SUPPLEMENT DATED MARCH 16, 2009 TO THE
PROSPECTUSES
AND
STATEMENTS OF ADDITIONAL INFORMATION
OF EACH OF THE FOLLOWING FUNDS:

Prospectuses, each dated February 2, 2009, for

Seligman Core Fixed Income Fund, Inc., Seligman Municipal Fund Series, Inc.,
Seligman Municipal Series Trust, Seligman New Jersey Municipal Fund, Inc.,
Seligman Pennsylvania Municipal Fund Series and
Seligman TargetHorizon ETF Portfolios, Inc.

Prospectuses, each dated May 1, 2008, for

Seligman Asset Allocation Series, Inc., Seligman Cash Management Fund, Inc.,
Seligman Capital Fund, Inc., Seligman Common Stock Fund, Inc.,
Seligman Communications and Information Fund, Inc., Seligman Growth Fund, Inc.,
Seligman High Income Fund Series, Seligman Income and Growth Fund, Inc.,
Seligman LaSalle Real Estate Fund Series, Inc., Seligman Portfolios, Inc.,
Seligman Value Fund Series, Inc. and Tri-Continental Corporation

(each, a "Fund", and collectively, the "Funds")

On March 13, 2009, without admitting or denying any violations of law or
wrongdoing, J. & W. Seligman & Co. Incorporated (Seligman), Seligman Advisors,
Inc. (now known as RiverSource Fund Distributors, Inc.), Seligman Data Corp.
and Brian T. Zino (collectively, the "Seligman Parties") entered into a
stipulation of settlement with the Office of the Attorney General of the State
of New York ("NYAG") and settled the claims made by the NYAG in September 2006
relating to allegations of frequent trading in certain Seligman Funds. Under
the terms of the settlement, Seligman will pay $11.3 million to four Seligman
Funds as follows: $150,000 to Seligman Global Growth Fund, $550,000 to Seligman
Global Smaller Companies Fund, $7.7 million to Seligman Communications and
Information Fund and $2.9 million to Seligman Global Technology Fund. These
settlement payments are reflected in the net asset values of these four
Seligman Funds. This settlement resolves all outstanding matters between the
Seligman Parties and the NYAG.

SUPPLEMENT DATED FEBRUARY 4, 2009 TO THE PROSPECTUSES
OF EACH OF THE FOLLOWING FUNDS:

Prospectuses, each dated March 3, 2008, for
Seligman Frontier Fund, Inc. and Seligman Global Fund Series, Inc.

Prospectuses, each dated May 1, 2008, for
Seligman Asset Allocation Series, Inc., Seligman Cash Management Fund, Inc.,
Seligman Capital Fund, Inc., Seligman Common Stock Fund, Inc.,
Seligman Communications and Information Fund, Inc.,
Seligman Growth Fund, Inc., Seligman High Yield Fund,
Seligman Income and Growth Fund, Inc., Seligman LaSalle Real Estate
Fund Series, Inc., Seligman U.S. Government Securities Fund,
and Seligman Value Fund Series, Inc.

(collectively, the "Funds").

The following change to the Funds' Prospectuses (not applicable to a Fund's
Class I Prospectus) is effective February 4, 2009.

The section entitled "Reinstatement Privilege" under "Shareholder Information
- -- Important Policies That May Affect Your Account" in each Fund's Prospectus
is hereby superseded and replaced with the following information (the section
is renamed "Repurchases"):

Repurchases. You can change your mind after requesting a sale of shares and use
all or part of the sale proceeds to purchase new shares of the Fund or any
other Seligman mutual fund.

The following applies to shareholders who sold Fund shares on or after
February 4, 2009 and wish to repurchase shares (the "New Repurchase Policy"):
If your original purchase was in Class A or Class B shares, you may use all or
part of the sale proceeds to purchase new Class A shares in any Seligman fund
account linked together for Rights of Accumulation purposes. Your repurchase
will be in Class A shares at NAV, up to the amount of the sale proceeds.
Repurchases of Class B shares will also be made in Class A shares at NAV. Any
CDSC paid upon redemption of your Class B shares will not be reimbursed. If
your original purchase was in Class C shares, you will be allowed to reinvest
in the same Class C account and fund you originally purchased. In a Class C
share repurchase, the CDSC you paid will be reinvested and the shares will be
deemed to have the original cost and purchase date for purposes of applying the
CDSC (if any) to subsequent redemptions. Systematic withdrawals and purchases
will be excluded from this policy.

The following applies to shareholders who sold Fund shares on or before
February 3, 2009 and wish to repurchase shares: You have the option of taking
advantage of the New Repurchase Policy described above, or you may use all or
part of the sale proceeds to purchase shares of the Fund or any other Seligman
mutual fund without paying an initial sales charge or, if you paid a CDSC when
you sold your shares, receiving a credit for the applicable CDSC (the "Former
Repurchase Policy").

If you sold Fund shares on or after February 4, 2009 and wish to take advantage
of the New Repurchase Policy, you must notify your financial advisor or SDC
within 90 days of the date your sale request was processed. If you sold Fund
shares on or before February 3, 2009 and wish to take advantage of either the
New Repurchase Policy or the Former Repurchase Policy, you must notify your
financial advisor or SDC within 120 days of the date your sale request was
processed (e.g., if you sold Fund shares on February 3, 2009, you must notify
your financial advisor or SDC by June 3, 2009). Contact your financial advisor
or SDC for information on required documentation. The repurchase privileges may
be modified or discontinued at any time and use of this option may have tax
consequences.

SUPPLEMENT DATED JANUARY 28, 2009 TO THE PROSPECTUS
(OTHER THAN THE CLASS I PROSPECTUS)
OF EACH OF THE FOLLOWING FUNDS:

Prospectus, each dated March 3, 2008, for
Seligman Frontier Fund, Inc. and Seligman Global Fund Series, Inc.

Prospectus, each dated May 1, 2008, for
Seligman Capital Fund, Inc., Seligman Cash Management Fund, Inc.,
Seligman Common Stock Fund, Inc.,
Seligman Communications and Information Fund, Inc., Seligman Growth Fund, Inc.,
Seligman High-Yield Fund, Seligman Income and Growth Fund, Inc.,
Seligman LaSalle Real Estate Fund Series, Inc.,
Seligman U.S. Government Securities Fund, Seligman Value Fund Series, Inc.,
and Tri-Continental Corporation

(each, together with any series thereof, a "Fund" and
all Funds collectively, the "Funds")

The Board of Directors/Trustees of each Fund has approved RiverSource Service
Corporation ("RSC") as the Fund's new transfer and shareholder service agent,
and the termination of each Fund's relationship with Seligman Data Corp.
("SDC"), the current transfer and shareholder service agent for the Funds,
effective on or about May 9, 2009. RSC is an affiliate of the Funds' investment
manager, RiverSource Investments, LLC.

The fees and expenses expected to be charged to each Fund by RSC are generally
lower than the fees and expenses charged to each Fund by SDC. Nevertheless, as
a result of the termination of the relationship with SDC, each Fund will incur
non-recurring charges that would in the aggregate approximate 0.16% of that
Fund's net assets as of January 23, 2009 (the "Non-Recurring Charges"). These
Non-Recurring Charges will be incurred over the next several months in
accordance with generally accepted accounting principles. RSC's relatively
lower fees and expenses are expected, in the long run, to offset the
Non-Recurring Charges. Fund shareholders would bear their proportionate share
of a Fund's expenses, including the Non-Recurring Charges, up to any
contractual limit agreed upon by RiverSource Investments (if applicable) on a
Fund's "other expenses."

Supplement dated January 13, 2009 to the prospectuses dated May 1, 2008
of Seligman Common Stock Fund, Inc. (the "Seligman Fund")

On January 8, 2009, the Seligman Fund's Board of Directors approved in
principle the merger of the Seligman Fund into RiverSource Disciplined Equity
Fund (the "RiverSource Fund"), a fund that seeks to provide shareholders with
long-term capital growth. More information about the RiverSource Fund and the
proposed merger will be included in proxy materials.

Completion of the merger is subject to approval by shareholders of the Seligman
Fund. It is currently anticipated that proxy materials regarding the merger
will be distributed to shareholders during the first or second quarter of 2009,
and that a meeting of shareholders to consider the merger will be scheduled for
the second quarter of 2009.

Supplement, dated November 11, 2008
to the Prospectuses, dated May 1, 2008, for
Seligman Common Stock Fund, Inc.
(the "Fund")

Effective November 11, 2008, this prospectus supplement dated November 11, 2008
supersedes and replaces the prospectus supplement dated November 7, 2008.

On November 7, 2008, RiverSource Investments, LLC ("RiverSource Investments"),
a wholly owned subsidiary of Ameriprise Financial, Inc., announced the closing
of its acquisition (the "Acquisition") of J. & W. Seligman & Co. Incorporated
("Seligman"). With the Acquisition completed and shareholders of the Fund
having previously approved (at a Special Meeting held on November 3, 2008) a
new investment management services agreement between the Fund and RiverSource
Investments, RiverSource Investments is the new investment manager of the Fund
effective November 7, 2008. In connection with the Acquisition, the Fund's
portfolio managers have been changed. This change also results in modification
to the investment process used for the Fund. The foregoing changes are
reflected in the revised Principal Investment Strategies, Principal Risks and
Management sections of the prospectus as set forth below.

Effective November 7, 2008, the following changes are hereby made to the Fund's
prospectuses:

The information under the caption "Principal Investment Strategies" is hereby
superseded and replaced with the following information:

The Fund uses the following principal investment strategies to seek its
investment objective:

Generally, the Fund invests at least 80% of its net assets in common stocks
that are broadly diversified among a number of industries. The Fund usually
invests in the common stock of larger US companies (e.g., companies with market
capitalizations over $3 billion at the time of initial investment); however, it
may invest in companies of any size. The Fund may also invest in fixed-income
securities and cash equivalents.

The Fund seeks to produce a level of current income consistent with its primary
benchmark, the Standard & Poor's 500 Composite Stock Price Index ("S&P 500
Index"). This allows for variations over time in the level of current income
produced by the Fund.

In pursuit of the Fund's objective, the investment manager (RiverSource
Investments, LLC) will choose equity investments by employing proprietary,
disciplined quantitative methods.

The investment manager's disciplined quantitative approach is designed to
identify companies with:

. Attractive valuations, based on factors such as price-to-earnings ratios;

. Sound balance sheets; or

. Improving outlooks, based on an analysis of return patterns over time.

In evaluating whether to sell a security, the investment manager considers,
among other factors, whether:

. The security is overvalued relative to other potential investments.

. The company does not meet the investment manager's performance
expectations.

The universe of stocks from which the investment manager selects the Fund's
investments primarily will be those included in the Fund's benchmark, the S&P
500 Index.

In selecting stocks for the Fund to purchase or to sell, the investment manager
employs a rigorous process for evaluating the relationship between the risk
associated with each security and its potential for positive returns. This
process includes factors such as:

. Limits on positions relative to weightings in the benchmark index.

. Limits on sector and industry allocations relative to the benchmark
index.

. Limits on size of holdings relative to market liquidity.

The Fund 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 Fund 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 Fund may also invest up to 10% of its assets in exchange-traded funds
("ETFs"). ETFs are traded, like individual stocks, on an exchange, but they
represent baskets of securities that seek to track the performance of certain
indices. The indices include not only broad-market indexes but more specific
indices as well, including those relating to particular sectors, countries and
regions. The Fund may invest in ETFs for short-term cash management purposes or
as part of its overall investment strategy.

The Fund intends to comply with Rule 4.5 of the Commodity Futures Trading
Commission (CFTC), under which a mutual fund is exempt from the definition of a
"commodity pool operator." The Fund, therefore, is not subject to registration
or regulation as a pool operator, meaning that the Fund may invest in futures
contracts without registering with the CFTC.

The Fund 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, political or other conditions.
This could prevent the Fund from achieving its investment objectives.

The Fund's investment objectives may be changed only with shareholder approval.
The principal investment strategies may be changed without shareholder
approval. Any changes to these strategies, however, must be approved by the
Fund's Board of Directors.

Shareholders will be provided with at least 60 days prior written notice of any
change to the "80%" investment policy described in the second paragraph under
"Principal Investment Strategies." There is no guarantee that the Fund will
achieve its objectives.

The information under the caption "Principal Risks" is hereby revised to
include the following:

Quantitative Model Risk. Securities selected using quantitative methods may
perform differently from the market as a whole for many reasons, including the
factors used in building the quantitative analytical framework, the weights
placed on each factor, and changing sources of market returns, among others.
There can be no assurance that these methodologies will enable the Fund to
achieve its objective.

The information under the caption "Management" (including the sub-caption
"Portfolio Management" and the information thereunder) is hereby superseded and
replaced with the following information:

On November 7, 2008, RiverSource Investments, LLC ("RiverSource Investments")
announced the closing of its acquisition (the "Acquisition") of J. & W.
Seligman & Co. Incorporated

("Seligman"), 100 Park Avenue, New York, New York 10017. With the Acquisition
completed and shareholders having previously approved (at a Special Meeting
held on November 3, 2008) a new investment management services agreement
between the Fund and RiverSource Investments (the "Agreement"), RiverSource
Investments is the new investment manager of the Fund effective November 7,
2008.

RiverSource Investments, 200 Ameriprise Financial Center, Minneapolis,
Minnesota 55474, is also the investment manager of the other funds in the
Seligman Group of Funds, and is a wholly-owned subsidiary of Ameriprise
Financial, Inc. ("Ameriprise Financial"). Ameriprise Financial is a financial
planning and financial services company that has been offering solutions for
clients' asset accumulation, income management and protection needs for more
than 110 years. In addition to managing investments for the Seligman Group of
Funds, RiverSource Investments manages investments for the RiverSource funds,
itself and its affiliates. For institutional clients, RiverSource Investments
and its affiliates provide investment management and related services, such as
separate account asset management, and institutional trust and custody, as well
as other investment products. For all of its clients, RiverSource Investments
seeks to allocate investment opportunities in an equitable manner over time.

Effective November 7, 2008, the Fund will pay RiverSource Investments a fee for
managing its assets (Seligman will no longer receive a management fee effective
November 7, 2008). The Fund will pay RiverSource under the same fee structure
that it paid Seligman, which is as follows. The fee rate declines as the Fund's
net assets increase. It is equal to an annual rate of 0.65% of the Fund's
average daily net assets on the first $1 billion of net assets, 0.60% of the
Fund's average daily net assets on the next $1 billion of net assets and 0.55%
of the Fund's average daily net assets in excess of $2 billion. For the year
ended December 31, 2007, the management fee paid by the Fund to Seligman (the
Fund's manager prior to November 7, 2008) was equal to an annual rate of 0.65%
of the Fund's average daily net assets.

On July 29, 2008, the Fund's Board met to discuss, prior to shareholder
approval, the Agreement between the Fund and RiverSource Investments. A
discussion regarding the basis for the Board approving the Agreement was
included in the Fund's proxy statement, dated August 27, 2008, and will be made
available in the Fund's upcoming annual shareholder report.

