<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 1031594
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SELIGMAN VALUE FUND SERIES, INC.
001 B000000 811-08031
001 C000000 2128501864
002 A000000 100 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SELIGMAN LARGE-CAP VALUE FUND
007 C030100 N
007 C010200 2
007 C020200 SELIGMAN SMALL-CAP VALUE FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 J.& W. SELIGMAN & CO., INC.
008 B00AA01 A
008 C00AA01 801-15798
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
011 A00AA01 SELIGMAN FINANCIAL SERVICES, INC.
011 B00AA01 8-25845
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10017
012 A00AA01 SELIGMAN DATA CORP.
012 B00AA01 84-1895
012 C01AA01 NEW YORK
012 C02AA01 NY
<PAGE> PAGE 2
012 C03AA01 10017
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10281
014 A00AA01 SELIGMAN SERVICES, INC.
014 B00AA01 8-47717
015 A00AA01 INVESTORS FIDUCIARY TRUST CO.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
015 C04AA01 1716
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 50
019 C00AA00 JWSELIGMAN
020 A000001 WEEDEN & CO., L.P.
020 B000001 13-3364318
020 C000001 41
020 A000002 BRIDGE TRADING CO.
020 B000002 43-1450530
020 C000002 39
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000003 13-5674085
020 C000003 35
020 A000004 BROWN (ALEX) & SONS INC.
020 B000004 52-1319768
020 C000004 31
020 A000005 INSTINET CORP.
020 B000005 13-3443395
020 C000005 26
020 A000006 SCOTT & STRINGFELLOW, INC.
020 B000006 54-0957557
020 C000006 25
020 A000007 STANDARD & POOR'S SECURITIES, INC.
020 B000007 13-2671951
020 C000007 18
020 A000008 MONTGOMERY SECURITIES
020 B000008 94-1701676
020 C000008 17
020 A000009 SMITH BARNEY INC.
020 B000009 13-1912900
020 C000009 17
020 A000010 CREDIT SUISSE FIRST BOSTON CORP.
020 B000010 13-5659485
020 C000010 14
021 000000 414
022 A000001 HSBC SECURITIES
022 B000001 13-2650272
<PAGE> PAGE 3
022 C000001 494635
022 D000001 0
022 A000002 CANADIAN IMPERIAL BK OF COMMERCE-GRAND CAYMAN
022 B000002 13-1942440
022 C000002 101650
022 D000002 0
022 A000003 NATWEST SECURITIES CORP.
022 B000003 13-5634601
022 C000003 20100
022 D000003 0
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004 11875
022 D000004 0
022 A000005 FIRST NATIONAL BANK OF CHICAGO-GRAND CAYMAN
022 B000005 36-0899825
022 C000005 9600
022 D000005 0
022 A000006 REPUBLIC NATIONAL BK OF NEW YORK-GRAND CAYMAN
022 B000006 13-2774726
022 C000006 7818
022 D000006 1149
022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
022 C000007 8498
022 D000007 0
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008 4368
022 D000008 1601
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000009 13-5674085
022 C000009 5437
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022 A000010 SMITH BARNEY INC.
