UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5221

Seligman Portfolios, Inc.

(Exact name of Registrant as specified in charter)

100 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Lawrence P. Vogel

100 Park Avenue

New York, New York 10017

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/07

FORM N-CSR

ITEM 1. REPORTS TO STOCKHOLDERS.

Seligman

Portfolios, Inc.

Mid-Year Report

June 30, 2007

Seligman Portfolios, Inc.

Dear Contract Owner:

We are pleased to present the mid-year shareholder report for Seligman Portfolios, Inc. for the six months ended June 30, 2007. The report contains the investment results, portfolios of investments, and financial statements for each of the Seligman Portfolios.

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

Respectfully,

William C. Morris

Chairman

J. & W. Seligman & Co. Incorporated

August 17, 2007

Manager J. & W. Seligman & Co. Incorporated 100 Park Avenue New York, New York 10017   General Distributor Seligman Advisors, Inc. 100 Park Avenue New York, New York 10017 Subadviser (to Seligman International Growth Portfolio) Wellington Management Company, LLP 75 State Street Boston, MA 02109   General Counsel Sullivan & Cromwell LLP Custodians JPMorgan Chase Bank State Street Bank and Trust Company

Quarterly Schedules of Investments

Complete schedules of portfolio holdings owned by the Fund will be filed with the SEC for the first and third quarters of each fiscal year on Form N-Q, and will be available on the SEC’s website at www.sec.gov.¹ In addition, the Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Certain of the information contained on Form N-Q is also made available on Seligman’s website at www.seligman.com.¹

Proxy Voting

A description of the policies and procedures used by the Fund to determine how to vote proxies relating to portfolio securities, as well as information regarding how the Fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available (i) without charge, upon request, by calling toll-free (800) 221-7844 in the US or collect (212) 850-1864 outside the US and (ii) on the SEC’s website at www.sec.gov.¹ Information for each new 12-month period ending June 30 will be available no later than August 31 of that year. Individual insurance contract owners may also contact participating insurance companies for more information. Plan participants may contact their plan administrator.

¹ These website references are inactive textual references and information contained in or otherwise accessible through these websites does not form a part of this report or the Seligman Portfolios’ prospectus or statement of additional information.

Seligman Portfolios, Inc.

Performance and Portfolio Overview

This section of the report is intended to help you understand the performance of each Portfolio of Seligman Portfolios, Inc. (the “Fund”), and to provide a summary of their portfolio characteristics.

Performance data quoted in this report represents past performance and does not guarantee or indicate future investment results. The rates of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total returns of the Fund as of the most recent month-end will be available at www.seligman.com¹ by the seventh business day following that month-end. Calculations assume reinvestment of distributions. Returns for Class 1 and Class 2 shares are calculated without any sales charges. Performance data quoted are net of all portfolio operating expenses, but do not include any charges imposed on contract owners by the insurance companies’ separate account or by any pension or retirement plan. If these additional charges were included, performance would have been lower. Total returns do not reflect any fees or charges that investors will incur in purchasing or selling units of the Variable Accounts. For certain Portfolios, J. & W. Seligman & Co. Incorporated (the “Manager”) has voluntarily undertaken to reimburse expenses. Such reimbursement can be discontinued at any time at the Manager’s discretion, except in the case of Seligman International Growth Portfolio, for which the undertaking is contractual through at least April 30, 2008. Absent such reimbursement, returns would have been lower. See Note 4 to the Financial Statements on page 40 of this report for additional information.

An investment in the Portfolios is subject to certain risks, including the possible loss of principal. There are specific risks associated with global investing, such as currency fluctuation, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions. Investing on one economic sector, such as technology, may be subject to greater price fluctuations than a portfolio of diversified investments. A portfolio with fewer holdings may be subject to greater volatility than a portfolio with a greater number of holdings. The stocks of smaller companies may be subject to above-average price fluctuations.

An investment in a Portfolio is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Prior to March 31, 2000, the Manager employed subadvisers that were responsible for providing all or a portion of the portfolio management services with respect to the investments of Seligman Global Technology Portfolio and Seligman International Growth Portfolio. For the period following, until September 15, 2003, in the case of Seligman International Growth Portfolio, the assets of these Portfolios were managed exclusively by the Manager. Since September 15, 2003, Wellington Management Company, LLP has acted as subadviser to provide portfolio management services for Seligman International Growth Portfolio. See Note 4 to the Financial Statements on page 40 of this report for additional information.

Investment Results

Total Returns

For Periods Ended June 30, 2007

			Average Annual Return
	Six Months*		One Year		Five Years		Ten Years		Since Inception 5/1/00		Since Inception 8/30/00
Seligman Capital Portfolio
Class 1	15.32	%	23.52	%	12.02	%	9.98	%	n/a		n/a
Class 2	15.21		23.16		11.73		n/a		n/a		(1.90	)%
Lipper Mid-Cap Funds Average**	11.58		19.87		13.17		9.18		n/a		3.75	#
Lipper Mid-Cap Growth Funds Average**	12.84		18.83		12.39		8.18		n/a		(0.23	)#
Russell Midcap Growth Index**	10.97		19.73		15.44		8.65		n/a		(0.26	)
Seligman Common Stock Portfolio Class 1	7.64		24.14		8.58		4.56		n/a		n/a
Lipper Large-Cap Core Funds Average**	6.94		19.59		9.33		6.09		n/a		n/a
Standard & Poor’s 500 Composite (S&P 500) Index**	6.96		20.57		10.70		7.12		n/a		n/a
Seligman Communications and Information Portfolio
Class 1	10.33		28.94		15.90		11.19		n/a		n/a
Class 2	10.16		28.59		15.58		n/a		(2.09	)%	n/a
Lipper Science & Technology Funds Average**	10.33		21.27		11.87		7.06		(10.16	)††	n/a
S&P 500 Index	6.96		20.57		10.70		7.12		2.01		n/a
S&P GSTI Composite Index**	10.41		26.94		11.66		5.64		(9.51	)††	n/a

¹ The website reference is an inactive textual reference and information contained in or otherwise accessible through the website does not form a part of this report or the Seligman Portfolios’ prospectus or statement of additional information.

See footnotes on page 2.

1

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Investment Results

Total Returns

For Periods Ended June 30, 2007

			Average Annual Return
	Six Months*		One Year		Five Years		Ten Years		Since Inception 5/1/98		Since Inception 5/1/00		Since Inception 5/1/01
Seligman Global Technology Portfolio
Class 1	10.63	%	28.37	%	12.13	%	10.30	%	n/a		n/a		n/a
Class 2	10.61		28.18		11.97		n/a		n/a		(4.64	)%	n/a
Lipper Global Funds Average**	9.57		23.57		13.86		7.71		n/a		4.30	††	n/a
Lipper Science & Technology Funds Average**	10.33		21.27		11.87		7.06		n/a		(10.16	)††	n/a
MSCI World Index**	9.48		24.19		14.54		7.49		n/a		4.31	††	n/a
MSCI World IT Index**	9.70		25.10		11.03		4.99		n/a		(9.72	)††	n/a
Seligman International Growth Portfolio Class 1	10.36		27.06		15.29		3.45		n/a		n/a		n/a
MSCI EAFE Index**	11.09		27.54		18.20		8.03		n/a		n/a		n/a
MSCI EAFE Growth Index**	12.24		25.71		15.74		5.47		n/a		n/a		n/a
Lipper International Funds Average**	10.81		27.05		16.60		7.96		n/a		n/a		n/a
Lipper International Multi-Cap Growth Funds Average**	10.86		27.48		17.08		7.89		n/a		n/a		n/a
Seligman Investment Grade Fixed Income Portfolio Class 1	0.70		5.90		3.78		4.72		n/a		n/a		n/a
Lehman Brothers Government/Credit Index**	0.97		6.00		4.70		6.08		n/a		n/a		n/a
Lipper Corporate Debt Funds BBB-Rated Average**	0.93		6.81		6.04		5.90		n/a		n/a		n/a
Seligman Large-Cap Value Portfolio Class 1	11.33		22.15		11.93		n/a		5.68	%	n/a		n/a
Lipper Large-Cap Value Funds Average**	7.15		20.81		11.33		n/a		6.13	†	n/a		n/a
Lipper Multi-Cap Value Funds Average**	7.61		20.53		12.28		n/a		7.28	†	n/a		n/a
Russell 1000 Value Index**	6.23		21.87		13.31		n/a		7.62		n/a		n/a
S&P 500 Index**	6.96		20.57		10.70		n/a		4.90		n/a		n/a
Seligman Smaller-Cap Value Portfolio
Class 1	10.43		24.90		14.72		n/a		15.02		n/a		n/a
Class 2	10.34		24.71		14.49		n/a		n/a		n/a		14.82	%
Lipper Small-Cap Core Funds Average**	8.30		16.51		13.74		n/a		8.80	†	n/a		11.52	##
Lipper Small-Cap Value Funds Average**	7.68		17.35		14.30		n/a		10.06	†	n/a		13.84	##
Russell 2000 Value Index**	3.80		16.05		14.61		n/a		10.52		n/a		14.20

Note: Lipper currently classifies certain Seligman Portfolios as follows:

Seligman Capital Portfolio — Mid-cap growth fund

Seligman Global Technology Portfolio — Science and technology fund

Seligman International Growth Portfolio — International multi-cap growth fund

Seligman Large-Cap Value Portfolio — Multi-cap value fund

Seligman Smaller-Cap Value Portfolio — Small-cap core fund

* Returns for periods of less than one year are not annualized.

** See benchmark descriptions on pages 12 and 13.

† From April 30, 1998.

†† From April 30, 2000.

# From August 31, 2000.

## From May 3, 2001.

2

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Capital Portfolio

Diversification of Net Assets

June 30, 2007

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common Stocks:
Aerospace and Defense	4	$	426,470	$	569,387	5.1	3.0
Airlines	—		—		—	—	1.3
Auto Components	1		161,171		166,848	1.5	—
Biotechnology	4		329,071		391,169	3.5	2.0
Capital Markets	—		—		—	—	5.0
Chemicals	2		212,370		221,387	2.0	—
Commercial Services and Supplies	1		106,655		119,310	1.1	1.8
Communications Equipment	3		561,952		616,990	5.5	3.3
Computers and Peripherals	1		109,800		105,120	0.9	0.7
Containers and Packaging	—		—		—	—	1.3
Diversified Consumer Services	1		146,552		198,662	1.8	—
Diversified Financial Services	2		145,655		142,146	1.3	—
Diversified Telecommunication Services	1		94,240		90,450	0.8	—
Electrical Equipment	—		—		—	—	1.9
Electronic Equipment and Instruments	1		79,950		96,600	0.9	—
Energy Equipment and Services	5		718,452		866,579	7.7	5.6
Food and Staples Retailing	1		150,584		197,142	1.8	3.5
Food Products	1		159,119		157,029	1.4	1.6
Health Care Equipment and Supplies	5		702,923		767,283	6.9	5.6
Health Care Providers and Services	3		331,845		340,857	3.0	7.8
Hotels, Restaurants and Leisure	4		656,742		633,421	5.7	7.1
Household Durables	—		—		—	—	1.0
Independent Power Producers and Energy Traders	1		186,948		177,228	1.6	1.1
Industrial Conglomerates	2		332,294		383,976	3.4	—
Internet and Catalog Retail	1		223,080		328,248	2.9	—
Internet Software and Services	2		362,895		423,608	3.8	2.9
IT Services	3		388,049		374,408	3.3	4.5
Life Sciences Tools and Services	1		87,777		94,976	0.8	3.3
Machinery	2		204,436		267,423	2.4	2.6
Media	2		334,240		351,294	3.1	2.8
Metals and Mining	2		211,001		280,538	2.5	1.1
Oil, Gas and Consumable Fuels	1		100,899		193,409	1.7	1.4
Pharmaceuticals	2		290,054		297,307	2.7	2.8
Road and Rail	—		—		—	—	1.7
Semiconductors and Semiconductor Equipment	5		765,780		741,769	6.6	5.5
Software	2		255,099		243,928	2.2	4.2
Specialty Retail	3		344,746		362,904	3.2	6.5
Textiles, Apparel and Luxury Goods	1		164,511		173,316	1.6	2.7
Trading Companies and Distributors	1		113,142		108,810	1.0	—
Wireless Telecommunication Services	3		522,962		620,252	5.5	3.5
	74		9,981,464		11,103,774	99.2	99.1
Short-Term Holding and Other Assets Less Liabilities	1		86,681		86,681	0.8	0.9
Net Assets	75	$	10,068,145	$	11,190,455	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases

Diamond Offshore Drilling*

Gemstar-TV Guide International*

Pinnacle Entertainment*

NutriSystem*

FormFactor*

Wynn Resorts*

OpNext*

Microsemi*

McDermott International*

SBA Communications*

Largest Sales

Health Net**

Hilton Hotels**

Liberty Global (Class A)**

Ensco International**

E*TRADE Financial**

CSX**

Herman Miller**

MedImmune**

Coventry Health Care**

Northern Trust**

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

* Position added during the period.

** Position eliminated during the period.

3

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Cash Management Portfolio

Summary of Net Assets

June 30, 2007

					Percent of Net Assets
	Issues	Value			June 30, 2007		December 31, 2006
Short-Term Holdings:
US Government Securities	2	$	1,985,141		18.5		16.6
Government Agency Securities	3		2,882,793		26.8		21.9
Fixed Time Deposits	8		4,242,000		39.4		29.9
Commercial Paper	3		1,653,004		15.4		15.0
Repurchase Agreement	1		1,000		—		8.3
	17		10,763,938		100.1		91.7
Other Assets Less Liabilities	—		(13,878	)	(0.1	)	8.3
Net Assets	17	$	10,750,060		100.0		100.0

4

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Common Stock Portfolio

Diversification of Net Assets

June 30, 2007

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common Stocks and Warrants:
Aerospace and Defense	2	$	114,203	$	152,440	2.1	3.3
Air Freight and Logistics	2		93,367		100,396	1.4	0.6
Airlines	1		18,071		17,625	0.3	—
Beverages	—		—		—	—	1.3
Biotechnology	4		230,015		229,584	3.2	3.0
Capital Markets	3		138,934		141,376	2.0	2.7
Chemicals	1		35,770		45,756	0.6	0.9
Commercial Banks	1		152,254		145,550	2.0	3.5
Commercial Services and Supplies	1		53,572		58,575	0.8	0.8
Communications Equipment	6		353,686		362,218	5.1	6.4
Computers and Peripherals	5		253,090		264,276	3.7	3.5
Consumer Finance	2		165,921		168,566	2.4	2.3
Containers and Packaging	1		90,768		101,156	1.4	0.9
Diversified Consumer Services	1		30,924		40,901	0.6	—
Diversified Financial Services	3		374,942		402,859	5.6	5.7
Diversified Telecommunication Services	2		92,495		97,150	1.4	2.1
Energy Equipment and Services	2		80,414		93,170	1.3	1.5
Food and Staples Retailing	4		226,340		260,833	3.6	4.2
Food Products	2		56,911		52,979	0.7	—
Health Care Equipment and Supplies	4		178,854		153,067	2.1	1.9
Health Care Providers and Services	1		52,149		51,650	0.7	3.6
Hotels, Restaurants and Leisure	2		187,094		165,839	2.3	—
Independent Power Producers and Energy Traders	—		—		—	—	0.6
Industrial Conglomerates	2		281,313		322,727	4.5	4.5

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common Stocks and Warants:
Insurance	2	$	170,183	$	200,707	2.8	2.7
Internet Software and Services	2		128,359		143,537	2.0	1.6
IT Services	1		48,087		55,748	0.8	1.0
Machinery	1		44,039		54,810	0.8	0.7
Media	3		172,566		189,154	2.6	1.9
Metals and Mining	3		129,321		153,209	2.1	1.3
Multiline Retail	—		—		—	—	0.7
Oil, Gas and Consumable Fuels	5		325,240		467,430	6.5	8.2
Personal Products	1		42,050		51,545	0.7	—
Pharmaceuticals	6		362,004		401,902	5.6	3.3
Road and Rail	1		37,478		35,770	0.5	0.9
Semiconductors and Semiconductor Equipment	3		116,834		117,252	1.6	0.9
Software	5		326,621		309,487	4.3	2.3
Specialty Retail	3		231,077		229,579	3.2	3.7
Thrifts and Mortgage Finance	2		97,463		97,304	1.4	1.1
Tobacco	1		178,422		201,302	2.8	3.4
Wireless Telecommunication Services	—		—		—	—	1.2
	91		5,670,831		6,137,429	85.5	88.2
Options Purchased	26		189,568		185,769	2.7	3.3
Equity-Linked Notes	18		700,081		685,082	9.7	3.7
Other Short-Term Holding and Other Assets Less Liabilities	1		147,449		147,478	2.1	4.8
Net Assets	136	$	6,707,929	$	7,155,758	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases		Largest Sales
OfficeMax*	BEA Systems*	Foot Locker**	Avis Budget Group**
Starbucks*	Broadcom (Class A)*	Aetna**	Chevron
Las Vegas Sands*	Qwest Communications*	WellPoint**	Windstream**
Johnson & Johnson*	Barrick Gold*	Sprint Nextel**	Bank of New York**
Bristol-Myers Squibb*	UTI Worldwide*	International Business Machines**	SUPERVALU**

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

* Position added during the period.

** Position eliminated during the period.

5

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Communications and Information Portfolio

Diversification of Net Assets

June 30, 2007

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common Stocks:
Advertising	1	$	285,589	$	363,600	0.6	—
Alternative Carriers	1		457,398		450,240	0.8	—
Application Software	6		4,002,553		4,132,005	7.1	5.4
Communications Equipment	6		5,928,504		6,676,300	11.5	9.3
Computer Hardware	3		2,783,264		3,381,394	5.8	4.0
Computer Storage and Peripherals	3		3,124,462		3,208,950	5.5	10.4
Consumer Software	2		691,439		684,578	1.2	1.4
Data Processing and Outsourced Services	1		581,493		567,240	1.0	—
Electronic Equipment Manufacturers	—		—		—	—	1.4
Electronic Manufacturing Services	1		314,935		425,046	0.7	1.2
Health Care Equipment	4		1,586,037		1,592,937	2.8	2.8
Health Care Supplies	—		—		—	—	0.4
Health Care Services	1		472,401		475,180	0.8	—
Internet Software and Services	6		5,330,183		6,582,978	11.4	22.6
IT Consulting and Other Services	3		3,905,760		4,745,314	8.2	5.7
Life Sciences Tools and Services	3		707,221		796,091	1.4	0.5
Movies and Entertainment	1		284,963		268,350	0.5	—
Semiconductor Equipment	3		4,650,367		4,871,815	8.4	10.7
Semiconductors	8		2,981,289		3,382,754	5.9	4.3
Systems Software	4		5,590,743		5,526,238	9.6	4.0
Technical Software	2		5,025,206		5,585,847	9.7	8.9
Technology Distributors	1		303,939		342,027	0.6	0.5
Wireless Telecommunication Services	2		1,314,995		1,478,463	2.6	1.3
	62		50,322,741		55,537,347	96.1	94.8
Short-Term Holdings and Other Assets Less Liabilities	2		2,218,317		2,219,435	3.9	5.2
Net Assets	64	$	52,541,058	$	57,756,782	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases

Network Appliance*

Oracle*

Check Point Software Technologies

BMC Software (Class A)

Cisco Systems

BEA Systems*

International Business Machines*

Adobe Systems*

C.R. Bard*

Amdocs

Largest Sales

VeriSign

Symantec

Seagate Technology**

McAfee

Autodesk**

EMC

Applied Materials**

Parametric Technology**

Hewlett-Packard

Citrix Systems**

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

* Position added during the period.

