UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5221

Seligman Portfolios, Inc.
(Exact name of Registrant as specified in charter)

100 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip code)

Lawrence P. Vogel
100 Park Avenue
New York, New York 10017
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 850-1864

Date of fiscal year end:	12/31
Date of reporting period:	9/30/08

FORM N-Q

ITEM 1. SCHEDULE OF INVESTMENTS.

Seligman Portfolios, Inc.
Schedules of Investments (unaudited)
September 30, 2008

Seligman Capital Portfolio

	Shares or Principal Amount			Value
Common Stocks 95.5%
Aerospace and Defense 1.0%
Raytheon		1,400	shs.	$	74,914
Airlines 1.3%
Delta Air Lines*		13,400			99,830
Auto Components 1.0%
Goodyear Tire & Rubber*		4,900			75,019
Biotechnology 3.9%
Acorda Therapeutics*		1,800			42,930
Cephalon*		2,200			170,478
Vertex Pharmaceuticals*		2,500			83,100
					296,508
Capital Markets 3.3%
Federated Investors (Class B)		1,000			28,850
Janus Capital Group		1,900			46,132
Lazard (Class A)		1,500			64,140
Northern Trust		1,500			108,300
					247,422
Chemicals 2.6%
Intrepid Potash*		1,100			33,154
The Mosaic*		1,300			88,426
Syngenta (ADR)		1,800			76,176
					197,756
Commercial Services and Supplies 0.8%
Clean Harbors*		900			60,795
Communications Equipment 4.9%
Comverse Technology*		8,400			80,388
F5 Networks*		6,500			151,970
Research In Motion*		2,100			143,430
					375,788
Construction and Engineering 3.2%
Foster Wheeler*		2,600			93,886
Quanta Services*		5,600			151,256
					245,142
Diversified Consumer Services 2.5%
H&R Block		1,700			38,675
Corinthian Colleges*		9,900			148,500
					187,175
Diversified Telecommunication Services 0.5%
Qwest Communications International		11,400			36,822
Electric Utilities 2.5%
ITC Holdings		3,700			191,549
Electrical Equipment 1.2%
Energy Conversion Devices*		1,500			87,375
Electronic Equipment, Instruments and Components 1.3%
Itron*		1,100			97,383
Energy Equipment and Services 9.3%
Diamond Offshore Drilling		1,600			164,896
National Oilwell Varco*		1,200			60,276
Noble		4,400			193,159
Parker Drilling*		7,600			60,952
Smith International		1,837			107,722
Weatherford International*		4,700			118,158
					705,163
Food and Staples Retailing 1.1%
Rite Aid*		103,400			86,856
Food Products 0.7%
Bunge		900			56,862
Health Care Equipment and Supplies 2.6%
Hologic*		5,700			110,181
Nuvasive*		1,700			83,861
					194,042
Health Care Providers and Services 4.7%
Express Scripts*		2,400			177,168
Health Net*		4,000			94,400
Quest Diagnostics		1,700			87,839
					359,407
Hotels, Restaurants and Leisure 4.4%
Bally Technologies*		3,500			105,980
Life Time Fitness*		7,300			228,271
					334,251
Household Durables 1.2%
Newell Rubbermaid		5,500			94,930
Industrial Conglomerates 0.7%
McDermott International*		2,200			56,210
Internet Software and Services 5.0%
Equinix*		1,100			76,406
SAVVIS*		22,888			307,615
					384,021
Life Sciences Tools and Services 3.2%
Illumina*		3,200			129,696
Waters*		1,900			110,542
					240,238
Machinery 3.2%
AGCO*		1,700			72,437
Joy Global		1,000			45,140
Lindsay		1,700			123,675
					241,252
Media 0.8%
Marvel Entertainment*		1,700			58,038
Metals and Mining 0.4%
Freeport-McMoRan Copper & Gold		600			34,110
Multi-Utilities 0.8%
Public Service Enterprise Group		1,800			59,022
Multiline Retail 0.9%
Kohl’s*		1,500			69,120
Oil, Gas and Consumable Fuels 1.9%
Goodrich Petroleum*		1,200			52,308
Massey Energy		2,500			89,175
					141,483
Pharmaceuticals 3.3%
Mylan Laboratories*		10,300			117,626
Sepracor*		7,200			131,832
					249,458
Real Estate Investment Trusts 0.7%
Annaly Capital Management		4,200			56,490
Semiconductors and Semiconductor Equipment 4.5%
Marvell Technology Group*		19,300			179,490
Microsemi*		6,500			165,620
					345,110
Software 9.8%
Activision Blizzard*		20,200			311,686
BMC Software*		5,600			160,328
Macrovision Solutions*		17,602			270,719
					742,733
Specialty Retail 4.6%
Abercrombie & Fitch (Class A)		3,900			153,855
Dick’s Sporting Goods		3,200			62,656
Guess?		3,800			132,202
					348,713
Wireless Telecommunication Services 1.7%
NII Holdings*		1,900			72,048
SBA Communications (Class A)*		2,300			59,501
					131,549
Total Common Stocks					7,262,536
Repurchase Agreement 6.3%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $482,001, collateralized by: $500,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $499,375	$	482,000			482,000
Total Investments 101.8%					7,744,536
Other Assets Less Liabilities (1.8)%					(136,705	)
Net Assets 100.0%				$	7,607,831

Seligman Cash Management Portfolio

	Annualized Yield on Purchase Date			Prinicpal Amount		Value
US Government Securities 45.7%
US Treasury Bills:
0.335%, 10/30/2008		0.04	%	$	2,000,000	$	1,999,468
1.983%, 11/20/2008		2.02			200,000		199,458
2.31%, 12/4/2008		2.35			450,000		448,197
US Treasury Notes:
4.5%, 2/15/2009		4.58			250,000		252,272
4.5%, 4/30/2009		4.58			1,000,000		1,013,854
Total US Government Securities							3,913,249
Commericial Paper 10.1%
General Electric Capital 2.432%, 10/15/2008		2.47			440,000		439,586
Wells Fargo 2.42%, 10/7/2008		2.46			425,000		424,829
Total Commericial Paper							864,415
Repurchase Agreements 44.2%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $2,139,003, collateralized by: $2,210,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $2,207,238		0.05			2,139,000		2,139,000
Fixed Income Clearing Corporation 0.15%, dated 9/30/2008, maturing 10/1/2008, in the amount of $1,647,007, collateralized by: $1,605,000 US Treasury Bonds 4.5%, 2/15/2036, with a fair market value of $1,701,300		0.15			1,647,000		1,647,000
Total Repurchase Agreements							3,786,000
Total Investments 100.0%							8,563,664
Other Assets Less Liabilities 0.0%							950
Net Assets 100.0%						$	8,564,614

