Seligman Asset Allocation Series N-CSRS Certified semi-annual shareholder report (management investment company)

                                  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 811-9545

                  Seligman Time Horizon/Harvester Series, 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:                   6/30/05






ITEM 1.  REPORTS TO STOCKHOLDERS.

Seligman

Time Horizon/Harvester Series, Inc.

Seligman Time Horizon 30 Fund

Seligman Time Horizon 20 Fund

Seligman Time Horizon 10 Fund

Seligman Harvester Fund

Mid-Year Report

June 30, 2005

Asset Allocation Strategies

Seeking to Manage Risk

Over Time

J. & W. SELIGMAN & CO.

INCORPORATED

ESTABLISHED 1864

100 Park Avenue, New York, NY 10017

Seligman

141 Years of Investment Experience

J. & W. Seligman & Co. Incorporated is a firm with a long tradition of investment expertise, offering a broad array of investment choices to help today’s investors seek their long-term financial goals.

Established in 1864, Seligman has a history of providing financial services marked not by fanfare, but rather by a quiet and firm adherence to financial prudence. While the world has changed dramatically in the 141 years since Seligman first opened its doors, the firm has continued to offer its clients high-quality investment solutions through changing times.

In the late 19th century, as the country grew, Seligman helped finance the westward expansion of the railroads, the construction of the Panama Canal, and the launching of urban transit systems. In the early 20th century, the firm helped fund the growing capital needs of new industries, including the nascent automobile and steel industries.

With the formation of Tri-Continental Corporation in 1929 — today, one of the nation’s largest diversified publicly-traded closed-end investment companies — Seligman began shifting its emphasis to investment management. In 1930, Seligman established what would be the first in an impressive lineup of mutual funds.

Seligman is proud of its distinctive past and of the traditional values that continue to shape the firm’s business decisions and investment judgment. While much has changed over the years, the firm’s commitment to providing prudent investment management that seeks to build wealth for clients over time is an enduring value that will continue to guide Seligman.

Table of Contents

To The Shareholders	1
Performance and Portfolio Overview	2
Understanding and Comparing Your Fund’s Expenses	9
Portfolios of Investments	11
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	16
Notes to Financial Statements	18
Financial Highlights	28
Board of Directors and Executive Officers	45
Additional Fund Information	back cover

To The Shareholders

Your mid-year report for Seligman Time Horizon/Harvester Series, Inc. follows this letter. The report contains the Series’ investment results, portfolios of investments, and financial statements.

For the six months ended June 30, 2005, based on the net asset value of Class A shares, Seligman Time Horizon 30 Fund posted a total return of -0.15%, Time Horizon 20 Fund returned
- -0.46%, Seligman Time Horizon 10 Fund returned 0.16%, and Harvester Fund returned 0.36%. During the period, the S&P 500 Index returned - -0.81% and the Lehman Brothers Government/Credit Index returned 2.75%.

We appreciate your continued support of Seligman Time Horizon/Harvester Series, Inc. and look forward to serving your investment needs for many years to come.

By Order of the Board of Directors,

William C. Morris
Chairman

Brian T. Zino
President

August 17, 2005

Manager	Shareholder Service Agent	Important Telephone Numbers
J. & W. Seligman & Co.	Seligman Data Corp.	(800) 221-2450	Shareholder Services
Incorporated	100 Park Avenue	(800) 445-1777	Retirement Plan
100 Park Avenue	New York, NY 10017		Services
New York, NY 10017		(212) 682-7600	Outside the
	General Counsel		United States
General Distributor	Sullivan & Cromwell LLP	(800) 622-4597	24-Hour Automated
Seligman Advisors, Inc.			Telephone Access
100 Park Avenue			Service
New York, NY 10017

1

Performance and Portfolio Overview

This section of the report is intended to help you understand the performance of each Fund of Seligman Time Horizon/Harvester Series and to provide a summary of each Fund’s portfolio characteristics.

Performance data quoted in this report represents past performance and does not guarantee 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 each Fund as of the most recent month end will be made available at www.seligman.com¹ by the seventh business day following that month end. Calculations assume reinvestment of distributions. Performance data quoted does not reflect the deduction of taxes than an investor may pay on distributions or the redemption of shares. J. & W. Seligman & Co. Incorporated (the “Manager”) waived its fees and reimbursed expenses of each Fund other than distribution and service fees. Absent such waivers and reimbursements, returns and yields would have been lower.

Returns for Class A shares are calculated with and without the effect of the initial 4.75% maximum sales charge. Returns for Class B shares are calculated with and without the effect of the maximum 5% contingent deferred sales charge (“CDSC”), charged on redemptions made within one year of the date of purchase, declining to 1% in the sixth year and 0% thereafter. Returns for Class C shares are calculated with and without the effect of the initial 1% maximum sales charge and the 1% CDSC that is charged on redemptions made within 18 months of the date of purchase. Returns for Class D shares are calculated with and without the effect of the 1% CDSC, charged on redemptions made within one year of the date of purchase.

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

2

Performance and Portfolio Overview
Seligman Time Horizon 30 Fund

Investment Results

Total Returns
For Periods Ended June 30, 2005
				Average Annual
Class A	Six Months*			One Year			Five Years			Since Inception†
With Sales Charge		(4.93	) %		3.48	%		(2.58	) %		(1.52	) %
Without Sales Charge		(0.15	)		8.62			(1.64	)		(0.63	)
Class B
With CDSC**		(5.45	)		2.88			(2.71	)		(1.83	)
Without CDSC		(0.47	)		7.88			(2.33	)		(1.31	)
Class C
With Sales Charge and CDSC		(2.39	)		5.79			(2.54	)		(1.53	)
Without Sales Charge and CDSC		(0.47	)		7.88			(2.33	)		(1.36	)
Class D
With 1% CDSC		(1.47	)		6.88			n/a			n/a
Without CDSC		(0.47	)		7.88			(2.33	)		(1.36	)
Benchmark
S&P 500 Index***		(0.81	)		6.32			(2.37	)		(2.11	)

Net Asset Value Per Share
	6/30/05			12/31/04			6/30/04
Class A		$	6.55		$	6.56		$	6.03
Class B			6.30			6.33			5.84
Class C			6.30			6.33			5.84
Class D			6.30			6.33			5.84

See footnotes on page 7.

3

Performance and Portfolio Overview
Seligman Time Horizon 20 Fund

Investment Results

Total Returns
For Periods Ended June 30, 2005
				Average Annual
Class A	Six Months*			One Year			Five Years			Since Inception†
With Sales Charge		(5.24	) %		3.17	%		(2.64	) %		(1.62	) %
Without Sales Charge		(0.46	)		8.32			(1.69	)		(0.73	)
Class B
With CDSC**		(5.76	)		2.60			(2.80	)		(1.98	)
Without CDSC		(0.80	)		7.60			(2.43	)		(1.47	)
Class C
With Sales Charge and CDSC		(2.72	)		5.51			(2.64	)		(1.69	)
Without Sales Charge and CDSC		(0.80	)		7.60			(2.43	)		(1.51	)
Class D
With 1% CDSC		(1.79	)		6.60			n/a			n/a
Without CDSC		(0.80	)		7.60			(2.43	)		(1.51	)
Benchmark
S&P 500 Index***		(0.81	)		6.32			(2.37	)		(2.11	)

Net Asset Value Per Share
	6/30/05			12/31/04			6/30/04
Class A		$	6.51		$	6.53		$	6.01
Class B			6.23			6.28			5.79
Class C			6.23			6.28			5.79
Class D			6.23			6.28			5.79

See footnotes on page 7.

4

Performance and Portfolio Overview
Seligman Time Horizon 10 Fund

Investment Results

Total Returns
For Periods Ended June 30, 2005
				Average Annual
Class A	Six Months*			One Year			Five Years			Since Inception†
With Sales Charge		(4.62	)%		2.92	%		(2.78	)%		(1.72	)%
Without Sales Charge		0.16			8.08			(1.83	)		(0.84	)
Class B
With CDSC**		(5.31	)		2.23			(2.94	)		(2.11	)
Without CDSC		(0.33	)		7.23			(2.57	)		(1.60	)
Class C
With Sales Charge and CDSC		(2.28	)		5.13			(2.78	)		(1.75	)
Without Sales Charge and CDSC		(0.33	)		7.23			(2.57	)		(1.58	)
Class D
With 1% CDSC		(1.32	)		6.23			n/a			n/a
Without CDSC		(0.33	)		7.23			(2.57	)		(1.63	)
Benchmark
S&P 500 Index***		(0.81	)		6.32			(2.37	)		(2.11	)

Net Asset Value Per Share
	6/30/05			12/31/04			6/30/04
Class A		$	6.19		$	6.18		$	5.78
Class B			6.09			6.10			5.70
Class C			6.09			6.11			5.70
Class D			6.09			6.11			5.70

See footnotes on page 7.

5

Performance and Portfolio Overview
Seligman Harvester Fund

Investment Results

Total Returns
For Periods Ended June 30, 2005
				Average Annual
Class A	Six Months*			One Year			Five Years			Since Inception†
With Sales Charge		(4.47	) %		1.73	%		(3.16	) %		(2.63	) %
Without Sales Charge		0.36			6.75			(2.21	)		(1.76	)
Class B
With CDSC**		(4.99	)		0.96			(3.34	)		(3.00	)
Without CDSC		(0.01	)		5.96			(2.99	)		(2.52	)
Class C
With Sales Charge and CDSC		(2.06	)		3.98			(3.18	)		(2.72	)
Without Sales Charge and CDSC		(0.01	)		5.96			(2.99	)		(2.54	)
Class D
With 1% CDSC		(1.00	)		4.96			n/a			n/a
Without CDSC		(0.01	)		5.96			(2.99	)		(2.54	)
Benchmarks
Lehman Brothers Government/Credit Index***		2.75			7.26			7.71			7.86
S&P 500 Index***		(0.81	)		6.32			(2.37	)		(2.11	)

Net Asset Value Per Share										Dividends Per Share and Yield Information For the Periods Ended June 30, 2005
	6/30/05			12/31/04			6/30/04			Dividendsø			SEC 30-Day Yield‡
Class A		$	5.51		$	5.53		$	5.26		$	0.039		1.76%	��
Class B			5.51			5.53			5.26			0.019		1.09
Class C			5.51			5.53			5.26			0.019		1.09
Class D			5.51			5.53			5.26			0.019		1.10

See footnotes on page 7.

6

Performance and Portfolio Overview

*	Returns for periods of less than one year are not annualized.
**	The CDSC is 5% for periods of one year or less, 2% for the five-year period, and 1% since inception.
***	The Lehman Brothers Government/Credit Index (“Lehman Index”) and the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) are unmanaged benchmarks that assume reinvestment of all distributions and exclude the effect of taxes, fees and sales charges. The Lehman 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). The S&P 500 measures the performance of 500 of the largest US companies based on market capitalization. Investors cannot invest directly in an index.
†	Commencement of investment operations for Class A shares was 1/10/00. Class A share returns were computed from the commencement of investment operations. Class B, C, and D shares were offered to the public on 1/10/00, but were first issued at the dates indicated below. Total returns for Class B, C, and D shares of the Fund have been computed from the commencement of investment operations and incorporate the total return of Class A shares of the Fund from the commencement of investment operations through the initial issuance date of each of the other classes of shares, adjusted to reflect the higher expenses associated with the Administration, Shareholder Services and Distribution Plan for those classes that would have been incurred had they first been issued on the commencement of investment operations date. The total returns of Class B, C, and D shares from their individual initial issuance dates would be different, and may be lower, than those shown above. See the Financial Highlights table beginning on page 28 for total returns for each class of shares from their individual initial issuance dates.