** Position eliminated during the period.

6

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Global Technology Portfolio

Diversification of Net Assets by Industry

June 30, 2007

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common Stocks and Convertible Bonds:
Advertising	1	$	40,007	$	50,500	0.6	—
Alternative Carriers	1		63,576		62,310	0.7	—
Application Software	6		524,812		542,211	6.4	8.4
Communications Equipment	8		714,791		856,918	10.2	9.6
Computer Hardware	5		431,175		501,691	6.0	4.5
Computer Storage and Peripherals	7		493,985		510,068	6.1	9.1
Consumer Electronics	2		104,147		95,075	1.1	1.8
Consumer Software	1		49,124		49,925	0.6	1.3
Data Processing and Outsourced Services	2		87,888		95,715	1.1	—
Electronic Equipment Manufacturers	4		219,970		239,875	2.8	4.2
Electronic Manufacturing Services	1		121,322		161,704	1.9	1.8
Health Care Equipment	1		29,421		30,668	0.4	1.8
Health Care Services	1		66,748		67,145	0.8	—
Health Care Supplies	—		—		—	—	0.4
Home Entertainment Software	1		48,617		46,675	0.6	—
Internet Software and Services	8		651,434		843,921	10.0	18.4
IT Consulting and Other Services	8		699,956		870,942	10.3	7.5
Life Sciences Tools and Services	2		31,181		36,784	0.4	0.5
Office Electronics	1		74,228		99,762	1.2	1.2
Semiconductor Equipment	3		538,337		586,989	7.0	9.2
Semiconductors	12		563,167		604,865	7.2	6.6
Specialty Chemicals	—		—		—	—	0.5
Systems Software	5		711,933		706,465	8.4	3.9
Technical Software	2		539,837		602,757	7.2	5.4
Technology Distributors	1		37,946		46,116	0.5	0.5
Wireless Telecommunication Services	1		117,937		145,332	1.7	1.3
	84		6,961,539		7,854,413	93.2	97.9
Other Assets Less Liabilities	—		574,450		574,501	6.8	2.1
Net Assets	84	$	7,535,989	$	8,428,914	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases

Network Appliance*

Oracle*

BEA Systems*

BMC Software (Class A)

Check Point Software Technologies

Tata Consultancy Services*

Cadence Design Systems

Adobe Systems*

Cap Gemini*

Telefonaktiebolaget LM Ericsson (ADR)*

Largest Sales

Symantec**

VeriSign

Seagate Technology**

EMC

Autodesk**

McAfee

Texas Instruments

Parametric Technology**

Digital River

THQ**

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

* Position added during the period.

** Position eliminated during the period.

7

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman International Growth Portfolio

Diversification of Net Assets by Industry

June 30, 2007

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common and Preferred Stocks:
Aerospace and Defense	1		—	$	701	—	0.2
Airlines	1	$	26,864		26,425	0.6	1.5
Auto Components	1		83,210		87,598	2.1	—
Automobiles	2		96,226		97,672	2.3	2.1
Beverages	—		—		—	—	1.1
Capital Markets	3		230,868		267,485	6.4	4.1
Chemicals	3		127,583		173,053	4.1	2.6
Commercial Banks	3		113,928		118,613	2.8	4.0
Commercial Services and Supplies	1		19,281		19,623	0.5	0.5
Communications Equipment	3		195,698		260,811	6.2	4.0
Computers and Peripherals	—		—		—	—	2.9
Construction and Engineering	1		21,859		28,655	0.7	0.9
Consumer Finance	—		—		—	—	0.7
Distributors	1		21,818		22,480	0.5	—
Diversified Financial Services	1		40,614		56,425	1.4	2.4
Diversified Telecommunication Services	2		74,703		73,488	1.8	1.4
Electric Utilities	1		43,685		41,324	1.0	—
Electrical Equipment	5		265,658		318,729	7.6	3.6
Electronic Equipment and Instruments	1		44,908		55,275	1.3	1.9
Energy Equipment and Services	—		—		—	—	1.0
Food and Staples Retailing	1		57,079		61,638	1.5	4.8
Food Products	3		95,951		96,776	2.3	2.9
Health Care Equipment and Supplies	3		111,578		118,635	2.8	1.8
Health Care Providers and Services	1		49,278		47,126	1.1	—
Hotels, Restaurants and Leisure	1		33,877		39,315	0.9	0.5
Household Durables	2		102,396		116,873	2.8	3.3
Household Products	2		95,997		115,629	2.8	1.6
Industrial Conglomerates	1		75,358		81,717	2.0	—

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common and Preferred Stocks:
Insurance	—		—		—	—	1.6
Internet and Catalog Retail	—		—		—	—	1.2
Internet Software and Services	—		—		—	—	0.5
Machinery	4	$	124,963	$	135,388	3.2	3.2
Marine	1		39,766		40,597	1.0	—
Media	2		55,952		86,515	2.1	3.1
Metals and Mining	3		142,149		187,760	4.5	5.5
Multi-Utilities	1		112,165		151,939	3.6	3.0
Multiline Retail	2		110,211		108,938	2.6	1.0
Office Electronics	1		33,252		35,210	0.8	—
Oil, Gas and Consumable Fuels	2		76,671		104,789	2.5	1.1
Pharmaceuticals	1		64,950		92,106	2.2	3.6
Real Estate Investment Trusts	—		—		—	—	3.1
Real Estate Management and Development	—		—		—	—	2.9
Road and Rail	—		—		—	—	0.5
Semiconductors and Semiconductor Equipment	6		257,038		282,851	6.8	5.1
Software	1		17,860		36,522	0.9	3.0
Specialty Retail	2		56,194		59,794	1.4	3.1
Textiles, Apparel and Luxury Goods	4		134,539		152,805	3.8	1.1
Tobacco	1		72,007		83,836	2.0	3.8
Trading Companies and Distributors	1		27,764		28,744	0.7	—
Transportation Infrastructure	1		15,757		15,926	0.4	—
Wireless Telecommunication Services	2		56,265		73,814	1.8	2.1
	79		3,425,920		4,003,600	95.8	98.3
Other Assets Less Liabilities	—		173,133		173,834	4.2	1.7
Net Assets	79	$	3,599,053	$	4,177,434	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases		Largest Sales
Nokia*	Bayer*	Logitech International**	Research in Motion
Invesco*	Smith & Nephew*	Nintendo	Tesco
Continental*	Julius Baer Holding*	Philips Electronics**	EMI Group**
KarstadtQuelle*	LG Electronics*	Unibail**	Sumitomo Realty & Development**
Siemens*	Cable & Wireless*	Alliance Boots**	Nobel Biocare Holding**

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

*  Position added during the period.

**  Position eliminated during the period.

8

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Investment Grade Fixed Income Portfolio

Diversification of Net Assets

June 30, 2007

				Percent of Net Assets
	Issues	Value		June 30, 2007	Dec. 31, 2006
US Government Securities	13	$	687,369	35.1	26.6
Government Agency Mortgage-Backed Securities	17		279,265	14.3	12.5
Government Agency Securities	4		86,923	4.4	14.1
Corporate Bonds:
Air Freight and Logistics	1		30,041	1.5	1.4
Airlines	1		9,726	0.5	—
Automobiles	1		19,632	1.0	0.9
Building Products	—		—	—	0.9
Capital Markets	2		14,825	0.8	2.8
Chemicals	1		19,470	1.0	0.9
Commercial Banks	3		34,772	1.8	4.3
Commercial Services and Supplies	1		4,884	0.3	0.2
Consumer Finance	1		29,845	1.5	3.3
Diversified Financial Services	3		44,710	2.3	0.7
Diversified Telecommunication Services	3		34,870	1.8	1.7
Electric Utilities	3		33,762	1.7	1.9
Food and Staples Retailing	—		—	—	1.2
Food Products	1		19,600	1.0	—
Industrial Conglomerates	1		19,379	1.0	0.9
Insurance	3		33,557	1.7	0.7
Machinery	—		—	—	0.7
Media	3		38,855	2.0	0.7
Metals and Mining	—		—	—	1.0
Multi-Utilities	1		14,584	0.8	1.2
Multiline Retail	2		33,487	1.7	—
Office Electronics	1		19,677	1.0	—
Oil, Gas and Consumable Fuels	4		78,732	4.0	3.2
Pharmaceuticals	1		9,589	0.5	—
Real Estate Investment Trusts	3		49,013	2.5	2.6
Real Estate Management and Development	—		—	—	1.9
Specialty Retail	—		—	—	0.7
Thrifts and Mortgage Finance	3		39,663	2.0	3.7
Trading Companies and Distributors	—		—	—	0.7
Wireless Telecommunication Services	—		—	—	0.7
Total Corporate Bonds	43		632,673	32.4	38.9
CMOs and Asset-Backed Securities	7		180,155	9.2	6.9
Short-Term Holdings and Other Assets Less Liabilities	2		89,462	4.6	1.0
Net Assets	86	$	1,955,847	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases

US Treasury Notes:

4.75%, 1/31/2012*

4.5%, 5/15/2017*

4.625%, 2/15/2017*

4.875%, 5/31/2009*

4.5%, 3/31/2009*

Fannie Mae:

5%, 10/15/2011*

5.45%, 8/25/2035*

Irwin Home Equity Loan 5.7%, 2/25/2034*

US Treasury Notes 4.75%, 2/15/2010*

Federal Home Loan Bank 5.25%, 7/24/2018*

Largest Sales

US Treasury Notes 4.625%, 11/15/2016**

Fannie Mae 5.5%, 2/22/2011**

Freddie Mac 5.2%, 3/5/2019**

Fannie Mae 5.4%, 4/13/2009**

US Treasury Notes:

4.25%, 8/15/2013

4.5%, 11/30/2011**

US Treasury Bonds 4.5%, 2/15/2036

Countrywide Funding 5.625%, 7/15/2009**

Aiful 6%, 12/12/2011**

Fannie Mae 7%, 5/1/2032**

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

* Position added during the period.

** Position eliminated during the period.

9

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Large-Cap Value Portfolio

Diversification of Net Assets

June 30, 2007

						Percent of Net Assets
	Issues	Cost		Value		June 30, 2007	Dec. 31, 2006
Common Stocks:
Aerospace and Defense	2	$	128,518	$	260,048	6.0	6.2
Capital Markets	1		98,700		124,320	2.9	3.4
Chemicals	3		251,983		385,524	9.0	8.3
Commercial Banks	1		91,460		115,325	2.7	3.1
Communications Equipment	2		252,756		274,920	6.4	6.4
Diversified Financial Services	2		167,246		233,572	5.4	6.5
Food and Staples Retailing	1		90,592		146,300	3.4	3.1
Food Products	2		117,687		188,782	4.4	1.8
Health Care Equipment and Supplies	3		305,851		326,700	7.6	8.9
Independent Power Producers and Energy Traders	1		59,946		109,400	2.5	3.1
Industrial Conglomerates	1		121,720		153,120	3.5	3.2
Insurance	3		285,048		403,754	9.4	9.7
Machinery	1		60,897		133,110	3.1	2.7
Multiline Retail	1		31,068		123,046	2.9	3.4
Oil, Gas and Consumable Fuels	4		261,203		529,692	12.3	11.7
Pharmaceuticals	1		133,246		143,350	3.3	2.8
Road and Rail	2		125,905		273,420	6.4	6.0
Specialty Retail	1		131,321		120,330	2.8	3.0
Thrifts and Mortgage Finance	1		94,592		132,184	3.1	3.1
Tobacco	1		46,163		112,224	2.6	3.3
	34		2,855,902		4,289,121	99.7	99.7
Short-Term Holding and Other Assets Less Liabilities	1		13,205		13,205	0.3	0.3
Net Assets	35	$	2,869,107	$	4,302,326	100.0	100.0

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Purchases

Tyson Foods

Largest Sales

Honeywell International

Baxter International

Williams Companies

Prudential Financial

CSX

Juniper Networks

Bank of New York

UnumProvident

Chevron

JPMorgan Chase

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.

10

Seligman Portfolios, Inc.

Performance and Portfolio Overview

Seligman Smaller-Cap Value Portfolio

Diversification of Net Assets

June 30, 2007

								Percent of Net Assets
	Issues	Cost			Value			June 30, 2007		Dec. 31, 2006†
Common Stocks:
Aerospace and Defense	1	$	4,979,609		$	7,997,700		3.5		2.8
Airlines	1		1,742,440			5,080,500		2.2		2.7
Auto Components	—		—			—		—		1.9
Beverages	1		4,399,245			6,404,700		2.8		2.4
Biotechnology	2		8,666,115			9,022,750		3.9		4.1
Chemicals	2		9,064,814			12,175,250		5.3		8.2
Commercial Banks	1		4,808,872			3,962,000		1.7		1.6
Commercial Services and Supplies	4		11,692,437			21,562,400		9.4		9.2
Communications Equipment	1		4,499,653			6,448,000		2.8		2.8
Computers and Peripherals	1		5,067,092			3,546,000		1.6		1.4
Construction and Engineering	1		3,806,132			8,100,750		3.5		3.1
Diversified Consumer Services	1		1,682,778			6,442,800		2.8		2.4
Electrical Equipment	2		5,538,780			7,764,270		3.4		2.9
Electronic Equipment and Instruments	1		1,970,324			7,084,000		3.1		4.7
Energy Equipment and Services	2		5,448,262			12,842,550		5.6		5.0
Food Products	—		—			—		—		2.5
Health Care Equipment and Supplies	1		3,829,936			3,880,750		1.7		—
Health Care Providers and Services	2		8,122,030			8,663,435		3.8		3.8
Hotels, Restaurants and Leisure	3		12,200,366			14,705,500		6.4		6.1
Household Durables	—		—			—		—		2.0
Insurance	5		18,200,413			26,086,840		11.4		8.8
IT Services	1		4,720,471			4,885,000		2.1		—
Machinery	1		4,715,199			4,993,800		2.2		4.8
Media	—		—			—		—		2.7
Multiline Retail	1		6,672,606			4,281,600		1.9		1.7
Oil, Gas and Consumable Fuels	—		—			—		—		1.4
Personal Products	1		3,589,923			4,361,500		1.9		—
Pharmaceuticals	1		4,851,543			5,081,400		2.2		—
Real Estate Investment Trusts	1		4,013,347			4,034,650		1.8		—
Semiconductors and Semiconductor Equipment	2		5,488,064			8,649,837		3.8		2.8
Software	2		8,571,885			9,118,850		4.0		2.1
Specialty Retail	3		11,853,753			13,052,044		5.7		6.3
	45		170,196,089			230,228,876		100.5		100.2
Other Assets Less Liabilities	—		(1,164,788	)		(1,164,788	)	(0.5	)	(0.2	)
Net Assets	45	$	169,031,301		$	229,064,088		100.0		100.0

† Reclassified to conform to current period’s presentation.

Largest Portfolio Changes

During the Six Months Ended June 30, 2007

Largest Purchases

Aspen Insurance Holdings*

Par Pharmaceutical*

CACI International (Class A)*

FelCor Lodging Trust*

Lawson Software*

PolyMedica*

Herbalife*

Panera Bread (Class A)*

Coldwater Creek*

South Financial Group

Largest Sales

Cabot**

Claire’s Stores**

Cadmus Communications**

Bunge**

Terex**

Symbol Technologies**

Harman International Industries**

Tenneco**

Peobody Energy**

Landry’s Restaurants**

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

* Position added during the period.

** Position eliminated during the period.

11

Seligman Portfolios, Inc.

Benchmarks

Lipper Averages

Corporate Debt Funds BBB-Rated is an average of funds that invest primarily in corporate and government debt issues rated in the top four grades.

Global Funds is an average of funds that invest at least 25% of their portfolios in equity securities traded outside of the US and that may own US securities as well.

International Funds is an average of funds that invest their assets in securities with primary trading markets outside of the US.

International Multi-Cap Growth Funds is an average of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the US with market capitalizations (on a three-year weighted basis) greater than the 250th-largest company in the S&P/Citigroup World ex-US Broad Market Index (BMI). Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-US BMI.

Large-Cap Core Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($16.8 billion as of June 30, 2007). Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Large-Cap Value Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($16.8 billion as of June 30, 2007). Large-cap value funds typically have a below average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Mid-Cap Funds is an average of funds that by prospectus or portfolio practice invest primarily in companies with market capitalizations less than $5 billion at the time of purchase.

Mid-Cap Growth Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($16.8 billion as of June 30, 2007). Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.

Multi-Cap Value Funds is an average of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) over 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($16.8 billion as of June 30, 2007). Multi-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index.

Science & Technology Funds is an average of funds that invest at least 65% of their equity portfolios in science and technology stocks.

Small-Cap Core Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($4.1 billion as of June 30, 2007). Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

Small-Cap Value Funds is an average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index ($4.1 billion as of June 30, 2007). Small-cap value funds typically have a below average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.

See footnotes on page 13.

12

Seligman Portfolios, Inc.

Benchmarks

Indices

Lehman Brothers Government/Credit Index is composed of all bonds that are investment grade (rated Baa or higher by Moody’s or BBB or higher by S&P, if unrated by Moody’s), with at least one year to maturity.

Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index (“MSCI EAFE Index”) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada.

Morgan Stanley Capital International EAFE Growth Index (“MSCI EAFE Growth Index”) is a free float-adjusted market capitalization-weighted index that measures stock market performance of developed markets in Europe, Australasia, and the Far East with a greater-than-average growth orientation.

Morgan Stanley Capital International World Index (“MSCI World Index”) is a free float-adjusted market capitalization index that is designed to measure global developed equity performance.

Morgan Stanley Capital International World Information Technology Index (“MSCI World IT Index”) is a free float-adjusted market capitalization index designed to measure information technology stock performance in the global developed equity markets.

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values, as determined by the Frank Russell Company.

Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values, as determined by the Frank Russell Company.

Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted values, as determined by the Frank Russell Company. The stocks are also members of the Russell 1000 Growth Index.

Standard & Poor’s 500 Composite Index (“S&P 500 Index”) measures the performance of 500 of the largest US companies based on market capitalization.

S&P GSTI Composite Index (formerly the Goldman Sachs Technology Index) is a modified capitalization-weighted index based on a universe of technology-related stocks.

Adapted from materials of Lipper, Lehman, Morgan Stanley, Frank Russell, and Standard & Poor’s.

The averages and indices are unmanaged benchmarks that assume reinvestment of distributions. The performance of the averages and indices excludes the effect of taxes and sales charges. The performance of the indices also excludes fees. Investors cannot invest directly in an average or an index.

13

Seligman Portfolios, Inc.

Understanding and Comparing

Your Portfolio’s Expenses

As an investor in a Portfolio of the Fund, you incur ongoing expenses, such as management fees, distribution and/or service (12b-1) fees (if applicable), and other fund expenses. The information below is intended to help you understand your ongoing expenses (in dollars) of investing in a Portfolio and to compare them with the ongoing expenses of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing expenses of investing in a Portfolio only and do not reflect any costs that may be charged by insurance companies’ separate accounts or by any pension or retirement plan. Therefore, the table is useful in comparing ongoing expenses only, and will not help you to determine the relative total expenses of owning different funds. In addition, if these costs were included, your total expenses would have been higher.

The table is based on an investment of $1,000 invested at the beginning of January 1, 2007 and held for the entire six-month period ended June 30, 2007.

