Supplement, dated October 10, 2001, to the Prospectus, dated May 1, 2001,
                                       of
              Seligman High-Yield Bond Portfolio (the "Portfolio"),
                a series of Seligman Portfolio, Inc. (the "Fund")

     The  following  supersedes  and replaces the  information  set forth in the
fourth  paragraph  on page  P-26 of the  Fund's  Prospectus  under  the  caption
"Seligman High-Yield Bond Portfolio - Principal Investment Strategies."

     The   Portfolio   uses  an   investment   style  that   combines   top-down
macro-economic  analysis  with  bottom-up  fundamental  research  of  individual
companies.  The investment manager looks to identify sectors and industries that
it believes offer good  investment  opportunities,  and uses extensive  in-depth
research to identify  companies it believes are attractive  within those sectors
and  industries.  The  investment  manager  also  looks at the  particular  bond
characteristics of the securities considered for purchase,  e.g., the ability to
"put"  the bonds  back to the  issuer  under  certain  circumstances,  financial
requirements  that the  issuer  is  required  to  maintain  or other  terms  the
investment  manager  considers  favorable.  The  investment  manager  looks at a
variety  of  factors  when  making  sector and  industry  allocation  decisions,
including:

o    The  effect  of  the  interest-rate  environment  on  various  sectors  and
     industries

o    Potential for corporate earnings growth

o    The sector or industry contribution to GDP

o    Historical and anticipated default rates

In selecting  individual  securities,  the investment  manager looks to identify
companies that it believes display one or more of the following:

o    Strong operating cash flow and margins

o    Improving financial ratios (i.e., creditworthiness)

o    Leadership in market share or other competitive advantage

o    Superior management

o    Attractive relative pricing

     The  following  supersedes  and replaces the  information  set forth on the
bottom  of page  P-28 of the  Fund's  Prospectus  under  the  caption  "Seligman
High-Yield Bond Portfolio - Portfolio Management."

     The Portfolio is managed by Seligman's  High-Yield Team, which is headed by
Kendall C.  Peterson.  Mr.  Peterson,  a Managing  Director of Seligman and Vice
President of the Fund,  has been  Portfolio  Manager since  joining  Seligman in
September 2001. Mr.  Peterson also manages  Seligman  High-Yield Bond Series,  a
series of Seligman High Income Fund Series.

     Before  joining  Seligman,  Mr.  Peterson was Vice  President and Portfolio
Manager and Desk Head for High Yield Mutual Funds with  Fortis,  Inc.  From 1985
through 1999, Mr. Peterson served in a variety of capacities with The Prudential
Insurance Company of America,  the last six years of which he was Vice President
and Portfolio Manager for High Yield Mutual Funds.


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