	Class B		Class C		Class D
Time Horizon 30 Fund		4/24/00		2/8/00		2/14/00
Time Horizon 20 Fund		3/21/00		1/18/00		1/21/00
Time Horizon 10 Fund		2/18/00		3/6/00		2/15/00
Harvester Fund		2/17/00		1/18/00		2/29/00

ø	Represents the per share amount paid or declared for the period ended June 30, 2005.
‡	Current yield, representing the annualized yield for the 30-day period ended June 30, 2005, has been computed in accordance with SEC regulations and will vary. During the period, the Manager waived its fees and reimbursed other expenses. Without these waivers/reimbursements, the yields would be as follows:

Class A	Class B	Class C	Class D
1.18%	0.48%	0.49%	0.49%

7

Performance and Portfolio Overview

Seligman Time Horizon 30 Fund

Allocation to Underlying Funds	Percent of Portfolio
	6/30/05		12/31/04
Domestic Equity Funds		59.8		59.9
Global Equity Funds		40.2		40.1
Total		100.0		100.0

Seligman Time Horizon 20 Fund

Allocation to Underlying Funds	Percent of Portfolio
	6/30/05		12/31/04
Domestic Equity Funds		62.8		63.0
Global Equity Funds		37.2		37.0
Total		100.0		100.0

Seligman Time Horizon 10 Fund

Allocation to Underlying Funds	Percent of Portfolio
	6/30/05		12/31/04
Domestic Equity Funds		54.9		55.0
Fixed Income Funds		10.1		10.0
Global Equity Funds		25.0		25.1
REIT Fund		10.0		9.9
Total		100.0		100.0

Seligman Harvester Fund

Allocation to Underlying Funds	Percent of Portfolio
	6/30/05		12/31/04
Domestic Equity Funds		44.9		45.0
Fixed Income Funds		30.1		30.0
Global Equity Fund		10.0		10.1
REIT Fund		15.0		14.9
Total		100.0		100.0

8

Understanding and Comparing
Your Fund’s Expenses

As a shareholder of a Fund of the Series, you incur ongoing expenses, such as management fees, distribution and service (12b-1) fees, and other fund expenses. The information below is intended to help you understand your ongoing expenses (in dollars) of investing in a Fund 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 only and do not reflect any transactional costs, such as sales charges (also known as loads) on certain purchases or redemptions. Therefore, the table is useful in comparing ongoing expenses only, and will not help you determine the relative total expenses of owning different funds. In addition, if transactional 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, 2005 and held for the entire six-month period ended June 30, 2005.

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 Fund you own to estimate the expenses 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 Fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Fund. 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 Fund 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.

(Continued on next page.)

9

Understanding and Comparing
Your Fund’s Expenses (continued)

						Actual					Hypothetical
Fund	Beginning Account Value 1/1/05		Annualized Expense Ratio*			Ending Account Value 6/30/05		Expenses Paid During Period** 1/1/05 to 6/30/05			Ending Account Value 6/30/05		Expenses Paid During Period** 1/1/05 to 6/30/05
Time Horizon 30 Fund
Class A	$	1,000.00		0.45	%	$	998.50		$	2.23	$	1,022.56		$	2.26
Class B		1,000.00		1.21			995.30			5.99		1,018.79			6.06
Class C		1,000.00		1.21			995.30			5.99		1,018.79			6.06
Class D		1,000.00		1.21			995.30			5.99		1,018.79			6.06
Time Horizon 20 Fund
Class A		1,000.00		0.45			995.40			2.23		1,022.56			2.26
Class B		1,000.00		1.21			992.00			5.98		1,018.79			6.06
Class C		1,000.00		1.21			992.00			5.98		1,018.79			6.06
Class D		1,000.00		1.21			992.00			5.98		1,018.79			6.06
Time Horizon 10 Fund
Class A		1,000.00		0.37			1,001.60			1.84		1,022.96			1.86
Class B		1,000.00		1.13			996.70			5.59		1,019.19			5.66
Class C		1,000.00		1.13			996.70			5.59		1,019.19			5.66
Class D		1,000.00		1.13			996.70			5.59		1,019.19			5.66
Harvester
Class A		1,000.00		0.37			1,003.60			1.84		1,022.96			1.86
Class B		1,000.00		1.13			999.90			5.60		1,019.19			5.66
Class C		1,000.00		1.13			999.90			5.60		1,019.19			5.66
Class D		1,000.00		1.13			999.90			5.60		1,019.19			5.66

*

Expenses of Class B, Class C, and Class D shares are higher than expenses of Class A shares due to the higher 12b-1 fees paid by Class B, Class C, and Class D shares. See the Series’ prospectus for a description of each share class and its expenses and sales charges. J. & W. Seligman & Co. Incorporated, the Manager, is waiving its investment management fee and reimbursing a portion of each Fund’s expenses, other than distribution and service fees (Note 3). Absent such waiver/reimbursement, the expense ratios and expenses paid for the period would have been higher.

**

Expenses are equal to the Fund’s annualized expense ratio based on actual expenses for the period January 1, 2005 to June 30, 2005, multiplied by the average account value over the period, multiplied by 181/365 (number of days in the period).

10

Portfolios of Investments (unaudited)
June 30, 2005

Seligman Time Horizon 30 Fund
	Shares		Value
Domestic Equity Funds 59.5%
Seligman Capital Fund*		115,196		$	2,256,690
Seligman Communications and Information Fund*		67,128			1,640,608
Seligman Frontier Fund*		24,158			304,149
Seligman Growth Fund*		78,932			304,678
Seligman Large-Cap Value Fund		25,069			299,825
Seligman Smaller-Cap Value Fund*Ø		84,871			1,323,139
					6,129,089
Global Equity Funds 40.1%
Seligman Emerging Markets Fund*		110,446			1,031,565
Seligman Global Smaller Companies Fund*		164,219			2,591,376
Seligman International Growth Fund*		41,860			504,413
					4,127,354
Total Investments (Cost $8,716,401) 99.6%					10,256,443
Other Assets Less Liabilities 0.4%					42,139
Net Assets 100.0%				$	10,298,582

Seligman Time Horizon 20 Fund
	Shares		Value
Domestic Equity Funds 62.6%
Seligman Capital Fund*		217,994		$	4,270,503
Seligman Communications and Information Fund*		87,563			2,140,040
Seligman Frontier Fund*		51,062			642,871
Seligman Growth Fund*		485,788			1,875,142
Seligman Large-Cap Value Fund		156,495			1,871,680
Seligman Smaller-Cap Value Fund*Ø		165,316			2,577,276
					13,377,512
Global Equity Funds 37.1%
Seligman Emerging Markets Fund*		229,013			2,138,982
Seligman Global Smaller Companies Fund*		234,085			3,693,861
Seligman International Growth Fund*		173,614			2,092,048
					7,924,891
Total Investments (Cost $19,117,973) 99.7%					21,302,403
Other Assets Less Liabilities 0.3%					72,758
Net Assets 100.0%				$	21,375,161

See footnotes on page 12.

11

Portfolios of Investments (unaudited)
June 30, 2005

Seligman Time Horizon 10 Fund
	Shares		Value
Domestic Equity Funds 54.1%
Seligman Capital Fund*		263,447		$	5,160,927
Seligman Communications and Information Fund*		105,551			2,579,666
Seligman Growth Fund*		601,312			2,321,064
Seligman Large-Cap Value Fund		193,297			2,311,832
Seligman Smaller-Cap Value Fund*Ø		115,581			1,801,908
					14,175,397
Fixed-Income Funds 9.9%
Seligman High-Yield Bond Series		762,448			2,592,323
Global Equity Funds 24.7%
Seligman Emerging Markets Fund*		138,479			1,293,394
Seligman Global Smaller Companies Fund*		163,967			2,587,399
Seligman International Growth Fund*		213,888			2,577,351
					6,458,144
REIT Fund 9.9%
Seligman LaSalle Monthly Dividend Real Estate Fund		273,452			2,586,858
Total Investments (Cost $24,128,447) 98.6%					25,812,722
Other Assets Less Liabilities 1.4%					368,988
Net Assets 100.0%				$	26,181,710

Seligman Harvester Fund
	Shares		Value
Domestic Equity Funds 44.7%
Seligman Capital Fund*		86,697		$	1,698,394
Seligman Common Stock Fund*		164,366			1,860,623
Seligman Growth Fund*		526,382			2,031,835
Seligman Large-Cap Value Fund		169,210			2,023,752
					7,614,604
Fixed-Income Funds 30.0%
Seligman High-Yield Bond Series		500,555			1,701,887
Seligman Investment Grade Fixed Income Fund		233,135			1,706,548
Seligman U.S. Government Securities Series		240,380			1,704,294
					5,112,729
Global Equity Fund 9.9%
Seligman International Growth Fund*		140,420			1,692,061
REIT Fund 15.0%
Seligman LaSalle Monthly Dividend Real Estate Fund		269,311			2,547,682
Total Investments (Cost $16,204,935) 99.6%					16,967,076
Other Assets Less Liabilities 0.4%					63,327
Net Assets 100.0%				$	17,030,403

^* Non-income producing security.

^Ø Security paid capital gain distributions in the twelve months ended June 30, 2005.

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)
June 30, 2005

	Seligman Time Horizon 30 Fund			Seligman Time Horizon 20 Fund			Seligman Time Horizon 10 Fund			Seligman Harvester Fund
Assets:
Investments in Underlying Funds, at value
(see portfolios of investments)	$	10,256,443		$	21,302,403		$	25,812,722		$	16,967,076
Cash		33,636			52,507			—			215,752
Prepaid registration fees		19,372			19,517			19,412			19,607
Receivable for Capital Stock sold		1,662			41,799			253,441			31,256
Receivable for investments sold		—			—			151,916			—
Dividends receivable		—			—			6,138			7,357
Receivable from Manager		10,936			10,624			11,652			13,307
Other		660			741			777			747
Total Assets		10,322,709			21,427,591			26,256,058			17,255,102
Liabilities:
Bank overdraft		—			—			1,396			—
Payable for investments purchased		—			20,508			32,516			142,675
Payable for Capital Stock repurchased		3,004			1,375			1,414			46,566
Distribution and service fees payable		4,233			9,655			14,233			8,074
Dividends payable		—			—			—			6,327
Accrued expenses and other		16,890			20,892			24,789			21,057
Total Liabilities		24,127			52,430			74,348			224,699
Net Assets	$	10,298,582		$	21,375,161		$	26,181,710		$	17,030,403
Composition of Net Assets:
Capital Stock, at $0.001 par value:
Class A	$	695		$	1,183		$	1,514		$	1,099
Class B		351			686			848			651
Class C		448			1,249			1,490			1,086
Class D		112			260			422			253
Additional paid-in capital		9,023,710			20,079,491			27,531,808			18,482,797
Accumulated net investment income (loss)		(44,142	)		(93,468	)		35,908			10,052
Accumulated net realized loss		(222,634	)		(798,670	)		(3,074,555	)		(2,227,676	)
Net unrealized appreciation of investments		1,540,042			2,184,430			1,684,275			762,141
Net Assets	$	10,298,582		$	21,375,161		$	26,181,710		$	17,030,403
Investments in Underlying Funds, at cost	$	8,716,401		$	19,117,973		$	24,128,447		$	16,204,935

(Continued on page 14.)