Actual Expenses

The table below provides information about actual expenses and actual account values. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value at the beginning of the period by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” for the share class of the Portfolio that you own to estimate the expenses that you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical expenses and hypothetical account values based on the actual expense ratio of each Portfolio’s class and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Portfolio. The hypothetical expenses and account values may not be used to estimate the ending account value or the actual expenses you paid for the period. You may use this information to compare the ongoing expenses of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

					Actual		Hypothetical
Portfolio	Beginning Account Value 1/1/07	Annualized Expense Ratio*		Annualized Expense Reimbursement Ratio†	Ending Account Value 6/30/07	Expenses Paid During Period** 1/1/07 to 6/30/07	Ending Account Value 6/30/07	Expenses Paid During Period** 1/1/07 to 6/30/07
Capital
Class 1	$1,000.00	1.24	%		$1,153.20	$  6.62	$1,018.65	$  6.21
Class 2	1,000.00	1.49			1,152.10	7.95	1,017.41	7.45
Cash Management	1,000.00	0.70		0.13%	1,022.50	3.51	1,021.32	3.51
Common Stock	1,000.00	1.02			1,076.40	5.25	1,019.74	5.11
Communications and Information
Class 1	1,000.00	1.12			1,103.30	5.84	1,019.24	5.61
Class 2	1,000.00	1.37			1,101.60	7.14	1,018.00	6.85
Global Technology
Class 1	1,000.00	1.90		0.91	1,106.30	9.92	1,015.37	9.49
Class 2	1,000.00	2.05		0.91	1,106.10	10.71	1,014.63	10.24
International Growth	1,000.00	2.00		2.62	1,103.60	10.43	1,014.88	9.99
Investment Grade	1,000.00	0.85		1.65	1,007.00	4.23	1,020.58	4.26
Large-Cap Value	1,000.00	1.39			1,113.30	7.28	1,017.90	6.95
Smaller-Cap Value
Class 1	1,000.00	1.21			1,104.30	6.31	1,018.79	6.06
Class 2	1,000.00	1.40			1,103.40	7.30	1,017.85	7.00

* Expenses of Class 2 shares differ from the expenses of Class 1 shares due to the differences in 12b-1 fees paid. See the Fund’s prospectus for a description of each share class and its expenses.

** Expenses are equal to the Portfolio’s annualized expense ratio based on actual expenses for the period January 1, 2007 to June 30, 2007, multiplied by the average account value over the period, multiplied by 181/365 (number of days in the period).

† The Manager has undertaken to reimburse expenses (other than management and 12b-1 fees, interest on borrowings, and extraordinary expenses, including litigation expenses) that exceed a certain rate per annum of the average daily net assets of certain Portfolios. Absent such reimbursement, the expense ratios and expenses paid for the period would have been higher. See Note 4 to the Financial Statements on page 40 of this report for additional information.

14

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Capital Portfolio

	Shares	Value
Common Stocks 99.2%
Aerospace and Defense 5.1%
AAR*	3,800	$	125,438
Goodrich	2,400		142,944
Precision Castparts	1,500		182,040
Spirit Aerosystems Holdings (Class A)*	3,300		118,965
			569,387
Auto Components 1.5%
Goodyear Tire & Rubber*	4,800		166,848
Biotechnology 3.5%
BioMarin Pharmaceutical*	3,200		57,408
Celgene*	1,400		80,262
Cephalon*	2,100		168,819
Cepheid*	5,800		84,680
			391,169
Chemicals 2.0%
The Mosaic*	2,800		109,256
Zoltek*	2,700		112,131
			221,387
Commercial Services and Supplies 1.1%
The GEO Group*	4,100		119,310
Communications Equipment 5.5%
Comverse Technology*	4,900		102,239
OpNext*	13,200		174,768
Research In Motion*	1,700		339,983
			616,990
Computers and Peripherals 0.9%
Network Appliance*	3,600		105,120
Diversified Consumer Services 1.8%
Apollo Group (Class A)*	3,400		198,662
Diversified Financial Services 1.3%
Chicago Mercantile Exchange Holdings (Class A)	100		53,436
IntercontinentalExchange*	600		88,710
			142,146
Diversified Telecommunication Services 0.8%
Time Warner Telecom (Class A)*	4,500		90,450
Electronic Equipment and Instruments 0.9%
Trimble Navigation*	3,000		96,600
Energy Equipment and Services 7.7%
Cal Dive International*	9,200		152,996
Diamond Offshore Drilling	2,500		253,900
Grant Prideco*	2,500		134,575
National Oilwell Varco*	1,900		198,056
Weatherford International*	2,300		127,052
			866,579

	Shares	Value
Food and Staples Retailing 1.8%
Rite Aid*	30,900	$	197,142
Food Products 1.4%
Smithfield Foods*	5,100		157,029
Health Care Equipment and Supplies 6.9%
Beckman Coulter	1,200		77,616
DENTSPLY International	4,700		179,822
Gen-Probe*	4,700		283,974
Northstar Neuroscience*	9,900		115,137
Respironics*	2,600		110,734
			767,283
Health Care Providers and Services 3.0%
Emeritus*	1,600		49,568
Express Scripts*	1,900		95,019
Quest Diagnostics	3,800		196,270
			340,857
Hotels, Restaurants and Leisure 5.7%
Life Time Fitness*	2,600		138,398
Pinnacle Entertainment*	7,500		211,125
WMS Industries*	3,000		86,580
Wynn Resorts	2,200		197,318
			633,421
Independent Power Producers and Energy Traders 1.6%
AES*	8,100		177,228
Industrial Conglomerates 3.4%
McDermott International*	2,500		207,800
Textron	1,600		176,176
			383,976
Internet and Catalog Retail 2.9%
NutriSystem*	4,700		328,248
Internet Software and Services 3.8%
Equinix*	1,600		146,352
SAVVIS*	5,600		277,256
			423,608
IT Services 3.3%
Amdocs*	2,400		95,568
Cognizant Technology Solutions (Class A)*	2,600		195,234
Gartner*	3,400		83,606
			374,408
Life Sciences Tools and Services 0.8%
Waters*	1,600		94,976
Machinery 2.4%
AGCO*	2,700		117,207
ITT	2,200		150,216
			267,423

See footnotes on page 30.

15

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Capital Portfolio (continued)

	Shares	Value
Media 3.1%
Gemstar-TV Guide International*	52,100	$	256,332
Mediacom Communications*	9,800		94,962
			351,294
Metals and Mining 2.5%
Century Aluminum*	1,800		98,334
Freeport-McMoRan Copper & Gold (Class B)	2,200		182,204
			280,538
Oil, Gas and Consumable Fuels 1.7%
Noble Energy	3,100		193,409
Pharmaceuticals 2.7%
Allergan	2,200		126,808
Shire (ADR)	2,300		170,499
			297,307
Semiconductors and Semiconductor Equipment 6.6%
Broadcom (Class A)*	3,400		99,450
FormFactor*	4,900		187,670
Intersil (Class A)	5,400		169,884
Microsemi*	8,600		205,970
Qimonda (ADR)*	5,100		78,795
			741,769
Software 2.2%
Business Objects (ADR)*	3,600		139,824
Electronic Arts*	2,200		104,104
			243,928
Specialty Retail 3.2%
GameStop (Class A)*	2,400		93,840
OfficeMax	3,300		129,690
Urban Outfitters*	5,800		139,374
			362,904

	Shares or Principal Amount			Value
Textiles, Apparel and Luxury Goods 1.6%
Iconix Brand Group*		7,800	shs.	$	173,316
Trading Companies and Distributors 1.0%
WESCO International*		1,800			108,810
Wireless Telecommunication Services 5.5%
Crown Castle International*		1,600			58,032
NII Holdings (Class B)*		4,800			387,552
SBA Communications*		5,200			174,668
					620,252
Total Common Stocks (Cost $9,981,464)					11,103,774
Repurchase Agreement 2.0%
State Street Bank 4.65%, dated 6/29/2007, maturing 7/2/2007, in the amount of $222,086, collateralized by: $235,000 Federal Home Loan Bank 4.375%, 9/17/2010, with a fair market value of $232,001 (Cost $222,000)	$	222,000		$	222,000
Total Investments 101.2%(Cost $10,203,464)					11,325,774
Other Assets Less Liabilities (1.2)%					(135,319	)
Net Assets 100.0%				$	11,190,455

Seligman Cash Management Portfolio

	Annualized Yield on Purchase Date		Principal Amount		Value
US Government and Government Agency Securities 45.3%
US Government Securities 18.5%
US Treasury Bills: 4.87%, 8/16/2007	4.94	%	$	1,000,000	$	993,777
4.64%, 9/6/2007	4.70			1,000,000		991,364
						1,985,141

	Annualized Yield on Purchase Date	Principal Amount		Value
Government Agency Securities 26.8%
Federal Home Loan Bankø 5.12%, 7/11/2007	5.19	$	1,000,000	$	998,578
Freddie Mac:ø 5.09%, 8/20/2007	5.16		900,000		893,638
5.14%, 9/5/2007	5.21		1,000,000		990,577
					2,882,793
Total US Government and Government Agency Securities (Cost $4,867,934)					4,867,934

See footnotes on page 30.

16

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Cash Management Portfolio (continued)

	Annualized Yield on Purchase Date	Principal Amount		Value
Fixed Time Deposits 39.4%
ABN AMRO Bank, Grand Cayman 5.2%, 7/2/2007	5.27	$	535,000	$	535,000
Bank of Montreal, Toronto 5.2%, 7/2/2007	5.27		535,000		535,000
Bank of Novia Scotia, Toronto 5.2%, 7/3/2007	5.27		535,000		535,000
BNP Paribas, Grand Cayman 5.32%, 7/2/2007	5.39		535,000		535,000
Citibank, Nassau 5.19%, 7/2/2007	5.26		535,000		535,000
Dexia Credit Local, Grand Cayman 5.188%, 7/2/2007	5.26		535,000		535,000
Rabobank Nederland, Grand Cayman 5.25%, 7/3/2007	5.32		497,000		497,000
Royal Bank of Scotland Group, London 5.3%, 7/2/2007	5.37		535,000		535,000
Total Fixed Time Deposits (Cost $4,242,000)					4,242,000
Commercial Paper 15.4%
AIG Funding 5.16%, 7/5/2007	5.23		570,000		569,673
American Express Credit 5.20%, 7/6/2007	5.27		551,000		550,602
General Electric Capital 5.27%, 7/30/2007	5.34		535,000		532,729
Total Commercial Paper (Cost $1,653,004)					1,653,004

	Annualized Yield on Purchase Date		Principal Amount		Value
Repurchase Agreement 0.0%
State Street Bank 4.65%, dated 6/29/2007, maturing 7/2/2007, in the amount of $1,000, collateralized by: $5,000 Federal Home Loan Bank 4.375%, 9/17/2010, with a fair value of $4,936 (Cost $1,000)	4.71	%	$	1,000	$	1,000
Total Investments 100.1% (Cost $10,763,938)						10,763,938
Other Assets Less Liabilities (0.1)%						(13,878	)
Net Assets 100.0%					$	10,750,060

Seligman Common Stock Portfolio

	Shares	Value
Common Stocks and Warrants 85.5%
Aerospace and Defense 2.1%
Boeing	1,000	$	96,160
Honeywell International	1,000		56,280
			152,440
Air Freight and Logistics 1.4%
TNT (ADR)	800		36,100
UTI Worldwide	2,400		64,296
			100,396
Airlines 0.3%
JetBlue Airways*	1,500		17,625
Biotechnology 3.2%
Amgen*	1,200		66,348
Cephalon*	600		48,234
Genentech*	700		52,962
Pharmion*	2,143		62,040
			229,584

	Shares	Value
Capital Markets 2.0%
Goldman Sachs Group	150	$	32,512
Merrill Lynch	600		50,148
Morgan Stanley	700		58,716
			141,376
Chemicals 0.6%
E. I. du Pont de Nemours	900		45,756
Commercial Banks 2.0%
Wachovia	2,840		145,550
Commercial Services and Supplies 0.8%
Waste Management	1,500		58,575

See footnotes on page 30.

17

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Common Stock Portfolio (continued)

	Shares or Warrants		Value
Communications Equipment 5.1%
Alcatel-Lucent (ADR)	6,372	shs.	$	89,208
Alcatel-Lucent (exercise price of $2.75, expiring 12/17/2007)*	39,071	wts.		7,033
Cisco Systems*	2,070	shs.		57,649
Comverse Technology*	5,300			110,584
Motorola	1,600			28,320
QUALCOMM	1,600			69,424
				362,218
Computers and Peripherals 3.7%
Apple*	400			48,816
Hewlett-Packard	1,200			53,544
Network Appliance*	1,800			52,560
SanDisk*	900			44,046
Seagate Technology	3,000			65,310
				264,276
Consumer Finance 2.4%
American Express	500			30,590
Capital One Financial	1,759			137,976
				168,566
Containers and Packaging 1.4%
Smurfit-Stone Container*	7,600			101,156
Diversified Consumer Services 0.6%
Apollo Group (Class A)*	700			40,901
Diversified Financial Services 5.6%
Bank of America	2,740			133,959
Citigroup	2,560			131,302
JPMorgan Chase	2,840			137,598
				402,859
Diversified Telecommunication Services 1.4%
Qwest Communications International*	6,700			64,990
Time Warner Telecom (Class A)*	1,600			32,160
				97,150
Energy Equipment and Services 1.3%
Halliburton	1,900			65,550
Weatherford International*	500			27,620
				93,170
Food and Staples Retailing 3.6%
Costco Wholesale	1,000			58,520
CVS/Caremark	1,500			54,675
Rite Aid*	15,600			99,528
Wal-Mart Stores	1,000			48,110
				260,833
Food Products 0.7%
Archer-Daniels-Midland	1,600			52,944
Kraft Foods (Class A)	1			35
				52,979

	Shares	Value
Health Care Equipment and Supplies 2.1%
C.R. Bard	300	$	24,789
Boston Scientific*	3,800		58,292
Gen-Probe*	300		18,126
Medtronic	1,000		51,860
			153,067
Health Care Providers and Services 0.7%
Quest Diagnostics	1,000		51,650
Hotels, Restaurants and Leisure 2.3%
Las Vegas Sands*	900		68,751
Starbucks*	3,700		97,088
			165,839
Industrial Conglomerates 4.5%
3M	1,200		104,148
General Electric	5,710		218,579
			322,727
Insurance 2.8%
American International Group	1,600		112,048
Hartford Financial Services Group	900		88,659
			200,707
Internet Software and Services 2.0%
Google (Class A)*	150		78,507
Yahoo!*	2,397		65,030
			143,537
IT Services 0.8%
Amdocs*	1,400		55,748
Machinery 0.8%
Caterpillar	700		54,810
Media 2.6%
Comcast (Class A)*	1,600		44,992
Gemstar-TV Guide International*	10,100		49,692
Time Warner	4,490		94,470
			189,154
Metals and Mining 2.1%
Alcoa	1,600		64,848
Barrick Gold	1,900		55,233
Freeport-McMoRan Copper & Gold (Class B)	400		33,128
			153,209
Oil, Gas and Consumable Fuels 6.5%
Chevron	500		42,120
ConocoPhillips	1,300		102,050
El Paso	5,600		96,488
Exxon Mobil	2,250		188,730
Murphy Oil	640		38,042
			467,430

See footnotes on page 30.

18

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Common Stock Portfolio (continued)

	Shares or Shares Subject to Call	Value
Personal Products 0.7%
Herbalife	1,300	$	51,545
Pharmaceuticals 5.6%
Adams Respiratory Therapeutics*	1,000		39,390
Bristol-Meyers Squibb	2,500		78,900
Johnson & Johnson	1,100		67,782
Pfizer	3,200		81,824
Schering-Plough	1,200		36,528
Wyeth	1,700		97,478
			401,902
Road and Rail 0.5%
YRC Worldwide*	972		35,770
Semiconductors and Semiconductor Equipment 1.6%
Broadcom (Class A)*	1,900		55,575
Qimonda (ADR)*	1,800		27,810
Texas Instruments	900		33,867
			117,252
Software 4.3%
Adobe Systems*	1,200		48,180
BEA Systems*	4,900		67,081
Business Objects (ADR)*	800		31,072
Electronic Arts*	1,100		52,052
Microsoft	3,770		111,102
			309,487
Specialty Retail 3.2%
Best Buy	1,700		79,339
Office Max	2,600		102,180
Urban Outfitters*	2,000		48,060
			229,579
Thrifts and Mortgage Finance 1.4%
Countrywide Financial	800		29,080
Washington Mutual	1,600		68,224
			97,304
Tobacco 2.8%
Altria Group	2,870		201,302
Total Common Stocks and Warrants (Cost $5,670,831)			6,137,429
Options Purchased*2.7%
Biotechnology 0.1%
Amgen, Call expiring January 2009 at $60	900		6,120
Capital Markets 0.0%
Bear Stearns, Call expiring January 2008 at $150	300		2,880

	Shares Subject to Call/Put	Value
Communications Equipment 0.5%
Comverse Technology, Call expiring January 2008 at $20	5,800	$	14,210
JDS Uniphase, Call expiring January 2009 at $15	4,300		11,610
QUALCOMM, Call expiring January 2009 at $40	700		6,860
			32,680
Computers and Peripherals 0.2%
Seagate Technology:
Call expiring January 2009 at $25	2,400		6,060
Call expiring January 2008 at $17.50	1,100		5,610
			11,670
Consumer Finance 0.1%
Capital One Financial, Call expiring January 2008 at $80	1,000		6,000
Health Care Equipment and Supplies 0.1%
Boston Scientific, Call expiring January 2009 at $20	4,900		8,085
Household Durables 0.0%
Fortune Brands, Call expiring January 2009 at $85	100		850
Index Derivatives 0.2%
S&P 500 Index, Put expiring August 2007 at 1500	400		12,000
Internet Software and Services 0.1%
Yahoo!, Call expiring January 2009 at $30	2,400		8,400
Metals and Mining 0.1%
Alcoa, Call expiring January 2008 at $35	900		6,930
Pharmaceuticals 0.1%
Bristol Myers Squibb, Call expiring September 2007 at $27.50	1,500		6,300
Semiconductors and Semiconductor Equipment 0.6%
Advanced Micro Devices, Call expiring January 2008 at $15	5,000		8,750
Intel, Call expiring January 2009 at $20	2,300		13,225
Marvell Technology Group, Call expiring January 2009 at $20	4,200		11,130
Maxim Integrated Products, Call expiring January 2008 at $35	1,100		3,052
Micron Technology, Call expiring January 2009 at $15	4,500		6,750
			42,907

See footnotes on page 30.

