SELIGMAN PORTFOLIOS INC/NY, 485APOS, 2000-02-09

SELIGMAN PORTFOLIOS INC/NY
485APOS, 2000-02-09

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FILE NO. 33-15253
811-5221

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

- --------------------------------------------------------------------------------

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [x]

Pre-effective Amendment No. ___ [ ]

Post-effective Amendment No. 26 [x]

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]

Amendment No. 28 [x]
- --------------------------------------------------------------------------------

SELIGMAN PORTFOLIOS, INC.
(Exact name of registrant as specified in charter)

- --------------------------------------------------------------------------------

100 PARK AVENUE, NEW YORK, NEW YORK 10017
(Address of principal executive offices)

- --------------------------------------------------------------------------------

Registrant's Telephone Number: 212-850-1864 or
Toll Free: 800-221-2450

- --------------------------------------------------------------------------------

THOMAS G. ROSE, Treasurer
100 Park Avenue
New York, New York 10017
(Name and address of agent for service)

- --------------------------------------------------------------------------------
It is proposed that this filing will become effective (check appropriate box)

[ ] immediately upon filing pursuant to [ ] on (date) pursuant to paragraph
paragraph (b) (a)(1)

[ ] on (date) pursuant to paragraph (b) [ ] 75 days after filing pursuant to
paragraph (a)(2)

[x] 60 days after filing pursuant to [ ] on (date) pursuant to paragraph
paragraph (a)(1) (a)(2) of rule 485.

[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

<PAGE>

SELIGMAN
------------------
PORTFOLIOS, INC. PORTFOLIOS, INC.

SELIGMAN
BOND PORTFOLIO

The Securities and Exchange Commission has neither approved nor disapproved this
Fund, and it has not determined the prospectus to be accurate or adequate. Any
representation to the contrary is a criminal offense.

An investment in this Fund or any other fund cannot provide a complete
investment program. The suitability of an investment in the Portfolio should be
considered based on the investment objective, strategies and risks described in
this Prospectus, considered in light of all of the other investments in your
portfolio, as well as your risk tolerance, financial goals and time horizons. We
recommend that you consult your financial advisor to determine if this Portfolio
is suitable for you.

PROSPECTUS

, 2000

----------

Seeking Favorable

Current Income

Through Investments

In Fixed-Income

Securities

managed by

[LOGO]
J. & W. SELIGMAN & CO.

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPB1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund ............................ P-1
Investment Objective ............................ P-1
Principal Investment Strategies ................. P-1
Principal Risks ................................. P-2
Past Performance ................................ P-3
Management of the Fund .......................... P-4

Shareholder Information
Pricing of Fund Shares .......................... P-5
How to Purchase and Sell Shares ................. P-5
Dividends and Capital Gain Distributions ........ P-6
Taxes ........................................... P-6

Financial Highlights .................................. P-7

For More Information .................................. back cover

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Bond Portfolio (the Portfolio).
The Portfolio is offering its shares only to separate accounts (Accounts) of
participating insurance companies to fund benefits of variable annuity contracts
(Contracts). The Accounts may invest in shares of the Portfolio in accordance
with allocation instructions received from the owners of the Contracts. Such
allocations rights and information on how to purchase or surrender a Contract,
as well as sales charges and other expenses imposed by the Contracts on their
owners, are further described in the separate prospectuses and disclosure
documents issued by the participating insurance companies and accompanying this
Prospectus. The Fund reserves the right to reject any order for the purchase of
shares of the Portfolio.

The Portfolio offers two classes of shares: Class 1 shares and Class 2 shares.
This Prospectus offers only Class 1 shares and is for use with Accounts that
make Class 1 shares available to Contract owners.

INVESTMENT OBJECTIVE

The Portfolio's objective is favorable current income.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

Generally, the Portfolio invests in fixed-income securities, diversified among a
number of market sectors. The Portfolio has a fundamental policy that at least
80% of the Portfolio's assets will be invested in securities that are rated
investment-grade when purchased by the Portfolio. The Portfolio may invest in
securities of any duration. Capital appreciation is a secondary consideration in
selecting securities for purchase by the Portfolio.

The Portfolio may invest in corporate debt securities (including bonds and
debentures convertible into common stock or with rights and warrants),
securities issued or guaranteed by the US Treasury, its agencies or
instrumentalities, mortgage-backed securities (including collateralized mortgage
obligations and mortgage pass-through securities), and high-grade money market
instruments. The Portfolio may also hold or sell any securities obtained through
the exercise of conversion rights or warrants, or as a result of a
reorganization, recapitalization, or liquidation proceeding of any issuer of
securities owned by the Portfolio.

The Portfolio's investment approach combines macro analysis of the fixed-income
market with fundamental research into individual securities, customized by
market sector. This means that the investment manager considers the trends in
the fixed-income market and evaluates the long-term trends in interest rates,
and then selects individual securities for the Portfolio based on its evaluation
of each security's particular characteristics (for example, duration, yield,
quality, relative value). The average maturity of the Portfolio will vary in
response to what the investment manager believes to be the long-term trend in
interest rates. Generally, if rates are trending up, the Portfolio will tend to
hold securities with shorter maturities. If rates are trending down, the
Portfolio will tend to hold securities with longer maturities. Additionally, the
Portfolio's concentration in any particular market sector and the Portfolio's
individual security holdings will vary depending on the investment manager's
view of the relative value offered by certain sectors, as well as specific
securities within those sectors.

In selecting individual securities for purchase by the Portfolio, the investment
manager will seek to identify securities of various market sectors that it
believes offer better total return opportunities.

The Portfolio generally sells securities when the investment manager believes
that the direction of long-term interest rates is changing, better opportunities
exist in the market, or yield spreads (i.e., the yields offered on different
securities) have become too narrow to justify the added volatility of long-term
securities (which generally offer higher yields), or when the Portfolio must
meet cash requirements.

P-1

<PAGE>

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold), and may invest up to 10% of its
total assets directly in foreign securities. The Portfolio may purchase
securities on a when-issued or forward commitment basis (delivery of securities
and payment of the purchase price takes place after the commitment to purchase
the securities). The Portfolio generally does not invest a significant amount,
if any, in illiquid or foreign securities.

The Portfolio may change its principal strategies, except for stated fundamental
policies, if the Fund's Board of Directors believes doing so is consistent with
the Portfolio's objective. The Portfolio's objective and any fundamental
policies may be changed only with shareholder approval. If a change of objective
or fundamental policies is proposed, Contract owners will be asked to give
voting instructions to the participating insurance companies.

The Portfolio may, from time to time, take temporary defensive positions that
are inconsistent with its principal strategies in seeking to minimize extreme
volatility caused by adverse market, economic, or other conditions. This could
prevent the Portfolio from achieving its objective.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The value of your investment in the Portfolio will fluctuate with fluctuations
in the value of the securities held by the Portfolio. The principal factors that
may affect the value of the Portfolio's securities holdings are changes in
interest rates and the credit worthiness of the issuers of securities held by
the Portfolio.

INTEREST RATE RISK. Changes in market interest rates will affect the value of
securities held by the Portfolio. The Portfolio invests mostly in fixed-income
securities. In general, the market value of fixed-income securities moves in the
opposite direction of interest rates: the market value decreases when interest
rates rise and increases when interest rates fall. The Portfolio's net asset
value per share generally moves in the same direction as the market value of the
securities it holds. Therefore, if interest rates rise, you should expect the
Portfolio's net asset value per share to fall, and if interest rates fall, the
Portfolio's net asset value should rise.

Long-term securities are generally more sensitive to changes in interest rates,
and, therefore, are subject to a greater degree of market price volatility. To
the extent the Portfolio holds long-term securities, its net asset value will be
subject to a greater degree of fluctuation than if it held securities of shorter
duration.

CREDIT RISK. A fixed-income security could deteriorate in quality to such an
extent that its rating is downgraded or its market value declines relative to
comparable securities. Credit risk also includes the risk that an issuer of a
debt security would be unable to make interest and principal payments. To the
extent the Portfolio holds securities that have been downgraded, or that default
on payment, its performance could be negatively affected.

While the Portfolio is required to invest a majority of its assets in securities
rated investment-grade on the date of purchase, there is no guarantee that these
securities are free from credit risk. Ratings by Moody's Investors Service and
Standard & Poor's Ratings Services, are generally accepted measures of credit
risk. However, these ratings are subject to certain limitations. The rating of
an issuer is based heavily on past developments and does not necessarily reflect
probable future conditions. Ratings also are not updated continuously.

Fixed-income securities, like those in which the Portfolio invests, are traded
principally by dealers in the over-the-counter market. The Portfolio's ability
to sell securities it holds is dependent on the willingness and ability of
market participants to provide bids that reflect current market levels. Adverse
market conditions could reduce the number of ready buyers.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2

<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to two widely-used
measures of performance. How the Portfolio has performed in the past, however,
is not necessarily an indication of how it will perform in the future.

Class 1 annual total returns presented in the bar chart and average annual total
returns presented in the table do not reflect the effect of any administration
fees or sales charges imposed by the Contracts on their owners. If these
expenses were included, the returns would be lower. Both the bar chart and table
assume that all dividends and capital gain distributions were reinvested.

[The following is a table representing a bar chart of Class I Annual Total
Returns:]

CLASS I ANNUAL TOTAL RETURNS -- CALENDAR YEARS

1990 ........................ 6.14%
1991 ........................ 14.58%
1992 ........................ 5.60%
1993 ........................ 7.98%
1994 ........................ -3.39%
1995 ........................ 19.18%
1996 ........................ 0.09%
1997 ........................ 8.98%
1998 ........................ 8.20%
1999 ........................

Best quarter return: % - quarter ended
Worst quarter return: -% - quarter ended

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
------- ------- -------
<S> <C> <C> <C>
Seligman Bond Portfolio ............................ -4.48% 6.09% 6.05%
Lehman Brothers Government Bond Index .............. -2.24 7.44 7.48
Lipper Corporate Debt BBB-Rated Funds Average ...... -1.69 7.78 7.87
</TABLE>

The Lehman Brothers Government Bond Index and the Lipper Corporate Debt
BBB-Rated Funds Average are unmanaged benchmarks that assume reinvestment of
dividends. The Lipper Corporate Debt BBB-Rated Funds Average excludes the effect
of sales charges and the Lehman Brothers Government BondIndex excludes the
effect of fees and sales charges.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

J. & W. Seligman & Co. Incorporated (Seligman), 100 Park Avenue, New York, New
York 10017, is the manager of the Fund. Seligman provides investment management
services for the Portfolio, including making purchases and sales of securities
for the Portfolio, consistent with the Portfolio's investment objective and
strategies, and administers the Portfolio's business and other affairs.

Established in 1864, Seligman currently serves as manager to 20 US registered
investment companies, which offer more than 50 investment portfolios with
approximately $27.4 billion in assets as of December 31, 1999. Seligman also
provides investment management or advice to institutional or other accounts
having an aggregate value at December 31, 1999 of approximately $11.3 billion.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Taxable Fixed Income Team, headed by
Mr. Gary S. Zeltzer. Mr. Zeltzer joined Seligman in March 1998 as Senior Vice
President, Manager Taxable Fixed Income. He is a Vice President of the Fund and
has been a Portfolio Manager of the Portfolio since March 1998. Prior to joining
Seligman, Mr. Zeltzer was a Group Vice President and Portfolio Manager at
Schroder Capital Management from July 1979 to March 1998. Mr. Zeltzer also
manages the Cash Management Portfolio of the Fund, Seligman Cash Management
Fund, Inc. and Seligman U.S. Government Securities Series, a series of Seligman
High Income Fund Series.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

When you buy or sell shares, you do so at the Portfolio's net asset value (NAV)
next calculated after your request is received by participating insurance
companies. If your purchase or sell request is received by participating
insurance companies by the close of regular trading on the New York Stock
Exchange (NYSE) (normally 4:00 p.m. Eastern time), it will be executed at the
Portfolio's NAV calculated as of the close of regular trading on the NYSE on
that day.

If your purchase or sell request is received by participating insurance
companies after the close of regular trading on the NYSE, your request will be
executed at the Portfolio's NAV calculated as of the close of regular trading on
the next NYSE trading day.

The NAV of the Portfolio is computed each day, Monday through Friday, on days
that the NYSE is open for trading. Securities owned by the Portfolio are valued
at current market prices. If reliable market prices are unavailable, securities
are valued in accordance with procedures approved by the Fund's Board of
Directors.

HOW TO PURCHASE AND SELL SHARES

The Portfolio is offering its shares only to Accounts of participating insurance
companies to fund benefits of the Contracts. The Accounts may invest in shares
of the Portfolio in accordance with allocation instructions received from the
owners of the Contracts. Such allocations rights and information on how to
purchase or surrender a Contract, as well as sales charges and other expenses
imposed by the Contracts on their owners, are further described in the separate
prospectuses and disclosure documents issued by the participating insurance
companies and accompanying this Prospectus. The Fund reserves the right to
reject any order for the purchase of shares of the Portfolio.

An Account may sell all or any portion of the Portfolio shares that it holds at
any time at the next computed NAV per share, as described above. Portfolio
shares that are sold are entitled to any dividends that have been declared as
payable to record owners up to and including the day the sale is effected. There
is no charge. Payment of the sale price will normally be made within seven days
after receipt of such sale. In addition, the right to sell your shares may be
suspended and the date of payment of the sale price may be postponed for any
period during which the NYSE is closed (other than customary weekend and holiday
closings) or during which the Securities and Exchange Commission (SEC)
determines that trading thereon is restricted, or for any period during which an
emergency (as determined by the SEC) exists as a result of which the sale of
Portfolio shares is not reasonably practicable or as a result of which it is not
reasonably practicable for the Portfolio to fairly determine the value of its
net assets, or for such other periods as the SEC may by order permit for the
protection of shareholders.

P-5

<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

Further information regarding the tax consequences of an investment in the
Portfolio is contained in the separate prospectuses and disclosure documents
issued by the participating insurance companies and accompanying this
Prospectus.

P-6

<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. Certain information reflects financial results for a
single share of the Portfolio that was held throughout the periods shown. "Total
return" shows the rate that you would have earned (or lost) on an investment in
the Portfolio. Total returns do not reflect the effect of any administration
fees or sales charges imposed by the Contracts on their owners. Ernst & Young
llp, independent auditors, have audited this information. Their report, along
with the Portfolio's financial statements, is included in the Fund's annual
report, which is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:*
Net asset value, beginning of year.......... $10.24 $9.89 $10.44 $9.27
------ ------ ------ ------ ------
Income from investment operations:

Net investment income**................... 0.59 0.54 0.56 0.61
Net gains or losses on securities
(both realized and unrealized)......... 0.25 0.35 (0.55) 1.17
------ ------ ------ ------ ------
Total from investment operations............ 0.84 0.89 0.01 1.78
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income..... (0.59) (0.54) (0.56) (0.61)
Distributions from capital gains.......... (0.11) -- -- --
------ ------ ------ ------ ------
Total distributions......................... (0.70) (0.54) (0.56) (0.61)
------ ------ ------ ------ ------
Net asset value, end of year................ $10.38 $10.24 $ 9.89 $10.44
====== ====== ====== ====== ======
TOTAL RETURN: 8.20% 8.98% 0.09% 19.18%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)...... $7,320 $7,232 $5,015 $4,497
Ratio of expenses to average net assets**... 0.60% 0.60% 0.60% 0.60%
Ratio of net income to average
net assets**............................. 5.58% 6.22% 5.97% 6.22%
Portfolio turnover rate .................... 73.31% 170.12% 199.74% 114.42%
</TABLE>

- --------------

* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these waivers and/or reimbursements. There is
no assurance that Seligman will continue this policy in the future.

P-7

<PAGE>

FOR MORE INFORMATION

The following information is available without charge upon request: Call
toll-free (800) 221-2783 in the US or collect (212) 850-1864 outside the US. You
may also call these numbers to request other information about the Fund or to
make shareholder inquiries.

STATEMENT OF ADDITIONAL INFORMATION (SAI) contains additional information about
the Fund. It is on file with the Securities and Exchange Commission, or SEC, and
is incorporated by reference into (is legally part of) this prospectus.

ANNUAL/SEMI-ANNUAL REPORTS contain additional information about the Portfolio's
investments. In the Fund's annual report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Portfolio's performance during its last fiscal year.

SELIGMAN ADVISORS, INC.
an affiliate of

[LOGO]
J.&.W. SELIGMAN & CO.

J.&.W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

Information about the Fund, including the SAI, can be viewed and copied at the
SEC's Public Reference Room in Washington, DC. For information about the
operation of the Public Reference Room, call (202) 942-8090. The SAI,
Annual/Semi-Annual reports and other information about the Fund are also
available on the EDGAR Database on the SEC's Internet site: http://www.sec.gov.

Copies of this information may be obtained by electronic request at the
following E-mail address: [email protected], or, upon payment of a duplicating
fee, by writing: Securities and Exchange Commission, Public Reference Section,
Washington, DC 20549-0102.

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN

------------------

PORTFOLIOS, INC.

SELIGMAN
BOND PORTFOLIO

PROSPECTUS

, 2000

------------------

Seeking Favorable

Current Income

Through Investments

In Fixed-Income

Securities

managed by

[J. & W. SELIGMAN & CO. LOGO]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPB1 5/2000 C2
<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund ............................. P-1
Investment Objective ............................. P-1
Principal Investment Strategies .................. P-1
Principal Risks .................................. P-2
Past Performance ................................. P-3
Management of the Fund ........................... P-4

Shareholder Information
Pricing of Fund Shares ........................... P-5
How to Purchase and Sell Shares .................. P-5
Shareholder Servicing Arrangements ............... P-5
Dividends and Capital Gain Distributions ......... P-6
Taxes ............................................ P-6

Financial Highlights ................................... P-7

For More Information ................................... back cover

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Bond Portfolio (the Portfolio).

The Portfolio is offering its shares only to separate accounts (Accounts) of
participating insurance companies to fund benefits of variable annuity contracts
(Contracts). The Accounts may invest in shares of the Portfolio in accordance
with allocation instructions received from the owners of the Contracts. Such
allocations rights and information on how to purchase or surrender a Contract,
as well as sales charges and other expenses imposed by the Contracts on their
owners, are further described in the separate prospectuses and disclosure
documents issued by the participating insurance companies and accompanying this
Prospectus. The Fund reserves the right to reject any order for the purchase of
shares of the Portfolio.

The Portfolio offers two classes of shares: Class 1 shares and Class 2 shares.
This Prospectus offers only Class 2 shares and is for use with Accounts that
make Class 2 shares available to Contract owners.

INVESTMENT OBJECTIVE

The Portfolio's objective is favorable current income.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

P-1
<PAGE>

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to two widely-used
measures of performance. How the Portfolio has performed in the past, however,
is not necessarily an indication of how it will perform in the future.

Total returns will vary between Class 1 shares and Class 2 shares due to
different expenses of the two Classes. Class 1 annual total returns presented in
the bar chart and average annual total returns presented in the table do not
reflect the effect of the service (12b-1) fees associated with Class 2 shares or
the effect of any administration fees or sales charges imposed by the Contracts
on their owners. If these expenses were included, the returns would be lower.
Both the bar chart and table assume that all dividends and capital gain
distributions were reinvested.

[The following is a table representing a bar chart of Class I Annual Total
Returns:]

CLASS I ANNUAL TOTAL RETURNS -- CALENDAR YEARS

Best quarter return: % - quarter ended
Worst quarter return: -% - quarter ended

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
------- ------- -------
Seligman Bond Portfolio ..................... -4.48% 6.09% 6.05%
Lehman Brothers Government Bond Index ....... -2.24 7.44 7.48
Lipper Corporate Debt BBB-Rated Funds Average -1.69 7.78 7.87

P-3

<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

P-4

<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

Under a Rule 12b-1 plan adopted by the Fund with respect to the Portfolio, Class
2 shares pay an annual shareholder servicing (12b-1) fee of up to 0.25% of
average net assets. The Portfolio pays this fee to participating insurance
companies or their affiliates for services that the participating insurance
companies provide to Contract owners. Because these 12b-1 fees are paid out of
the Portfolio's assets on an ongoing basis, over time they will increase the
cost of a Contract owner's investment.

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio. Dividends on Class 2 shares generally will be lower than the
dividends on Class 1 shares as a result of 12b-1 fees. Capital gain
distributions will be paid in the same amount for each Class.

TAXES

P-6

<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

- --------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these waivers and/or reimbursements. There is
no assurance that Seligman will continue this policy in the future.

P-7

<PAGE>

For More Information

Statement of Additional Information (SAI) contains additional information about
the Fund. It is on file with the Securities and Exchange Commission, or SEC, and
is incorporated by reference into (is legally part of) this prospectus.

Annual/Semi-Annual Reports contain additional information about the Portfolio's
investments. In the Fund's annual report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Portfolio's performance during its last fiscal year.

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[J.& W. SELIGMAN & CO. LOGO]

J.& W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
CAPITAL
PORTFOLIO

[graphic omitted]

Prospectus

, 2000

---------

SEEKING

CAPITAL APPRECIATION

BY INVESTING IN

MID-CAPITALIZATION

GROWTH STOCKS

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCA1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Capital Portfolio (the
Portfolio).

The Portfolio is offering its shares only to separate accounts
(Accounts) of participating insurance companies to fund benefits of variable
annuity contracts (Contracts). The Accounts may invest in shares of the
Portfolio in accordance with allocation instructions received from the owners of
the Contracts. Such allocations rights and information on how to purchase or
surrender a Contract, as well as sales charges and other expenses imposed by the
Contracts on their owners, are further described in the separate prospectuses
and disclosure documents issued by the participating insurance companies and
accompanying this Prospectus. The Fund reserves the right to reject any order
for the purchase of shares of the Portfolio.

INVESTMENT OBJECTIVE

The Portfolio's objective is capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

Generally, the Portfolio invests primarily in the common stock of medium-sized
US companies. The investment manager chooses common stocks for the Portfolio
using both quantitative and fundamental analysis. This means the investment
manager first screens companies for past growth in sales and earnings, as well
as a strong balance sheet (e.g., low ratio of debt to total capital). In
selecting individual securities for investment, the investment manager then
looks to identify medium-sized companies that it believes display one or more of
the following:

- -----------------------------
MEDIUM-SIZED COMPANIES:

COMPANIES WITH MARKET
CAPITALIZATIONS, AT THE TIME
OF PURCHASE BY THE PORTFOLIO,
OF BETWEEN $1 BILLION AND
$10 BILLION.
- ------------------------------

o Proven track record
o Strong management
o Multiple product lines
o Potential for improvement in overall operations (a catalyst for
growth in revenues and/or earnings)
o Positive supply and demand outlook for its industry

The investment manager also looks at the forecasted earnings of a company
considered for investment to determine if the company has the potential for
above-average growth.

The Portfolio will generally sell a stock when the investment manager believes
that the company or industry fundamentals have deteriorated or the company's
catalyst for growth is already reflected in the stock's price (i.e., the stock
is fully valued).

The Portfolio primarily invests in common stocks. However, the Portfolio may
also invest in preferred stocks, securities convertible into common stocks,
common stock rights or warrants, and debt securities if the investment manager
believes they offer capital appreciation opportunities.

P-1
<PAGE>

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold) and may invest up to 10% of its
total assets directly in foreign securities. The Portfolio generally does not
invest a significant amount, if any, in illiquid or foreign securities. The
Portfolio may borrow money from time to time to purchase securities.

The Fund's Board of Directors may change the parameters by which "medium-sized
companies" are defined if they conclude that such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Stock prices fluctuate. Therefore, as with any portfolio that invests in stocks,
the Portfolio's net asset value will fluctuate, especially in the short term.
You may experience a decline in the value of your investment and you could lose
money if you sell your shares at a price lower than you paid for them.

The Portfolio's performance may be affected by the broad investment environment
in the US or international securities markets, which is influenced by, among
other things, interest rates, inflation, politics, fiscal policy, and current
events.

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries which the investment manager believes offer good
investment opportunities. If an industry in which the Portfolio is invested
falls out of favor, the Portfolio's performance may be negatively affected.

Foreign securities or illiquid securities in the Portfolio's investment
portfolio involve higher risk and may subject the Portfolios to higher price
volatility. Investing in securities of foreign issuers involves risks not
associated with US investments, including settlement risks, currency
fluctuations, foreign taxation, differences in financial reporting practices,
and changes in political conditions.

The Portfolio may actively and frequently trade securities in its portfolio to
carry out its principal strategies. A high portfolio turnover rate increases
transaction costs which may increase the Portfolio's expenses.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS
[BAR CHART OMITTED]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ----- ------ ----- ---- ----- ------ ----- ----- ----- -----
- -3.18% 59.05% 6.80% 11.65% -4.59% 27.17% 14.51% 21.31% 22.19%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

- --------------------------------------------------------------------------------

CLASS I AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
---- ----- -----
Seligman Capital Portfolio 53.33% 27.05% 19.21%
Russell Midcap Growth Index 51.29 28.03 18.95
Lipper Mid Cap Funds Average 36.29 23.35 17.35

The Lipper Mid Cap Funds Average and the Russell Midcap Growth Index are
unmanaged benchmarks that assume reinvestment of dividends. The Lipper Mid Cap
Funds Average does not reflect sales charges and the Russell Midcap Growth Index
does not reflect fees and sales charges.

- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Global Growth Team, co-headed by Ms.
Marion S. Schultheis. Ms. Schultheis joined Seligman in May 1998 as a Managing
Director. She is a Vice President of the Fund and has been Portfolio Manager of
the Portfolio since May 1998. Prior to joining Seligman, Ms. Schultheis was a
Managing Director at Chancellor LGT from October 1997 to May 1998. Prior
thereto, she was Senior Portfolio Manager at IDS Advisory Group Inc. from August
1987 to October 1997. Ms. Schultheis also manages the Large-Cap Growth Portfolio
and co-manages the International Growth Portfolio and the Global Growth
Portfolio of the Fund; and she manages Seligman Capital Fund, Inc. and Seligman
Growth Fund, Inc. and co-manages Seligman International Growth Fund and Seligman
Global Growth Fund, each a series of Seligman Global Fund Series, Inc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Year ended December 31,
-------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>

PER SHARE DATA:*
Net asset value, beginning of year $18.10 $16.01 $14.91 $12.70
------ ------ ------ ------ ------
Income from investment operations:

Net investment income .................... 0.04 0.03 0.04 0.05
Net gains or losses on securities (both
realized and unrealized) .............. 3.89 3.35 2.12 3.39
------ ------ ------ ------ ------
Total from investment operations ........... 3.93 3.38 2.16 3.44
------ ------ ------ ------ ------
Less distributions:
Dividends (from net investment income) (0.04) (0.03) (0.04) (0.05)
Distributions from capital gains ......... (1.18) (1.26) (1.02) (1.18)
------ ------ ------ ------ ------
Total distributions ........................ (1.22) (1.29) (1.06) (1.23)
------ ------ ------ ------ ------
Net asset value, end of year ............... $20.81 $18.10 $16.01 $14.91
====== ====== ====== ====== ======
TOTAL RETURN: ............................. 22.19% 21.31% 14.51% 27.17%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands) ..... $24,141 $20,400 $14,313 $9,294
Ratio of expenses to average net assets .... 0.60% 0.60%** 0.59% 0.60%**
Ratio of net income to average net assets 0.19% 0.16%** 0.29% 0.32%**
Portfolio turnover rate .................... 130.86% 93.97% 88.78% 122.20%
</TABLE>

- ---------------

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

THE FOLLOWING INFORMATION IS AVAILABLE WITHOUT CHARGE UPON REQUEST: CALL
TOLL-FREE (800) 221-2783 IN THE US OR COLLECT (212) 850-1864 OUTSIDE THE US. YOU
MAY ALSO CALL THESE NUMBERS TO REQUEST OTHER INFORMATION ABOUT THE FUND OR TO
MAKE SHAREHOLDER INQUIRIES.

STATEMENT OF ADDITIONAL INFORMATION (SAI) CONTAINS ADDITIONAL INFORMATION ABOUT
THE FUND. IT IS ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, AND
IS INCORPORATED BY REFERENCE INTO (IS LEGALLY PART OF) THIS PROSPECTUS.

ANNUAL/SEMI-ANNUAL REPORTS CONTAIN ADDITIONAL INFORMATION ABOUT THE PORTFOLIO'S
INVESTMENTS. IN THE FUND'S ANNUAL REPORT, YOU WILL FIND A DISCUSSION OF THE
MARKET CONDITIONS AND INVESTMENT STRATEGIES THAT SIGNIFICANTLY AFFECTED THE
PORTFOLIO'S PERFORMANCE DURING ITS LAST FISCAL YEAR.

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
CAPITAL
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING

CAPITAL APPRECIATION

BY INVESTING IN

MID-CAPITALIZATION

GROWTH STOCKS

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCA1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Capital Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

- ------------------------
Medium-Sized Companies:
Companies with market
capitalizations, at the time
of purchase by the Portfolio,
of between $1 billion and
$10 billion.
- ------------------------

The investment manager also looks at the forecasted earnings of a company
considered for investment to determine if the company has the potential for
above-average growth.

P-1
<PAGE>

The Fund's Board of Directors may change the parameters by which "medium-sized
companies" are defined if they conclude that such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ----- ------ ----- ---- ----- ------ ----- ----- ----- -----
- -3.18% 59.05% 6.80% 11.65% -4.59% 27.17% 14.51% 21.31% 22.19%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

- --------------------------------------------------------------------------------

CLASS I AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
---- ----- -----
Seligman Capital Portfolio 53.33% 27.04% 19.21%
Russell Midcap Growth Index 51.29 28.03 18.95
Lipper Mid Cap Funds Average 36.29 23.35 17.35

- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------------------------------
1999 1998 1997 1996 1995
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:*
Net asset value, beginning of year.......... $18.10 $16.01 $14.91 $12.70
----- ----- ----- ----- -----
Income from investment operations:

Net investment income..................... 0.04 0.03 0.04 0.05
Net gains or losses on securities (both
realized and unrealized) 3.89 3.35 2.12 3.39
----- ----- ----- ----- -----
Total from investment operations............ 3.93 3.38 2.16 3.44
----- ----- ----- ----- -----
Less distributions:
Dividends (from net investment income)... (0.04) (0.03) (0.04) (0.05)
Distributions from capital gains.......... (1.18) (1.26) (1.02) (1.18)
----- ----- ----- ----- -----
Total distributions......................... (1.22) (1.29) (1.06) (1.23)
----- ----- ----- ----- -----
Net asset value, end of year................ $20.81 $18.10 $16.01 $14.91
===== ===== ===== ===== =====
TOTAL RETURN: 22.19% 21.31% 14.51% 27.17%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)...... $24,141 $20,400 $14,313 $9,294
Ratio of expenses to average net assets..... 0.60% 0.60%** 0.59% 0.60%**
Ratio of net income to average net assets. 0.19% 0.16%** 0.29% 0.32%**
Portfolio turnover rate .................... 130.86% 93.97% 88.78% 122.20%
</TABLE>

- ------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these waivers and/or reimbursements. There is
no assurance that Seligman will continue this policy in the future.

P-7

<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
CASH
MANAGEMENT
PORTFOLIO

PROSPECTUS

, 2000

A MONEY MARKET
PORTFOLIO SEEKING TO PRESERVE
CAPITAL AND TO MAXIMIZE
LIQUIDITY AND CURRENT INCOME

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCM1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Cash Management Portfolio (the
Portfolio).

INVESTMENT OBJECTIVES

The Portfolio's objectives are to preserve capital and to maximize liquidity and
current income.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objectives:

The Portfolio invests in US dollar-denominated high-quality money market
instruments. Such instruments include obligations of the US Treasury, its
agencies or instrumentalities, obligations of domestic and foreign banks (such
as certificates of deposit and fixed time deposits), commercial paper and
short-term corporate debt securities, and repurchase agreements with respect to
these instruments of instruments.

The Portfolio will invest only in US dollar-denominated securities having a
remaining maturity of 13 months (397) days or less and will maintain a US
dollar-weighted average portfolio maturity of 90 days or less.

In seeking to maintain a constant net asset value of $1.00, the Portfolio will
limit its investments to securities that, in accordance with guidelines approved
by the Fund's Board of Directors, present minimal credit risk. Accordingly, the
Portfolio will only purchase US Government securities or securities rated in one
of the two highest rating categories assigned to short-term debt securities by
at least two nationally recognized statistical rating organizations (such as
Moody's Investors Service (Moody's) or Standard & Poor's Ratings Services (S&P),
or if not so rated, determined to be of comparable quality).

Determination of quality is made at the time of investment, accordance with
procedures approved by the Fund's Board of Directors. The investment manager
continuously monitors the quality of the Portfolio's investments, if the quality
of an investment declines, the Portfolio may, in certain limited circumstances,
continue to hold it.

Currently, the Portfolio invests only in US Government securities and in
securities that are rated in the top category by Moody's and S&P. However, the
Portfolio is permitted to invest up to 5% of its assets in securities rated in
the second rating category by two rating organizations. The Fund may not invest
more than the greater of 1% of its total assets or $1,000,000 in any one
security in the second rating category.

There is no guarantee that the Portfolio will achieve its objectives.

P-1
<PAGE>

PRINCIPAL RISKS

An investment in the Portfolio is not a deposit in a bank and is not insured and
guaranteed by the Federal Deposit Insurance Corporate or any other government
agency. Although the Portfolio seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Portfolio.

Yield and total return of the Portfolio will fluctuate with fluctuations in the
yields of the securities held by the Portfolio. In periods of declining interest
rates, the yields of the securities held by the Portfolio will tend to be
somewhat higher than prevailing market rates, and in periods of rising interest
rates, the yields of securities held by the Portfolio will tend to be lower than
market rates. Additionally, when interest rates are falling, the inflow of new
money to the Portfolio from sales of its shares will likely be invested in
securities producing lower yields than the balance of the Portfolio's assets,
reducing the current yield of the Portfolio. In periods of rising interest
rates, the opposite may be true.

Repurchase agreements in which the Portfolio invests could involve certain risks
in the event of the default by the seller, including possible delays and
expenses in liquidating the securities underlying the agreement, decline in the
value of the underlying securities and loss of interest.

Investments in foreign banks and foreign branches of US banks involve certain
risks not generally associated with investments in USbanks. While US banks and
US branches of foreign banks are required to maintain certain reserve and are
subject to other regulations, these requirements and regulations may not apply
to foreign banks or foreign branches of US banks. Investments in foreign banks
or foreign branches may also be subject to other risks, including political or
economic developments, the seizure or nationalization of foreign deposits and
the establishments of exchange controls or other restrictions.

P-2
<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year. How the Portfolio has performed in the past, however, is
not necessarily an indication of how it will perform in the future.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----

7.79% 5.70% 3.53% 3.00% 4.03% 5.60% 5.43% 5.52% 5.42%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

- --------------------------------------------------------------------------------
CLASS I AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
---- ----- -----
5.07% 5.41% 5.10%
- --------------------------------------------------------------------------------

The Portfolio's 7-day yield as of December 31, 1999 was 5.28%.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio. For the
period ended December 31, 1999, Seligman voluntarily waived its management fee
for the Portfolio. There is no assurance that Seligman will continue this policy
in the future.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Year ended December 31,
--------------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ............................ $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------
Income from investment operations:

Net investment income** ..................................... 0.053 0.054 0.053 0.055
------ ------ ------ ------ ------
Total from investment operations .............................. 0.053 0.054 0.053 0.055
------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income ......................................... (0.053) (0.054) (0.053) (0.055)
------ ------ ------ ------ ------
Total distributions ........................................... (0.053) (0.054) (0.053) (0.055)
------ ------ ------ ------ ------
Net asset value, end of year .................................. $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ======
Total Return: ................................................. 5.42% 5.52% 5.43% 5.60%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) ........................ $10,520 $8,635 $9,755 $7,800
Ratio of expenses to average net assets** ..................... -- -- -- --
Ratio of net income to average
net assets** ................................................ 5.30% 5.39% 5.30% 5.48%
</TABLE>

- ----------
* Per share amounts are calculated based on average shares outstanding.
** Seligman waives its management fee and reimburses all expenses for the
Portfolio. These amounts reflect the effect of these waivers and/or
reimbursements. There is no assurance that Seligman will continue this
policy in the future.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
CASH
MANAGEMENT
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

A MONEY MARKET
PORTFOLIO SEEKING TO PRESERVE
CAPITAL AND TO MAXIMIZE
LIQUIDITY AND CURRENT INCOME

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCM1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

SHAREHOLDER SERVICING ARRANGEMENTS P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Cash Management Portfolio (the
Portfolio).

INVESTMENT OBJECTIVES

The Portfolio's objectives are to preserve capital and to maximize liquidity and
current income.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objectives:

There is no guarantee that the Portfolio will achieve its objectives.

