That's probably a hard one to answer definitively.
The shape and weight of many of the slugs cause them to drop velocity more rapidly than a conventional faster, lighter, and more streamlined bullet. A roundnosed Foster slug should resist wind drag more than a flatnosed slug like the Brennekes & the Remington Buckhammer.
"Effective" range is also hard to define.
If you could get the trajectory right & make a hit on a deer, rabbit or human at 200-300 yards, you could do some serious damage, but I wouldn't count on putting a bear down that far without a lucky shot. The slug weight encourages momentum to continue penetration, but again momentum and penetration both degrade with velocity loss. A 3-inch Magnum slug would obviously extend the useful range in terms of energy, but in a smoothbore barrel you run into accuracy problems beyond 100 yards (and there are individual barrels variations that can hold on a human-sized target farther out, but 150 yards might be the max there). A scope can help in extending range by increasing your ability to see the target better, but the intrinsic accuracy of the unrifled barrel and the aerodynamically inefficient slug shape still work against you.
Denis