Portfolio Manager(s). Effective November 7, 2008, the portfolio managers
responsible for the Fund's day-to-day management are:

Dimitris J. Bertsimas, Ph.D., Senior Portfolio Manager

. Joined RiverSource Investments as a portfolio manager and leader of the
Disciplined Equity and Asset Allocation Team in 2002.

. Co-founded Dynamic Ideas, LLC, a consulting firm that specialized in the
development of quantitative tools for the asset management industry,
where he served as Managing Partner, 1999 to 2002. Currently, Boeing
Professor of Operations Research, Sloan School of Management and the
Operations Research Center, MIT.

. Began investment career as a consultant to asset managers in 1993;
became portfolio manager in 2002.

. MS and Ph.D., MIT.

Gina K. Mourtzinou, Ph.D., Portfolio Manager

. Joined RiverSource Investments as a portfolio manager and member of the
Disciplined Equity and Asset Allocation Team in 2002.

. Co-founded Dynamic Ideas, LLC, a consulting firm that specialized in the
development of quantitative tools for the asset management industry,
where she served as Vice President of Research and Analytics, 1999 to
2002.

. Began investment career as a consultant to asset managers in 1996;
became portfolio manager in 2002.

. Ph.D., MIT.

The Fund's Statement of Additional Information provides additional information
about the compensation of the individuals named above (the "Portfolio
Managers"), other accounts managed by the Portfolio Managers and the Portfolio
Managers' ownership of the securities of the Fund.

The following information is added to the section under the caption
"Shareholder Information" under the sub-caption "How to Exchange Shares Among
the Seligman Mutual Funds":

The Seligman Mutual Funds are part of the RiverSource complex of funds which,
in addition to RiverSource funds, includes RiverSource Partners funds and
Threadneedle funds. Each of the funds in the RiverSource complex shares the
same Board of Directors/Trustees. However, the Seligman Mutual Funds do not
share the same policies and procedures, as set forth in the Shareholder
Information section of this prospectus, as the other funds in the RiverSource
complex and may not be exchanged for shares of RiverSource funds, RiverSource
Partners funds or Threadneedle funds.

PROSPECTUS
May 1, 2008
Seligman
Common Stock Fund, Inc.
Seeking Total Return Through a Combination of Capital Appreciation
and Current Income

The Securities and Exchange Commission has neither approved nor disapproved
this Fund, and it has not determined this 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 Fund should be
considered based on the investment objectives, 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 an authorized dealer or your financial advisor to
determine if this Fund is suitable for you.

EQCS1 5/2008

[LOGO]
SELIGMAN
INVESTMENTS
- --------------------------------
EXPERIENCE . INSIGHT . SOLUTIONS

Table of Contents

THE FUND

Investment Objective........................................ 1

Principal Investment Strategies............................. 1

Principal Risks............................................. 2

Portfolio Holdings.......................................... 3

Past Performance............................................ 3

Fees and Expenses........................................... 5

Management.................................................. 6

SHAREHOLDER INFORMATION

Deciding Which Class of Shares to Buy....................... 9

Pricing of Fund Shares...................................... 14

Opening Your Account........................................ 15

How to Buy Additional Shares................................ 16

How to Exchange Shares Among the Seligman Mutual Funds...... 17

How to Sell Shares.......................................... 17

Important Policies That May Affect Your Account............. 18

Frequent Trading of Fund Shares............................. 19

Dividends and Capital Gain Distributions.................... 21

Taxes....................................................... 21

The Seligman Mutual Funds................................... 23

FINANCIAL HIGHLIGHTS.............................................. 26

HOW TO CONTACT US................................................. 30

FOR MORE INFORMATION. back cover

The Fund

Investment Objective

The Fund's investment objective is total return through a combination of
capital appreciation and current income.

Principal Investment Strategies

The Fund uses the following principal investment strategies to seek its
investment objective:

Securities are chosen using an investment strategy, consisting of: analytical
security evaluation, including fundamental research; and portfolio
construction. The final portfolio composition, therefore, is a reflection of
these analytical and qualitative techniques.

SECURITY EVALUATION. The investment manager applies analytical techniques to
evaluate a broad universe of stocks based on a number of factors. The factors
may include projected earnings, earnings surprise forecasts, projected cash
flow, price momentum, historical income and balance sheet items, and other
factors.

In addition to evaluating analytical measures, the investment manager applies
traditional fundamental research to gather qualitative information. This means
the investment manager concentrates on individual company fundamentals,
focusing on companies that the investment manager believes are well managed and
possess the opportunity for earnings growth.

PORTFOLIO CONSTRUCTION. During the course of the security evaluation and
fundamental analysis discussed above, the investment manager assigns weightings
to the stocks being considered for investment. The investment manager considers
the risk and expected return of each individual stock as well as the overall
portfolio. The manager also evaluates exposure by sector, industry, market
capitalization and other categories.

The Fund generally sells a security if the investment manager believes its
target price has been reached, its fundamentals have deteriorated, or ongoing
evaluation reveals that there are more attractive investment opportunities
available.

Underlying Equity. However, the holder of an ELS may have limited or no benefit
from any appreciation in the Underlying Equity, but is exposed to downside
market risk. The Fund may purchase ELSs that trade on a securities exchange or
those that trade on the over-the-counter markets, including securities offered
and sold under Rule 144A of the Securities Act of 1933. The Fund may also
purchase an ELS in a privately negotiated transaction with the issuer of the
ELS (or its broker-dealer affiliate).

Shareholders will be provided with at least 60 days prior written notice of any
change to the "80%" investment policy described in the second paragraph under
"Principal Investment Strategies."

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

Principal Risks

Stock prices fluctuate. Therefore, as with any fund that invests in stocks, the
Fund'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 Fund may not invest 25% or more of its total assets in securities of
companies in any one industry. The Fund may, however, invest a substantial
percentage of its assets in certain industries or economic sectors believed to
offer good investment opportunities. If an industry or economic sector in which
the Fund is invested falls out of favor, the Fund's performance may be
negatively affected.

The Fund'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.

Stocks of large US companies, like those in which the Fund usually invests,
periodically experience periods of volatility. During these volatile periods
the value of large company stocks have periodically declined. To the extent
large company stocks were to experience similar declines in the future, the
Fund's performance would be adversely impacted.

Foreign securities, illiquid securities and derivatives (including options,
rights and warrants) in the Fund's portfolio involve higher risk and may
subject the Fund to higher price volatility. Investing in securities of foreign
issuers involves risks not associated with US investments, including settlement
risks, currency fluctuations, local withholding and other taxes, different
financial reporting practices and regulatory standards, high costs of trading,
changes in political conditions, expropriation, investment and repatriation
restrictions, and settlement and custody risks. Option transactions can involve
a high degree of risk, including the possibility of a total loss of the amount
invested or more. When options are purchased in the over-the-counter markets,
there are additional risks, such as counterparty and liquidity risks.

If the Fund invests in ETFs, shareholders would bear not only the Fund's
expenses (including operating expenses and management fees), but also similar
expenses of the ETFs, and the Fund's return will therefore be lower. To the
extent the Fund invests in ETFs, the Fund is exposed to the risks associated
with the underlying investments of the ETFs and the Fund's performance may be
negatively affected if the value of those underlying investments declines.

Fund will seek to purchase ELSs only from issuers that it believes to be
willing to, and capable of, repurchasing the ELS at a reasonable price, there
can be no assurance that the Fund will be able to sell any ELS at such a price
or at all. This may impair the Fund's ability to enter into other transactions
at a time when doing so might be advantageous. In addition, because ELSs are
senior unsecured notes of the issuer, the Fund would be subject to the risk
that the issuer may default on its obligations under the ELS, and the potential
risk of being too concentrated in the securities (including ELSs) of that
issuer.

The Fund may invest a portion of its net assets in debt securities, which may
be subject to changes in interest rates, the creditworthiness of the issuers,
unanticipated prepayment, and the decline of the bond market in general.

Although the Fund seeks current income consistent with its primary benchmark,
the S&P 500 Index, the Fund can only distribute its "net" current income (i.e.,
current income minus all applicable Fund expenses) to shareholders. Therefore,
this amount may be lower than the current income produced by the S&P 500 Index.

The Fund 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 Fund's expenses. Frequent and active
trading may cause adverse tax consequences for investors in the Fund due to an
increase in short-term capital gains.

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

WEBSITE REFERENCES

The website references in this Prospectus are inactive textual references and
information contained in or otherwise accessible through these websites does
not form a part of this Prospectus.

Portfolio Holdings

A description of the Fund's policies and procedures with respect to the
disclosure of the Fund's portfolio securities is available in the Fund's
Statement of Additional Information.

Past Performance

The performance information on page 4 provides some indication of the risks of
investing in the Fund by showing how the performance of Class A shares has
varied from year to year, as well as how the performance of certain of the
Fund's Classes compares to two measures of performance.

The following performance information is designed to assist you in comparing
the returns of the Fund with the returns of other mutual funds. How the Fund
has performed in the past (before and after taxes), however, is not necessarily
an indication of how the Fund will perform in the future. Total returns will
vary between each Class of shares due to differing fees and expenses.

The Class A annual total returns presented in the bar chart on the following
page do not reflect the effect of any sales charges. If sales charges were
included, the returns would be lower. The Fund's average annual total returns
presented in the table below the chart on the following page do reflect the
effect of the applicable sales charges. Effective January 7, 2008, the maximum
initial sales charge on investments in Class A shares of less than $50,000 is
5.75%. Effective June 4, 2007, there is no initial sales charge on purchases of
Class C shares. Although for all periods presented in the table the Fund's
Class C share returns do not reflect an initial sales charge, the actual
returns for periods prior to June 4, 2007 would have been lower if a 1.00%
maximum initial sales charge then in effect was incurred. Both the bar chart
and table assume that all dividends and capital gain distributions, if any,
were reinvested.

Effective at the close of business on May 16, 2008, the Fund will no longer
offer Class D shares. For additional information, see "Deciding Which Class of
Shares to Buy--Class C or Class D."

After-tax returns presented in the table are for Class A shares only. After-tax
returns for Class B, Class C, Class D and Class R shares will vary due to
differing fees and expenses. After-tax returns are

calculated using the highest historical individual federal marginal income tax
rates and do not reflect the impact of state and local taxes. Actual after-tax
returns depend on an investor's tax situation and may differ from those shown,
and after-tax returns shown are not relevant to investors who hold their Fund
shares through tax- deferred arrangements, such as 401(k) plans or individual
retirement accounts (IRAs). The returns after taxes on distributions and sale
of Fund shares may be greater than other returns presented for the same periods
due to tax benefits from losses realized on the sales of Fund shares.

CLASS A ANNUAL TOTAL RETURNS - CALENDAR YEARS

[CHART]

Best quarter return: 13.04% - quarter ended 6/30/03.

Worst quarter return: (17.40)% - quarter ended 9/30/02.

AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/07

CLASS C CLASS R
SINCE SINCE
ONE FIVE TEN INCEPTION INCEPTION
YEAR YEARS YEARS 5/27/99 4/30/03
- -----------------------------------------------------------------------------------------------------------

CLASS A
- -----------------------------------------------------------------------------------------------------------
Return before taxes (7.50)% 8.43% 0.66% n/a n/a
- -----------------------------------------------------------------------------------------------------------
Return after taxes on distributions (10.20) 7.63 (0.37) n/a n/a
- -----------------------------------------------------------------------------------------------------------
Return after taxes on distributions and sale of Fund shares (3.79) 7.06 0.23 n/a n/a
- -----------------------------------------------------------------------------------------------------------
CLASS B (6.91) 8.62 0.64/(1)/ n/a n/a
- -----------------------------------------------------------------------------------------------------------
CLASS C (3.42) 8.92 n/a (1.46)% n/a
- -----------------------------------------------------------------------------------------------------------
CLASS D (3.42) 8.90 0.49 n/a n/a
- -----------------------------------------------------------------------------------------------------------
CLASS R (3.03) n/a n/a n/a 9.70%
- -----------------------------------------------------------------------------------------------------------
LIPPER LARGE-CAP CORE FUNDS AVERAGE* 5.73 11.70 5.04 3.01 11.68
- -----------------------------------------------------------------------------------------------------------
S&P 500 INDEX* 5.50 12.81 5.90 3.26 12.63
- -----------------------------------------------------------------------------------------------------------

- -------------
* The S&P 500 Index and the Lipper Large-Cap Core Funds Average are unmanaged
benchmarks that assume the reinvestment of all distributions, if any. The
Lipper Large-Cap Core Funds Average excludes the effect of fees, sales
charges or taxes, and the S&P 500 Index excludes the effect of expenses,
fees, sales charges or taxes. The S&P 500 Index measures the performance of
500 of the largest US companies based on market capitalization. The Lipper
Large-Cap Core Funds Average measures the performance of funds that, by
portfolio practice, invest at least 75% of their equity assets in companies
with market capitalizations (on a three-year weighted basis) greater than
300% of the dollar-weighted median market capitalization of the middle 1,000
securities of the S&P SuperComposite 1500 Index ($16.0 billion as of December
31, 2007). Large-cap core funds have more latitude in the companies in which
they invest. These funds typically have an average price-to-earnings ratio,
price-to-book ratio, and three-year sales-per-share growth value, compared to
the S&P 500 Index. Investors cannot invest directly in an average or an index.
(1)The ten-year return for Class B shares reflects automatic conversion to
Class A shares approximately eight years after their date of purchase.

Fees and Expenses

The table below summarizes the fees and expenses that you may pay as a
shareholder of the Fund. Each Class of shares has its own sales charge schedule
and is subject to different ongoing 12b-1 fees. Shareholder fees are charged
directly to your account. Annual fund operating expenses are deducted from Fund
assets and are therefore paid indirectly by you and other shareholders of the
Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) CLASS A CLASS B CLASS C CLASS D*
- ---------------------------------------------------------------------------------------------------------------------------

Total Maximum Sales Charge (Load) 5.75% 5% 1% 1%
- ---------------------------------------------------------------------------------------------------------------------------
Maximum Sales Charge (Load) on Purchases (as a % of offering price) 5.75%/(1)/ none none none
- ---------------------------------------------------------------------------------------------------------------------------
Maximum Deferred Sales Charge (Load) (CDSC) on Redemptions
(as a % of original purchase price or current net asset value, whichever is less) none/(1)/ 5% 1% 1%
- ---------------------------------------------------------------------------------------------------------------------------

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- ---------------------------------------------------------------------------------------------------------------------------
(as a percentage of average net assets)
- ---------------------------------------------------------------------------------------------------------------------------
Management Fees 0.65% 0.65% 0.65% 0.65%
- ---------------------------------------------------------------------------------------------------------------------------
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% 1.00%
- ---------------------------------------------------------------------------------------------------------------------------
Other Expenses 0.43% 0.43% 0.43% 0.43%
- ---------------------------------------------------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 1.33% 2.08% 2.08% 2.08%
- ---------------------------------------------------------------------------------------------------------------------------

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) CLASS R
- ---------------------------------------------------------------------------------------------

Total Maximum Sales Charge (Load) 1%
- ---------------------------------------------------------------------------------------------
Maximum Sales Charge (Load) on Purchases (as a % of offering price) none
- ---------------------------------------------------------------------------------------------
Maximum Deferred Sales Charge (Load) (CDSC) on Redemptions
(as a % of original purchase price or current net asset value, whichever is less) 1%
- ---------------------------------------------------------------------------------------------

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- -----------------------------------------------------------------------------------------------------------------
(as a percentage of average net assets)
- ---------------------------------------------------------------------------------------------
Management Fees 0.65%
- ---------------------------------------------------------------------------------------------
Distribution and/or Service (12b-1) Fees 0.50%
- ---------------------------------------------------------------------------------------------
Other Expenses 0.43%
- ---------------------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 1.58%
- ---------------------------------------------------------------------------------------------

- -------------
(1)Certain investors who do not pay an initial sales charge (e.g., purchases of
$1,000,000 or more, and purchases through certain retirement plans) may be
subject to a 1% CDSC if shares are sold within 18 months of purchase.
*Effective at the close of business on May 16, 2008, Class D shares will no
longer be available. For more details, please see "Deciding Which Class of
Shares to Buy--Class C or Class D".

