		57.05	%		43.13	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					0.78	%		0.78	%		0.77	%		0.74	%
Ratio of net investment income to average net assets					10.42	%		10.94	%		10.26	%		9.56	%

Income Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	9.04		$	9.65		$	9.91		$	11.01		$	10.80

Income from Investment Operations:
Net investment income		0.16			0.31	*		0.30	*		0.53 0.45
Net realized and unrealized gain (loss) on investments		(1.21	)		(0.46	)*		(0.52	)*		(0.23	)		0.38

Total from Investment Operations		(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 Year	$	7.62		$	9.04		$	9.65		$	9.91		$	11.01

Total Return:		(11.58	)%		(1.49	)%		(2.20	)%		2.87	%		7.76	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	3,287		$	4,459		$	5,640		$	8,595		$	14,582
Ratio of expenses to average net assets		0.95	%		0.64	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		1.95	%		3.34	%		3.07	%		3.62	%		3.94	%
Portfolio turnover rate		222.78	%		88.69	%		61.14	%		75.08	%		70.45	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		1.31	%		1.02	%		0.83	%		0.72	%		0.61	%
Ratio of net investment income to average net assets		1.59	%		2.96	%		2.84	%		3.50	%		3.93	%

__________

* Per share data has been restated.

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

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

International Growth Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	8.05		$	10.65		$	16.63		$	15.37		$	13.54

Income from Investment Operations:
Net investment income (loss)		0.04			0.03			(0.08	)*		0.05			0.08
Net realized and unrealized gain (loss) on investments		(2.13	)		(2.43	)		(4.45	)*		4.59			1.90

Net realized and unrealized gain (loss)
on foreign currency transactions		0.76			(0.20	)		(0.88	)		(0.73	)		0.16

Total from Investment Operations		(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 Year	$	6.72		$	8.05		$	10.65		$	16.63		$	15.37

Total Return:		(16.52	)%		(24.41	)%		(32.47	)%		26.64	%		15.81	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	3,315		$	4,793		$	7,150		$	10,248		$	9,893
Ratio of expenses to average net assets		1.40	%		1.40	%		1.40	%		1.39	%		1.40	%
Ratio of net investment income (loss) to average net assets		0.49	%		0.34	%		(0.57	)%		0.33	%		0.52	%
Portfolio turnover rate		183.86	%		199.09	%		275.32	%		79.17	%		75.81	%
Without expense reimbursement:††
Ratio of expenses to average net assets		1.96	%		1.80	%		2.03	%		1.66	%		1.78	%
Ratio of net investment income (loss) to average net assets		(0.07	)%		(0.06	)%		(1.20	)%		0.06	%		0.14	%

_____________

* Per share data has been restated.

†† The Manager, and Seligman Henderson, the former subadviser to the Seligman International Portfolios, at their discretion, reimbursed expenses for the periods presented.

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Investment Grade Fixed Income Portfolio

CLASS 1

	Year Ended December 31,

Per Share Data:	2002			2001			2000			1999			1998

Net Asset Value, Beginning of Year	$	10.25		$	10.22		$	9.27		$	10.38		$	10.24

Income from Investment Operations:
Net investment income		0.42			0.57	*		0.60			0.64			0.59
Net realized and unrealized gain (loss) on investments		0.58			(0.01	)*		0.35			(1.10	)		0.25

Total from Investment Operations		1.00			0.56			0.95			(0.46	)		0.84

Less Distributions:
Dividends from net investment income		(0.45	)		(0.53	)		-			(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 Year	$	10.80		$	10.25		$	10.22		$	9.27		$	10.38

Total Return:		9.83	%		5.52	%		10.25	%		(4.48	)%		8.20	%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	9,067		$	7,103		$	6,483		$	4,947		$	7,320
Ratio of expenses to average net assets		0.82	%		0.63	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		3.94	%		5.35	%		6.23	%		5.56	%		5.58	%
Portfolio turnover rate		291.98	%		146.08	%		63.07	%		64.22	%		73.31	%
Without expense reimbursement: ø
Ratio of expenses to average net assets					0.76	%		0.84	%		0.71	%		0.82	%
Ratio of net investment income to average net assets					5.22	%		5.99	%		5.45	%		5.36	%

__________

* Per share data has been restated.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Growth Portfolio

CLASS 1

	Year Ended December 31,
										*5/1/99 to**
Per Share Data:	2002			2001			2000			12/31/99