P-1
<PAGE>

PRINCIPAL RISKS

P-2
<PAGE>

PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year. How the Portfolio has performed in the past, however, is
not necessarily an indication of how it will perform in the future.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
7.79% 5.70% 3.53% 3.00% 4.03% 5.60% 5.43% 5.52% 5.42%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

CLASS I AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
---- ----- -----
5.07% 5.41% 5.10%

The Portfolio's 7-day yield as of December 31, 1999 was 5.28%.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
Per Share Data:*
Net asset value, beginning of year ....................................... $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- ------- -------
Income from investment operations:

Net investment income** ................................................ 0.053 0.054 0.053 0.055
------- ------- ------- ------- -------
Total from investment operations ......................................... 0.053 0.054 0.053 0.055
------- ------- ------- ------- -------
Less distributions:
Dividends from net
investment income .................................................... (0.053) (0.054) (0.053) (0.055)
------- ------- ------- ------- -------
Total distributions ...................................................... (0.053) (0.054) (0.053) (0.055)
------- ------- ------- ------- -------
Net asset value, end of year ............................................. $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======= ======= ======= =======
Total Return: ............................................................ 5.42% 5.52% 5.43% 5.60%

Ratios/Supplemental Data:
<S> <C> <C> <C> <C> <C>
Net assets, end of year (in thousands) ................................... $10,520 $ 8,635 $ 9,755 $ 7,800
Ratio of expenses to average net assets** ................................ -- -- -- --
Ratio of net income to average
net assets** ........................................................... 5.30% 5.39% 5.30% 5.48%
</TABLE>

* Per share amounts are calculated based on average shares outstanding.

** Seligman waives its management fee and reimburses all expenses for the
Portfolio. These amounts reflect the effect of these waivers and/or
reimbursements. There is no assurance that Seligman will continue this
policy in the future.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
COMMON STOCK
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING FAVORABLE
CURRENT INCOME AND
LONG-TERM GROWTH OF
BOTH INCOME AND CAPITAL
WITHOUT EXPOSING CAPITALTO UNDUE RISK

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCS1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Common Stock Portfolio (the
Portfolio).

INVESTMENT OBJECTIVES

The Portfolio's objectives are to produce favorable, but not the highest,
current income and long-term growth of both income and capital value, without
exposing capital to undue risk.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objectives:

Generally, the Portfolio invests a majority of its assets in common stocks,
broadly diversified among a number of industries. The Portfolio usually invests
in the common stock of larger US companies; however, it may invest in companies
of any size. While common stocks have for many years been the predominant type
of security owned by the Portfolio, substantial portions of the Portfolio's
assets have been held, and may be held, in cash and fixed-income securities.

The Portfolio uses a bottom-up stock selection approach. This means the
investment manager concentrates on individual company fundamentals, rather than
on a particular industry. The Portfolio seeks to purchase strong, well-managed
companies that have the potential for solid earnings growth and dividend
increases.

The investment manager generally looks to identify companies that have
attractive dividend yields and that typically display relatively low valuations
based on one or more of the following measures: price-to-earnings, price-to-cash
flow, price-to-sales, and price-to-book value. The investment manager then uses
in-depth research into each company that meets its preliminary criteria to
identify those companies that it believes possess a catalyst for earnings
acceleration (i.e., a reason to expect a growth in earnings).

The Portfolio generally sells a stock if the investment manager believes one or
more of the following:

o The stock is over valued or fully valued

o Its dividend yield is not competitive compared to the yields offered
by other securities in its industry

o Its earnings are disappointing or the catalyst for earnings
acceleration no longer exists

o The company's underlying fundamentals have deteriorated

o There are more attractive investment opportunities

P-1
<PAGE>

15% of its net assets in illiquid securities (i.e., securities that cannot be
readily sold) and may invest up to 10% of its total assets directly in foreign
securities. The limit on foreign securities does not include ADRs, or commercial
paper and certificates of deposit issued by foreign banks. The Portfolio
generally does not invest a significant amount, if any, in illiquid or foreign
securities.

There is no guarantee that the Portfolio will achieve its objectives.

PRINCIPAL RISKS

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries believed to offer good investment opportunities. If an
industry in which the Portfolio is invested falls out of favor, the Portfolio's
performance may be negatively affected.

Stocks of large US companies, like those in which the Portfolio generally
invests, are experiencing an extended period of strong performance. However, if
investor sentiment changes, the value of large company stocks may decline. This
could have an adverse effect on the Portfolio's performance.

Foreign securities or illiquid securities in the Portfolio's investment
portfolio involve higher risk and may subject the Portfolio to higher price
volatility. Investing in securities of foreign issuers involves risks not
associated with US investments, including settlement risks, currency
fluctuations, foreign taxation, differences in financial reporting practices,
and changes in political conditions.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ------ ----- ----- ----- ----- ----- ----- ----- ----- -----
- -3.15% 33.16% 12.14% 11.94% 0.04% 27.28% 20.08% 21.31% 24.16%

Best quarter return: % - quarter ended --
Worst quarter return: - % - quarter ended--

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
---- ----- -----
Seligman Common Stock Portfolio 13.15% 21.10% 15.48%
S&P 500 Index 21.03 28.56 18.21
Lipper Growth and Income Funds Average 13.15 21.56 14.75

The Lipper Growth and Income Funds Average excludes the effect of sales charges
that may be incurred in connection with purchases or sales. The S&P 500 Index is
an unmanaged benchmark that assumes investment of dividends and excludes the
effect of fees and sales charges.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Growth and Income Team, headed by Mr.
Charles C. Smith, Jr. Mr. Smith, a Managing Director of Seligman, is a Vice
President of the Fund and has been Portfolio Manager of the Portfolio since
December 1991. Mr. Smith joined Seligman in 1985 as Vice President, Investment
Officer. He became Senior Vice President, Senior Investment Officer in 1992, and
Managing Director in January 1994. Mr. Smith also manages the Income Portfolio
of the Fund; and he manages Seligman Common Stock Fund, Inc. and Seligman Income
Fund, Inc.

Mr. Rodney D. Collins, Senior Vice President, Investment Officer of Seligman
since January 1999, co-manages the Portfolio. Mr. Collins joined Seligman in
1992 as an Investment Associate, and was named a Vice President, Investment
Officer in January 1995. Mr. Collins also co-manages the Income Portfolio of the
Fund; and he co-manages Seligman Common Stock Fund, Inc. and Seligman Income
Fund, Inc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Year ended December 31,
---------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ........................................ $ 16.28 $ 15.92 $ 15.44 $ 13.78
------- ------- ------- ------- -------
Income from investment operations:

Net investment income ................................................... 0.29 0.33 0.34 0.35
Net gains or losses on securities (both
realized and unrealized) .............................................. 3.61 3.01 2.79 3.40

------- ------- ------- ------- -------
Total from investment operations .......................................... 3.90 3.34 3.13 3.75
------- ------- ------- ------- -------
Less distributions:
Dividends from net
investment income ..................................................... (0.31) (0.32) (0.34) (0.35)
Distributions from capital gains ........................................ (1.24) (2.66) (2.31) (1.74)
------- ------- ------- ------- -------
Total distributions ....................................................... (1.55) (2.98) (2.65) (2.09)
------- ------- ------- ------- -------
Net asset value, end of year .............................................. $ 18.63 $ 16.28 $ 15.92 $ 15.44
======= ======= ======= ======= =======
Total Return: ............................................................. 24.16% 21.31% 20.08% 27.28%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) .................................... $62,588 $50,737 $37,168 $28,836
Ratio of expenses to average net assets ................................... 0.52% 0.53% 0.53% 0.54%
Ratio of net income to average
net assets .............................................................. 1.61% 1.92% 1.99% 2.42%
Portfolio turnover rate ................................................... 55.55% 80.13% 50.33% 55.48%
</TABLE>

* Per share amounts are calculated based on average shares outstanding.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
COMMON STOCK
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING FAVORABLE
CURRENT INCOME AND
LONG-TERM GROWTH OF
BOTH INCOME AND CAPITAL
WITHOUT EXPOSING CAPITAL
TO UNDUE RISK

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCS1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

SHAREHOLDER SERVICING ARRANGEMENTS P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Common Stock Portfolio (the
Portfolio).

INVESTMENT OBJECTIVES

The Portfolio's objectives are to produce favorable, but not the highest,
current income and long-term growth of both income and capital value, without
exposing capital to undue risk.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objectives:

The Portfolio generally sells a stock if the investment manager believes one or
more of the following:

o The stock is over valued or fully valued

o Its dividend yield is not competitive compared to the yields offered by
other securities in its industry

o Its earnings are disappointing or the catalyst for earnings
acceleration no longer exists

o The company's underlying fundamentals have deteriorated

o There are more attractive investment opportunities

P-1
<PAGE>

There is no guarantee that the Portfolio will achieve its objectives.

PRINCIPAL RISKS

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries believed to offer good investment opportunities. If an
industry in which the Portfolio is invested falls out of favor, the Portfolio's
performance may be negatively affected.

Stocks of companies in the technology sector, like those in which the Portfolio
may invest, are experiencing a period of strong performance. In addition, the
performance of the Portfolio has substantially benefited from securities
acquired in initial public offerings. However, if investor sentiment changes,
the value of technology stocks may decline. There can be no assurances that the
Fund will continue consistently to achieve, by investing in initial public
offerings or otherwise, substantially similar performance that the Fund had
previously experienced.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
- -3.15% 33.16% 12.14% 11.94% 0.04% 27.28% 20.08% 21.31% 24.16%

Best quarter return: % - quarter ended --
Worst quarter return: - % - quarter ended--

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE TEN
YEAR YEARS YEARS
---- ----- -----
Seligman Common Stock Portfolio 13.15% 21.10% 15.48%
S&P 500 Index 21.03 28.56 18.21
Lipper Growth and Income Funds Average 13.15 21.56 14.75

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

When you buy or sell shares, you do so at the Portfolio's net asset value (NAV)
next calculated after your request is received by participating insurance
companies.

If your purchase or sell request is received by participating insurance
companies by the close of regular trading on the New York Stock Exchange (NYSE)
(normally 4:00 p.m. Eastern time), it will be executed at the Portfolio's NAV
calculated as of the close of regular trading on the NYSE on that day.

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ........................................... $ 16.28 $ 15.92 $ 15.44 $ 13.78
------- ------- ------- ------- -------
Income from investment operations:

Net investment income ...................................................... 0.29 0.33 0.34 0.35
Net gains or losses on securities (both
realized and unrealized) ................................................. 3.61 3.01 2.79 3.40

------- ------- ------- ------- -------
Total from investment operations ............................................. 3.90 3.34 3.13 3.75
------- ------- ------- ------- -------
Less distributions:
Dividends from net
investment income ........................................................ (0.31) (0.32) (0.34) (0.35
Distributions from capital gains ........................................... (1.24) (2.66) (2.31) (1.74
------- ------- ------- ------- -------
Total distributions .......................................................... (1.55) (2.98) (2.65) (2.09)
------- ------- ------- ------- -------
Net asset value, end of year ................................................. $ 18.63 $ 16.28 $ 15.92 $ 15.44
======= ======= ======= ======= =======
Total Return: ................................................................ 24.16% 21.31% 20.08% 27.28%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) ....................................... $62,588 $50,737 $37,168 $28,836
Ratio of expenses to average net assets ...................................... 0.52% 0.53% 0.53% 0.54%
Ratio of net income to average
net assets ................................................................. 1.61% 1.92% 1.99% 2.42%
Portfolio turnover rate ...................................................... 55.55% 80.13% 50.33% 55.48%
</TABLE>

* Per share amounts are calculated based on average shares outstanding.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
COMMUNICATIONS
AND INFORMATION
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING CAPITAL GAIN

BY INVESTING IN COMPANIES

OPERATING IN THE

COMMUNICATIONS,

INFORMATION, AND

RELATED INDUSTRIES

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPCI1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Communications and Information
Portfolio (the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is capital gain.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio invests at least 80% of its net assets, exclusive of government
securities, short-term notes, and cash and cash equivalents, in securities of
companies operating in the communications, information and related industries.
The Portfolio generally invests at least 65% of its total assets in securities
of companies engaged in these industries. The Portfolio may invest in companies
of any size.

The Portfolio may invest in securities of large companies that now are well
established in the world communications and information market and can be
expected to grow with the market. The Portfolio may also invest in
small-to-medium size companies that the investment manager believes provide
opportunities to benefit from the rapidly changing technologies and the
expansion of the communications, information and related industries.

The Portfolio uses a bottom-up stock selection approach. This means that the
investment manager uses extensive in-depth research into specific companies in
the communications, information and related industries to find those companies
that it believes offer the greatest prospects for future growth. In selecting
individual securities, the investment manager looks for companies that it
believes display or are expected to display:

o Robust growth prospects

o High profit margins or return on capital

o Attractive valuation relative to expected earnings or cash flow

o Quality management

o Unique competitive advantages

The Portfolio generally sells a stock if the investment manager believes its
target price is reached, its earnings are disappointing, its revenue growth has
slowed, or its underlying fundamentals have deteriorated.

The Portfolio primarily invests in common stocks. However, the Portfolio may
also invest in securities convertible into or exchangeable for common stocks, in
rights and warrants to purchase common stocks, and in debt securities or
preferred stocks believed to provide opportunities for capital gain.

P-1
<PAGE>

The Portfolio may purchase American Depositary Receipts (ADRs), which are
publicly traded instruments generally issued by domestic banks or trust
companies that represent a security of a foreign issuer. The Portfolio may
invest up to 15% of its net assets in illiquid securities (i.e., securities that
cannot be readily sold) and may invest up to 10% of its total assets directly in
foreign securities. The limit on foreign securities does not include ADRs, or
commercial paper and certificates of deposit issued by foreign banks. The
Portfolio may also purchase put options in an attempt to hedge against a decline
in the price of securities it holds. A put option gives the Portfolio the right
to sell an underlying security at a particular price during a fixed period.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Stock prices fluctuate. Therefore, as with any portfolio that invests in stocks,
the Portfolio's net asset value will fluctuate. You may experience a decline in
the value of your investment and you could lose money if you sell your shares at
a price lower than you paid for them.

The Portfolio concentrates its investments in companies in the communications,
information and related industries. Therefore, the Portfolio may be susceptible
to factors affecting these industries and the Portfolio's net asset value may
fluctuate more than a fund that invests in a wider range of industries. In
addition, the rapid pace of change within many of these industries tends to
create a more volatile operating environment than in other industries.

Stocks of companies in the technology sector, like those in which the Portfolio
may invest, are experiencing a period of strong performance. However, if
investor sentimment changes, the value of technology stocks may decline. There
can be no assurances that the Fund will continue consistently to achieve, by
investing in initial public offerings or otherwise, substantially similar
performance that the Fund had previously experienced.

The Portfolio may be negatively affected by the broad investment environment in
the international or US securities markets, which is influenced by, among other
things, interest rates, inflation, politics, fiscal policy, and current events.

Illiquid securities, foreign securities, or options in the Portfolio's
investment portfolio involve higher risk and may subject the Portfolio to higher
price volatility. Investing in securities of foreign issuers involves risks not
associated with US investments, including settlement risks, currency
fluctuations, foreign taxation, differences in financial reporting practices,
and changes in political conditions.

The Portfolio may actively and frequently trade stocks in its portfolio to carry
out its principal strategies. A high portfolio turnover rate increases
transaction costs which may increase the Portfolio's expenses.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1995 1996 1997 1998 1999
---- ---- ---- ---- ----
38.55% 8.81% 22.22% 36.49%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/11/94
---- ----- ---------
Seligman Communications and Information Portfolio 85.81% 34.63 35.44%
S&P 500 Index 21.03 26.19 27.00(1)
Lipper Science & Technology Funds Average 137.64 46.10 47.15(1)

The Lipper Science & Technology Funds Average is an average of 57 science and
technology funds and excludes the effect of the sales charges that may be
incurred in connection with purchases or sales. The S&P 500 Index is an
unmanaged index that assumes investment of dividends and excludes the effect of
fees and sales charges.

(1)From September 30, 1994.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .75% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Global Technology Team, headed by Mr.
Paul H. Wick. Mr. Wick, a Director and Managing Director of Seligman, is Vice
President of the Fund and has been Portfolio Manager of the Portfolio since its
inception. Mr. Wick was named Managing Director in January 1995 and was elected
a Director of Seligman in November 1997. Mr. Wick also co-manages the Seligman
Global Technology Portfolio of the Fund; and he manages Seligman Communications
and Information Fund, Inc. and co-manages Seligman Global Technology Fund, a
series of Seligman Global Fund Series, Inc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Year ended December 31,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ...................... $ 13.09 $ 14.69 $ 13.50 $ 10.44
------- ------- ------- ------- -------
Income from investment operations:

Net investment income ................................... (0.08) (0.08) (0.04) (0.13)
Net gains or losses on securities (both
realized and unrealized) ................................ 4.81 3.13 1.23 4.15
------- ------- ------- ------- -------
Total from investment operations ........................ 4.73 3.05 1.19 4.02
------- ------- ------- ------- -------
Less distributions:
Distributions from capital gains ........................ (0.68) (4.65) -- (0.96)
------- ------- ------- ------- -------
Total distributions ..................................... (0.68) (4.65) -- (0.96)
------- ------- ------- ------- -------
Net asset value, end of year ............................ $ 17.14 $ 13.09 $ 14.69 $ 13.50
======= ======= ======= ======= =======
Total Return: ........................................... 36.49% 22.22% 8.81% 38.55%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) .................. $122,279 $87,633 $60,645 $38,442
Ratio of expenses to average net assets ................. 0.87% 0.87% 0.87% 0.95%
Ratio of net income to average
net assets .............................................. (0.56)% (0.49)% (0.32)% (0.89)%
Portfolio turnover rate ................................. 132.57% 227.14% 167.20% 96.62%
</TABLE>

- ----------
* Per share amounts are calculated based on average shares outstanding.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
COMMUNICATIONS
AND INFORMATION
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING CAPITAL GAIN

BY INVESTING IN COMPANIES

OPERATING IN THE

COMMUNICATIONS,

INFORMATION, AND

RELATED INDUSTRIES

SPCI1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

SHAREHOLDER SERVICING ARRANGEMENTS P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Communications and Information
Portfolio (the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is capital gain.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

o Robust growth prospects

o High profit margins or return on capital

o Attractive valuation relative to expected earnings or cash flow

o Quality management

o Unique competitive advantages

P-1
<PAGE>

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Stocks of companies in the technology sector, like those in which the Portfolio
may invest, are experiencing a period of strong performance. However, if
investor sentiment changes, the value of technology stocks may decline. There
can be no assurances that the Fund will continue consistently to achieve, by
investing in initial public offerings or otherwise, substantially similar
performance that the Fund had previously experienced.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1995 1996 1997 1998 1999
- ----- ----- ---- ----- -----
38.55% 8.81% 22.22% 36.49%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/11/94
---- ----- --------
Seligman Communications and Information Portfolio 85.81% 34.63% 35.44%
S&P 500 Index 21.03 26.19 27.00(1)
Lipper Science & Technology Funds Average 137.64 46.10 47.15(1)

(1) From September 30, 1994.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .75% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio. Dividends on Class 2 shares generally will be lower than dividends on
Class 1 shares as a result of 12b-1 fees. Capital gain distributions will be
paid in the same amount for each Class.

TAXES

P-6
<PAGE>

Financial Highlights

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
---------------------------------------------------------------
1999 1998 1997 1996 1995
------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ............................ $ 13.09 $ 14.69 $ 13.50 $ 10.44
------- -------- ------- ------- -------
Income from investment operations:

Net investment income ....................................... (0.08) (0.04) (0.13)
Net gains or losses on securities (both
realized and unrealized) .................................. 4.81 3.13 1.23 4.15
------- -------- ------- ------- -------
Total from investment operations .............................. 4.73 3.05 1.19 4.02
------- -------- ------- ------- -------
Less distributions:
Distributions from capital gains ............................ (0.68) (4.65) -- (0.96)
------- -------- ------- ------- -------
Total distributions ........................................... (0.68) (4.65) -- (0.96)
------- -------- ------- ------- -------
Net asset value, end of year .................................. $ 17.14 $ 13.09 $ 14.69 $ 13.50
======= ======== ======= ======= =======
Total Return: ................................................. 36.49% 22.22% 8.81% 38.55%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) ........................ $122,279 $87,633 $60,645 $38,442
Ratio of expenses to average net assets ....................... 0.87% 0.87% 0.87% 0.95%
Ratio of net income to average
net assets .................................................. (0.56)% (0.49)% (0.32)% (0.89)%
Portfolio turnover rate ....................................... 132.57% 227.14% 167.20% 96.62%
</TABLE>

* Per share amounts are calculated based on average shares outstanding.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>
SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
FRONTIER
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING GROWTH

IN CAPITAL VALUE

THROUGH INVESTMENTS

IN SMALL-COMPANY

STOCKS

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPFR1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Frontier Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is growth of capital. Income may be considered but is
incidental to the Portfolio's investment objective.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective of
growth of capital:

The Portfolio generally invests at least 65% of its total assets in the common
stock of small US companies. Companies are selected for their growth prospects.
The Portfolio uses a bottom-up stock selection approach. This means that the
investment manager concentrates on individual company fundamentals, rather than
on a particular market sector. The Portfolio maintains a disciplined investment
process that focuses on downside risks as well as upside potential. In selecting
investments, the investment manager looks to identify companies that typically
display one or more of the following:

o Positive operating cash flows

o Management ownership

o A unique competitive advantage

o Historically high returns on capital

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate.

Although the Portfolio generally concentrates its investments in common stocks,
it may invest up to 35% of its assets in preferred stocks, securities
convertible into common stocks, and stock purchase warrants if the investment
manager believes they offer capital growth opportunities. The Portfolio may also
invest in American Depositary Receipts (ADRs), which are publicly-traded
instruments generally issued by domestic banks or trust companies that represent
a security of a foreign issuer. ADRs are quoted and settled in USdollars. The
Portfolio uses the same criteria in evaluating these securities as it does for
common stocks.

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold), and may invest up to 10% of its
total assets directly in foreign securities. The limit on foreign securities
does not include ADRs, or commercial paper and certificates of deposit issued by
foreign banks. The Portfolio may also purchase put

- -----------------------------
SMALL COMPANIES:

COMPANIES WITH MARKET
CAPITALIZATIONS, AT THE TIME
OF PURCHASE BY THE PORTFOLIO,
OF $1.25 BILLION OR LESS.
- -----------------------------

P-1
<PAGE>

options in an attempt to hedge against a decline in the price of securities it
holds in its portfolio and may lend portfolio securities. A put option gives the
Portfolio the right to sell an underlying security at a particular price during
a fixed period. The Portfolio generally does not invest a significant amount of
its assets, if any, in illiquid securities, foreign securities, or put options.

The Fund's Board of Directors may change the definition of "small companies" if
it concludes that such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Investments in smaller companies typically involve greater risks than
investments in larger companies. Small company stocks, as a whole, may
experience larger price fluctuations than large-company stocks or other types of
investments. Some small companies may have shorter operating histories, less
experienced management and limited product lines, markets, and financial or
managerial resources.

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries that the investment manager believes offer good investment
opportunities. If an industry in which the Portfolio is invested falls out of
favor, the Portfolio's performance may be negatively affected.

The Portfolio may also be negatively affected by the broad investment
environment in the US or international securities markets, which is influenced
by, among other things, interest rates, inflation, politics, fiscal policy, and
current events.

Foreign securities, illiquid securities, or options in the Portfolio's
investment portfolio involve higher risk and may subject the Portfolio to higher
price volatility. Investing in securities of foreign issuers involves risks not
associated with US investments, including settlement risks, currency
fluctuations, foreign taxation, differences in financial reporting practices,
and changes in political conditions.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to three
widely-used measures of performance. How the Portfolio has performed in the
past, however, is not necessarily an indication of how it will perform in the
future.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1995 1996 1997 1998 1999
- ------ ------ ------ ------ ------
33.28% 23.93% 16.33% -1.46%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/11/94
---- ----- --------
Seligman Frontier Portfolio 16.59% 17.16% 17.63%
Russell 2000 Index 21.27 16.69 15.41(1)
Russell 2000 Growth Index 43.09 18.99 17.82(1)
Lipper Small Cap Funds Average 30.04 20.22 19.08(1)

The Lipper Small Cap Funds Average, the Russell 2000 Growth Index, and the
Russell 2000 Index are unmanaged benchmarks that assume investment of all
dividends. The Lipper Small Cap Funds Average does not reflect sales charges,
and the Russell 2000 Growth Index and the Russell 2000 Index do not reflect fees
and sales charges.

(1) From September 30, 1994.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .75% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Small Company Team, headed by Mr. Arsen
Mrakovcic. Mr. Mrakovcic, a Managing Director of Seligman, is a Vice President
of the Fund and has been Portfolio Manager of the Portfolio since October 1995.
Mr. Mrakovcic joined Seligman in 1992 as a Portfolio Assistant, became Vice
President, Investment Officer in January 1995, and a Managing Director in
January 1996. Mr. Mrakovcic also co-manages the Seligman Global Smaller
Companies Portfolio of the Fund; and he manages Seligman Frontier Fund, Inc. and
co-manages Seligman Global Smaller Companies Fund, a series of Seligman Global
Fund Series, Inc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares Certain information reflects financial results for a
single share of the Portfolio that was held throughout the periods shown. "Total
return" shows the rate that you would have earned (or lost) on an investment in
the Portfolio. Total returns do not reflect the effect of any administration
fees or sales charges imposed by the Contracts on their owners. Ernst & Young
llp, independent auditors, have audited this information. Their report, along
with the Portfolio's financial statements, is included in the Fund's annual
report, which is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
--------------------------------------------------------------------------
1999 1998 1997 1996 1995
------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ............. $ 15.78 $ 14.98 $ 13.56 $ 10.58
------- -------- ------- ------- -------
Income from investment operations:

Net investment income .......................... (0.08) (0.08) (0.06) (0.07)
Net gains or losses on securities (both
realized and unrealized) ....................... (0.15) 2.47 3.28 3.58

------- -------- ------- ------- -------
Total from investment operations ............... (0.23) 2.39 3.22 3.51
------- -------- ------- ------- -------
Less distributions:
Distributions from capital gains ............... -- (1.59) (1.80) (0.53)
------- -------- ------- ------- -------
Total distributions ............................ -- (1.59) (1.80) (0.53)
------- -------- ------- ------- -------
Net asset value, end of year ................... $ 15.55 $ 15.78 $ 14.98 $ 13.56
======= ======== ======= ======= =======
Total Return: .................................. (1.46)% 16.33% 23.93% 33.28%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) ......... $ 39,148 $42,973 $31,672 $12,476
Ratio of expenses to average net assets ........ 0.92% 0.89% 0.92% 0.95%**
Ratio of net income to average
net assets ..................................... (0.51)% (0.49)% (0.37)% (0.55)%**
Portfolio turnover rate ........................ 86.52% 101.68% 119.74% 106.48%
</TABLE>

- ----------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these waivers and/or reimbursements. There is
no assurance that Seligman will continue this policy in the future.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
FRONTIER
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

SEEKING GROWTH

IN CAPITAL VALUE

THROUGH INVESTMENTS

IN SMALL-COMPANY

STOCKS

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864
SPFR1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

SHAREHOLDER SERVICING ARRANGEMENTS P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. consists of 15 separate portfolios. This Prospectus
contains information about Seligman Frontier Portfolio (the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is growth of capital. Income may be considered but is
incidental to the Portfolio's investment objective.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective of
growth of capital:

o Positive operating cash flows

o Management ownership

o A unique competitive advantage

o Historically high returns on capital

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate.

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold), and may invest up to 10% of its
total assets directly in foreign securities. The limit on foreign securities
does not include ADRs, or commercial paper and certificates of deposit issued by
foreign banks. The Portfolio may also purchase put

- -----------------------------
SMALL COMPANIES:

COMPANIES WITH MARKET
CAPITALIZATIONS, AT THE TIME
OF PURCHASE BY THE PORTFOLIO,
OF $1.25 BILLION OR LESS.
- -----------------------------

P-1
<PAGE>

The Fund's Board of Directors may change the definition of "small companies" if
it concludes that such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries that the investment manager believes offer good investment
opportunities. If an industry in which the Portfolio is invested falls out of
favor, the Portfolio's performance may be negatively affected.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to three
widely-used measures of performance. How the Portfolio has performed in the
past, however, is not necessarily an indication of how it will perform in the
future.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1995 1996 1997 1998 1999
- ----- ----- ----- ----- ------
33.28% 23.93% 16.33% -1.46%

Best quarter return: % - quarter ended--
Worst quarter return: - % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/11/94
---- ----- --------
Seligman Frontier Portfolio -116.59% 17.16% 17.63%
Russell 2000 Index 21.27 16.69 15.41(1)
Russell 2000 Growth Index 43.09 18.99 17.82(1)
Lipper Small Cap Funds Average 30.04 20.22 19.08(1)

(1) From September 30, 1994.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .75% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
------------------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of year ...................... $ 15.78 $ 14.98 $ 13.56 $ 10.58
------- ------- ------- ------- -------
Income from investment operations:

Net investment income ................................... (0.08) (0.08) (0.06) (0.07)
Net gains or losses on securities (both
realized and unrealized) ............................ (0.15) 2.47 3.28 3.58

------- ------- ------- ------- -------
Total from investment operations ........................ (0.23) 2.39 3.22 3.51
------- ------- ------- ------- -------
Less distributions:
Distributions from capital gains ...................... -- (1.59) (1.80) (0.53)
------- ------- ------- ------- -------
Total distributions ..................................... -- (1.59) (1.80) (0.53)
------- ------- ------- ------- -------
Net asset value, end of year ............................ $ 15.55 $ 15.78 $ 14.98 $ 13.56
======= ======= ======= ======= =======
Total Return: ........................................... (1.46)% 16.33% 23.93% 33.28%

Ratios/Supplemental Data:
Net assets, end of year (in thousands) .................. $39,148 $42,973 $31,672 $12,476
Ratio of expenses to average net assets ................. 0.92% 0.89% 0.92% 0.95%**
Ratio of net income to average
net assets ............................................ (0.51)% (0.49)% (0.37)% (0.55)%**
Portfolio turnover rate ................................. 86.52% 101.68% 119.74% 106.48%
</TABLE>

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
GLOBAL GROWTH
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

INVESTING AROUND

THE WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPGG1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Global Growth Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio invests primarily in equity securities of non-US and US growth
companies that have the potential to benefit from global economic or social
trends.

The Portfolio may invest in companies of any size, domiciled in any country.
Typically, the Portfolio will invest in several countries in different
geographic regions.

The Portfolio uses an investment style that combines macro analysis of global
trends with in-depth research of individual companies. This means that the
investment manager analyzes the rapidly changing world to identify investment
themes that it believes will have the greatest impact on global markets, and
uses in-depth research to identify attractive companies around the world. The
Portfolio focuses on the following macro trends:

o Economic liberalization and the flow of capital through global trade
and investment

o Globalization of the world's economy

o The expansion of technology as an increasingly important influence on
society

o Increased awareness of the importance of protecting the environment

o The increase in life expectancy leading to changes in consumer
demographics and a greater need for healthcare, personal security, and
leisure

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

o Attractive pricing relative to earnings forecasts or other valuation
criteria (e.g., return on equity)

o Quality management and equity ownership by executives

o A unique competitive advantage (e.g., market share, proprietary
products)

o Market liquidity

o Potential for improvement in overall operations

P-1
<PAGE>

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate. The Portfolio may also sell a stock if the investment
manager believes that a shifting in global trends may negatively affect a
company's outlook.

The Portfolio may invest in all types of securities, many of which will be
denominated in currencies other than the US dollar. Although the Portfolio
normally invests in equity securities, the Portfolio may invest up to 25% of its
assets in preferred stock and investment grade or comparable quality debt
securities. The Portfolio may also invest in depositary receipts, which are
publicly traded instruments generally issued by US or foreign banks or trust
companies that represent securities of foreign issuers.

The Portfolio may invest up to 15% of its assets in illiquid securities (i.e.,
securities that cannot be readily sold), and may from time to time enter into
forward foreign currency exchange contracts in an attempt to manage the risk of
adverse changes in currencies. The Portfolio may also purchase put options in an
attempt to hedge against a decline in the price of securities it holds. A put
option gives the Portfolio the right to sell an underlying security at a
particular price during a fixed period.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Investing in securities of foreign issuers involves risks not associated with US
investments, including currency fluctuations, foreign taxation, differences in
financial reporting practices, and changes in political conditions. There can be
no assurance that the Portfolio's foreign investments will present less risk
than a portfolio of solely US securities.

The Portfolio seeks to limit the risk of investing in foreign securities by
diversifying its investments among different countries, as well as among
different regions. Diversification reduces the effect events in any one country
will have on the Portfolio's entire investment portfolio. However, a decline in
the value of the Portfolio's investments in one country may offset potential
gains from investments in another country.

If global trends do not develop as the manager expects, the Portfolio's
performance could be negatively affected.

Options or illiquid securities in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1997 1998 1999
- ---- ---- ----
12.57% 21.60%

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/96
------ ---------------
Seligman Global Growth Portfolio 52.49% 21.95%
MSCI World Index 25.34 19.83(1)
Lipper Global Funds Average 34.52 18.93(1)

The Lipper Global Funds Average and the Morgan Stanley Capital International
World Index (MSCI World Index) are unmanaged benchmarks that assume reinvestment
of dividends. The Lipper Global Funds Average excludes the effect of sales
charges and the MSCI World Index excludes the effect of fees and sales
charges.

(1) From April 30, 1996.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfolio's average daily net assets, as follows: 1.00% on
first $1 billion; .95% on next $1 billion; and .90% thereafter.

Prior to March 31, 2000, Henderson Investment Management Limited (HIML) served
as a subadviser to the Portfolio. HIML, established in 1984, is a wholly owned
subsidiary of Henderson plc, a United Kingdom corporation.

PORTFOLIO MANAGEMENT

The Portfolio is managed by Seligman's Global Growth Team. The Global Growth
Team is co-headed by Ms. Marion S. Schultheis and Mr. Jack P. Chang.

Ms. Schultheis joined Seligman in May 1998 as a Managing Director. She is a Vice
President of the Fund and has been Co-Portfolio Manager of the Portfolio since
May 1998. Prior to joining Seligman, Ms. Schultheis was a Managing Director at
Chancellor LGT from October 1997 to May 1998 and Senior Portfolio Manager at IDS
Advisory Group Inc. from August 1987 to October 1997. Ms. Schultheis also
manages the Capital Portfolio and the Large-Cap Growth Portfolio and co-manages
the International Growth Portfolio of the Fund; and she manages Seligman Capital
Fund, Inc. and Seligman Growth Fund, Inc. Ms. Schultheis is also a Vice
President of Seligman Global Fund Series, Inc. and co-manages its Seligman
International Growth Fund and Seligman Global Growth Fund.

Mr. Chang joined Seligman on September 20, 1999 as a Managing Director. He is a
Vice President of the Fund. Prior to joining Seligman, Mr. Chang was a Senior
Vice President and Portfolio Manager at Putnam Investment Management since 1997.
Prior thereto, he was a Portfolio Manager with Columbia Management Company from
1993 to 1997, and a Senior Analyst and Portfolio Manager with Scudder, Stevens &
Clark from 1989 to 1993. Mr. Chang also co-manages the International Growth
Portfolio of the Fund. Mr. Chang is also a Vice President of Seligman Global
Fund Series, Inc. and co-manages its Seligman International Growth Fund and
Seligman Global Growth Fund.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. Certain information reflects
financial results for a single share of the Portfolio that was held throughout
the periods shown. "Total return" shows the rate that you would have earned (or
lost) on an investment in the Portfolio. Total returns do not reflect the effect
of any administration fees or sales charges imposed by the Contracts on their
owners. Ernst & Young llp, independent auditors, have audited this information.
Their report, along with the Portfolio's financial statements, is included in
the Fund's annual report, which is available upon request.