EXAMPLE

This example is intended to help you compare the costs of investing in the Fund
with the costs of investing in other mutual funds. It assumes (1) you invest
$10,000 in the Fund for each period and then sell all of your shares at the end
of that period, (2) your investment has a 5% return each year, and (3) the
Fund's total annual operating expenses remain the same. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:

1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------

Class A $703 $972 $1,262 $2,084
----------------------------------------------------------------------
Class B 711 952 1,319 2,219+
----------------------------------------------------------------------
Class C 311 652 1,119 2,410
----------------------------------------------------------------------
Class D 311 652 1,119 2,410
----------------------------------------------------------------------
Class R 261 499 860 1,878
----------------------------------------------------------------------

If you did not sell your shares at the end of each period, your costs
would be:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------
Class A $703 $972 $1,262 $2,084
----------------------------------------------------------------------
Class B 211 652 1,119 2,219+
----------------------------------------------------------------------
Class C 211 652 1,119 2,410
----------------------------------------------------------------------
Class D 211 652 1,119 2,410
----------------------------------------------------------------------
Class R 161 499 860 1,878
----------------------------------------------------------------------

- -------------
+ Class B shares will automatically convert to Class A shares approximately
eight years after purchase.

MANAGEMENT FEES:
Fees paid out of Fund assets to the investment manager to compensate it for
managing the Fund.

12B-1 FEES:
Fees paid by each Class, pursuant to a plan adopted by the Fund under
Rule 12b-1 of the Investment Company Act of 1940. The plan allows each Class to
pay distribution and/or service fees for the sale and distribution of its
shares and for providing services to shareholders.

OTHER EXPENSES:
Miscellaneous expenses of running the Fund, including such things as
shareholder account services, registration, custody, auditing and legal fees.

Management

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 investment manager of the Fund. Seligman manages the
investment of the Fund's assets, including making purchases and sales of
portfolio securities consistent with the Fund's investment objectives and
strategies, and administers the Fund's business and other affairs.

Established in 1864, Seligman currently serves as manager to 22 US registered
investment companies, which offer 59 investment portfolios with approximately
$10.1 billion in assets as of March 31, 2008. Seligman also provides investment
management or advice to institutional or other accounts having an aggregate
value at March 31, 2008 of approximately $7.8 billion.

The Fund pays Seligman a fee for its management services. The fee rate declines
as the Fund's net assets increase. It is equal to an annual rate of 0.65% of
the Fund's average daily net assets on the first $1 billion of net assets,
0.60% of the Fund's average daily net assets on the next $1 billion of net
assets and 0.55% of the Fund's average daily net assets in excess of $2
billion. For the year ended December 31, 2007, the management fee paid by the
Fund to Seligman was equal to an annual rate of 0.65% of the Fund's average
daily net assets.

A discussion regarding the basis for the Fund's Board of Directors' approval of
the continuance of the investment management agreement between the Fund and
Seligman is available in the Fund's Annual Report, dated December 31, 2007.

PORTFOLIO MANAGEMENT

The Fund is managed by Seligman's Core/Growth Investment Team, of which John B.
Cunningham is co-head. Mr. Cunningham, a Managing Director and Chief Investment
Officer of Seligman, is Vice President and Portfolio Manager of the Fund. He is
also Vice President and Portfolio Manager of Seligman Income and Growth Fund,
Inc. and Tri-Continental Corporation (a closed-end investment company), Vice
President and Co-Portfolio Manager of Seligman TargetHorizon ETF Portfolios,
Inc. and Vice President of Seligman Portfolios, Inc. ("SPI") and Portfolio
Manager of its Seligman Common Stock Portfolio. Prior to joining Seligman in
2004, Mr. Cunningham was, beginning in 2001, a Managing Director, Senior
Portfolio Manager of Salomon Brothers Asset Management ("SBAM") and Group Head
of SBAM's Equity Team.

Erik J. Voss, a Managing Director of Seligman and co-head of Seligman's
Core/Growth Investment Team, is Vice President and Co-Portfolio Manager of the
Fund. In addition to his responsibilities in respect of the Fund, Mr. Voss is
Vice President and Portfolio Manager of Seligman Capital Fund, Inc. and
Seligman Growth Fund, Inc., Vice President of SPI and Portfolio Manager of its
Seligman Capital Portfolio and Co-Portfolio Manager of its Seligman Common
Stock Portfolio, Vice President and Co-Portfolio Manager of Seligman Income and
Growth Fund, Inc. and Tri-Continental Corporation, and portfolio manager of one
other registered investment company. Prior to joining Seligman in 2006,
Mr. Voss was a portfolio manager at Wells Capital Management Incorporated from
January 2005 through March 2006, and prior thereto, Strong Capital Management,
Inc. from October 2000 through January 2005.

Mr. Cunningham is the lead Portfolio Manager of the Fund and primarily
responsible for the composition of the Fund's portfolio. Mr. Voss provides
advice, analysis and recommendations to Mr. Cunningham and may also make
investment decisions for the Fund.

AFFILIATES OF SELIGMAN:
Seligman Advisors, Inc. ("Seligman Advisors"):
The Fund's distributor; responsible for accepting orders for purchases and
sales of Fund shares.

Seligman Services, Inc.:
A limited purpose broker/dealer; acts as the broker/dealer of record for
shareholder accounts that do not have a designated broker or financial advisor.

Seligman Data Corp. ("SDC"):
The Fund's shareholder service agent; provides shareholder account services to
the Fund at cost.

REGULATORY MATTERS

In late 2003, J. & W. Seligman & Co. Incorporated (Seligman) conducted an
extensive internal review concerning mutual fund trading practices. Seligman's
review, which covered the period 2001-2003, noted one arrangement that
permitted frequent trading in certain open-end registered investment companies
managed by Seligman (the "Seligman Funds"); this arrangement was in the process
of being closed down by Seligman before September 2003. Seligman identified
three other arrangements that permitted frequent trading, all of which had been
terminated by September 2002. In January 2004, Seligman, on a voluntary basis,
publicly disclosed these four arrangements to its clients and to shareholders
of the Seligman Funds. Seligman also provided information concerning mutual
fund trading practices to the Securities and Exchange Commission (the "SEC")
and the Office of the Attorney General of the State of New York ("NYAG").

In September 2005, the New York staff of the SEC indicated that it was
considering recommending to the Commissioners of the SEC the instituting of a
formal action against Seligman and Seligman Advisors relating to frequent
trading in the Seligman Funds. Seligman responded to the staff in October 2005
that it believed that any action would be both inappropriate and unnecessary,
especially in light of the fact that Seligman had previously resolved the
underlying issue with the Independent Directors of the Seligman Funds and made
recompense to the affected Seligman Funds.

In September 2006, the NYAG commenced a civil action in New York State Supreme
Court against Seligman, Seligman Advisors, SDC and Brian T. Zino (collectively,
the "Seligman Parties"), alleging, in substance, that, in addition to the four
arrangements noted above, the Seligman Parties permitted other persons to
engage in frequent trading and, as a result, the prospectus disclosure used by
the registered investment companies managed by Seligman is and has been
misleading. The NYAG included other related claims and also claimed that the
fees charged by Seligman to the Seligman Funds were excessive. The NYAG is
seeking damages of at least $80 million and restitution, disgorgement,
penalties and costs and injunctive relief. The Seligman Parties answered the
complaint in December 2006 and believe that the claims are without merit.

Any resolution of these matters may include the relief noted above or other
sanctions or changes in procedures. Any damages would be paid by Seligman and
not by the Seligman Funds. If the NYAG obtains injunctive relief, Seligman and
its affiliates could, in the absence of the SEC in its discretion granting
exemptive relief, be enjoined from providing advisory and underwriting services
to the Seligman Funds and other registered investment companies.

Seligman does not believe that the foregoing legal action or other possible
actions will have a material adverse impact on Seligman or its clients,
including the Seligman Funds and other investment companies managed by it;
however, there can be no assurance of this or that these matters and any
related publicity will not affect demand for shares of the Seligman Funds and
such other investment companies or have other adverse consequences.

Shareholder Information

Deciding Which Class of Shares to Buy

Each of the Fund's Classes represent an interest in the same portfolio of
investments. However, each Class has its own sales charge schedule, and its
ongoing 12b-1 fees may differ from other Classes. When deciding which Class of
shares to buy, you should consider, among other things:

.. The amount you plan to invest.

.. How long you intend to remain invested in the Fund, or another Seligman
mutual fund.

.. If you would prefer to pay an initial sales charge and lower ongoing 12b-1
fees, or be subject to a CDSC (i.e., a contingent deferred sales charge) and
pay higher ongoing 12b-1 fees, or in the case of employee benefit plans
eligible to purchase Class R shares, be subject to a CDSC for a shorter
period of time and pay higher ongoing 12b-1 fees.

.. Whether you may be eligible for reduced or no sales charges when you buy or
sell shares.

An authorized dealer or your financial advisor will be able to help you decide
which Class of shares best meets your needs.

CLASS A
- --------------------------------------------------------------------------------

.. Initial sales charge on Fund purchases, as set forth below:

SALES CHARGE AS A % OF SALES CHARGE AS A % OF REGULAR DEALER DISCOUNT
AMOUNT OF YOUR INVESTMENT OFFERING PRICE/(1)/ NET AMOUNT INVESTED AS A % OF OFFERING PRICE
- -------------------------------------------------------------------------------------------------

Less than $50,000 5.75% 6.10% 5.00%
- -------------------------------------------------------------------------------------------------
$50,000 - $99,999 4.50 4.71 4.00
- -------------------------------------------------------------------------------------------------
$100,000 - $249,999 3.50 3.63 3.00
- -------------------------------------------------------------------------------------------------
$250,000 - $499,999 2.50 2.56 2.25
- -------------------------------------------------------------------------------------------------
$500,000 - $999,999 2.00 2.04 1.75
- -------------------------------------------------------------------------------------------------
$1,000,000 and over/(2)/ 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------

- -------------
(1)"Offering Price" is the amount that you actually pay for Fund shares; it
includes the initial sales charge.
(2)You will not pay an initial sales charge on purchases of $1 million or more,
but you will be subject to a 1% CDSC if you sell your shares within 18
months.

.. Annual 12b-1 fee (for shareholder services) of up to 0.25%.

.. No initial sales charge on reinvested dividends or capital gain
distributions.

Please consult your financial advisor for assistance in selecting the
appropriate class of shares.

INFORMATION REGARDING BREAKPOINT DISCOUNTS FOR CLASS A SHARES

Purchases of Class A shares by a "single person" may be eligible for the
reduced initial sales charges ("Breakpoint Discounts") that are described
above. For the purpose of the Breakpoint Discount thresholds described above,
"single persons" includes individuals and immediate family members (i.e.,
husband, wife, and minor children), as well as designated fiduciaries, certain
employee benefit plans and certain tax-exempt organizations. For more
information about what constitutes a "single person", please consult the

Fund's Statement of Additional Information. "Single persons" may be eligible
for Breakpoint Discounts under the following circumstances:

Discounts and Rights of Accumulation. Breakpoint Discounts contemplated above
are also available under a Seligman Group of Funds program referred to as
"Rights of Accumulation." Under this program, reduced sales charges will apply
if the sum of (i) the current amount being invested by a "single person" in
Class A shares of the Fund and in Class A shares of other Seligman mutual funds
(excluding Seligman Cash Management Fund), (ii) the current net asset value of
the Class A shares and Class B shares of other Seligman mutual funds already
owned by the "single person" other than Seligman Cash Management Fund (except
as provided in (iii)) and (iii) the current net asset value of Class A shares
of Seligman Cash Management Fund which were acquired by a "single person"
through an exchange of Class A shares of another Seligman mutual fund, exceeds
the Breakpoint Discount thresholds described for Class A shares above.

The value of the shares contemplated by items (ii) and (iii) above
(collectively, the "Prior Owned Shares") will be taken into account only if SDC
or the financial intermediary (if you are purchasing through a financial
intermediary) is notified that there are holdings eligible for aggregation to
meet the applicable Breakpoint Discount thresholds. If you are purchasing
shares through a financial intermediary, you should consult with your
intermediary to determine what information you will need to provide them in
order to receive the Breakpoint Discounts to which you may be entitled. This
information may include account records regarding shares eligible for
aggregation that are held at any financial intermediary, as well as a social
security or tax identification number. You may need to provide this information
each time you purchase shares. In addition, certain financial intermediaries
may prohibit you from aggregating investments in the Seligman Group of mutual
funds if those investments are held in your accounts with a different
intermediary or with SDC.

If you are dealing directly with SDC, you should provide SDC with account
information for any shares eligible for aggregation. This information includes
account records and a social security or tax identification number. You may
need to provide this information each time you purchase shares.

Letter of Intent. A letter of intent allows you to purchase Class A shares over
a 13-month period with the benefit of the Breakpoint Discounts discussed above,
based on the total amount of Class A shares of the Fund that the letter states
that you intend to purchase plus the current net asset value of the Prior Owned
Shares. Reduced sales charges may be applied to purchases made within a
13-month period starting from the date of receipt from you of a letter of
intent. In connection with such arrangement, a portion of the shares you
initially purchase will be held in escrow to provide for any sales charges that
might result if you fail to purchase the amount of shares contemplated by the
letter of intent assuming your purchases would not otherwise be eligible for
Breakpoint Discounts. These shares will be released upon completion of the
purchases contemplated by the letter of intent.

Eligible Employee Benefit Plans. Eligible employee benefit plans which have at
least $2 million in plan assets at the time of investment in the Fund may
purchase Class A shares at net asset value, but, in the event of plan
termination, will be subject to a CDSC of 1% on shares purchased within 18
months prior to plan termination.