Net Asset Value, Beginning of Period	$	7.47		$	10.21		$	12.16		$	10.00

Income from Investment Operations:
Net investment income (loss)		(0.02	)		-			0.01			-
Net realized and unrealized gain (loss) on investments		(2.62	)		(1.89	)		(1.96	)		2.16

Total from Investment Operations		(2.64	)		(1.89	)		(1.95	)		2.16

Less Distributions:
Dividends from net investment income		-			(0.01	)		-			-
Distribution from net realized capital gain		-			(0.84	)		-			-

Total Distributions		-			(0.85	)		-			-

Net Asset Value, End of Period	$	4.83		$	7.47		$	10.21		$	12.16

Total Return:		(35.34	)%		(18.37	)%		(16.04	)%		21.60	%

Ratios/Supplemental Data:

Net assets, end of period (000s omitted)	$	1,938		$	3,930		$	5,255		$	3,668
Ratio of expenses to average net assets		1.15	%		0.74	%		0.70	%		0.70%	†
Ratio of net investment income (loss)
to average net assets		(0.38	)%		(0.04	)%		0.08	%		(0.03)%	†
Portfolio turnover rate		81.67	%		166.24	%		179.44	%		56.69	%
Without expense reimbursement: ø
Ratio of expenses to average net assets		1.46	%		1.13	%		1.18	%		1.52%	†
Ratio of net investment loss to average net assets		(0.69	)%		(0.42	)%		(0.40	)%		(0.85)%	†

__________

* Commencement of operations.

† Annualized.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Large-Cap Value Portfolio

CLASS 1

	Year Ended December 31,
													5/1/98 to**
Per Share Data:	2002			2001			2000			1999			12/31/98

Net Asset Value, Beginning of Year	$	10.46		$	11.59		$	9.28		$	9.66		$	10.00

Income from Investment Operations:
Net investment income		0.10			0.09			0.14			0.10			0.04
Net realized and unrealized gain (loss) on investments		(3.43	)		(1.06	)		2.25			(0.37	)		(0.07	)

Total from Investment Operations		(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	$	7.02		$	10.46		$	11.59		$	9.28		$	9.66

Total Return:		(31.90	)%		(8.28	)%		25.84	%		(2.76	)%		(0.26	)%

Ratios/Supplemental Data:

Net assets, end of year (000s omitted)	$	4,692		$	7,708		$	6,057		$	5,758		$	3,845
Ratio of expenses to average net assets		1.16	%		0.83	%		0.80	%		0.80	%		0.80%	†
Ratio of net investment income to average net assets		1.12	%		1.13	%		1.51	%		1.18	%		1.11%	†
Portfolio turnover rate		21.83	%		28.17	%		42.29	%		28.01	%		65.82	%
Without management fee waiver and expense reimbursement:††
Ratio of expenses to average net assets					1.10	%		1.22	%		1.13	%		2.24%	†
Ratio of net investment income (loss) to average net assets					0.86	%		1.09	%		0.85	%		(0.33%	†

___________

* During 2000, a dividend of $0.002 per share was paid.

** Commencement of operations.

† Annualized.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Financial Highlights

Small-Cap Value Portfolio

CLASS 1

	Year Ended December 31,
													*5/1/98 to**
Per Share Data:	2002			2001			2000			1999			12/31/98

Net Asset Value, Beginning of Period	$	13.04		$	10.58		$	8.08		$	7.31		$	10.00

Income from Investment Operations:
Net investment loss		(0.06	)		(0.03	)		(0.01	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(1.94	)		2.52			2.66			2.49			(1.73	)

Total from Investment Operations		(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	$	10.87		$	13.04		$	10.58		$	8.08		$	7.31

Total Return:		(15.37	)%		23.52	%		33.00	%		35.26	%		(17.00	)%

Ratios/Supplemental Data:

Net assets, end of period (000s omitted)	$	103,770		$	100,090		$	16,495		$	4,403		$	2,469
Ratio of expenses to average net assets		1.18	%		1.19	%		1.00	%		1.00	%		1.00%	†
Ratio of net investment loss to average net assets		(0.51	)%		(0.29	)%		(0.22	)%		(0.27	)%		(0.34)%	†
Portfolio turnover rate		56.74	%		29.99	%		42.27	%		90.51	%		73.87	%
Without expense reimbursement: ø
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

	Year Ended			5/1/01 to**
Per Share Data:	12/31/02			12/31/01

Net Asset Value, Beginning of Period	$	13.04		$	10.78

Income from Investment Operations:
Net investment loss		(0.08	)		(0.03	)

Net realized and unrealized gain (loss) on investments		(1.94	)		2.32

Total from Investment Operations		(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	$	10.85		$	13.04

Total Return:		(15.52	)%		21.23	%

Ratios/Supplemental Data:

Net assets, end of period (000s omitted)	$	8,554		$	5,178
Ratio of expenses to average net assets		1.37	%		1.39%	†
Ratio of net investment loss to average net assets		(0.70	)%		(0.46)%	†
Portfolio turnover rate		56.74	%		29.99%	††
Without expense reimbursement: ø
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.