<TABLE>
<CAPTION>
Year ended December 31, 5/1/96+
--------------------------------------------- to
1999 1998 1997 12/31/96
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of period ...................... $ 11.03 $ 9.91 $ 10.00
--------- --------- --------- ---------
Income from investment operations:

Net investment income** ................................. (0.01) 0.01 0.01
Net gains or losses on securities
(both realized and unrealized) ........................ 2.25 1.79 0.02
Net gains or losses on foreign
currency transactions
(both realized and unrealized) ........................ 0.14 (0.56) (0.11)
--------- --------- --------- ---------
Total from investment operations .......................... 2.38 1.24 (0.08)
--------- --------- --------- ---------
Less distributions:
Dividends (from net investment income) .................. -- -- (0.01)
Distributions (from capital gains) ...................... (0.08) (0.12) --
--------- --------- --------- ---------
Total distributions ....................................... (0.08) (0.12) (0.01)
--------- --------- --------- ---------
Net asset value, end of period ............................ $ 13.33 $ 11.03 $ 9.91
========= ========= ========= =========
Total Return: ............................................. 21.60% 12.57% (0.78)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands) .................. $ 8,643 $ 5,449 $ 1,590
Ratio of expenses to average net assets** ................. 1.40% 1.40% 1.40%++
Ratio of net income to average net assets** ............... (0.06)% 0.01% 0.37%++
Portfolio turnover rate ................................... 48.99% 77.85% 12.99%
</TABLE>

- ----------
* Per share amounts are calculated based on average shares outstanding.
** Seligman and Seligman Henderson Co. (subadviser to the Fund until 7/1/98)
voluntarily waived a portion of the management fees and/or reimbursed
expenses for the Portfolio. These amounts reflect the effect of these waivers
and/or reimbursements. There is no assurance that Seligman will continue this
policy in the future.
+ Commencement of operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
GLOBAL GROWTH
PORTFOLIO

[graphic omitted]

Prospectus

, 2000

---------

INVESTING AROUND

THE WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864
SPGG1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

SHAREHOLDER SERVICING ARRANGEMENTS P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Global Growth Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio invests primarily in equity securities of non-US and US growth
companies that have the potential to benefit from global economic or social
trends.

The Portfolio may invest in companies of any size, domiciled in any country.
Typically, the Portfolio will invest in several countries in different
geographic regions.

o Economic liberalization and the flow of capital through global trade
and investment

o Globalization of the world's economy

o The expansion of technology as an increasingly important influence on
society

o Increased awareness of the importance of protecting the environment

o The increase in life expectancy leading to changes in consumer
demographics and a greater need for healthcare, personal security, and
leisure

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

o Attractive pricing relative to earnings forecasts or other valuation
criteria (e.g., return on equity)

o Quality management and equity ownership by executives

o A unique competitive advantage (e.g., market share, proprietary
products)

o Market liquidity

o Potential for improvement in overall operations

P-1
<PAGE>

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

If global trends do not develop as the manager expects, the Portfolio's
performance could be negatively affected.

Options or illiquid securities in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1997 1998 1999
- ---- ---- ----
12.57% 21.60%

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/96
----- ---------------
Seligman Global Growth Portfolio 52.49% 21.95%
MSCI World Index 25.34 19.83(1)
Lipper Global Funds Average 34.52 18.93(1)

(1) From April 30, 1996.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is managed by Seligman's Global Growth Team. The Global Growth
Team is co-headed by Ms. Marion S. Schultheis and Mr. Jack P. Chang.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. There were no Class 2 shares
outstanding during the periods shown. Certain information reflects financial
results for a single share of the Portfolio that was held throughout the periods
shown. "Total return" shows the rate that you would have earned (or lost) on an
investment in the Portfolio. Total returns do not reflect the effect of the
service (12b-1) fees associated with Class 2 shares or any administration fees
or sales charges imposed by the Contracts on their owners. Ernst & Young llp,
independent auditors, have audited this information. Their report, along with
the Portfolio's financial statements, is included in the Fund's annual report,
which is available upon request.

<TABLE>
<CAPTION>
Year ended
December 31, 5/1/96
------------------------------------------------ to
1999 1998 1997 12/31/96
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of period $ 11.03 $ 9.91 $ 10.00
--------- --------- --------- ---------
Income from investment operations:

Net investment income** (0.01) 0.01 0.01
Net gains or losses on securities
(both realized and unrealized) 2.25 1.79 0.02
Net gains or losses on foreign
currency transactions
(both realized and unrealized) 0.14 (0.56) (0.11)
--------- --------- --------- ---------
Total from investment operations 2.38 1.24 (0.08)
--------- --------- --------- ---------
Less distributions:
Dividends (from net investment income) -- -- (0.01)
Distributions (from capital gains) (0.08) (0.12) --
--------- --------- --------- ---------
Total distributions (0.08) (0.12) (0.01)
--------- --------- --------- ---------
Net asset value, end of period $ 13.33 $ 11.03 $ 9.91
========= ========= ========= =========
Total Return: 21.60% 12.57% (0.78)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands) $ 8,643 $ 5,449 $ 1,590
Ratio of expenses to average net assets** 1.40% 1.40% 1.40%++
Ratio of net income to average net assets** (0.06)% 0.01% 0.37%++
Portfolio turnover rate 48.99% 77.85% 12.99%
</TABLE>

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221
<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
GLOBAL SMALLER
COMPANIES
PORTFOLIO

[GRAPHIC OMITTED]

PROSPECTUS

, 2000

---------

INVESTING AROUND

THE WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPGS1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Global Smaller Companies
Portfolio (the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its assets in equity securities
of smaller US and non-US companies.

The Portfolio may invest in companies domiciled in any country, although it
typically invests in developed countries. The Portfolio will generally invest in
several countries in different geographic regions.

The Portfolio uses an investment style that combines macro analysis with
research into individual company attractiveness. This means that the investment
managers look to identify countries that they believe offer good investment
opportunities, and use extensive in-depth research to identify attractive
smaller companies around the world. The investment managers look at the
following factors when making country allocation decisions:

o Relative economic growth potential of the various economies and
securities markets

o Political, financial, and social conditions influencing investment
opportunities

o Investor sentiment

o Prevailing interest rates and expected levels of inflation

o Market prices relative to historic averages

In selecting individual securities, the investment managers look to identify
companies that they believe display one or more of the following:

o Attractive pricing relative to earnings forecasts or other valuation
criteria (e.g., return on equity)

o Quality management and equity ownership by executives

o A unique competitive advantage (e.g., market share, proprietary
products)

o Market liquidity

o Potential for improvement in overall operations

- ---------------------------
SMALLER COMPANIES:

COMPANIES WITH MARKET
CAPITALIZATION, AT THE TIME
OF PURCHASE BY THE
PORTFOLIO, EQUIVALENT TO US
$1 BILLION OR LESS.
- ---------------------------

P-1
<PAGE>

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate. The Portfolio anticipates that it will continue to
hold securities of companies that grow or expand so long as those investments
continue to offer prospects of long-term growth.

The Fund's Board of Directors may change the definition of "smaller companies"
if it concludes that such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The Portfolio may be negatively affected by the broad investment environment in
the US or international securities markets, which is influenced by, among other
things, interest rates, inflation, politics, fiscal policy, and current events.

Options or illiquid securities in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

- --------------------------------------------------------------------------------
CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1995 1996 1997 1998 1999
- ---- ---- ---- ---- ----
17.38% 18.66% 3.43% 6.58%

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/11/94
---- ----- --------
Seligman Global Smaller Companies Portfolio 28.34% 14.53% 14.62%
Salomon Smith Barney EM Index World 22.38 13.04 11.78(1)
Lipper Global Small Cap Funds Average 45.23 15.67 14.08(1)

The Lipper Global Small Cap Funds Average and the Salomon Smith Barney Extended
Market Index World (Salomon Smith Barney EM Index World) are unmanaged
benchmarks that assume reinvestment of dividends. The Lipper Global Small Cap
Funds Average excludes the effect of sales charges, and the Salomon Smith Barney
EM Index World excludes the effect of fees and sales charges.

(1) From September 30, 1994.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is co-managed by the Seligman Small Company Team and Henderson
Investment Management Limited (HIML) subadviser to the Portfolio.

The Seligman Small Company Team is headed by Mr. Arsen Mrakovcic. Mr. Mrakovcic,
a Managing Director of Seligman, is a Vice President of the Fund and has been
Portfolio Manager of the Portfolio since October 1995. Mr. Mrakovcic joined
Seligman in 1992 as a Portfolio Assistant, became Assistant Vice President,
Credit Officer in April 1993, Vice President, Investment Officer in January
1995, and a Managing Director in January 1996. Mr. Mrakovcic also manages the
Frontier Portfolio of the Fund; and he manages Seligman Frontier Fund, Inc. and
co-manages Seligman Global Smaller Companies Fund, a series of Seligman Global
Fund Series, Inc.

Mr. Iain C. Clark, Chief Investment Officer of HIML, is a Vice President of the
Fund and has been Co-Portfolio Manager of the Portfolio since its inception. Mr.
Clark has been a Director and Senior Portfolio Manager of Henderson plc and
Director of Henderson International, Ltd. since 1985. He has been Secretary,
Treasurer and Vice President of Henderson International, Inc. since 1991. Mr.
Clark also manages the Seligman International Growth Portfolio of the Fund; and
he manages Seligman International Growth Fund and co-manages Seligman Global
Smaller Companies Fund, two series of Seligman Global Fund Series, Inc.

Mr. Mrakovcic and Mr. Clark have responsibility for directing the domestic and
international investments, respectively, of the Portfolio.

THE PORTFOLIO SUBADVISER

The Portfolio subadviser is HIML, 3 Finsbury Avenue, London EC2M 2PA. HIML,
established in 1984, is a wholly owned subsidiary of Henderson plc, a United
Kingdom corporation. Henderson plc is a subsidiary of AMP Limited, an Australian
life insurance and financial services company. HIML provides investment advice,
research and assistance with respect to the non-US investments of the Portfolio.

Seligman pays HIML a fee for its services in respect of the Portfolio based on
the assets under HIML's supervision. This fee does not affect the fees paid by
the Portfolio.

Prior to July 1, 1998, Seligman Henderson Co. served as a subadviser to the
Portfolio. Seligman Henderson Co. was founded in 1991 as a general partnership
between Seligman and Henderson International, Inc., a wholly owned subsidiary of
Henderson plc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Year ended December 31,
------------------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of period .................... $ 12.98 $ 12.87 $ 11.67 $ 10.31
------- ------- ------- ------- -------
Income from investment operations:

Net investment income** ............................... (0.01) 0.02 0.02 0.05
Net gains or losses on securities (both
realized and unrealized) ............................ 1.02 1.17 2.31 2.04
Net gains or losses on
foreign currency transactions
(both realized and unrealized) ................. (0.17) (0.75) (0.16) (0.30)
------- ------- ------- ------- -------
Total from investment operations ........................ 0.84 0.44 2.17 1.79
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .................. -- (0.02) (0.02) (0.05....)

Distributions from capital gains ...................... (0.20) (0.31) (0.95) (0.38)

------- ------- ------- ------- -------
Total distributions ..................................... (0.20) (0.33) (0.97) (0.43)
------- ------- ------- ------- -------
Net asset value, end of period .......................... $ 13.62 $ 12.98 $ 12.87 $ 11.67
Total Return: ........................................... 6.58% 3.43% 18.66% 17.38%
======= ======= ======= ======= =======

Ratios/Supplemental Data:
Net assets, end of period (in thousands) ................ $20,814 $20,505 $16,876 $ 4,837
Ratio of expenses to average net assets** ............... 1.40% 1.40% 1.40% 1.39%

Ratio of net income to average
net assets** .......................................... (0.06)% 0.24% 0.23% 0.64%
Portfolio turnover rate ................................. 66.40% 64.81% 62.31% 55.65%
</TABLE>

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
GLOBAL SMALLER
COMPANIES
PORTFOLIO

[graphic omitted]

Prospectus

, 2000

---------

INVESTING AROUND

THE WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY

[LOGO OMITTED]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864
SPGS1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1

INVESTMENT OBJECTIVE P-1

PRINCIPAL INVESTMENT STRATEGIES P-1

PRINCIPAL RISKS P-2

PAST PERFORMANCE P-3

MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5

HOW TO PURCHASE AND SELL SHARES P-5

SHAREHOLDER SERVICING ARRANGEMENTS P-5

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6

TAXES P-6
FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Global Smaller Companies
Portfolio (the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its assets in equity securities
of smaller US and non-US companies.

o Relative economic growth potential of the various economies and
securities markets

o Political, financial, and social conditions influencing investment
opportunities

o Investor sentiment

o Prevailing interest rates and expected levels of inflation

o Market prices relative to historic averages

In selecting individual securities, the investment managers look to identify
companies that they believe display one or more of the following:

o Attractive pricing relative to earnings forecasts or other valuation
criteria (e.g., return on equity)

o Quality management and equity ownership by executives

o A unique competitive advantage (e.g., market share, proprietary
products)

o Market liquidity

o Potential for improvement in overall operations

- ---------------------------
SMALLER COMPANIES:

COMPANIES WITH MARKET
CAPITALIZATION, AT THE TIME
OF PURCHASE BY THE
PORTFOLIO, EQUIVALENT TO US
$1 BILLION OR LESS.
- ---------------------------

P-1
<PAGE>

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate. The Portfolio anticipates that it will continue to
hold securities of companies that grow or expand so long as those investments
continue to offer prospects of long-term growth.

The Fund's Board of Directors may change the definition of "smaller companies"
if it concludes that such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Options or illiquid securities in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

[BAR CHART OMITTED]

1995 1996 1997 1998 1999
- ---- ----- ---- ---- ----
17.38% 18.66% 3.43% 6.58%

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/11/94
------ ----- ---------
Seligman Global Smaller Companies Portfolio 28.34% 14.53% 14.62%
Salomon Smith Barney EM Index World 22.38 13.04 11.78(1)
Lipper Global Small Cap Funds Average 45.23 15.67 14.08(1)

(1) From September 30, 1994.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is co-managed by the Seligman Small Company Team and Henderson
Investment Management Limited (HIML) subadviser to the Portfolio.

Mr. Mrakovcic and Mr. Clark have responsibility for directing the domestic and
international investments, respectively, of the Portfolio.

THE PORTFOLIO SUBADVISER

Seligman pays HIML a fee for its services in respect of the Portfolio based on
the assets under HIML's supervision. This fee does not affect the fees paid by
the Portfolio.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

<TABLE>
<CAPTION>
Year ended December 31,
--------------------------------------------------------------------------
1999 1998 1997 1996 1995
------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Per Share Data:*
Net asset value, beginning of period ........... $ 12.98 $ 12.87 $ 11.67 $ 10.31
------- -------- ------- ------- -------
Income from investment operations:

Net investment income** ........................ (0.01) 0.02 0.02 0.05
Net gains or losses on securities (both
realized and unrealized) ....................... 1.02 1.17 2.31 2.04
Net gains or losses on
foreign currency transactions
(both realized and unrealized) ................. (0.17) (0.75) (0.16) (0.30)
------- -------- ------- ------- -------
Total from investment operations ............... 0.84 0.44 2.17 1.79
------- -------- ------- ------- -------
Less distributions:
Dividends from net investment income ........... -- (0.02) (0.02) (0.05)
Distributions from capital gains ............... (0.20) (0.31) (0.95) (0.38)
------- -------- ------- ------- -------
Total distributions ............................ (0.20) (0.33) (0.97) (0.43)
------- -------- ------- ------- -------
Net asset value, end of period ................. $ 13.62 $ 12.98 $ 12.87 $ 11.67
======= ======== ======= ======= =======
Total Return: .................................. 6.58% 3.43% 18.66% 17.38%

Ratios/Supplemental Data:
Net assets, end of period (in thousands) ....... $ 20,814 $20,505 $16,876 $ 4,837
Ratio of expenses to average net assets** ...... 1.40% 1.40% 1.40% 1.39%
Ratio of net income to average
net assets** ................................... (0.06)% 0.24% 0.23% 0.64%
Portfolio turnover rate ........................ 66.40% 64.81% 62.31% 55.65%
</TABLE>

* Per share amounts are calculated based on average shares outstanding.

** Seligman and Seligman Henderson Co. (subadviser to the Fund until 7/1/98)
voluntarily waived a portion of the management fees and/or reimbursed
expenses for the Portfolio. These amounts reflect the effect of these waivers
and/or reimbursements. There is no assurance that Seligman will continue this
policy in the future.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO OMITTED]

J.&W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
GLOBAL
TECHNOLOGY
PORTFOLIO

Prospectus

,2000

INVESTING AROUND THE

WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY

[LOGO]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPGT1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO
OVERVIEW OF THE FUND P-1
INVESTMENT OBJECTIVE P-1
PRINCIPAL INVESTMENT STRATEGIES P-1
PRINCIPAL RISKS P-2
PAST PERFORMANCE P-3
MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION
PRICING OF FUND SHARES P-5
HOW TO PURCHASE AND SELL SHARES P-5
DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6
TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Global Technology Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its assets in equity securities
of US and non-US companies with business operations in technology and
technology-related industries.

The Portfolio may invest in companies domiciled in any country. The Portfolio
generally invests in several countries in different geographic regions.

- --------------------------------------------------------------------------------
TECHNOLOGY:
THE USE OF SCIENCE TO CREATE NEW PRODUCTS AND SERVICES. THE INDUSTRY COMPRISES
INFORMATION TECHNOLOGY AND COMMUNICATIONS, AS WELL AS MEDICAL, ENVIRONMENTAL AND
BIOTECHNOLOGY.
- --------------------------------------------------------------------------------

The Portfolio may invest in companies of any size. Securities of large companies
that are well established in the world technology market can be expected to grow
with the market and will frequently be held by the Portfolio. However, rapidly
changing technologies and expansion of technology and technology-related
industries often provide a favorable environment for companies of
small-to-medium size, and the Portfolio may invest in these companies as well.

The investment manager seeks to identify those technology companies that it
believes have the greatest prospects for future growth, no matter what their
country of origin. The Portfolio combines in-depth research into individual
companies with macro analysis. The investment manager looks for attractive
technology companies around the world, while seeking to identify particularly
strong technology sectors and/or factors within regions or specific countries
that may affect investment opportunities. In selecting individual securities,
the investment manager looks for companies it believes display one or more of
the following:

o Robust growth prospects
o High profit margins
o Attractive valuation relative to earnings forecasts or other
valuation criteria (e.g., return on equity)
o Quality management and equity ownership by executives
o Unique competitive advantages (e.g., market share, proprietary
products)
o Potential for improvement in overall operations

P-1
<PAGE>

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The Portfolio may be susceptible to factors affecting technology and
technology-related industries and the Portfolio's net asset value may fluctuate
more than a portfolio that invests in a wider range of portfolio securities.
Technology companies are often smaller and less experienced companies and may be
subject to greater risks than larger companies, such as limited product lines,
markets, and financial or managerial resources. These risks may be heightened
for technology companies in foreign markets.

The Portfolio seeks to limit risk by diversifying its investments among
different sectors within the technology industry, as well as among different
countries. Diversification reduces the effect the performance of any one sector
or events in any one country will have on the Portfolio's entire investment
portfolio. However, a decline in the value of one of the Portfolio's investments
may offset potential gains from other investments.

Options or illiquid securities in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to three
widely-used measures of performance. How the Portfolio has performed in the
past, however, is not necessarily an indication of how it will perform in the
future.

The following table represents a chart in the printed piece.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

1997 19.53%
1998 36.80%
1999

Best quarter return: % - quarter ended
Worst quarter return: -% - quarter ended

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

One since inception
Year 5/1/96
------- ----------------
Seligman Global Technology Portfolio 118.80% 43.07%
MSCI World Index 25.34 19.83(1)
Lipper Global Funds Average 34.52 18.93(1)
Lipper Science & Technology Funds Average 137.64 50.04(1)

The Lipper Global Funds Average, Lipper Science & Technology Funds Average, and
the Morgan Stanley Capital International World Index (MSCI World Index) are
unmanaged benchmarks that assume reinvestment of dividends. The Lipper Global
Fund Average and the Lipper Science & Technology Fund Average exclude the effect
of sales charges and the MSCI World Index excludes the effect of fees and sales
charges.

(1) From April 30, 1996.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfolio's average daily net assets as follows: 1.00% on
first $2 billion; .95% on next $2 billion; and .90% thereafter.

PORTFOLIO MANAGEMENT

The Portfolio is managed by Seligman's Global Technology Team, headed by Mr.
Paul H. Wick. Mr. Wick, a Managing Director of Seligman, is a Vice President of
the Fund and has been Co-Portfolio Manager of the Portfolio since its inception.
Mr. Wick has been a Managing Director of Seligman since January 1995 and a
Director of Seligman since November 1997. Mr. Wick also manages the
Communications and Information Portfolio of the Fund. Mr. Wick has been a Vice
President and Portfolio Manager of Seligman Communications and Information Fund,
Inc. since January 1990 and December 1989, respectively. Mr. Wick is a Vice
President and Co-Portfolio Manager of Seligman New Technologies Fund, Inc. He is
also a Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio
Manager of its Seligman Global Technology Fund.

Ms. Kei Yamamoto, a Senior Vice President of Seligman, is Co-Portfolio Manager
of the Portfolio. She is a Vice President of the Fund. Ms. Yamamoto joined
Seligman in May 1998 as a Vice President and has been a Senior Vice President
since January 2000. Prior to joining Seligman, Ms. Yamamoto was an Associate
Portfolio Manager at Oppenheimer Funds, Inc. from 1997 to 1998 and an Assistant
Portfolio Manager at Franklin Templeton Group from 1994 to 1997. She is also a
Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio Manager of
its Seligman Global Technology Fund.

Mr. Steven A. Werber, a Vice President of the Fund, is Co-Portfolio Manager of
the Portfolio. Mr. Werber joined Seligman on January 10, 2000 as a Senior Vice
President. Prior to joining Seligman, Mr. Werber was an Analyst and Portfolio
Manager at Fidelity Investments International since 1996. Prior thereto, he was
an Associate at Goldman Sachs International from 1992 to 1996. Mr. Werber is
also a Vice President of Seligman Global Fund Series, Inc. and Co-Portfolio
Manager of its Seligman Global Technology Fund.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 5/1/96+
------------------------------------ to
1999 1998 1997 12/31/96
----- ----- ----- ------
<S> <C> <C> <C>
PER SHARE DATA:*
Net asset value, beginning of period........................ $10.59 $10.32 $10.00
----- ----- -----
Income from investment operations:

Net investment income**................................... (0.05) 0.01 --
Net gains or losses on securities (both realized and
unrealized) 3.81 2.15 0.30
Net gains or losses on foreign currency transactions
(both realized and unrealized) 0.11 (0.19) 0.10
----- ----- -----
Total from investment operations............................ 3.87 1.97 0.40
----- ----- -----
Less distributions:
Dividends from net investment income...................... -- (0.01) --
Distributions from capital gains.......................... (0.61) (1.69) (0.08)
----- ----- -----
Total distributions......................................... (0.61) (1.70) (0.08)
----- ----- -----
Net asset value, end of period.............................. $13.85 $10.59 $10.32
===== ===== =====
Total Return:............................................... 36.80% 19.53% 4.01%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands).................... $6,130 $3,686 $1,364
Ratio of expenses to average net assets**................... 1.40% 1.40% 1.40%+
Ratio of net income to average net assets** ................ (0.43)% 0.12% 0.60%+
Portfolio turnover rate .................................... 82.27% 167.36% 45.04%
</TABLE>

- ----------
* Per share amounts are calculated based on average shares outstanding.
** Seligman and Seligman Henderson Co. (subadviser to the Fund until 7/1/98)
voluntarily waived a portion of the management fees and/or reimbursed
expenses for the Portfolio. These amounts reflect the effect of these
waivers and/or reimbursements. There is no assurance that Seligman will
continue this policy in the future.
+ Commencement of operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------
The following information is available without charge upon request: Call
toll-free (800) 221-2783 in the US or collect (212) 850-1864 outside the US. You
may also call these numbers to request other information about the Fund or to
make shareholder inquiries.

[LOGO]

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
GLOBAL
TECHNOLOGY
PORTFOLIO

Prospectus

, 2000

INVESTING AROUND THE

WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY

[LOGO]

J. & W. SELIGMAN & CO.

INCORPORATED

ESTABLISHED 1864

SPGT1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1
INVESTMENT OBJECTIVE P-1
PRINCIPAL INVESTMENT STRATEGIES P-1
PRINCIPAL RISKS P-2
PAST PERFORMANCE P-3
MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5
HOW TO PURCHASE AND SELL SHARES P-5
SHAREHOLDER SERVICING ARRANGEMENTS P-5
DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6
TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Global Technology Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its assets in equity securities
of US and non-US companies with business operations in technology and
technology-related industries.

The Portfolio may invest in companies domiciled in any country. The Portfolio
generally invests in several countries in different geographic regions.

P-1
<PAGE>

o Unique competitive advantages (e.g., market share, proprietary
products)
o Potential for improvement in overall operations

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Options or illiquid securities in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to three
widely-used measures of performance. How the Portfolio has performed in the
past, however, is not necessarily an indication of how it will perform in the
future.

The following table represents a chart in the printed piece.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

1997 19.53%
1998 36.80%
1999

Best quarter return: % - quarter ended
Worst quarter return: -% - quarter ended

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/96
------- ---------------
Seligman Global Technology Portfolio 118.80% 43.07%
MSCI World Index 25.34 19.83(1)
Lipper Global Funds Average 34.52 18.93(1)
Lipper Science & Technology Funds Average 137.64 50.04(1)

(1) From April 30, 1996.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. There were no Class 2 shares
outstanding during the periods shown. Certain information reflects financial
results for a single share of the Portfolio that was held throughout the periods
shown. "Total return" shows the rate that you would have earned (or lost) on an
investment in the Portfolio. Total returns do not reflect the effect of the
service (12b-1) fees associated with Class 2 shares or any administration fees
or sales charges imposed by the Contracts on their owners. Ernst & Young llp,
independent auditors, have audited this information. Their report, along with
the Portfolio's financial statements, is included in the Fund's annual report,
which is available upon request.

<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 5/1/96+
------------------------------------ TO
1999 1998 1997 12/31/96
----- ----- ----- ------
<S> <C> <C> <C> <C>

Per Share Data:*
Net asset value, beginning of period........................ $10.59 $10.32 $10.00
----- ----- -----
Income from investment operations:
Net investment income**................................... (0.05) 0.01 --
Net gains or losses on securities (both realized and
unrealized) 3.81 2.15 0.30
Net gains or losses on foreign currency transactions
(both realized and unrealized) 0.11 (0.19) 0.10
----- ----- -----
Total from investment operations............................ 3.87 1.97 0.40
----- ----- -----
Less distributions:
Dividends from net investment income...................... -- (0.01) --
Distributions from capital gains.......................... (0.61) (1.69) (0.08)
----- ----- -----
Total distributions......................................... (0.61) (1.70) (0.08)
----- ----- -----
Net asset value, end of period.............................. $13.85 $10.59 $10.32
===== ===== =====
Total Return:............................................... 36.80% 19.53% 4.01%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands).................... $6,130 $3,686 $1,364
Ratio of expenses to average net assets**................... 1.40% 1.40% 1.40%++
Ratio of net income to average net assets** ................ (0.43)% 0.12% 0.60%++
Portfolio turnover rate .................................... 82.27% 167.36% 45.04%
</TABLE>

* Per share amounts are calculated based on average shares outstanding.

** Seligman and Seligman Henderson Co. (subadviser to the Fund until 7/1/98)
voluntarily waived a portion of the management fees and/or reimbursed
expenses for the Portfolio. These amounts reflect the effect of these
waivers and/or reimbursements. There is no assurance that Seligman will
continue this policy in the future.

+ Commencement of operations.

++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

[LOGO]

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
INTERNATIONAL
GROWTH
PORTFOLIO

[PICTURE]
PROSPECTUS

, 2000

INVESTING AROUND THE

WORLD FOR LONG-TERM

CAPITAL APPRECIATION

MANAGED BY
[LOGO]
J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPINT1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1
INVESTMENT OBJECTIVE P-1
PRINCIPAL INVESTMENT STRATEGIES P-1
PRINCIPAL RISKS P-2
PAST PERFORMANCE P-3
MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5
HOW TO PURCHASE AND SELL SHARES P-5
DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6
TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman International Growth Portfolio
(the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio invests primarily in equity securities of non-US companies. The
Portfolio may invest in companies domiciled in any country; however, it
typically will not invest in the US or Canada. It generally invests in several
countries in different geographic regions.

While the Portfolio may invest in companies of any size, it generally invests in
medium to large-sized companies in the principal international markets. It may
also invest in companies with lower market capitalization or in smaller regional
or emerging markets.

The Portfolio uses a top-down investment style when choosing securities to
purchase. This means the investment manager concentrates first on regional and
country allocations, then on industry sectors, followed by fundamental analysis
of individual companies. The Portfolio's investments are allocated among
geographic regions or countries based on such factors as:

o Relative economic growth potential of the various economies and
securities markets
o Political, financial, and social conditions influencing investment
opportunities
o Investor sentiment
o Prevailing interest rates and expected levels of inflation
o Market prices relative to historic averages

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

o Attractive pricing relative to earnings forecasts or other valuation
criteria (e.g., return on equity)
o Quality management and equity ownership by executives
o A unique competitive advantage (e.g., market share, proprietary
products)
o Market liquidity
o Potential for improvement in overall operations

P-1
<PAGE>

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate. The Portfolio may also sell a stock if the investment
manager believes that negative country or regional factors may affect a
company's outlook.

The Portfolio may invest in all types of securities, many of which will be
denominated in currencies other than the US dollar. The securities may be listed
on a US or foreign stock exchange or traded in US or foreign over-the-counter
markets. Although the Portfolio normally invests in equity securities, the
Portfolio may invest up to 25% of its assets in preferred stock and investment
grade or comparable quality debt securities. The Portfolio may also invest in
depositary receipts, which are publicly traded instruments generally issued by
US or foreign banks or trust companies that represent securities of foreign
issuers.

The Portfolio may invest up to 15% of its assets in illiquid securities
(i.e., securities that cannot be readily sold), and may from time to time enter
into forward foreign currency exchange contracts in an attempt to manage the
risk of adverse changes in currencies. The Portfolio may also purchase put
options in an attempt to hedge against a decline in the price of securities it
holds in its portfolio. A put option gives the Portfolio the right to sell an
underlying security at a particular price during a fixed period.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Investing in securities of foreign issuers involves risks not associated with US
investments, including settlement risks, currency fluctuations, foreign
taxation, differences in financial reporting practices, and changes in political
conditions. There can be no assurance that the Portfolio's foreign investments
will present less risk than a portfolio of solely US securities.

The Portfolio seeks to limit the risk of investing in foreign securities by
diversifying its investments among different regions and countries.
Diversification reduces the effect events in any one country will have on the
Portfolio's entire investment portfolio. However, a decline in the value of the
Portfolio's investments in one country may offset potential gains from
investments in another country.

Options or illiquid securities, in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

The following table represents a chart in the printed piece.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

1994 1.32%
1995 11.34%
1996 7.08%
1997 8.35%
1998 15.81%
1999

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE FIVE SINCE INCEPTION
YEAR YEARS 5/3/93
---- ----- ----------------
Seligman International Growth Portfolio 26.64% 13.63% 12.53%
MSCI EAFE Index 27.30 13.15 12.33(1)
Lipper International Funds Average 39.68 15.47 14.23(1)

The Morgan Stanley Capital International EAFE (Europe, Australasia, Far East)
Index (MSCI EAFE Index) and the Lipper International Funds Average are unmanaged
benchmarks that assume reinvestment of dividends. The Lipper International Funds
Average excludes the effect of sales charges and the MSCI EAFE Index excludes
the effect of fees and sales charges.

(1) From April 30, 1993.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is managed by Seligman's Global Growth Team. The Global Growth
Team is co-headed by Mr. Jack P. Chang.

Mr. Chang joined Seligman on September 20, 1999 as a Managing Director. He is a
Vice President of the Fund. Prior to joining Seligman, Mr. Chang was a Senior
Vice President and Portfolio Manager at Putnam Investment Management since 1997.
Prior thereto, he was a Portfolio Manager with Columbia Management Company from
1993 to 1997, and a Senior Analyst and Portfolio Manager with Scudder, Stevens &
Clark from 1989 to 1993. Mr. Chang also co-manages the Global Growth Portfolio
of the Fund. Mr. Chang is also a Vice President of Seligman Global Fund Series,
Inc. and co-manages its Seligman International Growth Fund and Seligman Global
Growth Fund.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

6
<PAGE>

FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31,
--------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
PER SHARE DATA:*
Net asset value, beginning of year $13.54 $12.96 $12.39 $11.34
------ ------ ------ ------ ------
Income from investment operations:
Net investment income** ......... 0.08 0.03 0.07 0.15
Net gains or losses on
securities (both
realized and unrealized) ...... 1.90 2.11 1.13 0.90
Net gains or losses on
foreign currency transactions .
(both realized and unrealized) 0.16 (1.06) (0.32) 0.24
------ ------ ------ ------ ------
Total from investment operations 2.14 1.08 0.88 1.29
------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income ............. (0.15) (0.03) (0.07) (0.15)
Distributions from capital gains (0.16) (0.47) (0.24) (0.09)
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.31) (0.50) (0.31) (0.24)
------ ------ ------ ------ ------
Net asset value, end of year ...... $15.37 $13.54 $12.96 $12.39
====== ====== ====== ====== ======
TOTAL RETURN: 15.81% 8.35% 7.08% 11.34%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year
(in thousands) .................. $9,893 $9,182 $7,242 $4,183
Ratio of expenses to average
net assets** .................... 1.40% 1.40% 1.40% 1.35%
Ratio of net income to average
net assets** .................... 0.52% 0.43% 0.70% 1.01%
Portfolio turnover rate ........... 75.81% 89.43% 48.53% 41.40%

- ----------
* Per share amounts are calculated based on average shares outstanding.
** Seligman and Seligman Henderson Co. (subadviser to the Fund until
7/1/98) voluntarily waived a portion of the management fees and/or reimbursed
expenses for the Portfolio. These amounts reflect the effect of these waivers
and/or reimbursements. There is no assurance that Seligman will continue this
policy in the future.

P-7
<PAGE>

FOR MORE INFORMATION

[LOGO]

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
INTERNATIONAL
GROWTH
PORTFOLIO

[PICTURE]

PROSPECTUS

, 2000

INVESTING AROUND THE

WORLD FOR LONG-TERM

CAPITAL APPRECIATION

[LOGO]
J. & W. SELIGMAN & CO.
INCORPORATED

ESTABLISHED 1864
SPINT1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1
INVESTMENT OBJECTIVE P-1
PRINCIPAL INVESTMENT STRATEGIES P-1
PRINCIPAL RISKS P-2
PAST PERFORMANCE P-3
MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5
HOW TO PURCHASE AND SELL SHARES P-5
SHAREHOLDER SERVICING ARRANGEMENTS P-5
DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6
TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman International Growth Portfolio
(the Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

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

P-1
<PAGE>

The Portfolio generally sells a stock if its target price is reached, its
earnings are disappointing, its revenue growth slows, or its underlying
fundamentals deteriorate. The Portfolio may also sell a stock if the investment
manager believes that negative country or regional factors may affect a
company's outlook.

The Portfolio may invest up to 15% of its assets in illiquid securities (i.e.,
securities that cannot be readily sold), and may from time to time enter into
forward foreign currency exchange contracts in an attempt to manage the risk of
adverse changes in currencies. The Portfolio may also purchase put options in an
attempt to hedge against a decline in the price of securities it holds in its
portfolio. A put option gives the Portfolio the right to sell an underlying
security at a particular price during a fixed period.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Options or illiquid securities, in the Portfolio's investment portfolio involve
higher risk and may subject the Portfolio to higher price volatility.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

p-2
<PAGE>

PAST PERFORMANCE

The following table represents a chart in the printed piece.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

1994 1.32%
1995 11.34%
1996 7.08%
1997 8.35%
1998 15.81%
1999

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

One Five Since Inception
Year Years 5/3/93
------- ------- ---------------
Seligman International Growth Portfolio 26.64% 13.63% 12.53%
MSCI EAFE Index 27.30 13.15 12.33(1)
Lipper International Funds Average 39.68 15.47 14.23(1)

(1) From April 30, 1993.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is managed by Seligman's Global Growth Team. The Global Growth
Team is co-headed by Mr. Jack P. Chang.

Mr. Chang joined Seligman on September 20, 1999 as a Managing Director. He is a
Vice President of the Fund. Prior to joining Seligman, Mr. Chang was a Senior
Vice President and Portfolio Manager at Putnam Investment Management since 1997.
Prior thereto, he was a Portfolio Manager with Columbia Management Company from
1993 to 1997, and a Senior Analyst and Portfolio Manager with Scudder, Stevens &
Clark from 1989 to 1993. Mr. Chang also co-manages the Global Growth Portfolio
of the Fund. Mr. Chang is also a Vice President of Seligman Global Fund Series,
Inc. and co-manages its Seligman International Growth Fund and Seligman Global
Growth Fund.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

The Portfolio is offering its shares
only to Accounts of participating insurance companies to fund benefits of the
Contracts. The Accounts may invest in shares of the Portfolio in accordance with
allocation instructions received from the owners of the Contracts. Such
allocations rights and information on how to purchase or surrender a Contract,
as well as sales charges and other expenses imposed by the Contracts on their
owners, are further described in the separate prospectuses and disclosure
documents issued by the participating insurance companies and accompanying this
Prospectus. The Fund reserves the right to reject any order for the purchase of
shares of the Portfolio.

