Supplement, dated October 3, 1996, to the prospectus, dated May 1, 1996 of
                     Seligman Portfolios, Inc. (the "Fund")


             THIS SUPPLEMENT SUPERSEDES AND REPLACES THE PROSPECTUS
                         SUPPLEMENT DATED JULY 30, 1996.

         At a Special  Meeting of  Shareholders  held on September 30, 1996, the
shareholders  approved  a  change  in the  investment  objective  of the  Fund's
Seligman  Henderson  Global  Portfolio (the "Global  Portfolio")  from that of a
"global" fund to that of an  "international"  fund.  Therefore,  the  investment
objective  of the  Global  Portfolio  has  been  changed  to  long-term  capital
appreciation  primarily through  international  investments  (rather than global
investments)  in  securities  of medium to  large-sized  companies.  The  Global
Portfolio's  former policy of investing at least 65% of its assets in securities
of issuers  located in at least three different  countries,  one of which may be
the U.S.,  has been  changed to a policy  that the Global  Portfolio  invests at
least 65% of its  assets in  securities  of issuers  located  in at least  three
different countries, not including the U.S.

         In connection with shareholder approval of the foregoing,  the Board of
Directors has approved a change in the name of the Global Portfolio to "Seligman
Henderson  International  Portfolio" in order to more accurately reflect its new
investment objective.




         The Board of  Directors  of the Fund has also  approved a change in the
name of the  "Seligman  Fixed Income  Securities  Portfolio"  to "Seligman  Bond
Portfolio." This change has been made to avoid investor confusion with the Fixed
Account option offered in connection with certain variable annuity contracts for
which the Fund is the underlying investment medium.




       Odette Galli and Rodney Collins have joined Charles C. Smith,  Jr. as
Co-Portfolio  Managers of the Fund's Seligman  Common Stock  Portfolio and 
Seligman  Income  Portfolio,  receptively.  Stacey G. Navin will no longer be
serving as Co-Portfolio Manager of these portfolios.

         Ms.  Galli  is a  Vice  President,  Investment  Officer  of  J.  & W. 
Seligman  & Co.  Incorporated  (the "Manager"),  a position  she has held since
joining the Manager in 1993.  Prior to 1993,  Ms.  Galli  worked as an equity  
research  analyst  for Morgan  Stanley & Co..  Ms.  Galli will also be serving 
as  Co-Portfolio  Manager of Seligman Common Stock Fund, Inc. and 
Tri-Continental Corporation.

         Mr. Collins is a Vice President,  Investment  Officer of the Manager. 
He joined the Manager in 1992 as an investment associate.  Mr. Collins will also
be serving as Co-Portfolio Manager of Seligman Income Fund, Inc.


RVAS-10/96