13

Statement of Assets and Liabilities (unaudited)
June 30, 2005

	Seligman Time Horizon 30 Fund		Seligman Time Horizon 20 Fund		Seligman Time Horizon 10 Fund		Seligman Harvester Fund
Net Assets:
Class A	$	4,555,488	$	7,700,236	$	9,370,643	$	6,059,457
Class B		2,216,886		4,273,136		5,163,535		3,588,837
Class C		2,822,104		7,784,061		9,075,610		5,987,368
Class D		704,104		1,617,728		2,571,922		1,394,741
Shares of Capital Stock Outstanding:
Class A		695,261		1,182,832		1,513,485		1,098,726
Class B		351,678		685,817		847,980		650,779
Class C		447,681		1,249,267		1,490,468		1,085,719
Class D		111,688		259,633		422,378		252,918
Net Asset Value per Share:
Class A	$	6.55	$	6.51	$	6.19	$	5.51
Class B	$	6.30	$	6.23	$	6.09	$	5.51
Class C	$	6.30	$	6.23	$	6.09	$	5.51
Class D	$	6.30	$	6.23	$	6.09	$	5.51

See Notes to Financial Statements.

14

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2005

	Seligman Time Horizon 30 Fund			Seligman Time Horizon 20 Fund			Seligman Time Horizon 10 Fund			Seligman Harvester Fund
Investment Income:
Dividends from Underlying Funds	$	—		$	—		$	136,950		$	168,792
Expenses:
Registration		25,312			26,055			26,734			26,149
Distribution and service fees		20,525			47,435			57,029			40,799
Auditing and legal fees		8,616			11,795			13,454			11,344
Management fees		4,866			9,874			11,488			8,264
Directors’ fees and expenses		2,497			2,623			2,663			2,581
Shareholder reports and communications		3,782			5,732			6,319			5,832
Shareholder account services		1,952			5,266			5,111			5,826
Custody and related services		2,658			3,440			4,069			2,636
Miscellaneous		1,579			1,914			2,031			1,893
Total Expenses Before Waiver/Reimbursement		71,787			114,134			128,898			105,324
Waiver/reimbursement of expenses (Note 3)		(29,403	)		(22,442	)		(29,644	)		(33,770	)
Total Expenses After Waiver/Reimbursement		42,384			91,692			99,254			71,554
Net Investment Income (Loss)		(42,384	)		(91,692	)		37,696			97,238
Net Realized and Unrealized Gain (Loss)
on Investments:
Net realized loss on investments		(31,926	)		(162,181	)		(38,508	)		(89,348	)
Net change in unrealized appreciation
of investments		52,140			184,493			83,347			57,371
Net Gain (Loss) on Investments		20,214			22,312			44,839			(31,977	)
Increase (Decrease) in Net Assets from
Operations	$	(22,170	)	$	(69,380	)	$	82,535		$	65,261

See Notes to Financial Statements.

15

Statements of Changes in Net Assets
(unaudited)

	Seligman Time Horizon 30 Fund						Seligman Time Horizon 20 Fund
	Six Months Ended 6/30/05			Year Ended 12/31/04			Six Months Ended 6/30/05			Year Ended 12/31/04
Operations:
Net investment loss	$	(42,384	)	$	(74,739	)	$	(91,692	)	$	(157,405	)
Net realized loss on investments and capital
gain distributions from Underlying Funds		(31,926	)		(22,826	)		(162,181	)		(151,529	)
Net change in unrealized appreciation/
depreciation of investments		52,140			1,322,486			184,493			2,671,795
Increase (Decrease) in Net Assets from
Operations		(22,170	)		1,224,921			(69,380	)		2,362,861
Capital Share Transactions:
Net proceeds from sales of shares		1,065,149			2,572,022			3,644,026			4,123,487
Exchanged from associated funds		600,125			756,250			1,043,460			2,191,466
Total		1,665,274			3,328,272			4,687,486			6,314,953
Cost of shares repurchased		(1,124,112	)		(1,543,562	)		(2,063,316	)		(3,892,349	)
Exchanged into associated funds		(33,836	)		(181,793	)		(328,655	)		(155,303	)
Total		(1,157,948	)		(1,725,355	)		(2,391,971	)		(4,047,652	)
Increase in Net Assets from
Capital Share Transactions		507,326			1,602,917			2,295,515			2,267,301
Increase in Net Assets		485,156			2,827,838			2,226,135			4,630,162
Net Assets:
Beginning of period		9,813,426			6,985,588			19,149,026			14,518,864
End of Period*	$	10,298,582		$	9,813,426		$	21,375,161		$	19,149,026

*	Including accumulated net investment loss	$	(44,142	)	$	(1,758	)	$	(93,468	)	$	(1,776	)
See Notes to Financial Statements.

16

Statements of Changes in Net Assets
(unaudited) (continued)

	Seligman Time Horizon 10 Fund						Seligman Harvester Fund
	Six Months Ended 6/30/05			Year Ended 12/31/04			Six Months Ended 6/30/05			Year Ended 12/31/04
Operations:
Net investment income	$	37,696		$	51,309		$	97,238		$	141,127
Net realized loss on investments and capital
gain distributions from Underlying Funds		(38,508	)		(229,864	)		(89,348	)		(527,397	)
Net change in unrealized appreciation/
depreciation of investments		83,347			2,461,030			57,371			1,768,646
Increase in Net Assets from Operations		82,535			2,282,475			65,261			1,382,376
Distributions to Shareholders:
Net investment income:
Class A		—			(28,456	)		(42,260	)		(51,909	)
Class B		—			(7,352	)		(13,280	)		(31,434	)
Class C		—			(12,403	)		(21,154	)		(47,901	)
Class D		—			(3,098	)		(4,448	)		(9,883	)
Total		—			(51,309	)		(81,142	)		(141,127	)
Dividends in excess of net investment income:
Class A		—			(36,943	)		—			(28,753	)
Class B		—			(9,545	)		—			(17,411	)
Class C		—			(16,103	)		—			(26,533	)
Class D		—			(4,022	)		—			(5,475	)
Total		—			(66,613	)		—			(78,172	)
Decrease in Net Assets from Distributions		—			(117,922	)		(81,142	)		(219,299	)
Capital Share Transactions:
Net proceeds from sales of shares		4,176,323			5,076,443			2,405,952			3,509,213
Exchanged from associated funds		2,802,374			2,482,468			823,130			2,144,064
Investment of dividends		—			109,424			68,519			188,135
Total		6,978,697			7,668,335			3,297,601			5,841,412
Cost of shares repurchased		(1,757,547	)		(3,765,717	)		(2,113,585	)		(5,305,935	)
Exchanged into associated funds		(775,888	)		(849,847	)		(417,441	)		(731,721	)
Total		(2,533,435	)		(4,615,564	)		(2,531,026	)		(6,037,656	)
Increase (Decrease) in Net Assets from
Capital Share Transactions		4,445,262			3,052,771			766,575			(196,244	)
Increase in Net Assets		4,527,797			5,217,324			750,694			966,833
Net Assets:
Beginning of period		21,653,913			16,436,589			16,279,709			15,312,876
End of Period*	$	26,181,710		$	21,653,913		$	17,030,403		$	16,279,709

*	Including undistributed/accumulated
	net investment income (loss)	$	35,908	$	(1,788	)	$	10,052	$	(6,043	)
See Notes to Financial Statements.

17

Notes to Financial Statements (unaudited)

1.	Multiple Classes of Shares — Seligman Time Horizon/Harvester Series, Inc. (the “Series”) consists of four separate funds: Seligman Time Horizon 30 Fund (“Time Horizon 30 Fund”), Seligman Time Horizon 20 Fund (“Time Horizon 20 Fund”), Seligman Time Horizon 10 Fund (“Time Horizon 10 Fund”), and Seligman Harvester Fund (“Harvester Fund”). Each Fund invests in a combination of Class A shares of other Seligman mutual funds (the “Underlying Funds”).
	Each Fund of the Series offers four classes of shares — Class A shares, Class B shares, Class C shares, and Class D shares. Class A shares are sold with an initial sales charge of up to 4.75%. Class A shares purchased in an amount of $1,000,000 or more are sold without an initial sales charge but are subject to a contingent deferred sales charge (“CDSC”) of 1% on redemptions within 18 months of purchase.
	Class B shares are sold without an initial sales charge but are subject to a distribution fee of 0.75% on an annual basis, and a CDSC, if applicable, of 5% on redemptions in the first year of purchase, declining to 1% in the sixth year and 0% thereafter. Class B shares will automatically convert to Class A shares approximately eight years after their date of purchase. If Class B shares of the Fund are exchanged for Class B shares of another Seligman registered investment company, the holding period of the shares exchanged will be added to the holding period of the shares acquired, both for determining the applicable CDSC and the conversion of Class B shares to Class A shares.
	Class C shares are sold primarily with an initial sales charge of up to 1% and a CDSC, if applicable, of 1% imposed on redemptions made within 18 months of purchase. Effective November 25, 2003, shares purchased through certain financial intermediaries may be bought without an initial sales charge and with a 1% CDSC on redemptions made within 12 months of purchase. All Class C shares are subject to a distribution fee of up to 0.75% on an annual basis.
	Class D shares are sold without an initial sales charge but are subject to a distribution fee of up to 0.75% on an annual basis, and a CDSC, if applicable, of 1% imposed on redemptions made within one year of purchase.
	The four classes of shares for each Fund 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 distribution and certain other class-specific expenses, and has exclusive voting rights with respect to any matter on which a separate vote of any class is required.
2.	Significant Accounting Policies — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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 Series:
	a.	Security Valuation — Underlying Funds owned by a Fund are valued at their respective net asset values. Securities traded on an exchange are valued at the last sales price on the primary exchange or market on which they are traded. Securities not listed on an exchange or security market, or securities for which there is no last sales price, are valued at the mean of the most recent bid and asked prices or are valued by J. & W. Seligman & Co. Incorporated (the “Manager”) based on quotations provided by primary market makers in such securities. 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 of Directors. 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. Short-term holdings maturing in 60 days or less are valued at amortized cost.