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio. Dividends on Class 2 shares generally will be lower than dividends on
Class 1 shares as a result of 12b-1 fees. Capital gain distributions will be
paid in the same amount for each Class.

TAXES

Further information regarding the
tax consequences of an investment in the Portfolio is contained in the separate
prospectuses and disclosure documents issued by the participating insurance
companies and accompanying this Prospectus.

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.

YEAR ENDED DECEMBER 31,
-----------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ -----
PER SHARE DATA:*
Net asset value, beginning of year .. $13.54 $12.96 $12.39 $11.34
------ ------ ------ ------ -----
Income from investment operations:
Net investment income** ........... 0.08 0.03 0.07 0.15
Net gains or losses on securities
(both realized and unrealized) . 1.90 2.11 1.13 0.90
Net gains or losses on
foreign currency transactions
(both realized and unrealized) .... 0.16 (1.06) (0.32) 0.24
------ ------ ------ ------ -----
Total from investment operations ... 2.14 1.08 0.88 1.29
------ ------ ------ ------ -----
Less distributions:
Dividends from net
investment income (0.15) (0.03) (0.07) (0.15)
Distributions from capital gains . (0.16) (0.47) (0.24) (0.09)
------ ------ ------ ------ -----
Total distributions ................ (0.31) (0.50) (0.31) (0.24)
------ ------ ------ ------ -----
Net asset value, end of year ....... $15.37 $13.54 $12.96 $12.39
====== ====== ====== ====== =====
TOTAL RETURN: 15.81% 8.35% 7.08% 11.34%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year
(in thousands) .................. $9,893 $9,182 $7,242 $4,183
Ratio of expenses to average
net assets** .................... 1.40% 1.40% 1.40% 1.35%
Ratio of net income to average
net assets** ..................... 0.52% 0.43% 0.70% 1.01%
Portfolio turnover rate ............ 75.81% 89.43% 48.53% 41.40%

P-7
<PAGE>

FOR MORE INFORMATION

[LOGO]

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ----------------
PORTFOLIOS, INC.

SELIGMAN
HIGH-YIELD
BOND
PORTFOLIO

PROSPECTUS

, 2000

SEEKING TO MAXIMIZE CURRENT

INCOME BY INVESTING

IN A DIVERSIFIED PORTFOLIO

OF HIGH-YIELDING

CORPORATE BONDS

MANAGED BY
[LOGO]
J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPHY1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND P-1
INVESTMENT OBJECTIVE P-1
PRINCIPAL INVESTMENT STRATEGIES P-1
PRINCIPAL RISKS P-2
PAST PERFORMANCE P-3
MANAGEMENT OF THE FUND P-4

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES P-5
HOW TO PURCHASE AND SELL SHARES P-5
DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS P-6
TAXES P-6

FINANCIAL HIGHLIGHTS P-7

FOR MORE INFORMATION BACK COVER

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman High-Yield Bond Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is to produce maximum current income.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio invests in a diversified range of high-yield, high-risk, medium
and lower quality corporate bonds and notes. Generally, bonds and notes
providing the highest yield are unrated or carry lower ratings (Baa or lower by
Moody's Investors Service, or BBB or lower by Standard & Poor's Ratings
Services). The Portfolio may purchase restricted securities that may be offered
and sold only to "qualified institutional buyers" under Rule 144A of the
Securities Act of 1933 (Rule 144A Securities).

The Portfolio uses a bottom-up security selection process. This means the
investment manager concentrates first on individual company fundamentals, before
industry considerations. The investment manager then looks at the particular
bond characteristics of the securities considered for purchase. 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 Portfolio will generally sell a security if the investment manager believes
that the company displays deteriorating cash flows, an ineffective management
team, or an unattractive relative valuation.

The Portfolio may invest up to 20% of its total assets in a range of high-yield,
medium and lower quality corporate notes; short-term money market instruments,
including certificates of deposit of FDIC member banks having total assets of
more than $1 billion; bankers' acceptances and interest-bearing savings or time
deposits of such banks; prime commercial paper; securities issued, guaranteed,
or insured by the US Government, its agencies or instrumentalities; and other
income-producing cash items, including repurchase agreements.

P-1
<PAGE>

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold). Rule 144A Securities deemed to
be liquid by the investment manager are not included in this limitation. The
Portfolio may invest up to 10% of its total assets in debt securities of foreign
issuers. In accordance with its objective of producing maximum current income,
the Portfolio may invest up to 10% of its total assets in preferred stock,
including non-investment-grade preferred stock. While the Portfolio favors
cash-paying bonds over deferred pay securities, it may invest in "zero-coupon"
bonds (interest payments accrue until maturity) and "pay-in-kind" bonds
(interest payments are made in additional bonds).

There is no guarantee that the Portfolio will acheive its objective.

PRINCIPAL RISKS

The Portfolio's net asset value, yield and total return will fluctuate with
fluctuations in the yield and market value of the individual securities held by
the Portfolio. The types of securities in which the Portfolio invests are
generally subject to higher volatility in yield and market value than securities
of higher quality. Factors that may affect the performance of the securities
held by the Portfolio are discussed below.

Higher-yielding, higher-risk, medium and lower quality corporate bonds and
notes, like the securities in which the Portfolio invests, are subject to
greater risk of loss of principal and income than higher-rated bonds and notes
and are considered to be predominantly speculative with respect to the issuer's
capacity to pay interest and repay principal.

An economic downturn could adversely impact issuers' ability to pay interest and
repay principal and could result in issuers' defaulting on such payments. The
value of the Portfolio's bonds and notes will be affected, like all fixed-income
securities, by market conditions relating to changes in prevailing interest
rates. However, the value of lower rated or unrated corporate bonds and notes is
also affected by investors' perceptions. When economic conditions appear to be
deteriorating, lower-rated or unrated corporate bonds and notes may decline in
market value due to investors' heightened concerns and perceptions over credit
quality.

Lower-rated and unrated corporate bonds and notes are traded principally by
dealers in the over-the-counter market. The market for these securities may be
less active and less liquid than for higher rated securities. Under adverse
market or economic conditions, the secondary market for these bonds and notes
could contract further, causing the Portfolio difficulties in valuing and
selling its securities.

"Zero-coupon" and "pay-in-kind" securities may be subject to greater
fluctuations in value because they tend to be more speculative than
income-bearing securities. Fluctuations in the market prices of these securities
owned by the Portfolio will result in corresponding fluctuations and volatility
in the net asset value of the shares of the Portfolio. Additionally, because
they do not pay current income, they will detract from the Portfolio's objective
of producing maximum current income.

The Portfolio may actively and frequently trade securities in its portfolio to
carry out its principal strategies. A high portfolio turnover rate increases
transaction costs, which may increase the Portfolio's expenses.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

The following table represents a chart in the printed piece.

CLASS 1 ANNUAL TOTAL RETURNS - CALENDAR YEARS

1996 14.62%
1997 15.09%
1998 1.02%
1999

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/95
------- ----------------
Seligman High-Yield Bond Portfolio -0.75% 7.80%
Merrill Lynch High Yield Master Index 1.57 8.42 (1)
Lipper High Current Yield 4.50 8.56 (1)

The Lipper High Current Yield and the Merrill Lynch High Yield Master Index are
unmanaged benchmarks that assume investment of dividends and exclude the effect
of fees or sales charges.

(1) From April 30, 1995.
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .50% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman High-Yield Team, headed by Mr. Daniel
J. Charleston. Mr. Charleston, a Managing Director of Seligman, is a Vice
President of the Fund and has been Portfolio Manager of the Portfolio since its
inception. Mr. Charleston joined Seligman in 1987 as an Assistant Portfolio
Manager and became a Managing Director in January 1996. Mr. Charleston also
manages Seligman High-Yield Bond Series, a series of Seligman High Income Fund
Series.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 5/1/95+
--------------------------------- TO
1999 1998 1997 1996 12/31/95
------ ------ ------ ------ --------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:*
Net asset value, beginning of period........ $11.87 $11.19 $10.50 $10.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment income**................... 1.11 0.91 0.77 0.22
Net gains or losses on securities (both
realized and unrealized) (0.99) 0.78 0.77 0.52
----- ------ ------ ------ ------
Total from investment operations............ 0.12 1.69 1.54 0.74
----- ------ ------ ------ ------
Less distributions:
-Dividends from net investment income.... (1.11) (0.90) (0.77) (0.22)
Distributions from capital gains.......... (0.01) (0.11) (0.08) (0.02)
----- ------ ------ ------ ------
Total distributions......................... (1.12) (1.01) (0.85) (0.24)
----- ------ ------ ------ ------
Net asset value, end of period.............. $10.87 $11.87 $11.19 $10.50
===== ====== ====== ====== ======
TOTAL RETURN: 1.02% 15.09% 14.62% 7.37%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands).... $32,253 $23,268 $11,176 $3,009
Ratio of expenses to average net assets**... 0.70% 0.70% 0.70% 0.70%++
Ratio of net income to average net assets** 9.60% 9.61% 9.77% 7.46%++
Portfolio turnover rate .................... 43.13% 74.54% 117.01% 67.55%
</TABLE>

- ----------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these reimbursements. There is no assurance
that Seligman will continue this policy in the future.
+ Commencement of Operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

[LOGO]

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN

------------------

PORTFOLIOS, INC.

SELIGMAN
HIGH-YIELD
BOND
PORTFOLIO

PROSPECTUS

, 2000

------------------

Seeking to Maximize Current

Income by Investing

in a Diversified Portfolio

of High-Yielding

Corporate Bonds

managed by
[LOGO]
J. & W. SELIGMAN & CO.

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPHY1 5/2000 C2
<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund .............................. P-1
Investment Objective .............................. P-1
Principal Investment Strategies ................... P-1
Principal Risks ................................... P-2
Past Performance .................................. P-3
Management of the Fund ............................ P-4

Shareholder Information
Pricing of Fund Shares ............................ P-5
How to Purchase and Sell Shares ................... P-5
Shareholder Servicing Arrangements ................ P-5
Dividends and Capital Gain Distributions .......... P-6
Taxes P-6

Financial Highlights .................................... P-7

For More Information .................................... back cover

TIMES CHANGE ... VALUES ENDURE
<PAGE>
THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman High-Yield Bond Portfolio (the
Portfolio). The Portfolio is offering its shares only to separate accounts
(Accounts) of participating insurance companies to fund benefits of variable
annuity contracts (Contracts). The Accounts may invest in shares of the
Portfolio in accordance with allocation instructions received from the owners of
the Contracts. Such allocations rights and information on how to purchase or
surrender a Contract, as well as sales charges and other expenses imposed by the
Contracts on their owners, are further described in the separate prospectuses
and disclosure documents issued by the participating insurance companies and
accompanying this Prospectus. The Fund reserves the right to reject any order
for the purchase of shares of the Portfolio.

INVESTMENT OBJECTIVE

The Portfolio's objective is to produce maximum current income.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio has a fundamental policy that requires that, except for temporary
defensive purposes, it invest at least 80% of the value of its total assets in
high-yielding, income-producing corporate bonds. The Portfolio invests in a
diversified range of high-yield, high-risk, medium and lower quality corporate
bonds and notes. Generally, bonds and notes providing the highest yield are
unrated or carry lower ratings (Baa or lower by Moody's Investors Service or BBB
or lower by Standard & Poor's Ratings Services). The Portfolio may purchase
restricted securities that may be offered and sold only to "qualified
institutional buyers" under Rule 144A of the Securities Act of 1933 (Rule 144A
Securities).

P-1

<PAGE>
The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold). Rule 144A Securities deemed to
be liquid by the investment manager are not included in this limitation. The
Portfolio may invest up to 10% of its total assets in debt securities of foreign
issuers. In accordance with its objective of producing maximum current income,
the Portfolio may invest up to 10% of its total assets in preferred stock,
including non-investment-grade preferred stock. While the Portfolio favors
cash-paying bonds over deferred pay securities, it may invest in "zero-coupon"
bonds (interest payments accrue until maturity) and "pay-in-kind" bonds
(interest payments are made in additional bonds).

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>
PAST PERFORMANCE

[The following is a table representing a bar chart of Class I Annual Total
Returns:]

CLASS I ANNUAL TOTAL RETURNS -- CALENDAR YEARS

1996 ........................ 14.62%
1997 ........................ 15.09%
1998 ........................ 1.02%
1999 ........................

Best quarter return: % - quarter ended
Worst quarter return: -% - quarter ended

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/95
------- ---------------
Seligman High-Yield Bond Portfolio -0.75% 7.80%
Merrill Lynch High Yield Master Index 1.57 8.42(1)
Lipper High Current Yield 4.50 8.56 (1)

The Lipper High Current Yield and the Merrill Lynch High Yield Master Index are
unmanaged benchmarks that assume investment of dividends and exclude the effect
of fees or sales charges.

(1) From April 30, 1995.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .50% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

P-4

<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6

<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. There were no Class 2 shares
outstanding during the periods shown. Certain information reflects financial
results for a single share of the Portfolio that was held throughout the periods
shown. "Total return" shows the rate that you would have earned (or lost) on an
investment in the Portfolio. Total returns do not reflect the effect of the
service (12b-1) fees associated with Class 2 shares or any administration fees
or sales charges imposed by the Contracts on their owners. Ernst & Young llp,
independent auditors, have audited this information. Their report, along with
the Portfolio's financial statements, is included in the Fund's annual report,
which is available upon request.
<TABLE>
<CAPTION>

Year ended December 31, 5/1/95+
--------------------------------------------------- to
1999 1998 1997 1996 12/31/95
----- ----- ----- ------ --------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:*
Net asset value, beginning of period........ $11.87 $11.19 $10.50 $10.00
----- ----- ----- ----- -----
Income from investment operations:

Net investment income**................... 1.11 0.91 0.77 0.22
Net gains or losses on securities (both
realized and unrealized) ............... (0.99) 0.78 0.77 0.52
----- ----- ----- ----- -----
Total from investment operations............ 0.12 1.69 1.54 0.74
----- ----- ----- ----- -----
Less distributions:
Dividends from net investment income..... (1.11) (0.90) (0.77) (0.22)
Distributions from capital gains.......... (0.01) (0.11) (0.08) (0.02)
----- ----- ----- ----- -----
Total distributions......................... (1.12) (1.01) (0.85) (0.24)
----- ----- ----- ----- -----
Net asset value, end of period.............. $10.87 $11.87 $11.19 $10.50
===== ===== ===== ===== =====
TOTAL RETURN: 1.02% 15.09% 14.62% 7.37%

Ratios/Supplemental Data:
Net assets, end of period (in thousands).... $32,253 $23,268 $11,176 $3,009
Ratio of expenses to average net assets**... 0.70% 0.70% 0.70% 0.70%++
Ratio of net income to average
net assets** 9.60% 9.61% 9.77% 7.46%++
Portfolio turnover rate .................... 43.13% 74.54% 117.01% 67.55%
</TABLE>

- --------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these reimbursements. There is no assurance
that Seligman will continue this policy in the future.
+ Commencement of Operations.
++ Annualized.

P-7

<PAGE>

FOR MORE INFORMATION

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF
[LOGO]
J.& W. SELIGMAN & CO.

J.& W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN

------------------

PORTFOLIOS, INC.

SELIGMAN
INCOME
PORTFOLIO

PROSPECTUS

, 2000

------------------

Seeking High Current Income

and Improvement of

Income and Capital

Value Over the

Longer Term

managed by

[LOGO]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPIN1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund ............................... P-1
Investment Objective ............................... P-1
Principal Investment Strategies .................... P-1
Principal Risks .................................... P-2
Past Performance ................................... P-3
Management of the Fund ............................. P-4

Shareholder Information
Pricing of Fund Shares ............................. P-5
How to Purchase and Sell Shares .................... P-5
Dividends and Capital Gain Distributions ........... P-6
Taxes .............................................. P-6

Financial Highlights ..................................... P-7

For More Information ..................................... back cover

TIMES CHANGE...VALUES ENDURE
<PAGE>
THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Income Portfolio (the Portfolio).
The Portfolio is offering its shares only to separate accounts (Accounts) of
participating insurance companies to fund benefits of variable annuity contracts
(Contracts). The Accounts may invest in shares of the Portfolio in accordance
with allocation instructions received from the owners of the Contracts. Such
allocations rights and information on how to purchase or surrender a Contract,
as well as sales charges and other expenses imposed by the Contracts on their
owners, are further described in the separate prospectuses and disclosure
documents issued by the participating insurance companies and accompanying this
Prospectus. The Fund reserves the right to reject any order for the purchase of
shares of the Portfolio.

INVESTMENT OBJECTIVES

The Portfolio's objectives are high current income consistent with what is
believed to be prudent risk of capital and the possibility of improvement in
income over time.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objectives:

The Portfolio invests at least 80% of its assets in income-producing securities.
The Portfolio has a fundamental policy that, at all times, it must invest at
least 25% of the value of its gross assets in cash, bonds and/or preferred
stocks.

Subject to these requirements, the Portfolio may invest in many different types
of securities. Income-producing securities in which the Portfolio may invest
include money market instruments, fixed-income securities (such as notes, bonds,
debentures, and preferred stock), US Government securities, collateralized
mortgage obligations, senior securities convertible into common stocks, common
stocks, and American Depositary Receipts (ADRs). ADRs are publicly traded
instruments generally issued by domestic banks or trust companies that represent
securities of foreign issuers. Securities are carefully selected in light of the
Portfolio's investment objectives are are diversified among many different types
of securities and market sectors.

The Portfolio allocates its assets between equity securities and fixed-income
securities. If equity valuations become excessive, then the Portfolio will
invest more of its assets in fixed-income securities.

Equity securities are chosen for purchase by the Portfolio using a bottom-up
stock selection approach. This means the investment manager concentrates on
individual company fundamentals, rather than on a particular industry. The
Portfolio maintains a disciplined investment process that focuses on downside
risk as well as upside potential. The Portfolio seeks to purchase strong,
well-managed companies, generally large US companies, which have the potential
for solid earnings growth and dividend increases. The investment manager looks
to identify companies that it believes offer attractive dividend yields relative
to the market and, typically, that display relatively low valuations.

Fixed-income securities are chosen for purchase by the Portfolio using a method
that combines macro analysis of the fixed-income with fundamental research into
individual securities, customized by market sector. This means that the
investment manager considers the trends in the fixed-income market and evaluates
the long-term trends in interest rates, and then selects individual securities
for the Portfolio based on its evaluation of each security's particular
characteristics (for example, duration, yield, quality, relative value) and
total return opportunities.

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold) and may invest up to 10% of its
total assets directly in foreign securities. The limit on foreign securities
does not include ADRs, or commercial paper and certificates of deposit issued by
foreign banks. The Portfolio generally does not invest a significant amount, if
any, in illiquid or foreign securities.

P-1

<PAGE>

There is no guarantee that the Portfolio will achieve its objectives.

PRINCIPAL RISKS

A significant portion of the Portfolio's assets is generally invested in common
stocks. Stock prices fluctuate. Therefore, as with any portfolio that invests in
stocks, the Portfolio's net assets value will fluctuate, especially in the short
term. You may experience a decline in the value of your investment and you could
lose money if you sell your shares at a price lower than you paid for them.

While the Portfolio maintains exposure to varied industry sectors over the
longer term, it may invest more heavily in certain industries believed to offer
good investment opportunities. To the extent that an industry in which the
Portfolio is invested falls out of favor, the Portfolio's performance may be
negatively affected.

Stocks of large US companies, like those in which the Portfolio may invest, are
experiencing an extended period of strong performance. However, if investor
sentiment changes, the value of large company stocks may decline. This could
have an adverse effect on the Portfolio's yield, net asset value, and total
return.

The portion of the Portfolio's assets that are invested in fixed-income
securities will be subject to interest rate risk and credit risk, as discussed
below.

Changes in market interest rates will affect the value of the fixed-income
securities held by the Portfolio. In general, the market value of fixed-income
securities move in the opposite direction of interest rates: the market value
decreases when interest rates rise and increases when interest rates fall.
Long-term securities are generally more sensitive to changes in interest rates,
and, therefore, subject to a greater degree of market price volatility. Changes
in the value of the fixed-income securities held by the Portfolio may affect the
Portfolio's net asset value. The extent to which the Portfolio is affected will
depend on the percentage of the Portfolio's assets that is invested in
fixed-income securities and the duration of the securities held.

A fixed-income security could deteriorate in quality to such an extent that its
rating is downgraded or its market value declines relative to comparable
securities. Credit risk also includes the risk that an issuer of a security
would be unable to make interest and principal payments. To the extent the
Portfolio holds securities that are downgraded, or default on payment, its
performance could be negatively affected.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to three
widely-used measures of performance. How the Portfolio has performed in the
past, however, is not necessarily an indication of how it will perform in the
future.

Class 1 annual total returns presented in the bar chart and average annual total
returns presented in the table do not reflect the effect of the any
administration fees or sales charges imposed by the Contracts on their owners.
If these expenses were included, the returns would be lower. Both the bar chart
and table assume that all dividends and capital gain distributions were
reinvested.

[The following is a table representing a bar chart of Class I Annual Total
Returns:]

CLASS I ANNUAL TOTAL RETURNS -- CALENDAR YEARS

1990 ........................ -6.10%
1991 ........................ 30.89%
1992 ........................ 15.72%
1993 ........................ 12.37%
1994 ........................ -5.96%
1995 ........................ 17.98%
1996 ........................ 6.66%
1997 ........................ 14.02%
1998 ........................ 7.76%
1999 ........................

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99
ONE FIVE TEN
YEAR YEARS YEARS
------- ------- -------
Seligman Income Portfolio 2.87% 9.72% 9.10%
S&P 500 Index 21.03 28.56 18.21
Lehman Brothers Aggregate Bond Index -0.82 7.73 7.70
Lipper Income Funds Average 4.99 12.62 10.24

The Lipper Income Funds Average, the Lehman Brothers Aggregate Bond Index and
the S&P 500 Index are unmanaged benchmarks that assume investment of dividends.
The Lipper Income Funds Average excludes the effect of sales charges. The S&P
500 Index and the Lehman Brothers AggregateIndex exclude the effect of fees and
sales charges.

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Growth and Income Team, headed by Mr.
Charles C. Smith, Jr. Mr. Smith, a Managing Director of Seligman, is a Vice
President of the Fund and has been Portfolio Manager of the Portfolio since
December 1991. Mr. Smith also manages the Common Stock Portfolio of the Fund;
and he manages Seligman Common Stock Fund, Inc. and Seligman Income Fund, Inc.

Mr. Rodney D. Collins, Senior Vice President, Investment Officer of Seligman
since January 1999, co-manages the Portfolio. Mr. Collins was named a
Vice-President, Investment Officer in January 1995. Mr. Collins also co-manages
the Common Stock Portfolio of the Fund; and he co-manages Seligman Common Stock
Fund, Inc. and Seligman Income Fund, Inc..

P-4

<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5

<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6

<PAGE>

FINANCIAL HIGHLIGHTS

Year ended December 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:*
Net asset value, beginning of year.......... $10.80 $10.52 $10.56 $9.97
----- ----- ----- ----- -----
Income from investment operations:

Net investment income**................... 0.45 0.56 0.58 0.60
Net gains or losses on securities (both
realized and unrealized) ............... 0.38 0.91 0.13 1.19
----- ----- ----- ----- -----
Total from investment operations............ 0.83 1.47 0.71 1.79
----- ----- ----- ----- -----
Less distributions:
-Dividends from net investment income.... (0.46) (0.55) (0.58) (0.60)
Distributions from capital gains.......... (0.16) (0.64) (0.17) (0.60)
----- ----- ----- ----- -----
Total distributions......................... (0.62) (1.19) (0.75) (1.20)
----- ----- ----- ----- -----
Net asset value, end of year................ $11.01 $10.80 $10.52 $10.56
===== ===== ===== ===== =====
TOTAL RETURN: 7.76% 14.02% 6.66% 17.98%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)...... $14,582 $13,835 $13,717 $12,619
Ratio of expenses to average net assets**... 0.60% 0.60% 0.59% 0.60%
Ratio of net income to average net assets** 3.94% 4.71% 5.37% 5.55%
Portfolio turnover rate .................... 70.45% 96.99% 19.59% 51.22%
________________
</TABLE>

* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these reimbursements. There is no assurance
that Seligman will continue this policy in the future.

P-7
<PAGE>

FOR MORE INFORMATION

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO]

J.& W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN

------------------

PORTFOLIOS, INC.

SELIGMAN
INCOME
PORTFOLIO

PROSPECTUS

, 2000

------------------

Seeking High Current Income

and Improvement of

Income and Capital

Value Over the

Longer Term

managed by

[LOGO]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPIN1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

Financial Highlights ................................... P-7

For More Information ................................... back cover

TIMES CHANGE ... VALUES ENDURE
<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

INVESTMENT OBJECTIVES

The Portfolio's objectives are high current income consistent with what is
believed to be prudent risk of capital and the possibility of improvement in
income over time.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objectives:

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold) and may invest up to 10% of its
total assets directly in foreign securities. The limit on foreign securities
does not include ADRs, or commercial paper and certificates of deposit issued by
foreign banks. The Portfolio generally does not invest a significant amount, if
any, in illiquid or foreign securities.

P-1
<PAGE>

There is no guarantee that the Portfolio will achieve its objectives.

PRINCIPAL RISKS

The portion of the Portfolio's assets that are invested in fixed-income
securities will be subject to interest rate risk and credit risk, as discussed
below.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>
PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares of the Portfolio has
varied year to year, as well as how its performance compares to three
widely-used measures of performance. How the Portfolio has performed in the
past, however, is not necessarily an indication of how it will perform in the
future.

[The following is a table representing a bar chart of Class I Annual Total
Returns:]

CLASS I ANNUAL TOTAL RETURNS -- CALENDAR YEARS

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

CLASS 1 AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/99
One Five TEN
Year Years Years
------- ------- ------
Seligman Income Portfolio 2.87% 9.72% 9.10%
S&P 500 Index 21.03 28.56 18.21
Lehman Brothers Aggregate Bond Index -0.82 7.73 7.70
Lipper Income Funds Average 4.99 12.62 10.24

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to an
annual rate of .40% of the average daily net assets of the Portfolio.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Growth and Income Team, headed by Mr.
Charles C. Smith, Jr. Mr. Smith, a Managing Director of Seligman, is a Vice
President of the Fund and has been Portfolio Manager of the Portfolio since
December 1991. Mr. Smith also manages the Common Stock Portfolio of the Fund;
and he manages Seligman Common Stock Fund, Inc. and Seligman Income Fund, Inc.

P-4

<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5

<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio. Dividends on Class 2 shares generally will be lower than the
dividends onClass 1 shares as a result of 12b-1 fees. Capital gain distributions
will be paid in the same amount for each Class.

TAXES

P-6
<PAGE>

Financial Highlights

The table below describes the Portfolio's performance for the past five years.
It is intended to help you understand the financial performance of the
Portfolio's Class 1 shares. There were no Class 2 shares outstanding during the
periods shown. Certain information reflects financial results for a single share
of the Portfolio that was held throughout the periods shown. "Total return"
shows the rate that you would have earned (or lost) on an investment in the
Portfolio. Total returns do not reflect the effect of the service (12b-1) fees
associated with Class 2 shares or any administration fees or sales charges
imposed by the Contracts on their owners. Ernst & Young llp, independent
auditors, have audited this information. Their report, along with the
Portfolio's financial statements, is included in the Fund's annual report, which
is available upon request.
<TABLE>
<CAPTION>

Net investment income**................... 0.45 0.56 0.58 0.60
Net gains or losses on securities (both
realized and unrealized) ................. 0.38 0.91 0.13 1.19
----- ----- ----- ----- -----
Total from investment operations............ 0.83 1.47 0.71 1.79
----- ----- ----- ----- -----
Less distributions:
-Dividends from net investment income.... (0.46) (0.55) (0.58) (0.60)
Distributions from capital gains.......... (0.16) (0.64) (0.17) (0.60)
----- ----- ----- ----- -----
Total distributions......................... (0.62) (1.19) (0.75) (1.20)
----- ----- ----- ----- -----
Net asset value, end of year................ $11.01 $10.80 $10.52 $10.56
===== ===== ===== ===== =====
TOTAL RETURN: 7.76% 14.02% 6.66% 17.98%

Ratios/Supplemental Data:
Net assets, end of year (in thousands)...... $14,582 $13,835 $13,717 $12,619
Ratio of expenses to average net assets**... 0.60% 0.60% 0.59% 0.60%
Ratio of net income to average net assets** 3.94% 4.71% 5.37% 5.55%
Portfolio turnover rate .................... 70.45% 96.99% 19.59% 51.22%
</TABLE>

- ----------------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these reimbursements. There is no assurance
that Seligman will continue this policy in the future.

P-7

<PAGE>

FOR MORE INFORMATION

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO]

J.& W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN

------------------

PORTFOLIOS, INC.

SELIGMAN
LARGE-CAP
GROWTH
PORTFOLIO

[GRAPHIC]

PROSPECTUS

, 2000

------------------

SEEKING LONGER-TERM

GROWTH IN CAPITAL VALUE

MANAGED BY

[LOGO]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPLCG1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund ......................... P-1
Investment Objective ......................... P-1
Principal Investment Strategies .............. P-1
Principal Risks .............................. P-2
Past Performance ............................. P-2
Management of the Fund ....................... P-3

Shareholder Information
Pricing of Fund Shares ....................... P-4
How to Purchase and Sell Shares .............. P-4
Dividends and Capital Gain Distributions ..... P-4
Taxes ........................................ P-4

Financial Highlights ............................. P-5

For More Information ............................. back cover

TIMES CHANGE...VALUES ENDURE

<PAGE>
THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Large-Cap Growth Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is longer-term growth in capital value.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

Generally, the portfolio invests primarily in the common stock of large us
companies, selected for their growth prospects. The investment manager chooses
common stocks for the portfolio using both quantitative and fundamental
analysis. This means the investment manager first screens companies for past
growth in sales and earnings, as well as a strong balance sheet. The investment
manager favors a low ratio of debt to total capital. In selecting individual
securities for investment, the investment manager then looks to identify large
companies that it believes display one or more of the following:

- --------------------------------------------------------------------------------
LARGE COMPANIES:
COMPANIES WITH MARKET CAPITALIZATIONS, AT THE TIME OF PURCHASE BY THE PORTFOLIO,
OF $5 BILLION OR MORE.
- --------------------------------------------------------------------------------

The investment manager also looks at the forecasted earnings of a company to
determine if it has the potential for above-average growth.

Although the Portfolio generally concentrates its investment in common stocks,
it may also invest in preferred stocks, securities convertible into common
stocks, common stock rights or warrants, and debt securities if the investment
manager believes they offer opportunities for growth in capital value.

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold) and

P-1

<PAGE>

may invest up to 10% of its total assets directly in foreign securities. The
Portfolio generally does not invest a significant amount, if any, in illiquid or
foreign securities.

The Fund's Board of Directors may change the parameters by which "large
companies" are defined if they conclude such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries believed to offer good investment opportunities. If an
industry in which the Portfolio is invested falls out of favor, the Portfolio's
performance may be negatively affected.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

PAST PERFORMANCE

The Portfolio commenced operations on May 1, 1999 and has not completed a full
calendar year's performance. Therefore, no performance information is provided
for the Portfolio.

P-2

<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfolio's average daily net assets, as follows: .70% on
first $1 billion; .65% on next $1 billion; and .60% therafter. For the period
ended December 31, 1999, the Portfolio paid Seligman a management fee equal to
an annual rate of % of its average daily net assets.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Global Growth Team, co-headed by Ms.
Marion S. Schultheis. Ms. Schultheis joined Seligman in May 1998 as a Managing
Director. She is a Vice President of the Fund and has been Portfolio Manager of
the Portfolio since its inception. Prior to joining Seligman, Ms. Schultheis was
a Managing Director at Chancellor LGT from October 1997 to May 1998 and Senior
Portfolio Manager at IDS Advisory Group Inc. from August 1987 to October 1997.
Ms. Schultheis also manages the Capital Portfolio and co-manages the Global
Growth Portfolio and the International Growth Portfolio of the Fund; and she
manages Seligman Capital Fund, Inc. and Seligman Growth Fund, Inc. and
co-manages Seligman Global Growth Fund and Seligman International Growth Fund,
each a series of Seligman Global Fund Series, Inc.

P-3

<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-4

<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. Certain information reflects
financial results for a single share of the Portfolio that was held throughout
the period shown. "Total return" shows the rate that you would have earned (or
lost) on an investment in the Portfolio. Total returns do not reflect the effect
of any administration fees or sales charges imposed by the Contracts on their
owners. Ernst & Young llp, independent auditors, have audited this information.
Their report, along with the Portfolio's financial statements, is included in
the Fund's annual report, which is available upon request.

5/1/99+
to
12/31/99
--------
PER SHARE DATA:*
Net asset value, beginning of year..........

-----
Income from investment operations:
Net investment income**...................
Net gains or losses on securities (both
realized and unrealized)
-----
Total from investment operations............
-----
Less distributions:
Dividends from net
investment income.......................

Distributions from capital gains............

-----
Total distributions.........................
-----
Net asset value, end of year................
=====
TOTAL RETURN:

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)......
Ratio of expenses to average net assets**...
Ratio of net income to average net assets**
Portfolio turnover rate ....................
_____________
* Per share amounts are calculated based on average shares outstanding.

** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these waivers and/or reimbursements. There is
no assurance that Seligman will continue this policy in the future.

+ Commencement of Operations.

P-5

<PAGE>

FOR MORE INFORMATION

SELIGMAN ADVISORS, INC.
AN AFFILIATE OF

[LOGO]

J.& W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ---------------
PORTFOLIOS, INC.

SELIGMAN
LARGE-CAP
GROWTH
PORTFOLIO

[graphic]

PROSPECTUS

, 2000

---------

Seeking Longer-Term
Growth in Capital Value

managed by

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPLCG1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio

Overview of the Fund P-1
Investment Objective P-1
Principal Investment Strategies P-1
Principal Risks P-2
Past Performance P-2
Management of the Fund P-3

Shareholder Information
Pricing of Fund Shares P-4
How to Purchase and Sell Shares P-4
Shareholder Servicing Arrangements P-4
Dividends and Capital Gain Distributions P-5
Taxes P-5

Financial Highlights P-6

For More Information back cover

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Large-Cap Growth Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is longer-term growth in capital value.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

Generally, the portfolio invests primarily in the common stock of large US
companies, selected for their growth prospects. The investment manager chooses
common stocks for the portfolio using both quantitative and fundamental
analysis. This means the investment manager first screens companies for past
growth in sales and earnings, as well as a strong balance sheet. The investment
manager favors a low ratio of debt to total capital. In selecting individual
securities for investment, the investment manager then looks to identify large
companies that it believes display one or more of the following:

- --------------------------------------------------------------------------------
LARGE COMPANIES:
Companies with market capitalizations, at the time of purchase by the Portfolio,
of $5 billion or more.
- --------------------------------------------------------------------------------

o Proven track record
o Strong management
o Multiple product lines
o Potential for improvement in overall operations (a catalyst for growth in
revenues and/or earnings)
o Positive supply and demand outlook for its industry

The investment manager also looks at the forecasted earnings of a company to
determine if it has the potential for above-average growth.

P-1

<PAGE>

The Fund's Board of Directors may change the parameters by which "large
companies" are defined if they conclude such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. The Portfolio may, however, invest more heavily
in certain industries believed to offer good investment opportunities. If an
industry in which the Portfolio is invested falls out of favor, the Portfolio's
performance may be negatively affected.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

PAST PERFORMANCE

The Portfolio commenced operations on May 1, 1999 and has not completed a full
calendar year of performance. Therefore, no performance information is provided
for the Portfolio.

P-2
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Global Growth Team, co-headed by Ms.
Marion S. Schultheis. Ms. Schultheis joined Seligman in May 1998 as a Managing
Director. She is a Vice President of the Fund and has been Portfolio Manager of
the Portfolio since its inception. Prior to joining Seligman, Ms. Schultheis was
a Managing Director at Chancellor LGT from October 1997 to May 1998 and Senior
Portfolio Manager at IDS Advisory Group Inc. from August 1987 to October 1997.
Ms. Schultheis also manages the Capital Portfolio and co-manages the Global
Growth Portfolio and the International Growth Portfolio of the Fund; and she
manages Seligman Capital Fund, Inc. and Seligman Growth Fund, Inc. and
co-manages Seligman Global Growth Fund and Seligman International Growth Fund,
each a series of Seligman Global Fund Series, Inc.

P-3
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-4
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-5
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. There were no Class 2 shares
outstanding during the period shown. Certain information reflects financial
results for a single share of the Portfolio that was held throughout the period
shown. "Total return" shows the rate that you would have earned (or lost) on an
investment in the Portfolio. Total returns do not reflect the effect of the
service (12b-1) fees associated with Class 2 shares or any administration fees
or sales charges imposed by the Contracts on their owners. Ernst & Young llp,
independent auditors, have audited this information. Their report, along with
the Portfolio's financial statements, is included in the Fund's annual report,
which is available upon request.