Seligman Common Stock Portfolio

	Shares, Shares Subject to Call/Put or Principal Amount			Value
Common Stocks 92.8%
Aerospace and Defense 2.9%
Boeing		300	shs.	$	17,205
Honeywell International		800			33,240
Raytheon		600			32,106
United Technologies		400			24,024
					106,575
Air Freight and Logistics 1.2%
United Parcel Service (Class B)		700			44,023
Airlines 1.5%
Delta Air Lines*		2,500			18,625
Northwest Airlines*		3,000			27,090
UAL*		1,000			8,790
					54,505
Biotechnology 1.5%
Cephalon*		700			54,243
Capital Markets 2.9%
Bank of New York Mellon		700			22,806
Fortress Investment Group (Class A)		2,600			27,300
Janus Capital Group		800			19,424
Morgan Stanley		800			18,400
State Street		300			17,064
					104,994
Commercial Banks 1.4%
Wachovia		1,340			4,690
Wells Fargo		1,200			45,036
					49,726
Communications Equipment 4.6%
Cisco Systems*		1,670			37,675
Comverse Technology*		5,571			53,314
Nokia (ADR)		600			11,190
QUALCOMM		1,100			47,267
Research In Motion*		250			17,075
					166,521
Computers and Peripherals 1.8%
Apple*		200			22,732
Hewlett-Packard		900			41,616
					64,348
Construction and Engineering 0.4%
Foster Wheeler*		400			14,444
Consumer Discretionary Derivatives 1.2%
Consumer Discretionary Select Sector SPDR Fund		1,600			44,640
Consumer Finance 0.9%
American Express		900			31,887
Containers and Packaging 1.3%
Smurfit-Stone Container*		10,195			47,917
Diversified Financial Services 5.8%
Bank of America		2,840			99,400
CIT Group		2,800			19,488
Citigroup		600			12,306
JPMorgan Chase		1,740			81,258
					212,452
Diversified Telecommunication Services 3.6%
AT&T		2,300			64,216
Frontier Communications		2,200			25,300
Qwest Communications International		9,269			29,939
tw telecom*		1,000			10,390
					129,845
Electric Utilities 0.9%
Exelon		500			31,310
Electrical Equipment 1.1%
ABB (ADR)		800			15,520
Energy Conversion Devices		200			11,650
First Solar		50			9,445
JA Solar Holdings*		200			2,116
					38,731
Energy Equipment and Services 3.0%
Baker Hughes		250			15,135
Exterran Holdings*		300			9,588
Halliburton		600			19,434
Noble		400			17,560
Schlumberger		350			27,331
Transocean		200			21,968
					111,016
Financials Derivatives 1.0%
Financial Select Sector SPDR Fund		1,900			37,791
Food and Staples Retailing 1.6%
CVS/Caremark		900			30,294
Rite Aid*		34,332			28,839
					59,133
Health Care Equipment and Supplies 1.9%
Baxter International		300			19,689
Hologic*		1,200			23,196
Zimmer Holdings*		400			25,824
					68,709
Health Care Providers and Services 1.5%
Express Scripts*		300			22,146
Health Net*		893			21,075
UnitedHealth Group		473			12,009
					55,230
Household Products 1.5%
Procter & Gamble		800			55,752
Independent Power Producers and Energy Traders 0.5%
AES*		1,700			19,873
Industrial Conglomerates 2.2%
3M		200			13,662
General Electric		2,620			66,810
					80,472
Insurance 2.5%
American International Group		1,020			3,397
Hartford Financial Services Group		500			20,495
MetLife		700			39,200
Prudential Financial		407			29,304
					92,396
Internet Software and Services 3.5%
Google (Class A)*		115			46,060
SAVVIS*		2,679			36,006
Yahoo!*		2,688			46,502
					128,568
Machinery 0.3%
Deere		200			9,900
Media 0.7%
Comcast (Class A)*		1,300			25,519
Metals and Mining 2.2%
Alcoa		1,251			28,248
Barrick Gold		500			18,370
Freeport-McMoRan Copper & Gold		400			22,740
Nucor		300			11,850
					81,208
Multi-Utilities 1.0%
Public Service Enterprise Group		1,150			37,709
Multiline Retail 1.3%
Kohl’s*		500			23,040
Target		500			24,525
					47,565
Oil, Gas and Consumable Fuels 10.8%
Chesapeake Energy		850			30,481
Chevron		875			72,170
ConocoPhillips		780			57,135
El Paso		2,340			29,858
Exxon Mobil		1,860			144,448
Occidental Petroleum		300			21,135
Valero Energy		600			18,180
XTO Energy		450			20,934
					394,341
Pharmaceuticals 9.6%
Abbott Laboratories		800			46,064
Bristol-Myers Squibb		1,500			31,275
Forest Laboratories*		1,000			28,280
Merck		600			18,936
Mylan*		3,600			41,112
Pfizer		3,100			57,164
Schering-Plough		2,750			50,792
Sepracor*		1,200			21,972
Wyeth		1,451			53,600
					349,195
Semiconductors and Semiconductor Equipment 3.2%
Analog Devices		500			13,175
Intel		2,200			41,206
Marvell Technology Group*		5,498			51,132
MEMC Electronic Materials*		400			11,304
					116,817
Software 7.2%
Activision Blizzard*		3,400			52,462
BMC Software*		700			20,041
Macrovision Solutions*		3,742			57,552
Microsoft		3,410			91,013
Oracle*		2,100			42,651
					263,719
Specialty Retail 1.5%
Abercrombie & Fitch (Class A)		1,000			39,450
OfficeMax		1,878			16,695
					56,145
Tobacco 2.4%
Altria Group		1,560			30,950
Philip Morris International		1,160			55,796
					86,746
Wireless Telecommunication Services 0.4%
NII Holdings*		400			15,168
Total Common Stocks					3,389,133
Options Purchased* 0.7%
Biotechnology 0.1%
Amgen, Call expiring January 2009 at $60		1,000			4,800
Communications Equipment 0.0%
JDS Uniphase, Call expiring January 2009 at $15		2,500			250
Diversified Financial Services 0.0%
CIT Group, Call expiring January 2009 at $35		800			40
Citigroup, Call expiring January 2009 at $30		1,300			624
					664
Food and Staples Retailing 0.0%
Rite Aid, Call expiring January 2009 at $5		8,700			435
Index Derivatives 0.5%
United States Oil Federation, Put expiring October 2008 at $80		700			6,860
United States Oil Federation, Put expiring October 2008 at $100		500			9,800
					16,660
Internet Software and Services 0.1%
Yahoo!, Call expiring January 2009 at $25		2,700			1,539
Yahoo!, Call expiring January 2009 at $30		1,400			168
					1,707
Pharmaceuticals 0.0%
Bristol-Myers Squibb, Call expiring January 2009 at $25		1,700			374
Wyeth, Call expiring October 2008 at $45		600			48
					422
Semiconductors and Semiconductor Equipment 0.0%
Marvell Technology Group, Call expiring January 2009 at $15		800			120
Marvell Technology Group, Call expiring January 2009 at $20		2,100			210
					330
Total Options Purchased					25,268
Short-Term Holdings 5.5%
Repurchase Agreement 2.9%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $107,000, collateralized by: $115,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $114,856	$	107,000			107,000
Equity-Linked Notesøø 2.6%
Credit Suisse 39.54%, 11/21/2008 (a)		34,000			27,428
Deutsche Bank 37.5%, 11/20/2008 (b)		34,000			22,930
Goldman Sachs Group 34.6%, 10/2/2008 (c)		33,000			20,335
Lehman Brothers:
53.51%, 9/14/2008 (d)**		33,000			2,739
39.5%, 10/2/2008 (e)**		33,000			1,640
Morgan Stanley 37.05%, 10/17/2008 (f)		33,000			18,291
					93,363
Total Short-Term Holdings					200,363
Total Investments 99.0%					3,614,764
Other Assets Less Liabilities 1.0%					38,149
Net Assets 100.0%				$	3,652,913