19

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Common Stock Portfolio (continued)

	Shares Subject to Call/Put or Principal Amount			Value
Software 0.1%
BEA Systems, Call expiring January 2008 at $10		2,100	shs.	$	8,400
Specialty Retail 0.1%
Foot Locker, Call expiring January 2008 at $25		1,500			1,275
OfficeMax, Call expiring January 2008 at $45		1,500			3,187
					4,462
Thrifts and Mortgage Finance 0.1%
Countrywide Financial:
Call expiring January 2008 at $37.50		1,700			5,780
Call expiring January 2009 at $37.50		100			590
					6,370
Tobacco 0.3%
Altria Group:
Call expiring January 2008 at $80		400			6,440
Call expiring January 2008 at $85		1,300			15,275
					21,715
Total Options Purchased* (Cost $189,568)					185,769
Short-Term Holdings 11.5%
Equity-Linked Notes†ØØ 9.7%
Deutsche Bank:
19.85%, 8/6/2007(1)(a)	$	38,165			41,075
34.90%, 8/23/2007(1)(b)		54,000			49,004
30.10%, 9/5/2007(1)(c)		27,000			26,135
36.20%, 11/2/2007(1)(d)		18,267			17,997
Goldman Sachs:
8.25%, 7/27/2007(1)(e)		34,999			37,233
13.75%, 8/2/2007(1)(f)		26,043			26,840
33%, 8/6/2007(1)(g)		53,700			50,080
34.80%, 8/9/2007(1)(h)		49,400			47,382
30.80%, 9/4/2007(1)(i)		53,900			53,964
9.8%, 9/27/2007(1)(j)		35,342			34,361

	Principal Amount		Value
Equity-Linked Notes†ØØ (continued)
Merrill Lynch:
30%. 10/3/2007(1)(k)	$	37,000	$	33,002
30%, 10/23/2007(1)(l)		24,000		23,472
Morgan Stanley:
31.90%, 8/23/2007(2)(a)		54,000		51,668
10.25%, 8/25/2007(1)(m)		56,264		63,042
30%, 8/31/2007(1)(n)		54,000		53,281
35.30%, 9/6/2007(2)(b)		27,000		22,942
30.35%, 9/6/2007(2)(c)		27,000		22,858
30%, 10/19/2007(1)(o)		30,000		30,746
				685,082
Repurchase Agreement 1.8%
State Street Bank 4.65%, dated 6/29/2007, maturing 7/2/2007, in the amount of $128,050, collateralized by: $135,000 Federal Home Loan Bank 4.375%, 9/17/2010, with a fair value of $133,277		128,000		128,000
Total Short-Term Holdings (Cost $828,081)				813,082
Total Investments 99.7% (Cost $6,688,480)				7,136,280
Other Assets Less Liabilities 0.3%				19,478
Net Assets 100.0%			$	7,155,758
	No. of Contracts(3)		Value
Options Written*0.0% (Premium received $39)
Motorola, expiring July 2007 at $19		1	$	(10	)

Seligman Communications and Information Portfolio

	Shares	Value
Common Stocks 96.1%
Advertising 0.6%
Focus Media Holding (ADR)*	7,200	$	363,600
Alternative Carriers 0.8%
Time Warner Telecom (Class A)*	22,400		450,240

	Shares	Value
Application Software 7.1%
Adobe Systems*	20,900	$	839,135
BEA Systems*	76,600		1,048,654
Business Objects (ADR)*	36,500		1,417,660
Cognos*	7,300		289,591
Quest Software*	14,900		241,231
salesforce.com*	6,900		295,734
			4,132,005

See footnotes on page 30.

20

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Communications and Information Portfolio (continued)

	Shares	Value
Communications Equipment 11.5%
Cisco Systems*	85,700	$	2,386,745
Corning	22,700		579,985
Nokia (ADR)	20,700		581,877
QUALCOMM	51,100		2,217,229
Research In Motion*	1,800		359,982
Telefonaktiebolaget LM Ericsson (ADR)	13,800		550,482
			6,676,300
Computer Hardware 5.8%
Apple*	12,800		1,562,112
Hewlett-Packard	18,600		829,932
International Business Machines	9,400		989,350
			3,381,394
Computer Storage and Peripherals 5.5%
Electronics for Imaging*	32,500		917,150
EMC*	41,600		752,960
Network Appliance*	52,700		1,538,840
			3,208,950
Consumer Software 1.2%
Activision*	17,200		321,124
Take-Two Interactive Software*	18,200		363,454
			684,578
Data Processing and Outsourced Services 1.0%
Paychex	14,500		567,240
Electronic Manufacturing Services 0.7%
HON HAI Precision Industry	49,000		425,046
Health Care Equipment 2.8%
American Medical Systems Holdings*	10,700		193,028
C.R. Bard	10,300		851,089
Medtronic	4,500		233,370
Stryker	5,000		315,450
			1,592,937
Health Care Services 0.8%
Quest Diagnostics	9,200		475,180
Internet Software and Services 11.4%
Baidu.com (ADR)*	2,000		335,960
Digital River*	17,000		769,250
Google (Class A)*	1,400		732,732
McAfee*	81,600		2,872,320
Symantec*	43,700		882,740
VeriSign*	31,200		989,976
			6,582,978
IT Consulting and Other Services 8.2%
Amdocs*	85,300		3,396,646
Satyam Computer Services	67,160		772,824
Tata Consultancy Services	20,350		575,844
			4,745,314

	Shares or Principal Amount			Value
Life Sciences Tools and Services 1.4%
Illumina*		1,500	shs.	$	60,885
Invitrogen*		6,400			472,000
PerkinElmer		10,100			263,206
					796,091
Movies and Entertainment 0.5%
Cinemark Holdings		15,000			268,350
Semiconductor Equipment 8.4%
ASML Holding (NY shares)*		21,300			584,685
Cymer*		42,400			1,704,480
KLA-Tencor		47,000			2,582,650
					4,871,815
Semiconductors 5.9%
Broadcom (Class A)*		9,400			274,950
Marvell Technology Group*		31,100			566,331
Maxim Integrated Products		11,200			374,192
Microsemi*		12,300			294,585
Monolithic Power Systems*		22,300			389,135
ON Semiconductor*		39,900			427,728
Rambus*		15,400			276,892
Texas Instruments		20,700			778,941
					3,382,754
Systems Software 9.6%
BMC Software (Class A)*		80,800			2,448,240
Check Point Software Technologies*		61,600			1,405,096
Macrovision*		7,000			210,420
Oracle*		74,200			1,462,482
					5,526,238
Technical Software 9.7%
Cadence Design Systems*		76,600			1,682,136
Synopsys*		147,700			3,903,711
					5,585,847
Technology Distributors 0.6%
Arrow Electronics*		8,900			342,027
Wireless Telecommunication Services 2.6%
Alltel		8,500			574,175
NII Holdings (Class B)*		11,200			904,288
					1,478,463
Total Common Stocks (Cost $50,322,741)					55,537,347
Short-Term Holdings 5.4%
Fixed Time Deposit 5.0%
Citibank, Nassau 5.19%, 7/2/2007	$	2,870,000			2,870,000

See footnotes on page 30.

21

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Communications and Information Portfolio (continued)

	Principal Amount		Value
Repurchase Agreement 0.4%
State Street Bank 4.65%, dated 6/29/2007, maturing 7/2/2007, in the amount of $224,087, collateralized by: $235,000 Federal Home Loan Bank 4.375%, 9/17/2010, with a fair value of $232,001	$	224,000	$	224,000

	Value
Total Short-Term Holdings (Cost $3,094,000)	$	3,094,000
Total Investments 101.5% (Cost $53,416,741)		58,631,347
Other Assets Less Liabilities (1.5)%		(874,565	)
Net Assets 100.0%	$	57,756,782

Seligman Global Technology Portfolio

	Shares	Value
Common Stocks 93.1%
Canada 1.2%
Cognos* (Application Software)	1,000	$	39,670
Research In Motion* (Communications Equipment)	300		59,997
			99,667
Cayman Islands 1.1%
Focus Media Holding (ADR)* (Advertising)	1,000		50,500
Spreadtrum Communications (ADR)* (Semiconductors)	2,800		40,684
			91,184
China 1.1%
Baidu.com (ADR)* (Internet Software and Services)	300		50,394
Tencent Holdings (Internet Software and Services)	10,000		40,144
			90,538
Finland 0.7%
Nokia (ADR) (Communications Equipment)	2,300		64,653
France 3.2%
Business Objects (ADR)* (Application Software)	5,000		194,200
Cap Gemini (IT Consulting and Other Services)	1,035		75,692
			269,892
Germany 1.3%
Infineon Technologies* (Semiconductors)	2,800		46,579
Qimonda (ADR)* (Semiconductors)	4,200		64,890
			111,469
India 5.0%
3i Infotech (Systems Software)	5,400		40,065
Hexaware Technologies (IT Consulting and Other Services)	10,500		41,852
Rolta India (IT Consulting and Other Services)	13,000		149,038

	Shares	Value
India (continued)
Satyam Computer Services (IT Consulting and Other Services)	9,480	$	108,748
Tata Consultancy Services (IT Consulting and Other Services)	2,900		81,821
			421,524
Israel 1.6%
Check Point Software Technologies* (Systems Software)	5,800		132,298
Japan 3.6%
Canon (Office Electronics)	1,700		99,762
FUJITSU (Computer Hardware)	6,000		44,194
Murata Manufacturing (Electronic Equipment Manufacturers)	800		60,098
Shinko Electric Industries (Semiconductors)	2,100		45,084
Sony (Consumer Electronics)	1,100		56,524
			305,662
Netherlands 1.5%
ASML Holding (NY shares)* (Semiconductor Equipment)	3,100		85,094
Tele Atlas* (Consumer Electronics)	1,801		38,551
			123,645
Sweden 1.0%
Telefonaktiebolaget LM Ericsson (ADR) (Communications Equipment)	2,200		87,758
Switzerland 0.9%
Logitech International* (Computer Storage and Peripherals)	2,900		76,834
Taiwan 6.2%
Asustek Computer (Computer Storage and Peripherals)	15,000		41,243
Chi Mei Optoelectronics (Electronic Equipment Manufacturers)	53,000		62,863

See footnotes on page 30.

22

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Global Technology Portfolio (continued)

	Shares	Value
Taiwan (continued)
Coretronic (Electronic Equipment Manufacturers)	25,000	$	43,338
D-Link (Communications Equipment)	11,000		26,090
Gemtek Technology (Communications Equipment)	6,000		15,377
HON HAI Precision Industry (Electronic Manufacturing Services)	18,723		161,704
Innolux Display (Computer Storage and Peripherals)	8,000		33,009
Unimicron Technology (Electronic Equipment Manufacturers)	48,000		73,576
United Microelectronics (Semiconductors)	104,000		62,791
			519,991
United Kingdom 0.5%
Northgate Information Systems (IT Consulting and Other Services)	24,500		39,196
United States 64.2%
Activision* (Home Entertainment Software)	2,500		46,675
Adobe Systems* (Application Software)	1,900		76,285
Amdocs* (IT Consulting and Other Services)	7,800		310,596
American Medical Systems Holdings* (Health Care Equipment)	1,700		30,668
Apple* (Computer Hardware)	1,800		219,672
Ariba* (Internet Software and Services)	2,700		26,757
Arrow Electronics* (Technology Distributors)	1,200		46,116
BEA Systems* (Application Software)	11,100		151,959
BMC Software (Class A)* (Systems Software)	10,000		303,000
Broadcom (Class A)* (Semiconductors)	1,300		38,025
Cadence Design Systems* (Technical Software)	11,200		245,952
Cisco Systems* (Communications Equipment)	7,500		208,875
Corning (Communications Equipment)	3,200		81,760
Cymer* (Semiconductor Equipment)	3,600		144,720
Digital River* (Internet Software and Services)	1,700		76,925
Electronics for Imaging* (Computer Storage and Peripherals)	2,600		73,372
EMC* (Computer Storage and Peripherals)	6,100		110,410
eTelcare Global Solutions* (Data Processing and Outsourced Services)	3,500		56,595
Google (Class A)* (Internet Software and Services)	200		104,676
Hewlett-Packard (Computer Hardware)	2,500		111,550
Illumina* (Life Sciences Tools and Services)	200		8,118
International Business Machines (Computer Hardware)	700		73,675

	Shares or Principal Amount		Value
United States (continued)
KLA-Tencor (Semiconductor Equipment)	6,500	shs.	$	357,175
Macrovision* (Systems Software)	1,000			30,060
Marvell Technology Group* (Semiconductors)	4,342			79,068
Maxim Integrated Products (Semiconductors)	1,400			46,774
McAfee* (Internet Software and Services)	11,200			394,240
Microsemi* (Semiconductors)	1,700			40,715
Network Appliance* (Computer Storage and Peripherals)	6,000			175,200
NII Holdings (Class B)* (Wireless Telecommunication Services)	1,800			145,332
ON Semiconductor* (Semiconductors)	5,700			61,104
Oracle* (Systems Software)	10,200			201,042
Paychex (Data Processing and Outsourced Services)	1,000			39,120
PerkinElmer (Life Sciences Tools and Services)	1,100			28,666
QUALCOMM (Communications Equipment)	7,200			312,408
Quest Diagnostics (Health Care Services)	1,300			67,145
Quest Software* (Application Software)	2,300			37,237
Rambus* (Semiconductors)	2,100			37,758
RightNow Communications* (IT Consulting and Other Services)	3,900			63,999
salesforce.com* (Application Software)	1,000			42,860
Sun Microsystems* (Computer Hardware)	10,000			52,600
Synopsys* (Technical Software)	13,500			356,805
Take-Two Interactive Software* (Consumer Software)	2,500			49,925
Texas Instruments (Semiconductors)	1,100			41,393
Time Warner Telecom (Class A)* (Alternative Carriers)	3,100			62,310
VeriSign* (Internet Software and Services)	4,500			142,785
				5,412,102
Total Common Stocks (Cost $6,953,539)				7,846,413
Convertible Bonds 0.1%(Cost $8,000)
India 0.1%
3i Infotech 0%, 7/17/2012 (Internet Software and Services)	$8,000			8,000
Total Investments 93.2% (Cost $6,961,539)				7,854,413
Other Assets Less Liabilities 6.8%				574,501
Net Assets 100.0%			$	8,428,914

See footnotes on page 30.

23

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman International Growth Portfolio

	Shares	Value
Common Stocks 95.2%
Australia 0.9%
Brambles* (Commercial Services and Supplies)	1,905	$	19,623
Transurban Group (Transportation Infrastructure)	2,351		15,926
			35,549
Brazil 1.5%
Companhia Vale do Rio Doce “CVRD” (ADR) (Metals and Mining)	1,400		62,370
Canada 6.6%
Cameco (Oil, Gas and Consumable Fuels)	1,000		50,740
Potash Corp. of Saskatchewan (Chemicals)	500		38,985
Research In Motion* (Communications Equipment)	400		79,996
Rogers Communications (Class B) (Media)	1,200		51,165
Suncor Energy (Oil, Gas and Consumable Fuels)	600		54,049
			274,935
China 3.6%
China Communications Construction (Construction and Engineering)	16,000		28,655
China Merchants Bank* (Commercial Banks)	15,500		47,409
Ctrip.com International (ADR) (Hotels, Restaurants and Leisure)	500		39,315
Focus Media Holding (ADR)* (Media)	700		35,350
			150,729
Denmark 1.7%
Vestas Wind Systems (Electrical Equipment)	1,100		72,047
Finland 3.3%
Nokia (Communications Equipment)	4,871		136,935
France 8.8%
Alstom (Electrical Equipment)	560		93,243
Essilor International (Health Care Equipment and Supplies)	278		33,112
PPR (Multiline Retail)	184		32,097
Vallourec (Machinery)	180		57,525
Veolia Environnement (Multi-Utilities)	1,944		151,939
			367,916
Germany 15.9%
BASF (Chemicals)	953		72,197
Continental (Auto Components)	621		87,598
DaimlerChrysler (Automobiles)	612		56,506
Deutsche Boerse (Diversified Financial Services)	498		56,425
Fresenius Medical (Health Care Providers and Services)	1,021		47,126
Infineon Technologies* (Semiconductors and Semiconductor Equipment)	3,765		62,632
KarstadtQuelle (Multiline Retail)	2,268		76,841
Salzgitter (Metals and Mining)	326		62,751

	Shares	Value
Germany (continued)
Siemens (Industrial Conglomerates)	568	$	81,717
Wacker Chemie (Chemicals)	262		61,871
			665,664
Greece 0.7%
National Bank of Greece (Commercial Banks)	538		30,820
Hong Kong 0.5%
China Resources Enterprise (Distributors)	6,000		22,480
Ireland 2.8%
Elan (ADR)* (Pharmaceuticals)	4,200		92,106
Ryanair Holdings (ADR)* (Airlines)	700		26,425
			118,531
Italy 1.6%
Bulgari (Textiles, Apparel and Luxury Goods)	1,856		29,766
Luxottica Group (Textiles, Apparel and Luxury Goods)	900		34,960
			64,726
Japan 9.5%
Advantest (Semiconductors and Semiconductor Equipment)	400		17,465
Canon (Office Electronics)	600		35,210
Elpida Memory* (Semiconductors and Semiconductor Equipment)	700		30,798
Fanuc (Machinery)	100		10,302
Japan Tobacco (Tobacco)	17		83,836
Komatsu (Machinery)	1,500		43,446
Mitsubishi (Trading Companies and Distributors)	1,100		28,744
Mitsui O.S.K. Lines (Marine)	3,000		40,597
Nintendo (Software)	100		36,522
Sony (Household Durables)	800		41,109
Yamada Denki (Specialty Retail)	270		28,153
			396,182
Luxembourg 0.9%
Millicom International Cellular* (Wireless Telecommunication Services)	400		36,656
Mexico 0.9%
America Movil (Class L) (ADR) (Wireless Telecommunication Services)	600		37,158
Netherlands 2.8%
ASML Holding* (Semiconductors and Semiconductor Equipment)	2,923		80,552
Unilever (Food Products)	1,158		36,010
			116,562
Norway 1.2%
Renewable Energy (Electrical Equipment)	1,350		52,016

See footnotes on page 30.

24

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman International Growth Portfolio (continued)

	Shares	Value
South Korea 4.8%
Hyundai Motor (Automobiles)	522	$	41,166
Kookmin Bank (Commercial Banks)	461		40,384
LG Electronics (Household Durables)	919		75,764
Samsung Electronics (Semiconductors and Semiconductor Equipment)	68		41,543
			198,857
Spain 2.2%
Gamesa Corporacion Tecnologica (Electrical Equipment)	1,370		49,757
Iberdrola (Electric Utilities)	740		41,324
			91,081
Sweden 1.6%
Alfa Laval (Machinery)	400		24,115
Telefonaktiebolaget LM Ericsson (B Shares) (Communications Equipment)	11,000		43,880
			67,995
Switzerland 7.3%
ABB* (Electrical Equipment)	2,296		51,666
Julius Baer Holding (Capital Markets)	1,142		81,656
Nestle (Food Products)	115		43,677
Phonak Holding (Health Care Equipment and Supplies)	231		20,753
Swatch Group (Textiles, Apparel and Luxury Goods)	800		45,254
Xstrata (Metals and Mining)	1,050		62,639
			305,645
Taiwan 1.3%
HON HAI Precision Industry (Electronic Equipment and Instruments)	6,400		55,275

	Shares	Value
United Kingdom 14.8%
Amvescap (Capital Markets)	7,809	$	100,665
ARM Holdings (Semiconductors and Semiconductor Equipment)	17,051		49,861
BT Group (Diversified Telecommunication Services)	2,648		17,596
Burberry Group (Textiles, Apparel and Luxury Goods)	3,134		42,825
Cable & Wireless (Diversified Telecommunication Services)	14,390		55,892
Cadbury Schweppes (Food Products)	1,256		17,089
Carphone Warehouse Group (Specialty Retail)	4,815		31,641
Man Group (Capital Markets)	7,017		85,164
Reckitt Benckiser (Household Products)	1,641		89,854
Rolls-Royce Group (Class B)* (Aerospace and Defense)	349,516		701
Smith & Nephew (Health Care Equipment and Supplies)	5,234		64,770
Tesco (Food and Staples Retailing)	7,363		61,638
			617,696
Total Common Stocks (Cost $3,400,783)			3,977,825
Preferred Stocks 0.6%      (Cost $25,137)
Germany 0.6%
Henkel KGaA (Household Products)	488		25,775
Total Investments 95.8% (Cost $3,425,920)			4,003,600
Other Assets Less Liabilities 4.2%			173,834
Net Assets 100.0%		$	4,177,434

Seligman Investment Grade Fixed Income Portfolio

	Principal Amount		Value
US Government and Government Agency Securities 53.8%
US Government Securities 35.1%
US Treasury Bonds:
8.125%, 8/15/2021	$	15,000	$	19,337
5.375%, 2/15/2031		66,000		67,794
4.5%, 2/15/2036		30,000		27,173
US Treasury Inflation-Protected Securities 2.375%, 1/15/2017		20,494		20,015
US Treasury Notes:
4.75%, 2/28/2009		15,000		14,959
4.875%, 5/31/2009		45,000		45,000
4.5%, 3/31/2009		35,000		34,757

	Principal Amount		Value
US Treasury Notes: (cont’d.)
4.75%, 2/15/2010	$	25,000	$	24,916
4.75%, 1/31/2012		155,000		153,886
4.75%, 5/31/2012		5,000		4,962
4.25%, 8/15/2013		75,000		72,440
4.625% 2/15/2017		75,000		72,656
4.5%, 5/15/2017		135,000		129,474
				687,369

See footnotes on page 30.