5/1/99+
to
12/31/99
--------
Per Share Data:*
Net asset value, beginning of year.......... -----
Income from investment operations:
Net investment income**...................
Net gains or losses on securities (both
realized and unrealized) ............... -----
Total from investment operations............
-----
Less distributions:
Dividends from net investment income........
Distributions from capital gains............ -----

-----
Total distributions.........................
-----
Net asset value, end of year................
=====
TOTAL RETURN:

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)......
Ratio of expenses to average net assets**...
Ratio of net income to average net assets**.
Portfolio turnover rate ....................

- ---------------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses expenses (excluding its management fee) that
exceed .20% per annum of the Portfolio's average daily net assets. These
amounts reflect the effect of these waivers and/or reimbursements. There is
no assurance that Seligman will continue this policy in the future.
+ Commencement of Operations.

P-6
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
an affiliate of

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ---------------
PORTFOLIOS, INC.

SELIGMAN
LARGE-CAP
VALUE
PORTFOLIO

[GRAPHIC]

PROSPECTUS

, 2000

-------------

A Value Approach
to Seeking Long-Term
Capital Appreciation

managed by

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPLCV1 5/2000 C1
<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio

Overview of the Fund P-1
Investment Objective P-1
Principal Investment Strategies P-1
Principal Risks P-2
Past Performance P-3
Management of the Fund P-4

Shareholder Information
Pricing of Fund Shares P-5
How to Purchase and Sell Shares P-5
Dividends and Capital Gain Distributions P-6
Taxes P-6

Financial Highlights P-7

For More Information back cover

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Large-Cap Value Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its total assets in the common
stocks of "value" companies with large market capitalization ($2 billion or
more) at the time of purchase by the Portfolio.

The Portfolio uses a bottom-up stock selection approach. This means that the
investment manager concentrates on individual company fundamentals, rather than
on a particular industry. In selecting investments, the investment manager seeks
to identify value companies that it believes display one or more of the
following:

- --------------------------------------------------------------------------------
VALUE COMPANIES:
Those companies believed by the investment manager to be undervalued, either
historically, by the market, or by their peers.
- --------------------------------------------------------------------------------

o A low price-to-earnings and/or low price-to-book ratio
o Positive change in senior management
o Positive corporate restructuring
o Temporary setback in price due to factors that no longer exist

The Portfolio generally holds a small number of securities because the
investment manager believes doing so allows it to adhere to its disciplined
value investment approach. The investment manager maintains close contact with
the management of each company in which the Portfolio invests and continually
monitors portfolio holdings, remaining sensitive to overvaluation and
deteriorating fundamentals.

The Portfolio generally sells a stock if the investment manager believes it has
become fully valued, its fundamentals have deteriorated, or ongoing evaluation
reveals that there are more attractive investment opportunities available.

The Portfolio invests primarily in equity-related securities of domestic
issuers. These securities may include common stock, preferred stock and stock
convertible into or exchangeable for such securities. The Portfolio expects that
no more than 15% of its assets will be invested in cash or fixed-income
securities, except as a temporary defensive measure. The Portfolio may also
invest in American Depository Receipts (ADRs). ADRs are publicly traded
instruments generally issued by domestic banks or trust companies that represent
a security of a foreign issuer. ADRs are quoted and settled in US dollars. The
Portfolio uses the same criteria in evaluating these securities as it does for
common stocks.

P-1

<PAGE>
The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold). The Portfolio may also invest up
to 10% of its total assets directly in foreign securities. The limit on foreign
securities does not include ADRs, or commercial paper and certificates of
deposit issued by foreign banks. The Portfolio may also purchase put options in
an attempt to hedge against a decline in the price of securities it holds in its
portfolio. A put option gives the Portfolio the right to sell an underlying
security at a particular price during a fixed period. The Portfolio generally
does not invest a significant amount of its assets, if any, in illiquid
securities, foreign securities, or put options.

The Fund's Board of Directors may change the parameters by which large market
capitalization is defined if it concludes such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

The Portfolio holds a small number of securities. Consequently, if one or more
of the securities held in its portfolio declines in value or underperforms
relative to the market, it may have a greater impact on the Portfolio's
performance than if the Portfolio held a larger number of securities. The
Portfolio may experience more volatility, especially over the short term, than a
fund with a greater number of holdings.

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. However, the Portfolio may invest more heavily in
certain industries believed to offer good investment opportunities. If an
industry in which the Portfolio is invested falls out of favor, the Portfolio's
performance may be negatively affected. This effect may be heightened because
the Portfolio holds a smaller number of securities.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares over the period
compares to three widely-used measures of performance. How the Portfolio has
performed in the past, however, is not necessarily an indication of how it will
perform in the future.

Class 1 annual total return presented in the bar chart and average annual total
return presented in the table do not reflect the effect of any administration
fees or sales charges imposed by the Contracts on their owners. If these
expenses were included, the returns would be lower. Both the bar chart and table
assume that all dividends and capital gain distributions were reinvested.

CLASS 1 ANNUAL TOTAL RETURN - CALENDAR YEAR

[Chart]

1998
1999

Best quarter return: % - quarter ended --
Worst quarter return: % - quarter ended --

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURN - PERIOD ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/98
------- ---------------
Seligman Large-Cap Value Portfolio -2.76% -1.82%
S&P 500 21.04 19.77
Russell 1000 Value Index 7.35 6.12
Russell 1000 Index 20.92 19.20

- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfolio's average daily net assets, as follows: .80% on
first $500 million; .70% on next $500 million; and .60% thereafter. For the
period ended December 31, 1999, the Portfolio paid Seligman a management fee
equal to an annual rate of % of its average daily net assets.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Value Team, headed by Mr. Neil T.
Eigen. Mr. Eigen joined Seligman in January 1998 as a Managing Director. He is a
Vice President of the Fund and has been Portfolio Manager of the Portfolio since
its inception. Prior to joining Seligman, Mr. Eigen was Senior Managing
Director, Chief Investment Officer and Director of Equity Investing at Bear
Stearns Asset Management. Mr. Eigen also manages the Seligman Small-Cap Value
Portfolio of the Fund; and he manages the Seligman Large-Cap Value Fund and the
Seligman Small-Cap Value Fund, the two series of Seligman Value Fund Series,
Inc.

Mr. Richard S. Rosen co-manages the Portfolio. Mr. Rosen joined Seligman in
January 1998 as a Senior Vice President, Investment Officer. Prior to joining
Seligman, Mr. Rosen was a Managing Director and Portfolio Manager at Bear
Stearns Asset Management. Mr. Rosen also co-manages the Seligman Small-Cap Value
Portfolio of the Fund; and he co-manages the Seligman Large-Cap Value Fund and
the Seligman Small-Cap Value Fund, the two series of Seligman Value Fund Series,
Inc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

If your purchase or sell request is received by participating insurance
companies after the close of regular trading on ~the NYSE, your request will be
executed at the Portfolio's NAV calculated as of the close of regular trading on
the next NYSE trading day.

HOW TO PURCHASE AND SELL SHARES

The Portfolio is offering its shares only to Accounts of participating insurance
companies to fund benefits of the Contracts. The Accounts may invest in shares
of the Portfolio in accordance with allocation instructions received from the
owners of the Contracts. Such allocations rights and information on how to
purchase or surrender a Contract, ~as well as sales charges and other expenses
imposed by the Contracts on their owners, are further described in the separate
prospectuses and disclosure documents issued by the participating insurance
companies and accompanying this Prospectus. The Fund reserves the right to
reject any order for the purchase of shares of the Portfolio.

An Account may sell all or any portion of the Portfolio shares that it holds at
any time at the next computed NAV per share, as described above. Portfolio
shares that are sold are entitled to any dividends that have been declared as
payable to record owners up to and including the day the sale is effected. There
is no charge. Payment of the sale price will normally be made within seven days
after receipt of such sale. In addition, the right to sell your shares may be
suspended and the date of payment of the sale price may be postponed for any
period during which the NYSE is closed (other than customary weekend and holiday
closings) or during which the Securities and Exchange Commission (SEC)
determines that trading thereon is restricted, or for any period during which an
emergency (as determined by the ~SEC) exists as a result of which the sale of
Portfolio shares is not reasonably practicable or as a result of which it is not
reasonably practicable for the Portfolio to fairly determine the value of its
net assets, or for such other periods as the SEC may by order permit for the
protection of shareholders.

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

YEAR ENDED 5/1/98+
DECEMBER 31, TO
1999 12/31/98
----------- ------
Per Share Data:*
Net asset value, beginning of period $10.00
------ ------
Income from investment operations:

Net investment income**................... 0.04
------ ------
Net gains or losses on securities (both
realized and unrealized) ............... (0.07)
------ ------
Total from investment operations............ (0.03)
------ ------
Less distributions:
Dividends from net investment income...... (0.04)
Distributions from capital gains.......... (0.27)
------ ------
Total distributions......................... (0.31)
------ ------
Net asset value, end of period ............. $ 9.66
====== ======
TOTAL RETURN: .............................. (0.26)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) ... $3,845
Ratio of expenses to average net assets**... 0.80%++
Ratio of net income to average
net assets** ............................. 1.11%++
Portfolio turnover rate .................... 65.82%

- -------------------

* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses total expenses (including the management fee)
that exceed .80% of the Portfolio's net assets.These amounts reflect the
effect of this waiver. There is no assurance that Seligman will continue this
policy in the future.
+ Commencement of Operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
an affiliate of

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

Information about the Fund, including the SAI, can be viewed and copied at the
SECOs Public Reference Room in Washington, DC. For information about the
operation of the Public Reference Room, call (202) 942-8090. The SAI,
Annual/Semi-Annual reports and other information about the Fund are also
available on the EDGAR Database on the SECOs Internet site: http://www.sec.gov.

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ---------------
PORTFOLIOS, INC.

SELIGMAN
LARGE-CAP
VALUE
PORTFOLIO

PROSPECTUS

++++, 2000

A Value Approach
to Seeking Long-Term
Capital Appreciation

managed by

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPLCV1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund P-1
Investment Objective P-1
Principal Investment Strategies P-1
Principal Risks P-2
Past Performance P-3
Management of the Fund P-4

Shareholder Information
Pricing of Fund Shares P-5
How to Purchase and Sell Shares P-5
Shareholder Servicing Arrangements P-5
Dividends and Capital Gain Distributions P-6
Taxes P-6

Financial Highlights P-7

For More Information back cover

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Large-Cap Value Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfoliois objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its total assets in the common
stocks of ivaluei companies with large market capitalization ($2 billion or
more) at the time of purchase by the Portfolio.

o A low price-to-earnings and/or low price-to-book ratio
o Positive change in senior management
o Positive corporate restructuring
o Temporary setback in price due to factors that no longer exist

P-1
<PAGE>

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold). The Portfolio may also invest up
to 10% of its total assets directly in foreign securities. The limit on foreign
securities does not include ADRs, or commercial paper and certificates of
deposit issued by foreign banks. The Portfolio may also purchase put options in
an attempt to hedge against a decline in the price of securities it holds in its
portfolio. A put option gives the Portfolio the right to sell an underlying
security at a particular price during a fixed period. The Portfolio generally
does not invest a significant amount of its assets, if any, in illiquid
securities, foreign securities, or put options.

The Fund's Board of Directors may change the parameters by which large market
capitalization is defined if it concludes such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Stock prices fluctuate. Therefore, as with any portfolio that invests in stocks,
the Portfoliois net asset value will fluctuate, especially in the short term.
You may experience a decline in the value of your investment and you could lose
money if you sell your shares at a price lower than you paid for them.

The Portfolio holds a small number of securities. Consequently, if one or more
of the securities held in its portfolio declines in value or underperforms
relative to the market, it may have a greater impact on the Portfoliois
performance than if the Portfolio held a larger number of securities. The
Portfolio may experience more volatility, especially over the short term, than a
fund with a greater number of holdings.

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. However, the Portfolio may invest more heavily in
certain industries believed to offer good investment opportunities. If an
industry in which the Portfolio is invested falls out of favor, the Portfoliois
performance may be negatively affected. This effect may be heightened because
the Portfolio holds a smaller number of securities.

The Portfoliois performance may be affected by the broad investment environment
in the US or international securities markets, which is influenced by, among
other things, interest rates, inflation, politics, fiscal policy, and current
events.

Foreign securities, illiquid securities, or options in the Portfoliois
investment portfolio involve higher risk and may subject the Portfolio to higher
price volatility. Investing in securities of foreign issuers involves risks not
associated with US investments, including settlement risks, currency
fluctuations, foreign taxation, differences in financial reporting practices,
and changes in political conditions.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares over the period
compares to three widely-used measures of performance. How the Portfolio has
performed in the past, however, is not necessarily an indication of how it will
perform in the future.

Total returns will vary between Class 1 shares and Class 2 shares due to
different expenses of the two Classes. Class 1 annual total return presented in
the bar chart and average annual total return presented in the table do not
reflect the effect of the service (12b-1) fees associated with Class 2 shares or
the effect of any administration fees or sales charges imposed by the Contracts
on their owners. If these expenses were included, the returns would be lower.
Both the bar chart and table assume that all dividends and capital gain
distributions were reinvested.

CLASS 1 ANNUAL TOTAL RETURN N CALENDAR YEAR

[CHART]

1998
1999

Best quarter return: % - quarter ended --
Worst quarter return: % - quarter ended --

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURN N PERIOD ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/98
------- ------------------
Seligman Large-Cap Value Portfolio -2.76% -1.82%
S&P 500 21.04 19.77
Russell 1000 Value Index 7.35 6.12
Russell 1000 Index 20.92 19.20
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

J. & W. Seligman & Co. Incorporated (Seligman), 100 Park Avenue, New York, New
York 10017, is the manager of the Fund. Seligman provides investment management
services for the Portfolio, including making purchases and sales of securities
for the Portfolio, consistent with the Portfoliois investment objective and
strategies, and administers the Portfoliois business and other affairs.

Established in 1864, Seligman currently serves as manager to 20 US registered
investment companies, which offer more than 50+investment portfolios with
approximately $27.4 billion in assets as of December 31, 1999. Seligman also
provides investment management or advice to institutional or other accounts
having an aggregate value at December 31, 1999 of approximately $11.3 billion.

The Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfoliois average daily net assets, as follows: .80% on
first $500 million; .70% on next $500 million; and .60% thereafter. For the
period ended December 31, 1999, the Portfolio paid Seligman a management fee
equal to an annual rate of +++% of its average daily net assets.

PORTFOLIO MANAGEMENT

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

When you buy or sell shares, you do so at the Portfoliois net asset value (NAV)
next calculated after your request is received by participating insurance
companies. If your purchase or sell request is received by participating
insurance companies by the close of regular trading on the New York Stock
Exchange (NYSE) (normally 4:00 p.m. Eastern time), it will be executed at the
Portfoliois NAV calculated as of the close of regular trading on the NYSE on
that day.

If your purchase or sell request is received by participating insurance
companies after the close of regular trading on the NYSE, your request will be
executed at the Portfoliois NAV calculated as of the close of regular trading on
the next NYSE trading day.

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

Under a Rule 12b-1 plan adopted by the Fund with respect to the Portfolio, Class
2 shares pay an annual shareholder servicing (12b-1) fee of up to 0.25% of
average net assets. The Portfolio pays this fee to participating insurance
companies or their affiliates for services that the participating insurance
companies provide to Contract owners. Because these 12b-1 fees are paid out of
the Portfoliois assets on an ongoing basis, over time they will increase the
cost of a Contract owneris investment.

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfoliois performance for the period of the
Portfoliois operations. It is intended to help you understand the financial
performance of the Portfoliois Class 1 shares. There were no Class 2 shares
outstanding during the periods shown. Certain information reflects financial
results for a single share of the Portfolio that was held throughout the periods
shown. iTotal returni shows the rate that you would have earned (or lost) on an
investment in the Portfolio. Total returns do not reflect the effect of the
service (12b-1) fees associated with Class 2 shares or any administration fees
or sales charges imposed by the Contracts on their owners. Ernst & Young llp,
independent auditors, have audited this information. Their report, along with
the Portfoliois financial statements, is included in the Fundis annual report,
which is available upon request.

YEAR ENDED 5/1/98+
DECEMBER 31, TO
1999 12/31/98
----------- ------
Per Share Data:*
Net asset value, beginning of period........ $10.00
----- -----
Income from investment operations:
Net investment income**................... 0.04
Net gains or losses on securities
(both realized and unrealized) (0.07)
----- -----
Total from investment operations............ (0.03)
----- -----
Less distributions:
Dividends from net investment income...... (0.04)
Distributions from capital gains.......... (0.27)
----- -----
Total distributions......................... (0.31)
----- -----
Net asset value, end of period.............. $ 9.66
===== =====
TOTAL RETURN: (0.26)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands).... $3,845
Ratio of expenses to average net assets**... 0.80%++
Ratio of net income to average net assets** 1.11%++
Portfolio turnover rate .................... 65.82%

- ---------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses total expenses (including the management fee)
that exceed .80% of the Portfoliois net assets.These amounts reflect the
effect of this waiver. There is no assurance that Seligman will continue this
policy in the future.
+ Commencement of Operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

ANNUAL/SEMI-ANNUAL REPORTS contain additional information about the Portfoliois
investments. In the Fundis annual report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Portfoliois performance during its last fiscal year.

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
an affiliate of

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

Information about the Fund, including the SAI, can be viewed and copied at the
SECis Public Reference Room in Washington, DC. For information about the
operation of the Public Reference Room, call (202) 942-8090. The SAI,
Annual/Semi-Annual reports and other information about the Fund are also
available on the EDGAR Database on the SECis Internet site: http://www.sec.gov.

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ---------------
PORTFOLIOS, INC.

SELIGMAN
SMALL-CAP
VALUE
PORTFOLIO

[GRAPHIC]

PROSPECTUS

, 2000

----------------

A Value Approach
to Seeking Long-Term
Capital Appreciation

managed by

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPSCV1 5/2000 C1

<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund P-1
Investment Objective P-1
Principal Investment Strategies P-1
Principal Risks P-2
Past Performance P-3
Management of the Fund P-4

Shareholder Information
Pricing of Fund Shares P-5
How to Purchase and Sell Shares P-5
Dividends and Capital Gain Distributions P-6
Taxes P-6

Financial Highlights P-7

For More Information back cover

TIMES CHANGE ... VALUES ENDURE

<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Small-Cap Value Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

The Portfolio generally invests at least 65% of its total assets in the common
stocks of "value" companies with small market capitalization (up to $1 billion)
at the time of purchase by the Portfolio. The Portfolio uses a bottom-up stock
selection approach. This means that the investment manager concentrates on
individual company fundamentals, rather than on a particular industry. In
selecting investments, the investment manager seeks to identify value companies
that it believes display one or more of the following:

o A low price-to-earnings and/or low price-to-book ratio
o Positive change in senior management
o Positive corporate restructuring
o Temporary setback in price due to factors that no longer exist

p-1
<PAGE>

The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold). The Portfolio may also invest up
to 10% of its total assets directly in foreign securities. The limit on foreign
securities does not include ADRs or commercial paper and certificates of deposit
issued by foreign banks. The Portfolio may also purchase put options in an
attempt to hedge against a decline in the price of securities it holds in its
portfolio. A put option gives the Portfolio the right to sell an underlying
security at a particular price during a fixed period. The Portfolio generally
does not invest a significant amount of its assets, if any, in illiquid
securities, foreign securities, or put options.

The Fund's Board of Directors may change the parameters by which small market
capitalization is defined if it concludes such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Investments in smaller companies typically involve greater risks than
investments in larger companies. Small company stocks, as a whole, may
experience larger price fluctuations than large company stocks or other types of
investments. Some small companies may have shorter operating histories, less
experienced management and limited product lines, markets, and financial or
managerial resources.

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. However, the Portfolio may invest more heavily in
certain industries that the investment manager believes offer good investment
opportunities. If an industry in which the Portfolio is invested falls out of
favor, the Portfolio's performance may be negatively affected. This effect may
be heightened because the Portfolio holds a smaller number of securities.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

p-2
<PAGE>

PAST PERFORMANCE

The information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares over the period
compares to two widely-used measures of performance. How the Portfolio has
performed in the past, however, is not necessarily an indication of how it will
perform in the future.

CLASS 1 ANNUAL TOTAL RETURN - CALENDAR YEAR

[CHART]

1998
1999

Best quarter return: % - quarter ended--
Worst quarter return: % - quarter ended--

- --------------------------------------------------------------------------------
CLASS 1 AVERAGE ANNUAL TOTAL RETURN - PERIOD ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/98
------- -------------------
Seligman Small-Cap Value Portfolio 35.26% 7.18%
Russell 2000 Value Index -1.48 -9.48
Lipper Small-Cap Funds Average 30.04 9.41
- --------------------------------------------------------------------------------

P-3
<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

The Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfolio's average daily net assets, as follows: 1.00% on
first $500 million; .90% on next $500 million; and .80% thereafter. For the
period ended December 31, 1999, the Portfolio paid Seligman a management fee
equal to an annual rate of % of its average daily net assets.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Value Team, headed by Mr. Neil T.
Eigen. Mr. Eigen joined Seligman in January 1998 as a Managing Director. He is a
Vice President of the Fund and has been Portfolio Manager of the Portfolio since
its inception. Prior to joining Seligman, Mr. Eigen was Senior Managing
Director, Chief Investment Officer and Director of Equity Investing at Bear
Stearns Asset Management. Mr. Eigen also manages the Seligman Large-Cap Value
Portfolio of the Fund; and he manages the Seligman Large-Cap Value Fund and the
Seligman Small-Cap Value Fund, the two series of Seligman Value Fund Series,
Inc.

Mr. Richard S. Rosen co-manages the Portfolio. Mr. Rosen joined Seligman in
January 1998 as a Senior Vice President, Investment Officer. Prior to joining
Seligman, Mr. Rosen was a Managing Director and Portfolio Manager at Bear
Stearns Asset Management. Mr. Rosen also co-manages the Seligman Large-Cap Value
Portfolio of the Fund; and he co-manages the Seligman Large-Cap Value Fund and
the Seligman Small-Cap Value Fund, the two series of Seligman Value Fund Series,
Inc.

p-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

Dividends and capital gain distributions from the Portfolio will be declared and
paid annually and will be reinvested in additional shares, at NAV, of the
Portfolio.

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

YEAR ENDED 5/1/98+
DECEMBER 31, TO
1999 12/31/98
----- -----
PER SHARE DATA:*
Net asset value, beginning of period........ $10.00
----- -----
Income from investment operations:

Net investment income**................... (0.02)
Net gains or losses on securities (both
realized and unrealized)................ (1.73)
----- -----
Total from investment operations............ (1.75)
----- -----
Less distributions:
Distributions from capital gains.......... (0.94)
----- -----
Total distributions......................... (0.94)
----- -----
Net asset value, end of period.............. $ 7.31
===== =====
TOTAL RETURN: (17.00)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands).... $2,469
Ratio of expenses to average net assets**... 1.00%++
Ratio of net income to average net assets** (0.34)%++
Portfolio turnover rate .................... 73.87%

- --------------------
* Per share amounts are calculated based on average shares outstanding.
** Seligman voluntarily reimburses total expenses (including the management fee)
that exceed 1.00% of the Portfolio's net assets. These amounts reflect the
effect of this waiver. There is no assurance that Seligman will continue this
policy in the future.
+ Commencement of Operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVSIORS, INC.
an affiliate of

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN
- ---------------
PORTFOLIOS, INC.

SELIGMAN
SMALL-CAP
VALUE
PORTFOLIO

[GRAPHIC]

PROSPECTUS

, 2000

----------------

A VALUE APPROACH
TO SEEKING LONG-TERM
CAPITAL APPRECIATION

MANAGED BY

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SPSCV1 5/2000 C2

<PAGE>

TABLE OF CONTENTS

The Fund and the Portfolio
Overview of the Fund p-1
Investment Objective p-1
Principal Investment Strategies p-1
Principal Risks p-2
Past performance p-3
Management of the Fund p-4

Shareholder Information
Pricing of Fund Shares p-5
How to Purchase and Sell Shares p-5
Shareholder Servicing Arrangements p-5
Dividends and Capital Gain Distributions p-6
Taxes p-6

Financial Highlights p-7

For More Information Back Cover

TIMES CHANGE ... VALUES ENDURE
<PAGE>

THE FUND AND THE PORTFOLIO

OVERVIEW OF THE FUND

Seligman Portfolios, Inc. (the Fund) consists of 15 separate portfolios. This
Prospectus contains information about Seligman Small-Cap Value Portfolio (the
Portfolio).

INVESTMENT OBJECTIVE

The Portfolio's objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

The Portfolio uses the following principal strategies to seek its objective:

VALUE COMPANIES:
THOSE COMPANIES BELIEVED BY THE INVESTMENT MANAGER TO BE UNDERVALUED, EITHER
HISTORICALLY, BY THE MARKET, OR BY THEIR PEERS.
- --------------------------------------------------------------------------------

o A low price-to-earnings and/or low price-to-book ratio
o Positive change in senior management
o Positive corporate restructuring
o Temporary setback in price due to factors that no longer exist

P-1
<PAGE>
The Portfolio may invest up to 15% of its net assets in illiquid securities
(i.e., securities that cannot be readily sold). The Portfolio may also invest up
to 10% of its total assets directly in foreign securities. The limit on foreign
securities does not include ADRs or commercial paper and certificates of deposit
issued by foreign banks. The Portfolio may also purchase put options in an
attempt to hedge against a decline in the price of securities it holds in its
portfolio. A put option gives the Portfolio the right to sell an underlying
security at a particular price during a fixed period. The Portfolio generally
does not invest a significant amount of its assets, if any, in illiquid
securities, foreign securities, or put options.

The Fund's Board of Directors may change the parameters by which small market
capitalization is defined if it concludes such a change is appropriate.

There is no guarantee that the Portfolio will achieve its objective.

PRINCIPAL RISKS

Investments in smaller companies typically involve greater risks than
investments in larger companies. Small company stocks, as a whole, may
experience larger price fluctuations than large company stocks or other types of
investments. Some small companies may have shorter operating histories, less
experienced management and limited product lines, markets, and financial or
managerial resources.

The Portfolio may not invest more than 25% of its total assets in securities of
companies in any one industry. However, the Portfolio may invest more heavily in
certain industries that the investment manager believes offer good investment
opportunities. If an industry in which the Portfolio is invested falls out of
favor, the Portfolio's performance may be negatively affected. This effect may
be heightened because the Portfolio holds a smaller number of securities.

An investment in the Portfolio is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

P-2
<PAGE>

PAST PERFORMANCE

Class 2 shares are newly offered and have no performance history. The
information below provides some indication of the risks of investing in the
Portfolio by showing how the performance of Class 1 shares over the period
compares to two widely-used measures of performance. How the Portfolio has
performed in the past, however, is not necessarily an indication of how it will
perform in the future.

CLASS 1 ANNUAL TOTAL RETURN - CALENDAR YEAR

[CHART]

1998
1999

Best quarter return: % - quarter ended --
Worst quarter return: % - quarter ended --

- --------------------------------------------------------------------------------

CLASS 1 AVERAGE ANNUAL TOTAL RETURN - PERIOD ENDED 12/31/99

ONE SINCE INCEPTION
YEAR 5/1/98
------- ------------------
Seligman Small-Cap Value Portfolio 35.26% 7.18%
Russell 2000 Value Index -1.48 -9.48
Lipper Small-Cap Funds Average 30.04 9.41

- --------------------------------------------------------------------------------

P-3

<PAGE>

MANAGEMENT OF THE FUND

The Fund's Board of Directors provides broad supervision over the affairs of the
Fund.

PORTFOLIO MANAGEMENT

The Portfolio is managed by the Seligman Value Team, headed by Mr. Neil T.
Eigen. Mr. Eigen joined Seligman in January 1998 as a Managing Director. He is a
Vice President of the Fund and has been Portfolio Manager of the Portfolio since
its inception. Prior to joining Seligman, Mr. Eigen was Senior Managing
Director, Chief Investment Officer and Director of Equity Investing at Bear
Stearns Asset Management. Mr. Eigen also manages the Seligman Large-Cap Value
Portfolio of the Fund; and he manages the Seligman Large-Cap Value Fund and the
Seligman Small-Cap Value Fund, the two series of Seligman Value Fund Series,
Inc.

Mr. Richard S. Rosen co-manages the Portfolio. Mr. Rosen joined Seligman in
January 1998 as a Senior Vice President, Investment Officer. Prior to joining
Seligman, Mr. Rosen was a Managing Director and Portfolio Manager at Bear
Stearns Asset Management. Mr. Rosen also co-manages the Seligman Large-Cap Value
Portfolio of the Fund; and he co-manages the Seligman Large-Cap Value Fund and
the Seligman Small-Cap Value Fund, the two series of Seligman Value Fund Series,
Inc.

P-4
<PAGE>

SHAREHOLDER INFORMATION

PRICING OF FUND SHARES

HOW TO PURCHASE AND SELL SHARES

SHAREHOLDER SERVICING ARRANGEMENTS

P-5
<PAGE>

DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS

TAXES

P-6
<PAGE>

FINANCIAL HIGHLIGHTS

The table below describes the Portfolio's performance for the period of the
Portfolio's operations. It is intended to help you understand the financial
performance of the Portfolio's Class 1 shares. There were no Class 2 shares
outstanding during the periods shown. Certain information reflects financial
results for a single share of the Portfolio that was held throughout the periods
shown. "Total return" shows the rate that you would have earned (or lost) on an
investment in the Portfolio. Total returns do not reflect the effect of the
service (12b-1) fees associated with Class 2 shares or any administration fees
or sales charges imposed by the Contracts on their owners. Ernst & Young llp,
independent auditors, have audited this information. Their report, along with
the Portfolio's financial statements, is included in the Fund's annual report,
which is available upon request.

YEAR ENDED 5/1/98+
DECEMBER 31, TO
1999 12/31/98
----- -----
PER SHARE DATA:*
Net asset value, beginning of period........ $10.00
----- -----
Income from investment operations:

- ----------------

* Per share amounts are calculated based on average shares outstanding.

** Seligman voluntarily reimburses total expenses (including the management fee)
that exceed 1.00% of the Portfolio's net assets. These amounts reflect the
effect of this waiver. There is no assurance that Seligman will continue this
policy in the future.
+ Commencement of Operations.
++ Annualized.

P-7
<PAGE>

FOR MORE INFORMATION

- --------------------------------------------------------------------------------

SELIGMAN ADVISORS, INC.
an affiliate of

[Logo]

J. & W. SELIGMAN & CO.
INCORPORATED
ESTABLISHED 1864

SEC FILE NUMBER: 811-5221

<PAGE>

SELIGMAN PORTFOLIOS, INC.

Statement of Additional Information

___________, 2000

100 Park Avenue
New York, New York 10017
(212) 850-1864
Toll Free Telephone: (800) 221-2450
For Retirement Plan Information - Toll-Free Telephone: (800) 445-1777

This Statement of Additional Information (SAI) expands upon and supplements the
information contained in the current Prospectuses, dated ______, 2000 for each
of Seligman Bond Portfolio, Seligman Capital Portfolio, Seligman Cash Management
Portfolio, Seligman Common Stock Portfolio, Seligman Communications and
Information Portfolio, Seligman Frontier Portfolio, Seligman Global Growth
Portfolio, Seligman Global Smaller Companies Portfolio, Seligman Global
Technology Portfolio, Seligman International Growth Portfolio, Seligman
High-Yield Bond Portfolio, Seligman Income Portfolio, Seligman Large-Cap Growth
Portfolio, Seligman Large-Cap Value Portfolio and Seligman Small-Cap Value
Portfolio (individually, a "Portfolio" and collectively, the "Portfolios"), each
a separate portfolio of Seligman Portfolios, Inc. (Fund). This SAI, although not
in itself a prospectus, is incorporated by reference into each Portfolio's
Prospectus in its entirety. It should be read in conjunction with each
Portfolio's Prospectus, which you may obtain by writing or calling the Fund at
the above address or telephone numbers.

The financial statements and notes included in the Fund's Annual Report, and the
Independent Auditors' Report thereon, are incorporated herein by reference. The
Annual Report will be furnished to you without charge if you request a copy of
this SAI.

Table of Contents

Fund History.......................................................... 2
Description of the Fund and its Investments and Risks................. 2
Management of the Fund................................................ 14
Investment Advisory and Other Services................................ 19
Brokerage Allocation and Other Practices.............................. 23
Capital Stock and Other Securities ................................... 24
Purchase, Redemption, and Pricing of Shares........................... 25
Taxation of the Fund.................................................. 26
Financial Statements.................................................. 27
General Information................................................... 27
Appendix A ........................................................... 28
Appendix B ........................................................... 31

<PAGE>

Fund History

The Fund was incorporated under the laws of the state of Maryland on June 24,
1987 under the name Seligman Mutual Benefit Portfolios, Inc. The Fund's name was
changed to Seligman Portfolios, Inc. on April 15, 1993.

Description of the Fund and its Investments and Risks

Classification

The Fund is a diversified open-end management investment company, or mutual
fund. The Fund consists of the following fifteen separate Portfolios:

<TABLE>
<CAPTION>
<S> <C>
Seligman Bond Portfolio Seligman Global Technology Portfolio
Seligman Capital Portfolio Seligman International Growth Portfolio
Seligman Cash Management Portfolio Seligman High-Yield Bond Portfolio
Seligman Common Stock Portfolio Seligman Income Portfolio
Seligman Communications and Information Portfolio Seligman Large-Cap Growth Portfolio
Seligman Frontier Portfolio Seligman Large-Cap Value Portfolio
Seligman Global Growth Portfolio Seligman Small-Cap Value Portfolio
Seligman Global Smaller Companies Portfolio
</TABLE>

The Fund's Portfolios are offering their shares only to separate accounts
(Accounts) of participating insurance companies to fund benefits of variable
annuity contracts (Contracts). The Accounts may invest in shares of the
Portfolios in accordance with allocation instructions received from the owners
of the Contracts. Such allocations rights and information on how to purchase or
surrender a Contract, as well as sales charges and other expenses imposed by the
Contracts on their owners, are further described in the separate prospectuses
and disclosure documents issued by the participating insurance companies and
accompanying each Portfolio's Prospectus. The Fund reserves the right to reject
any order for the purchase of shares of the Fund's Portfolios.

Investment Strategies and Risks

The Prospectuses discuss the investment objectives of each of the Fund's
Portfolios and the policies each Portfolio employs to achieve its objectives.
The following information regarding the Fund's Portfolios' investment policies
supplements the information contained in the Prospectuses.

Convertible Bonds

Each Portfolio, other than Seligman Cash Management Portfolio, may purchase
convertible bonds. Convertible bonds are convertible at a stated exchange rate
or price into common stock. Before conversion, convertible securities are
similar to non-convertible debt securities in that they provide a steady stream
of income with generally higher yields than an issuer's equity securities. The
market value of all debt securities, including convertible securities, tends to
decline as interest rates increase and to increase as interest rates decline. In
general, convertible securities may provide lower interest or dividend yields
than non-convertible debt securities of similar quality, but they may also allow
investors to benefit from increases in the market price of the underlying common
stock. When the market price of the underlying common stock increases, the price
of the convertible security tends to reflect the increase. When the market price
of the underlying common stock declines, the convertible security tends to trade
on the basis of yield, and may not depreciate to the same extent as the
underlying common stock. In an issuer's capital structure, convertible
securities are senior to common stocks. They are therefore of higher quality and
involve less risk than the issuer's common stock, but the extent to which risk
is reduced depends largely on the extent to which the convertible security sells
above its value as a fixed-income security. In selecting convertible securities
for a Portfolio, the investment manager evaluates such factors as economic and
business conditions involving the issuer, future earnings growth potential of
the issuer, potential for price appreciation of the underlying equity, the value
of individual securities relative to other investment alternatives, trends in
the determinants of corporate profits, and capability of management. In
evaluating a convertible security, the investment manager gives emphasis to the
attractiveness of the underlying common stock and the capital appreciation
opportunities that the convertible security presents. Convertible securities can
be callable or redeemable at the issuer's discretion, in which case the
investment manager would be forced to seek

2
<PAGE>

alternative investments. The Portfolio may invest in debt securities convertible
into equity securities rated as low as CC by Standard & Poor's Ratings Services
(S&P) or Ca by Moody's Investors Service (Moody's). Debt securities rated below
investment grade (frequently referred to as "junk bonds") often have speculative
characteristics and will be subject to greater market fluctuations and risk of
loss of income and principal than higher-rated securities. A description of
credit ratings and risks associated with lower-rated debt securities is set
forth in Appendix A to this SAI. The investment manager does not rely on the
ratings of these securities in making investment decisions but performs its own
analysis, based on the factors described above, in light of the Portfolio's
investment objectives.