18

Notes to Financial Statements (unaudited)

	b.	Federal Taxes — Each Fund in the Series has elected to be taxed as a regulated investment company and intends to distribute substantially all taxable net income and net gain realized.
	c.	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. Dividends receivable are recorded on ex-dividend dates. Interest income is recorded on an accrual basis.
	d.	Multiple Class Allocations — Each Fund’s income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares of that Fund based upon the relative value of the shares of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributed to a particular class, are charged directly to such class. For the six months ended June 30, 2005, distribution and service fees were the only class-specific expenses.
	e.	Distributions to Shareholders — Dividends and distributions to shareholders are recorded on ex-dividend dates.
3.	Management Fee, Distribution Services, and Other Transactions — The Manager manages the affairs of the Series and provides the necessary personnel and facilities. Compensation of all officers of the Series, all directors of the Series who are employees of the Manager, and all personnel of the Series and the Manager is paid by the Manager. The Manager receives a fee, calculated daily and payable monthly, equal to 0.10% per annum of each Fund’s average daily net assets. The Manager has voluntarily undertaken to waive its management fee and reimburse each Fund’s expenses, other than distribution and service fees, that exceed 0.50% per annum of the Fund’s average daily net assets through March 31, 2005. Beginning April 1, 2005 through December 31, 2006, the Manager has contractually undertaken to waive its management fee and/or reimburse each Fund’s expenses in order to limit Fund expenses (other than distribution and service fees) to 0.40% per annum of average daily net assets for Time Horizon 30 Fund and Time Horizon 20 Fund and to limit Fund expenses to 0.25% per annum of average daily net assets for Time Horizon 10 Fund and Harvester Fund. From January 1, 2007 through December 31, 2010, the Manager has contractually undertaken to waive its management fee and/or to reimburse each Fund’s expenses, other than distribution and service fees, that exceed 0.75% per annum of average daily net assets.
	For the six months ended June 30, 2005, the amount of expenses waived and reimbursed by the Manager and the amount receivable from the Manager at June 30, 2005 were as follows:

				Receivable
	Waiver and			from
Fund	Reimbursements			Manager
Time Horizon 30 Fund		$	29,403		$	10,936
Time Horizon 20 Fund			22,442			10,624
Time Horizon 10 Fund			29,644			11,652
Harvester Fund			33,770			13,307

Seligman Advisors, Inc. (the “Distributor”), agent for the distribution of the Series’ shares and an affiliate of the Manager, received the following concessions for sales of Class A shares after commissions were paid to dealers for sales of Class A and Class C shares:

	Distributor			Dealer				Distributor			Dealer
Fund	Concessions			Commissions			Fund	Concessions			Commissions
Time Horizon 30 Fund		$	2,463		$	19,538	Time Horizon 10 Fund		$	5,489		$	47,405
Time Horizon 20 Fund			4,053			32,495	Harvester Fund			4,681			35,075

19

Notes to Financial Statements (unaudited)

Each Fund of the Series has an Administration, Shareholder Services and Distribution Plan (the “Plan”) with respect to distribution of its shares. Under the Plan, with respect to Class A, Class B, Class C, and Class D shares, service organizations can enter into agreements with the Distributor and receive a continuing service fee of up to 0.25% per annum of the average daily net assets attributable to the particular service organizations for providing personal services and/or the maintenance of shareholder accounts. To avoid any duplication of the service fee, the service fees to be paid by each class of a Fund will be reduced by the dollar amount of any service fees paid by the Underlying Funds with respect to shares owned by the Fund.

For the six months ended June 30, 2005, service fees incurred by the Time Horizon 30 Fund, Time Horizon 20 Fund, Time Horizon 10 Fund, and the Harvester Fund (net of service fees paid by underlying funds), aggregated $69, $114, $158, and $97, respectively, or 0.00% per annum of the average daily net assets of Class A shares.

Under the Plan, with respect to Class C and Class D shares, service organizations may receive up to 0.75% per annum of the average daily net assets for providing other distribution assistance. Such fees are paid monthly by the Funds to the Distributor pursuant to the Plan.

With respect to Class B shares, a distribution fee of 0.75% per annum of the average daily net assets is payable monthly by the Funds to the Distributor; however, the Distributor has sold its rights to this fee with respect to a substantial portion of Class B shares to third parties (the “Purchasers”), which provide funding to the Distributor to enable it to pay commissions to dealers at the time of the sale of the related Class B shares. Distribution fees retained by the Distributor, for the six months ended June 30, 2005, were as follows:

Fund	Amount		Fund	Amount
Time Horizon 30 Fund	$	—	Time Horizon 10 Fund	$	11
Time Horizon 20 Fund		36	Harvester Fund		—

For the six months ended June 30, 2005, the service fees and distribution fees incurred under the Plan (net of service fees paid by Underlying Funds), and their equivalent per annum percentage of the average daily net assets of Class B, Class C, and Class D shares, were as follows:

Fund	Class B		Class C		Class D		Fee Rate
Time Horizon 30 Fund	$	7,708	$	10,141	$	2,607		0.76	%
Time Horizon 20 Fund		15,435		26,352		5,534		0.76
Time Horizon 10 Fund		16,692		31,843		8,336		0.76
Harvester Fund		13,912		22,206		4,584		0.76

The Distributor is entitled to retain any CDSC imposed on certain redemptions of Class A, Class C and Class D shares. For the six months ended June 30, 2005, such charges amounted to $407 for Time Horizon 30 Fund, $468 for Time Horizon 20 Fund, $1,491 for Time Horizon 10 Fund and $383 for Harvester Fund. The Distributor has sold its rights to the Purchasers to collect any CDSC imposed on redemptions of Class B shares.

Seligman Services, Inc., an affiliate of the Manager, is eligible to receive commissions from certain sales of shares of the Series, as well as distribution and service fees pursuant to the Plan. For the six months ended June 30, 2005, Seligman Services, Inc. received commissions from the sale of shares of each Fund and distribution and service fees, pursuant to the Plan, as follows:

Fund	Commissions		Distribution and Service Fees		Fund	Commissions		Distribution and Service Fees
Time Horizon 30 Fund	$	55	$	323	Time Horizon 10 Fund	$	—	$	267
Time Horizon 20 Fund		246		945	Harvester Fund		234		283

20

Notes to Financial Statements (unaudited)

Seligman Data Corp., which is owned by certain associated investment companies, charged the Series at cost the following amounts for shareholder account services in accordance with a methodology approved by the Series’ directors:

Fund	Amount		Fund	Amount
Time Horizon 30 Fund	$	1,952	Time Horizon 10 Fund	$	5,111
Time Horizon 20 Fund		5,266	Harvester Fund		5,826

Costs of Seligman Data Corp. directly attributable to each Fund were charged to the Fund. The remaining charges were allocated to the Funds by Seligman Data Corp. pursuant to a formula based on each Fund’s net assets, shareholder transaction volume and number of shareholder accounts.

Certain officers and directors of the Series are officers or directors of the Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.

The Series 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 selected Funds of the Series or 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. The cost of such fees and earnings/loss accrued theron is included in directors’ fees and expenses, and the accumulated balances thereof at June 30, 2005, included in other liabilities, were as follows:

Fund	Amount		Fund	Amount
Time Horizon 30 Fund	$	1,792	Time Horizon 10 Fund	$	1,823
Time Horizon 20 Fund		1,811	Harvester Fund		1,818

4. Purchases and Sales of Securities — Purchases and sales of portfolio securities (Underlying Funds),  excluding short-term investments, for the six months ended June 30, 2005, were as follows:

Fund	Purchases		Sales		Fund	Purchases		Sales
Time Horizon 30 Fund	$	645,239	$	167,533	Time Horizon 10 Fund	$	4,626,055	$	353,073
Time Horizon 20 Fund		2,688,025		520,197	Harvester Fund		1,999,934		1,288,252

5.	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 the Fund. 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 realized gains may differ from their treatment for federal income tax purposes. Further, the cost of investments also can differ for federal income tax purposes.
	The tax basis information presented below is based on operating results for the six months ended June 30, 2005, and will vary from the final tax information as of the Fund’s year end.
	At June 30, 2005, the cost of investments for federal income tax purposes for each Fund was as follows:

Fund	Tax Basis Cost		Fund	Tax Basis Cost
Time Horizon 30 Fund	$	8,755,825	Time Horizon 10 Fund	$	24,601,570
Time Horizon 20 Fund		19,601,858	Harvester Fund		16,790,699

21

Notes to Financial Statements (unaudited)

The tax basis cost was greater than the cost for financial reporting purposes primarily due to the following tax deferral of losses on wash sales:

Fund	Amount		Fund	Amount
Time Horizon 30 Fund	$	39,424	Time Horizon 10 Fund	$	473,123
Time Horizon 20 Fund		483,885	Harvester Fund		585,764

At June 30, 2005, the tax basis components of accumulated earnings (losses) were as follows:

	Time Horizon 30 Fund			Time Horizon 20 Fund			Time Horizon 10 Fund			Harvester Fund
Gross unrealized appreciation of portfolio securities	$	1,542,252		$	2,228,177		$	1,700,846		$	754,690
Gross unrealized depreciation of portfolio securities		(41,634	)		(527,632	)		(489,694	)		(578,313	)
Net unrealized appreciation of portfolio securities		1,500,618			1,700,545			1,211,152			176,377
Capital loss carryforwards		(188,320	)		(378,412	)		(2,558,996	)		(1,599,262	)
Current period net realized gain		5,110			63,627			(13,489	)		(51,698	)
Undistributed income		—			—			37,731			11,870
Total accumulated earnings (losses)	$	1,317,408		$	1,385,760		$	(1,323,602	)	$	(1,462,713	)

At December 31, 2004, each Fund had a net capital loss carryforward for federal income tax purposes which is available for offset against future taxable net capital gains. The loss carryforwards expire as follows:

Expiration	2009		2010		2011		2012		Total
Time Horizon 30 Fund					$	167,882	$	20,438	$	188,320
Time Horizon 20 Fund						378,412				378,412
Time Horizon 10 Fund			$	933,400		1,535,611		119,985		2,588,996
Harvester Fund	$	262,299				874,015		462,948		1,599,262

Accordingly, no capital gains distributions are expected to be paid to shareholders of these Funds until net capital gains have been realized in excess of the available capital loss carryforward.

For the six months ended June 30, 2005 and the year ended December 31, 2004, the tax characterization of distributions to shareholders was the same as for financial reporting purposes.

22

Notes to Financial Statements (unaudited)

6. Capital Stock Share Transactions — The Board of Directors, at its discretion, may classify any unissued shares of Capital Stock among any Fund of the Series. The Series has authorized 4,000,000,000 shares all at a par value of $0.001 per share. Transactions in shares of Capital Stock were as follows:

Time Horizon 30 Fund	Six Months Ended June 30, 2005						Year Ended December 31, 2004
Class A	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		97,458		$	626,251			190,061		$	1,112,466
Exchanged from associated funds		36,608			235,857			72,724			443,224
Converted from Class B*		1,231			7,968			727			4,250
Total		135,297			870,076			263,512			1,559,940
Cost of shares repurchased		(82,776	)		(527,824	)		(88,375	)		(517,442	)
Exchanged into associated funds		(2,210	)		(13,734	)		(5,768	)		(35,034	)
Total		(84,986	)		(541,558	)		(94,143	)		(552,476	)
Increase		50,311		$	328,518			169,369		$	1,007,464

Class B	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		30,384		$	187,779			92,397		$	535,390
Exchanged from associated funds		42,008			259,733			27,514			160,926
Total		72,392			447,512			119,911			696,316
Cost of shares repurchased		(42,462	)		(266,231	)		(49,158	)		(280,372	)
Exchanged into associated funds		(2,230	)		(13,200	)		(14,186	)		(82,571	)
Converted to Class A*		(1,278	)		(7,968	)		(751	)		(4,250	)
Total		(45,970	)		(287,399	)		(64,095	)		(367,193	)
Increase		26,422		$	160,113			55,816		$	329,123

Class C	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		31,379		$	193,919			145,321		$	824,510
Exchanged from associated funds		9,706			59,698			3,012			17,406
Total		41,085			253,617			148,333			841,916
Cost of shares repurchased		(28,280	)		(175,595	)		(87,348	)		(508,478	)
Exchanged into associated funds		—			—			(3,345	)		(19,854	)
Total		(28,280	)		(175,595	)		(90,693	)		(528,332	)
Increase		12,805		$	78,022			57,640		$	313,584

Class D	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		9,154		$	57,201			17,338		$	99,656
Exchanged from associated funds		7,185			44,838			24,381			134,694
Total		16,339			102,039			41,719			234,350
Cost of shares repurchased		(24,812	)		(154,463	)		(40,159	)		(237,270	)
Exchanged into associated funds		(1,129	)		(6,902	)		(8,101	)		(44,334	)
Total		(25,941	)		(161,365	)		(48,260	)		(281,604	)
Decrease		(9,602	)	$	(59,326	)		(6,541	)	$	(47,254	)

See footnote on page 26.