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

See Notes to Financial Statements.

Seligman Portfolios, Inc.

Report of Independent Auditors

The Directors and Shareholders,
Seligman Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Seligman Portfolios, Inc. (comprising, the Seligman Capital Portfolio, Seligman Cash Management Portfolio, Seligman Common Stock Portfolio, Seligman Communications and Information Portfolio, Seligman Frontier Portfolio, Seligman Global Growth Portfolio, Seligman Global Smaller Companies Portfolio, Seligman Global Technology Portfolio, Seligman High-Yield Bond Portfolio, Seligman Income Portfolio, Seligman International Growth Portfolio, Seligman Investment Grade Fixed Income Portfolio (formerly, Seligman Bond Portfolio), Seligman Large-Cap Growth Portfolio, Seligman Large-Cap Value Portfolio, and Seligman Small-Cap Value Portfolio, and collectively referred to as the “Fund”) as of December 31, 2002, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2002, by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios constituting Seligman Portfolios, Inc. at December 31, 2002, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the indicated periods, in conformity with accounting principles generally accepted in the United States.

New York, New York February 14, 2003

For More Information

Manager	General Distributor	General Counsel
J. & W. Seligman & Co.	Seligman Advisors, Inc.	Sullivan & Cromwell LLP
Incorporated	100 Park Avenue
100 Park Avenue	New York, New York 10017	Independent Auditors
New York, New York 10017		Ernst & Young LLP

Custodians
State Street Bank and
Trust Company
JPMorgan Chase Bank

Seligman Portfolios, Inc.

Directors and Officers

Information pertaining to the Directors and Officers of Seligman Portfolios is set forth below.

Independent Directors

Name, (Age), Position(s) held with Fund ^ø		Principal Occupation(s) During Past Five Years, Directorships and Other Information

John R. Galvin (73) ^2,4• Director: 1995 to Date • Oversees 61 Portfolios in Fund Complex		Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; and Chairman Emeritus, American Council on Germany. Formerly, Governor of the Center for Creative Leadership; Director, Raytheon Co. (defense and commercial electronics) and a Trustee of the Institute for Defense Analysis. From June 1987 to June 1992, Mr. Galvin was the Supreme Allied Commander, Europe and the Commander-in-Chief, United States European Command.

Alice S. Ilchman (67) ^3,4• Director: 1991 to Date • Oversees 61 Portfolios in Fund Complex		President Emeritus, Sarah Lawrence College; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Jeannette K. Watson Summer Fellowships (summer internships for college students); Trustee, Save the Children (non-profit child-assistance organization) and the Committee for Economic Development; a Governor of the Court of Governors, London School of Economics; and Director, Public Broadcasting Service (PBS). Formerly, Chairman, The Rockefeller Foundation (charitable foundation) and Director, New York Telephone Company.

Frank A. McPherson (69) ^3,4• Director: 1995 to Date • Oversees 61 Portfolios in Fund Complex		Retired Chairman of the Board and Chief Executive Officer of Kerr-McGee Corporation (diversified energy company); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, ConocoPhillips (oil and gas exploration and production); Integris Health (owner of various hospitals); BOK Financial (bank holding company); Oklahoma Chapter of the Nature Conservancy; Oklahoma Medical Research Foundation; Boys and Girls Clubs of Oklahoma; Oklahoma City Public Schools Foundation and Oklahoma Foundation for Excellence in Education. Formerly, Director, Kimberly-Clark Corporation (consumer products).

John E. Merow (73) ^2,4• Director: 1988 to Date • Oversees 61 Portfolios in Fund Complex		Retired Chairman and Senior Partner, Sullivan & Cromwell LLP (law firm); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Commonwealth Industries, Inc. (manufacturers of aluminum sheet products); Director and Treasurer, the Foreign Policy Association; Director Emeritus, Municipal Art Society of New York; Trustee and Secretary, the U.S. Council for International Business; Trustee and Vice Chairman, New York-Presbyterian Healthcare System, Inc.; Trustee, New York-Presbyterian Hospital; and Member of the American Law Institute and Council on Foreign Relations.