Ascensus (formerly, BISYS) Plans. Plans that (i) own Class B shares of any
Seligman mutual fund and (ii) participate in Seligman Growth 401(k) through
Ascensus' third-party administration platform may, with new contributions,
purchase Class A shares at net asset value. Class A shares purchased at net
asset value are subject to a CDSC of 1% on shares purchased within 18 months
prior to plan termination.

CDSCs. Purchases of Class A shares of $1 million or more under any of the
programs discussed above are subject to a CDSC of 1% on redemptions made within
18 months of purchase, subject to certain limited exceptions set forth in the
Fund's Statement of Additional Information.

Additional Information. For more information regarding Breakpoint Discounts,
please consult the Fund's Statement of Additional Information. This information
can also be found at www.seligman.com via a hyperlink that is designed to
facilitate access to the information.

INFORMATION REGARDING SALES OF CLASS A SHARES AT NET ASSET VALUE

Class A shares of the Fund may be issued without a sales charge to present and
former directors, trustees, officers, employees (and their respective family
members) of the Fund, the other investment companies in the Seligman Group of
mutual funds, Seligman, SDC and Seligman's affiliates.

Class A shares may also be issued without an initial sales charge to the
following entities as further described in the Fund's Statement of Additional
Information: certain registered unit investment trusts; separate accounts
established and maintained by certain insurance companies; registered
representatives and employees (and their spouses and minor children) of any
dealer or bank that has a sales agreement with the Fund's distributor;
financial institution trust departments; certain registered investment
advisers; accounts of certain financial institutions, authorized dealers or
investment advisors that charge account management fees; pursuant to certain
sponsored arrangements with organizations that make recommendations or permit
solicitations of its employees, members or participants; other investment
companies in the Seligman Group in connection with a deferred fee arrangement
for outside Directors, or pursuant to a "fund of funds" arrangement; certain
"eligible employee benefit plans"; those partners and employees of outside
counsel to the Fund or its directors or trustees who regularly provide advice
and services to the Fund, to other funds managed by Seligman, or to their
directors or trustees; in connection with sales pursuant to retirement plan
alliance programs that have a written agreement with the Fund's distributor;
and to participants in certain retirement and deferred compensation plans and
trusts for which certain entities act as broker-dealer, trustee, or
recordkeeper.

For more information about those who can purchase shares of the Fund without a
sales charge, and other relevant information, please consult the Fund's
Statement of Additional Information. In addition, this information can be found
at www.seligman.com via a hyperlink that is designed to facilitate access to
the information.

If you are eligible to purchase Class A shares without a sales charge, you
should inform your financial intermediary or SDC of such eligibility and be
prepared to provide proof thereof.

CLASS B
- --------------------------------------------------------------------------------

.. No initial sales charge on purchases.

.. A declining CDSC on shares sold within 6 years of purchase:

YEARS SINCE PURCHASE CDSC
-------------------------------------------

Less than 1 year 5%
-------------------------------------------
1 year or more but less than 2 years 4
-------------------------------------------
2 years or more but less than 3 years 3
-------------------------------------------
3 years or more but less than 4 years 3
-------------------------------------------
4 years or more but less than 5 years 2
-------------------------------------------
5 years or more but less than 6 years 1
-------------------------------------------
6 years or more 0
-------------------------------------------

.. Annual 12b-1 fee (for distribution and shareholder services) of 1.00%.

Your purchase of Class B shares must be for less than $250,000, because if
you invest $250,000 or more, you will pay less in fees and charges if you buy
another Class of shares. Please consult your financial advisor for assistance
in selecting the appropriate class of shares.

.. Automatic conversion to Class A shares approximately eight years after
purchase, resulting in lower ongoing 12b-1 fees. If you intend to hold your
Class B shares for less than six years, you should consider purchasing Class
C or Class D shares due to the shorter CDSC typically applicable to Class C
and Class D shares. Additionally, if you are eligible to purchase Class R
shares, you should consider purchasing that Class, which has lower ongoing
fees and typically a shorter CDSC.

.. No CDSC when you sell shares purchased with reinvested dividends or capital
gain distributions.

CLASS C OR CLASS D*
- --------------------------------------------------------------------------------

Effective at the close of business (4:00 p.m. EST) on May 16, 2008, the Fund's
Class D shares will be combined with Class C shares. This will be effected by
the automatic conversion of Class D shares into Class C shares. Class D shares
will no longer be available. Purchase orders for Class D shares to be effective
on or after May 9, 2008 through May 16, 2008 may, in the Fund's discretion, be
rejected due to operational reasons relating to the combination; if you are
considering purchasing Class D shares during such period, you should consider
Class C shares instead (consult your financial advisor as necessary).

Any orders for exchange or redemption of the Fund's Class D shares to be
effective through May 16, 2008 will continue to be accepted in accordance with
this Prospectus. All orders (i.e., purchases, exchanges and redemptions) for
Class D shares to be effective after the close of business on May 16, 2008
cannot be processed because no Class D shares will be outstanding or offered.

Class D shares are identical in their terms to Class C shares (which are
described below), and the value of your investment in the Fund will not change
as a result of a Class D shareholder becoming a Class C shareholder. After
Class D shares are combined with Class C shares, former Class D shareholders of
the Fund will receive a confirmation detailing the change. The change described
above will take place automatically. Shareholders need not take any action.

..No initial sales charge on purchases. Your purchase of Class C or Class D shares must
be for less than $1,000,000 because if you invest
..A 1% CDSC on shares sold within one year of $1,000,000 or more you will pay less in fees and
purchase. charges if you buy Class A shares. Please consult
your financial advisor for assistance in selecting
..Annual 12b-1 fee (for distribution and the appropriate class of shares.
shareholder services) of 1.00%.

.. No CDSC when you sell shares purchased with reinvested dividends or capital
gain distributions.

.. No automatic conversion to Class A shares, so you will be subject to higher
ongoing 12b-1 fees indefinitely.
- -------------
*Class D shares are not available to all investors. You may purchase Class D
shares only (1) if you already own Class D shares of the Fund or another
Seligman mutual fund, (2) if your financial advisor of record maintains an
omnibus account at SDC, or (3) pursuant to a 401(k) or other retirement plan
program for which Class D shares are already available or for which the
sponsor requests Class D shares because the sales charge structure of Class D
shares is comparable to the sales charge structure of the other funds offered
under the program.

CLASS R**
- --------------------------------------------------------------------------------

.. No initial sales charge on purchases.

.. A 1% CDSC on shares sold within one year of the plan's initial purchase of
Class R shares of the Fund.

.. Annual 12b-1 fee (for distribution and shareholder services) of 0.50%.

.. No automatic conversion to Class A shares, so you will be subject to higher
ongoing 12b-1 fees indefinitely.

.. No CDSC when you sell shares purchased with reinvested dividends or capital
gain distributions.

Please consult your financial advisor for assistance in selecting the
appropriate class of shares.
- -------------
**Class R shares are not available to all investors. You may purchase Class R
shares only if you are a qualified or non-qualified employee benefit plan or
arrangement (other than a Section 403(b) plan sponsored by public educational
institutions) that provides for the purchase of Fund shares and has (1) less
than $20 million in assets (determined at the time of initial investment in
the Seligman Group of mutual funds); and (2) at least (a) $500,000 invested
in the Seligman Group of mutual funds or (b) 50 eligible employees to whom
such plan is made available. Seligman Advisors may waive the requirements
described in (2) above in connection with sales pursuant to a retirement plan
alliance program which has a written agreement with Seligman Advisors.

Seligman (as well as the Fund's distributor) may provide cash payments out of
its own resources to financial intermediaries that sell shares of the Fund or
otherwise provide services to the Fund. For more details regarding such
payments, please consult the Fund's Statement of Additional Information.

The Fund has adopted a plan under Rule 12b-1 of the Investment Company Act of
1940 that allows each Class of the Fund to pay 12b-1 fees for the sale and
distribution of its shares and/or for providing services to shareholders.

Because the Fund's 12b-1 fees are paid out of each Class's assets on an ongoing
basis, over time these fees will increase your investment expenses and may cost
you more than other types of charges.

The Fund's Board of Directors believes that no conflict of interest currently
exists between the Funds' Classes of shares. On an ongoing basis, the
Directors, in the exercise of their fiduciary duties under the Investment
Company Act of 1940 and Maryland law, will seek to ensure that no such conflict
arises.

HOW CDSCS ARE CALCULATED

To minimize the amount of the CDSC you may pay when you sell your shares, the
Fund assumes that shares acquired through reinvested dividends and capital gain
distributions (which are not subject to a CDSC) are sold first. Shares that
have been in your account long enough so they are not subject to a CDSC are
sold next. After these shares are exhausted, shares will be sold in the order
they were purchased (earliest to latest). The amount of any CDSC that you pay
will be based on the shares' original purchase price or current net asset
value, whichever is less.

You will not pay a CDSC when you exchange shares of the Fund to buy the same
class of shares of any other Seligman mutual fund or when you exchange shares
of another Seligman mutual fund to buy the same class of shares of the Fund.
For the purpose of calculating the CDSC, when you exchange shares of the Fund
for the same class of another Seligman mutual fund, it will be assumed that you
held the shares of the other Seligman mutual fund since the date you originally
purchased the shares of the Fund. Similarly, when you exchange shares of
another Seligman mutual fund for shares of the Fund, it will be assumed that
you held the shares of the Fund since the date you originally purchased shares
of the other Seligman mutual fund.

The CSDC on Class A, Class B, Class C, Class D and Class R shares may be waived
or reduced in the following instances: on redemptions following death or
disability; in connection with certain distributions from certain retirement
plans, 403(b) plans, 401(k) plans and IRAs; in connection with shares sold to
current and retired Directors of the Fund; in connection with shares sold to a
governmental entity which is prohibited by applicable laws from paying sales
charges and related fees; in connection with systematic withdrawals; in
connection with participation in certain 401(k) and retirement programs; on
incidental redemptions to cover administrative expenses; on redemptions of
shares initially purchased by an eligible employee benefit plan that are not in
connection with a plan-level termination; and in the case of Class A shares
purchased by certain institutional investors. The CDSC may also be waived on
any redemption of Class A shares that are purchased by an eligible employee
benefit plan that is a separate account client of Seligman at the time of
initial investment (or within the prior 30 days) in a Seligman mutual fund. For
more information, please consult the Fund's Statement of Additional Information
or www.seligman.com.

Pricing of Fund Shares

When you buy or sell shares, you do so at the Class's net asset value ("NAV")
next calculated after Seligman Advisors or SDC, as the case may be, accepts
your request. However, in some cases, the Fund has authorized certain financial
intermediaries (and other persons designated by such financial intermediaries)
to receive purchase and redemption orders on behalf of the Fund. In such
instances, customer orders will be priced at the Class's NAV next calculated
after the authorized financial intermediary (or other persons designated by
such financial intermediary) receives the request. Any applicable sales charge
will be added to the purchase price for Class A shares. However, Seligman
Advisors may reject any request to purchase Fund shares under the circumstances
discussed later in this Prospectus under the captions "Important Policies That
May Affect Your Account" and "Frequent Trading of Fund Shares." Authorized
financial intermediaries or their designees are responsible for forwarding your
order in a timely manner.

NAV: Computed separately for each Class by dividing that Class's share of the
net assets of the Fund (i.e., its assets less liabilities) by the total
number of outstanding shares of the Class.

If your buy or sell order is received by an authorized financial intermediary
or its designee after the close of regular trading on the New York Stock
Exchange ("NYSE"), the order will be executed at the Class's NAV calculated as
of the close of regular

trading on the next NYSE trading day, subject to any applicable sales charge.
When you sell shares, you receive the Class's per share NAV, less any
applicable CDSC.

The NAV of the Fund's shares is determined each day, Monday through Friday, on
days that the NYSE is open for trading. Because of their higher 12b-1 fees, the
NAV of Class B, Class C, Class D and Class R shares will generally be lower
than the NAV of Class A shares of the Fund.

Securities owned by the Fund are valued at current market prices. If Seligman
concludes that the most recently reported (or closing) price of a security held
by the Fund is no longer valid or reliable, or such price is otherwise
unavailable, Seligman will value the security at its fair value as determined
in accordance with policies and procedures approved by the Fund's Board of
Directors. The value of a security held by the Fund could be so determined in
the event of, among other things, natural disasters, acts of terrorism, market
disruptions, intra-day trading halts or extreme market volatility. The
determination of fair value involves subjective judgments. As a result, using
fair value to price a security may result in a price materially different from
the prices used by other mutual funds to determine net asset value or the price
that may be realized upon the actual sale of the security.

Opening Your Account

The Fund's shares are sold through authorized dealers or financial advisors who
have sales agreements with Seligman Advisors. There are several programs under
which you may be eligible for reduced sales charges. Ask an authorized dealer
or your financial advisor if any of these programs apply to you. Class D (not
available after May 16, 2008) and Class R shares are not available to all
investors. For more information, see "Deciding Which Class of Shares to
Buy--Class C or Class D" and--"Class R."

To make your initial investment in the Fund, contact an authorized dealer or
your financial advisor or complete an account application and send it with your
check made payable to the Fund directly to SDC at the address provided on the
account application. Your check must be in US dollars and be drawn on a US
bank. You may not use cash, checks made payable to cash, third party checks,
traveler's checks or credit card convenience checks for investment. If you do
not choose a Class, your investment will automatically be made in Class A
shares.

The required minimum initial investments are:

.. Regular (non-retirement) accounts: None (but certain Fund accounts are
subject to a $1,000 minimum Fund account balance; for details, see
"Important Policies That May Affect Your Account")

.. For accounts opened concurrently with Invest-A-Check(R):
. $100 to open if you will be making monthly investments
. $250 to open if you will be making quarterly investments

You may buy shares of the Fund for all types of tax-deferred retirement
plans. Contact Retirement Plan Services at the address or phone number listed
on the inside back cover of this Prospectus for information and to receive
the proper forms.

If you buy shares by check and subsequently sell the shares, SDC will not send
your proceeds until your check clears, which could take up to 15 calendar days
from the date of your purchase.

You will be sent a statement confirming your purchase and any subsequent
transactions in your account. You will also be sent quarterly and annual
statements detailing your transactions in the Fund and the other Seligman funds
you own under the same account number. Duplicate quarterly account statements
for the current year and duplicate annual statements for the most recent prior
calendar year will be sent to you free of charge. Copies of year-end statements
for prior years are available for a fee of $10 per year, per account, with a
maximum charge of $150 per account. Send your request and a check for the fee
to SDC at:

Seligman Data Corp.
P.O. Box 9759
Providence, RI 02940-9759

Share certificates representing shares of the Fund are no longer issued. Any
further purchases of shares (whether by further subscription or in connection
with the exercise of exchange privileges) will be recorded in book-entry form
only. However, if a share certificate has been previously issued to a
shareholder, the shareholder will be required to deliver the share certificate
to SDC, as shareholder servicing agent, before a request for redemption or
exchange of shares evidenced by that share certificate will be processed.

If you want to be able to buy, sell, or exchange shares by telephone, you
should elect telephone services on the account application when you open your
account. This will prevent you from having to complete a supplemental
election form (which may require a medallion signature guarantee) at a later
date.