25

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Investment Grade Fixed Income Portfolio (continued)

	Principal Amount		Value
Government Agency SecuritiesØ 4.4%
Fannie Mae:
5.5%, 10/15/2011	$	30,000	$	29,721
5%, 7/9/2018		15,000		14,132
Federal Home Loan Bank 5.25%, 7/24/2018		25,000		23,923
Freddie Mac 4.5%, 7/15/2013		20,000		19,147
				86,923
Government Agency Mortgage-Backed Securities††Ø 14.3%
Fannie Mae:
7%, 7/1/2008		2,064		2,079
7%, 2/1/2012		1,623		1,635
8.5%, 9/1/2015		2,974		3,153
6.5%, 5/1/2017		12,285		12,548
5.5%, 2/1/2018		20,309		20,083
4.5%, 12/1/2020		20,653		19,656
5.45%, 8/25/2035		28,782		28,392
5.5%, 10/1/2035		23,769		22,987
5.352%, 4/1/2036#		24,166		23,970
5.996%, 8/1/2036#		26,586		26,727
6%, 9/1/2036		24,217		23,976
6.112%, 8/1/2036#		35,941		36,210
5.5%, TBA 8/2007		10,000		9,848
Freddie Mac Gold:
6%, 11/1/2010		3,410		3,457
8%, 12/1/2023		2,618		2,758
6.177%, 8/1/2036#		21,738		21,929
5.963%, 4/1/2037#		19,854		19,857
				279,265
Total U.S. Government and Government Agency Securities (Cost $1,064,975)				1,053,557
Corporate Bonds 33.6%
Air Freight and Logistics 1.5%
FedEx 5.5%, 8/15/2009		30,000		30,041
Airlines 0.5%
Continental Airlines (Series A) 5.983%, 4/19/2022		10,000		9,726
Automobiles 1.0%
DaimlerChrysler North America 4.875%, 6/15/2010		20,000		19,632
Capital Markets 0.8%
Bear Stearns 5.35%, 2/1/2012		10,000		9,822
Lehman Brothers Holdings 5.75%, 5/17/2013		5,000		5,003
				14,825
Chemicals 1.0%
Praxair 5.375%, 11/1/2016		20,000		19,470

	Principal Amount		Value
Commercial Banks 1.8%
Corporacion Andina de Fomento 5.75%, 1/12/2017	$15,000		$	14,752
Suntrust Preferred Capital I 5.853%, Perpetual##	10,000			9,949
Wachovia 5.7%, 8/1/2013	10,000			10,071
				34,772
Commercial Services and Supplies 0.3%
Cintas Corporation No. 2 6.15%, 8/15/2036	5,000			4,884
Consumer Finance 1.5%
Nissan Motor Acceptance 5.625%, 3/14/2011†	30,000			29,845
Diversified Financial Services 2.3%
CIT Group:
5.42%, 3/12/2009#	15,000	‡		14,957
5.65%, 2/13/2017	10,000			9,490
Prudential Financial 6.1%, 6/15/2017	20,000			20,263
				44,710
Diversified Telecommunication Services 1.8%
AT&T 5.456%, 2/5/2010#	10,000	‡		10,018
BellSouth 5.2%, 9/15/2014	20,000			19,221
Sprint Capital 8.75%, 3/15/2032	5,000			5,631
				34,870
Electric Utilities 1.7%
FPL Group Capital 5.85%, 5/1/2037	5,000			4,837
Indiana Michigan Power 6.05%, 3/15/2037	15,000			14,385
MidAmerican Energy Holdings 6.125%, 4/1/2036	15,000			14,540
				33,762
Food Products 1.0%
Corn Products 6%, 4/15/2017	20,000			19,600
Industrial Conglomerates 1.0%
General Electric Capital 5.375%, 10/20/2016	20,000			19,379
Insurance 1.7%
Chubb 6%, 5/11/2037	10,000			9,552
CIGNA 5.375%, 3/15/2017	10,000			9,570
Hartford Financial Services Group 5.375%, 3/15/2017	15,000			14,435
				33,557
Media 2.0%
Comcast 6.45%, 3/15/2037	10,000			9,668
Time Warner:
5.40%, 7/2/2012†	20,000			19,662
6.5%, 11/15/2036	10,000			9,525
				38,855

See footnotes on page 30.

26

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Investment Grade Fixed Income Portfolio (continued)

	Principal Amount		Value
Multi-Utilities 0.8%
Dominion Resources 5.6%, 11/15/2016	$	15,000	$	14,584
Multiline Retail 1.7%
J.C. Penney 6.375%, 10/15/2036		20,000		19,107
Target 5.375%, 5/1/2017		15,000		14,380
				33,487
Office Electronics 1.0%
Xerox 5.5%, 5/15/2012		20,000		19,677
Oil, Gas and Consumable Fuels 4.0%
Amerada Hess 7.125%, 3/15/2033		10,000		10,548
Canadian National Resources 6.5%, 2/15/2037		10,000		9,847
Pemex Project Funding 8%,** 11/15/2011		40,000		43,500
Plains All American Pipeline 6.65%, 1/15/2037†		15,000		14,837
				78,732
Pharmaceuticals 0.5%
Wyeth 5.95%, 4/1/2037		10,000		9,589
Real Estate Investment Trusts 2.5%
Health Care Properties 6%, 1/30/2017		15,000		14,712
iStar Financial 5.5%, 6/15/2012		20,000		19,674
ProLogis Trust 5.625%, 11/15/2016		15,000		14,627
				49,013
Thrifts and Mortgage Finance 2.0%
Countrywide Financial 5.8%, 6/7/2012		15,000		14,910
MGIC Investment 5.625%, 9/15/2011		15,000		14,875
Residential Capital 6.375%, 6/30/2010		10,000		9,878
				39,663
Total Corporate Bonds (Cost $641,789)				632,673

	Principal Amount			Value
Collateralized Mortgage Obligations†† 4.7%
Bank of America Mortgage Securities 5.311%, 7/25/2034#	$	11,708		$	11,672
Homestar Mortgage Acceptance 5.64%, 3/25/2034#		11,716			11,736
Indymac Index Mortgage Loan Trust 6.192%, 3/25/2036#		34,947			35,313
Wells Fargo 4.733%, 7/25/2034#		33,564			32,563
Total Collateralized Mortgage Obligation (Cost $90,838)					91,284
Asset-Backed Securities††4.5%
Centex Home Equity 7.37%, 12/25/2032#		25,338	‡		25,369
Irwin Home Equity 5.7%, 2/25/2034#		23,706			23,813
Structured Asset Securities 4.04%,** 6/25/2033		41,129			39,689
Total Asset-Backed Securities (Cost $89,018)					88,871
Short-Term Holdings 4.7%
Repurchase Agreement 3.4%
State Street Bank 4.65%, dated 6/29/2007, maturing 7/2/2007, in the amount of $66,026, collateralized by: $70,000 Federal Home Loan Bank 4.375%, 9/17/2010, with a fair value of $69,107		66,000			66,000
Corporate Bonds 1.3%
Residential Capital 5.86%, 6/9/2008#		25,000	‡		24,752
Total Short-Term Holdings (Cost $91,000)					90,752
Total Investments 100.1% (Cost $1,977,620)					1,957,137
Other Assets Less Liabilities (0.1)%					(1,290	)
Net Assets 100.0%				$	1,955,847

Seligman Large-Cap Value Portfolio

	Shares	Value
Common Stocks 99.7%
Aerospace and Defense 6.0%
Honeywell International	2,100	$	118,188
United Technologies	2,000		141,860
			260,048
Capital Markets 2.9%
Bank of New York Mellon*	3,000		124,320

	Shares	Value
Chemicals 9.0%
E. I. du Pont de Nemours	2,600	$	132,184
Praxair	2,000		143,980
Rohm and Haas	2,000		109,360
			385,524
Commercial Banks 2.7%
U.S. Bancorp	3,500		115,325

See footnotes on page 30.

27

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Large-Cap Value Portfolio (continued)

	Shares	Value
Communications Equipment 6.4%
Juniper Networks*	6,000	$	151,020
Motorola	7,000		123,900
			274,920
Diversified Financial Services 5.4%
Bank of America	2,300		112,447
JPMorgan Chase	2,500		121,125
			233,572
Food and Staples Retailing 3.4%
Costco Wholesale	2,500		146,300
Food Products 4.4%
Kraft Foods (Class A)	1,107		39,022
Tyson Foods (Class A)	6,500		149,760
			188,782
Health Care Equipment and Supplies 7.6%
Baxter International	2,000		112,680
Boston Scientific*	5,500		84,370
Medtronic	2,500		129,650
			326,700
Independent Power Producers and Energy Traders 2.5%
AES*	5,000		109,400
Industrial Conglomerates 3.5%
General Electric	4,000		153,120
Insurance 9.4%
Prudential Financial	1,300		126,399
Travelers	2,500		133,750
UnumProvident	5,500		143,605
			403,754
Machinery 3.1%
Caterpillar	1,700		133,110
Multiline Retail 2.9%
J.C. Penney	1,700		123,046

	Shares or Principal Amount			Value
Oil, Gas and Consumable Fuels 12.3%
Chevron		1,500	shs.	$	126,360
Marathon Oil		2,400			143,904
Valero Energy		1,800			132,948
Williams Companies		4,000			126,480
					529,692
Pharmaceuticals 3.3%
Wyeth		2,500			143,350
Road and Rail 6.4%
CSX		3,000			135,240
Union Pacific		1,200			138,180
					273,420
Specialty Retail 2.8%
The Gap		6,300			120,330
Thrifts and Mortgage Finance 3.1%
Washington Mutual		3,100			132,184
Tobacco 2.6%
Altria Group		1,600			112,224
Total Common Stocks (Cost $2,855,902)					4,289,121
Repurchase Agreement 0.5%
State Street Bank 4.65%, dated 6/29/2007, maturing 7/2/2007, in the amount of $22,009, collateralized by: $25,000 Federal Home Loan Bank 4.375%, 9/17/2010, with a fair value of $24,681 (Cost $22,000)	$	22,000			22,000
Total Investments 100.2% (Cost $2,877,902)					4,311,121
Other Assets Less Liabilities (0.2)%					(8,795	)
Net Assets 100.0%				$	4,302,326

Seligman Smaller-Cap Value Portfolio

	Shares	Value
Common Stocks 100.5%
Aerospace and Defense 3.5%
Cubic	265,000	$	7,997,700
Airlines 2.2%
Continental Airlines*	150,000		5,080,500
Beverages 2.8%
Central European Distribution*	185,000		6,404,700

	Shares	Value
Biotechnology 3.9%
Keryx Biopharmaceuticals*	375,000	$	3,663,750
PDL BioPharma*	230,000		5,359,000
			9,022,750
Chemicals 5.3%
Hercules	330,000		6,484,500
Minerals Technologies	85,000		5,690,750
			12,175,250

See footnotes on page 30.

28

Seligman Portfolios, Inc.

Portfolios of Investments (unaudited)

June 30, 2007

Seligman Smaller-Cap Value Portfolio (continued)

	Shares	Value
Commercial Banks 1.7%
South Financial Group	175,000	$	3,962,000
Commercial Services and Supplies 9.4%
Brink’s	90,000		5,570,100
Korn/Ferry International*	235,000		6,171,100
School Specialty*	115,000		4,075,600
Waste Connections*	190,000		5,745,600
			21,562,400
Communications Equipment 2.8%
F5 Networks*	80,000		6,448,000
Computers and Peripherals 1.6%
Hypercom*	600,000		3,546,000
Construction and Engineering 3.5%
Shaw Group*	175,000		8,100,750
Diversified Consumer Services 2.8%
Sotheby’s Holdings (Class A)	140,000		6,442,800
Electrical Equipment 3.4%
EnerSys*	276,900		5,067,270
Thomas & Betts*	46,500		2,697,000
			7,764,270
Electronic Equipment and Instruments 3.1%
Trimble Navigation*	220,000		7,084,000
Energy Equipment and Services 5.6%
Hanover Compressor*	265,000		6,320,250
Universal Compression Holdings*	90,000		6,522,300
			12,842,550
Health Care Equipment and Supplies 1.7%
PolyMedica	95,000		3,880,750
Health Care Providers and Services 3.8%
HealthSouth*	203,500		3,685,385
WellCare Health Plans*	55,000		4,978,050
			8,663,435
Hotels, Restaurants and Leisure 6.4%
Panera Bread (Class A)*	50,000		2,303,000
Penn National Gaming*	110,000		6,609,900
Ruby Tuesday	220,000		5,792,600
			14,705,500

	Shares	Value
Insurance 11.4%
Aspen Insurance Holdings	200,000	$	5,614,000
W.R. Berkley	150,000		4,881,000
Endurance Specialty Holdings	116,000		4,644,640
Hanover Insurance Group	110,000		5,366,900
Infinity Property and Casualty	110,000		5,580,300
			26,086,840
IT Services 2.1%
CACI International (Class A)*	100,000		4,885,000
Machinery 2.2%
Mueller Industries	145,000		4,993,800
Multiline Retail 1.9%
Fred’s	320,000		4,281,600
Personal Products 1.9%
Herbalife	110,000		4,361,500
Pharmaceuticals 2.2%
Par Pharmaceutical*	180,000		5,081,400
Real Estate Investment Trusts 1.8%
FelCor Lodging Trust	155,000		4,034,650
Semiconductors and Semiconductor Equipment 3.8%
Cypress Semiconductor*	270,000		6,288,300
Varian Semiconductor Equipment Associates*	58,950		2,361,537
			8,649,837
Software 4.0%
Lawson Software*	390,000		3,857,100
Quest Software*	325,000		5,261,750
			9,118,850
Specialty Retail 5.7%
Coldwater Creek*	142,800		3,317,244
Guitar Center*	80,000		4,784,800
Pacific Sunwear of California*	225,000		4,950,000
			13,052,044
Total Investments 100.5% (Cost $170,196,089)			230,228,876
Other Assets Less Liabilities (0.5)%			(1,164,788	)
Net Assets 100.0%		$	229,064,088

See footnotes on page 30.

29

Seligman Portfolios, Inc.

Notes to Portfolios of Investments (unaudited)

June 30, 2007

* Non-income producing security.

** Current rate of step bond.

† 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:

⁽¹⁾ The principal amount of the notes plus or minus the lesser of A) the lowest return of the company’s or companies’ respective stock prices determined at maturity from the date of purchase of the notes, and B) the percent limit indicated below in parentheses:

^(a) SanDisk (+10%)

^(b) Amdocs, Boston Scientific and Palm (+10%)

^(c) Alcatel-Lucent (ADR), BEA Systems and Best Buy (+5%)

^(d) Herbalife, JetBlue Airways and Qwest Communications International (+10%)

^(e) Yahoo! (+20%)

^(f) Marvell Technology Group (+20%)

^(g) Motorola, SanDisk and Yahoo! (+10%)

^(h) KLA-Tencor, Peabody Energy and Urban Outfitters (+10%)

⁽ⁱ⁾ BEA Systems, Sprint Nextel and Weatherford International (+10%)

^(j) Seagate Technology (+20%)

^(k) Archer-Daniels-Midland, Countrywide Financial and Foot Locker (+10%)

^(l) Adams Respiratory Therapeutics, Seagate Technology and Smurfit-Stone Container (+5%)

^(m) eBay (+20%)

⁽ⁿ⁾ Coldwater Creek, Comverse Technology and Halliburton (+10%)

^(o) Adams Respiratory Therapeutics, Alcatel-Lucent (ADR) and UTI Worldwide (+9%)

⁽²⁾ If the stock price of any of the companies falls 20% or more at any time during the period from the date of purchase of the notes to maturity, the lesser of i) the principal amount of the notes, or ii) 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, or otherwise B) the principal amount of the notes:

^(a) Advanced Micro Devices, Alcoa and Bristol-Myers Squibb

^(b) Broadcom (Class A), Herbalife and Rite Aid

^(c) Corning, Las Vegas Sands and Smurfit-Stone Container

⁽³⁾ Each contract equals 100 shares.

‡ At June 30, 2007, these securities, with a value of $75,096, were held as collateral for the TBA securities.

# Floating rate security; the interest rate is reset periodically. The interest rate disclosed reflects the rate in effect at June 30, 2007.

## This security pays a fixed rate for a stipulated number of years, after which it pays a floating interest rate.

ADR – American Depositary Receipts.

TBA – To-be-announced.

See Notes to Financial Statements.

30

Seligman Portfolios, Inc.

Statements of Assets and Liabilities (unaudited)

June 30, 2007

		Seligman Capital Portfolio			Seligman Cash Management Portfolio		Seligman Common Stock Portfolio			Seligman Communications and Information Portfolio			Seligman Global Technology Portfolio
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings		$	11,103,774			—	$	6,137,429		$	55,537,347		$	7,854,413
Options purchased			—			—		185,769			—			—
Repurchase agreements			222,000		$	1,000		128,000			224,000			—
Equity-linked notes			—			—		685,082			—			—
Other short-term holdings			—			10,762,938		—			2,870,000			—
Total Investments*			11,325,774			10,763,938		7,136,280			58,631,347			7,854,413
Cash denominated in US dollars**			765			270		2,876			4,685			699,751
Cash denominated in foreign currencies†			—			—		—			285,373			66,263
Receivable for securities sold			462,290			—		163,066			1,613,087			147,216
Dividends and interest receivable			2,193			2,004		36,273			4,378			1,163
Receivable for Capital Stock sold			34			—		—			13,985			—
Receivable from the Manager (Note 4)			—			2,446		—			—			9,981
Other			106			569		65			674			3,911
Total Assets			11,791,162			10,769,227		7,338,560			60,553,529			8,782,698
Liabilities:
Payable for securities purchased			563,858			—		164,586			2,609,698			299,768
Management fee payable			3,687			3,529		2,417			35,469			6,991
Distribution and service (12b-1) fees payable			3,172			—		—			10,302			869
Payable for Capital Stock redeemed			1,246			5		384			78,430			196
Options written, at value (premium received — $39)			—			—		10			—			—
Accrued expenses and other			28,744			15,633		15,405			62,848			45,960
Total Liabilities			600,707			19,167		182,802			2,796,747			353,784
Net Assets		$	11,190,455		$	10,750,060	$	7,155,758		$	57,756,782		$	8,428,914
Composition of Net Assets:
Capital Stock, $0.001 at par		$	669		$	10,753	$	529		$	3,090		$	478
Additional paid-in capital			17,211,143			10,739,307		7,616,472			72,668,159			17,854,857
Undistributed/accumulated net investment income (loss)			(56,343	)		—		171,610			(198,905	)		(63,474	)
Accumulated net realized loss			(7,087,324	)		—		(1,080,682	)		(19,931,286	)		(10,255,872	)
Net unrealized appreciation of investments, foreign currency transactions and options written			1,122,310			—		447,829			5,215,724			892,925
Net Assets		$	11,190,455		$	10,750,060	$	7,155,758		$	57,756,782		$	8,428,914
Class 1		$	6,010,761		$	10,750,060	$	7,155,758		$	40,887,688		$	6,099,624
Class 2		$	5,179,694							$	16,869,094		$	2,329,290
Shares of Capital Stock Outstanding:
Class 1			356,424			10,753,018		529,330			2,175,295			344,737
Class 2			312,128								914,818			133,054
Net Asset Value per Share:
Class 1			$16.86			$1.00		$13.52			$18.80			$17.69
Class 2			$16.59								$18.44			$17.51
*	Cost of total investments are as follows:		$10,203,464			$10,763,938		$6,688,480			$53,416,741			$6,961,539
**	Includes restricted cash as follows:		$300			$200		$1,000			—			—
†	Cost of foreign currencies as follows:		—			—		—			$284,252			$66,308

See Notes to Financial Statements.