23

Notes to Financial Statements  (unaudited)

Time Horizon 20 Fund	Six Months Ended June 30, 2005						Year Ended December 31, 2004
Class A	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		216,824		$	1,383,513			361,390		$	2,143,950
Exchanged from associated funds		86,862			554,018			212,964			1,247,625
Conversion from Class B*		3,363			21,403			—			—
Total		307,049			1,958,934			574,354			3,391,575
Cost of shares repurchased		(198,145	)		(1,266,859	)		(285,067	)		(1,677,393	)
Exchanged into associated funds		(24,693	)		(156,728	)		(11,495	)		(67,609	)
Total		(222,838	)		(1,423,587	)		(296,562	)		(1,745,002	)
Increase		84,211		$	535,347			277,792		$	1,646,573

Class B	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		84,816		$	514,040			120,409		$	683,202
Exchanged from associated funds		40,861			250,045			95,020			544,908
Total		125,677			764,085			215,429			1,228,110
Cost of shares repurchased		(65,458	)		(397,359	)		(105,327	)		(614,001	)
Exchanged into associated funds		(14,676	)		(91,920	)		(3,141	)		(16,705	)
Conversion to Class A*		(3,509	)		(21,403	)		—			—
Total		(83,643	)		(510,682	)		(108,468	)		(630,706	)
Increase		42,034		$	253,403			106,961		$	597,404

Class C	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		234,146		$	1,429,331			195,971		$	1,123,507
Exchanged from associated funds		34,181			207,320			27,129			156,978
Total		268,327			1,636,651			223,100			1,280,485
Cost of shares repurchased		(57,153	)		(346,072	)		(202,538	)		(1,158,981	)
Exchanged into associated funds		(11,285	)		(68,785	)		(8,155	)		(48,778	)
Total		(68,438	)		(414,857	)		(210,693	)		(1,207,759	)
Increase		199,889		$	1,221,794			12,407		$	72,726

Class D	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		51,461		$	317,142			29,586		$	172,828
Exchanged from associated funds		5,163			32,077			42,663			241,955
Total		56,624			349,219			72,249			414,783
Cost of shares repurchased		(8,671	)		(53,026	)		(76,330	)		(441,974	)
Exchanged into associated funds		(1,810	)		(11,222	)		(4,070	)		(22,211	)
Total		(10,481	)		(64,248	)		(80,400	)		(464,185	)
Increase (decrease)		46,143		$	284,971			(8,151	)	$	(49,402	)

See footnote on page 26.

24

Notes to Financial Statements (unaudited)

Time Horizon 10 Fund	Six Months Ended June 30, 2005						Year Ended December 31, 2004
Class A	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		308,500		$	1,857,923			346,943		$	1,977,385
Exchanged from associated funds		118,663			713,658			209,361			1,213,167
Converted from Class B*		4,842			29,268			20,479			119,979
Investment of dividends		—			—			10,323			62,558
Total		432,005			2,600,849			587,106			3,373,089
Cost of shares repurchased		(99,252	)		(602,914	)		(142,543	)		(813,780	)
Exchanged into associated funds		(1,609	)		(9,596	)		(60,023	)		(341,650	)
Total		(100,861	)		(612,510	)		(202,566	)		(1,155,430	)
Increase		331,144		$	1,988,339			384,540		$	2,217,659

Class B	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		120,100		$	715,943			100,214		$	565,107
Exchanged from associated funds		80,083			478,218			65,237			363,409
Investment of dividends		—			—			2,299			13,774
Total		200,183			1,194,161			167,750			942,290
Cost of shares repurchased		(51,804	)		(307,655	)		(159,231	)		(917,473	)
Exchanged into associated funds		(9,719	)		(57,116	)		(27,133	)		(152,011	)
Converted to Class A*		(4,912	)		(29,268	)		(20,805	)		(119,979	)
Total		(66,435	)		(394,039	)		(207,169	)		(1,189,463	)
Increase (decrease)		133,748		$	800,122			(39,419	)	$	(247,173	)

Class C	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		193,175		$	1,148,048			371,423		$	2,089,435
Exchanged from associated funds		196,155			1,165,339			83,877			470,709
Investment of dividends		—			—			4,366			26,152
Total		389,330			2,313,387			459,666			2,586,296
Cost of shares repurchased		(97,002	)		(578,144	)		(279,504	)		(1,574,674	)
Exchanged into associated funds		(109,135	)		(646,050	)		(62,858	)		(337,465	)
Total		(206,137	)		(1,224,194	)		(342,362	)		(1,912,139	)
Increase		183,193		$	1,089,193			117,304		$	674,157

Class D	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		76,028		$	454,408			79,560		$	444,516
Exchanged from associated funds		74,953			445,159			76,984			435,183
Investment of dividends		—			—			1,159			6,940
Total		150,981			899,567			157,703			886,639
Cost of shares repurchased		(45,421	)		(268,834	)		(80,714	)		(459,790	)
Exchanged into associated funds		(10,699	)		(63,126	)		(3,270	)		(18,721	)
Total		(56,120	)		(331,960	)		(83,984	)		(478,511	)
Increase		94,861		$	567,607			73,719		$	408,128

See footnote on page 26.

25

Notes to Financial Statements (unaudited)

Harvester Fund	Six Months Ended June 30, 2005						Year Ended December 31, 2004
Class A	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		295,964		$	1,594,993			439,764		$	2,298,900
Exchanged from associated funds		31,383			168,173			65,682			345,904
Converted from Class B*		11,432			61,888			11,491			60,885
Investment of dividends		6,871			37,232			13,418			71,225
Total		345,650			1,862,286			530,355			2,776,914
Cost of shares repurchased		(155,837	)		(844,702	)		(196,514	)		(1,043,866	)
Exchanged into associated funds		(12,430	)		(67,517	)		(13,260	)		(69,639	)
Total		(168,267	)		(912,219	)		(209,774	)		(1,113,505	)
Increase		177,383		$	950,067			320,581		$	1,663,409

Class B	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		17,539		$	94,715			47,142		$	245,837
Exchanged from associated funds		74,825			406,315			146,483			765,910
Investment of dividends		1,890			10,247			7,745			41,211
Total		94,254			511,277			201,370			1,052,958
Cost of shares repurchased		(111,633	)		(604,811	)		(259,692	)		(1,349,023	)
Exchanged into associated funds		(31,793	)		(170,917	)		(23,621	)		(123,397	)
Converted to Class A*		(11,432	)		(61,888	)		(11,490	)		(60,877	)
Total		(154,858	)		(837,616	)		(294,803	)		(1,533,297	)
Decrease		(60,604	)	$	(326,339	)		(93,433	)	$	(480,339	)

Class C	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		65,463		$	353,581			138,229		$	726,823
Exchanged from associated funds		25,816			139,046			147,654			775,651
Investment of dividends		3,193			17,315			12,210			64,996
Total		94,472			509,942			298,093			1,567,470
Cost of shares repurchased		(89,781	)		(485,225	)		(386,700	)		(2,013,876	)
Exchanged into associated funds		(31,243	)		(168,420	)		(97,039	)		(509,818	)
Total		(121,024	)		(653,645	)		(483,739	)		(2,523,694	)
Decrease		(26,552	)	$	(143,703	)		(185,646	)	$	(956,224	)

Class D	Shares			Amount			Shares			Amount
Net proceeds from sales of shares		66,974		$	362,663			45,170		$	237,645
Exchanged from associated funds		20,085			109,596			48,895			256,599
Investment of dividends		687			3,725			2,009			10,703
Total		87,746			475,984			96,074			504,947
Cost of shares repurchased		(33,008	)		(178,847	)		(168,973	)		(899,170	)
Exchanged into associated funds		(1,958	)		(10,588	)		(5,566	)		(28,867	)
Total		(34,966	)		(189,435	)		(174,539	)		(928,037	)
Increase (decrease)		52,780		$	286,549			(78,465	)	$	(423,090	)

* Automatic conversion of Class B shares to Class A shares approximately eight years after the initial purchase date. The amounts of dividends accrued on Class B shares between the last dividend payment date and the conversion date is invested in Class A shares and is included in the conversion from Class B amount.

26

Notes to Financial Statements (unaudited)

7.	Other Matters — The circumstances described below relate to certain regulatory matters affecting certain of the Seligman registered investment companies (“Seligman Funds”). Although Seligman Time Horizon/Harvester Series did not receive any payments directly from the Manager, the Series does invest in certain of the Seligman Funds that were affected and received payments from the Manager.
	The Manager conducted an extensive internal review in response to developments regarding disruptive or illegal trading practices within the mutual fund industry. As of September 2003, the Manager had one arrangement that permitted frequent trading in 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 already had been terminated prior to the end of September 2002. The Securities and Exchange Commission (the “SEC”) and the Attorney General of the State of New York also are reviewing these matters.
	The Manager also reviewed its practice of placing some of the Seligman Funds’ orders to buy and sell portfolio securities with brokerage firms in recognition of their sales of Seligman Funds. At the time such orders were placed, this practice was permissible when done properly; however, the Manager believes that it may have violated applicable requirements for certain of such orders as a result of compensation arrangements the Manager had with certain brokerage firms. The Manager discontinued this practice entirely in October 2003. The Manager is confident that the execution of all such orders was consistent with its best execution obligations and that the Seligman Funds did not pay higher brokerage commissions than they would otherwise have paid for comparable transactions. The Manager also responded fully to information requests from the SEC and the NASD relating to the Manager’s use of revenue sharing and fund portfolio brokerage commissions and will continue to provide additional information if, and as, requested.
	The results of the Manager’s internal reviews were presented to the Independent Directors of the Seligman Funds. In order to resolve matters with the Independent Directors relating to the four arrangements involving frequent trading, in May 2004, the Manager made payments to three funds and agreed to waive a portion of its management fee with respect to another fund. In order to resolve matters with the Independent Directors with regard to portfolio brokerage commissions, in May 2004, the Manager made payments to each of twenty-four funds in an amount equal to the commissions paid by each such fund during the period from 1998 through 2003 to certain brokerage firms in recognition of sales of fund shares. Seligman Time Horizon/Harvester Series does not pay brokerage commissions and thus did not receive any payment from the Manager.

27

Financial Highlights (unaudited)

The tables below are intended to help you understand the financial performance of each Class of each Fund for the periods presented. Certain information reflects financial results for a single share of a Class 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 Class, assuming you reinvested all your dividends and capital gain distributions. Total returns do not reflect any taxes or sales charges and are not annualized for periods of less than one year.

Time Horizon 30 Fund

	Six Months Ended 6/30/05				Year Ended December 31,												1/10/00* to 12/31/00
Class A					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.56		$	5.68		$	4.08		$	5.51		$	6.24			$	7.14
Income (Loss) from Investment Operations:
Net investment loss			(0.01	)		(0.03	)		(0.02	)		(0.02	)		(0.03	)			(0.03	)
Net realized and unrealized gain (loss) on investments			—	‡‡		0.91			1.62			(1.41	)		(0.46	)			(0.84	)
Total from Investment Operations			(0.01	)		0.88			1.60			(1.43	)		(0.49	)			(0.87	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.03	)
Total Distributions			—			—			—			—			(0.24	)			(0.03	)
Net Asset Value, End of Period		$	6.55		$	6.56		$	5.68		$	4.08		$	5.51			$	6.24
Total Return			(0.15)%			15.49%	#		39.22%			(25.95)%			(7.47)%				(12.18)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	4,555		$	4,230		$	2,703		$	1,531		$	1,399			$	485
Ratio of expenses to average net assets			0.45%	‡		0.51%			0.51%			0.51%			0.51%				0.51%	†
Ratio of net investment loss to average net assets			(0.45)%	‡		(0.50)%			(0.47)%			(0.49)%			(0.49)%				(0.51)%	†
Portfolio turnover rate			2.97%			2.79%			1.74%			—			—				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.05%	‡		1.22%			1.58%			1.93%			3.70%				25.60%	†
Ratio of net investment loss to average net assets			(1.05)%	‡		(1.21)%			(1.55)%			(1.91)%			(3.68)%				(25.60)%	†

See footnotes on page 44.