Betsy S. Michel (60) ^2,4• Director: 1988 to Date • Oversees 61 Portfolios in Fund Complex		Attorney; Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Trustee, The Geraldine R. Dodge Foundation (charitable foundation) and World Learning, Inc. (charitable foundation). Formerly, Chairman of the Board of Trustees of St. George’s School (Newport, RI).

Leroy C. Richie (61) ^2,4• Director: 2000 to Date • Oversees 60 Portfolios in Fund Complex		Chairman and Chief Executive Officer, Q Standards Worldwide, Inc. (library of technical standards); Director or Trustee of each of the investment companies of the Seligman Group of Funds (except Seligman Cash Management Fund, Inc.)†; Director, Kerr-McGee Corporation (diversified energy company) and Infinity, Inc. (oil and gas services and exploration); Director and Chairman, Highland Park Michigan Economic Development Corp. Formerly, Trustee, New York University Law Center Foundation; Vice Chairman, Detroit Medical Center and the Detroit Economic Growth Corp.; and Chairman and Chief Executive Officer, Capital Coating Technologies, Inc. (applied coating technologies); and Vice President and General Counsel, Automotive Legal Affairs, of Chrysler Corporation.

See footnotes on page 78.

Seligman Portfolios, Inc.

Directors and Officers

Information pertaining to the Directors and Officers of Seligman Portfolios is set forth below.

Independent Directors (continued)

Name, (Age), Position(s) held with Fund ^ø		Principal Occupation(s) During Past Five Years, Directorships and Other Information

James Q. Riordan (75) ^3,4• Director: 1991 to Date • Oversees 61 Portfolios in Fund Complex		Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director or Trustee, The Houston Exploration Company (oil exploration) and the Committee for Economic Development. Formerly, Vice Chairman of Mobil Corporation (petroleum and petrochemicals company); Director and President, Bekaert Corporation (high-grade steel cord, wire and fencing products company); Co-Chairman of the Policy Council of the Tax Foundation; Director or Trustee, Brooklyn Museum, KeySpan Corporation (diversified energy and electric company); Tesoro Petroleum Companies, Inc., Dow Jones & Company, Inc. (business and financial news company); and Public Broadcasting Service (PBS).

Robert L. Shafer (70) ^3,4• Director: 1988 to Date • Oversees 61 Portfolios in Fund Complex		Retired Vice President, Pfizer Inc. (pharmaceuticals); Director or Trustee of each of the investment companies of the Seligman Group of Funds†. Formerly, Director, USLIFE Corporation (life insurance).

James N. Whitson (67) ^2,4• Director: 1993 to Date • Oversees 61 Portfolios in Fund Complex		Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc. (a diversified holding company); Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director and Consultant, Sammons Enterprises, Inc.; Director, C-SPAN (cable television network) and CommScope, Inc. (manufacturer of coaxial cable).

Interested Directors and Principal Officers

Name, (Age), Position(s) held with Fund ^ø		Principal Occupation(s) During Past Five Years, Directorships and Other Information

William C. Morris (64) * ¹• Director and Chairman of the Board: 1988 to Date • Oversees 61 Portfolios in Fund Complex		Chairman, J. & W. Seligman & Co. Incorporated, Chairman of the Board and Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Chairman, Seligman Advisors, Inc., Seligman Services, Inc., and Carbo Ceramics Inc. (ceramic proppants for oil and gas industry); and Director, Seligman Data Corp. and Kerr-McGee Corporation, (diversified energy company). Formerly, Chief Executive Officer of each of the investment companies of the Seligman Group of Funds.

Brian T. Zino (50) * ¹• Director: 1993 to Date • President: 1995 to Date • Chief Executive Officer: Nov. 2002 to Date • Oversees 61 Portfolios in Fund Complex		Director and President, J. & W. Seligman & Co. Incorporated; Chief Executive Officer, President and Director or Trustee of each of the investment companies of the Seligman Group of Funds†; Director, Seligman Advisors, Inc. and Seligman Services, Inc.; Chairman, Seligman Data Corp.; Member of the Board of Governors of the Investment Company Institute; and Vice Chairman, ICI Mutual Insurance Company.