Seligman Communications and Information Portfolio

	Shares or Principal Amount			Value
Common Stocks 93.6%
Application Software 11.0%
Aspen Technology		1,800	shs.	$	22,860
Autodesk*		70,600			2,368,630
Informatica*		14,400			187,056
Lawson Software*		9,600			67,200
Mentor Graphics*		118,800			1,348,380
Microsoft		18,500			493,765
Parametric Technology*		4,200			77,280
					4,565,171
Communications Equipment 8.9%
Cisco Systems*		81,400			1,836,384
F5 Networks*		7,000			163,660
NICE Systems (ADR)*		3,000			81,720
QUALCOMM		33,000			1,418,010
Riverbed Technology*		15,100			189,052
					3,688,826
Computer Hardware 2.8%
Apple*		6,600			750,156
Hewlett-Packard		9,100			420,784
					1,170,940
Computer Storage and Peripherals 11.7%
Electronics for Imaging*		64,400			897,092
EMC*		118,400			1,416,064
NetApp*		110,600			2,016,238
Seagate Technology		41,700			505,404
					4,834,798
Electronic Manufacturing Services 0.5%
HON HAI Precision Industry*		63,250			220,195
Health Care Distributors 2.4%
AmerisourceBergen		11,000			414,150
Cardinal Health		5,000			246,400
McKesson		6,200			333,622
					994,172
Health Care Equipment 2.1%
Advanced Medical Optics*		23,000			408,940
Becton, Dickinson		1,100			88,286
Kinetic Concepts*		13,000			371,670
					868,896
Internet Software and Services 15.5%
GigaMedia*		8,800			64,856
McAfee*		69,900			2,373,804
Open Text*		23,400			809,172
SonicWALL*		16,500			86,460
Symantec*		115,123			2,254,108
VeriSign*		31,727			827,440
					6,415,840
IT Consulting and Other Services 7.1%
Amdocs*		106,800			2,924,184
Life Sciences Tools and Services 0.6%
Applied Biosystems		7,500			256,875
Semiconductors 5.6%
Broadcom (Class A)*		6,900			128,547
Marvell Technology Group*		202,998			1,887,882
ON Semiconductor*		45,800			309,608
					2,326,037
Systems Software 14.0%
BMC Software*		74,400			2,130,072
Check Point Software Technologies*		107,100			2,435,454
Citrix Systems*		4,000			101,040
Macrovision Solutions		500			7,690
Oracle*		56,600			1,149,546
					5,823,802
Technical Software 9.9%
Cadence Design Systems*		85,700			579,332
Magma Design Automation*		22,600			90,852
Synopsys*		171,800			3,427,410
					4,097,594
Technology Distributors 1.5%
Avnet*		24,719			608,829
Total Common Stocks					38,796,159
Repurchase Agreement 8.1%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $3,357,005, collateralized by: $3,465,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $3,460,669	$	3,357,000			3,357,000
Total Investments 101.7%					42,153,159
Other Assets Less Liabilities (1.7)%					(697,132	)
Net Assets 100.0%				$	41,456,027