Derivatives

Each of the Portfolios, other than Seligman Cash Management Portfolio and
Seligman Bond Portfolio, may invest in financial instruments commonly known as
"derivatives" only for hedging or investment purposes. A Portfolio will not
invest in derivatives for speculative purposes, i.e., where the derivative
investment exposes the Portfolio to undue risk of loss, such as where the risk
of loss is greater than the cost of the investment.

A derivative is generally defined as an instrument whose value is derived from,
or based upon, some underlying index, reference rate (e.g., interest rates or
currency exchange rates), security, commodity or other asset. A Portfolio will
not invest in a specific type of derivative without prior approval from its
Board of Directors, after consideration of, among other things, how the
derivative instrument serves the Portfolio's investment objective, and the risk
associated with the investment. The only types of derivatives in which the
Portfolios are currently permitted to invest, as described more fully below, are
forward currency exchange contracts, put options, and rights and warrants.

Forward Foreign Currency Exchange Contracts

Each of Seligman Global Growth Portfolio, Seligman Global Smaller Companies
Portfolio, Seligman Global Technology Portfolio and Seligman International
Growth Portfolio (collectively, the Global Portfolios) will generally enter into
forward foreign currency exchange contracts to fix the US dollar value of a
security it has agreed to buy or sell for the period between the date the trade
was entered into and the date the security is delivered and paid for, or, to
hedge the US dollar value of securities it owns. A forward foreign currency
exchange contract is an agreement to purchase or sell a specific currency at a
future date and at a price set at the time the contract is entered into.

A Portfolio may enter into a forward contract to sell or buy the amount of a
foreign currency it believes may experience a substantial movement against the
US dollar. In this case the contract would approximate the value of some or all
of the Portfolio's securities denominated in such foreign currency. Under normal
circumstances, the investment manager will limit forward currency contracts to
not greater than 75% of a Portfolio's position in any one country as of the date
the contract is entered into. This limitation will be measured at the point the
hedging transaction is entered into by the Portfolio. Under extraordinary
circumstances, the Fund's investment manager (or subadviser, in the case of
Seligman Global Smaller Companies Portfolio) may enter into forward currency
contracts in excess of 75% of a Portfolio's position in any one country as of
the date the contract is entered into. The precise matching of the forward
contract amounts and the value of securities involved will not generally be
possible since the future value of such securities in foreign currencies will
change as a consequence of market movement in the value of those securities
between the date the forward contract is entered into and the date it matures.
The projection of short-term currency market movement is extremely difficult,
and the successful execution of a short-term hedging strategy is highly
uncertain. Under certain circumstances, a Portfolio may commit a substantial
portion or the entire value of its assets to the consummation of these
contracts. The Fund's investment manager (or subadviser, in the case of Seligman
Global Smaller Companies Portfolio) will consider the effect a substantial
commitment of its assets to forward contracts would have on the investment
program of a Portfolio and its ability to purchase additional securities.

Except as set forth above and immediately below, each Portfolio will not enter
into forward contracts or maintain a net exposure to such contracts where the
consummation of the contracts would oblige the Portfolio to deliver an amount of
foreign currency in excess of the value of the Portfolio's securities or other
assets denominated in that currency. A Portfolio, in order to avoid excess
transactions and transaction costs, may nonetheless maintain a net exposure to
forward contracts in excess of the value of the Portfolio's securities or other
assets denominated in that currency provided the excess amount is "covered" by
cash and/or liquid, high-grade debt securities, denominated in

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any currency, having a value at least equal at all times to the amount of such
excess. Under normal circumstances, consideration of the prospect for currency
parities will be incorporated into the longer-term investment decisions made
with regard to overall diversification strategies. However, the Fund's
investment manager (and subadviser, in the case of Seligman Global Smaller
Companies Portfolio) believe that it is important to have the flexibility to
enter into such forward contracts when they determine that the best interests of
the Portfolio will be served.

At the maturity of a forward contract, a Portfolio may either sell the security
and make delivery of the foreign currency, or it may retain the security and
terminate its contractual obligation to deliver the foreign currency by
purchasing an "offsetting" contract obligating it to purchase, on the same
maturity date, the same amount of the foreign currency.

As indicated above, it is impossible to forecast with absolute precision the
market value of portfolio securities at the expiration of the forward contract.
Accordingly, it may be necessary for a Portfolio to purchase additional foreign
currency on the spot market (and bear the expense of such purchase) if the
market value of the security is less than the amount of foreign currency the
Portfolio is obligated to deliver and if a decision is made to sell the security
and make delivery of the foreign currency. Conversely, it may be necessary to
sell on the spot market some of the foreign currency received upon the sale of
the portfolio security if its market value exceeds the amount of foreign
currency a Portfolio is obligated to deliver. However, a Portfolio may use
liquid, high-grade debt securities, denominated in any currency, to cover the
amount by which the value of a forward contract exceeds the value of the
securities to which it relates.

If a Portfolio retains the portfolio security and engages in offsetting
transactions, the Portfolio will incur a gain or a loss (as described below) to
the extent that there has been movement in forward contract prices. If the
Portfolio engages in an offsetting transaction, it may subsequently enter into a
new forward contract to sell the foreign currency. Should forward prices decline
during the period between the Portfolio's entering into a forward contract for
the sale of a foreign currency and the date it enters into an offsetting
contract for the purchase of the foreign currency, the Portfolio will realize a
gain to the extent the price of the currency it has agreed to sell exceeds the
price of the currency it has agreed to purchase. Should forward prices increase,
the Portfolio will suffer a loss to the extent the price of the currency it has
agreed to purchase exceeds the price of the currency it has agreed to sell.

Each Portfolio's dealing in forward foreign currency exchange contracts will be
limited to the transactions described above. A Portfolio is not required to
enter into forward contracts with regard to its foreign currency-denominated
securities and will not do so unless deemed appropriate by the Fund's investment
manager (or subadviser, in the case of Seligman Global Smaller Companies
Portfolio). It also should be realized that this method of hedging against a
decline in the value of a currency does not eliminate fluctuations in the
underlying prices of the securities. It simply establishes a rate of exchange at
a future date. Additionally, although such contracts tend to minimize the risk
of loss due to a decline in the value of a hedged currency, at the same time,
they tend to limit any potential gain which might result from an increase in the
value of that currency.

Shareholders should be aware of the costs of currency conversion. Although
foreign exchange dealers do not charge a fee for conversion, they do realize a
profit based on the difference (the "spread") between the prices at which they
are buying and selling various currencies. Thus, a dealer may offer to sell a
foreign currency to a Portfolio at one rate, while offering a lesser rate of
exchange should the Portfolio desire to resell that currency to the dealer.

Put Options

Each Portfolio, other thanSeligman Cash Management Portfolio,Seligman Bond
Portfolio, andSeligman High-Yield Bond Portfolio, may purchase put options in an
attempt to provide a hedge against a decrease in the market price of an
underlying security held by a Portfolio. A Portfolio will not purchase options
for speculative purposes. Purchasing a put option gives a Portfolio the right to
sell, and obligates the writer to buy, the underlying security at the exercise
price at any time during the option period. This hedge protection is provided
during the life of the put option since a Portfolio, as holder of the put
option, can sell the underlying security at the put exercise price regardless of
any decline in the underlying security's market price. In order for a put option
to be profitable, the market price of the underlying security must decline
sufficiently below the exercise price to cover the premium and transaction
costs. By using put options in this manner, a Portfolio will reduce any profit
it might otherwise have realized in the underlying security by the premium paid
for the put option and by transaction costs.

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Because a purchased put option gives the purchaser a right and not an
obligation, the purchaser is not required to exercise the option. If the
underlying position incurs a gain, a Portfolio would let the option expire
resulting in a reduced profit on the underlying security equal to the cost of
the put option premium and transaction costs.

When a Portfolio purchases an option, it is required to pay a premium to the
party writing the option and a commission to the broker selling the option. If
the option is exercised by a Portfolio, the premium and the commission paid may
be greater than the amount of the brokerage commission charged if the security
were to be purchased or sold directly. The cost of the put option is limited to
the premium plus commission paid. A Portfolio's maximum financial exposure will
be limited to these costs.

A Portfolio may purchase both listed and over-the-counter put options. A
Portfolio will be exposed to the risk of counterparty nonperformance in the case
of over-the-counter put options.

Rights and Warrants

Each Portfolio, other than Seligman Cash Management Portfolio, Seligman Bond
Portfolio and Seligman High-Yield Bond Portfolio, may invest in common stock
rights and warrants believed by the investment manager to provide capital
appreciation opportunities. Common stock rights and warrants received as part of
a unit or attached to securities purchased (i.e., not separately purchased) are
not included in each Portfolio's investment restrictions regarding such
securities.

Each Portfolio may not invest in rights and warrants if, at the time of
acquisition, the investment in rights and warrants would exceed 5% of the
Portfolio's net assets, valued at the lower of cost or market. In addition, no
more than 2% of net assets of each Portfolio, other than Seligman Large-Cap
Growth Portfolio, Seligman Large-Cap Value Portfolio and Seligman Small-Cap
Value Portfolio, may be invested in warrants not listed on the New York or
American Stock Exchanges. For purposes of this restriction, rights and warrants
acquired by each Portfolio in units or attached to securities may be deemed to
have been purchased without cost.

Foreign Securities

Each of the Portfolios may invest up to 10% of its total assets in foreign
securities (except the Global Portfolios, which may invest up to 100% of their
total assets in foreign securities), except that this 10% limit does not apply
to foreign securities held through Depositary Receipts which are traded in the
United States or to commercial paper and certificates of deposit issued by
foreign banks. Foreign investments may be affected favorably or unfavorably by
changes in currency rates and exchange control regulations. There may be less
information available about a foreign company than about a US company, and
foreign companies may not be subject to reporting standards and requirements
comparable to those applicable to US companies. Foreign securities may not be as
liquid as US securities. Securities of foreign companies may involve greater
market risk than securities of US companies, and foreign brokerage commissions
and custody fees are generally higher than in the US. Investments in foreign
securities may also be subject to local economic or political risks, political
instability and possible nationalization of issuers.

By investing in foreign securities, the Portfolios will attempt to take
advantage of differences among economic trends and the performance of securities
markets in various countries. To date, the market values of securities of
issuers located in different countries have moved relatively independently of
each other. During certain periods, the return on equity investments in some
countries has exceeded the return on similar investments in the United States.
The Fund's investment manager (and subadviser, in the case of Seligman Global
Smaller Companies Portfolio) believe that, in comparison with investment
companies investing solely in domestic securities, it may be possible to obtain
significant appreciation from a portfolio of foreign investments and securities
from various markets that offer different investment opportunities and are
affected by different economic trends. Global diversification reduces the effect
that events in any one country will have on the entire investment portfolio. Of
course, a decline in the value of a Portfolio's investments in one country may
offset potential gains from investments in another country.

Investments in securities of foreign issuers may involve risks that are not
associated with domestic investments, and there can be no assurance that the
Portfolios' foreign investments will present less risk than a portfolio of
domestic securities. Foreign issuers may lack uniform accounting, auditing and
financial reporting standards,

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practices and requirements, and there is generally less publicly available
information about foreign issuers than there is about US issuers. Governmental
regulation and supervision of foreign stock exchanges, brokers and listed
companies may be less pervasive than is customary in the US. Securities of some
foreign issuers are less liquid and their prices are more volatile than
securities of comparable domestic issuers. Foreign securities settlements may in
some instances be subject to delays and related administrative uncertainties
which could result in temporary periods when assets of a Portfolio are
uninvested and no return is earned thereon and may involve a risk of loss to a
Portfolio. Foreign securities markets may have substantially less volume than US
markets and far fewer traded issues. Fixed brokerage commissions on foreign
securities exchanges are generally higher than in the United States, and
transaction costs with respect to smaller capitalization companies may be higher
than those of larger capitalization companies. Income from foreign securities
may be reduced by a withholding tax at the source or other foreign taxes. In
some countries, there may also be the possibility of nationalization,
expropriation or confiscatory taxation (in which a Portfolio could lose its
entire investment in a certain market), limitations on the removal of monies or
other assets of the Portfolios, higher rates of inflation, political or social
instability or revolution, or diplomatic developments that could affect
investments in those countries. In addition, it may be difficult to obtain and
enforce a judgment in a court outside the US.

Some of the risks described in the preceding paragraph may be more severe for
investments in emerging or developing countries. By comparison with the United
States and other developed countries, emerging or developing countries may have
relatively unstable governments, economies based on a less diversified
industrial base and securities markets that trade a smaller number of
securities. Companies in emerging markets may generally be smaller, less
experienced and more recently organized than many domestic companies. Prices of
securities traded in the securities markets of emerging or developing countries
tend to be volatile. Furthermore, foreign investors are subject to many
restrictions in emerging or developing countries. These restrictions may
require, among other things, governmental approval prior to making investments
or repatriating income or capital, or may impose limits on the amount or type of
securities held by foreigners or on the companies in which the foreigners may
invest.

The economies of individual emerging countries may differ favorably or
unfavorably from the US economy in such respects as growth of gross domestic
product, rates of inflation, currency depreciation, capital reinvestment,
resource self-sufficiency and balance of payment position and may be based on a
substantially less diversified industrial base. Further, the economies of
developing countries generally are heavily dependent upon international trade
and, accordingly, have been, and may continue to be, adversely affected by trade
barriers, exchange controls, managed adjustments in relative currency values and
other protectionist measures imposed or negotiated by the countries with which
they trade. These economies also have been, and may continue to be, adversely
affected by economic conditions in the countries with which they trade.

Investments in foreign securities will usually be denominated in foreign
currencies, and each Portfolio may temporarily hold funds in foreign currencies.
The value of a Portfolio's investments denominated in foreign currencies may be
affected, favorably or unfavorably, by the relative strength of the US dollar,
changes in foreign currency and US dollar exchange rates and exchange control
regulations. A Portfolio may incur costs in connection with conversions between
various currencies. A Portfolio's net asset value per share will be affected by
changes in currency exchange rates. Changes in foreign currency exchange rates
may also affect the value of dividends and interest earned, gains and losses
realized on the sale of securities and net investment income and gains, if any,
to be distributed to shareholders by the Portfolios. The rate of exchange
between the US dollar and other currencies is determined by the forces of supply
and demand in the foreign exchange markets (which in turn are affected by
interest rates, trade flows and numerous other factors, including, in some
countries, local governmental intervention).

Depositary Receipts

Depositary Receipts are instruments generally issued by domestic banks or trust
companies that represent the deposits of a security of a foreign issuer.
American Depositary Receipts (ADRs), which are traded in dollars on US Exchanges
or over-the-counter, are issued by domestic banks and evidence ownership of
securities issued by foreign corporations. European Depositary Receipts (EDRs)
are typically traded in Europe. Global Depositary Receipts (GDRs) are typically
traded in both Europe and the United States. Depositary Receipts may be issued
as sponsored or unsponsored programs. In sponsored programs, the issuer has made
arrangements to have its securities trade in the form of Depositary Receipts. In
unsponsored programs, the issuer may not be directly

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involved in the creation of the program. Although regulatory requirements with
respect to sponsored and unsponsored programs are generally similar, the issuers
of unsponsored Depositary Receipts are not obligated to disclose material
information in the US, and therefore, the import of such information may not be
reflected in the market value of such instruments.

IIliquid Securities

Each Portfolio, other than Seligman Cash Management Portfolio, may invest up to
15% of its net assets in illiquid securities, including restricted securities
(i.e., securities not readily marketable without registration under the
Securities Act of 1933 (1933 Act)) and other securities that are not readily
marketable. Each Portfolio, other than Seligman Cash Management Portfolio, may
purchase restricted securities that can be offered and sold to "qualified
institutional buyers" under Rule 144A of the 1933 Act, and Fund's Board of
Directors, may determine, when appropriate, that specific Rule 144A securities
are liquid and not subject to the 15% limitation on illiquid securities. Should
the Board of Directors make this determination, it will carefully monitor the
security (focusing on such factors, among others, as trading activity and
availability of information) to determine that the Rule 144A security continues
to be liquid. It is not possible to predict with assurance exactly how the
market for Rule 144A securities will further evolve. This investment practice
could have the effect of increasing the level of illiquidity in a Portfolio, if
and to the extent that qualified institutional buyers become for a time
uninterested in purchasing Rule 144A securities.

Money Market Instruments

Each of the Portfolios, other than Seligman Cash Management Portfolio, which
intends to invest primarily in the money market instruments described below, may
invest a portion of their assets in the following money market instruments.

US Government Obligations

US Government Obligations are obligations issued or guaranteed as to both
principal and interest by the US Government or backed by the full faith and
credit of the United States, such as US Treasury bills, securities issued or
guaranteed by a US Government agency or instrumentality, and securities
supported by the right of the issuer to borrow from the US Treasury.

Bank Obligations

Bank obligations include US dollar-denominated certificates of deposit, banker's
acceptances, fixed time deposits and commercial paper of domestic banks,
including their branches located outside the United States, and of domestic
branches of foreign banks. Investments in bank obligations will be limited at
the time of investment to the obligations of the 100 largest domestic banks in
terms of assets which are subject to regulatory supervision by the US Government
or state governments, and the obligations of the 100 largest foreign banks in
terms of assets with branches or agencies in the United States.

Commercial Paper and Short-Term Corporate Debt Securities

Commercial paper and short-term debt securities include short-term unsecured
promissory notes with maturities not exceeding nine months issued in bearer form
by bank holding companies, corporations and finance companies. Investments in
commercial paper issued by bank holding companies will be limited at the time of
investment to the 100 largest US bank holding companies in terms of assets.

Mortgage Related Securities

Mortgage Pass-Through Securities. Each Portfolio may invest in mortgage
pass-through securities. Mortgage pass-through securities include securities
that represent interests in pools of mortgage loans made by lenders such as
savings and loan institutions, mortgage bankers, and commercial banks. Such
securities provide a "pass-through" of monthly payments of interest and
principal made by the borrowers on their residential mortgage loans (net of any
fees paid to the issuer or guarantor of such securities). Although the
residential mortgages underlying a pool may have maturities of up to 30 years, a
pool's effective maturity may be reduced by prepayments of

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principal on the underlying mortgage obligations. Factors affecting mortgage
prepayments include, among other things, the level of interest rates, general
economic and social conditions and the location and age of the mortgages. High
interest rate mortgages are more likely to be prepaid than lower-rate mortgages;
consequently, the effective maturities of mortgage-related obligations that
pass-through payments of higher-rate mortgages are likely to be shorter than
those of obligations that pass-through payments of lower-rate mortgages. If such
prepayment of mortgage-related securities in which the Portfolio invests occurs,
the Portfolio may have to invest the proceeds in securities with lower yields.

The Government National Mortgage Association (GNMA) is a US Government
corporation within the Department of Housing and Urban Development, authorized
to guarantee, with the full faith and credit of the US Government, the timely
payment of principal and interest on securities issued by institutions approved
by GNMA (such as savings and loan institutions, commercial banks and mortgage
bankers) and backed by pools of Federal Housing Administration insured or
Veterans Administration guaranteed residential mortgages. These securities
entitle the holder to receive all interest and principal payments owed on the
mortgages in the pool, net of certain fees, regardless of whether or not the
mortgagors actually make the payments. Other government-related issuers of
mortgage-related securities include the Federal National Mortgage Association
(FNMA), a government-sponsored corporation subject to general regulation by the
Secretary of Housing and Urban Development but owned entirely by private
stockholders, and the Federal Home Loan Mortgage Corporation (FHLMC), a
corporate instrumentality of the US Government created for the purpose of
increasing the availability of mortgage credit for residential housing that is
owned by the twelve Federal Home Loan Banks. FHLMC issues Participation
Certificates (PCs), which represent interests in mortgages from FHLMC's national
portfolio. FHLMC guarantees the timely payment of interest and ultimate
collection of principal, but PCs are not backed by the full faith and credit of
the US Government. Pass-through securities issued by FNMA are backed by
residential mortgages purchased from a list of approved seller/servicers and are
guaranteed as to timely payment of principal and interest by FNMA, but are not
backed by the full faith and credit of the US Government.

Commercial banks, savings and loan institutions, private mortgage insurance
companies, mortgage bankers and other secondary market issuers also create
pass-through securities based on pools of conventional residential mortgage
loans. Securities created by such non-governmental issuers may offer a higher
rate of interest than government-related securities; however, timely payment of
interest and principal may or may not be supported by insurance or guarantee
arrangements, and there can be no assurance that the private issuers can meet
their obligations.

Collateralized Mortgage Obligations. Seligman Income Portfolio may invest in
Collateralized Mortgage Obligations (CMOs), including certain CMOs that have
elected to be treated as Real Estate Mortgage Investment Conduits (REMICs). CMOs
are fixed-income securities collateralized by pooled mortgages and separated
into short-, medium-, and long-term positions (called tranches). Tranches pay
different rates of interest depending upon their maturity. CMOs may be
collateralized by (a) pass through securities issued or guaranteed by GNMA, FNMA
or FHLMC, (b) unsecuritized mortgage loans insured by the Federal Housing
Administration or guaranteed by the Department of Veteran's Affairs, (c)
unsecuritized conventional Mortgages, (d) other mortgage related securities or
(e) any combination thereof.

Each tranche of a CMO is issued at a specific coupon rate and has a stated
maturity. As the payments on the underlying mortgage loans are collected, the
CMO issuer generally pays the coupon rate of interest to the holders of each
tranche. In a common structure referred to as a "Pay" CMO, all scheduled and
unscheduled principal payments generated by the collateral, as loans are repaid
or prepaid, go initially to investors in the first tranches. Investors in later
tranches do not start receiving principal payments until the prior tranches are
paid in full. Sometimes, CMOs are structured so that the prepayment and/or
market risks are transferred from one tranche to another.

Most CMOs are issued by Federal agencies. However, the only CMOs backed by the
full faith and credit of the US Government are CMOs collateralized by pass
through securities guaranteed by GNMA. All CMOs are subject to reinvestment
risk; that is, as prepayments on the underlying pool of mortgages increase, the
maturity of the tranches in the CMO will decrease. As a result, the Portfolio
may have to invest the proceeds that were invested in such CMOs in securities
with lower yields. Factors affecting reinvestment risk include the level of
interest rates, general economic and social conditions and the location and age
of the mortgages.

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Repurchase Agreements

Each Portfolio may hold cash or cash equivalents and may enter into repurchase
agreements with respect to securities; normally repurchase agreements relate to
money market obligations backed by the full faith and credit of the US
Government. Repurchase agreements are transactions in which an investor (e.g.,
any of the Fund's Portfolios) purchases a security from a bank, recognized
securities dealer, or other financial institution and simultaneously commits to
resell that security to such institution at an agreed upon price, date and
market rate of interest unrelated to the coupon rate or maturity of the
purchased security. A repurchase agreement thus involves the obligation of the
bank or securities dealer to pay the agreed upon price on the date agreed to,
which obligation is in effect secured by the value of the underlying security
held by the Portfolio. Repurchase agreements could involve certain risks in the
event of bankruptcy or other default by the seller, including possible delays
and expenses in liquidating the securities underlying the agreement, decline in
value of the underlying securities and loss of interest. Although repurchase
agreements carry certain risks not associated with direct investments in
securities, each Portfolio intends to enter into repurchase agreements only with
financial institutions believed to present minimum credit risks in accordance
with guidelines established by the investment manager. The investment manager
has implemented measures to review and monitor the creditworthiness of such
institutions. The Portfolios will invest only in repurchase agreements
collateralized in an amount at least equal at all times to the purchase price
plus accrued interest. Repurchase agreements usually are for short periods, such
as one week or less, but may be for longer periods. No Portfolio will enter into
a repurchase agreement with a maturity of more than seven days if, as a result,
more than 15% of the value of its net assets would then be invested in such
repurchase agreements and other illiquid investments.

When-Issued and Forward Commitment Securities

Seligman Bond Portfolio and Seligman High-Yield Bond Portfolio may purchase
securities on a when-issued or forward commitment basis. Settlement of such
transactions (i.e., delivery of securities and payment of purchase price)
normally takes place within 45 days after the date of the commitment to
purchase. Although Seligman Bond Portfolio and Seligman High-Yield Bond
Portfolio will purchase a security on a when-issued or forward commitment basis
only with the intention of actually acquiring the securities, the Portfolios may
sell these securities before the purchase settlement date if it is deemed
advisable.

At the time a Portfolio enters into such a commitment both payment and interest
terms will be established prior to settlement; there is a risk that prevailing
interest rates on the settlement date will be greater than the interest rate
terms established at the time the commitment was entered into. When-issued and
forward commitment securities are subject to changes in market value prior to
settlement based upon changes, real or anticipated, in the level of interest
rates or creditworthiness of the issuer. If a Portfolio remains substantially
fully invested at the same time that it has purchased securities on a
when-issued or forward commitment basis, the market value of that Portfolio's
assets may fluctuate more than otherwise would be the case. For this reason,
accounts for each Portfolio will be established with the Fund's custodian
consisting of cash and/or liquid high-grade debt securities equal to the amount
of each Portfolio's when-issued or forward commitment obligations; these
accounts will be valued each day and additional cash and/or liquid high-grade
debt securities will be added to an account in the event that the current value
of the when-issued or forward commitment obligations increase. When the time
comes to pay for when-issued or forward commitment securities, a Portfolio will
meet its respective obligations from then available cash flow, sale of
securities held in the separate account, sale of other securities, or from the
sale of the when-issued or forward commitment securities themselves (which may
have a value greater or less than a Portfolio's payment obligations). Sale of
securities to meet when-issued and forward commitment obligations carries with
it a greater potential for the realization of capital gain or loss.

Short Sales

Each of the Global Portfolios may sell securities short "against-the-box." A
short sale "against-the-box" is a short sale in which the Portfolio owns an
equal amount of the securities sold short or securities convertible into or
exchangeable without payment of further consideration for securities of the same
issue as, and equal in amount to, the securities sold short.

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Lending of Portfolio Securities

Other than Seligman Cash Management Portfolio, each of the Portfolios may lend
portfolio securities to broker/dealers, banks or other institutional borrowers,
provided that securities loaned by each of the Global Portfolios may not exceed
33 1/3% of the Portfolios' total assets taken at market value. The Portfolios
will not lend portfolio securities to any institutions affiliated with the Fund.
The borrower must maintain with the Fund's custodian bank cash or equivalent
collateral equal to at least 100% of the market value of the securities loaned.
During the time portfolio securities are on loan, the borrower pays the lending
Portfolio an amount equal to any dividends or interest paid on the securities.
The lending Portfolio may invest the collateral and earn additional income or
receive an agreed upon amount of interest income from the borrower. Loans made
by the Portfolios will generally be short-term. Loans are subject to termination
at the option of the lending Portfolio or the borrower. The lending Portfolio
may pay reasonable administrative and custodial fees in connection with a loan
and may pay a negotiated portion of the interest earned on the collateral to the
borrower or placing broker. The lending Portfolio does not have the right to
vote securities on loan, but would terminate the loan and regain the right to
vote if that were considered important with respect to the investment. The
lending Portfolio may lose money if a borrower defaults on its obligation to
return securities and the value of the collateral held by the lending Portfolio
is insufficient to replace the loaned securities. In addition, the lending
Portfolio is responsible for any loss that might result from its investment of
the borrower's collateral.

Borrowing

Except as noted below, a Portfolio may borrow money only from banks for
temporary purposes (but not for the purpose of purchasing portfolio securities)
in an amount not to exceed 10% of the value of the total assets of that
Portfolio. In addition, Seligman Frontier Portfolio, Seligman High-Yield Bond
Portfolio, Seligman Large-Cap Growth Portfolio, Seligman Large-Cap Value
Portfolio, and Seligman Small-Cap Value Portfolio will not purchase additional
portfolio securities if such Portfolios have outstanding borrowings in excess of
5% of the value of their total assets.

Seligman Capital Portfolio, Seligman Common Stock Portfolio, Seligman
Communications and Information Portfolio, Seligman Large-Cap Growth Portfolio,
Seligman Large-Cap Value Portfolio, and Seligman Small-Cap Value Portfolio may
from time to time borrow money in order to purchase securities. Borrowings may
be made only from banks and each of these Portfolios may not borrow in excess of
one-third of the market value of its assets, less liabilities other than such
borrowing, or pledge more than 10% (15% for Seligman Large-Cap Growth Portfolio,
Seligman Large-Cap Value Portfolio, and Seligman Small-Cap Value Portfolio) of
its total assets, taken at cost, to secure the borrowing. Current asset value
coverage of three times any amount borrowed by the respective Portfolio is
required at all times. Borrowed money creates an opportunity for greater capital
appreciation, but at the same time increases exposure to capital risk. The net
cost of any money borrowed would be an expense that otherwise would not be
incurred, and this expense will reduce the Portfolio's net investment income in
any given period. Any gain in the value of securities purchased with money
borrowed to an amount in excess of amounts borrowed plus interest would cause
the net asset value of the Portfolio's shares to increase more than otherwise
would be the case. Conversely, any decline in the value of securities purchased
to an amount below the amount borrowed plus interest would cause the net asset
value to decrease more than would otherwise be the case.

Each of the Global Portfolios may from time to time borrow money for temporary,
extraordinary or emergency purposes and may invest the funds in additional
securities. Borrowings for the purchase of securities will not exceed 5% of the
Portfolio's total assets and will be made at prevailing interest rates.

Except as otherwise specifically noted above, each of the Fund's Portfolios'
investment strategies are not fundamental and the Fund, with the approval of the
Board of Directors, may change such strategies without the vote of a majority of
a Portfolio's outstanding voting securities.

Fund Policies

The Fund is subject to fundamental policies that place restrictions on certain
types of investments. Except as otherwise indicated below, restrictions No. 1
through 9 may not be changed without the affirmative vote of the

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holders of a majority of a Portfolio's outstanding voting securities;
restrictions No. 10 through 16 may be changed by the Fund's Board of Directors
without such a vote. Under these restrictions, none of the Portfolios may:

1. Borrow money, except from banks for temporary purposes (but not for the
purpose of purchasing portfolio securities) in an amount not to exceed 10%
(15% for Seligman Large-Cap Growth Portfolio, Seligman Large-Cap Value
Portfolio, and Seligman Small-Cap Value Portfolio) of the value of the
total assets of the Portfolio; except that Seligman Capital Portfolio,
Seligman Common Stock Portfolio, Seligman Communications and Information
Portfolio, Seligman Large-Cap Growth Portfolio, Seligman Large-Cap Value
Portfolio, and Seligman Small-Cap Value Portfolio may borrow to purchase
securities provided that such borrowings are made only from banks, do not
exceed one-third of the respective Portfolio's net assets (taken at market)
and are secured by not more than 10% (15% for Seligman Large-Cap Growth
Portfolio, Seligman Large-Cap Value Portfolio, and Seligman Small-Cap Value
Portfolio) of such assets (taken at cost); except that Seligman Frontier
Portfolio, Seligman High-Yield Bond Portfolio, Seligman Large-Cap Growth
Portfolio, Seligman Large-Cap Value Portfolio and Seligman Small-Cap Value
Portfolio will not purchase additional portfolio securities if it has
outstanding borrowings in excess of 5% of the value of its total assets;
and except that each of the Global Portfolios may borrow money from banks
to purchase securities in amounts not in excess of 5% of its total assets.

2. Mortgage, pledge or hypothecate any of its assets, except to secure
borrowings permitted by paragraph 1 and provided that this limitation does
not prohibit escrow, collateral or margin arrangements in connection with
(a) the purchase or sale of covered options (including stock index
options), (b) the purchase or sale of interest rate or stock index futures
contracts or options on such contracts by any of the Fund's Portfolios
otherwise permitted to engage in transactions involving such instruments or
(c) in connection with the Fund's purchase of fidelity insurance and errors
and omissions insurance, and provided, further, that Seligman High-Yield
Bond Portfolio may mortgage, pledge or hypothecate its assets, but the
value of such encumbered assets may not exceed 10% of that Portfolio's net
asset value. This investment restriction No. 2 may be changed, with respect
to Seligman High-Yield Bond Portfolio, by the Fund's Board of Directors.

3. Make "short" sales of securities (except that each of the Global Portfolios
may make short sales "against-the-box"), or purchase securities on "margin"
except for short-term credits necessary for the purchase or sale of
securities, provided that for purposes of this limitation, initial and
variation payments or deposits in connection with transactions involving
interest rate or stock index futures contracts and options on such
contracts by any Portfolio permitted to engage in transactions involving
such instruments will not be deemed to be the purchase of securities on
margin.

4. With respect to 75% of its securities portfolio (or 100% of its securities
portfolio, in the case of Seligman High-Yield Bond Portfolio), purchase
securities of any issuer if immediately thereafter more than 5% of its
total assets valued at market would be invested in the securities of any
one issuer, other than securities issued or guaranteed by the US
Government, its agencies or instrumentalities; or buy more than 10% of the
voting securities of any one issuer.

5. Invest more than 25% of the market value of its total assets in securities
of issuers in any one industry (except securities issued or guaranteed by
the US Government, its agencies or instrumentalities), provided that for
the purpose of this limitation, mortgage-related securities do not
constitute an industry; provided further that Seligman Communications and
Information Portfolio will invest at least 65% of the value of its total
assets in securities of companies principally engaged in the
communications, information and related industries, except when investing
for temporary defensive purposes; and provided further that Seligman Cash
Management Portfolio may invest more than 25% of its gross assets: (i) in
the banking industry; (ii) in the personal credit institution or business
credit institution industries; or (iii) in any combination of (i) and (ii).

6. Purchase or hold any real estate, except that Seligman Bond Portfolio,
Seligman Common Stock Portfolio, Seligman Income Portfolio, Seligman
Large-Cap Growth Portfolio, Seligman Large-Cap Value Portfolio, Seligman
Small-Cap Value Portfolio, and each of the Global Portfolios may engage in
transactions involving securities secured by real estate or interests
therein, and each of the Global Portfolios may purchase securities issued
by companies or investment trusts that invest in real estate or interests
therein.

11
<PAGE>

7. Purchase or sell commodities and commodity futures contracts; except that
the Board of Directors may authorize any Portfolio other than Seligman Cash
Management Portfolio and Seligman High-Yield Bond Portfolio to engage in
transactions involving interest rate and/or stock index futures and related
options solely for the purposes of reducing investment risk and not for
speculative purposes.

8. Underwrite the securities of other issuers, provided that the disposition
of investments otherwise permitted to be made by any Portfolio (such as
investments in securities that are not readily marketable without
registration under the 1933 Act and repurchase agreements with maturities
in excess of seven days) will not be deemed to render a Portfolio engaged
in an underwriting investment if not more than 10% of the value of such
Portfolio's total assets (taken at cost) would be so invested and except
that in connection with the disposition of a security a Portfolio may be
deemed to be an underwriter as defined in the 1933 Act.

9. Make loans, except loans of securities, provided that purchases of notes,
bonds or other evidences of indebtedness, including repurchase agreements,
are not considered loans for purposes of this restriction; provided further
that each of the Global Portfolios may not make loans of money or
securities other than (a) through the purchase of securities in accordance
with its investment objective, (b) through repurchase agreements and (c) by
lending portfolio securities in an amount not to exceed 33 1/3% of its
total assets.

10. Purchase illiquid securities for any Portfolio including repurchase
agreements maturing in more than seven days and securities that cannot be
sold without registration or the filing of a notification under Federal or
state securities laws, if, as a result, such investment would exceed 15% of
the value of such Portfolio's net assets.

11. Invest in oil, gas or other mineral exploration or development programs;
provided, however, that this investment restriction shall not prohibit a
Portfolio from purchasing publicly-traded securities of companies engaging
in whole or in part in such activities.

12. Purchase securities of any other investment company, except in connection
with a merger, consolidation, acquisition or reorganization or for the
purpose of hedging the Portfolio's obligations under its deferred
compensation plan for directors, and except to the extent permitted by
Section 12 of the 1940 Act.

13. Purchase securities of companies which, together with predecessors, have a
record of less than three years' continuous operation, if as a result of
such purchase, more than 5% of such Portfolio's net assets would then be
invested in such securities; except that Seligman Communications and
Information Portfolio, Seligman Frontier Portfolio, each of the Global
Portfolios and Seligman High-Yield Bond Portfolio may each invest no more
than 5% of total assets, at market value, in securities of companies which,
with their predecessors, have been in operation less than three continuous
years, excluding from this limitation securities guaranteed by a company
that, including predecessors, has been in operation at least three
continuous years. This restriction does not apply to Seligman Large-Cap
Growth Portfolio, Seligman Large-Cap Value Portfolio or Seligman Small-Cap
Value Portfolio.

14. Purchase securities of companies for the purpose of exercising control.

15. Purchase securities from or sell securities to any of its officers or
Directors, except with respect to its own shares and as permissible under
applicable statutes, rules and regulations. In addition, Seligman
High-Yield Bond Portfolio may not purchase or hold the securities of any
issuer if, to its knowledge, directors or officers of the Fund individually
owning beneficially more than 0.5% of the securities of that issuer own in
the aggregate more than 5% of such securities.