28

Financial Highlights (unaudited)

Time Horizon 30 Fund (continued)

	Six Months Ended 6/30/05				Year Ended December 31,												4/24/00†† to 12/31/00
Class B					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.33		$	5.53		$	3.99		$	5.43		$	6.21			$	7.00
Income (Loss) from Investment Operations:
Net investment loss			(0.04	)		(0.07	)		(0.06	)		(0.06	)		(0.07	)			(0.05	)
Net realized and unrealized gain (loss) on investments			0.01			0.87			1.60			(1.38	)		(0.47	)			(0.71	)
Total from Investment Operations			(0.03	)		0.80			1.54			(1.44	)		(0.54	)			(0.76	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.03	)
Total Distributions			—			—			—			—			(0.24	)			(0.03	)
Net Asset Value, End of Period		$	6.30		$	6.33		$	5.53		$	3.99		$	5.43			$	6.21
Total Return			(0.47)%			14.47%	#		38.60%			(26.52)%			(8.32)%				(10.85)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	2,217		$	2,060		$	1,490		$	806		$	679			$	262
Ratio of expenses to average net assets			1.21%	‡		1.26%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment loss to average net assets			(1.21)%	‡		(1.25)%			(1.22)%			(1.24)%			1.24%				(1.26)%	†
Portfolio turnover rate			2.97%			2.79%			1.74%			—			—				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.81%	‡		1.97%			2.33%			2.68%			4.45%				14.14%	†
Ratio of net investment loss to average net assets			(1.81)%	‡		(1.96)%			(2.30)%			(2.66)%			(4.43)%				(14.14)%	†

See footnotes on page 44.

29

Financial Highlights (unaudited)

Time Horizon 30 Fund (continued)

	Six Months Ended 6/30/05				Year Ended December 31,												2/8/00†† to 12/31/00
Class C					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.33		$	5.53		$	3.99		$	5.43		$	6.21			$	7.56
Income (Loss) from Investment Operations:
Net investment loss			(0.04	)		(0.07	)		(0.06	)		(0.06	)		(0.07	)			(0.07	)
Net realized and unrealized gain (loss) on investments			0.01			0.87			1.60			(1.38	)		(0.47	)			(1.25	)
Total from Investment Operations			(0.03	)		0.80			1.54			(1.44	)		(0.54	)			(1.32	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.03	)
Total Distributions			—			—			—			—			(0.24	)			(0.03	)
Net Asset Value, End of Period		$	6.30		$	6.33		$	5.53		$	3.99		$	5.43			$	6.21
Total Return			(0.47)%			14.47%	#		38.60%			(26.52)%			(8.32)%				(17.46)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	2,822		$	2,755		$	2,086		$	1,649		$	1,950			$	1,251
Ratio of expenses to average net assets			1.21%	‡		1.26%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment loss to average net assets			(1.21)%	‡		(1.25)%			(1.22)%			(1.24)%			(1.24)%				(1.26)%	†
Portfolio turnover rate			2.97%			2.79%			1.74%			—			—				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.81%	‡		1.97%			2.33%			2.68%			4.45%				14.14%	†
Ratio of net investment loss to average net assets			(1.81)%	‡		(1.96)%			(2.30)%			(2.66)%			(4.43)%				(14.14)%	)†

See footnotes on page 44.

30

Financial Highlights (unaudited)

Time Horizon 30 Fund (continued)

	Six Months Ended 6/30/05				Year Ended December 31,												2/14/00†† to 12/31/00
Class D					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.33		$	5.53		$	3.99		$	5.43		$	6.21			$	7.58
Income (Loss) from Investment Operations:
Net investment loss			(0.04	)		(0.07	)		(0.06	)		(0.06	)		(0.07	)			(0.08	)
Net realized and unrealized gain (loss) on investments			0.01			0.87			1.60			(1.38	)		(0.47	)			(1.26	)
Total from Investment Operations			(0.03	)		0.80			1.54			(1.44	)		(0.54	)			(1.34	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.03	)
Total Distributions			—			—			—			—			(0.24	)			(0.03	)
Net Asset Value, End of Period		$	6.30		$	6.33		$	5.53		$	3.99		$	5.43			$	6.21
Total Return			(0.47)%			14.47%	#		38.60%			(26.52)%			(8.32)%				(17.67)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	704		$	768		$	707		$	355		$	395			$	174
Ratio of expenses to average net assets			1.21%	‡		1.26%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment loss to average net assets			(1.21)%	‡		(1.25)%			(1.22)%			(1.24)%			(1.24)%				(1.26)%	†
Portfolio turnover rate			2.97%			2.79%			1.74%			—			—				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.81%	‡		1.97%			2.33%			2.68%			4.45%				14.14%	†
Ratio of net investment loss to average net assets			(1.81)%	‡		(1.96)%			(2.30)%			(2.66)%			(4.43)%				(14.14)%	†

See footnotes on page 44.

31

Financial Highlights (unaudited)

Time Horizon 20 Fund

	Six Months Ended 6/30/05				Year Ended December 31,												1/10/00* to 12/31/00
Class A					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.53		$	5.67		$	4.11		$	5.59		$	6.47			$	7.14
Income (Loss) from Investment Operations:
Net investment loss			(0.01	)		(0.03	)		(0.02	)		(0.02	)		(0.03	)			(0.03	)
Net realized and unrealized gain (loss) on investments			(0.01	)		0.89			1.58			(1.46	)		(0.61	)			(0.60	)
Total from Investment Operations			(0.02	)		0.86			1.56			(1.48	)		(0.64	)			(0.63	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.04	)
Total Distributions			—			—			—			—			(0.24	)			(0.04	)
Net Asset Value, End of Period		$	6.51		$	6.53		$	5.67		$	4.11		$	5.59			$	6.47
Total Return			(0.46)%			15.34%	#		37.96%			(26.48)%			(9.52)%				(8.83)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	7,700		$	7,179		$	4,657		$	2,683		$	2,842			$	1,171
Ratio of expenses to average net assets			0.45%	‡		0.50%			0.50%			0.51%			0.51%				0.51%	†
Ratio of net investment loss to average net assets			(0.45)%	‡		(0.47)%			(0.41)%			(0.44)%			(0.44)%				(0.51)%	†
Portfolio turnover rate			2.61%			5.50%			1.55%			3.01%			—				0.62%	ø
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			0.68%	‡		0.75%			0.81%			1.19%			1.64%				11.84%	†
Ratio of net investment loss to average net assets			(0.68)%	‡		(0.72)%			(0.73)%			(1.12)%			(1.57)%				(11.84)%	†

See footnotes on page 44.

32

Financial Highlights (unaudited)

Time Horizon 20 Fund (continued)

	Six Months Ended 6/30/05				Year Ended December 31,												3/21/00†† to 12/31/00
Class B					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.28		$	5.49		$	4.00		$	5.48		$	6.41			$	7.93
Income (Loss) from Investment Operations:
Net investment loss			(0.04	)		(0.07	)		(0.05	)		(0.06	)		(0.07	)			(0.07	)
Net realized and unrealized gain (loss) on investments			(0.01	)		0.86			1.54			(1.42	)		(0.62	)			(1.41	)
Total from Investment Operations			(0.05	)		0.79			1.49			(1.48	)		(0.69	)			(1.48	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.04	)
Total Distributions			—			—			—			—			(0.24	)			(0.04	)
Net Asset Value, End of Period		$	6.23		$	6.28		$	5.49		$	4.00		$	5.48			$	6.41
Total Return			(0.80)%			14.39%	#		37.25%			(27.01)%			(10.40)%				(18.67)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	4,273		$	4,041		$	2,949		$	1,559		$	1,463			$	739
Ratio of expenses to average net assets			1.21%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment loss to average net assets			(1.21)%	‡		(1.22)%			(1.16)%			(1.19)%			(1.19)%				(1.26)%	†
Portfolio turnover rate			2.61%			5.50%			1.55%			3.01%			—				0.62%	ø
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.44%	‡		1.50%			1.56%			1.94%			2.39%				5.84%	†
Ratio of net investment loss to average net assets			(1.44)%	‡		(1.47)%			(1.48)%			(1.87)%			(2.32)%				(5.84)%	†

See footnotes on page 44.

33

Financial Highlights (unaudited)

Time Horizon 20 Fund (continued)

	Six Months Ended				Year Ended December 31,												1/18/00†† to
Class C	6/30/05				2004			2003			2002			2001			12/31/00
Per Share Data:
Net Asset Value, Beginning of Period		$	6.28		$	5.49		$	4.00		$	5.48		$	6.41			$	7.28
Income (Loss) from Investment Operations:
Net investment loss			(0.04	)		(0.07	)		(0.05	)		(0.06	)		(0.07	)			(0.08	)
Net realized and unrealized gain (loss) on investments			(0.01	)		0.86			1.54			(1.42	)		(0.62	)			(0.75	)
Total from Investment Operations			(0.05	)		0.79			1.49			(1.48	)		(0.69	)			(0.83	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.04	)
Total Distributions			—			—			—			—			(0.24	)			(0.04	)
Net Asset Value, End of Period		$	6.23		$	6.28		$	5.49		$	4.00		$	5.48			$	6.41
Total Return			(0.80)%			14.39%	#		37.25%			(27.01)%			(10.40)%				(11.41)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	7,784		$	6,588		$	5,695		$	4,405		$	6,017			$	2,729
Ratio of expenses to average net assets			1.21%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment loss to average net assets			(1.21)%	‡		(1.22)%			(1.16)%			(1.19)%			(1.19)%				(1.26)%	†
Portfolio turnover rate			2.61%			5.50%			1.55%			3.01%			—				0.62%	ø
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.44%	‡		1.50%			1.56%			1.94%			2.39%				5.84%	†
Ratio of net investment loss to average net assets			(1.44)%	‡		(1.47)%			(1.48)%			(1.87)%			(2.32)%				(5.84)%	†

See footnotes on page 44.

34

Financial Highlights (unaudited)

Time Horizon 20 Fund (continued)

	Six Months Ended				Year Ended December 31,												1/21/00†† to
Class D	6/30/05				2004			2003			2002			2001			12/31/00
Per Share Data:
Net Asset Value, Beginning of Period		$	6.28		$	5.49		$	4.00		$	5.48		$	6.41			$	7.31
Income (Loss) from Investment Operations:
Net investment loss			(0.04	)		(0.07	)		(0.05	)		(0.06	)		(0.07	)			(0.09	)
Net realized and unrealized gain (loss) on investments			(0.01	)		0.86			1.54			(1.42	)		(0.62	)			(0.77	)
Total from Investment Operations			(0.05	)		0.79			1.49			(1.48	)		(0.69	)			(0.86	)
Less Distributions:
Distributions from net investment income			—			—			—			—			(0.03	)			—
Distributions from net realized capital gains			—			—			—			—			(0.21	)			(0.04	)
Total Distributions			—			—			—			—			(0.24	)			(0.04	)
Net Asset Value, End of Period		$	6.23		$	6.28		$	5.49		$	4.00		$	5.48			$	6.41
Total Return			(0.80)%			14.39%	#		37.25%			(27.01)%			(10.40)%				(11.77)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	1,618		$	1,340		$	1,217		$	933		$	1,057			$	687
Ratio of expenses to average net assets			1.21%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment loss to average net assets			(1.21)%	‡		(1.22)%			(1.16)%			(1.19)%			(1.19)%				(1.26)%	†
Portfolio turnover rate			2.61%			5.50%			1.55%			3.01%			—				0.62%	ø
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.44%	‡		1.50%			1.56%			1.94%			2.39%				5.84%	†
Ratio of net investment loss to average net assets			(1.44)%	‡		(1.47)%			(1.48)%			(1.87)%			(2.32)%				(5.84)%	†

See footnotes on page 44.