022 B000010 13-1912900
022 C000010 5358
022 D000010 0
023 C000000 752134
023 D000000 4620
024 00AA00 N
026 A000000 Y
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<PAGE> PAGE 4
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
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077 A000000 Y
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<PAGE> PAGE 5
077 Q010000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 22000
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 A020100 Y
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
070 E020200 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
SIGNATURE THOMAS G. ROSE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> SELIGMAN LARGE-CAP VALUE FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-25-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 47489
<INVESTMENTS-AT-VALUE> 50672
<RECEIVABLES> 811
<ASSETS-OTHER> 53
<OTHER-ITEMS-ASSETS> 54
<TOTAL-ASSETS> 51590
<PAYABLE-FOR-SECURITIES> 360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 243
<TOTAL-LIABILITIES> 603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46968
<SHARES-COMMON-STOCK> 2608<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 824
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3183
<NET-ASSETS> 23699<F1>
<DIVIDEND-INCOME> 172<F1>
<INTEREST-INCOME> 13<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (132)<F1>
<NET-INVESTMENT-INCOME> 53<F1>
<REALIZED-GAINS-CURRENT> 1396
<APPREC-INCREASE-CURRENT> 3183
<NET-CHANGE-FROM-OPS> 4613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22)<F1>
<DISTRIBUTIONS-OF-GAINS> (269)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2762<F1>
<NUMBER-OF-SHARES-REDEEMED> (185)<F1>
<SHARES-REINVESTED> 31<F1>
<NET-CHANGE-IN-ASSETS> 50987
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 186<F1>
<AVERAGE-NET-ASSETS> 13055<F1>
<PER-SHARE-NAV-BEGIN> 7.14<F1>
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> 2.06<F1>
<PER-SHARE-DIVIDEND> (.01)<F1>
<PER-SHARE-DISTRIBUTIONS> (.13)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.09<F1>
<EXPENSE-RATIO> 1.47<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS A ONLY. ALL OTHER DATA ARE FUND LEVEL.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> SELIGMAN LARGE-CAP VALUE FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-25-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 47489
<INVESTMENTS-AT-VALUE> 50672
<RECEIVABLES> 811
<ASSETS-OTHER> 53
<OTHER-ITEMS-ASSETS> 54
<TOTAL-ASSETS> 51590
<PAYABLE-FOR-SECURITIES> 360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 243
<TOTAL-LIABILITIES> 603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46968
<SHARES-COMMON-STOCK> 1872<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 824
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<NET-ASSETS> 16930<F1>
<DIVIDEND-INCOME> 116<F1>
<INTEREST-INCOME> 7<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (135)<F1>
<NET-INVESTMENT-INCOME> (12)<F1>
<REALIZED-GAINS-CURRENT> 1396
<APPREC-INCREASE-CURRENT> 3183
<NET-CHANGE-FROM-OPS> 4613
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<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (188)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1974<F1>
<NUMBER-OF-SHARES-REDEEMED> (122)<F1>
<SHARES-REINVESTED> 20<F1>
<NET-CHANGE-IN-ASSETS> 50987
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 172<F1>
<AVERAGE-NET-ASSETS> 8747<F1>
<PER-SHARE-NAV-BEGIN> 7.14<F1>
<PER-SHARE-NII> (.01)<F1>
<PER-SHARE-GAIN-APPREC> 2.04<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.13)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.04<F1>
<EXPENSE-RATIO> 2.25<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS B ONLY. ALL OTHER DATA ARE FUND LEVEL.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 014
<NAME> SELIGMAN LARGE-CAP VALUE FUND CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-25-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 47489
<INVESTMENTS-AT-VALUE> 50672
<RECEIVABLES> 811
<ASSETS-OTHER> 53
<OTHER-ITEMS-ASSETS> 54
<TOTAL-ASSETS> 51590
<PAYABLE-FOR-SECURITIES> 360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 243
<TOTAL-LIABILITIES> 603
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46968
<SHARES-COMMON-STOCK> 1146<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 824
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3183
<NET-ASSETS> 10358<F1>
<DIVIDEND-INCOME> 67<F1>
<INTEREST-INCOME> 4<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (78)<F1>
<NET-INVESTMENT-INCOME> (7)<F1>
<REALIZED-GAINS-CURRENT> 1396
<APPREC-INCREASE-CURRENT> 3183
<NET-CHANGE-FROM-OPS> 4613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (115)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1308<F1>
<NUMBER-OF-SHARES-REDEEMED> (175)<F1>
<SHARES-REINVESTED> 13<F1>
<NET-CHANGE-IN-ASSETS> 50987
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 98<F1>
<AVERAGE-NET-ASSETS> 5038<F1>
<PER-SHARE-NAV-BEGIN> 7.14<F1>
<PER-SHARE-NII> (.01)<F1>
<PER-SHARE-GAIN-APPREC> 2.04<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.13)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.04<F1>
<EXPENSE-RATIO> 2.25<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS D ONLY. ALL OTHER DATA ARE FUND LEVEL.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> SELIGMAN SMALL-CAP VALUE FUND CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-25-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 225122