Seligman Global Technology Portfolio

	Shares		Value
Common Stocks 97.8%
Canada 3.7%
Open Text* (Internet Software and Services)	3,200	$	110,656
Research In Motion* (Communications Equipment)	1,300		88,790
			199,446
China 2.5%
AsiaInfo Holdings* (Internet Software and Services)	3,100		28,458
China Security & Surveillance Technology* (Electronic Equipment and Instruments)	2,000		27,760
Longtop Financial Technologies (ADR)* (Application Software)	3,700		52,133
VanceInfo Technologies (ADR)* (Application Software)	4,100		29,848
			138,199
Hong Kong 0.5%
China Mobile (Wireless Telecommunication Services)	2,500		25,031
India 1.9%
3i Infotech (Systems Software)	15,850		23,945
Rolta India (IT Consulting and Other Services)	15,708		80,279
			104,224
Israel 7.3%
Check Point Software Technologies* (Systems Software)	14,111		320,884
NICE Systems (ADR)* (Communications Equipment)	2,800		76,272
			397,156
Japan 4.2%
FUJITSU (Computer Hardware)	2,000		11,173
Ibiden (Electronic Components)	1,100		26,794
Murata Manufacturing (Electronic Components)	2,600		104,325
Nidec (Electronic Components)	900		55,356
Nissha Printing (Commercial Printing)	600		29,117
			226,765
Netherlands 0.6%
Koninklijke KPN (Integrated Telecommunication Services)	2,100		30,268
Taiwan 5.3%
Acer (Computer Hardware)	51,375		87,726
GigaMedia* (Internet Software and Services)	1,600		11,792
High Tech Computer (Computer Hardware)	4,000		62,173
HON HAI Precision Industry (Electronic Manufacturing Services)	28,750		102,292
Unimicron Technology Corporation (Electronic Components)	30,000		24,093
			288,076
United Kingdom 0.2%
Vodaphone Group (Wireless Telecommunication Services)	555		12,265
United States 71.6%
Advanced Medical Optics* (Health Care Equipment)	1,800		32,004
Amdocs* (IT Consulting and Other Services)	12,900		353,202
Apple* (Computer Hardware)	800		90,928
Ariba* (Internet Software and Services)	500		7,065
Aspen Technology* (Application Software)	4,541		57,671
Autodesk* (Application Software)	8,600		288,530
Avnet* (Technology Distributors)	3,608		88,865
BMC Software* (Systems Software)	9,200		263,396
Broadcom (Class A)* (Semiconductors)	900		16,767
Cadence Design Systems* (Technical Software)	9,800		66,248
Cisco Systems* (Communications Equipment)	7,500		169,200
Electronics for Imaging* (Computer Storage and Peripherals)	2,400		33,432
EMC* (Computer Storage and Peripherals)	10,300		123,188
Hewlett-Packard (Computer Hardware)	1,800		83,232
Informatica* (Application Software)	3,100		40,269
International Business Machines (Computer Hardware)	300		35,088
JDA Software Group* (Application Software)	2,445		37,188
Lawson Software* (Application Software)	5,400		37,800
Macrovision Solutions (Systems Software)	200		3,076
Magma Design Automation* (Technical Software)	4,500		18,090
Marvell Technology Group* (Semiconductors)	21,865		203,345
McAfee* (Internet Software and Services)	9,829		333,793
Mentor Graphics* (Application Software)	10,395		117,983
Microsoft (Application Software)	2,500		66,725
NetApp* (Computer Storage and Peripherals)	9,200		167,716
ON Semiconductor* (Semiconductors)	3,300		22,308
Oracle* (Systems Software)	6,800		138,108
QUALCOMM (Communications Equipment)	3,600		154,692
Seagate Technology (Computer Storage and Peripherals)	5,600		67,872
Sohu.com* (Internet Software and Services)	800		44,600
SonicWALL* (Internet Software and Services)	7,745		40,584
Symantec* (Internet Software and Services)	14,500		283,910
Synopsys* (Technical Software)	14,500		289,275
VeriSign* (Internet Software and Services)	4,000		104,320
			3,880,470
Total Investments 97.8%			5,301,900
Other Assets Less Liabilities 2.2%			118,956
Net Assets 100.0%		$	5,420,856

Seligman International Growth Portfolio

	Shares		Value
Common Stocks 91.5%
Australia 1.8%
CSL (Biotechnology)		1,370	$	41,271
Belgium 1.6%
Hansen Transmissions International* (Machinery)		9,002		37,458
Brazil 0.4%
Companhia Vale do Rio Doce “CVRD” (ADR) (Metals and Mining)		500		9,575
Canada 4.2%
Potash Corp. of Saskatchewan (Chemicals)		270		35,643
Research In Motion* (Communications Equipment)		900		61,470
				97,113
China 3.2%
LDK Solar (ADR)* (Semiconductors and Semiconductor Equipment)		680		20,414
Suntech Power Holdings (ADR)* (Electrical Equipment)		1,500		53,805
				74,219
Denmark 6.0%
Carlsberg (Class B) (Beverages)		938		71,710
Vestas Wind Systems (Electrical Equipment)		740		64,420
				136,130
France 12.1%
Alstom* (Electrical Equipment)		80		6,033
BNP Paribas (Commercial Banks)		686		65,947
Groupe Danone (Food Products)		515		36,493
L’Oreal (Personal Products)		358		35,352
Pernod Ricard (Beverages)		148		13,012
PPR* (Multiline Retail)		518		46,519
Societe Generale (Commercial Banks)		561		50,925
Sodexo (Hotels, Restaurants and Leisure)		385		22,814
				277,095
Germany 3.6%
Q-Cells* (Electrical Equipment)		131		11,006
SAP (Software)		802		43,066
Siemens (Industrial Conglomerates)		311		29,189
				83,261
Greece 0.5%
National Bank of Greece (Commercial Banks)		258		10,606
Israel 3.3%
Teva Pharmaceutical Industries (ADR) (Pharmaceuticals)		1,650		75,553
Japan 4.8%
Mitsui Fudosan (Real Estate Management and Development)		2,000		38,503
Mizuho Financial Group (Commercial Banks)		6		26,324
Nintendo (Software)		90		37,466
Uni-Charm (Household Products)		100		7,671
				109,964
Luxembourg 2.1%
Millicom International Cellular (Wireless Telecommunication Services)		700		48,069
Norway 1.1%
Renewable Energy (Electrical Equipment)		1,360		25,335
Russia 0.6%
OAO Gazprom (ADR)*† (Energy Equipment and Services)		400		12,854
Spain 0.5%
Iberdrola Renovables* (Independent Power Producers and Energy Traders)		2,438		10,611
Switzerland 15.5%
Julius Baer Holding (Capital Markets)		489		24,042
Nestle (Food Products)		2,414		104,410
Novartis (Pharmaceuticals)		1,251		65,434
Roche Holding (Pharmaceuticals)		436		67,967
Synthes (Health Care Equipment and Supplies)		228		31,493
UBS (Capital Markets)		2,840		49,096
Xstrata (Metals and Mining)		362		11,206
				353,648
Taiwan 3.3%
HTC* (Computers and Peripherals)		2,444		37,988
HTC (GDR)* (Computers and Peripherals)		611		36,965
				74,953
United Kingdom 26.9%
3i Group (Capital Markets)		5,151		65,019
ARM Holdings (Semiconductors and Semiconductor Equipment)		34,085		58,039
AstraZeneca (Pharmaceuticals)		1,284		56,191
Autonomy* (Software)		3,392		62,363
Barclays* (Commercial Banks)		4,068		24,712
British Airways* (Airlines)		6,904		20,803
Burberry Group (Textiles, Apparel and Luxury Goods)		1,852		12,978
Cadbury (Food Products)		2,700		27,188
Capita Group (Professional Services)		3,430		42,631
easyJet* (Airlines)		12,129		68,650
Michael Page International (Professional Services)		7,539		31,394
Next (Multiline Retail)		554		10,159
Reckitt Benckiser Group (Household Products)		2,143		103,760
J. Sainsbury (Food and Staples Retailing)		4,915		30,826
				614,713
Total Investments 91.5%				2,092,428
Other Assets Less Liabilities 8.5%				193,971
Net Assets 100.0%			$	2,286,399