31

Seligman Portfolios, Inc.

Statements of Assets and Liabilities (unaudited)

June 30, 2007

		Seligman International Growth Portfolio			Seligman Investment Grade Fixed Income Portfolio			Seligman Large-Cap Value Portfolio			Seligman Smaller-Cap Value Portfolio
Assets:
Investments, at value (see portfolios of investments):
Long-term holdings		$	4,003,600		$	1,891,137		$	4,289,121		$	230,228,876
Repurchase agreements			—			66,000			22,000			—
Total Investments*			4,003,600			1,957,137			4,311,121			230,228,876
Cash**			91,026			579			661			500
Receivable for securities sold			153,281			28,616			—			—
Dividends and interest receivable			12,310			22,879			5,062			38,400
Receivable for Capital Stock sold			—			—			—			43,136
Receivable from the Manager (Note 4)			13,680			1,213			—			—
Unrealized appreciation on forward currency contracts			313			—			—			—
Other			48			58			41			1,964
Total Assets			4,274,258			2,010,482			4,316,885			230,312,876
Liabilities:
Payable for securities purchased			58,893			38,725			—			—
Management fee payable			3,451			656			2,902			191,467
Distribution and service (12b-1) fees payable			—			—			—			20,995
Payable for Capital Stock redeemed			—			—			—			796,166
Bank overdraft			—			—			—			58,207
Unrealized depreciation on forward currency contracts			126			—			—			—
Accrued expenses and other			34,354			15,254			11,657			181,953
Total Liabilities			96,824			54,635			14,559			1,248,788
Net Assets		$	4,177,434		$	1,955,847		$	4,302,326		$	229,064,088
Composition of Net Assets:
Capital Stock, $0.001 at par		$	263		$	227		$	294		$	11,223
Additional paid-in capital			4,510,838			1,979,602			3,025,991			120,720,392
Undistributed/accumulated net investment income (loss)			(3,579	)		147,965			37,932			(890,912	)
Undistributed/accumulated net realized gain (loss)			(908,469	)		(151,464	)		(195,110	)		49,190,598
Net unrealized appreciation (depreciation) of investments and foreign currency transactions			578,381			(20,483	)		1,433,219			60,032,787
Net Assets		$	4,177,434		$	1,955,847		$	4,302,326		$	229,064,088
Class 1		$	4,177,434		$	1,955,847		$	4,302,326		$	183,937,799
Class 2											$	45,126,289
Shares of Capital Stock Outstanding:
Class 1			263,225			226,615			293,933			8,997,085
Class 2												2,226,184
Net Asset Value per Share:
Class 1			$15.87			$8.63			$14.64			$20.44
Class 2												$20.27
*	Cost of total investments are as follows:		$3,425,920			$1,977,620			$2,877,902			$170,196,089
**	Includes restricted cash as follows:		—			$500			—			$500

See Notes to Financial Statements.

32

Seligman Portfolios, Inc.

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2007

	Seligman Capital Portfolio			Seligman Cash Management Portfolio			Seligman Common Stock Portfolio			Seligman Communications and Information Portfolio			Seligman Global Technology Portfolio
Investment Income:
Dividends*	$	14,141		$	—		$	58,217		$	70,223		$	12,307
Interest		3,196			288,084			71,123			68,352			1,529
Total Investment Income		17,337			288,084			129,340			138,575			13,836
Expenses:
Management fees		21,795			22,216			14,833			212,271			42,892
Shareholder account services		13,586			—			—			21,579			13,321
Shareholder reports and communications		9,656			1,145			1,113			12,474			9,451
Auditing fees		8,277			9,037			7,445			29,340			8,027
Custody and related services		7,836			8,369			9,851			26,676			38,385
Distribution and service (12b-1) fees — Class 2		6,234			—			—			19,959			1,699
Directors’ fees and expenses		2,120			2,126			2,082			2,624			2,096
Legal fees		1,615			1,599			1,432			4,410			1,487
Registration		1,289			222			128			3,369			1,988
Miscellaneous		1,272			1,186			1,035			4,120			2,603
Total Expenses Before Reimbursement		73,680			45,900			37,919			336,822			121,949
Reimbursement of expenses (Note 4)		—			(7,022	)		—			—			(38,956	)
Total Expenses After Reimbursement		73,680			38,878			37,919			336,822			82,993
Net Investment Income (Loss)		(56,343	)		249,206			91,421			(198,247	)		(69,157	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain on investments and foreign currency transactions		1,277,203			—			577,497			4,572,791			739,623
Net realized gain on options written		—			—			5,515			—			—
Net change in unrealized appreciation/ depreciation of investments and foreign currency transactions		347,306			—			(119,651	)		1,208,301			200,401
Net Gain on Investments and Foreign Currency Transactions		1,624,509			—			463,361			5,781,092			940,024
Increase in Net Assets from Operations	$	1,568,166		$	249,206		$	554,782		$	5,582,845		$	870,867
*  Net of foreign tax withheld as follows:		—			—			$86			$1,681			$621

See Notes to Financial Statements.

33

Seligman Portfolios, Inc.

Statements of Operations (unaudited)

For the Six Months Ended June 30, 2007

	Seligman International Growth Portfolio			Seligman Investment Grade Fixed Income Portfolio			Seligman Large-Cap Value Portfolio		Seligman Smaller-Cap Value Portfolio
Investment Income:
Dividends*	$	41,660		$	52,669		$	41,292	$	489,835
Interest		997			1,981			390		37,882
Total Investment Income		42,657			54,650			41,682		527,717
Expenses:
Management fees		20,856			4,030			17,820		1,134,975
Shareholder account services		—			—			—		21,226
Shareholder reports and communications		1,242			1,203			1,242		20,761
Auditing fees		6,234			6,181			6,838		122,471
Custody and related services		63,332			9,350			783		36,186
Distribution and service (12b-1) fees — Class 2		—			—			—		40,573
Directors’ fees and expenses		2,046			2,023			2,049		4,596
Legal fees		1,219			1,093			1,238		15,140
Registration		306			532			62		4,845
Miscellaneous		1,215			823			868		17,856
Total Expenses Before Reimbursement		96,450			25,235			30,900		1,418,629
Reimbursement of expenses (Note 4)		(54,737	)		(16,671	)		—		—
Total Expenses After Reimbursement		41,713			8,564			30,900		1,418,629
Net Investment Income (Loss)		944			46,086			10,782		(890,912	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net realized gain (loss) on investments and foreign currency transactions		636,488			(856	)		289,436		28,611,002
Net change in unrealized appreciation/ depreciation of investments and foreign currency transactions		(225,059	)		(30,660	)		182,084		(5,019,009	)
Net Gain (Loss) on Investments and Foreign Currency Transactions		411,429			(31,516	)		471,520		23,591,993
Increase in Net Assets from Operations	$	412,373		$	14,570		$	482,302	$	22,701,081
*  Net of foreign tax withheld as follows:		$4,497			—			—		—

See Notes to Financial Statements.

34

Seligman Portfolios, Inc.

Statements of Changes in Net Assets (unaudited)

	Seligman Capital Portfolio						Seligman Cash Management Portfolio						Seligman Common Stock Portfolio
	Six Months Ended June 30, 2007			Year Ended December 31, 2006			Six Months Ended June 30, 2007			Year Ended December 31, 2006			Six Months Ended June 30, 2007			Year Ended December 31, 2006
Operations:
Net investment income (loss)	$	(56,343	)	$	(52,819	)	$	249,206		$	549,537		$	91,421		$	87,853
Net realized gain on investments		1,277,203			1,240,014			—			—			577,497			659,942
Net realized gain on options written		—			—			—			—			5,515			26,657
Net change in unrealized appreciation/depreciation of investments		347,306			(504,003	)		—			—			(119,651	)		425,949
Increase in Net Assets From Operations		1,568,166			683,192			249,206			549,537			554,782			1,200,401
Distributions to Shareholders:
Net investment income — Class 1*		—			—			(249,206	)		(549,537	)		—			(91,364	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		170,990			436,299			598,219			2,174,064			195,663			439,419
Class 2		263,419			557,876			—			—			—			—
Investment of dividends — Class 1		—			—			249,206			549,537			—			91,364
Total		434,409			994,175			847,425			2,723,601			195,663			530,783
Cost of shares redeemed:
Class 1		(963,349	)		(3,119,625	)		(2,100,922	)		(5,874,515	)		(1,290,324	)		(2,163,284	)
Class 2		(776,867	)		(989,458	)		—			—			—			—
Total		(1,740,216	)		(4,109,083	)		(2,100,922	)		(5,874,515	)		(1,290,324	)		(2,163,284	)
Decrease in Net Assets From Capital Share Transactions		(1,305,807	)		(3,114,908	)		(1,253,497	)		(3,150,914	)		(1,094,661	)		(1,632,501	)
Increase (Decrease) in Net Assets		262,359			(2,431,716	)		(1,253,497	)		(3,150,914	)		(539,879	)		(523,464	)
Net Assets:
Beginning of period		10,928,096			13,359,812			12,003,557			15,154,471			7,695,637			8,219,101
End of Period*	$	11,190,455		$	10,928,096		$	10,750,060		$	12,003,557		$	7,155,758		$	7,695,637
* Including undistributed net investment income (net of accumulated net investment loss) as follows:		$(56,343	)		—			—			—			$171,610			$80,189

See Notes to Financial Statements.

35

Seligman Portfolios, Inc.

Statements of Changes in Net Assets (unaudited)

	Seligman Communications and Information Portfolio						Seligman Global Technology Portfolio						Seligman International Growth Portfolio
	Six Months Ended June 30, 2007			Year Ended December 31, 2006			Six Months Ended June 30, 2007			Year Ended December 31, 2006			Six Months Ended June 30, 2007			Year Ended December 31, 2006
Operations:
Net investment income (loss)	$	(198,247	)	$	(346,397	)	$	(69,157	)	$	(123,691	)	$	944		$	(21,420	)
Net realized gain on investments and foreign currency transactions**		4,572,791			6,889,847			739,623			1,268,462			636,488			566,440
Net realized gain on options written		—			19,054			—			—			—			—
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions**		1,208,301			4,969,406			200,401			287,180			(225,059	)		282,916
Increase in Net Assets From Operations		5,582,845			11,531,910			870,867			1,431,951			412,373			827,936
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		584,046			1,351,973			92,507			450,730			324,348			1,347,382
Class 2		2,607,437			4,812,456			202,261			2,165,779			—			—
Total		3,191,483			6,164,429			294,768			2,616,509			324,348			1,347,382
Cost of shares redeemed:
Class 1		(5,330,890	)		(15,574,015	)		(1,102,579	)		(1,684,705	)		(926,085	)		(1,591,055	)
Class 2		(3,136,747	)		(3,415,523	)		(345,407	)		(2,181,105	)		—			—
Total		(8,467,637	)		(18,989,538	)		(1,447,986	)		(3,865,810	)		(926,085	)		(1,591,055	)
Decrease in Net Assets From Capital Share Transactions		(5,276,154	)		(12,825,109	)		(1,153,218	)		(1,249,301	)		(601,737	)		(243,673	)
Increase (Decrease) in Net Assets		306,691			(1,293,199	)		(282,351	)		182,650			(189,364	)		584,263
Net Assets:
Beginning of period		57,450,091			58,743,290			8,711,265			8,528,615			4,366,798			3,782,535
End of Period*	$	57,756,782		$	57,450,091		$	8,428,914		$	8,711,265		$	4,177,434		$	4,366,798
*  Net of accumulated net investment loss as follows:		$(198,905	)		—			$(63,474	)		—			$(3,579	)		$(3,373	)
**  Certain amounts for 2006 were reclassified to conform to current period’s presentation.

See Notes to Financial Statements.

36

Seligman Portfolios, Inc.

Statements of Changes in Net Assets (unaudited)

	Seligman Investment Grade Fixed Income Portfolio						Seligman Large-Cap Value Portfolio						Seligman Smaller-Cap Value Portfolio
	Six Months Ended June 30, 2007			Year Ended December 31, 2006			Six Months Ended June 30, 2007			Year Ended December 31, 2006			Six Months Ended June 30, 2007			Year Ended December 31, 2006
Operations:
Net investment income (loss)	$	46,086		$	108,341		$	10,782		$	31,811		$	(890,912	)	$	(1,571,672	)
Net realized gain (loss) on investments		(856	)		(49,694	)		289,436			337,701			28,611,002			22,312,281
Net change in unrealized appreciation/depreciation of investments		(30,660	)		4,745			182,084			219,631			(5,019,009	)		22,984,720
Increase in Net Assets From Operations		14,570			63,392			482,302			589,143			22,701,081			43,725,329
Distributions to Shareholders:
Net investment income — Class 1		—			(130,257	)		—			(36,581	)		—			—
Net realized short-term gain on investments
Class 1		—			—			—			—			—			(3,866,926	)
Class 2		—			—			—			—			—			(829,336	)
Total		—			—			—			—			—			(4,696,262	)
Net realized long-term gain on investments
Class 1		—			—			—			—			—			(12,166,668	)
Class 2		—			—			—			—			—			(2,609,376	)
Total		—			—			—			—			—			(14,776,044	)
Decrease in Net Assets From Distributions		—			(130,257	)		—			(36,581	)		—			(19,472,306	)
Capital Share Transactions:
Proceeds from sale of shares:
Class 1		69,871			388,831			146,139			475,262			9,246,831			19,880,909
Class 2		—			—			—			—			3,591,647			7,398,663
Investment of dividends:
Class 1		—			130,257			—			36,581			—			—
Investment of gain distributions:
Class 1		—			—			—			—			—			16,033,594
Class 2		—			—			—			—			—			3,438,712
Total		69,871			519,088			146,139			511,843			12,838,478			46,751,878
Cost of shares redeemed:
Class 1		(272,304	)		(1,066,713	)		(922,585	)		(1,657,558	)		(31,626,285	)		(67,982,145	)
Class 2		—			—			—			—			(3,478,258	)		(9,354,747	)
Total		(272,304	)		(1,066,713	)		(922,585	)		(1,657,558	)		(35,104,543	)		(77,336,892	)
Decrease in Net Assets From Capital Share Transactions		(202,433	)		(547,625	)		(776,446	)		(1,145,715	)		(22,266,065	)		(30,585,014	)
Increase (Decrease) in Net Assets		(187,863	)		(614,490	)		(294,144	)		(593,153	)		435,016			(6,331,991	)
Net Assets:
Beginning of period		2,143,710			2,758,200			4,596,470			5,189,623			228,629,072			234,961,063
End of Period*	$	1,955,847		$	2,143,710		$	4,302,326		$	4,596,470		$	229,064,088		$	228,629,072
*  Including undistributed net investment income (net of accumulated net investment loss) as follows:		$147,965			$101,767			$37,932			$27,150			$(890,912	)		—

See Notes to Financial Statements.

37

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

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

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

a. Security Valuation — 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 “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 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 the 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 more than 60 days are valued at current market quotations. Short-term holdings maturing in 60 days or less are valued at current market quotations or amortized cost if the Manager believes it approximates fair value.

Investments held by the 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 net asset values.

b. Foreign Securities — The Portfolios may invest up to 10% of their total assets in foreign securities (except 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 (“ADR”), American Depositary Shares (“ADS”), European Depositary Receipts (“EDR”), Fiduciary Depositary Receipts (“FDR”), Global Depositary Receipts (“GDR”), and Global Depositary Shares (“GDS”). ADR and ADS are issued by domestic banks or trust companies and evidence ownership of securities issued by foreign corporations. ADR and ADS are traded on United States exchanges or over-the-counter and are not included in the 10% limitation. EDR, FDR, GDR, and GDS are receipts similar to ADR and ADS 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;

38

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

(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 losses. 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.

The Portfolios do not isolate that portion of the results of operations resulting from changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held in the portfolios. Similarly, the Portfolios do not isolate the effect of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the period. Such fluctuations are included in net realized and unrealized gain or loss from investments and foreign currency transactions.

c. Forward Currency Contracts — Each Portfolio, other than Cash Management Portfolio and Investment Grade Portfolio, 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 of investments and forward currency transactions. 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 on investments and 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.

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

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

On January 1, 2007, the Fund adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109.” FIN 48 requires the Fund to recognize in its financial statements the impact of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. The Fund has determined that FIN 48 did not have a material impact on the Fund’s financial statements for the six months ended June 30, 2007.

f. Security Transactions and Related Investment Income — Investment transactions are recorded on trade dates. Identified cost of investments sold is used for both financial statement and federal income tax purposes. 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 a Portfolio is informed of the dividend.

g. Multiple Class Allocations — All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses of a Portfolio are allocated daily to each class of shares based upon the relative value of shares of each class. Class-specific expenses, which include 12b-1 fees and any other items that are specifically attributable to a particular class, are charged directly to such class. For the six months ended June 30, 2007, 12b-1 fees were the only class-specific expenses.

h. Repurchase Agreements — The Portfolios may enter into repurchase agreements. Generally, securities received as collateral subject to repurchase agreements are deposited with the Portfolio’s custodians and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price, plus accrued interest, at all times. On a daily basis, the market value of securities held as collateral for repurchase agreements is monitored to ensure the existence of the proper level of collateral.

i. Equity-Linked Notes — The Portfolios may purchase notes created by a counterparty, typically an investment bank. The notes bear interest at a fixed or floating rate. At maturity, the notes must be exchanged for an amount based on the value of one or more equity

39

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

securities (“Underlying Stocks”) of third party issuers. The exchange value may be limited to an amount less than the actual value of the Underlying Stocks at the maturity date. Any difference between the exchange amount and the original cost of the notes will be a gain or loss.

j. Securities Purchased and Sold on a TBA Basis— The Portfolios may purchase or sell securities (typically mortgage-backed securities) on a to-be-announced (TBA) basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Unsettled TBA commitments are valued at fair value in accordance with the procedures for security valuation described above. The Portfolios segregate securities as collateral for their obligations to purchase TBA mortgage securities.

k. Mortgage Dollar Rolls— The Portfolios may enter into mortgage dollar roll transactions using TBAs in which a Portfolio sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Each mortgage dollar roll is treated as a sale and purchase transaction, with any gain or loss recognized at the time of each sale. The Portfolio may be exposed to market or credit risk if the price of the security changes unfavorably or the counterparty fails to perform under the terms of the agreement.

l. Distributions to Shareholders — Dividends and other distributions to shareholders are recorded on ex-dividend dates.

m. Restricted Cash — Restricted cash represents deposits that are being held by banks as collateral for letters of credit issued in connection with the Fund’s insurance policies.