16. Invest more than 5% of the value of its net assets, valued at the lower of
cost or market, in warrants, of which no more than 2% of net assets may be
invested in warrants and rights not listed on the New York or American
Stock Exchange. For this purpose, warrants acquired by the Fund in units or
attached to securities may be deemed to have been purchased without cost.

If a percentage restriction is adhered to at the time of an investment, a later
increase or decrease in such percentage resulting from a change in the value of
assets will not constitute a violation of such restriction. In order to permit
the sale of the Fund's shares in certain states, the Fund may make commitments
more restrictive than the investment restrictions described above. Should the
Fund determine that any such commitment is no longer in the best interest

12
<PAGE>

of the Fund it will revoke the commitment by terminating sales in the state
involved. The Fund also intends to comply with the diversification requirements
under Section 817(h) of the Internal Revenue Code of 1986, as amended. For a
description of these requirements, see the separate account prospectuses or
disclosure documents of the participating insurance companies.

Under the 1940 Act, a "vote of a majority of the outstanding voting securities"
of the Fund or of a particular Portfolio means the affirmative vote of the
lesser of (1) more than 50% of the outstanding shares of the Fund or of such
Portfolio or (2) 67% or more of the shares of the Fund or of such Portfolio
present at a shareholder's meeting if more than 50% of the outstanding shares of
the Fund or of such Portfolio are represented at the meeting in person or by
proxy.

Temporary Defensive Position

Each Portfolio may, from time to time, take a temporary defensive position in
seeking to minimize extreme volatility caused by adverse market, economic, or
other conditions, or in anticipation of significant withdrawals.

When the investment manager believes that market conditions warrant a temporary
defensive position, a Portfolio may invest up to 100% of its assets in cash or
cash equivalents, including, but not limited to, prime commercial paper, bank
certificates of deposit, bankers' acceptances, or repurchase agreements for such
securities, and securities of the US Government and its agencies and
instrumentalities, as well as cash and cash equivalents denominated in foreign
currencies. A Portfolio's investments in foreign cash equivalents will be
limited to those that, in the opinion of the investment manager, equate
generally to the standards established for US cash equivalents. Investments in
bank obligations will be limited at the time of investment to the obligations of
the 100 largest domestic banks in terms of assets which are subject to
regulatory supervision by the US Government or state governments, and the
obligations of the 100 largest foreign banks in terms of assets with branches or
agencies in the United States. In addition, the High-Yield Bond Portfolio may
also invest in high-yield, medium and lower quality corporate notes.

Portfolio Turnover

The portfolio turnover rates for each Portfolio are calculated by dividing the
lesser of purchases or sales of portfolio securities for the year by the monthly
average of the value of the portfolio securities owned during the year.
Securities whose maturity or expiration date at the time of acquisition were one
year or less are excluded from the calculation. The portfolio turnover rates for
each Portfolio (except Seligman Cash Management Portfolio) for the years ended
December 31, 1999 and, if applicable, 1998 were as follows:

1999 1998
---- ----

Seligman Bond Portfolio % 73.31%
Seligman Capital Portfolio 130.86
Seligman Common Stock Portfolio 55.55
Seligman Communications and Information Portfolio 132.57
Seligman Frontier Portfolio 86.52
Seligman Global Growth Portfolio 48.99
Seligman Global Smaller Companies Portfolio 66.40
Seligman Global Technology Portfolio 82.27
Seligman International Growth Portfolio 75.81
Seligman High-Yield Bond Portfolio 43.13
Seligman Income Portfolio 70.45
Seligman Large-Cap Growth Portfolio *

Seligman Large-Cap Value Portfolio 65.82**
Seligman Small-Cap Value Portfolio 73.87**

- -------------------

* Portfolio turnover rate for the period May 1, 1999 (commencement of
operations) to December 31, 1999.
** Portfolio turnover rate for the period May 1, 1998 (commencement of
operations) to December 31, 1998.

13
<PAGE>

Management of the Fund

Board of Directors

The Board of Directors provides broad supervision over the affairs of the Fund.

Management Information

Directors and officers of the Fund, together with information as to their
principal business occupations during the past five years are shown below. Each
Director who is an "interested person" of the Fund, as defined in the 1940 Act,
is indicated by an asterisk. Unless otherwise indicated, their addresses are 100
Park Avenue, New York, NY 10017.

Name, Principal
(Age) and Position(s) Held Occupation(s) During
Address With Fund Past 5 Years
--------- ----------------- ---------------------
<S> <C> <C>
William C. Morris* Director, Chairman of Chairman, J. & W. Seligman & Co. Incorporated, Chairman and
(61) the Board, Chief Chief Executive Officer, the Seligman Group of investment
Executive Officer and companies; Chairman, Seligman Advisors, Inc., Seligman Services,
Chairman of the Inc., and Carbo Ceramics Inc., ceramic proppants for oil and gas
Executive Committee industry; Director, Seligman Data Corp., Kerr-McGee Corporation,
diversified energy company; and Sarah Lawrence College.
Formerly, Director, Daniel Industries Inc., manufacturer of oil
and gas metering equipment.

Brian T. Zino* Director, President Director and President, J. & W. Seligman & Co. Incorporated;
(47) and Member of the President (with the exception of Seligman Quality Municipal
Executive Committee Fund, Inc. and Seligman Select Municipal Fund, Inc.) and
Director or Trustee, the Seligman Group of investment companies;
Chairman, Seligman Data Corp.; Member of the Board of Governors
of the Investment Company Institute; and Director, ICI Mutual
Insurance Company, Seligman Advisors, Inc., and Seligman
Services, Inc.

Richard R. Schmaltz* Director and Member of Director and Managing Director, Director of Investments, J. & W.
(59) the Executive Committee Seligman & Co. Incorporated; Director or Trustee, the Seligman
Group of investment companies (except Seligman Cash Management
Fund, Inc.); Director, Seligman Henderson Co., and Trustee
Emeritus of Colby College. Formerly, Director, Investment
Research at Neuberger & Berman from May 1993 to September 1996.

John R. Galvin Director Dean, Fletcher School of Law and Diplomacy at Tufts University;
(70) Director or Trustee, the Seligman Group of investment companies;
Tufts University Chairman Emeritus, American Council on Germany; a Governor of
Packard Avenue, the Center for Creative Leadership; Director; Raytheon Co.,
Medford, MA 02155 electronics; National Defense University; and the Institute for
Defense Analyses. Formerly, Director, USLIFE Corporation;
Ambassador, U.S. State Department for negotiations in Bosnia;
Distinguished Policy Analyst at Ohio State University and Olin
Distinguished Professor of National Security Studies at the
United States Military Academy. From June 1987 to June 1992, he
was the Supreme Allied Commander, Europe and the
Commander-in-Chief, United States European Command.
</TABLE>

14
<PAGE>

<TABLE>
<CAPTION>
Name, Principal
(Age) and Position(s) Held Occupation(s) During
Address With Fund Past 5 Years
--------- ----------------- ---------------------
<S> <C> <C>
Alice S. Ilchman Director Retired President, Sarah Lawrence College; Director or Trustee,
(64) the Seligman Group of investment companies; Trustee, the
18 Highland Circle, Committee for Economic Development; and Chairman, The
Bronxville, NY 10708 Rockefeller Foundation, charitable foundation. Formerly,
Trustee, The Markle Foundation, philanthropic
organization; and Director, New York Telephone Company;
and International Research and Exchange Board,
intellectual exchanges.

Frank A. McPherson Director Retired Chairman and Chief Executive Officer of Kerr-McGee
(66) Corporation; Director or Trustee, the Seligman Group of
2601 Northwest Expressway, investment companies; Director, Kimberly-Clark Corporation,
Suite 805E consumer products; Bank of Oklahoma Holding Company; Baptist
Oklahoma City, OK 73112 Medical Center; Oklahoma Chapter of the Nature Conservancy;
Oklahoma Medical Research Foundation; and National Boys and
Girls Clubs of America; and Member of the Business Roundtable
and National Petroleum Council. Formerly, Chairman, Oklahoma
City Public Schools Foundation; and Director, Federal Reserve
System's Kansas City Reserve Bank and the Oklahoma City Chamber
of Commerce.

John E. Merow Director Retired Chairman and Senior Partner, Sullivan & Cromwell, law
(70) firm; Director or Trustee, the Seligman Group of investment
125 Broad Street, companies; Director, Commonwealth Industries, Inc.,
New York, NY 10004 manufacturers of aluminum sheet products; the Foreign Policy
Association; Municipal Art Society of New York; the U.S. Council
for International Business; and New York-Presbyterian Hospital;
Chairman, New York-Presbyterian Healthcare Network, Inc.;
Vice-Chairman, the US-New Zealand Council; and Member of the
American Law Institute and Council on Foreign Relations.

Betsy S. Michel Director Attorney; Director or Trustee, the Seligman Group of investment
(57) companies; Trustee, The Geraldine R. Dodge Foundation,
P.O. Box 449, charitable foundation. Formerly, Director, the National
Gladstone, NJ 07934 Association of Independent Schools (Washington, DC).

James C. Pitney Director Retired Partner, Pitney, Hardin, Kipp & Szuch, law firm;
(73) Director or Trustee, the Seligman Group of investment
Park Avenue at Morris companies. Formerly, Director, Public Service Enterprise Group,
County, P.O. Box 1945, public utility.
Morristown, NJ 07962
</TABLE>

15
<PAGE>

<TABLE>
<CAPTION>
Name, Principal
(Age) and Position(s) Held Occupation(s) During
Address With Fund Past 5 Years
--------- ----------------- ---------------------
<S> <C> <C>
James Q. Riordan Director Director or Trustee, the Seligman Group of investment companies;
(72) Director, The Houston Exploration Company, oil exploration; The
675 Third Avenue, Brooklyn Museum, KeySpan Energy Corporation; and Public
Suite 3004 Broadcasting Service; and Trustee, the Committee for Economic
New York, NY 10017 Development. Formerly, Co-Chairman of the Policy Council of the
Tax Foundation; Director,Tesoro Petroleum Companies, Inc. and
Dow Jones & Company, Inc.; Director and President, Bekaert
Corporation; and Co-Chairman, Mobil Corporation.

Robert L. Shafer Director Retired Vice President, Pfizer Inc., pharmaceuticals; Director
(67) or Trustee, the Seligman Group of investment companies.
96 Evergreen Avenue, Formerly, Director, USLIFE Corporation, life insurance.
Rye, NY 10580
James N. Whitson Director Director and Consultant, Sammons Enterprises, Inc., a
(64) diversified holding company; Director or Trustee, the Seligman
6606 Forestshire Drive, Group of investment companies; Director, C-SPAN and CommScope,
Dallas, TX 75230 Inc., manufacturer of coaxial cables. Formerly, Executive Vice
President, Chief Operating Officer, Sammons Enterprises, Inc.;
and Director, Red Man Pipe and Supply Company, piping and other
materials.

Jack P. Chang Vice President and Managing Director, J. & W. Seligman & Co. Incorporated since
( ) Portfolio Manager September 1999; Vice President and Portfolio Manager, Seligman
Global Fund Series, Inc. Formerly, Senior Vice
President and Portfolio Manager at Putnam Investment Management
since 1997; and Portfolio Manager with Columbia Management
Company from 1993 to 1997.

Daniel J. Charleston Vice President and Managing Director (formerly, Vice President, Investment
(40) Portfolio Manager Officer), J. & W. Seligman & Co. Incorporated; Vice President
and Portfolio Manager, Seligman High-Yield Bond Series.

Iain C. Clark Vice President and Chief Investment Officer, Henderson Investment Management
(49) Portfolio Manager Limited since April 1992. He has been a Director at Henderson
International Limited and Senior Portfolio Manager at Henderson
plc, respectively, since April 1995. Vice President and
Portfolio Manager, Seligman Global Fund Series, Inc.

Neil T. Eigen Vice President and Managing Director, J. & W. Seligman & Co. Incorporated; Vice
(56) Portfolio Manager President and Portfolio Manager, Seligman Value Fund Series, Inc.

Arsen Mrakovcic Vice President and Managing Director, J. & W. Seligman & Co. Incorporated; Vice
(34) Portfolio Manager President and Portfolio Manager, Seligman Frontier Fund, Inc.
and Seligman Global Fund Series, Inc. Formerly, Vice President,
Investment Officer, J. & W. Seligman & Co. Incorporated from
January 1995 to January 1996 and Portfolio Assistant, J. & W.
Seligman & Co. Incorporated from June 1992 to January 1995.
</TABLE>

16
<PAGE>

<TABLE>
<CAPTION>
Name, Principal
(Age) and Position(s) Held Occupation(s) During
Address With Fund Past 5 Years
--------- ----------------- ---------------------
<S> <C> <C>
Marion S. Schultheis Vice President and Managing Director, J. & W. Seligman & Co. Incorporated since May
(53) Portfolio Manager 1998; Vice President and Portfolio Manager, Seligman Capital
Fund, Inc., Seligman Global Fund Series, Inc. and Seligman
Growth Fund, Inc. Formerly, Managing Director at Chancellor LGT
from October 1997 until May 1998; and Senior Portfolio Manager
at IDS Advisory Group Inc. from August 1987 until October 1997.

Charles C. Smith, Jr. Vice President and Managing Director (formerly, Senior Vice President and Senior
(43) Portfolio Manager Investment Officer), J. & W. Seligman & Co. Incorporated; Vice
President and Portfolio Manager, Seligman Common Stock Fund,
Inc., Seligman Income Fund, Inc. and Tri-Continental Corporation.

Steven A. Werber Vice President and Senior Vice President, J. & W. Seligman & Co. Incorporated since
( ) Portfolio Manager January 2000; Vice President and Portfolio Manager, Seligman
Global Fund Series, Inc. Formerly, Analyst and Portfolio
Manager at Fidelity Investments International since 1996; and
Associate at Goldman Sachs International from 1992 to 1996.

Paul H. Wick Vice President and Director and Managing Director, J. & W. Seligman & Co.
(36) Portfolio Manager Incorporated since November 1997 and January 1995, respectively;
Vice President and Portfolio Manager, Seligman Communications
and Information Fund, Inc., Seligman Global Fund Series, Inc and
Seligman New Technologies Fund, Inc. He joined J. & W. Seligman
& Co. Incorporated in 1987 as an Associate, Investment Research.

Kei Yamamoto Vice President and Senior Vice President, J. & W. Seligman & Co. Incorporated since
( ) Portfolio Manager January 2000; Vice President and Portfolio Manager, Seligman
Global Fund Series, Inc. Formerly, Vice President, J. & W.
Seligman & Co. Incorporated from May 1998 to January 2000;
Associate Portfolio Manager at Oppenheimer Funds, Inc. from 1997
to 1998; and Assistant Portfolio Manager at Franklin Templeton
Group from 1994 to 1997.

Gary S. Zeltzer Vice President and Senior Vice President, J. & W. Seligman & Co. Incorporated; Vice
(48) Portfolio Manager President and Portfolio Manager, Seligman Cash Management Fund,
Inc. and Seligman High Income Fund Series.

Lawrence P. Vogel Vice President Senior Vice President, Finance, J. & W. Seligman & Co.
(43) Incorporated, Seligman Advisors, Inc., and Seligman Data Corp.;
Vice President, the Seligman Group of investment companies, and
Seligman Services, Inc.; and Vice President and Treasurer,
Seligman International, Inc.; and Treasurer, Seligman Henderson Co.
</TABLE>

17
<PAGE>

<TABLE>
<CAPTION>
Name, Principal
(Age) and Position(s) Held Occupation(s) During
Address With Fund Past 5 Years
--------- ----------------- ---------------------
<S> <C> <C>
Frank J. Nasta Secretary General Counsel, Senior Vice President, Law and Regulation and
(35) Corporate Secretary, J. & W. Seligman & Co. Incorporated;
Secretary, the Seligman Group of investment companies, Seligman
Advisors, Inc., Seligman Henderson Co., Seligman Services,
Inc., Seligman International, Inc. and Seligman Data Corp.

Thomas G. Rose Treasurer Treasurer, the Seligman Group of investment companies and
(42) Seligman Data Corp.
</TABLE>

The Executive Committee of the Board acts on behalf of the Board between
meetings to determine the value of securities and assets owned by the Fund for
which no market valuation is available and to elect or appoint officers of the
Fund to serve until the next meeting of the Board.

Directors and officers of the Fund are also directors and officers of some or
all of the other investment companies in the Seligman Group.

Compensation

<TABLE>
<CAPTION>
Pension or Total Compensation
Aggregate Retirement Benefits from Fund
Name and Compensation Accrued as part of and Fund Complex
Position with Fund From Fund (1) Fund Expenses Paid to Directors (1)(2)
------------------ ------------- ------------- ------------------------
<S> <C> <C> <C>
William C. Morris, Director and Chairman N/A N/A N/A
Brian T. Zino, Director and President N/A N/A N/A
Richard R. Schmaltz, Director N/A N/A N/A
John R. Galvin, Director N/A
Alice S. Ilchman, Director N/A
Frank A. McPherson, Director N/A
John E. Merow, Director N/A
Betsy S. Michel, Director N/A
James C. Pitney, Director N/A
James Q. Riordan, Director N/A
Robert L. Shafer, Director N/A
James N. Whitson, Director (3) N/A (3)
</TABLE>

- -----------------------

(1) For the Fund's year ended December 31, 1999.
(2) The Seligman Group of investment companies consists of twenty investment
companies.
(3) Deferred.

The Fund has a compensation arrangement under which outside directors may elect
to defer receiving their fees. The Fund has adopted a deferred compensation plan
under which a director who has elected deferral of his or her fees may choose a
rate of return equal to either (1) the interest rate on short-term Treasury
bills, or (2) the rate of return on the shares of certain of the investment
companies advised by J. & W. Seligman & Co. Incorporated (Seligman), as
designated by the director. The cost of such fees and earnings is included in
the directors' fees and expenses, and the accumulated balance thereof is
included in other liabilities in the Fund's financial statements. The total
amount of deferred compensation (including earnings) payable in respect of the
Fund to Mr. Whitson as of December 31, 1999 was $. Messrs. Merow and Pitney no
longer defer current compensation; however, they have accrued deferred
compensation (including earnings) in the amounts of $ and $, respectively, as of
December 31, 1999.

The Fund may, but is not obligated to, purchase shares of the other funds in the
Seligman Group of investment companies to hedge its obligations in connection
with the Fund's deferred compensation plan (except Seligman Cash Management
Portfolio, which is obligated to purchase shares of the Seligman Group of
investment companies).

18
<PAGE>

Code of Ethics

Seligman, Seligman Advisors, Inc. (Seligman Advisors), their subsidiaries and
affiliates, and the Seligman Group of Investment Companies have adopted a Code
of Ethics that sets forth the circumstances under which officers, directors and
employees (collectively, Employees) are permitted to engage in personal
securities transactions. The Code of Ethics proscribes certain practices with
regard to personal securities transactions and personal dealings, provides a
framework for the reporting and monitoring of personal securities transactions
by Seligman's Director of Compliance, and sets forth a procedure of identifying,
for disciplinary action, those individuals who violate the Code of Ethics. The
Code of Ethics prohibits Employees (including all investment team members) from
purchasing or selling any security or an equivalent security that is being
purchased or sold by any client, or where the Employee intends, knows of
another's intention, to purchase or sell the security on behalf of a client. The
Code also prohibits all Employees from acquiring securities in a private
placement or in an initial or secondary public offering unless an exemption has
been obtained from Seligman's Director of Compliance.

The Code of Ethics prohibits (1) each portfolio manager or member of an
investment team from purchasing or selling any security within seven calendar
days of the purchase or sale of the security by a client's account (including
investment company accounts) that the portfolio manager or investment team
manages; (2) each Employee from engaging in short-term trading (a purchase and
sale or vice-versa within 60 days); and (3) each member of an investment team
from engaging in short sales of a security if, at that time, any client managed
by that team has a long position in that security. Any profit realized pursuant
to any of these prohibitions must be disgorged.

Employees are required, except under very limited circumstances, to engage in
personal securities transactions through Seligman's order desk. The order desk
maintains a list of securities that may not be purchased due to a possible
conflict with clients. All Employees are also required to disclose all
securities beneficially owned by them upon commencement of employment and at the
end of each calendar year.

A copy of the Code of Ethics is on public file with, and is available upon
request from, the Securities and Exchange Commission (SEC). You can access it
through the SEC's Internet site, http://www.sec.gov.

Investment Advisory and Other Services

The Investment Manager

Seligman manages the Fund. Seligman is a successor firm to an investment banking
business founded in 1864 which has thereafter provided investment services to
individuals, families, institutions, and corporations. Mr. William C. Morris
owns a majority of the outstanding voting securities of Seligman. See Appendix B
for further history of Seligman.

All of the officers of the Fund listed above are officers or employees of
Seligman or Henderson Investment Management Limited (HIML), the subadviser to
Seligman Global Smaller Companies Portfolio. Their affiliations with the Fund
and with Seligman and HIML are provided under their principal business
occupations.

Each Portfolio pays Seligman a management fee for its services, equal to a
percentage of the Portfolio's average daily net assets, as follows:

<TABLE>
<CAPTION>
Management Fee Rate as a % of
Portfolio Average Daily Net Assets
--------- -----------------------------
<S> <C>
Seligman Bond Portfolio .40%
Seligman Capital Portfolio .40%
Seligman Cash Management Portfolio .40%
Seligman Common Stock Portfolio .40%
Seligman Communications and Information Portfolio .75%
Seligman Frontier Portfolio .75%
Seligman Global Growth Portfolio 1.00% on first $1 billion;
.95% on next $1 billion;
</TABLE>

19
<PAGE>

<TABLE>
<CAPTION>
Management Fee Rate as a % of
Portfolio Average Daily Net Assets
--------- -----------------------------
<S> <C>
.90% thereafter

Seligman Global Smaller Companies Portfolio 1.00% on first $1 billion;
.95% on next $1 billion;
.90% thereafter

Seligman Global Technology Portfolio 1.00% on first $2 billion;
.95% on next $2 billion;
.90% thereafter

Seligman International Growth Portfolio 1.00% on first $1 billion;
.95% on next $1 billion;
.90% thereafter

Seligman High-Yield Bond Portfolio .50%
Seligman Income Portfolio .40%

Seligman Large-Cap Growth Portfolio .70% on first $1 billion;
.65% on next $1 billion;
.60% thereafter

Seligman Large-Cap Value Portfolio .80% on first $500 million;
.70% on next $500 million;
.60% thereafter

Seligman Small-Cap Value Portfolio 1.00% on first $500 million;
.90% on next $500 million;
.80% thereafter
</TABLE>

The following table indicates the management fees paid (or waived, in the case
of Seligman Cash Management Portfolio) for the years 1999, 1998, and 1997 for
each Portfolio.

<TABLE>
<CAPTION>
Fund 1999 1998 1997
---- ---- ---- ----
<S> <C> <C> <C>
Seligman Bond Portfolio $ $ 27,438 $ 23,150
Seligman Capital Portfolio 86,101 70,147

Seligman Cash Management Portfolio 40,831* 38,042*
Seligman Common Stock Portfolio 224,301 178,662
Seligman Communications and Information Portfolio 748,401 574,370
Seligman Frontier Portfolio 323,502 282,248
Seligman Global Growth Portfolio 73,741 38,358
Seligman Global Smaller Companies Portfolio 215,796 200,415
Seligman Global Technology Portfolio 49,036 26,504
Seligman International Growth Portfolio 100,225 88,212
Seligman High-Yield Bond Portfolio 142,265 84,740
Seligman Income Portfolio 57,362 54,451
Seligman Large-Cap Growth Portfolio ** --- ---
Seligman Large-Cap Value Portfolio 9,139*** ---
Seligman Small-Cap Value Portfolio 7,951*** ---
</TABLE>

- -----------------------------------------------
* Seligman, at its discretion, waived all of its fees for Seligman Cash
Management Portfolio.
** Fees paid from May 1, 1999 (commencement of operations) to December 31,
1999.
*** Fees paid from May 1, 1998 (commencement of operations) to December 31,
1998.

Under a Subadvisory Agreement dated July 1, 1998, HIML furnishes investment
advice, research and assistance with respect to the Seligman Global Smaller
Companies Portfolio's non-US investments. Prior to March 31, 2000, HIML also
served as a subadviser with respect to each of the other Global Portfolios.

20
<PAGE>

HIML, headquartered in the United Kingdom, was incorporated in 1984 and is a
registered investment adviser under the Investment Advisers Act of 1940. HIML is
a wholly owned subsidiary of Henderson plc. Henderson plc is a subsidiary of AMP
Limited, an Australian life insurance and financial services company. Henderson
plc, headquartered in London, is one of the largest money managers in Europe.

HIML receives a fee from Seligman, equal to an annual rate of .50% of the
Seligman Global Smaller Companies Portfolio's average daily net assets under the
supervision of HIML. The Subadvisory Agreement will continue until December 31,
2000 and from year to year thereafter (1) if such continuance is approved in the
manner required by the 1940 Act (by a vote of a majority of the Board of
Directors or of the outstanding voting securities of the Portfolio and by a vote
of a majority of the Directors who are not parties to the Subadvisory Agreement
or interested persons of any such party) and (2) HIML shall not have notified
Seligman in writing at least 60 days prior to such December 31 or prior to
December 31 of any year thereafter that it does not desire such continuance. The
Subadvisory Agreement may be terminated at any time by the Fund, on 60 days
written notice to HIML. The Subadvisory Agreement will terminate automatically
in the event of its assignment or upon the termination of the relevant
Management Agreement.

The Management Agreements (and Subadvisory Agreement, in the case of the
Seligman Global Smaller Companies Portfolio) provide that Seligman (and HIML, in
the case of the Seligman Global Smaller Companies Portfolio) will not be liable
to the Fund for any error of judgment or mistake of law, or for any loss arising
out of any investment, or for any act or omission in performing their duties
under the Management Agreements (or Subadvisory Agreement), except for willful
misfeasance, bad faith, gross negligence, or reckless disregard of their
obligations and duties under the Management Agreements (or Subadvisory
Agreement).

The Fund pays all its expenses other than those assumed by Seligman or HIML,
including brokerage commissions, fees and expenses of independent attorneys and
auditors, taxes and governmental fees, including fees and expenses of qualifying
the Fund and its shares under Federal securities laws, expenses of printing and
distributing reports, notices and proxy materials to shareholders, expenses of
printing and filing reports and other documents with governmental agencies,
expenses of shareholders' meetings, expenses of corporate data processing and
related services, shareholder record keeping and shareholder account services,
fees and disbursements of transfer agents and custodians, fees and expenses of
Directors of the Fund not employed by or serving as a Director of Seligman or
its affiliates, insurance premiums and extraordinary expenses such as litigation
expenses.

The Management Agreement with respect to Seligman Bond Portfolio, Seligman
Capital Portfolio, Seligman Cash Management Portfolio, Seligman Common Stock
Portfolio and Seligman Income Portfolio was approved by the Board of Directors
on September 30, 1988 and by shareholders at a Special Meeting held on December
16, 1988. The Management Agreement with respect to the Seligman International
Growth Portfolio was approved by the Board of Directors on March 18, 1993. The
Management Agreements with respect to Seligman Communications and Information
Portfolio, Seligman Frontier Portfolio, and Seligman Global Smaller Companies
Portfolio were approved by the Board of Directors on July 21, 1994. The
Management Agreement with respect to Seligman High-Yield Bond Portfolio was
approved by the Board of Directors on March 16, 1995. The Management Agreement
with respect to Seligman Global Growth Portfolio and Seligman Global Technology
Portfolio was approved by the Board of Directors on March 21, 1996. The
Management Agreement with respect to Seligman Large-Cap Value Portfolio and
Seligman Small-Cap Value Portfolio was approved by the Board of Directors on
March 19, 1998 and by the sole shareholder of each Portfolio on April 30, 1998.
The Management Agreement with respect to Seligman Large-Cap Growth Portfolio was
approved by the Board of Directors on March 18, 1999. The Management Agreements
will continue in effect until December 31 of each year, with respect to each
Portfolio if (1) such continuance is approved in the manner required by the 1940
Act (by a vote of a majority of the Board of Directors or of the outstanding
voting securities of the Portfolios and by a vote of a majority of the Directors
who are not parties to the Management Agreements or interested persons of any
such party) and (2) Seligman shall not have notified the Fund at least 60 days
prior to the anniversary date of the previous continuance that it does not
desire such continuance. The Management Agreements may be terminated at any time
with respect to any or all Portfolios, by the Fund, without penalty, on 60 days
written notice to Seligman. Seligman may terminate the Management Agreements at
any time upon 60 days written notice to the Fund. The Management Agreements will
terminate automatically in the event of their assignment. The Fund has agreed to
change its name upon termination of the Management Agreements if continued use
of the name would cause confusion in the context of Seligman's business.

21
<PAGE>

Services Provided by the Investment Manager

Pursuant to management agreements between the Fund and Seligman in respect of
the Portfolios and subject to the control of the Board of Directors, Seligman
manages the investment of the assets of the Fund's Portfolios, including making
purchases and sales of portfolio securities consistent with each Portfolio's
investment objectives and policies, and administers the Fund's business and
other affairs. Seligman provides the Fund with such office space, administrative
and other services and executive and other personnel as are necessary for Fund
operations. Seligman pays all of the compensation of directors and/or officers
of the Fund who are employees or consultants of Seligman except as otherwise
provided by HIML.

Service Agreements

There are no other management-related service contracts under which services are
provided to the Fund.

Other Investment Advice

No person or persons, other than directors, officers, or employees of Seligman
or HIML, regularly advise the Fund's Portfolios with respect to their
investments.

Rule 12b-1 Plan

Each Portfolio has adopted a Shareholder Servicing Plan (12b-1 Plan) with
respect to the Portfolio's Class 2 shares in accordance with Section 12(b) of
the 1940 Act and Rule 12b-1 thereunder.

Under the 12b-1 Plan, Class 2 shares of each Portfolio pay an annual shareholder
servicing fee of up to 0.25% of the average daily net assets attributable to
Class 2 shares. Class 2 shares pay this fee to participating insurance companies
or their affiliates for services that the participating insurance companies
provide to Contract owners. These services include (1) the printing and
delivering of prospectuses, statements of additional information, shareholder
reports, proxy statements and marketing materials related to the Portfolios to
current Contract owners, (2) providing facilities to answer questions from
current Contract owners about the Portfolios, (3) receiving and answering
correspondence, (4) providing information to Seligman and to Contract owners
with respect to shares of the Portfolios attributable to Contract owner
Accounts, (5) complying with federal and state securities laws pertaining to the
sale of shares of the Portfolios, and (6) assisting Contract owners in
completing application forms and selecting dividend and other Account options.
The participating insurance companies will also provide such office space and
equipment, telephone facilities, and personnel as may be reasonably necessary or
beneficial in order to provide such services to Owners.

Seligman, in its sole discretion, may also make similar payments to
participating insurance companies from its own resources, which may include the
management fee that Seligman receives from the Portfolios.

Fees paid by each Portfolio under the 12b-1 Plan for Class 2 shares may not be
used to pay expenses incurred solely in respect of Class 1 shares or any other
Seligman fund.

The amounts expended by participating insurance companies in any one year with
respect to Class 2 shares of a Portfolio may exceed the 12b-1 fees paid by the
Portfolio in that year. Each Portfolio's 12b-1 Plan permits expenses incurred by
participating insurance companies in respect of Class 2 shares in one fiscal
year to be paid from Class 2 12b-1 fees in any other fiscal year; however, in
any fiscal year the Portfolios are not obligated to pay any 12b-1 fees in excess
of those described above.

The 12b-1 Plan was approved with respect to the Class 2 shares of each Portfolio
on _____________, 2000 by the Board of Directors, including a majority of the
Directors who are not "interested persons" (as defined in the 1940 Act) of the
Fund and who had no direct or indirect financial interest in the operation of
the 12b-1 Plan or in any agreement related to the Plan (the "Qualified
Directors"). The 12b-1 Plans will continue in effect until December 31 of each
year, so long as such continuance is approved annually by a majority vote of
both the Directors and the Qualified Directors of the Fund, cast in person at a
meeting called for the purpose of voting on such approval. The 12b-1 Plans may
not be amended to increase materially the amounts payable to participating
insurance companies without the approval of a majority of the outstanding voting
securities of the relevant class. No material amendment to the 12b-1 Plans may
be made except by a majority of both the Directors and Qualified Directors.

22
<PAGE>

The 12b-1 Plans require that the Treasurer of the Fund shall provide to the
Directors, and the Directors shall review, at least quarterly, a written report
of the amounts expended (and purposes therefor) under the Plans. Rule 12b-1 also
requires that the selection and nomination of Directors who are not "interested
persons" of the Fund be made by such disinterested Directors. The 12b-1 Plans
will be reviewed by the Directors annually.

No Class 2 shares were outstanding during the year ended December 31, 1999, and
no Portfolio paid any fees to participating insurance companies under the 12b-1
Plan.

Brokerage Allocation and Other Practices

Portfolio Transactions

In directing transactions involving exchange-listed securities, Seligman (or in
the case of Seligman Global Smaller Companies Portfolio, Seligman or HIML) will
seek the most favorable price and execution, and consistent with that policy may
give consideration to the research, statistical, and other services furnished by
brokers or dealers to Seligman or HIML for its use. In addition, Seligman and
HIML are authorized to place orders with brokers who provide supplemental
investment and market research and security and economic analysis, although the
use of such brokers may result in a higher brokerage charge to a Portfolio than
the use of brokers selected solely on the basis of seeking the most favorable
price and execution although such research and analysis received may be useful
to Seligman or HIML in connection with their services to other clients as well
as to the Portfolios.

Portfolio transactions for Seligman Bond Portfolio, Seligman Cash Management
Portfolio and Seligman High-Yield Bond Portfolio, which invest in debt
securities generally traded in the over-the-counter market, and transactions by
any of the other Portfolios in debt securities traded on a "principal basis" in
the over-the-counter market are normally directed by Seligman or HIML to dealers
in the over-the-counter market acting as principal, except dealers with which
their directors or officers are affiliated.

Brokerage commissions of each Portfolio (except Seligman Bond Portfolio,
Seligman Cash Management Portfolio and Seligman High-Yield Bond Portfolio) for
the years 1999, and if applicable, 1998 and 1997, are set forth in the following
table:

<TABLE>
<CAPTION>
Total Brokerage Commissions Paid for
Execution and Statistical Services(1)

1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Seligman Capital Portfolio $ $ 74,776 $ 35,821

Seligman Common Stock Portfolio 68,974 74,489
Seligman Communications and Information Portfolio 177,132 235,341
Seligman Frontier Portfolio 85,207 69,951
Seligman Global Growth Portfolio 14,141 15,812
Seligman Global Smaller Companies Portfolio 40,386 42,231
Seligman Global Technology Portfolio 10,211 6,589

Seligman International Growth Portfolio 37,779 36,291
Seligman Income Portfolio * 9,505 11,228

Seligman Large-Cap Growth Portfolio --- ---
Seligman Large-Cap Value Portfolio 6,315** ---
Seligman Small-Cap Value Portfolio 7,028** ---
</TABLE>

- --------------
(1) Not including any spreads on principal transactions on a net basis.
* Commissions paid from May 1, 1999 (commencement of operations).
** Commissions paid from May 1, 1998 (commencement of operations).

The amount of brokerage commissions paid by Seligman Capital Portfolio has
increased materially from 1997 due to the Portfolio's increase in portfolio
turnover and the Portfolio's increase in portfolio transactions on public
exchanges as opposed to over-the-counter markets.

23
<PAGE>

Commissions

For the years ended December 31, 1999, 1998 and 1997, the Fund did not execute
any portfolio transactions with, and therefore did not pay any commissions to,
any broker affiliated with either the Fund, Seligman, HIML, or Seligman
Advisors.

Brokerage Selection

Consistent with the rules of the National Association of Securities Dealers,
Inc. and other applicable laws, and subject to seeking the most favorable price
and execution available and such other policies as the Directors may determine,
Seligman or HIML may consider sales of the other Funds in the Seligman Group as
a factor in the selection of brokers or dealers to execute portfolio
transactions for the Fund.

Directed Brokerage

During the Fund's year ended December 31, 1999, neither the Fund, Seligman, nor
HIML, through an agreement or understanding with a broker, or otherwise through
an internal allocation procedure, directed any of the Fund's brokerage
transactions to a broker because of research services provided.

Regular Broker-Dealers

During the Fund's year ended December 31, 1999, the Fund did not acquire
securities of any of its regular brokers or dealers (as defined in Rule 10b-1
under the 1940 Act) or of their parents.