Paul C. Guidone (45)* • Director: May 2002 to Date • Oversees 60 Portfolios in Fund Complex		Managing Director and Chief Investment Officer, J. & W. Seligman & Co. Incorporated; Director or Trustee of each of the investment companies of the Seligman Group of Funds (except Seligman Cash Management Fund, Inc.)†; Member of the Association of Investment Management and Research, the New York Society of Security Analysts and the London Society of Investment Professionals. Formerly, Deputy Chairman and Group Chief Executive Officer, HSBC Asset Management; and Managing Director and Chief Investment Officer, Prudential Diversified Investments.

See footnotes on page 78.

Seligman Portfolios, Inc.

Directors and Officers

Information pertaining to the Directors and Officers of Seligman Portfolios is set forth below.

Interested Directors and Principal Officers (continued)

Name, (Age), Position(s) held with Fund ^ø		Principal Occupation(s) During Past Five Years, Directorships and Other Information

Daniel J. Barker (35) • Vice President and Portfolio Manager: 2000 to Date		Portfolio Manager of Global Smaller Companies Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman Global Fund Series, Inc. and Portfolio Manager of its Emerging Markets Fund and Global Smaller Companies Fund. Formerly, Portfolio Manager at GE Investments since 1994.

David F. Cooley (38) • Vice President and Portfolio Manager 2001 to Date		Portfolio Manager of International Growth Portfolio and Co-Portfolio Manager of Global Growth Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman Global Fund Series, Inc. and Portfolio Manager of its International Growth Fund and Co-Portfolio Manager of its Global Growth Fund. Formerly, Managing Director, Investments, Gratry and Company; Director of Global Growth Equity, National City Investment Management Company; and International Equity Portfolio Manager, Society Asset Management.

Neil T. Eigen (59) • Vice President and Portfolio Manager 1998 to Date		Portfolio Manager of Large-Cap Value Portfolio and Small-Cap Value Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman Value Fund Series, Inc. and Portfolio Manager of its Large-Cap Value Fund and Small-Cap Value Fund. Formerly, Senior Managing Director, Chief Investment Officer and Director of Equity Investing, Bear Stearns Asset Management.

Ben-Ami Gradwohl (43) • Vice President and Co-Portfolio Manager: 2001 to Date		Co-Portfolio Manager of Common Stock Portfolio and Income Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager of Seligman Common Stock Fund, Inc., Seligman Income and Growth Fund, Inc., Seligman Tax-Aware Fund, Inc. and Tri-Continental Corporation. Formerly, Portfolio Manager, Nicholas-Applegate Capital Management from 1996 to 1999.

David Guy (44) • Vice President and Co-Portfolio Manager: 2001 to Date		Co-Portfolio Manager of Common Stock Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Co-Portfolio Manager of Seligman Common Stock Fund, Inc., Seligman Tax-Aware Fund, Inc. and Tri-Continental Corporation. Formerly, Portfolio Manager, Systematic Investment Group, Nicholas-Applegate Capital Management from 1997 to 1999.

Christopher J. Mahony (39) • Vice President and Portfolio Manager Jan. 2002 to Date		Portfolio Manager of Cash Management Portfolio and Investment Grade Fixed Income Portfolio and Co-Portfolio Manager of Income Portfolio; Senior Vice President, Investment Officer of J. & W. Seligman & Co. Incorporated; Vice President and Portfolio Manager of Seligman Cash Management Fund, Inc. and Seligman Investment Grade Fixed Income Fund, Inc. and Co-Portfolio Manager of Seligman Income and Growth Fund, Inc.; Vice President of Seligman High Income Fund Series and Portfolio Manager of its U.S. Government Securities Series. Formerly, Senior Portfolio Manager at Fort Washington Investment Advisors, Inc.

Richard M. Parower (36) • Vice President and Portfolio Manager: Sept. 2002 to Date		Co-Portfolio Manager of Global Technology Portfolio; Senior Vice President, Investment Officer, J. & W. Seligman & Co. Incorporated; Vice President of Seligman Global Fund Series, Inc. and CoPortfolio Manager of its Global Technology Fund and Vice President and Co-Portfolio Manager of Seligman New Technologies Fund, Inc. and Seligman New Technologies Fund II, Inc. Formerly, Senior Analyst with Citibank Global Asset Management covering Global IT Services from June 1998 to April 2000; Senior Analyst with Montgomery Asset Management from September 1995 to June 1998.