4. Management Fee, Distribution Services, and Other Transactions — The Manager manages the affairs of the Fund and provides or arranges for the necessary personnel and facilities. The Manager’s fee, which is calculated daily and payable monthly, is equal to 0.40%, on an annual basis, of each of Capital, Cash Management, Common Stock and Investment Grade Portfolios’ average daily net assets; and equal to 0.75%, on an annual basis, of Communications and Information Portfolio’s average daily net assets. The Manager’s fee for the Global Technology Portfolio is equal to 1.00% per annum of the first $2 billion of average daily net assets, 0.95% per annum of the next $2 billion of average daily net assets, and 0.90% per annum in excess of $4 billion of average daily net assets of the Portfolio. The Manager’s fee for the 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 Smaller-Cap Value Portfolio is equal to 1.00% per annum of the first $500 million of average daily net assets, 0.90% per annum of the next $500 million of average daily net assets, and 0.80% per annum in excess of $1 billion of average daily net assets of the Portfolio. The Manager’s fee for the International Growth Portfolio is equal to 1.00% per annum on the first $50 million of average daily net assets, 0.95% per annum on the next $1 billion of average daily net assets, and 0.90% per annum in excess of $1.05 billion of average daily net assets of the Portfolio.

For the six months ended June 30, 2007, the management fees for Global Technology Portfolio, International Growth Portfolio, Large-Cap Value Portfolio, and Smaller-Cap Value Portfolio were equal to 1.00%, 1.00%, 0.80%, and 1.00%, respectively, per annum of the average daily net assets of each of these Portfolios.

Wellington Management Company, LLP (the “Subadviser”), is the subadviser to the International Growth Portfolio and is responsible for furnishing investment advice, research and assistance. Under the subadvisory agreement, the Manager pays the Subadviser a subadvisory fee determined as follows: the Subadviser receives 0.45% on the first $50 million of the Portfolio’s average daily net assets and 0.40% of the Portfolio’s average daily net assets in excess of $50 million.

The Manager has undertaken to waive its management fees and/or reimburse certain Portfolios’ “other expenses” (i.e. those expenses other than management fees, 12b-1 fees, interest on borrowings and extraordinary expenses, including litigation expenses), that exceed a certain rate per annum of the average daily net assets of the following Portfolios:

Portfolio	Rate		Portfolio	Rate
Cash Management	0.30	%	International Growth	1.00	%
Global Technology	0.90		Investment Grade	0.45

Such reimbursements may be terminated at any time, except in the case of International Growth Portfolio, the undertaking for which is contractual and will remain in effect through at least April 30, 2008.

The amounts of these reimbursements, where applicable, for the six months ended June 30, 2007, are disclosed in the Statements of Operations, and such amounts receivable from the Manager at June 30, 2007 are disclosed in the Statements of Assets and Liabilities.

Compensation of all officers of the Fund, all directors of the Fund who are employees of the Manager, and all personnel of the Fund and the Manager is paid by the Manager. Seligman Advisors, Inc. (the “Distributor”), an affiliate of the Manager, acts as distributor of shares of the Fund.

Under an Administration, Shareholder Services and Distribution 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 or qualified plan for providing, among other things, personal services and/or the maintenance of shareholder accounts. Such fees are paid quarterly by each Portfolio to Seligman Advisors pursuant to the Plan. For the six months ended June 30, 2007, fees incurred under the Plan aggregated $6,234 or 0.25% per annum; $19,959 or 0.25% per annum; $1,699 or 0.15% per annum; and $40,573 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 Smaller-Cap Value Portfolio, respectively.

40

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

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 certain other funds in the Seligman Group of Investment Companies. Deferred fees and related accrued earnings are not deductible by the Fund for federal income tax purposes until such amounts are paid. At June 30, 2007, the cost of such fees and the earnings/loss accrued thereon is included in directors’ fees and expenses as follows:

Portfolio	Amount		Portfolio	Amount		Portfolio	Amount
Capital	$	316	Communications and Information	$	389	Investment Grade	$	302
Cash Management		316	Global Technology		312	Large-Cap Value		306
Common Stock		310	International Growth		305	Smaller-Cap Value		663

5. Purchases and Sales of Securities — Purchase and sales of portfolio securities, excluding US Government obligations and short-term investments, for the six months ended June 30, 2007, were as follows:

Portfolio	Purchases	Sales	Portfolio	Purchases	Sales
Capital	$11,186,213	$12,542,274	International Growth	$  5,229,703	$  5,931,128
Common Stock	3,375,088	4,419,489	Investment Grade	1,545,733	1,584,603
Communications and Information	50,596,416	55,309,958	Large-Cap Value	31,445	795,737
Global Technology	7,472,581	9,076,557	Smaller-Cap Value	44,883,533	67,348,227

For the six months ended June 30, 2007, purchases and sales of US Government obligations were $1,856,083 and $1,696,878, respectively, for the Investment Grade Portfolio.

6. Federal Tax Information — Certain components of income, expense and realized capital gain and loss are recognized at different times or have a different character for federal income tax purposes and for financial reporting purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of any Portfolio. As a result of the differences described above, the treatment for financial reporting purposes of distributions made during the year from net investment income or net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. The tax characterization of the distributions paid during the six months ended June 30, 2007 and the year ended December 31, 2006, is the same for financial reporting purposes, except for Smaller-Cap Value Portfolio whose distribution of net realized short-term gains in 2006 is treated as ordinary income for tax purposes. Further, the cost of investments also can differ for federal income tax purposes.

The tax basis information presented is based on operating results for the six months ended June 30, 2007, and will vary from the final tax information as of the Fund’s year end.

The tax basis cost of certain Portfolios was greater than the cost for financial reporting purposes primarily due to the tax deferral of losses on wash sales. At June 30, 2007, the cost of investments for federal income tax purposes for each Portfolio was as follows:

Portfolio	Tax Basis Cost		Portfolio	Tax Basis Cost
Capital	$	10,209,127	International Growth	$	3,436,444
Common Stock		6,723,824	Investment Grade		1,979,258
Communications and Information		53,437,377	Large-Cap Value		2,877,902
Global Technology		7,022,434	Smaller-Cap Value		170,196,089

The tax basis components of accumulated earnings (losses) at June 30, 2007 are presented below. Undistributed ordinary income primarily consists of net investment income and net realized short-term gain.

	Capital			Common Stock			Communications and Information			Global Technology
Gross unrealized appreciation of portfolio securities**	$	1,316,566		$	676,187	*	$	6,079,050		$	959,668
Gross unrealized depreciation of portfolio securities**		(199,919	)		(263,702	)		(883,962	)		(127,638	)
Net unrealized appreciation of portfolio securities**		1,116,647			412,485			5,195,088			832,030
Capital loss carryforward		(8,359,770	)		(1,630,149	)		(24,337,456	)		(10,889,716	)
Undistributed ordinary income		—			171,610			—			—
Current period net realized gain		1,278,109			584,811			4,426,806			694,739
Total accumulated losses	$	(5,965,014	)	$	(461,243	)	$	(14,715,562	)	$	(9,362,947	)
*  Includes the effect of options written.
**  Includes the effect of foreign currency translations.

41

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

	International Growth			Investment Grade			Large-Cap Value			Smaller-Cap Value
Gross unrealized appreciation of portfolio securities**	$	589,539		$	2,342		$	1,488,342		$	70,577,496
Gross unrealized depreciation of portfolio securities**		(21,682	)		(24,463	)		(55,123	)		(10,544,709	)
Net unrealized appreciation of portfolio securities**		567,857			(22,121	)		1,433,219			60,032,787
Undistributed net realized gain/(capital loss carryforward)		(1,531,151	)		(150,209	)		(484,546	)		43,386,504
Undistributed ordinary income		—			147,829			37,932			4,913,845
Current period net realized gain		629,748			520			289,436			—
Total accumulated earnings (losses)	$	(333,546	)	$	(23,981	)	$	1,276,041		$	108,333,136

** Includes the effect of foreign currency translations.

At December 31, 2006, the Portfolios listed below had net capital loss carryforwards for federal income tax purposes which are available for offset against future taxable net capital gains. The amounts were determined after adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to shareholders of these Portfolios until future net capital gains have been realized in excess of the available capital loss carryforwards. There is no assurance that any Portfolio will be able to utilize all of its capital loss carryforwards before they expire. These loss carryforwards expire in amounts and fiscal years as follows:

Fiscal Year	Capital		Common Stock		Communications and Information		Global Technology		International Growth		Investment Grade		Large-Cap Value
2009	$	1,724,209		—		—	$	5,839,448	$	624,283		—		—
2010		6,635,561	$	1,263,588	$	18,759,254		4,941,506		906,868		—		—
2011		—		366,561		5,578,202		108,762		—		—	$	484,546
2012		—		—		—		—		—	$	9,586		—
2013		—		—		—		—		—		65,533		—
2014		—		—		—		—		—		75,090		—
Total	$	8,359,770	$	1,630,149	$	24,337,456	$	10,889,716	$	1,531,151	$	150,209	$	484,546

7. Outstanding Forward Exchange Currency Contracts — At June 30, 2007, the International Growth Portfolio had outstanding forward exchange currency contracts to purchase or sell foreign currencies as follows:

Contract	Foreign Currency	In Exchange for US$	Settlement Date	Value US$	Unrealized Appreciation (Depreciation)
Bought:
British pounds	11,505	22,986	7/2/07	23,102	$	116
Euros	1,700	2,286	7/2/07	2,300		14
Swedish Krona	82,540	12,037	7/3/07	12,069		32
Sold:
British pounds	5,020	10,047	7/3/07	10,081		(34	)
British pounds	4,710	9,455	7/5/07	9,459		(4	)
Canadian dollars	13,004	12,271	7/5/07	12,207		64
Canadian dollars	19,567	18,363	7/5/07	18,369		(6	)
Euros	6,564	8,813	7/3/07	8,884		(71	)
Euros	3,840	5,198	7/5/07	5,198		—
Japanese yen	2,110,972	17,232	7/2/07	17,145		87
Japanese yen	1,335,717	10,837	7/5/07	10,848		(11	)
Total					$	187

42

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

8. Capital Stock Transactions — At June 30, 2007, there were 100,000,000 shares of Capital Stock authorized for each of Capital, Cash Management, Common Stock, Global Technology, International Growth, Investment Grade and Large-Cap Value Portfolios; 150,000,000 for each of Communications and Information and Smaller-Cap Value Portfolios, all at a par value of $0.001 per share. Transactions in shares of Capital Stock were as follows:

	Capital Portfolio								Cash Management Portfolio				Common Stock Portfolio
	Class 1				Class 2
	Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006
Sale of shares	10,805		30,469		16,883		40,350		598,205		2,174,065		15,227		37,964
Investment of dividends	—		—		—		—		249,803		549,537				7,240
Total	10,805		30,469		16,883		40,350		848,008		2,723,602		15,227		45,204
Shares redeemed	(61,237	)	(221,425	)	(50,660	)	(71,032	)	(2,100,922	)	(5,874,515	)	(98,744	)	(188,290	)
Decrease in shares	(50,432	)	(190,956	)	(33,777	)	(30,682	)	(1,252,914	)	(3,150,913	)	(83,517	)	(143,086	)

	Communications and Information Portfolio								Global Technology Portfolio
	Class 1				Class 2				Class 1				Class 2
	Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006
Sale of shares	33,196		87,004		149,333		316,094		5,691		30,367		12,584		148,401
Shares redeemed	(301,531	)	(1,017,425	)	(178,887	)	(226,860	)	(65,404	)	(115,731	)	(21,348	)	(146,938	)
Increase (decrease) in shares	(268,335	)	(930,421	)	(29,554	)	89,234		(59,713	)	(85,364	)	(8,764	)	1,463

	International Growth Portfolio				Investment Grade Fixed Income Portfolio				Large-Cap Value Portfolio
	Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006
Sale of shares	22,199		106,792		8,053		43,853		10,837		38,805
Investment of dividends	—		—		—		15,146		—		2,750
Total	22,199		106,792		8,053		58,999		10,837		41,555
Shares redeemed	(62,735	)	(127,425	)	(31,669	)	(122,139	)	(66,445	)	(136,801	)
Decrease in shares	(40,536	)	(20,633	)	(23,616	)	(63,140	)	(55,608	)	(95,246	)

	Smaller-Cap Value Portfolio
	Class 1				Class 2
	Six Months Ended June 30, 2007		Year Ended December 31, 2006		Six Months Ended June 30, 2007		Year Ended December 31, 2006
Sale of shares	481,494		1,096,869		186,949		411,353
Investment of dividends	—		—		—		—
Investment of gain distributions	—		867,150		—		187,396
Total	481,494		1,964,019		186,949		598,749
Shares redeemed	(1,633,459	)	(3,773,499	)	(181,786	)	(524,120	)
Increase (decrease) in shares	(1,151,965	)	(1,809,480	)	5,163		74,629

43

Seligman Portfolios, Inc.

Notes to Financial Statements(unaudited)

9. Committed Line of Credit — All of the Portfolios, except the Cash Management Portfolio, are participants in a joint $375 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 participating 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 2008, but is renewable annually with the consent of the participating banks. For the six months ended June 30, 2007, the Fund did not borrow from the credit facility.

10. Indemnification — In the normal course of business, the Fund may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown, as this would include future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

11. Options Written — Transactions in options written during the six months ended June 30, 2007, were as follows:

Common Stock Portfolio	Shares Subject to Call/Put		Premium
Options outstanding, December 31, 2006	400		$	3,552
Options written	11,300			17,211
Options expired	(3,800	)		(5,141	)
Options terminated in closing purchase transactions	(100	)		(283	)
Options exercised	(7,700	)		(15,300	)
Options outstanding, June 30, 2007	100		$	39

12.	Other Matters — In late 2003, the Manager conducted an extensive internal review in response to public announcements concerning frequent trading in shares of open-end mutual funds. As of September 2003, the Manager had one arrangement that permitted frequent trading in the Seligman registered investment companies (the “Seligman Funds”). This arrangement was in the process of being closed down by the Manager before the first proceedings relating to trading practices within the mutual fund industry were publicly announced. Based on a review of the Manager’s records for 2001 through 2003, the Manager identified three other arrangements that had permitted frequent trading in the Seligman Funds. All three had already been terminated prior to the end of September 2002.
	The results of the Manager’s internal review were presented to the Independent Directors of all the Seligman Funds. In order to resolve matters with the Independent Directors relating to the four arrangements that permitted frequent trading, the Manager, in May 2004, made payments to three mutual funds and agreed to waive a portion of its management fee with respect to another mutual fund (none of which was a Portfolio of Seligman Portfolios, Inc.).
	Beginning in February 2004, the Manager was in discussions with the New York staff of the Securities and Exchange Commission (“SEC”) and the Office of the New York Attorney General (“Attorney General”) in connection with their review of frequent trading in certain of the Seligman Funds. No late trading is involved. This review was apparently stimulated by the Manager’s voluntary public disclosure of the foregoing arrangements in January 2004. In March 2005, negotiations to settle the matter were initiated by the New York staff of the SEC. After several months of negotiations, tentative agreement was reached, both with the New York staff of the SEC and the Attorney General, on the financial terms of a settlement. However, settlement discussions with the Attorney General ended when the Attorney General sought to impose operating conditions on the Manager that were unacceptable to the Manager, would have applied in perpetuity and were not requested or required by the SEC. Subsequently, the New York staff of the SEC indicated that, in lieu of moving forward under the terms of the tentative financial settlement, the staff was considering recommending to the Commissioners of the SEC the instituting of a formal action against the Manager, the Distributor and Seligman Data Corp. (together, “Seligman”). Seligman believes that any action would be both inappropriate and unnecessary, especially in light of the fact that Seligman previously resolved the underlying issue with the Independent Directors of the Seligman Funds and made recompense to the affected Seligman Funds.
	Immediately after settlement discussions with the Attorney General ended, the Attorney General issued subpoenas to certain of the Seligman Funds and their directors. The subpoenas sought various Board materials and information relating to the deliberations of the Independent Directors as to the advisory fees paid by the Seligman Funds to the Manager. The Manager objected to the Attorney General’s seeking of such information and, on September 6, 2005, filed suit in federal district court seeking to enjoin the Attorney General from pursuing a fee inquiry. Seligman believes that the Attorney General’s inquiry is improper because Congress has vested exclusive regulatory oversight of investment company advisory fees in the SEC.
	At the end of September 2005, the Attorney General indicated that it intended to file an action at some time in the future alleging, in substance, that the Manager permitted other persons to engage in frequent trading other than the arrangements described above and, as a result, the prospectus disclosure of the Seligman Funds is and has been misleading.

44

Seligman Portfolios, Inc.

Notes to Financial Statements (unaudited)

	On September 26, 2006, the Attorney General commenced a civil action in New York State Supreme Court against J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc., Seligman Data Corp. and Brian T. Zino (President of the Manager and the Seligman Funds), reiterating, in substance, the foregoing claims and various other related matters. The Attorney General also claims that the fees charged by Seligman are excessive. The Attorney General is seeking damages and restitution, disgorgement, penalties and costs (collectively, “Damages”), including Damages of at least $80 million relating to alleged timing occurring in the Seligman Funds and disgorgement of profits and management fees, and injunctive relief. Seligman and Mr. Zino believe that the claims are without merit and intend to defend themselves vigorously.
	Any resolution of these matters with regulatory authorities may include, but not be limited to, sanctions, penalties, injunctions regarding Seligman, restitution to mutual fund shareholders or changes in procedures. Any damages will be paid by Seligman and not by the Seligman Funds. If Seligman is unsuccessful in its defense of these proceedings, it and its affiliates could be barred from providing services to the Seligman Funds, including serving as an investment adviser for the Seligman Funds and principal underwriter for the open-end Seligman Funds. If these results occur, Seligman will seek exemptive relief from the SEC to permit it and its affiliates to continue to provide services to the Seligman Funds. There is no assurance that such exemptive relief will be granted.
	Seligman does not believe that the foregoing legal action or other possible actions should have a material adverse impact on Seligman or the Seligman Funds; however, there can be no assurance of this, or that these matters and any related publicity will not result in reduced demand for shares of the Seligman Funds or other adverse consequences.
13.	Recently Issued Accounting Pronouncement — In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value of assets and liabilities and expands disclosure about fair value measurements. SFAS No. 157 is effective for fiscal years beginning after November 15, 2007. The Fund is currently evaluating the impact of the adoption of SFAS No. 157 but believes the impact will be limited to expanded disclosures in the Fund’s financial statements.

45

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

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

Capital Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	14.62		$	13.78	$	12.25	$	11.28	$	8.29	$	12.37
Income (Loss) from Investment Operations:
Net investment loss		(0.07)			(0.05)		(0.06)		(0.05)		(0.03)		(0.05)
Net realized and unrealized gain (loss) on investments		2.31			0.89		1.59		1.02		3.02		(4.03)
Total from Investment Operations		2.24			0.84		1.53		0.97		2.99		(4.08)
Net Asset Value, End of Period	$	16.86		$	14.62	$	13.78	$	12.25	$	11.28	$	8.29
Total Return		15.32%			6.10%		12.49%		8.60%		36.07%		(32.98)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$6,011			$5,947		$8,235		$9,821		$12,486		$11,833
Ratio of expenses to average net assets		1.24%	†		1.05%		1.03%		0.92%		0.82%		0.80%
Ratio of net investment loss to average net assets		(0.92)%	†		(0.33)%		(0.50)%		(0.46)%		(0.33)%		(0.47)%
Portfolio turnover rate		102.71%			202.54%		173.99%		213.08%		140.59%		129.07%
Without expense reimbursement:ø
Ratio of expenses to average net assets											0.96%		0.81%
Ratio of net investment loss to average net assets											(0.47)%		(0.48)%

CLASS 2
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	14.40		$	13.61	$	12.13	$	11.20	$	8.25	$	12.34
Income (Loss) from Investment Operations:
Net investment loss		(0.09)			(0.08)		(0.09)		(0.08)		(0.05)		(0.07)
Net realized and unrealized gain (loss) on investments		2.28			0.87		1.57		1.01		3.00		(4.02)
Total from Investment Operations		2.19			0.79		1.48		0.93		2.95		(4.09)
Net Asset Value, End of Period	$	16.59		$	14.40	$	13.61	$	12.13	$	11.20	$	8.25
Total Return		15.21%			5.80%		12.20%		8.30%		35.76%		(33.14)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$5,180			$4,981		$5,125		$5,385		$4,353		$2,891
Ratio of expenses to average net assets		1.49%	†		1.30%		1.28%		1.17%		1.07%		1.05%
Ratio of net investment loss to average net assets		(1.17)%	†		(0.58)%		(0.75)%		(0.71)%		(0.58)%		(0.72)%
Portfolio turnover rate		102.71%			202.54%		173.99%		213.08%		140.59%		129.07%
Without expense reimbursement:ø
Ratio of expenses to average net assets											1.21%		1.06%
Ratio of net investment loss to average net assets											(0.72)%		(0.73)%

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

† Annualized.