How to Buy Additional Shares

After you have made your initial investment, there are many options available
to make additional purchases of Fund shares.

Shares may be purchased through an authorized dealer or your financial advisor,
or you may send a check directly to SDC. Please provide either an investment
slip or a note that provides your name(s), Fund name, and account number.
Unless you indicate otherwise, your investment will be made in the Class you
already own. Send investment checks to:

Seligman Data Corp.
P.O. Box 9766
Providence, RI 02940-9766

Your check must be in US dollars and be drawn on a US bank. You may not use
cash, checks made payable to cash, third party checks, traveler's checks or
credit card convenience checks for investment.

You may also use the following account services to make additional investments:

Invest-A-Check(R). You may buy Fund shares electronically from a savings or
checking account of an Automated Clearing House ("ACH") member bank. If your
bank is not a member of ACH, the Fund will debit your checking account by
preauthorized checks. For accounts opened concurrently with Invest-A-Check(R),
you must buy Fund shares at regular monthly intervals in fixed amounts of $100
or more, or regular quarterly intervals in fixed amounts of $250 or more. If
you use Invest-A-Check(R), you must continue to make automatic investments
until the Fund's minimum account balance of $1,000 is met or your account may
be closed. For accounts opened with $1,000 or more, Invest-A-Check(R)
investments may be made for any amount.

Automatic Dollar-Cost-Averaging. If you have at least $5,000 in Seligman Cash
Management Fund, you may exchange uncertificated shares of that fund to buy
shares of the same class of another Seligman mutual fund at regular monthly
intervals in fixed amounts of $100 or more, or regular quarterly intervals in
fixed amounts of $250 or more. If you exchange Class A shares, you may pay an
initial sales charge to buy Fund shares.

Automatic CD Transfer. You may instruct your bank to invest the proceeds of a
maturing bank certificate of deposit (CD) in shares of the Fund. If you wish to
use this service, contact SDC, an authorized dealer or your financial advisor
to obtain the necessary forms. Because your bank may charge you a penalty, it
is not normally advisable to withdraw CD assets before maturity.

Dividends From Other Investments. You may have your dividends from other
companies invested in the Fund. (Dividend checks must include your name,
account number, Fund name and class of shares.)

Direct Deposit. You may buy Fund shares electronically with funds from your
employer, the IRS, or any other institution that provides direct deposit. Call
SDC for more information.

How to Exchange Shares Among the Seligman Mutual Funds

You may sell this Fund's shares to buy shares of the same Class of another
Seligman mutual fund, or you may sell shares of another Seligman mutual fund to
buy this Fund's shares. Exchanges will be made at each fund's respective NAV.
You will not pay an initial sales charge when you exchange, unless you exchange
Class A shares of Seligman Cash Management Fund to buy shares of the same Class
of the Fund or another Seligman mutual fund. If you are exchanging shares
subject to a CDSC, for purposes of determining CDSC holding periods, such
shares will be exchanged pro rata based on the different times of purchase.

Only your dividend and capital gain distribution options and telephone services
will be automatically carried over to any new fund. If you wish to carry over
any other account options (for example, Invest-A-Check(R) or Systematic
Withdrawals) to the new fund, you must specifically request so at the time of
your exchange.

See "The Seligman Mutual Funds" for a list of the funds available for exchange.
Before making an exchange, contact an authorized dealer, your financial advisor
or SDC to obtain the applicable fund prospectus(es). You should read and
understand a fund's prospectus before investing. Some funds may not offer all
Classes of shares.

How to Sell Shares

The easiest way to sell Fund shares is by phone. If you have telephone
services, you may be able to use this service to sell Fund shares. Restrictions
apply to certain types of accounts. Please see "Important Policies That May
Affect Your Account."

When you sell Fund shares by phone, a check for the proceeds is sent to your
address of record. If you have current ACH bank information on file, you may
have the proceeds of the sale of your Fund shares directly deposited into your
bank account (typically, within 2 business days after your shares are sold).

You may sell shares to the Fund through an authorized dealer or your financial
advisor. The Fund does not charge any fees or expenses, other than any
applicable CDSC for this transaction; however, the authorized dealer or
financial advisor may charge a service fee. Contact an authorized dealer or
your financial advisor for more information.

You may always send a written request to sell Fund shares; however, it may take
longer to get your money.

To protect you and the Fund, if your written redemption request is for $25,000
or more, SDC will seek telephone confirmation from you, an authorized dealer or
your financial advisor before sending any money. If the proceeds are: (1)
$50,000 or more; (2) to be paid to someone other than the account owner; (3) to
be mailed to other than your address of record; (4) requested in connection
with an address change; or (5) requested within 30 days of an address change on
the account, then before sending any money, the Fund will require:

.. A signed, written redemption request;
.. Telephone confirmation; and
.. A medallion signature guarantee.

MEDALLION SIGNATURE GUARANTEE:

Protects you and each Seligman mutual fund from fraud. It is an assurance
that the signature is genuine. A Medallion Signature Guarantee from The New
York Stock Exchange, Inc. Medallion Signature Guarantee Program, The
Securities Transfer Agents Medallion Program or The Stock Exchanges Medallion
Program are acceptable. These guarantees are the leading signature guarantee
programs recognized by most major financial services associations throughout
the United States and Canada, and are endorsed by the Securities Transfer
Association. Non-medallion signature guarantees or notarization by a notary
public are not acceptable forms of signature guarantees.

Telephone confirmations will not affect the date on which your redemption
request is actually processed, but may delay the payment of proceeds.

If your Fund shares are represented by certificates, you will need to surrender
the certificates to SDC before you sell your shares.

You may need to provide additional documents to sell Fund shares if you are:

.. a corporation;
.. an executor or administrator;
.. a trustee or custodian; or
.. in a retirement plan.

Contact an authorized dealer, your financial advisor or SDC's Shareholder
Services Department for information on selling your shares under any of the
above circumstances.

You may also use the following account service to sell Fund shares:

Systematic Withdrawal Plan. If you have at least $5,000 in the Fund, you may
withdraw (sell) a fixed dollar amount (minimum of $50) of uncertificated shares
at regular intervals. A check will be sent to you at your address of record or,
if you have current ACH bank information on file, you may have your payments
directly deposited to your predesignated bank account, typically within 2
business days after your shares are sold. If you bought $1,000,000 or more of
Class A shares without an initial sales charge, your withdrawals may be subject
to a 1% CDSC if they occur within 18 months of purchase. If you own Class B,
Class C, Class D or Class R shares and reinvest your dividends and capital gain
distributions, you may annually withdraw 12%, 10%, 10% or 10%, respectively, of
the value of your account (at the time of election) without a CDSC.

Important Policies That May Affect Your Account

To protect you and other shareholders, the Fund reserves the right to:
.. Refuse an exchange request if the amount you wish to exchange equals or
exceeds the lesser of $1,000,000 or 1% of the Fund's net assets;

.. Refuse any request to buy Fund shares;

.. Reject any request received by telephone;

.. Suspend or terminate telephone services;

.. Reject a medallion signature guarantee that SDC believes may be fraudulent;

.. Close your Fund account if its value is below $1,000, provided, however,
that this policy does not apply to direct accounts held at SDC that are
retirement accounts (i.e., IRAs), unclaimed property accounts and Fund
shareholder accounts in the process of automatic conversion from the Fund's
Class B shares to Class A shares that aggregate to more than $1,000. The
Fund will notify you in writing at least 30 days before closing your Fund
account and anticipates permitting shareholders owning Fund shares directly
with SDC a period of one year to reach the $1,000 Fund minimum balance. If
you hold your shares through a financial intermediary, you should contact
that financial intermediary for their policies relating to minimum
investment requirements (which could be different from the Fund's
requirements);

.. Close your account if it does not have a certified taxpayer identification
number (this is your social security number for individuals); and

.. Request additional information or close your account to the extent required
or permitted by applicable law or regulations, including those relating to
the prevention of money laundering.

Telephone Services
You, an authorized dealer or your financial advisor will be able to place the
following requests by telephone, unless you indicate on your account
application that you do not want telephone services:

.. Sell uncertificated shares (up to $50,000 per day, payable to account
owner(s) and mailed to

the address of record or if you have current ACH bank information on file, you
may have your redemption proceeds directly deposited to your bank account);

.. Exchange shares between Seligman mutual funds;

.. Change dividend and/or capital gain distribution options;

.. Change your address; and

.. Establish systematic withdrawals to address of record.

If you do not elect telephone services on your account application when you
open your account, or opened your account through an authorized dealer or your
financial advisor, telephone services must be elected on a supplemental
election form (which may require a medallion signature guarantee).

Restrictions apply to certain types of accounts:

.. Trust accounts on which the current trustee is not listed may not sell Fund
shares by phone;

.. Corporations may not sell Fund shares by phone;

.. IRAs may only exchange Fund shares or request address changes by phone; and

.. Group retirement plans may not sell Fund shares by phone; plans that allow
participants to exchange by phone must provide a letter of authorization
signed by the plan custodian or trustee and provide a supplemental election
form signed by all plan participants.

Unless you have current ACH bank information on file, you will not be able to
sell Fund shares by phone within 30 days following an address change.

Your telephone request must be communicated to an SDC representative. You may
not request any phone transactions via the automated access line.

You may cancel telephone services at any time by sending a written request to
SDC. Each account owner, by accepting or adding telephone services, authorizes
each of the other owners to make requests by phone. An authorized dealer or
your financial advisor may not establish telephone services without your
written authorization. SDC will send written confirmation to the address of
record when telephone services are added or terminated.

During times of heavy call volume, you may not be able to get through to SDC by
phone to request a sale or exchange of Fund shares. In this case, you may need
to send written instructions, and it may take longer for your request to be
processed. The Fund's NAV may fluctuate during this time.

The Fund and SDC will not be liable for processing requests received by phone
as long as it was reasonable to believe that the request was genuine. The Fund
and SDC will employ reasonable procedures to confirm whether instructions
received by telephone are genuine, and, if they do not, they may be liable for
any losses due to unauthorized or fraudulent instructions.

Reinstatement Privilege
If you sell Fund shares, you may elect, within 120 calendar days, to use part
or all of the proceeds to buy shares of the Fund or another Seligman mutual
fund (reinstate your investment) without paying an initial sales charge or, if
you paid a CDSC when you sold your shares, receiving a credit for the
applicable CDSC paid. This privilege may be exercised only once each calendar
year. Contact an authorized dealer or your financial advisor for more
information. You should consult your tax advisor concerning possible tax
consequences of exercising this privilege.

Frequent Trading of Fund Shares

As a matter of policy, the Fund discourages frequent trading of Fund shares. In
this regard, the Fund's Board of Directors has adopted written policies and
procedures that, subject to the limitations set forth below, are designed to
deter frequent trading that may be disruptive to the

management of the Fund's portfolio. If the Fund, Seligman Advisors (the Fund's
distributor) or SDC (the Fund's shareholder service agent) (referred to
collectively below as the "Seligman Entities") determine that you have
exchanged more than twice to and from the Fund in any three-month period, you
will not be permitted to engage in further exchange activity in the Fund for 90
days. The Seligman Entities may under certain circumstances also refuse initial
or additional purchases of Fund shares by any person for any reason, including
if that person is believed to be engaging, or suspected of engaging, in trading
of fund shares in excess of the guidelines noted above (excluding purchases via
a direct deposit through an automatic payroll deduction program or purchases by
the funds of Seligman Asset Allocation Series, Inc. in the ordinary course of
implementing their asset allocation strategies). In addition, the Seligman
Entities may under certain circumstances refuse to accept exchange requests for
accounts of any person that has had a previous pattern (even if involving a
different fund in the Seligman Group) of trading in excess of the guidelines
noted above. Furthermore, if you purchase shares of the Fund through a
financial intermediary, your ability to purchase or exchange shares of the Fund
could be limited if your account is associated with a person (e.g., broker or
financial advisor) previously identified by the Seligman Entities as engaging
in trading activity in excess of the guidelines noted above. The Fund's
policies do not permit exceptions to be granted, and the policies are, to the
extent possible, applied uniformly to all accounts where beneficial ownership
has been ascertained.

Shareholders and their financial intermediaries seeking to engage in excessive
trading practices may deploy a variety of strategies to avoid detection, and,
despite the efforts of the Seligman Entities to prevent excessive trading,
there is no guarantee that the Seligman Entities will be able to identify such
shareholders or curtail their trading practices. The ability of the Seligman
Entities to detect and curtail excessive trading practices may also be limited
by operational systems and technological limitations and hindered by financial
intermediaries purposefully or unwittingly facilitating these practices. In
addition, the Fund receives purchase, exchange and redemption orders through
financial intermediaries, some of whom hold shares through omnibus accounts,
and the Seligman Entities will not, under most circumstances, know of or be
able to reasonably detect excessive trading which may occur through these
financial intermediaries. Omnibus account arrangements and their equivalents
(e.g., bank trust accounts and retirement plans) are a common form of holding
shares of funds by many brokers, banks and retirement plan administrators.
These arrangements often permit the financial intermediary to aggregate many
client transactions and ownership positions and provide the Fund with combined
purchase and redemption orders. In these circumstances, the Seligman Entities
may not know the identity of particular shareholders or beneficial owners or
whether particular purchase or sale orders were placed by the same shareholder
or beneficial owner. A substantial percentage of shares of the Fund may be held
through omnibus accounts and their equivalents.

To the extent that the efforts of the Seligman Entities are unable to eliminate
excessive trading practices in the Fund, these practices may interfere with the
efficient management of the Fund's portfolio, hinder the Fund's ability to
pursue its investment objective and may reduce the returns of long-term
shareholders. Additionally, these practices may result in the Fund engaging in
certain activities to a greater extent than it otherwise would, such as
maintaining higher cash balances, using its line of credit to a greater extent
and engaging in additional portfolio transactions. Increased portfolio
transactions and use of the line of credit could correspondingly increase the
Fund's operating costs and decrease the Fund's investment performance.
Maintenance of a higher level of cash balances necessary to meet frequent
redemptions could likewise result in lower Fund investment performance during
periods of rising markets.

Dividends and Capital Gain Distributions

The Fund generally pays any dividends from its net investment income quarterly
and distributes any net capital gains realized on investments annually.

You may elect to:

(1)reinvest both dividends and capital gain distributions;

(2)receive dividends in cash and reinvest capital gain distributions; or

(3)receive both dividends and capital gain distributions in cash.

Your dividends and capital gain distributions, if any, will be reinvested if
you do not instruct otherwise or if you own Fund shares in a Seligman
tax-deferred retirement plan.

If you want to change your election, you may send written instructions to SDC
at P.O. Box 9759, Providence, RI 02940-9759, or, if you have telephone
services, you, an authorized dealer or your financial advisor may call SDC.
Your request must be received by SDC before the record date to be effective for
that dividend or capital gain distribution.

DIVIDEND:
A payment by a mutual fund, usually derived from the fund's net investment
income (dividends and interest earned on portfolio securities less expenses).