Seligman Investment Grade Fixed Income Portfolio

	Principal Amount or Shares			Value
US Government and Government Agency Securities 52.5%
US Government Securities 31.4%
US Treasury Bonds:
5.375%, 2/15/2031	$	16,000		$	18,186
5%, 5/15/2037		38,000			42,284
US Treasury Inflation-Protected Security 2.375%, 1/15/2017		21,811			22,002
US Treasury Notes:
4.5%, 2/28/2011		95,000	‡		100,530
4.25%, 9/30/2012		80,000			84,775
3.875%, 10/31/2012		5,000			5,231
3.125%, 8/31/2013		85,000			85,678
4%, 2/15/2014		20,000			21,027
3.5%, 2/15/2018		60,000			58,856
3.875%, 5/15/2018		40,000			40,275
4%, 8/15/2018		50,000			50,727
US Treasury STRIPS Principal 7.5%, 11/15/2024##		90,000			43,341
					572,912
Government Agency Securitiesø 8.1%
Fannie Mae:
3.255%, 6/9/2010		15,000	‡		15,008
3.25%, 8/12/2010		10,000	‡		10,028
4.75%, 11/19/2012		10,000			10,351
5%, 7/9/2018		15,000			14,715
Federal Farm Credit 3.4%, 2/7/2013		40,000			39,036
Federal Home Loan Bank:
2.625%, 5/20/2011		45,000			44,032
5%, 11/17/2017		10,000			10,097
Freddie Mac 5%, 7/15/2014		5,000			5,207
					148,474
Government Agency Mortgage-Backed Securitiesø†† 13.0%
Fannie Mae:
4.5%, 12/1/2020#		17,028			16,729
5.355%, 4/1/2036#		20,470			20,716
5.961%, 8/1/2036#		20,163			20,762
6.5%, 9/1/2037		34,120			34,819
6.5%, TBA 10/2008		25,000			25,637
Freddie Mac 6.165%, 8/1/2036#		17,502			17,939
Freddie Mac Gold 5.5%, TBA 10/2008		100,000			100,641
					237,243
Total US Government and Government Agency Securities					958,629
Corporate Bonds 36.5%
Airlines 0.8%
Continental Airlines (Series A) 5.983%, 4/19/2022		20,000			15,400
Capital Markets 1.7%
Bank of New York Mellon 4.95%, 11/1/2012		15,000			14,275
Lehman Brothers Holdings 6.875%, 5/2/2018**		15,000			1,581
Merrill Lynch 6.05%, 5/15/2012		10,000			9,384
Northern Trust 5.5%, 8/15/2013		5,000			5,009
					30,249
Chemicals 0.5%
E.I. duPont de Nemours 5%, 1/15/2013		10,000			9,891
Computers and Peripherals 0.5%
Hewlett-Packard 5.5%, 3/1/2018		10,000			9,401
Consumer Finance 1.9%
National Rural Utilities Cooperative Finance 5.45%, 2/1/2018		5,000			4,646
Nissan Motor Acceptance 5.625%, 3/14/2011†		30,000			30,334
					34,980
Diversified Financial Services 3.8%
Bank of America 5.65%, 5/1/2018		20,000			16,876
Caterpillar Financial Services 6.2%, 9/30/2013		5,000			5,005
CIT Group 5.4%, 1/30/2016		5,000			2,423
Citigroup:
5.5%, 4/11/2013		20,000			17,474
6.5%, 8/19/2013		10,000			8,897
JPMorgan Chase 5.375%, 10/1/2012		5,000			4,835
NYSE Euronext 4.8%, 6/28/2013		15,000			14,295
					69,805
Diversified Telecommunication Services 1.5%
AT&T 5.5%, 2/1/2018		10,000			8,921
BellSouth 5.2%, 9/15/2014		15,000			14,085
Embarq 7.082%, 6/1/2016		5,000			4,058
					27,064
Electric Utilities 3.2%
Exelon Generation 6.2%, 10/1/2017		15,000			13,204
Indiana Michigan Power 6.05%, 3/15/2037		10,000			8,182
Southern Power 6.375%, 11/15/2036		20,000			17,225
Union Electric 6.4%, 6/15/2017		20,000			19,100
					57,711
Energy Equipment and Services 2.6%
Halliburton 6.7%, 9/15/2038		30,000			28,967
Nabors Industries 6.15%, 2/15/2018†		15,000			14,326
Weatherford International 7%, 3/15/2038		5,000			4,349
					47,642
Food and Staples Retailing 0.8%
Kroger 6.9%, 4/15/2038		10,000			9,307
Wal-Mart Stores 6.2%, 4/15/2038		5,000			4,576
					13,883
Food Products 1.4%
Corn Products 6%, 4/15/2017		20,000			20,708
General Mills 5.2%, 3/17/2015		5,000			4,804
					25,512
Health Care Providers and Services 0.7%
UnitedHealth Group 6.625%, 11/15/2037		15,000			12,646
Household Products 0.3%
Kimberly-Clark 6.125%, 8/1/2017		5,000			5,016
Industrial Conglomerates 1.2%
General Electric Capital 5.875%, 1/14/2038		10,000			7,394
Koninklijke (Royal) Philips Electronics 5.75%, 3/11/2018		15,000			14,429
					21,823
Insurance 1.9%
American General Finance 5.375%, 10/1/2012		10,000			5,470
Genworth Global Funding Trust 5.2%, 10/8/2010		15,000			13,585
Prudential Financial 5.7%, 12/14/2036		20,000			14,816
					33,871
Media 3.3%
Comcast 5.7%, 5/15/2018		5,000			4,372
Thomson Reuters 6.5%, 7/15/2018		35,000			33,532
Time Warner Cable 5.4%, 7/2/2012		15,000			14,280
Viacom 6.125%, 10/5/2017		10,000			9,087
					61,271
Metals and Mining 0.5%
Nucor 5.85%, 6/1/2018		10,000			9,541
Multi-Utilities 0.8%
Dominion Resources 5.6%, 11/15/2016		15,000			13,934
Multiline Retail 1.9%
J.C. Penney 6.375%, 10/15/2036		20,000			15,254
Safeway 6.35%, 8/15/2017		20,000			19,416
					34,670
Office Electronics 1.6%
Xerox:
5.5%, 5/15/2012		20,000			19,085
7.625%, 6/15/2013		10,000			10,133
					29,218
Oil, Gas and Consumable Fuels 1.2%
Encana 5.9%, 12/1/2017		15,000			13,410
XTO Energy 6.25%, 8/1/2017		10,000			9,451
					22,861
Pharmaceuticals 0.5%
Bristol-Myers Squibb 5.45%, 5/1/2018		10,000			9,460
Real Estate Investment Trusts 1.6%
Health Care Properties 6%, 1/30/2017		15,000			12,010
Prologis Trust 5.625%, 11/15/2016		15,000			12,797
Simon Property Group 6.125%, 5/30/2018		5,000			4,437
					29,244
Road and Rail 0.5%
Union Pacific 5.7%, 8/15/2018		10,000			9,330
Water Utilities 1.0%
American Water Capital 6.085%, 10/15/2017		20,000			18,531
Wireless Telecommunication Services 0.8%
Rogers Communications 6.8%, 8/15/2018		15,000			14,215
Total Corporate Bonds					667,169
Asset-Backed Securities†† 4.4%
Caterpillar Financial Asset Trust 4.94%, 4/25/2014		15,000			14,571
Centex Home Equity 5.257%, 12/25/2032#		19,243			7,554
Chase Issuance Trust 2.508%, 10/17/2011#		15,000			14,950
Irwin Home Equity 3.587%, 2/25/2034#		12,779			9,703
Structured Asset Securities 4.04%, 6/25/2033#		37,669			33,183
Total Asset-Backed Securities					79,961
Collateralized Mortgage Obligations†† 3.9%
Bank of America Mortgage Securities 4.519%, 7/25/2034#		6,019			5,665
GS Mortgage Loan Trust 5.327%, 7/25/2035#		17,426			15,461
Homestar Mortgage Acceptance 3.527%, 3/25/2034#		9,710			7,067
Indymac Index Mortgage Loan Trust 6.094%, 3/25/2036#†		28,771			18,429
Wells Fargo 4.729%, 7/25/2034#		27,227			24,393
Total Collateralized Mortgage Obligations					71,015
Foreign Government Agency Securities 0.5%
Corporacion Andina de Fomento 5.75%, 1/12/2017		10,000			9,253
Preferred Stocks 0.0%
Thrifts and Mortgage Finance 0.0%
Fannie Mae (Series S) 8.25%ø		150	shs.		327
Short-Term Holdings 8.8%
Repurchase Agreement 8.0%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $147,000, collateralized by: $155,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $154,806	$	147,000			147,000
Corporate Bonds 0.8%
General Electric Capital 2.687%, 3/2/2009#		15,000	‡		14,733
Total Short-Term Holdings					161,733
Total Investments 106.6%					1,948,087
Other Assets Less Liabilities (6.6)%					(120,513	)
Net Assets 100.0%				$	1,827,574