<INVESTMENTS-AT-VALUE> 240618
<RECEIVABLES> 1614
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 85
<TOTAL-ASSETS> 242317
<PAYABLE-FOR-SECURITIES> 1783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1334
<TOTAL-LIABILITIES> 3117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223067
<SHARES-COMMON-STOCK> 8992<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15496
<NET-ASSETS> 87510<F1>
<DIVIDEND-INCOME> 193<F1>
<INTEREST-INCOME> 44<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (588)<F1>
<NET-INVESTMENT-INCOME> (351)<F1>
<REALIZED-GAINS-CURRENT> 2092
<APPREC-INCREASE-CURRENT> 15496
<NET-CHANGE-FROM-OPS> 16290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (58)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 9667<F1>
<NUMBER-OF-SHARES-REDEEMED> (681)<F1>
<SHARES-REINVESTED> 6<F1>
<NET-CHANGE-IN-ASSETS> 239200
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 588<F1>
<AVERAGE-NET-ASSETS> 45745<F1>
<PER-SHARE-NAV-BEGIN> 7.14<F1>
<PER-SHARE-NII> (.07)<F1>
<PER-SHARE-GAIN-APPREC> 2.67<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.01)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.73<F1>
<EXPENSE-RATIO> 1.87<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS A ONLY. ALL OTHER DATA ARE FUND LEVEL.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> SELIGMAN SMALL-CAP VALUE FUND CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-25-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 225122
<INVESTMENTS-AT-VALUE> 240618
<RECEIVABLES> 1614
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 85
<TOTAL-ASSETS> 242317
<PAYABLE-FOR-SECURITIES> 1783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1334
<TOTAL-LIABILITIES> 3117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223067
<SHARES-COMMON-STOCK> 9118<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15496
<NET-ASSETS> 88330<F1>
<DIVIDEND-INCOME> 180<F1>
<INTEREST-INCOME> 41<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (772)<F1>
<NET-INVESTMENT-INCOME> (551)<F1>
<REALIZED-GAINS-CURRENT> 2092
<APPREC-INCREASE-CURRENT> 15496
<NET-CHANGE-FROM-OPS> 16290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (58)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 9438<F1>
<NUMBER-OF-SHARES-REDEEMED> (326)<F1>
<SHARES-REINVESTED> 6<F1>
<NET-CHANGE-IN-ASSETS> 239200
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 294<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 772<F1>
<AVERAGE-NET-ASSETS> 42721<F1>
<PER-SHARE-NAV-BEGIN> 7.14<F1>
<PER-SHARE-NII> (.11)<F1>
<PER-SHARE-GAIN-APPREC> 2.67<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.01)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.69<F1>
<EXPENSE-RATIO> 2.63<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS B ONLY. ALL OTHER DATA ARE FUND LEVEL.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 024
<NAME> SELIGMAN SMALL-CAP VALUE FUND CLASS D
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-25-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 225122
<INVESTMENTS-AT-VALUE> 240618
<RECEIVABLES> 1614
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 85
<TOTAL-ASSETS> 242317
<PAYABLE-FOR-SECURITIES> 1783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1334
<TOTAL-LIABILITIES> 3117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 223067
<SHARES-COMMON-STOCK> 6539<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15496
<NET-ASSETS> 63360<F1>
<DIVIDEND-INCOME> 130<F1>
<INTEREST-INCOME> 28<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (554)<F1>
<NET-INVESTMENT-INCOME> (396)<F1>
<REALIZED-GAINS-CURRENT> 2092
<APPREC-INCREASE-CURRENT> 15496
<NET-CHANGE-FROM-OPS> 16290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> (41)<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 7093<F1>
<NUMBER-OF-SHARES-REDEEMED> (558)<F1>
<SHARES-REINVESTED> 4<F1>
<NET-CHANGE-IN-ASSETS> 239200
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 211<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 554<F1>
<AVERAGE-NET-ASSETS> 30660<F1>
<PER-SHARE-NAV-BEGIN> 7.14<F1>
<PER-SHARE-NII> (.11)<F1>
<PER-SHARE-GAIN-APPREC> 2.67<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> (.01)<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.69<F1>
<EXPENSE-RATIO> 2.63<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS D ONLY. ALL OTHER DATA ARE FUND LEVEL.
</FN>
</TABLE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors Seligman Value Fund Series,Inc.
In planning and performing our audit of the financial statements of Seligman
Value Fund Series, Inc. (the "Company") (including the Small-Cap Value Fund and
Large-Cap Value Fund) for the year ended December 31, 1997 (on which we have
issued our reports dated January 30, 1998), we considered its internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and not
to provide assurance on the Company's internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may be become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the Company's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Company's
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of management, the
Board of Directors of Seligman Value Fund Series, Inc., and the Securities and
Exchange Commission.
/s/Deloitte & Touche LLP January 30, 1998
---------------------