CAPITAL GAIN DISTRIBUTION:
A payment to mutual fund shareholders which represents profits realized on
the sale of securities in a fund's portfolio.

EX-DIVIDEND DATE:
The day on which any declared distributions (dividends or capital gains) are
deducted from a fund's assets before it calculates its NAV.

Dividends or capital gain distributions that are not reinvested will be sent by
check to your address of record or, if you have current ACH bank information on
file, directly deposited into your predesignated bank account, typically within
2 business days from the payable date.

Dividends and capital gain distributions are reinvested to buy additional Fund
shares on the payable date using the NAV of the ex-dividend date.

Dividends, if any, on Class B, Class C, Class D and Class R shares will be
lower than the dividends on Class A shares as a result of their higher 12b-1
fees. Capital gain distributions will be paid in the same amount for each Class.

Taxes

The tax treatment of dividends and capital gain distributions is the same
whether you take them in cash or reinvest them to buy additional Fund shares.
Dividends paid by the Fund, other than "qualified dividend income," are
generally taxable to you as ordinary income. Tax-deferred retirement plans are
not taxed currently on dividends or capital gain distributions or on gains
resulting from the sale or exchange of Fund shares.

You may be taxed at different rates on capital gains distributed by the Fund
depending on the length of time the Fund holds its assets.

When you sell Fund shares, any gain or loss you realize will generally be
treated as a long-term capital gain or loss if you held your shares for more
than one year, or as a short-term capital gain or loss if you held your shares
for one year or less. However, if you sell Fund shares on which a long-term
capital gain distribution has been received and you held the shares for six
months or less, any loss you realize will be treated as a long-term capital
loss to the extent that it offsets the long-term capital gain distribution.

An exchange of Fund shares is a sale and may result in a gain or loss for
federal income tax purposes.

Each January, you will be sent information on the tax status of any
distributions made during the previous calendar year. Because each
shareholder's situation is unique, you should always consult your tax advisor
concerning the effect income taxes may have on your individual investment.

For further information, please see the Fund's Statement of Additional
Information under the section entitled "Taxation of the Fund."

The Seligman Mutual Funds

EQUITY
- --------------------------------------------------------------------------------

SPECIALTY
- --------------------------------------------------------------------------------

Seligman Communications and Information Fund
Seeks capital appreciation by investing in companies operating in the
communications, information and related industries.

Seligman Emerging Markets Fund
Seeks long-term capital appreciation by investing primarily in equity
securities of companies in emerging markets.

Seligman Global Technology Fund
Seeks long-term capital appreciation by investing primarily in global
securities (US and non-US) of companies in the technology and
technology-related industries.

SMALL COMPANY
- --------------------------------------------------------------------------------

Seligman Frontier Fund
Seeks growth of capital by investing primarily in small company growth stocks.

Seligman Global Smaller Companies Fund
Seeks long-term capital appreciation by investing in securities of smaller
companies around the world, including the US.

Seligman Smaller-Cap Value Fund
Seeks long-term capital appreciation by investing in common stocks of smaller
companies, deemed to be "value" companies by the investment manager.

MEDIUM COMPANY
- --------------------------------------------------------------------------------

Seligman Capital Fund
Seeks capital appreciation by investing in the common stocks of medium-sized
companies.

LARGE COMPANY
- --------------------------------------------------------------------------------

Seligman Common Stock Fund
Seeks total return through a combination of capital appreciation and current
income.

Seligman Global Growth Fund
Seeks capital appreciation by investing primarily in equity securities of
companies that have the potential to benefit from global economic or social
trends.

Seligman Growth Fund
Seeks long-term capital appreciation.

Seligman International Growth Fund
Seeks long-term capital appreciation by generally investing in securities of
large- and mid-capitalization growth companies in international markets.

Seligman Large-Cap Value Fund
Seeks long-term capital appreciation by investing in common stocks of large
companies, deemed to be "value" companies by the investment manager.

BALANCED
- --------------------------------------------------------------------------------

Seligman Income and Growth Fund
Seeks total return through a combination of capital appreciation and income
consistent with what is believed to be a prudent allocation between equity and
fixed-income securities.

REAL ESTATE SECURITIES
- --------------------------------------------------------------------------------

Seligman LaSalle Global Real Estate Fund
Seeks total return through a combination of current income and long-term
capital appreciation by investing in equity and equity-related securities
issued by global real estate companies such as US real estate investment trusts
(REITs) and similar entities outside the US.

Seligman LaSalle Monthly Dividend Real Estate Fund
Seeks to produce a high level of current income with capital appreciation as a
secondary objective by investing in equity and equity-related securities issued
by real estate companies, such as real estate investment trusts (REITs).

FIXED-INCOME
- --------------------------------------------------------------------------------

INCOME
- --------------------------------------------------------------------------------

Seligman High-Yield Fund
Seeks a high level of current income and may also consider the potential for
capital appreciation consistent with prudent investment management. The Fund
invests primarily in non-investment grade, high-yield securities.

Seligman Core Fixed Income Fund
Seeks to produce a high level of current income consistent with prudent
exposure to risk. Capital appreciation is a secondary objective. The Fund
invests a significant portion of its assets in investment grade fixed-income
securities.

Seligman U.S. Government Securities Fund
Seeks a high level of current income consistent with prudent investment risk
primarily by investing in a diversified portfolio of securities issued or
guaranteed by the US government, its agencies or instrumentalities, or
government sponsored enterprises.

MUNICIPAL
- --------------------------------------------------------------------------------

Seligman Municipal Funds:

National Fund
Seeks maximum income, exempt from regular federal income taxes.

State-specific funds:*
Seek to maximize income exempt from regular federal income taxes and from
regular income taxes in the designated state.

California Louisiana New Jersey
.. High-Yield Maryland New York
.. Quality Massachusetts North Carolina
Colorado Michigan Ohio
Florida Minnesota Oregon
Georgia Missouri Pennsylvania
South Carolina

* A small portion of income may be subject to state and local taxes.

MONEY MARKET
- --------------------------------------------------------------------------------

Seligman Cash Management Fund
Seeks to preserve capital and to maximize liquidity and current income by
investing only in high-quality money market securities. The fund seeks to
maintain a constant net asset value of $1.00 per share.

ASSET ALLOCATION
- --------------------------------------------------------------------------------
SELIGMAN ASSET ALLOCATION SERIES, INC. offers four different asset-allocation
funds that pursue their investment objectives by allocating their assets among
other mutual funds in the Seligman Group.

Seligman Asset Allocation Aggressive Growth Fund
Seeks long-term capital appreciation by creating a portfolio of mutual funds
that invests in aggressive growth-oriented domestic and international equity
securities weighted toward small- and medium-capitalization companies.

Seligman Asset Allocation Growth Fund
Seeks long-term capital appreciation by creating a portfolio of mutual funds
that invests in growth-oriented domestic and international equity securities,
with a more even weighting among small-, medium- and large-capitalization
companies than Seligman Asset Allocation Aggressive Growth Fund.

Seligman Asset Allocation Moderate Growth Fund
Seeks capital appreciation by creating a portfolio of mutual funds that invests
in small-, medium- and large-capitalization domestic and international equity
securities as well as real estate securities and domestic fixed-income
securities.

Seligman Asset Allocation Balanced Fund
Seeks capital appreciation and preservation of capital with current income and
growth of income by creating a portfolio of mutual funds that invests in
medium- and large-capitalization and dividend producing domestic and
international equity securities supplemented by a larger allocation to real
estate securities as well as domestic fixed-income securities, cash and cash
equivalents than Seligman Asset Allocation Moderate Growth Fund.

SELIGMAN TARGETHorizon ETF PORTFOLIOS, INC. offers five asset-allocation mutual
funds that seek to achieve their respective investment objectives by allocating
their assets among exchange-traded funds (ETFs).

Seligman TargETFund 2045
Seeks capital appreciation until migration, and thereafter capital appreciation
consistent with a strategy of steadily decreasing emphasis on capital
appreciation and steadily increasing emphasis on capital preservation and
current income as the year 2045 approaches.

Seligman TargETFund 2035
Seeks capital appreciation until migration, and thereafter capital appreciation
consistent with a strategy of steadily decreasing emphasis on capital
appreciation and steadily increasing emphasis on capital preservation and
current income as 2035 approaches.

Seligman TargETFund 2025
Seeks capital appreciation consistent with a strategy of steadily decreasing
emphasis on capital appreciation and steadily increasing emphasis on capital
preservation and current income as the year 2025 approaches.

Seligman TargETFund 2015
Seeks capital appreciation and current income consistent with a strategy of
steadily decreasing emphasis on capital appreciation and steadily increasing
emphasis on capital preservation and current income as the year 2015 approaches.

Seligman TargETFund Core
Seeks capital appreciation and preservation of capital with current income.

Financial Highlights

The tables below are intended to help you understand the financial performance
of certain of the Fund's Classes for the periods presented. Certain information
reflects financial results for a single share of a Class that was held
throughout the periods shown. Per share amounts are calculated using average
shares outstanding during the period. Total return shows the rate that you
would have earned (or lost) on an investment in each Class, assuming you
reinvested all your dividends and capital gain distributions, if any. Total
returns do not reflect any sales charges or transaction costs on your
investment or taxes. If such charges, costs or taxes were included, total
returns would have been lower. Deloitte & Touche LLP, Independent Registered
Public Accounting Firm, has audited this information. Their report, along with
the Fund's financial statements, is included in the Fund's Annual Report, which
is available upon request.

CLASS A
- -------------------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------------------
2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $13.08 $11.67 $11.58 $10.42 $ 8.49
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.33 0.09 0.06 0.07 0.03
- -------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, options written
and foreign currency transactions (0.49) 1.80 0.09 1.16 1.93
- -------------------------------------------------------------------------------------------------------------------------
Total from investment operations (0.16) 1.89 0.15 1.23 1.96
- -------------------------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.33) (0.09) (0.06) (0.07) (0.03)
- -------------------------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain (1.15) (0.39) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Total Distributions (1.48) (0.48) (0.06) (0.07) (0.03)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $11.44 $13.08 $11.67 $11.58 $10.42
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.84)% 16.23% 1.26% 11.82%# 23.11%
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $183,449 $220,152 $223,800 $264,142 $271,692
- -------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.33% 1.33% 1.29% 1.28% 1.31%
- -------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 2.47% 0.71% 0.50% 0.66% 0.38%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 119.23% 93.45% 68.31% 43.50% 140.33%
- -------------------------------------------------------------------------------------------------------------------------

- -------------
See footnotes on page 29.

CLASS B
- ---------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------
2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- ---------------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $12.79 $11.43 $11.37 $10.25 $ 8.39
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) 0.22 (0.01) (0.03) (0.01) (0.03)
- ---------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.46) 1.76 0.09 1.13 1.89
- ---------------------------------------------------------------------------------------------------------------
Total from investment operations (0.24) 1.75 0.06 1.12 1.86
- ---------------------------------------------------------------------------------------------------------------
Less Distributions:
Dividends from net investment income (0.22)
- ---------------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income (0.01)
- ---------------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain (1.15) (0.39) -- -- --
- ---------------------------------------------------------------------------------------------------------------
Total Distributions (1.38) (0.39) -- -- --
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of year $11.17 $12.79 $11.43 $11.37 $10.25
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN (2.54)% 15.38% 0.53% 10.93%# 22.17%
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $3,784 $6,068 $9,049 $13,581 $16,312
- ---------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.08% 2.08% 2.05% 2.04% 2.07%
- ---------------------------------------------------------------------------------------------------------------
Ratio of net investment loss to average net assets 1.72% (0.04)% (0.26)% (0.10)% (0.38)%
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 119.23% 93.45% 68.31% 43.50% 140.33%
- ---------------------------------------------------------------------------------------------------------------

CLASS C
- ---------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------
2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------
PER SHARE DATA:
- ---------------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $12.80 $11.44 $11.38 $10.26 $ 8.39
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) 0.22 (0.01) (0.03) (0.01) (0.03)
- ---------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.46) 1.76 0.09 1.13 1.90
- ---------------------------------------------------------------------------------------------------------------
Total from investment operations (0.24) 1.75 0.06 1.12 1.87
- ---------------------------------------------------------------------------------------------------------------
Less Distributions:
Dividends from net investment income (0.22) -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income (0.01) -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain (1.15) (0.39) -- -- --
- ---------------------------------------------------------------------------------------------------------------
Total Distributions (1.38) (0.39) -- -- --
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of year $11.18 $12.80 $11.44 $11.38 $10.26
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN (2.54)% 15.37% 0.53% 10.92%# 22.29%
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $3,412 $4,381 $4,674 $5,227 $6,671
- ---------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.08% 2.08% 2.05% 2.04% 2.07%
- ---------------------------------------------------------------------------------------------------------------
Ratio of net investment loss to average net assets 1.72% (0.04)% (0.26)% (0.10)% (0.38)%
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 119.23% 93.45% 68.31% 43.50% 140.33%
- ---------------------------------------------------------------------------------------------------------------

- -------------
See footnotes on page 29.

CLASS D
- -------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------
2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- -------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.79 $11.43 $11.37 $10.25 $ 8.39
- -------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) 0.22 (0.01) (0.03) (0.01) (0.03)
- -------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (0.46) 1.76 0.09 1.13 1.89
- -------------------------------------------------------------------------------------------------------
Total from investment operations (0.24) 1.75 0.06 1.12 1.86
- -------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.22) -- -- -- --
- -------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income (0.01) -- -- -- --
- -------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain (1.15) (0.39) -- -- --
- -------------------------------------------------------------------------------------------------------
Total distributions (1.38) (0.39) -- -- --
- -------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.17 $12.79 $11.43 $11.37 $10.25
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN (2.54)% 15.38% 0.53% 10.93%# 22.17%
- -------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $11,189 $13,578 $13,704 $16,370 $17,800
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.08% 2.08% 2.05% 2.04% 2.07%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets 1.72% (0.04)% (0.26)% (0.10)% (0.38)%
- -------------------------------------------------------------------------------------------------------
Portfolio turnover rate 119.23% 93.45% 68.31% 43.50% 140.33%
- -------------------------------------------------------------------------------------------------------

- -------------
See footnotes on page 29.

CLASS R
- ------------------------------------------------------------------------------------------------------
4/30/03*
YEAR ENDED DECEMBER 31, TO
----------------------------- 12/31/03
2007 2006 2005 2004 ---------
- ---------------------------------------------------------------------------------------------

PER SHARE DATA:
- ------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $13.09 $11.67 $11.58 $10.42 $ 8.66
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) 0.29 0.06 0.03 0.04 0.01
- ------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (0.49) 1.80 0.09 1.17 1.77
- ------------------------------------------------------------------------------------------------------
Total from investment operations (0.20) 1.86 0.12 1.21 1.78
- ------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.27) (0.05) (0.03) (0.05) (0.02)
- ------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income -- -- -- -- --
- ------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain (1.15) (0.39) -- -- --
- ------------------------------------------------------------------------------------------------------
Total distributions (1.42) (0.44) (0.03) (0.05) (0.02)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.47 $13.09 $11.67 $11.58 $10.42
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN (2.15)% 15.99% 1.01% 11.57%# 20.50%
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $2,133 $600 $385 $321 $2
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.58% 1.58% 1.55% 1.54% 1.58%+
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets 2.22% 0.46% 0.24% 0.40% 0.09%+
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate 119.23% 93.45% 68.31% 43.50% 140.33%o
- ------------------------------------------------------------------------------------------------------

- -------------
* Commencement of offering of shares.
+ Annualized.
o Computed at the Fund level for the year ended December 31, 2003.
# Excluding the effect of certain payments received from Seligman in 2004,
total return would have been as follows: Class A 11.79%; Class B 10.90%;
Class C 10.89%; Class D 10.90%; and Class R 11.54%.