Kendall C. Peterson (46) • Vice President and Portfolio Manager: 2001 to Date		Portfolio Manager of High-Yield Bond Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman High-Income Fund Series and Portfolio Manager of its High-Yield Bond Series. Formerly, Vice President and Portfolio Manager and Desk Head for High Yield Mutual Funds with Fortis, Inc. since 1999. From 1985 through 1999, served in a variety of capacities with The Prudential Insurance Company of America, the last six years of which he was Vice President and Portfolio Manager for High Yield Mutual Funds.

See footnotes on page 78.

Seligman Portfolios, Inc.

Directors and Officers

Information pertaining to the Directors and Officers of Seligman Portfolios is set forth below.

Interested Directors and Principal Officers

Name, (Age), Position(s) held with Fund ^ø		Principal Occupation(s) During Past Five Years, Directorships and Other Information

Frederick J. Ruvkun (45) • Vice President and Portfolio Manager: 2002 to Date		Portfolio Manager of Frontier Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President and Portfolio Manager of Seligman Frontier Fund, Inc. Formerly, Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio Manager of its Global Smaller Companies Fund; Co-Portfolio Manager of Seligman Portfolios’ Global Smaller Companies Portfolio, and Portfolio Manager at Bessemer Trust.

Marion S. Schultheis (56) • Vice President and Portfolio Manager: 1998 to Date		Portfolio Manager of Capital Portfolio and Large-Cap Growth Portfolio and Co-Portfolio Manager of Global Growth Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated since May 1998; Vice President and Portfolio Manager of Seligman Capital Fund, Inc., and Seligman Growth Fund, Inc.; Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio Manager of its Global Growth Fund. Formerly, Managing Director at Chancellor LGT from October 1997 until May 1998; and Senior Portfolio Manager at IDS Advisory Group Inc. from August 1987 until October 1997.

Steven A. Werber (37) • Vice President and Portfolio Manager: 2000 to Date		Co-Portfolio Manager of Global Technology Portfolio; Managing Director, J. & W. Seligman & Co. Incorporated; Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio Manager of its Global Technology Fund. Formerly, Senior Vice President, Investment Officer, J. & W. Seligman & Co. Incorporated; Analyst and Portfolio Manager at Fidelity Investments International from 1996 to 2000.

Paul H. Wick (39) • Vice President and Portfolio Manager: 1994 to Date		Portfolio Manager of Communications and Information Portfolio; Director and Managing Director, J. & W. Seligman & Co. Incorporated since November 1997 and January 1995, respectively; Vice President and Portfolio Manager, Seligman Communications and Information Fund, Inc. He joined J. & W. Seligman & Co. Incorporated in 1987 as an Associate, Investment Research.

Thomas G. Rose (45) • Vice President: 2000 to Date		Senior Vice President, Finance, J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc., and Seligman Data Corp.; Vice President of each of the investment companies of the Seligman Group of Funds†, Seligman Services, Inc. and Seligman International, Inc. Formerly, Treasurer of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.

Lawrence P. Vogel (46) • Vice President: 1992 to Date • Treasurer: 2000 to Date		Senior Vice President and Treasurer, Investment Companies, J. & W. Seligman & Co. Incorporated; Vice President and Treasurer of each of the investment companies of the Seligman Group of Funds†; Treasurer, Seligman Data Corp. Formerly, Senior Vice President, Finance, J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc. and Seligman Data Corp.; Vice President, Seligman Services, Inc. and Vice President and Treasurer, Seligman International, Inc. and Treasurer, Seligman Henderson Co.

Frank J. Nasta (38) • Secretary: 1994 to Date		Managing Director, General Counsel, and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds†, Seligman Advisors, Inc., Seligman Services, Inc., Seligman International, Inc. and Seligman Data Corp. Formerly, Corporate Secretary, Seligman Henderson Co. and Senior Vice President, Law and Regulation, J. & W. Seligman & Co. Incorporated.

The Fund’s Statement of Additional Information (SAI) includes additional information about Fund directors and is available, without charge, upon request. You may call toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US to request a copy of the SAI, to request other information about the Fund, or to make shareholder inquiries.
__________

ø The address for each of the directors and officers is 100 Park Avenue, 8th floor, New York, NY 10017. Each Director serves for an indefinite term, until the election and qualification of a successor or until his or her earlier death, resignation or removal. Each officer is elected annually by the Board of Directors.

† The Seligman Group of Funds consists of 23 registered investment companies.

* Mr. Morris, Mr. Zino, and Mr. Guidone are considered “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended, by virtue of their positions with J. & W. Seligman & Co. Incorporated and its affiliates.

Member: 1 Executive Committee

2 Audit Committee

3 Director Nominating Committee

4 Board Operations Committee