Seligman Large-Cap Value Portfolio

	Shares or Principal Amount			Value
Common Stocks 99.2%
Aerospace and Defense 5.4%
Honeywell International		1,500	shs.	$	62,325
United Technologies		1,300			78,078
					140,403
Capital Markets 5.2%
Bank of New York Mellon		2,499			81,417
Morgan Stanley		2,400			55,200
					136,617
Chemicals 6.1%
E. I. duPont de Nemours		2,200			88,660
Praxair		1,000			71,740
					160,400
Commercial Banks 5.6%
Regions Financial		4,000			38,400
U.S. Bancorp		3,000			108,060
					146,460
Communications Equipment 2.8%
Juniper Networks*		3,500			73,745
Computers and Peripherals 1.8%
Seagate Technology		4,000			48,480
Diversified Financial Services 8.9%
Bank of America		3,300			115,500
JPMorgan Chase		2,500			116,750
					232,250
Food and Staples Retailing 2.5%
Costco Wholesale		1,000			64,930
Food Products 2.7%
Tyson Foods (Class A)		6,000			71,640
Health Care Equipment and Supplies 4.9%
Baxter International		800			52,504
Medtronic		1,500			75,150
					127,654
Health Care Providers and Services 3.5%
Humana*		2,200			90,640
Independent Power Producers and Energy Traders 1.1%
AES*		2,500			29,225
Insurance 13.9%
MetLife		1,500			84,000
Prudential Financial		1,000			72,000
Travelers		2,000			90,400
Unum Group		4,700			117,970
					364,370
Machinery 2.9%
Caterpillar		1,300			77,480
Multiline Retail 2.2%
J.C. Penney		1,700			56,678
Oil, Gas and Consumable Fuels 10.2%
Chevron		900			74,232
Marathon Oil		2,000			79,740
Valero Energy		1,800			54,540
Williams Companies		2,500			59,125
					267,637
Pharmaceuticals 3.6%
Bristol-Myers Squibb		4,500			93,825
Road and Rail 5.6%
CSX		1,000			54,570
Union Pacific		1,300			92,508
					147,078
Specialty Retail 6.7%
The Gap		5,500			97,790
Lowe’s		3,300			78,177
					175,967
Tobacco 3.6%
Altria Group		1,400			27,776
Philip Morris International		1,400			67,340
					95,116
Total Common Stocks					2,600,595
Repurchase Agreement 1.3%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $34,000, collateralized by: $40,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $39,950	$	34,000			34,000
Total Investments 100.5%					2,634,595
Other Assets Less Liabilities (0.5)%					(12,952	)
Net Assets 100.0%				$	2,621,643