How to Contact Us

The Fund

Write to Corporate Communications/Investor Relations Department
J. & W. Seligman & Co. Incorporated
100 Park Avenue
New York, NY 10017

Phone Toll-free in the US (800) 221-7844
Outside the US (212) 850-1864

Your Regular (Non-Retirement) Account

Write to Shareholder Service Agent/Seligman Group of Funds
Seligman Data Corp.

For investments P.O. Box 9766
into an account Providence, RI 02940-9766

For non-investment P.O. Box 9759
inquiries Providence, RI 02940-9759

For matters requiring 101 Sabin St.
overnight delivery Pawtucket, RI 02860

Phone Toll-free in the US (800) 221-2450
Outside the US (212) 682-7600

Your Retirement Account

Write to Retirement Plan Services
Seligman Data Corp.
100 Park Avenue
New York, NY 10017

Phone Toll-free (800) 445-1777

24-hour automated telephone access is available by calling (800) 622-4597 on
a touchtone telephone.
You will have instant access to price, yield, account balance, most recent
transaction, and other information.

SELIGMAN ADVISORS, INC.
an affiliate of
[LOGO] J&WS
J. & W. SELIGMAN & CO.
INCORPORATED

ESTABLISHED 1864
100 Park Avenue, New York, NY 10017

For More Information

The following information is available, without charge, upon request by calling
toll-free (800) 221-2450 in the US or (212) 682-7600 outside the US. You may
also call these numbers to request other information about the Fund or to make
shareholder inquiries.

The 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 Fund's
investments. In the Fund's Annual Report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Fund's performance during its last fiscal year. The Fund's SAI and most recent
Annual/Semi-Annual Reports are also available, free of charge, at
www.seligman.com.

Information about the Fund, including the Prospectus and SAI, can be viewed and
copied at the SEC's Public Reference Room in Washington, DC. For more
information about the operation of the Public Reference Room, call (202)
551-8090. The Prospectus, SAI, Annual/Semi- Annual Reports and other
information about the Fund are also available on the EDGAR Database on the
SEC's internet site: www.sec.gov.

Copies of this information may also be obtained, upon payment of a duplication
fee, by electronic request at the following E-mail address: publicinfo@sec.gov,
or by writing: Securities and Exchange Commission, Public Reference Section,
Washington, D.C. 20549-0102.

The website references in this Prospectus are inactive textual references and
information contained in or otherwise accessible through these websites does
not form a part of this Prospectus.

SEC File Number: 811-234

[GRAPHIC]

SUPPLEMENT DATED JULY 17, 2008 TO THE
CLASS I PROSPECTUSES
OF EACH OF THE FOLLOWING SELIGMAN FUNDS:

Class I Prospectuses, each dated February 1, 2008, for
Seligman Core Fixed Income Fund, Inc.
and Seligman TargetHorizon ETF Portfolios, Inc.

Class I Prospectuses, each dated March 3, 2008, for
Seligman Frontier Fund, Inc. and Seligman Global Fund Series, Inc.

Class I Prospectuses, each dated May 1, 2008, for
Seligman Capital Fund, Inc., Seligman Cash Management Fund, Inc.,
Seligman Common Stock Fund, Inc., Seligman Communications and Information
Fund, Inc., Seligman Growth Fund, Inc., Seligman High-Yield Fund,
Seligman Income and Growth Fund, Inc., Seligman LaSalle Real
Estate Fund Series, Inc. and Seligman Value Fund Series, Inc.
(collectively, the "Funds")

Effective immediately, the following new type of Class I investor is hereby
added to the Class I prospectuses of the Funds under the section entitled "How
to Buy Fund Shares":

(vi) any investor approved by Seligman Advisors that makes an initial, combined
investment of at least $5 million in the Class I shares of two or more Seligman
mutual funds.

Page 1

PROSPECTUS
May 1, 2008
Class I Shares

Seligman
Common Stock Fund, Inc.

Seeking Total Return Through a Combination of Capital Appreciation and Current
Income

An investment in this Fund or any other fund cannot provide a complete
investment program. The suitability of an investment in the Fund should be
considered based on the investment objectives, 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 an authorized dealer or your financial advisor to
determine if this Fund is suitable for you.

EQCS1 5/2008 CI

[LOGO]
SELIGMAN
INVESTMENTS
- --------------------------------
EXPERIENCE . INSIGHT . SOLUTIONS

Table of Contents

THE FUND

Investment Objective........................................ 1

Principal Investment Strategies............................. 1

Principal Risks............................................. 2

Portfolio Holdings.......................................... 3

Past Performance............................................ 3

Fees and Expenses........................................... 5

Management.................................................. 6

SHAREHOLDER INFORMATION

Pricing of Fund Shares...................................... 9

How to Buy Fund Shares...................................... 9

How to Exchange Shares Among the Seligman Mutual Funds...... 10

How to Sell Shares.......................................... 10

Important Policies That May Affect Your Account............. 10

Frequent Trading of Fund Shares............................. 10

Dividends and Capital Gain Distributions.................... 12

Taxes....................................................... 12

The Seligman Mutual Funds................................... 13

FINANCIAL HIGHLIGHTS.............................................. 16

HOW TO CONTACT US................................................. 17

FOR MORE INFORMATION..................................... back cover

The Fund

Investment Objective

The Fund's investment objective is total return through a combination of
capital appreciation and current income.

Principal Investment Strategies

The Fund uses the following principal investment strategies to seek its
investment objective:

Security Evaluation. The investment manager applies analytical techniques to
evaluate a broad universe of stocks based on a number of factors. The factors
may include projected earnings, earnings surprise forecasts, projected cash
flow, price momentum, historical income and balance sheet items, and other
factors.

Portfolio Construction. During the course of the security evaluation and
fundamental analysis discussed above, the investment manager assigns weightings
to the stocks being considered for investment. The investment manager considers
the risk and expected return of each individual stock as well as the overall
portfolio. The manager also evaluates exposure by sector, industry, market
capitalization and other categories.

The Fund may purchase American Depository Receipts ("ADRs"), which are publicly
traded instruments generally issued by domestic banks or trust companies that
represent a security of a foreign issuer. The Fund 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 Fund may also invest up to 10% of its assets in equity-linked securities
(each, an "ELS") as part of its overall investment strategy. An ELS is a debt
instrument whose value is based on the value of a single equity security,
basket of equity securities or an index of equity securities (each, an
"Underlying Equity"). An ELS typically provides interest income, thereby
offering a yield advantage over investing directly in an Underlying Equity.
However, the holder of an ELS may have limited or no benefit from any
appreciation in the Underlying Equity, but is exposed to downside market risk.
The Fund may purchase ELSs that trade on a securities exchange or those that
trade on the over-the-counter markets, including securities offered and sold
under Rule 144A of the Securities Act of 1933. The Fund may also purchase an
ELS in a privately negotiated transaction with the issuer of the ELS (or its
broker-dealer affiliate).

Shareholders will be provided with at least 60 days prior written notice of any
change to the "80%" investment policy described in the second paragraph under
"Principal Investment Strategies."

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

Principal Risks

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

If the Fund invests in ETFs, shareholders would bear not only the Fund's
expenses (including operating expenses and management fees), but also

similar expenses of the ETFs, and the Fund's return will therefore be lower. To
the extent the Fund invests in ETFs, the Fund is exposed to the risks
associated with the underlying investments of the ETFs and the Fund's
performance may be negatively affected if the value of those underlying
investments declines.

The Fund's investments in ELSs would subject it to the downside market risk
associated with the Underlying Equity, and to additional risks not typically
associated with investments in listed equity securities, such as liquidity
risk, credit risk of the issuer, and concentration risk. The liquidity of
unlisted ELSs is normally determined by the willingness of the issuer to make a
market in the ELS. While the Fund will seek to purchase ELSs only from issuers
that it believes to be willing to, and capable of, repurchasing the ELS at a
reasonable price, there can be no assurance that the Fund will be able to sell
any ELS at such a price or at all. This may impair the Fund's ability to enter
into other transactions at a time when doing so might be advantageous. In
addition, because ELSs are senior unsecured notes of the issuer, the Fund would
be subject to the risk that the issuer may default on its obligations under the
ELS, and the potential risk of being too concentrated in the securities
(including ELSs) of that issuer.

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

Website References

The website references in this Prospectus are inactive textual references and
information contained in or otherwise accessible through these websites does
not form a part of this Prospectus.

Portfolio Holdings

A description of the Fund's policies and procedures with respect to the
disclosure of the Fund's portfolio securities is available in the Fund's
Statement of Additional Information.

Past Performance

The performance information on the following page provides some indication of
the risks of investing in the Fund by showing how the performance of Class I
shares has varied from year to year, as well as how the performance of Class I
shares compares with two measures of performance.

The performance information on the following page is designed to assist you in
comparing the returns of the Fund with the returns of other mutual funds. How
the Fund has performed in the past (before and after taxes), however, is not
necessarily an indication of how the Fund will perform in the future.

Both the bar chart and table on the following page assume that all dividends
and capital gain distributions, if any, were reinvested. Class I shares are not
subject to any sales charges. From the Fund's inception until December 31,
2002, the investment manager, at its discretion, reimbursed certain expenses of
Class I shares. Absent such reimbursement, returns that include this period
would have been lower.

After-tax returns are calculated using the highest historical individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown, and after-tax returns shown are not relevant to
investors who hold their shares through tax-deferred arrangements, such as
401(k) plans or individual retirement accounts (IRAs). The returns after taxes
on distributions and sale of Fund shares may be greater than other returns
presented for the same periods due to tax benefits from losses realized on the
sale of Fund shares.

CLASS I ANNUAL TOTAL RETURNS - CALENDAR YEARS

[CHART]

Best quarter return: 13.13% - quarter ended 6/30/03.

Worst quarter return: (17.18)% - quarter ended 9/30/02.

CLASS I AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/07

SINCE
ONE FIVE INCEPTION
YEAR YEARS 11/30/01
- -------------------------------------------------------------------------------------

CLASS I
- -------------------------------------------------------------------------------------
Return before taxes (1.42)% 10.20% 3.15%
- -------------------------------------------------------------------------------------
Return after taxes on distributions (4.39) 9.27 2.36
- -------------------------------------------------------------------------------------
Return after taxes on distributions and sale of Fund shares 0.23 8.55 2.42
- -------------------------------------------------------------------------------------
LIPPER LARGE-CAP CORE FUNDS AVERAGE* 5.73 11.70 5.28
- -------------------------------------------------------------------------------------
S&P 500 INDEX* 5.50 12.81 6.13
- -------------------------------------------------------------------------------------

- -------------
* The S&P 500 Index and the Lipper Large-Cap Core Funds Average are unmanaged
benchmarks that assume the reinvestment of all distributions, if any. The
Lipper Large-Cap Core Funds Average does not reflect any fees, sales charges
or taxes, and the S&P 500 Index does not reflect any expenses, fees, sales
charges or taxes. The S&P 500 Index measures the performance of 500 of the
largest US companies based on market capitalization. The Lipper Large-Cap
Core Funds Average measures the performance of funds, that, by portfolio
practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) greater than 300% of the
dollar-weighted median market capitalization of the middle 1,000 securities
of the S&P SuperComposite 1500 Index ($16.0 billion as of December 31, 2007).
Large-cap core funds have more latitude in the companies in which they
invest. These funds typically have an average price-to-earnings ratio,
price-to-book ratio, and three-year sales-per-share growth value, compared to
the S&P 500 Index. Investors cannot invest directly in an average or an index.

Fees and Expenses

The table below summarizes the fees and expenses that you may pay as a
shareholder of the Fund. Annual fund operating expenses are deducted from Fund
assets and are therefore paid indirectly by you and other shareholders of the
Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
- -----------------------------------------------------------------------------------

Maximum Sales Charge (Load) on Purchases none
- -----------------------------------------------------------------------------------
Maximum Contingent Deferred Sales Charge (Load) (CDSC) on Redemptions none
- -----------------------------------------------------------------------------------

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- -----------------------------------------------------------------------------------
(as a percentage of average net assets)
- -----------------------------------------------------------------------------------
Management Fees 0.65%
- -----------------------------------------------------------------------------------
Distribution and/or Service (12b-1) Fees none
- -----------------------------------------------------------------------------------
Other Expenses 0.23%
- -----------------------------------------------------------------------------------
Total Annual Fund Operating Expenses 0.88%
- -----------------------------------------------------------------------------------

EXAMPLE

This example is intended to help you compare the costs of investing in the Fund
with the costs of investing in other mutual funds. It assumes (1) you invest
$10,000 in the Fund for each period and then sell all of your shares at the end
of that period, (2) your investment has a 5% return each year, and (3) the
Fund's total annual operating expenses (including the management fee) remain
the same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:

1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------

Class I $90 $281 $488 $1,084
----------------------------------------

MANAGEMENT FEES:
Fees paid out of Fund assets to the investment manager to compensate it for
managing the Fund.

OTHER EXPENSES:
Miscellaneous expenses of running the Fund, including such things as
shareholder account services, registration, custody, auditing and legal fees.

Management

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

The Fund pays Seligman a management fee for its services. The management fee
rate declines as the Fund's net assets increase. It is equal to an annual rate
of 0.65% of the Fund's average daily net assets on the first $1 billion of net
assets, 0.60% of the Fund's average daily net assets on the next $1 billion of
net assets and 0.55% of the Fund's average daily net assets in excess of $2
billion. For the year ended December 31, 2007, the management fee paid by the
Fund to Seligman was equal to an annual rate of 0.65% of the Fund's average
daily net assets.

PORTFOLIO MANAGEMENT

Erik J. Voss, a Managing Director of Seligman and co-head of Seligman's
Core/Growth Investment Team, is Vice President and Co-Portfolio Manager of the
Fund. In addition to his responsibilities in respect of the Fund, Mr. Voss is
Vice President and Portfolio Manager of Seligman Capital Fund, Inc. and
Seligman Growth Fund, Inc., Vice President of SPI and Portfolio Manager of its
Seligman Capital Portfolio and Co-Portfolio Manager of Seligman Common Stock
Portfolio, Vice President and Co-Portfolio Manager of Seligman Income and
Growth Fund, Inc. and Tri-Continental Corporation, and portfolio manager of one
other registered investment company. Prior to joining Seligman in 2006, Mr.
Voss was a portfolio manager at Wells Capital Management Incorporated from
January 2005 through March 2006, and prior thereto, Strong Capital Management,
Inc. from October 2000 through January 2005.