35

Financial Highlights (unaudited)

Time Horizon 10 Fund

	Six Months				Year Ended December 31,												1/10/00*
	Ended																to
Class A	6/30/05				2004			2003			2002			2001			12/31/00
Per Share Data:
Net Asset Value, Beginning of Period		$	6.18		$	5.53		$	4.19		$	5.55		$	6.59			$	7.14
Income (Loss) from Investment Operations:
Net investment income			0.02			0.05			0.04			0.05			0.10				0.10
Net realized and unrealized gain (loss) on investments			(0.01	)		0.66			1.34			(1.35	)		(0.82	)			(0.60	)
Total from Investment Operations			0.01			0.71			1.38			(1.30	)		(0.72	)			(0.50	)
Less Distributions:
Distributions from net investment income			—			(0.05	)		(0.04	)		(0.05	)		(0.13	)			—
Dividends in excess of net investment
income			—			(0.01	)		—			—			—				—
Return of capital			—			—			—			(0.01	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.19	)			(0.05	)
Total Distributions			—			(0.06	)		(0.04	)		(0.06	)		(0.32	)			(0.05	)
Net Asset Value, End of Period		$	6.19		$	6.18		$	5.53		$	4.19		$	5.55			$	6.59
Total Return			0.16%			12.79%	#		32.96%			(23.43)%			(10.69)%				(7.02)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	9,371		$	7,313		$	4,415		$	2,627		$	3,014			$	1,037
Ratio of expenses to average net assets			0.37%	‡		0.50%			0.50%			0.51%			0.51%				0.51%	†
Ratio of net investment income to average net assets			0.82%	‡		0.80%			0.87%			1.01%			1.64%				1.44%	†
Portfolio turnover rate			—			16.84%			7.48%			8.20%			6.38%				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			0.63%	‡		0.70%			0.81%			0.87%			1.27%				8.02%	†
Ratio of net investment income (loss) to average net assets			0.56%	‡		0.62%			0.56%			0.65%			0.88%				(6.07)%	†

See footnotes on page 44.

36

Financial Highlights (unaudited)

Time Horizon 10 Fund (continued)

	Six Months Ended				Year Ended December 31,												2/18/00†† to
Class B	6/30/05				2004			2003			2002			2001			12/31/00
Per Share Data:
Net Asset Value, Beginning of Period		$	6.10		$	5.47		$	4.16		$	5.50		$	6.55			$	7.33
Income (Loss) from Investment Operations:
Net investment income			—	‡‡		0.01			0.01			0.02			0.05				0.04
Net realized and unrealized gain (loss) on investments			(0.01	)		0.64			1.31			(1.33	)		(0.81	)			(0.77	)
Total from Investment Operations			(0.01	)		0.65			1.32			(1.31	)		(0.76	)			(0.73	)
Less Distributions:
Distributions from net investment income			—			(0.01	)		(0.01	)		(0.02	)		(0.10	)			—
Dividends in excess of net investment income			—			(0.01	)		—			—			—				—
Return of capital			—			—			—			(0.01	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.19	)			(0.05	)
Total Distributions			—			(0.02	)		(0.01	)		(0.03	)		(0.29	)			(0.05	)
Net Asset Value,End of Period		$	6.09		$	6.10		$	5.47		$	4.16		$	5.50			$	6.55
Total Return			(0.33)%			12.11%	#		31.71%			(23.90)%			(11.38)%				(9.98)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	5,164		$	4,360		$	4,123		$	3,110		$	4,270			$	2,865
Ratio of expenses to average net assets			1.13%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment income to average net assets			0.06%	‡		0.05%			0.12%			0.26%			0.89%				0.69%	†
Portfolio turnover rate			—			16.84%			7.48%			8.20%			6.38%				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.39%	‡		1.45%			1.56%			1.62%			2.02%				4.36%	†
Ratio of net investment income (loss) to average net assets			(0.20)%	‡		(0.14)%			(0.19)%			(0.10)%			0.13%				(2.41)%	†

See footnotes on page 44.

37

Financial Highlights (unaudited)

Time Horizon 10 Fund (continued)

	Six Months Ended 6/30/05				Year Ended December 31,												3/6/00†† to 12/31/00
Class C					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.11		$	5.47		$	4.16		$	5.50		$	6.55			$	7.78
Income (Loss) from Investment Operations:
Net investment income			—	‡‡		0.01			0.01			0.02			0.05				0.04
Net realized and unrealized gain (loss) on investments			(0.02	)		0.65			1.31			(1.33	)		(0.81	)			(1.22	)
Total from Investment Operations			(0.02	)		0.66			1.32			(1.31	)		(0.76	)			(1.18	)
Less Distributions:
Distributions from net investment income			—			(0.01	)		(0.01	)		(0.02	)		(0.10	)			—
Dividends in excess of net investment income			—			(0.01	)		—			—			—				—
Return of capital			—			—			—			(0.01	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.19	)			(0.05	)
Total Distributions			—			(0.02	)		(0.01	)		(0.03	)		(0.29	)			(0.05	)
Net Asset Value, End of Period		$	6.09		$	6.11		$	5.47		$	4.16		$	5.50			$	6.55
Total Return			(0.33)%			12.11%	#		31.71%			(23.90)%			(11.38)%				(15.18)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	9,076		$	7,981		$	6,510		$	6,491		$	7,933			$	2,331
Ratio of expenses to average net assets			1.13%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment income to average net assets			0.06%	‡		0.05%			0.12%			0.26%			0.89%				0.69%	†
Portfolio turnover rate			—			16.84%			7.48%			8.20%			6.38%				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.39%	‡		1.46%			1.56%			1.62%			2.02%				4.36%	†
Ratio of net investment income (loss) to average net assets			(0.20)%	‡		(0.14)%			(0.19)%			(0.10)%			0.13%				(2.41)%	†

See footnotes on page 44.

38

Financial Highlights (unaudited)

Time Horizon 10 Fund (continued)

	Six Months Ended 6/30/05				Year Ended December 31,												2/15/00†† to 12/31/00
Class D					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	6.11		$	5.47		$	4.16		$	5.50		$	6.55			$	7.42
Income (Loss) from Investment Operations:
Net investment income			—	‡‡		0.01			0.01			0.02			0.05				0.04
Net realized and unrealized gain (loss) on investments			(0.02	)		0.65			1.31			(1.33	)		(0.81	)			(0.86	)
Total from Investment Operations			(0.02	)		0.66			1.32			(1.31	)		(0.76	)			(0.82	)
Less Distributions:
Distributions from net investment income			—			(0.01	)		(0.01	)		(0.02	)		(0.10	)			—
Dividends in excess of net investment income			—			(0.01	)		—			—			—				—
Return of capital			—			—			—			(0.01	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.19	)			(0.05	)
Total Distributions			—			(0.02	)		(0.01	)		(0.03	)		(0.29	)			(0.05	)
Net Asset Value, End of Period		$	6.09		$	6.11		$	5.47		$	4.16		$	5.50			$	6.55
Total Return			(0.33)%			12.11%	#		31.71%			(23.90)%			(11.38)%				(11.07)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	2,572		$	1,999		$	1,388		$	994		$	1,209			$	839
Ratio of expenses to average net assets			1.13%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment income to average net assets			0.06%	‡		0.05%			0.12%			0.26%			0.89%				0.69%	†
Portfolio turnover rate			—			16.84%			7.48%			8.20%			6.38%				—
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.39%	‡		1.45%			1.56%			1.62%			2.02%				4.36%	†
Ratio of net investment income (loss) to average net assets			(0.20)%	‡		(0.14)%			(0.19)%			(0.10)%			0.13%				2.41%	†

See footnotes on page 44.

39

Financial Highlights (unaudited)

Harvester Fund

		Six Months Ended 6/30/05
				Year Ended December 31,												1/10/00* to 12/31/00
Class A				2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period	$	5.53		$	5.13		$	4.29		$	5.31		$	6.56		$	7.14
Income (Loss) from Investment
Operations:
Net investment income		0.04			0.08			0.08			0.10			0.20			0.23
Net realized and unrealized gain (loss)
on investments		(0.02	)		0.42			0.83			(0.96	)		(1.15	)		(0.57	)
Total from Investment Operations		0.02			0.50			0.91			(0.86	)		(0.95	)		(0.34	)
Less Distributions:
Distributions from net investment income		(0.04	)		(0.08	)		(0.07	)		(0.10	)		(0.24	)		(0.23	)
Dividends in excess of net investment
income		—			(0.02	)		—			(0.04	)		—			—
Return of capital		—			—			—			(0.02	)		—			—
Distributions from net realized capital gains		—			—			—			—			(0.06	)		(0.01	)
Total Distributions		(0.04	)		(0.10	)		(0.07	)		(0.16	)		(0.30	)		(0.24	)
Net Asset Value, End of Period	$	5.51		$	5.53		$	5.13		$	4.29		$	5.31		$	6.56
Total Return		0.36%			9.90%	#		21.44%			(16.54)%			(14.64)%			(4.99)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)	$	6,059		$	5,092		$	3,085		$	2,135		$	1,830		$	1,339
Ratio of expenses to average net assets		0.37%	‡		0.50%			0.50%			0.51%			0.51%			0.51%	†
Ratio of net investment income to average
net assets		1.67%	‡		1.46%			1.52%			1.85%			3.47%			3.38%	†
Portfolio turnover rate		3.43%			25.59%			5.69%			39.28%			12.80%			9.14%	ø
Without fee waiver and expense
reimbursement:**
Ratio of expenses to average net assets		0.78%	‡		0.79%			0.73%			1.05%			1.36%			12.49%	†
Ratio of net investment income (loss)
to average net assets		1.26%	‡		1.19%			1.29%			1.31%			2.61%			(8.60)%	†

See footnotes on page 44.

40

Financial Highlights (unaudited)

Harvester Fund (continued)

	Six Months Ended 6/30/05																2/17/00†† to 12/31/00
					Year Ended December 31,
Class B					2004			2003			2002			2001
Per Share Data:
Net Asset Value, Beginning of Period		$	5.53		$	5.13		$	4.29		$	5.31		$	6.54			$	7.16
Income (Loss) from Investment
Operations:
Net investment income			0.02			0.04			0.04			0.05			0.16				0.16
Net realized and unrealized gain (loss)
on investments			(0.02	)		0.42			0.84			(0.96	)		(1.15	)			(0.61	)
Total from Investment Operations			—			0.46			0.88			(0.91	)		(0.99	)			(0.45	)
Less Distributions:
Distributions from net investment income			(0.02	)		(0.04	)		(0.04	)		(0.05	)		(0.18	)			(0.16	)
Dividends in excess of net investment
income			—			(0.02	)		—			(0.04	)		—				—
Return of capital			—			—			—			(0.02	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.06	)			(0.01	)
Total Distributions			(0.02	)		(0.06	)		(0.04	)		(0.11	)		(0.24	)			(0.17	)
Net Asset Value, End of Period		$	5.51		$	5.53		$	5.13		$	4.29		$	5.31			$	6.54
Total Return			(0.01)%			9.09%	#		20.55%			(17.28)%			(15.18)%				(6.11)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	3,589		$	3,932		$	4,133		$	2,855		$	2,470			$	1,115
Ratio of expenses to average net assets			1.13%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment income to average
net assets			0.91%	‡		0.71%			0.77%			1.10%			2.72%				2.63%	†
Portfolio turnover rate			3.43%			25.59%			5.69%			39.28%			12.80%				9.14%	ø
Without fee waiver and expense
reimbursement:**
Ratio of expenses to average net assets			1.54%	‡		1.54%			1.48%			1.80%			2.11%				6.04%	†
Ratio of net investment income (loss)
to average net assets			0.50%	‡		0.44%			0.54%			0.56%			1.86%				(2.15)%	†

See footnotes on page 44.