Seligman Smaller-Cap Value Portfolio

	Shares or Principal Amount			Value
Common Stocks 100.2%
Aerospace and Defense 4.0%
Cubic		190,000	shs.	$	4,672,100
Airlines 6.3%
Continental Airlines (Class B)*		170,000			2,835,600
Delta Air Lines*		600,000			4,470,000
					7,305,600
Beverages 2.9%
Central European Distribution*		75,000			3,405,750
Chemicals 2.8%
Minerals Technologies		55,000			3,264,800
Commercial Services and Supplies 6.4%
Brink’s		50,000			3,051,000
Waste Connections*		130,000			4,459,000
					7,510,000
Communications Equipment 3.0%
F5 Networks*		150,000			3,507,000
Computers and Peripherals 2.0%
Hypercom*		600,000			2,388,000
Construction and Engineering 1.6%
Shaw Group*		60,000			1,843,800
Diversified Consumer Services 2.1%
Sotheby’s Holdings		120,000			2,407,200
Electrical Equipment 9.2%
Belden		85,000			2,702,150
EnerSys*		160,000			3,153,600
SunPower (Class B)		43,884			3,030,161
Thomas & Betts*		46,500			1,816,755
					10,702,666
Energy Equipment and Services 4.4%
Exterran Holdings*		70,000			2,237,200
TETRA Technologies*		210,000			2,908,500
					5,145,700
Food Products 1.4%
Smithfield Foods*		100,000			1,588,000
Health Care Providers and Services 3.1%
WellCare Health Plans*		100,000			3,600,000
Health Care Technology 2.5%
Eclipsys*		140,000			2,933,000
Hotels, Restaurants and Leisure 5.8%
Panera Bread (Class A)*		50,000			2,545,000
Penn National Gaming*		90,000			2,391,300
Texas Roadhouse (Class A)*		200,000			1,798,000
					6,734,300
Insurance 15.3%
Aspen Insurance Holdings		140,000			3,850,000
W.R. Berkley		140,000			3,297,000
Endurance Specialty Holdings		100,000			3,092,000
Hanover Insurance Group		85,000			3,869,200
Infinity Property and Casualty		90,000			3,708,000
					17,816,200
IT Services 3.4%
CACI International (Class A)*		80,000			4,008,000
Machinery 2.0%
Mueller Industries		100,000			2,301,000
Multiline Retail 3.3%
Fred’s (Class A)		270,000			3,839,400
Personal Products 3.0%
Herbalife		90,000			3,556,800
Professional Services 3.0%
School Specialty*		112,000			3,493,280
Real Estate Investment Trusts 1.1%
FelCor Lodging Trust		185,000			1,324,600
Semiconductors and Semiconductor Equipment 3.1%
Cypress Semiconductor*		160,000			835,200
ON Semiconductor*		213,600			1,443,936
Varian Semiconductor Equipment Associates*		53,950			1,355,224
					3,634,360
Software 5.4%
Lawson Software*		390,000			2,730,000
Quest Software*		280,000			3,553,200
					6,283,200
Specialty Retail 3.1%
Pacific Sunwear of California*		225,000			1,514,250
Pier 1 Imports*		510,000			2,106,300
					3,620,550
Total Common Stocks					116,885,306
Repurchase Agreement 0.1%
State Street Bank 0.05%, dated 9/30/2008, maturing 10/1/2008, in the amount of $107,000, collateralized by: $115,000 US Treasury Bills 1.19%, 12/26/2008, with a fair market value of $114,856	$	107,000			107,000
Total Investments 100.3%					116,992,306
Other Assets Less Liabilities (0.3)%					(307,911	)
Net Assets 100.0%				$	116,684,395

*	Non-income producing security.
**	Non-income producing security. Security in default.
†	The security may be offered and sold only to “qualified institutional buyers” under Rule 144A of the Securities Act of 1933.
††	Investments in mortgage-backed, collateralized mortgage obligations and asset-backed securities are subject to principal paydowns. As a result of prepayments from refinancing or satisfaction of the underlying instruments, the average life may be less than the original maturity. This in turn may impact the ultimate yield realized from these investments.
ø	Securities issued by these agencies are neither guaranteed nor insured by the US Government.
øø	The Equity-Linked Notes are exchangeable at maturity, based on the terms of the respective notes, for shares of common stock of a company or cash at a maturity value which is generally determined as follows:
	The principal amount of the notes plus or minus the lowest return of the companies’ respective stock prices determined at maturity from the date of purchase of the notes:
	(a)	Energizer Holdings, Longs Drug Stores and Sepracor
	(b)	CIGNA, Hologic and Qwest Communications International
	(c)	Adobe Systems, UnitedHealth Group and Wyeth
	(d)	Delta Air Lines, Intel and Mylan
	(e)	Health Net, Kohl’s and Prudential Financial
	(f)	Comcast, Merck and Nokia ADR
‡	At September 30, 2008, these securities, with a total value of $140,299, were held as collateral for the TBA securities in the Investment Grade Fixed Income Portfolio.
#	Floating rate security; the interest rate is reset periodically. The interest rate disclosed reflects the rate in effect at September 30, 2008.
##	STRIPS (Separate Trading of Registered Interest and Principal of Securities) Principal is purchased at a discount, receives no interest and receives a single payment at maturity.

ADR – American Depositary Receipts.

GDR – Global Depositary Receipts.

TBA – To-be-announced.

Seligman Portfolios, Inc.
Notes to Schedules of Investments (unaudited)
September 30, 2008

1.	Organization – Seligman Portfolios, Inc. (the “Fund”) is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end diversified management investment company consisting of nine separate portfolios (the “Portfolios”): Seligman Capital Portfolio (“Capital Portfolio”), Seligman Cash Management Portfolio (“Cash Management Portfolio”), Seligman Common Stock Portfolio (“Common Stock Portfolio”), Seligman Communications and Information Portfolio (“Communications and Information Portfolio”), Seligman Global Technology Portfolio (“Global Technology Portfolio”), Seligman International Growth Portfolio (“International Growth Portfolio”), Seligman Investment Grade Fixed Income Portfolio (“Investment Grade Portfolio”), Seligman Large-Cap Value Portfolio (“Large-Cap Value Portfolio”), and Seligman Smaller-Cap Value Portfolio (“Smaller-Cap Value Portfolio”), each designed to meet different investment goals. Shares of the Fund are provided as an investment medium for variable annuity and life insurance separate accounts offered by various insurance companies. Class 2 shares of the Communications and Information Portfolio are also offered to qualified pension or retirement plans.
2.	Security Valuation – Net asset value per share is calculated as of the close of business of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time. Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Fixed income securities not listed on an exchange or security market are valued by independent pricing services based on bid prices which consider such factors as coupons, maturities, credit ratings, liquidity, specific terms and features, and the US Treasury yield curve, or are valued by J. & W. Seligman & Co. Incorporated, the Fund’s investment manager, based on quotations provided by primary market makers in such securities. Equity securities not listed on an exchange or security market, or equity securities for which there are no last sales price, are valued at the mean of the most recent bid and asked prices or are valued by the investment manager based on quotations provided by primary market makers in such securities. Notwithstanding these valuation methods, the Global Technology Portfolio and International Growth Portfolio may adjust the value of securities as described below in order to reflect the fair value of such securities.
	Many securities markets and exchanges outside the US close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after the local market close but before the close of the NYSE. The Fund’s Board of Directors (the “Board”) approved fair value procedures under which a third-party pricing service on a regular basis recommends adjustments to the local closing prices of certain foreign equity securities. The adjustments are based on a statistical analysis of the historical relationship between the price movements of a security and independent variables such as US market movements, sector movements, movements in the ADR of a security (if any), and movements in country or regional exchange-traded funds or futures contracts. The factors used vary with each security, depending on which factors have been most important historically.
	Other securities for which market quotations are not readily available (or are otherwise no longer valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board. This can occur in event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts and extreme market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security.
	Short-term holdings that mature in 60 days or less are valued at current market quotations or amortized cost if the investment manager believes it approximates fair value. Short-term holdings that mature in more than 60 days are valued at current market quotations until the 60th day prior to maturity and are then valued as described above for securities maturing in 60 days or less.