See Notes to Financial Statements.

46

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

Cash Management Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	1.000		$	1.000	$	1.000	$	1.000	$	1.000	$	1.000
Income from Investment Operations:
Net investment income		0.022			0.041		0.024		0.006		0.004		0.010
Total from Investment Operations		0.022			0.041		0.024		0.006		0.004		0.010
Less Distributions:
Dividends from net investment income		(0.022)			(0.041)		(0.024)		(0.006)		(0.004)		(0.010)
Net Asset Value, End of Period	$	1.000		$	1.000	$	1.000	$	1.000	$	1.000	$	1.000
Total Return		2.25%			4.24%		2.41%		0.62%		0.38%		1.00%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$10,750			$12,004		$15,154		$1,828		$4,034		$7,870
Ratio of expenses to average net assets		0.70%	†		0.70%		0.70%		0.70%		0.70%		0.69%
Ratio of net investment income to average net assets		4.49%	†		4.13%		2.71%		0.56%		0.39%		0.98%
Without management fee waiver and/or expense reimbursement:ø
Ratio of expenses to average net assets		0.83%	†		0.71%		0.73%		1.14%		0.83%
Ratio of net investment income to average net assets		4.36%	†		4.12%		2.68%		0.12%		0.26%

Common Stock Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	12.56		$	10.87	$	10.84	$	9.72	$	7.80	$	10.84
Income (Loss) from Investment Operations:
Net investment income		0.16			0.14		0.10		0.13		0.08		0.08
Net realized and unrealized gain (loss) on investments		0.80			1.70		0.12		1.10		1.97		(3.02)
Total from Investment Operations		0.96			1.84		0.22		1.23		2.05		(2.94)
Less Distributions:
Dividends from net investment income		—			(0.15)		(0.19)		(0.11)		(0.13)		(0.10)
Net Asset Value, End of Period	$	13.52		$	12.56	$	10.87	$	10.84	$	9.72	$	7.80
Total Return		7.64%			16.92%		2.03%		12.65%		26.30%		(27.16)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	7,156		$	7,696	$	8,219	$	10,792	$	12,297	$	12,931
Ratio of expenses to average net assets		1.02%	†		0.90%		0.86%		0.69%		0.73%		0.60%
Ratio of net investment income to average net assets		2.47%	†		1.14%		0.95%		1.30%		0.92%		0.88%
Portfolio turnover rate		51.41%			95.96%		70.36%		42.68%		127.26%		131.95%

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

† Annualized.

See Notes to Financial Statements.

47

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

Communications and Information Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	17.04		$	13.93	$	12.92	$	11.62	$	8.05	$	12.59
Income (Loss) from Investment Operations:
Net investment loss		(0.06)			(0.08)		(0.10)		(0.02)		(0.07)		(0.07)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.82			3.19		1.11		1.32		3.64		(4.47)
Total from Investment Operations		1.76			3.11		1.01		1.30		3.57		(4.54)
Net Asset Value, End of Period	$	18.80		$	17.04	$	13.93	$	12.92	$	11.62	$	8.05
Total Return		10.33%			22.33%		7.82%		11.19%		44.35%		(36.06)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$40,888			$41,642		$47,010		$58,646		$62,903		$53,769
Ratio of expenses to average net assets		1.12%	†		1.05%		1.10%		1.00%		1.01%		0.98%
Ratio of net investment loss to average net assets		(0.63)%	†		(0.54)%		(0.77)%		(0.15)%		(0.78)%		(0.76)%
Portfolio turnover rate		94.08%			181.03%		133.04%		127.69%		105.53%		91.37%
CLASS 2
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	16.74		$	13.72	$	12.76	$	11.51	$	7.99	$	12.53
Income (Loss) from Investment Operations:
Net investment loss		(0.08)			(0.12)		(0.13)		(0.05)		(0.10)		(0.10)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.78			3.14		1.09		1.30		3.62		(4.44)
Total from Investment Operations		1.70			3.02		0.96		1.25		3.52		(4.54)
Net Asset Value, End of Period	$	18.44		$	16.74	$	13.72	$	12.76	$	11.51	$	7.99
Total Return		10.16%			22.01%		7.52%		10.86%		44.06%		(36.23)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$16,869			$15,808		$11,733		$12,243		$11,280		$7,544
Ratio of expenses to average net assets		1.37%	†		1.30%		1.35%		1.25%		1.26%		1.23%
Ratio of net investment loss to average net assets		(0.88)%	†		(0.79)%		(1.02)%		(0.40)%		(1.03)%		(1.01)%
Portfolio turnover rate		94.08%			181.03%		133.04%		127.69%		105.53%		91.37%

† Annualized.

See Notes to Financial Statements.

48

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

Global Technology Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	15.99		$	13.56	$	12.54	$	12.06	$	8.86	$	12.96
Income (Loss) from Investment Operations:
Net investment loss		(0.13)			(0.20)		(0.19)		(0.13)		(0.11)		(0.11)
Net realized and unrealized gain (loss) on investments and foreign currency transactions*		1.83			2.63		1.21		0.61		3.31		(3.99)
Total from Investment Operations		1.70			2.43		1.02		0.48		3.20		(4.10)
Net Asset Value, End of Period	$	17.69		$	15.99	$	13.56	$	12.54	$	12.06	$	8.86
Total Return		10.63%			17.92%		8.13%		3.98%		36.12%		(31.64)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$6,100			$6,466		$6,641		$8,446		$10,047		$9,361
Ratio of expenses to average net assets		1.90%	†		1.90%		1.90%		1.90%		1.61%		1.40%
Ratio of net investment loss to average net assets		(1.58)%	†		(1.37)%		(1.53)%		(1.10)%		(1.14)%		(1.06)%
Portfolio turnover rate		89.61%			204.73%		155.29%		146.96%		188.00%		144.18%
Without expense reimbursement:ø
Ratio of expenses to average net assets		2.81%	†		2.57%		2.49%		2.39%		2.39%		1.80%
Ratio of net investment loss to average net assets		(2.48)%	†		(2.04)%		(2.12)%		(1.59)%		(1.92)%		(1.46)%

CLASS 2
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	15.83		$	13.45	$	12.46	$	12.00	$	8.82	$	12.93
Income (Loss) from Investment Operations:
Net investment loss		(0.14)			(0.22)		(0.21)		(0.15)		(0.13)		(0.13)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.82			2.60		1.20		0.61		3.31		(3.98)
Total from Investment Operations		1.68			2.38		0.99		0.46		3.18		(4.11)
Net Asset Value, End of Period	$	17.51		$	15.83	$	13.45	$	12.46	$	12.00	$	8.82
Total Return		10.61%			17.69%		7.95%		3.83%		36.05%		(31.79)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$2,329			$2,245		$1,888		$2,210		$2,470		$1,598
Ratio of expenses to average net assets		2.05%	†		2.05%		2.05%		2.05%		1.76%		1.55%
Ratio of net investment loss to average net assets		(1.73)%	†		(1.52)%		(1.68)%		(1.25)%		(1.29)%		(1.21)%
Portfolio turnover rate		89.61%			204.73%		155.29%		146.96%		188.00%		144.18%
Without expense reimbursement:ø
Ratio of expenses to average net assets		2.96%	†		2.72%		2.64%		2.54%		2.54%		1.95%
Ratio of net investment loss to average net assets		(2.63)%	†		(2.19)%		(2.27)%		(1.74)%		(2.07)%		(1.61)%

* Per share amounts for the years ended December 31, 2002—2006 were reclassified to conform to current period’s presentation.

† Annualized.

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

See Notes to Financial Statements.

49

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

International Growth Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	14.38		$	11.66	$	11.10	$	8.97	$	6.72	$	8.05
Income (Loss) from Investment Operations:
Net investment income (loss)		—			(0.07)		(0.03)		(0.04)		0.05		0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions*		1.49			2.79		0.59		2.21		2.20		(1.37)
Total from Investment Operations		1.49			2.72		0.56		2.17		2.25		(1.33)
Less Distributions:
Dividends from net investment income		—			—		—		(0.04)		—		—
Net Asset Value, End of Period	$	15.87		$	14.38	$	11.66	$	11.10	$	8.97	$	6.72
Total Return		10.36%			23.33%		5.04%		24.19%		33.48%		(16.52)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$4,177			$4,367		$3,783		$3,749		$3,490		$3,315
Ratio of expenses to average net assets		2.00%	†		2.00%		2.00%		2.00%		1.64%		1.40%
Ratio of net investment income (loss) to average net assets		(0.04)%	†		(0.54)%		(0.24)%		(0.40)%		0.67%		0.49%
Portfolio turnover rate		128.68%			166.33%		189.00%		213.83%		285.08%		183.86%
Without expense reimbursement:ø
Ratio of expenses to average net assets		4.62%	†		3.94%		5.05%		4.08%		3.45%		1.96%
Ratio of net investment loss to average net assets		(2.58)%	†		(2.48)%		(3.29)%		(2.48)%		(1.14)%		(0.07)%

Investment Grade Fixed Income Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	8.57		$	8.80	$	9.27	$	10.85	$	10.80	$	10.25
Income (Loss) from Investment Operations:
Net investment income		0.20			0.41		0.34		0.34		0.34		0.42
Net realized and unrealized gain (loss) on investments		(0.14)			(0.09)		(0.26)		(0.07)		0.17		0.58
Total from Investment Operations		0.06			0.32		0.08		0.27		0.51		1.00
Less Distributions:
Dividends from net investment income		—			(0.55)		(0.55)		(0.91)		(0.46)		(0.45)
Distributions from net realized capital gain		—			—		—		(0.94)		—		—
Total Distributions		—			(0.55)		(0.55)		(1.85)		(0.46)		(0.45)
Net Asset Value, End of Period	$	8.63		$	8.57	$	8.80	$	9.27	$	10.85	$	10.80
Total Return		0.70%			3.61%		0.95%		2.41%		4.72%		9.83%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$1,956			$2,144		$2,758		$3,561		$6,025		$9,067
Ratio of expenses to average net assets		0.85%	†		0.85%		0.85%		0.85%		0.85%		0.82%
Ratio of net investment income to average net assets		4.57%	†		4.59%		3.67%		3.13%		3.08%		3.94%
Portfolio turnover rate		159.07%			768.29%		596.99%		184.46%		445.98%		291.98%
Without expense reimbursement:ø
Ratio of expenses to average net assets		2.50%	†		2.38%		1.70%		1.11%		0.91%
Ratio of net investment income to average net assets		2.92%	†		3.06%		2.82%		2.87%		3.02%

* Per share amounts for the years ended December 31, 2002—2006 were reclassified to conform to current period’s presentation.

† Annualized.

ø The Manager reimbursed certain expenses for the periods presented.

See Notes to Financial Statements.

50

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

Large-Cap Value Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	13.15		$	11.67	$	10.65	$	9.27	$	7.02	$	10.46
Income (Loss) from Investment Operations:
Net investment income		0.03			0.08		0.07		0.09		0.11		0.10
Net realized and unrealized gain (loss) on investments		1.46			1.50		1.06		1.41		2.27		(3.43)
Total from Investment Operations		1.49			1.58		1.13		1.50		2.38		(3.33)
Less Distributions:
Dividends from net investment income		—			(0.10)		(0.11)		(0.12)		(0.13)		(0.11)
Net Asset Value, End of Period	$	14.64		$	13.15	$	11.67	$	10.65	$	9.27	$	7.02
Total Return		11.33%			13.57%		10.63%		16.25%		33.91%		(31.90)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$4,302			$4,596		$5,190		$5,342		$5,456		$4,692
Ratio of expenses to average net assets		1.39%	†		1.32%		1.34%		1.26%		1.18%		1.16%
Ratio of net investment income to average net assets		0.48%	†		0.67%		0.65%		0.89%		1.34%		1.12%
Portfolio turnover rate		0.70%			14.17%		27.35%		15.09%		16.60%		21.83%
Without expense reimbursement:ø
Ratio of expenses to average net assets											1.29%
Ratio of net investment income to average net assets											1.23%

Smaller-Cap Value Portfolio

CLASS 1
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	18.51		$	16.67	$	19.40	$	16.20	$	10.87	$	13.04
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.07)			(0.12)		(0.07)		0.08		(0.05)		(0.06)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.00			3.66		(0.71)		3.15		5.48		(1.94)
Total from Investment Operations		1.93			3.54		(0.78)		3.23		5.43		(2.00)
Less Distributions:
Dividends from net investment income		—			—		(0.11)		—		—		—
Distributions from net realized capital gain		—			(1.70)		(1.84)		(0.03)		(0.10)		(0.17)
Total Distributions		—			(1.70)		(1.95)		(0.03)		(0.10)		(0.17)
Net Asset Value, End of Period	$	20.44		$	18.51	$	16.67	$	19.40	$	16.20	$	10.87
Total Return		10.43%			21.25%		(3.98)%		19.95%		49.94%		(15.37)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	183,938		$	187,833	$	199,357	$	268,410	$	214,525	$	103,770
Ratio of expenses to average net assets		1.21%	†		1.13%		1.14%		1.14%		1.16%		1.18%
Ratio of net investment income (loss) to average net assets		(0.75)%	†		(0.66)%		(0.37)%		0.47%		(0.42)%		(0.51)%
Portfolio turnover rate		19.75%			31.98%		23.01%		45.24%		18.31%		56.74%

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

† Annualized.

See Notes to Financial Statements.

51

Seligman Portfolios, Inc.

Financial Highlights (unaudited)

Smaller-Cap Value Portfolio (continued)

CLASS 2
	Six Months Ended			Year Ended December 31,
Per Share Data:	June 30, 2007			2006		2005		2004		2003		2002
Net Asset Value, Beginning of Period	$	18.37		$	16.59	$	19.26	$	16.13	$	10.85	$	13.04
Income (Loss) from Investment Operations:
Net investment income (loss)		(0.09)			(0.15)		(0.10)		0.05		(0.08)		(0.08)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.99			3.63		(0.70)		3.11		5.46		(1.94)
Total from Investment Operations		1.90			3.48		(0.80)		3.16		5.38		(2.02)
Less Distributions:
Dividends from net investment income		—			—		(0.03)		—		—		—
Distributions from net realized capital gain		—			(1.70)		(1.84)		(0.03)		(0.10)		(0.17)
Total Distributions		—			(1.70)		(1.87)		(0.03)		(0.10)		(0.17)
Net Asset Value, End of Period	$	20.27		$	18.37	$	16.59	$	19.26	$	16.13	$	10.85
Total Return		10.34%			20.99%		(4.13)%		19.60%		49.57%		(15.52)%
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	45,126		$	40,796	$	35,605	$	34,582	$	19,978	$	8,554
Ratio of expenses to average net assets		1.40%	†		1.32%		1.33%		1.33%		1.35%		1.37%
Ratio of net investment income (loss) to average net assets		(0.94)%	†		(0.85)%		(0.56)%		0.28%		(0.61)%		(0.70)%
Portfolio turnover rate		19.75%			31.98%		23.01%		45.24%		18.31%		56.74%

† Annualized.

See Notes to Financial Statements.

52

Seligman Portfolios, Inc.

Board of Directors

Maureen Fonseca 3

• Head of School, The Masters School

• Trustee, Newark Academy, New York State Association of Independent Schools, and Greens Farms Academy

• Commissioner, Middle States Association

John R. Galvin 1, 3

• Dean Emeritus, Fletcher School of Law and Diplomacy at Tufts University

• Chairman Emeritus, American Council on Germany

John F. Maher 1, 3

• Retired President and Chief Executive Officer of Great Western Financial Corporation and its principal subsidiary, Great Western Bank

Frank A. McPherson 2, 3

• Retired Chairman of the Board and Chief Executive Officer of Kerr-McGee Corporation

• Director, DCP Midstream GP, LLP, Integris Health, Oklahoma Medical Research Foundation, Oklahoma Foundation for Excellence in Education, National Cowboy and Western Heritage Museum, and Oklahoma City Museum of Art

Betsy S. Michel 2, 3

• Attorney

• Trustee, The Geraldine R. Dodge Foundation

William C. Morris

• Chairman and Director, J. & W. Seligman & Co. Incorporated, Seligman Advisors, Inc., Seligman Services, Inc., and Carbo Ceramics Inc.

• Director, Seligman Data Corp.

• President and Chief Executive Officer, The Metropolitan Opera Association

Leroy C. Richie 1, 3

• Counsel, Lewis & Munday, P.C.

• Director, Vibration Control Technologies, LLC

• Lead Outside Director, Digital Ally Inc. and Infinity, Inc.

• Director and Chairman, Highland Park Michigan Economic Development Corp.

• Chairman, Detroit Public Schools Foundation

Robert L. Shafer 2, 3

• Ambassador and Permanent Observer of the Sovereign Military Order of Malta to the United Nations

James N. Whitson 1, 3

• Retired Executive Vice President and Chief Operating Officer, Sammons Enterprises, Inc.

• Director, CommScope, Inc.

Brian T. Zino

• Director and President, J. & W. Seligman & Co. Incorporated

• Director, Seligman Advisors, Inc. and Seligman Services, Inc.

• Chairman, Seligman Data Corp.

Member:	1 Audit Committee
	2 Director Nominating Committee
	3 Board Operations Committee

Executive Officers

William C. Morris

Chairman
    

Brian T. Zino

President and Chief Executive Officer

John B. Cunningham

Vice President

Neil T. Eigen

Vice President

Eleanor T.M. Hoagland

Vice President and Chief Compliance Officer

Francis L. Mustaro

Vice President
    

Richard M. Parower

Vice President

Thomas G. Rose

Vice President

Richard S. Rosen

Vice President
    

Lawrence P. Vogel

Vice President and Treasurer
    

Erik J. Voss

Vice President

Paul H. Wick

Vice President

Frank J. Nasta

Secretary

53

SELIGMAN ADVISORS, INC.

an affiliate of

J. & W. SELIGMAN & CO.

INCORPORATED

ESTABLISHED 1864

100 Park Avenue, New York, NY 10017

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of Capital Stock of Seligman Portfolios, Inc., which contains information about the management fees and other costs. Please read the prospectus carefully before investing or sending money.

SP3 6/07 Printed on Recycled Paper

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Included in Item 1 above.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. 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-CSR is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and that such material information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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

SELIGMAN PORTFOLIOS, INC.

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer

Date: August 29, 2007

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

By:	/S/ BRIAN T. ZINO
	Brian T. Zino
	President and Chief Executive Officer

Date: August 29, 2007

By:	/S/ LAWRENCE P.VOGEL
	Lawrence P. Vogel
	Vice President, Treasurer and Chief Financial Officer

Date: August 29, 2007

SELIGMAN PORTFOLIOS, INC.

EXHIBIT INDEX

(a)(1)	Not applicable.
(a)(2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(b)	Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.