41

Financial Highlights (unaudited)

Harvester Fund (continued)

	Six Months Ended				Year Ended December 31,												1/18/00†† to
Class C	6/30/05				2004			2003			2002			2001			12/31/00
Per Share Data:								��
Net Asset Value, Beginning of Period		$	5.53		$	5.13		$	4.29		$	5.31		$	6.54			$	7.16
Income (Loss) from Investment Operations:
Net investment income			0.02			0.04			0.04			0.05			0.15				0.18
Net realized and unrealized gain (loss) on investments			(0.02	)		0.42			0.84			(0.96	)		(1.14	)			(0.61	)
Total from Investment Operations			—			0.46			0.88			(0.91	)		(0.99	)			(0.43	)
Less Distributions:
Distributions from net investment income			(0.02	)		(0.04	)		(0.04	)		(0.05	)		(0.18	)			(0.18	)
Dividends in excess of net investment income			—			(0.02	)		—			(0.04	)		—				—
Return of capital			—			—			—			(0.02	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.06	)			(0.01	)
Total Distributions			(0.02	)		(0.06	)		(0.04	)		(0.11	)		(0.24	)			(0.19	)
Net Asset Value, End of Period		$	5.51		$	5.53		$	5.13		$	4.29		$	5.31			$	6.54
Total Return			(0.01)%			9.09%	#		20.55%			(17.28)%			(15.18)%				(6.02)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	5,987		$	6,149		$	6,665		$	6,371		$	7,965			$	2,704
Ratio of expenses to average net assets			1.13%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment income to average net assets			0.91%	‡		0.71%			0.77%			1.10%			2.72%				2.63%	†
Portfolio turnover rate			3.43%			25.59%			5.69%			39.28%			12.80%				9.14%	ø
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.54%	‡		1.54%			1.48%			1.80%			2.11%				6.04%	†
Ratio of net investment income (loss) to average net assets			0.50%	‡		0.44%			0.54%			0.56%			1.86%				(2.15)%	†

See footnotes on page 44.

42

Financial Highlights (unaudited)

Harvester Fund (continued)

	Six Months Ended				Year Ended December 31,												2/29/00†† to
Class D	6/30/05				2004			2003			2002			2001			12/31/00
Per Share Data:
Net Asset Value, Beginning of Period		$	5.53		$	5.13		$	4.29		$	5.31		$	6.54			$	7.21
Income (Loss) from Investment Operations:
Net investment income			0.02			0.04			0.04			0.05			0.15				0.16
Net realized and unrealized gain (loss) on investments			(0.02	)		0.42			0.84			(0.96	)		(1.14	)			(0.66	)
Total from Investment Operations			—			0.46			0.88			(0.91	)		(0.99	)			(0.50	)
Less Distributions:
Distributions from net investment income			(0.02	)		(0.04	)		(0.04	)		(0.05	)		(0.18	)			(0.16	)
Dividends in excess of net investment income			—			(0.02	)		—			(0.04	)		—				—
Return of capital			—			—			—			(0.02	)		—				—
Distributions from net realized capital gains			—			—			—			—			(0.06	)			(0.01	)
Total Distributions			(0.02	)		(0.06	)		(0.04	)		(0.11	)		(0.24	)			(0.17	)
Net Asset Value, End of Period		$	5.51		$	5.53		$	5.13		$	4.29		$	5.31			$	6.54
Total Return			(0.01)%			9.09%	#		20.55%			(17.28)%			(15.18)%				(7.19)%	øø
Ratios/Supplemental Data:
Net assets, end of period (000s omitted)		$	1,395		$	1,106		$	1,431		$	1,125		$	1,316			$	122
Ratio of expenses to average net assets			1.13%	‡		1.25%			1.25%			1.26%			1.26%				1.26%	†
Ratio of net investment income to average net assets			0.91%	‡		0.71%			0.77%			1.10%			2.72%				2.63%	†
Portfolio turnover rate			3.43%			25.59%			5.69%			39.28%			12.80%				9.14%	ø
Without fee waiver and expense reimbursement:**
Ratio of expenses to average net assets			1.54%	‡		1.54%			1.48%			1.80%			2.11%				6.04%	†
Ratio of net investment income (loss) to average net assets			0.50%	‡		0.44%			0.54%			0.56%			1.86%				(2.15)%	†

See footnotes on page 44.

43

Financial Highlights (unaudited)

*	Commencement of investment operations.
**	The Manager, at its discretion, reimbursed certain expenses and waived management fees for the periods presented (Note 3).
†	In computing the ratios of expenses and net investment income to average net assets, income and expenses, other than organization expenses are annualized. Organization expenses are not annualized because they were a one-time expense incurred at the Series’ commencement of investment operations.
††	Commencement of issuance of shares.
#	Excluding the effect of the payments to certain of the underlying Seligman Funds received from the Manager (Note 7), total return would have been as follows:

Time Horizon 30 Fund			Time Horizon 20 Fund			Time Horizon 10 Fund			Harvester Fund
Class A	15.43	%	Class A	15.30	%	Class A	12.77	%	Class A	9.89	%
Class B	14.41		Class B	14.35		Class B	12.09		Class B	9.08
Class C	14.41		Class C	14.35		Class C	12.09		Class C	9.08
Class D	14.41		Class D	14.35		Class D	12.09		Class D	9.08

ø

For the period 1/10/00 to 12/31/01.

øø

The total return shown for each Class of shares from commencement of investment operations/issuance of shares to 12/31/00, is calculated from the later of the respective Fund’s commencement of investment operations date (1/10/00) or the initial issuance date of shares of the Class. The total returns for Class A shares were calculated from the commencement of investment operations date. Class B, C and D shares of the Fund were offered to the public on the commencement of investment operations date, but were first issued on the respective dates shown in the table. If shares of each Class had been issued on the commencement of investment operations date, the total returns for each Class would have been as follows:

Time Horizon 30 Fund			Time Horizon 20 Fund			Time Horizon 10 Fund			Harvester Fund
Class A	(12.18	)%	Class A	(8.83	)%	Class A	(7.02	)%	Class A	(4.99	)%
Class B	(12.53	)	Class B	(9.46	)	Class B	(7.78	)	Class B	(5.87	)
Class C	(12.77	)	Class C	(9.69	)	Class C	(7.64	)	Class C	(5.98	)
Class D	(12.76	)	Class D	(9.68	)	Class D	(7.90	)	Class D	(5.97	)

	These total returns have been computed from the commencement of investment operations date and incorporate the total return of Class A shares of the Fund from the commencement of investment operations date through the initial issuance dates of each of the other classes of shares, adjusted to reflect the higher expenses associated with the Administration, Shareholder Services and Distribution Plan for those classes that would have been incurred had they first been issued on the commencement of investment operations date.
‡	Annualized.
‡‡	Less than + or – $0.01 per share.
See Notes to Financial Statements.

44

Board of Directors

Robert B. Catell 2, 3		Leroy C. Richie 1, 3
•	Chairman, Chief Executive Officer and Director,	•	Chairman and Chief Executive Officer,
	KeySpan Corporation		Q Standards Worldwide, Inc.
John R. Galvin 1, 3		•	Director, Kerr-McGee Corporation
•	Dean Emeritus,	Robert L. Shafer 2, 3
	Fletcher School of Law and Diplomacy at Tufts
	University	•	Ambassador and Permanent Observer of the
			Sovereign Military Order of Malta to the
			United Nations
Alice S. Ilchman 2, 3
		James N. Whitson 1, 3
•	President Emerita, Sarah Lawrence College
•	Director, Jeannette K. Watson Summer	•	Retired Executive Vice President and Chief
	Fellowship		Operating Officer, Sammons Enterprises, Inc.
•	Trustee, Committee for Economic Development	•	Director, CommScope, Inc.
Frank A. McPherson 2, 3		Brian T. Zino
•	Retired Chairman of the Board and Chief	•	Director and President,
	Executive Officer, Kerr-McGee Corporation		J. & W. Seligman & Co. Incorporated
•	Director, ConocoPhillips	•	Chairman, Seligman Data Corp.
•	Director, Integris Health	•	Director, ICI Mutual Insurance Company
		•	Member of the Board of Governors,
Betsy S. Michel 1, 3			Investment Company Institute
•	Trustee, The Geraldine R. Dodge Foundation
William C. Morris		Member:		1	Audit Committee
				2	Director Nominating Committee
•	Chairman, J. & W. Seligman & Co. Incorporated			3	Board Operations Committee
•	Chairman, Carbo Ceramics Inc.

Executive Officers

William C. Morris	Thomas G. Rose
Chairman	Vice President
Brian T. Zino	Lawrence P. Vogel
President and Chief Executive Officer	Vice President and Treasurer
Eleanor T.M. Hoagland	Frank J. Nasta
Vice President and Chief Compliance Officer	Secretary
Charles W. Kadlec
Vice President

45

Additional Fund Information

Quarterly Schedule of Investments

A complete schedule 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 to shareholders (i) without charge, upon request, by calling toll-free (800) 221-2450 in the US or collect (212) 682-7600 outside the US or (ii) on the SEC’s website at www.sec.gov. 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 the Fund’s Form N-Q is also made available to shareholders 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) 221-2450 in the US or collect (212) 682-7600 outside the US and (ii) on the SEC’s website at www.sec.gov . ²

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 Time Horizon/Harvester Series, Inc., which contains information about the investment objectives, risks, charges, and expenses of the Fund, each of which should be considered carefully before investing. The prospectus, which contains information about these factors, should be read carefully before investing or sending money.

1.
	This reference to Seligman’s website is an inactive textual reference and information contained in or otherwise accessible through Seligman’s website does not form a part of this report or the Funds’ prospectus.
2.
	Information for each new 12-month period ending June 30 will be available no later than August 31 of that year.

THF3 6/05

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.

         The Board of Directors of the Registrant has a adopted a Nominating
Committee Charter which provides that the Nominating Committee (the "Committee")
may consider and evaluate nominee candidates properly submitted by shareholders
if a vacancy among the Independent Directors of the Registrant occurs and if,
based on the Board's then current size, composition and structure, the Committee
determines that the vacancy should be filled. The Committee will consider
candidates submitted by shareholders on the same basis as it considers and
evaluates candidates recommended by other sources. A copy of the qualifications
and procedures that must be met or followed by shareholders to properly submit a
nominee candidate to the Committee may be obtained by submitting a request in
writing to the Secretary of the Registrant.

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 TIME HORIZON/HARVESTER SERIES, INC.



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

Date:    September 7, 2005

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:    September 7, 2005


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

Date:    September 7, 2005






SELIGMAN TIME HORIZON/HARVESTER SERIES, INC.


EXHIBIT INDEX

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

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