Supplement, dated October 13, 2004, to the
                         Prospectuses, dated May 3, 2004
                    of Seligman Portfolios, Inc. (the "Fund")
                                on behalf of its
                   Small-Cap Value Portfolio (the "Portfolio")


      On September 16, 2004, the Board of Directors of the Fund approved (i) a
change to the Portfolio's principal investment strategies to permit the
Portfolio to invest generally at least 80% of its net assets in "value"
companies with market capitalizations of $3 billion or less as compared to the
current limit of up to $2 billion and (ii) changing the name of the Portfolio
from "Small-Cap Value Portfolio" to "Smaller-Cap Value Portfolio." As a result,
effective January 1, 2005, the following changes will be made to each Prospectus
of the Fund:

      All references in the Prospectuses to "Seligman Small-Cap Value Portfolio"
are hereby deleted and replaced with "Seligman Smaller-Cap Value Portfolio."

      On page 52 of the Fund's Prospectus (page 1 in the case of the
Prospectuses relating to the Portfolio's Class 1 and 2 shares), the second
paragraph under the caption "Principal Investment Strategies" is hereby deleted
in its entirety and replaced with the following:

      The Portfolio generally invests at least 80% of its net assets in the
      common stock of "value" companies with smaller market capitalizations ($3
      billion or less) at the time of purchase by the Portfolio.


                   Supplement, dated October 13, 2004, to the
             Statement of Additional Information, dated May 3, 2004
                    of Seligman Portfolios, Inc. (the "Fund")
                                on behalf of its
                   Small-Cap Value Portfolio (the "Portfolio")


         Effective January 1, 2005, the following change will be made to the
Fund's Statement of Additional Information:

         All references in the Statement of Additional Information to the
"Small-Cap Value Portfolio" or "Seligman Small-Cap Value Portfolio" are hereby
deleted and replaced with "Smaller-Cap Value Portfolio" or "Seligman Smaller-Cap
Value Portfolio," respectively.