	Investments held by the Cash Management Portfolio are generally valued using the amortized cost method which approximates fair value. Investments in certain other funds in the Seligman Group of Investment Companies purchased by the Cash Management Portfolio to offset its liability for deferred directors’ fees are valued at net asset values or, for closed-end funds, closing market prices.
3.	Fair Value Measurements – On January 1, 2008, the Portfolios adopted Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” SFAS 157 establishes a three-tier hierarchy to classify the assumptions, referred to as inputs, used in valuation techniques (see Security Valuation above) to measure fair value of the Portfolios’ investments and other financial instruments. These inputs are summarized in three broad levels: Level 1 – quoted prices in active markets for identical investments or financial instruments; Level 2 – other significant observable inputs (including quoted prices in inactive markets or for similar investments or financial instruments, interest rates, prepayment speeds, credit risk, etc.); and Level 3 – significant unobservable inputs (including the Portfolios’ own assumptions in determining fair value). The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.
	The following is a summary of the value of the Portfolios’ investments and other financial instruments as of September 30, 2008 based on the level of inputs used:

	Capital Portfolio		Cash Management Portfolio		Common Stock Portfolio
Valuation Inputs	Investments		Investments		Investments
Level 1 - Quoted Prices	$	7,262,536	$	0	$	3,414,401
Level 2 - Other Significant Observable Inputs		482,000		8,563,664		200,363
Level 3 - Significant Unobservable Inputs		0		0		0
Total	$	7,744,536	$	8,563,664	$	3,614,764

	Communucations and Information Portfolio		Global Technology Portfolio
Valuation Inputs	Investments		Investments
Level 1 - Quoted Prices	$	38,796,159	$	4,249,961
Level 2 - Other Significant Observable Inputs		3,357,000		1,051,939
Level 3 - Significant Unobservable Inputs		0		0
Total	$	42,153,159	$	5,301,900

	International Growth Portfolio				Investment Grade Fixed Income Portfolio
Valuation Inputs	Investments		Other Financial Instruments*		Investments
Level 1 - Quoted Prices	$	341,494	$	218	$	327
Level 2 - Other Significant Observable Inputs		1,750,934		0		1,947,760
Level 3 - Significant Unobservable Inputs		0		0		0
Total	$	2,092,428	$	218	$	1,948,087

	Large-Cap Value Portfolio		Smaller-Cap Value Portfolio
Valuation Inputs	Investments		Investments
Level 1 - Quoted Prices	$	2,600,595	$	116,885,306
Level 2 - Other Significant Observable Inputs		34,000		107,000
Level 3 - Significant Unobservable Inputs		0		0
Total	$	2,634,595	$	116,992,306

* Represents foreign currency contracts, which are not reflected in the Schedules of Investments and which are valued at the net unrealized appreciation (depreciation) on each contract.

4.

Risk – The following risks apply to some or all of the Portfolios. A Portfolio may concentrate its investments in stocks of large-, medium- or small-capitalization companies. At times, one or more of these groups of stocks has experienced periods of volatility and negative performance. During such periods, the value of such stocks may decline and the performance of a Portfolio investing in such companies may be negatively affected. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuation, government regulation, and limited liquidity as compared to other investments. To the extent that a Portfolio invests a substantial percentage of its assets in an industry, the Portfolio’s performance may be negatively affected if that industry falls out of favor. A portfolio with fewer holdings may be subject to greater volatility than a portfolio with a greater number of holdings. 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. US Government and fixed income securities are subject to interest rate risk, credit risk, prepayment risk and market risk. Securities that are not guaranteed by the US Government may have increased credit risk, including, but not limited to, the risk of non-payment of principal or interest. A Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market prices and periods of illiquidity that can negatively impact the valuation of certain issues held by such Portfolio. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults.

5.

At September 30, 2008, the cost of investments for federal income tax purposes, and the tax basis gross and net unrealized appreciation and depreciation of portfolio securities, including the effects of purchased options and foreign currency translations, were as follows:

Portfolio	Tax Basis Cost		Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Capital	$	9,498,417	$	98,283		$	1,852,164		$	(1,753,881	)
Cash Management		8,563,664		—			—			—
Common Stock		5,006,769		118,968			1,510,973			(1,392,005	)
Communications and Information		49,127,143		516,492			7,490,476			(6,973,984	)
Global Technology		6,315,452		79,450			1,094,079	**		(1,014,629	) **
International Growth		2,512,806		5,964	**		425,418			(419,454	) **
Investment Grade		2,048,203		15,581			115,697			(100,116	)
Large-Cap Value		2,298,777		576,735			240,917			335,818
Smaller-Cap Value		124,674,270		16,203,219			23,885,183			(7,681,964	)

** Includes the effects of foreign currency translations.

6. Subsequent Events – On November 7, 2008, RiverSource Investments, LLC (“RiverSource Investments”), a wholly owned subsidiary of Ameriprise Financial, Inc., announced the closing of its acquisition (the “Acquisition”) of the Fund’s investment manager. With the Acquisition completed and shareholders of each Portfolio of the Fund having previously approved (at a Special Meeting held on November 3, 2008) new investment management services agreements between the Fund (with respect to each Portfolio of the Fund) and RiverSource Investments and, if applicable, new subadvisory agreements, RiverSource Investments is the new investment manager of the Fund effective November 7, 2008.

ITEM 2. CONTROLS AND PROCEDURES.

a.

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

b.

The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

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

SIGNATURES

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

SELIGMAN PORTFOLIOS, INC.

By:	/S/ PATRICK T. BANNIGAN
	Patrick T. Bannigan
	President and Chief Executive Officer
Date:	November 24, 2008

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

By:	/S/ PATRICK T. BANNIGAN
	Patrick T. Bannigan
	President and Chief Executive Officer
Date:	November 24, 2008
By:	/S/ LAWRENCE P. VOGEL
	Lawrence P. Vogel
	Treasurer and Chief Financial Officer
Date:	November 24, 2008

SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

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