Capital Stock and Other Securities

Capital Stock

The Fund is authorized to issue, create and classify shares of capital stock in
separate series without further action by shareholders. The Fund presently has
fifteen separate series of common stock, each of which maintains a separate
investment portfolio, designated as follows: Seligman Bond Portfolio, Seligman
Capital Portfolio, Seligman Cash Management Portfolio, Seligman Common Stock
Portfolio, Seligman Communications and Information Portfolio, Seligman Frontier
Portfolio, Seligman Global Growth Portfolio, Seligman Global Smaller Companies
Portfolio, Seligman Global Technology Portfolio, Seligman International Growth
Portfolio, Seligman High-Yield Bond Portfolio, Seligman Income Portfolio,
Seligman Large-Cap Growth Portfolio, Seligman Large-Cap Value Portfolio, and
Seligman Small-Cap Value Portfolio. Shares of capital stock of each Portfolio
have a par value of $.001 and are divided into two classes, designated as Class
1 common stock and Class 2 common stock. Each share of a Fund's Class 1 and
Class 2 common stock is equal as to earnings, assets and voting privileges,
except that each class bears its own separate shareholder servicing and,
potentially, certain other class expenses and has exclusive voting rights with
respect to any matter to which a separate vote of any class is required by the
1940 Act or Maryland law. The Series has adopted a Plan (Multiclass Plan)
pursuant to Rule 18f-3 under the 1940 Act permitting the issuance and sale of
multiple classes of common stock. In accordance with the Articles of
Incorporation, the Board of Directors may authorize the creation of additional
classes of common stock with such characteristics as are permitted by the
Multiclass Plan and Rule 18f-3. The 1940 Act requires that where more than one
class exists, each class must be preferred over all other classes in respect of
assets specifically allocated to such class. Shares have non-cumulative voting
rights for the election of directors. Each outstanding share will be fully paid
and non-assessable, and freely transferable. There are no liquidation,
conversion or prescriptive rights.

In accordance with current policy of the Securities and Exchange Commission
(SEC), holders of the Accounts have the right to instruct the applicable
participating insurance companies as to voting of Fund shares held by such
Accounts on all matters to be voted on by Fund shareholders. Such rights may
change in accordance with changes in policies of the SEC. Voting rights of the
participants in the Accounts of participating insurance companies are more fully
set forth in the prospectuses or disclosure documents relating to those
Accounts, which should be read together with each Portfolio's Prospectus. The
Directors of the Fund have authority to create additional portfolios and to
classify and reclassify shares of capital stock without further action by
shareholders, and additional series may be created in the future. Under Maryland
corporate law, the Fund is not required to hold annual meetings and it is the
intention of the Fund's Directors not to do so. However, special meetings of

24
<PAGE>

shareholders will be held for action by shareholders as may be required by the
1940 Act, the Fund's Articles of Incorporation and By-Laws, or Maryland
corporate law.

Other Securities

The Fund has no authorized securities other than the above-mentioned common
stock.

Purchase, Redemption, and Pricing of Shares

Purchase of Shares

The Fund's Portfolios are offering their shares only to the Accounts of
participating insurance companies to fund benefits of the Contracts. The
Accounts may invest in shares of the Portfolios in accordance with allocation
instructions received from the owners of the Contracts. Such allocations rights
and information on how to purchase or surrender a Contract, as well as sales
charges and other expenses imposed by the Contracts on their owners, are further
described in the separate prospectuses and disclosure documents issued by the
participating insurance companies and accompanying each Portfolio's Prospectus.
The Fund reserves the right to reject any order for the purchase of shares of
the Fund's Portfolios.

Offering Price

The net asset value per share of each Portfolio is determined as of the close of
regular trading on the New York Stock Exchange (normally, 4:00 p.m. Eastern
time) each day that the New York Stock Exchange is open. Currently, the New York
Stock Exchange is closed on New Year's Day, Martin Luther King, Jr. Day,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day.

It is the policy of Seligman Cash Management Portfolio to use its best efforts
to maintain a constant per share price equal to $1.00. Instruments held by
Seligman Cash Management Portfolio are valued on the basis of amortized cost.
This involves valuing an instrument at its cost initially and, thereafter,
assuming a constant amortization to maturity of any discount or premium,
regardless of the impact of fluctuating interest rates on the market value of
the instrument. While this method provides certainty in valuation, it may result
in periods during which the value, as determined by amortized cost, is higher or
lower than the price the Portfolio would receive if it sold the instrument.

The foregoing method of valuation is permitted by Rule 2a-7 adopted by the SEC.
Under this rule, Seligman Cash Management Portfolio must maintain an
average-weighted portfolio maturity of 90 days or less, purchase only
instruments having remaining maturities of 397 days or less, and invest only in
securities determined by the Fund's Directors to be of high quality with minimal
credit risks. In accordance with the rule, the Directors have established
procedures designed to stabilize, to the extent reasonably practicable, the
price per share as computed for the purpose of sales and redemptions of Seligman
Cash Management Portfolio at $1.00. Such procedures include review of the
portfolio holdings by Seligman Cash Management Portfolio and determination as to
whether the net asset value of Seligman Cash Management Portfolio, calculated by
using available market quotations or market equivalents, deviates from $1.00 per
share based on amortized cost. The rule also provides that the extent of any
deviation between the net asset value based upon available market quotations or
market equivalents, and $1.00 per share net asset value, based on amortized
cost, must be examined by the Directors. In the event that a deviation of .5 of
1% or more exists between the Portfolio's $1.00 per share net asset value and
the net asset value calculated by reference to market gestations, or if there is
any deviation which the Board of Directors believes would result in a material
dilution to shareholders or purchasers, the Board of Directors will promptly
consider what action, if any, should be initiated. Any such action may include:
selling portfolio instruments prior to maturity to realize capital gains or
losses or to shorten average portfolio maturity; withholding dividends or paying
distributions from capital or capital gains; redeeming shares in kind; or
establishing a net asset value per share by using available market quotations.

With respect to each of the Global Portfolios, portfolio securities, including
open short positions, are valued at the last sale price on the securities
exchange or securities market on which such securities primarily are traded.
Securities traded on a foreign exchange or over-the-counter market are valued at
the last sales price on the primary exchange or market on which they are traded.
United Kingdom securities and securities for which there are not recent sales
transactions are valued based on quotations provided by primary market makers in
such securities. Any securities for which recent market quotations are not
readily available, including restricted securities, are valued at

25
<PAGE>

fair value determined in accordance with procedures approved by the Board of
Directors. Short-term obligations with less than 60 days remaining to maturity
are generally valued at amortized cost. Short-term obligations with more than 60
days remaining to maturity will be valued at current market value until the
sixtieth day prior to maturity, and will then be valued on an amortized cost
basis based on the value on such date unless the Board of Directors determines
that this amortized cost value does not represent fair market value.

Generally, trading in foreign securities, as well as US Government securities,
money market instruments and repurchase agreements, is substantially completed
each day at various times prior to the close of regular trading on the New York
Stock Exchange. The values of such securities used in computing the net asset
value of the shares of the Portfolio are determined as of such times. Foreign
currency exchange rates are also generally determined prior to the close of
regular trading on the New York Stock Exchange. Occasionally, events affecting
the value of such securities and such exchange rates may occur between the times
at which they are determined and the close of regular trading on the New York
Stock Exchange, which will not be reflected in the computation of net asset
value. If during such periods events occur which materially affect the value of
such securities, the securities will be valued at their fair market value as
determined in accordance with procedures approved by the Board of Directors.

For purposes of determining the net asset value per share of the Portfolio all
assets and liabilities initially expressed in foreign currencies will be
converted into US dollars at the mean between the bid and offer prices of such
currencies against US dollars quoted by a major bank that is a regular
participant in the foreign exchange market or on the basis of a pricing service
that takes into account the quotes provided by a number of such major banks.

Purchase or redemption requests received by participating insurance companies by
the close of regular trading on the New York Stock Exchange (normally, 4:00 p.m.
Eastern time) are effected at the applicable Portfolio's net asset value per
share calculated on the date such purchase or redemption requests are received.

Redemption in Kind

The procedures for redemption of Fund shares under ordinary circumstances are
set forth in each Portfolio's Prospectus. In unusual circumstances, payment may
be postponed, if the orderly liquidation of portfolio securities is prevented by
the closing of, or restricted trading on the New York Stock Exchange during
periods of emergency, or such other periods as ordered by the SEC. It is not
anticipated that shares will be redeemed for other than cash or its equivalent.
However, the Fund reserves the right to pay the redemption price to the Accounts
in whole or in part, by a distribution in kind from the Fund's investment
portfolio, in lieu of cash, taking the securities at their value employed for
determining such redemption price, and selecting the securities in such manner
as the Board of Directors may deem fair and equitable. If shares are redeemed in
this way, brokerage costs will ordinarily be incurred by the Accounts in
converting such securities into cash.

Taxation of the Fund

Each Portfolio of the Fund intends to continue to qualify as a "regulated
investment company" under certain provisions of the Internal Revenue Code of
1986, as amended. Under such provisions, the Fund's Portfolios will be subject
to federal income tax only with respect to undistributed net investment income
and net realized capital gain. Each of the Fund's Portfolios will be treated as
a separate entity. Dividends on Seligman Cash Management Portfolio will be
declared daily and reinvested monthly in additional full and fractional shares
of Seligman Cash Management Portfolio; it is not expected that this Portfolio
will realize capital gains. Dividends and capital gain distributions from each
of the other Portfolios will be declared and paid annually and will be
reinvested at the net asset value of such shares of the Portfolio that declared
such dividend or capital gain distribution. Information regarding the tax
consequences of an investment in the Fund's Portfolios is contained in the
separate prospectuses or disclosure documents of the Accounts, which should be
read together with this SAI.

26
<PAGE>

Financial Statements

The Annual Report to shareholders for the year ended December 31, 1999 for the
Fund's Portfolios contains a schedule of the investments of each Portfolio as of
December 31, 1999, as well as certain other financial information as of that
date. The financial statements and notes included in the Annual Report, and the
Independent Auditors' Report thereon, are incorporated herein by reference. The
Annual Report will be furnished without charge to investors who request copies
of this SAI.

General Information

Custodians

With the exception of each of the Global Portfolios, State Street Bank & Trust
Company, 801 Pennsylvania, Kansas City, Missouri 64105, serves as custodian for
the Fund, and in such capacity holds in a separate account assets received by it
from or for the account of each of the Fund's Portfolios.

Chase Manhattan Bank, One Pierrepont Plaza, Brooklyn, New York 11201, serves as
custodian for each of the Global Portfolios, and in such capacity holds in a
separate account assets received by it from or for the account of each of these
Portfolios of the Fund.

Independent Auditors

Ernst & Young LLP, independent auditors, serve as auditors of the Fund and
certify the annual financial statements of the Fund. Their address is 787
Seventh Avenue, New York, New York 10019.

27
<PAGE>

APPENDIX A

MOODY'S INVESTORS SERVICE, INC. (MOODY'S)
DEBT SECURITIES

Aaa: Bonds which are rated Aaa are judged to be of the best quality. They carry
the smallest degree of investment risk. Interest payments are protected by a
large or by an exceptionally stable margin and principal is secure. While the
various protective elements are likely to change, such changes as can be
visualized are most unlikely to impair the fundamentally strong position of such
issues.

Aa: Bonds which are rated Aa are judged to be of high quality by all standards.
Together with the Aaa group they comprise what are generally known as high-grade
bonds. They are rated lower than Aaa bonds because margins of protection may not
be as large or fluctuation of protective elements may be of greater amplitude or
there may be other elements present which make the long-term risks appear
somewhat larger than in Aaa securities.

A: Bonds which are rated A possess many favorable investment attributes and are
to be considered as upper medium grade obligations. Factors giving security to
principal and interest are considered adequate but elements may be present which
suggest a susceptibility to impairment sometime in the future.

Baa: Bonds which are rated Baa are considered as medium grade obligations, i.e.,
they are neither highly protected nor poorly secured. Interest payments and
principal security appear adequate for the present but certain protective
elements may be characteristically lacking or may be unreliable over any great
length of time. Such bonds lack outstanding investment characteristics and in
fact may have speculative characteristics as well.

Ba: Bonds which are rated Ba are judged to have speculative elements; their
future cannot be considered as well-assured. Often the protection of interest
and principal payments may be very moderate, and thereby not well safeguarded
during other good and bad times over the future. Uncertainty of position
characterizes bonds in this class.

B: Bonds which are rated B generally lack characteristics of the desirable
investment. Assurance of interest and principal payments or of maintenance of
other terms of the contract over any long period of time may be small.

Caa: Bonds which are rated Caa are of poor standing. Such issues may be in
default or there may be present elements of danger with respect to principal or
interest.

Ca: Bonds which are rated Ca represent obligations which are speculative in high
degree. Such issues are often in default or have other marked shortcomings.

C: Bonds which are rated C are the lowest rated class of bonds, and issues so
rated can be regarded as having extremely poor prospects of ever attaining any
real investment standing.

Moody's applies numerical modifiers (1, 2 and 3) in each generic rating
classification from Aa through B in its corporate bond rating system. The
modifier 1 indicates that the security ranks in the higher end of its generic
rating category; modifier 2 indicates a mid-range ranking; and modifier 3
indicates that the issuer ranks in the lower end of its generic rating category.

28
<PAGE>

COMMERCIAL PAPER

Moody's Commercial Paper Ratings are opinions of the ability of issuers to repay
punctually promissory senior debt obligations not having an original maturity in
excess of one year. Issuers rated "Prime-1" or "P-1" indicates the highest
quality repayment ability of the rated issue.

The designation "Prime-2" or "P-2" indicates that the issuer has a strong
ability for repayment of senior short-term promissory obligations. Earnings
trends and coverage ratios, while sound, may be more subject to variation.
Capitalization characteristics, while still appropriate, may be more affected by
external conditions. Ample alternative liquidity is maintained.

The designation "Prime-3" or "P-3" indicates that the issuer has an acceptable
capacity for repayment of short-term promissory obligations. The effect of
industry characteristics and market compositions may be more pronounced.
Variability in earnings and profitability may result in changes in the level of
debt protection measurements and may require relatively high financial leverage.
Adequate alternate liquidity is maintained.

Issues rated "Not Prime" do not fall within any of the Prime rating categories.

STANDARD & POOR'S RATING SERVICE (S&P)
DEBT SECURITIES

AAA: Debt issues rated AAA are highest grade obligations. Capacity to pay
interest and repay principal is extremely strong.

AA: Debt issues rated AA have a very strong capacity to pay interest and repay
principal and differ from the highest rated issues only in small degree.

A: Debt issues rated A are regarded as upper medium grade. They have a strong
capacity to pay interest and repay principal although it is somewhat more
susceptible to the adverse effects of changes in circumstances and economic
conditions than debt in higher rated categories.

BBB: Debt issues rated BBB are regarded as having an adequate capacity to pay
interest and re-pay principal. Whereas they normally exhibit adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and re-pay principal for
bonds in this category than for bonds in higher rated categories.

BB, B, CCC, CC: Debt issues rated BB, B, CCC and CC are regarded on balance, as
predominantly speculative with respect to capacity to pay interest and pre-pay
principal in accordance with the terms of the bond. BB indicates the lowest
degree of speculation and CC the highest degree of speculation. While such bonds
will likely have some quality and protective characteristics, these are
outweighed by large uncertainties or major risk exposure to adverse conditions.

C: The rating C is reserved for income bonds on which no interest is being paid.

D: Debt issues rated D are in default, and payment of interest and/or repayment
of principal is in arrears.

NR: Indicates that no rating has been requested, that there is insufficient
information on which to base a rating or that S&P does not rate a particular
type of bond as a matter of policy.

29
<PAGE>

COMMERCIAL PAPER

S&P Commercial Paper ratings are current assessments of the likelihood of timely
payment of debts having an original maturity of no more than 365 days.

A-1: The A-1 designation indicates that the degree of safety regarding timely
payment is very strong.

A-2: Capacity for timely payment on issues with this designation is
satisfactory. However, the relative degree of safety is not as high as for
issues designated "A-1."

A-3: Issues carrying this designation have adequate capacity for timely payment.
They are, however more vulnerable to the adverse effects of changes in
circumstances than obligations carrying the higher designations.

B: Issues rated "B" are regarded as having only a speculative capacity for
timely payment.

C: This rating is assigned to short-term debt obligations with a doubtful
capacity of payment.

D: Debt rated "D" is in payment default.

The ratings assigned by S&P may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within its major rating categories.

30
<PAGE>

Appendix B

HISTORY OF J. & W. SELIGMAN & CO. INCORPORATED

Seligman's beginnings date back to 1837, when Joseph Seligman, the oldest of
eight brothers, arrived in the United States from Germany. He earned his living
as a pack peddler in Pennsylvania, and began sending for his brothers. The
Seligmans became successful merchants, establishing businesses in the South and
East.

Backed by nearly thirty years of business success - culminating in the sale of
government securities to help finance the Civil War - Joseph Seligman, with his
brothers, established the international banking and investment firm of J. & W.
Seligman & Co. In the years that followed, the Seligman Complex played a major
role in the geographical expansion and industrial development of the United
States.

The Seligman Complex:

...Prior to 1900

o Helps finance America's fledgling railroads through underwritings.

o Is admitted to the New York Stock Exchange in 1869. Seligman remained a
member of the NYSE until 1993, when the evolution of its business made it
unnecessary.

o Becomes a prominent underwriter of corporate securities, including New York
Mutual Gas Light Company, later part of Consolidated Edison.

o Provides financial assistance to Mary Todd Lincoln and urges the Senate to
award her a pension. o Is appointed U.S. Navy fiscal agent by President
Grant. o Becomes a leader in raising capital for America's industrial and
urban development.

...1900-1910

o Helps Congress finance the building of the Panama Canal.

...1910s

o Participates in raising billions for Great Britain, France and Italy,
helping to finance World War I.

...1920s

o Participates in hundreds of successful underwritings including those for
some of the country's largest companies: Briggs Manufacturing, Dodge
Brothers, General Motors, Minneapolis-Honeywell Regulatory Company, Maytag
Company, United Artists Theater Circuit and Victor Talking Machine Company.

o Forms Tri-Continental Corporation in 1929, today the nation's largest,
diversified closed-end equity investment company, with over $2 billion in
assets, and one of its oldest.

...1930s

o Assumes management of Broad Street Investing Co. Inc., its first mutual
fund, today known as Seligman Common Stock Fund, Inc.

o Establishes Investment Advisory Service.

31
<PAGE>

...1940s

o Helps shape the Investment Company Act of 1940.

o Leads in the purchase and subsequent sale to the public of Newport News
Shipbuilding and Dry Dock Company, a prototype transaction for the
investment banking industry.

o Assumes management of National Investors Corporation, today Seligman Growth
Fund, Inc.

o Establishes Whitehall Fund, Inc., today Seligman Income Fund, Inc.

...1950-1989

o Develops new open-end investment companies. Today, manages more than 50
mutual fund portfolios.

o Helps pioneer state-specific municipal bond funds, today managing a
national and 18 state-specific municipal funds.

o Establishes J. & W. Seligman Trust Company and J. & W. Seligman Valuations
Corporation.

o Establishes Seligman Portfolios, Inc., an investment vehicle offered
through variable annuity products.

...1990s

o Introduces Seligman Select Municipal Fund, Inc. and Seligman Quality
Municipal Fund, Inc. two closed-end funds that invest in high quality
municipal bonds.

o Introduces to the public Seligman Frontier Fund, Inc., a small
capitalization mutual fund.

o Launches Seligman Global Fund Series, Inc., which today offers five
separate series: Seligman International Growth Fund, Seligman Global
Smaller Companies Fund, Seligman Global Technology Fund, Seligman Global
Growth Fund and Seligman Emerging Markets Fund.

o Launches Seligman Value Fund Series, Inc., which currently offers two
separate series: Seligman Large-Cap Value Fund and Seligman Small-Cap Value
Fund.

o Launches innovative Seligman New Technologies Fund, Inc., a closed-end
"interval" fund seeking long-term capital appreciation by investing in
technology companies, including venture capital investing.

...2000

o Introduces Seligman Time Horizon/Harvester Series, Inc., an asset
allocation type mutual fund containing four funds: Seligman Time Horizon 30
Fund, Seligman Time Horizon 20 Fund, Seligman Time Horizon 10 Fund and
Seligman Harvester Fund.

<PAGE>

File No. 33-15253
811-5221

PART C. OTHER INFORMATION
- ------- -----------------

Item 23. Exhibits

All Exhibits have been previously filed, except Exhibits marked with an
asterisk(*), which will be filed by amendment.

(a) Articles of Incorporation.

(1) Form of Articles of Amendment and Restatement of Articles of
Incorporation. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(2) Articles Supplementary in respect of Seligman Large-Cap Growth
Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 25 filed on April 28, 1999.)

(3) *Articles Supplementary in respect of Class 2 shares of the
Portfolios.

(b) By-laws of Registrant. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 20 filed on April 17, 1997.)

(d) Investment Management Agreements.

(1) Form of Management Agreement in respect of Seligman Large-Cap
Growth Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 25 filed on April 28, 1999.)

(2) Form of Management Agreement in respect of Seligman Global
Growth Portfolio (formerly, Seligman Henderson Global Growth
Opportunities Portfolio) and Seligman Global Technology
Portfolio (formerly, Seligman Henderson Global Technology
Portfolio). (Incorporated by reference to Registrant's
Post-Effective Amendment No. 17 filed on February 15, 1996.)

(3) Form of Management Agreement in respect of Seligman High-Yield
Bond Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 14 filed on February 14, 1995.)

(4) Management Agreement in respect of Seligman Communications and
Information Portfolio and Seligman Frontier Portfolio.
(Incorporated by reference to Registrant's Post-Effective
Amendment No. 15 filed on March 31, 1995.)

(5) Management Agreement in respect of Seligman Global Smaller
Companies Portfolio (formerly, Seligman Henderson Global
Smaller Companies Portfolio; and also formerly, Seligman
Henderson Global Emerging Companies Portfolio). (Incorporated
by reference to Registrant's Post-Effective Amendment No. 15
filed on March 31, 1995.)

(6) Subadvisory Agreement in respect of Seligman Global Smaller
Companies Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 22 filed on April
28, 1998).

(7) Management Agreement in respect of Seligman International
Growth Portfolio (formerly, Seligman Henderson International
Portfolio; and also formerly, Seligman Henderson Global
Portfolio). (Incorporated by reference to Registrant's
Post-Effective Amendment No. 15 filed on March 31, 1995.)

C-1
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PART C. OTHER INFORMATION (cont'd)
- ------- --------------------------

(8) Management Agreement in respect of Seligman Capital Portfolio,
Seligman Cash Management Portfolio, Seligman Common Stock
Portfolio, Seligman Bond Portfolio (formerly, Seligman
Fixed-Income Bond Portfolio), and Seligman Income Portfolio.
(Incorporated by reference to Registrant's Post-Effective
Amendment No. 15 filed on March 31, 1995.)

(9) Management Agreement in respect of Seligman Large-Cap Value
Portfolio and Seligman Small-Cap Value Portfolio.
(Incorporated by reference to Registrant's Post-Effective
Amendment No. 22 filed on April 28, 1998.)

(e) Not applicable.

(f) Deferred Compensation Plan for Directors of Seligman Portfoliios, Inc.
(Incorporated by reference to Registrant's Post-Effective Amendment No.
22 filed on April 28, 1998.)

(g) Custodian Agreements.

(1) Form of Custodian Agreement in respect of Seligman Capital
Portfolio, Seligman Cash Management Portfolio, Seligman Common
Stock Portfolio, Seligman Bond Portfolio, and Seligman Income
Portfolio (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(2) Form of First Amendment to Custodian Agreement in respect of
Seligman Communications and Information Portfolio and Seligman
Frontier Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(3) Form of Recordkeeping Agreement in respect of Seligman
International Growth Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 22 filed on April
28, 1998.)

(4) Form of First Amendment to Recordkeeping Agreement in respect
of Seligman Global Smaller Companies Portfolio. (Incorporated
by reference to Registrant's Post-Effective Amendment No. 22
filed on April 28, 1998.)

(5) Second Amendment to Custodian Agreement in respect of Seligman
High-Yield Bond Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 18 filed on May 2,
1996.)

(6) Second Amendment to Recordkeeping Agreement in respect of
Seligman Global Growth Portfolio and Seligman Global
Technology Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 18 filed on May 2,
1996.)

(7) Custodian Agreement between Registrant and Morgan Stanley
Trust Company in respect of the International Portfolios.
(Incorporated by reference to Registrant's Post-Effective
Amendment No. 19 filed on November 1, 1996.)

(h) Other Material Contracts.

C-2

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File No. 33-15253
811-5221

PART C. OTHER INFORMATION (cont'd)
- ------- --------------------------

(1) Form of Buy/Sell Agreement between Registrant and Canada Life Insurance
Company of America. (Incorporated by reference to Post-Effective
Amendment No. 22 filed on April 28, 1998.)

(2) Form of Buy/Sell Agreement between Registrant and Canada Life Insurance
Company of New York. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(3) *Form of Model Participation Agreement.

(4) Agency Agreement between Investors Fiduciary Trust Company, acting as
Transfer and Dividend Disbursing Agent, and the Fund in respect of
Seligman Capital Portfolio, Seligman Cash Management Portfolio,
Seligman Common Stock Portfolio, Seligman Bond Portfolio, and Seligman
Income Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(5) First Amendment to Agency Agreement between Investors Fiduciary Trust
Company, acting as Transfer and Dividend Disbursing Agent, and Fund in
respect of Seligman International Growth Portfolio. (Incorporated by
reference to Registrant's Post-Effective Amendment No. 22 filed on
April 28, 1998.)

(6) Second Amendment to Agency Agreement between Investors Fiduciary Trust
Company, acting as Transfer and Dividend Disbursing Agent, and the Fund
in respect of Seligman Communications and Information Portfolio,
Seligman Frontier Portfolio, and Seligman Global Smaller Companies
Portfolio. (Incorporated by reference to Registrant's Post-Effective
Amendment No. 22 filed on April 28, 1998.)

(7) Third Amendment to Agency Agreement between Investors Fiduciary Trust
Company, acting as Transfer and Dividend Disbursing Agent, and Fund in
respect of Seligman High-Yield Bond Portfolio. (Incorporated by
reference to Registrant's Post-Effective Amendment No. 18, filed May 2,
1996.)

(8) Fourth Amendment to Agency Agreement between Investors Fiduciary Trust
Company, acting as Transfer and Dividend Disbursing Agent, and the Fund
in respect of Seligman Global Growth Portfolio and Seligman Global
Technology Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 18, filed May 2, 1996.)

(9) Form of Promotional Agent Distribution Agreement between Seligman
Advisors, Inc., on behalf of Registrant and Canada Life Insurance
Company of America. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(10) Form of Promotional Agent Distribution Agreement between Seligman
Advisors, Inc., on behalf of Registrant and Canada Life Insurance
Company of New York. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 22 filed on April 28, 1998.)

(11) Form of Selling Agreement between Seligman Advisors, Inc., on behalf of
Registrant and Canada Life Insurance Company of America. (Incorporated
by reference to Registrant's Post-Effective Amendment No. 22 filed on
April 28, 1998.)

(12) Form of Selling Agreement between Seligman Advisors, Inc., on behalf of
Registrant and Canada Life Insurance Company of New York. (Incorporated
by reference to Registrant's Post-Effective Amendment No. 22 filed on
April 28, 1998.)
C-3

<PAGE>
File No. 33-15253
811-5221

PART C. OTHER INFORMATION (cont'd)
- ------- --------------------------

(i) Opinion and Consent of Counsel.

(1) * Opinion and Consent of Counsel with respect to Class 2
shares of the Portfolios.

(2) Opinion and Consent of Counsel on behalf of Registrant's
Seligman Large-Cap Growth Portfolio. (Incorporated by
reference to Registrant's Post-Effective Amendment No. 25
filed on April 28, 1999.)

(3) Opinion and Consent of Counsel on behalf of Registrant's
Seligman Bond Portfolio, Seligman Capital Portfolio, Seligman
Cash Management Portfolio, Seligman Common Stock Portfolio and
Seligman Income Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 25 filed on April
28, 1998.)

(4) Opinion and Consent of Counsel on behalf of Registrant's
Seligman International Growth Portfolio. (Incorporated by
reference to Registrant's Post-Effective Amendment No. 18
filed on April 28, 1994.)

(5) Opinion and Consent of Counsel on behalf of Registrant's
Seligman Communication and Information Portfolio, Seligman
Frontier Portfolio and Seligman Global Smaller Companies
Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 15 filed on March 31, 1995.)

(6) Opinion and Consent of Counsel on behalf of Registrant's
Seligman High-Yield Bond Portfolio. (Incorporated by reference
to Registrant's Post-Effective Amendment No. 15 field on March
31, 1995.)

(7) Opinion and Consent of Counsel on behalf of Registrant's
Seligman Global Growth Portfolio and Seligman Global
Technology Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 18 field on May 1,
1996.)

(8) Opinion and Consent of Counsel on behalf of Registrant's
Seligman Large-Cap Value Portfolio and Seligman Small-Cap
Value Portfolio. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 23 field on June 1, 1998.)

(j) * Consent of Independent Auditors.

(k) Not applicable.

(l) Initial Capital Agreements.

(1) *Form of Investment Letter of the Registrant on behalf of the
Class 2 shares of the Portfolios.

(2) Form of Investment Letter on behalf of Registrant's Seligman
Large-Cap Growth Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 25 filed on April
28, 1999.)

(3) Form of Investment Letter on behalf of Registrant's Seligman
Large-Cap Value Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 25 filed on April
28, 1999.)

(4) Form of Investment Letter on behalf of Registrant's Seligman
Small-Cap Value Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 25 filed on April
28, 1999.)

C-4

<PAGE>
File No. 33-15253
811-5221

PART C. OTHER INFORMATION (cont'd)
- ------- --------------------------

(5) Form of Purchase Agreement on behalf of Registrant's Seligman
Capital Portfolio, Seligman Cash Management Portfolio,
Seligman Common Stock Portfolio, Seligman Bond Portfolio, and
Seligman Income Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 22 filed on April
28, 1998.)

(6) Investment Letter on behalf of Registrant's Seligman
International Growth Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 22 filed on April
28, 1998.)

(7) Investment Letter on behalf of Registrant's Seligman
High-Yield Bond Portfolio. (Incorporated by reference to
Registrant's Post-Effective Amendment No. 15 filed on March
31, 1995.)

(8) Investment Letter on behalf of Registrant's Seligman Global
Growth Portfolio and Seligman Global Technology Portfolio.
(Incorporated by reference to Registrant's Post-Effective
Amendment No. 18 filed on May 2, 1996.)

(m) Rule 12b-1 Plan.

(1) *Form of Shareholder Servicing Plan pursuant to Rule 12b-1
with respect to Class 2 shares of the Portfolios.

(2) *Form of Shareholder Servicing Agreement with respect to Class
2 shares of the Portfolios.

(n) *Form of Plan of Multiple Classes of shares (two Classes) pursuant to
Rule 18f-3.

(p) *Code of Ethics.

(Other Exhibits) Power of Attorney for Richard R. Schmaltz. (Incorporated by
reference to Registrant's Post-Effective Amendment No. 22
filed on April 28, 1998.)

Powers of Attorney. (Incorporated by reference to Registrant's
Post-Effective Amendment No. 20 filed on April 17, 1997.)

Item 24. Persons Controlled by or Under Common Control with Registrant. None.

Item 25. Indemnification. Reference is made to the provisions of Article
Eleventh of Registrant's Amended and Restated Articles of
Incorporation field as Exhibit 24(b)(1) of Registrant's Post-Effective
Amendment No. 22 to the Registration Statement and Article IV of
Registrant's Amended and Restated By-laws filed as Exhibit 24(b)(2) to
Registrant's Post-Effective Amendment No. 20 to the Registration
Statement.

Insofar as indemnification for liabilities arising under the
Securities Act of 1933, as amended, may be permitted to directors,
officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised by
the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connnection with the securities being registered, the
Registrant will, uncles in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.

C-5

<PAGE>
File No. 33-15253
811-5221

PART C. OTHER INFORMATION (cont'd)
- ------- --------------------------

Item 26. Business and Other Connections of Investment Adviser. J. & W.
Seligman & Co. Incorporated, a Delaware Corporation (Seligman), is the
Registrant's investment manager. Seligman also serves as investment
manager to nineteen other associated investment companies. They are
Seligman Capital Fund, Inc., Seligman Cash Management Fund, Inc.,
Seligman Common Stock Fund, Inc., Seligman Communications and
Information Fund, Inc., Seligman Frontier Fund, nc., Seligman Growth
Fund, Inc., Seligman Global Fund Series, Inc., Seligman High Income
Fund Series, Seligman Income Fund Inc., Seligman Municipal Fund
Series, Inc., Seligman Municipal Series Trust, Seligman New Jersey
Municipal Fund, Inc., Seligman New Technologies Fund, Inc., Seligman
Pennsylvania Municipal Fund Series, Seligman Quality Municipal Fund,
Inc., Seligman Select Municipal Fund, Inc., Seligman Time
Horizon/Harvester Series, Inc., Seligman Value Fund Series, Inc., and
Tri-Continental Corporation.

Henderson Investment Management Limited (HIML), subadviser to Seligman
Global Smaller Companies Portfolio, served as subadviser to each of
the other Global Portfolios of Seligman Global Fund Series, Inc. from
July 1, 1998 to March 31, 2000.

Seligman and HIML each have an investment advisory service division,
which provides investment management or advice to private clients. The
list requied by this Item 26 of officers and directors of Seligman and
HIML, respectively, together with information as to any other
business, profession, vocation or employment of a substantial nature
engaged in by such officers and directors during the past two years,
is incorporated by reference to Schedules A and D of Form ADV, filed
by Seligman and HIML, respectively, pursuant to the Investment
Advisers Act of 1940, as amended, (SEC File Nos. 801-15798 and
801-55577, respectively), which were filed on March 31, 1999.

Item 27. Not applicable.

Item 28. Location of Accounts and Records. All accounts, books and other
documents required to be maintained by Section 31(a) of the 1940 Act
and the Rules (17 CFR 270.31a-1 to 31a-3) promulgated thereunder will
be maintained by the following:

Custodian for Seligman Bond Portfolio, Seligman Capital Portfolio,
Seligman Cash Management Portfolio, Seligman Common Stock Portfolio,
Seligman Communications and Information Portfolio, Seligman Frontier
Portfolio, Seligman High-Yield Bond Portfolio, and Seligman Income
Portfolio and Recordkeeping Agent for all Portfolios: Investors
Fiduciary Trust Company, 801 Pennsylvania, Kansas City, Missouri
64105.

Custodian for Seligman Global Growth Portfolio, Seligman Global
Smaller Companies Portfolio, Seligman Global Technology Portfolio, and
Seligman International Growth Portfolio: Chase Manhattan Bank, One
Pierrepont Plaza, Brooklyn, New York 11201.

Transfer, Redemption and Other Shareholder Account Services for all
Portfolios: Investors Fiduciary Trust Company, 801 Pennsylvania,
Kansas City, Missouri 64105.

Item 29. Management Services. Not applicable.

Item 30. Undertakings. The Registrant undertakes (1) to furnish to each person
to whom a prospectus is delivered a copy of the Registrant's latest
Annual Report to Shareholders, upon request and without charge; and,
(2) to call a meeting of shareholders for the purpose of voting upon
the removal of a director or directors and to assist in communications
with other shareholders as required by Section 16(c) of the Investment
Company Act of 1940, as amended.

C-6

<PAGE>
File No. 33-15253
811-5221

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Post-Effective
Amendment No. 26 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, State of New
York, on the 9th day of February, 2000.

SELIGMAN PORTFOLIOS, INC.

By: /s/ William C. Morris
-------------------------
William C. Morris

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, this Post-Effective Amendment No. 26 to the Registration
Statement has been signed below by the following persons, in the capacities
indicated on February 9, 2000.

Signature Title
- --------- -----

/s/ William C. Morris Chairman of the Board
- --------------------- (Principal executive officer)
William C. Morris and Director

/s/ Brian T. Zino Director and President
- ---------------------
Brian T. Zino

/s/ Thomas G. Rose Treasurer
- ---------------------
Thomas G. Rose

John R. Galvin, Director )
Alice S. Ilchman, Director )
Frank A. McPherson, Director )
John E. Merow, Director ) /s/ Brian T. Zino
Betsy S. Michel, Director ) ---------------------
James C. Pitney, Director ) Brian T. Zino
James Q. Riordan, Director )
Richard R. Schmaltz, Director )
Robert L. Shafer, Director )
James N. Whitson, Director )

<PAGE>

File No. 33-15253
811-5221

SELIGMAN PORTFOLIOS, INC.
Post-Effective Amendment No. 26 to the
Registration Statement of Form N-1A

EXHIBIT INDEX
-------------

Form N-1A Item No. Description
- ------------------ -----------

Exhibits to be filed by amendment.