AFFILIATES OF SELIGMAN:
Seligman Advisors, Inc. (Seligman Advisors"):
The Fund's distributor; responsible for accepting orders for purchases and
sales of Fund shares.

Seligman Services, Inc.:
A limited purpose broker/dealer; acts as the broker/dealer of record for
shareholder accounts that do not have a designated broker or financial
advisor.

Seligman Data Corp. ("SDC"):
The Fund's shareholder service agent; provides shareholder account services
to the Fund at cost.

REGULATORY MATTERS

Any resolution of these matters may include the relief noted above or other
sanctions or changes in procedures. Any damages would be paid by Seligman and
not by the Seligman Funds. If the NYAG obtains injunctive relief, Seligman and
its affiliates could, in the absence of the SEC in its discretion granting
exemptive relief, been joined from providing advisory and under writing
services to the Seligman Funds and other registered investment companies.

Shareholder Information

After the close of business on May 16, 2008, the Fund will offer five Classes
of shares. Only Class I shares are offered by this Prospectus. The Fund's Board
of Directors believes that no conflict of interest currently exists among the
Fund's Classes of shares. On an ongoing basis, the Directors, in the exercise
of their fiduciary duties under the Investment Company Act of 1940 and
applicable state law, will seek to ensure that no such conflict arises.

Pricing of Fund Shares

When you buy or sell shares, you do so at the Class's net asset value ("NAV")
next calculated after Seligman Advisors or SDC, as the case may be, accepts
your request. However, in some cases, the Fund has authorized certain financial
intermediaries (and other persons designated by such financial intermediaries)
to receive purchase and redemption orders on behalf of the Fund. In such
instances, customer orders will be priced at the Class's NAV next calculated
after the authorized financial intermediary (or other persons designated by
such financial intermediary) receives the request. However, Seligman Advisors
may reject any request to purchase shares under the circumstances discussed
later under the captions "Important Policies That May Affect Your Account" and
"Frequent Trading of Fund Shares." Authorized financial intermediaries or their
designees are responsible for forwarding your order in a timely manner.

NAV: Computed separately for each Class by dividing that Class's share of the
net assets of the Fund (i.e., its assets less liabilities) by the total
number of outstanding shares of the Class.

The NAV of the Fund's shares is determined each day, Monday through Friday, on
days that the NYSE is open for trading.

How to Buy Fund Shares

Class I shares are not subject to any initial or contingent deferred sales
charges or distribution expenses. This Class, however, is only offered to
certain types of investors. Class I shares may be purchased only by (i) a
"qualified tuition program" (within the meaning of Section 529 of the Internal
Revenue Code) approved by Seligman Advisors,

(ii) certain qualified employee benefit plans offered to employees of Seligman
and its affiliates and SDC, (iii) any qualified or non-qualified employee
benefit plan or arrangement ("Benefit Plan") with over $200 million in assets
that is approved by Seligman Advisors, (iv) with respect to a specific Seligman
fund in the Seligman Group of Funds, any Benefit Plan or other investor that
makes an initial investment of $3,000,000 or more in Class I shares of that
Seligman fund and (v) any Benefit Plan with at least $25 million in assets
purchasing Class I shares through a financial intermediary that has been
authorized by Seligman Advisors to offer Class I shares pursuant to a written
agreement. Each eligible investor is required to have a single account and
trade electronically with SDC either through the electronic trading platform
operated by the National Securities Clearing Corporation (NSCC) or other
electronic means acceptable to SDC. Benefit Plans that have the same sponsor
(or sponsors affiliated with one another) ("Affiliated Benefit Plans") may
aggregate their investments for determining eligibility to invest in Class I
shares. However, any Benefit Plan not otherwise eligible on its own to invest
in Class I shares must place orders for shares of a Seligman fund through a
single account maintained for the benefit of its Affiliated Benefit Plans.

To make your initial investment in the Fund, an account must be established
with SDC.

How to Exchange Shares Among the Seligman Mutual Funds

You may sell Fund shares to buy shares of the same class of another Seligman
mutual fund, or you may sell shares of another Seligman mutual fund to buy Fund
shares. Class I shares may not be offered by every Seligman mutual fund. Please
consult the relevant fund's current prospectus to determine if it offers Class
I shares. Exchanges will be made at each fund's respective NAV. Exchanges
generally must be requested in writing and received by Seligman Advisors or SDC
by 4:00 p.m. Eastern time to receive that day's NAV.

How to Sell Shares

Shares of the Fund can be redeemed in the same manner that shares can be
purchased, as described under the heading "How to Buy Fund Shares." SDC will
send proceeds from a sale by means agreed on between each institutional
shareholder and SDC. Sales handled by an authorized dealer or financial advisor
generally must follow the same procedure. The Fund does not charge any fees or
expenses for a sale handled by an authorized dealer or financial advisor, but
the dealer or financial advisor may charge a service fee. SDC may require
additional documents to sell Fund shares. Under unusual circumstances, the Fund
may suspend redemptions, or postpone payment for more than seven days, as
permitted by federal securities law.

Important Policies That May Affect Your Account

To protect you and other shareholders, the Fund reserves the right to:

.. Refuse any request to buy Fund shares;

.. Reject any request received by telephone;

.. Close your account if it does not have a certified taxpayer identification
number (this is your social security number for individuals);

.. Request additional information or close your account to the extent required
or permitted by applicable law or regulations, including those relating to
the prevention of money laundering; and

.. Close your account if your account remains below $250,000 for a period of at
least six months.

Frequent Trading of Fund Shares

frequent trading that may be disruptive to the management of the Fund's
portfolio. If the Fund, Seligman Advisors (the Fund's distributor) or SDC (the
Fund's shareholder service agent) (referred to collectively below as the
"Seligman Entities") determine that you have exchanged more than twice to and
from the Fund in any three-month period, you will not be permitted to engage in
further exchange activity in the Fund for 90 days. The Seligman Entities may
under certain circumstances also refuse initial or additional purchases of Fund
shares by any person for any reason, including if that person is believed to be
engaging, or suspected of engaging, in trading of fund shares in excess of the
guidelines noted above (excluding purchases via a direct deposit through an
automatic payroll deduction program or purchases by the funds of Seligman Asset
Allocation Series, Inc. in the ordinary course of implementing their asset
allocation strategies). In addition, the Seligman Entities may under certain
circumstances refuse to accept exchange requests for accounts of any person
that has had a previous pattern (even if involving a different fund in the
Seligman Group) of trading in excess of the guidelines noted above.
Furthermore, if you purchase shares of the Fund through a financial
intermediary, your ability to purchase or exchange shares of the Fund could be
limited if your account is associated with a person (e.g., broker or financial
advisor) previously identified by the Seligman Entities as engaging in trading
activity in excess of the guidelines noted above. The Fund's policies do not
permit exceptions to be granted, and the policies are, to the extent possible,
applied uniformly to all accounts where beneficial ownership has been
ascertained.

Dividends and Capital Gain Distributions

The Fund generally pays any dividends from its net investment income quarterly
and distributes any net capital gains realized on investments annually.

DIVIDEND:
A payment by a mutual fund, usually derived from the fund's net investment
income (dividends and interest earned on portfolio securities less expenses).

CAPITAL GAIN DISTRIBUTION:
A payment to mutual fund shareholders which represents profits realized on
the sale of securities in a fund's portfolio.

EX-DIVIDEND DATE:
The day on which any declared distributions (dividends or capital gains) are
deducted from a fund's assets before it calculates its NAV.

Institutional shareholders such as tax-deferred retirement plans and qualified
tuition programs generally will have dividend and capital gain distributions
reinvested in additional Fund shares. Other institutional shareholders may
elect to:

(1)reinvest both dividends and capital gain distributions;

(2)receive dividends in cash and reinvest capital gain distributions; or

(3)receive both dividends and capital gain distributions in cash.

If you want to change your election, you may send written instructions to SDC
at P.O. Box 9759, Providence, RI 02940-9759, or, an authorized dealer or
financial advisor may call SDC. Your request must be received by SDC before the
record date to be effective for that dividend or capital gain distribution.

Dividends or capital gain distributions that are not reinvested will be sent by
means agreed on between SDC and each shareholder. Such distributions can be
sent by check or by wire transfer, or, if you have current ACH bank information
on file, directly deposited into a predesignated bank account, typically within
2 business days from the payable date.

Dividends and capital gain distributions are reinvested to buy additional Fund
shares on the payable date using the NAV of the ex-dividend date.

Taxes

The tax treatment of dividends and capital gain distributions is the same
whether you take them in cash or reinvest them to buy additional Fund shares.
Dividends paid by the Fund, other than "qualified dividend income," are
generally taxable to you as ordinary income. Tax-deferred retirement plans and
qualified tuition programs are not taxed currently on dividends or capital gain
distributions or on gains resulting from the sale or exchange of Fund shares.

You may be taxed at different rates on capital gains distributed by the Fund
depending on the length of time the Fund holds its assets.

An exchange of Fund shares is a sale and may result in a gain or loss for
federal income tax purposes.

For further information, please see the Fund's Statement of Additional
Information under the section entitled "Taxation of the Fund."

The Seligman Mutual Funds

EQUITY
- --------------------------------------------------------------------------------

SPECIALTY
- --------------------------------------------------------------------------------

Seligman Communications and Information Fund+
Seeks capital appreciation by investing in companies operating in the
communications, information and related industries.

Seligman Emerging Markets Fund+
Seeks long-term capital appreciation by investing primarily in equity
securities of companies in emerging markets.

Seligman Global Technology Fund
Seeks long-term capital appreciation by investing primarily in global
securities (US and non-US) of companies in the technology and
technology-related industries.

SMALL COMPANY
- --------------------------------------------------------------------------------

Seligman Frontier Fund+
Seeks growth of capital by investing primarily in small company growth stocks.

Seligman Global Smaller Companies Fund+
Seeks long-term capital appreciation by investing in securities of smaller
companies around the world, including the US.

Seligman Smaller Cap Value Fund+
Seeks long-term capital appreciation by investing in common stocks of smaller
companies, deemed to be "value" companies by the investment manager.

MEDIUM COMPANY
- --------------------------------------------------------------------------------

Seligman Capital Fund+
Seeks capital appreciation by investing in the common stocks of medium-sized
companies.

LARGE COMPANY
- --------------------------------------------------------------------------------

Seligman Common Stock Fund+
Seeks total return through a combination of capital appreciation and current
income.

Seligman Global Growth Fund+
Seeks capital appreciation by investing primarily in equity securities of
companies that have the potential to benefit from global economic or social
trends.

Seligman Growth Fund+
Seeks long-term capital appreciation.

Seligman International Growth Fund+
Seeks long-term capital appreciation by generally investing in securities of
large- and mid-capitalization growth companies in international markets.

Seligman Large-Cap Value Fund+
Seeks long-term capital appreciation by investing in common stocks of large
companies, deemed to be "value" companies by the investment manager.

BALANCED
- --------------------------------------------------------------------------------

Seligman Income and Growth Fund+
Seeks total return through a combination of capital appreciation and income
consistent with what is believed to be a prudent allocation between equity and
fixed-income securities.

REAL ESTATE SECURITIES
- --------------------------------------------------------------------------------

Seligman LaSalle Global Real Estate Fund+
Seeks total return through a combination of current income and long-term
capital appreciation by

- -------------
+ Offers Class I shares.

investing in equity and equity-related securities issued by global real estate
companies, such as US real estate investment trusts (REITs) and similar
entities outside the US.

Seligman LaSalle Monthly Dividend Real Estate Fund+
Seeks to produce a high level of current income with capital appreciation as a
secondary objective by investing in equity and equity-related securities issued
by real estate companies, such as real estate investment trusts (REITs).

FIXED-INCOME
- --------------------------------------------------------------------------------

INCOME
- --------------------------------------------------------------------------------

Seligman High-Yield Fund+
Seeks a high level of current income and may also consider the potential for
capital appreciation consistent with prudent investment management. The Fund
invests primarily in non-investment grade, high-yield securities.

Seligman Core Fixed Income Fund+
Seeks to produce a high level of current income consistent with prudent
exposure to risk. Capital appreciation is a secondary objective. The Fund
invests a significant portion of its assets in investment grade fixed-income
securities.

MUNICIPAL
- --------------------------------------------------------------------------------

Seligman Municipal Funds:

National Fund
Seeks maximum income, exempt from regular federal income taxes.

State-specific funds:*
Seek to maximize income exempt from regular federal income taxes and from
regular income taxes in the designated state.

California Louisiana New Jersey
.. High-Yield Maryland New York
.. Quality Massachusetts North Carolina
Colorado Michigan Ohio
Florida Minnesota Oregon
Georgia Missouri Pennsylvania
South Carolina

* A small portion of income may be subject to state and local taxes.

MONEY MARKET
- --------------------------------------------------------------------------------

Seligman Cash Management Fund+
Seeks to preserve capital and to maximize liquidity and current income by
investing only in high- quality money market securities. The fund seeks to
maintain a constant net asset value of $1.00 per share.

ASSET ALLOCATION
- --------------------------------------------------------------------------------
SELIGMAN ASSET ALLOCATION SERIES, INC. offers four different asset allocation
funds that pursue their investment objectives by allocating their assets among
other mutual funds in the Seligman Group.

Seligman Asset Allocation Growth Fund
Seeks long-term capital appreciation by creating a portfolio of mutual funds
that invests in growth-oriented domestic and international equity secu-

- -------------
+ Offers Class I shares.

rities, with a more even weighting among small-, medium- and
large-capitalization companies than Seligman Asset Allocation Aggressive Growth
Fund.

Seligman TargETFund 2045+
Seeks capital appreciation until migration, and thereafter capital appreciation
consistent with a strategy of steadily decreasing emphasis on capital
appreciation and steadily increasing emphasis on capital preservation and
current income as the year 2045 approaches.

Seligman TargETFund 2035+
Seeks capital appreciation until migration, and thereafter capital appreciation
consistent with a strategy of steadily decreasing emphasis on capital
appreciation and steadily increasing emphasis on capital preservation and
current income as 2035 approaches.

Seligman TargETFund 2025+
Seeks capital appreciation consistent with a strategy of steadily decreasing
emphasis on capital appreciation and steadily increasing emphasis on capital
preservation and current income as the year 2025 approaches.

Seligman TargETFund 2015+
Seeks capital appreciation and current income consistent with a strategy of
steadily decreasing emphasis on capital appreciation and steadily increasing
emphasis on capital preservation and current income as the year 2015 approaches.

Seligman TargETFund Core+
Seeks capital appreciation and preservation of capital with current income.

- -------------
+ Offers Class I shares.

Financial Highlights

The table below is intended to help you understand the financial performance of
the Fund's Class I shares for the five years presented. Certain information
reflects financial results for a single share of Class I shares held throughout
the periods shown. Per share amounts are calculated using average shares
outstanding during the period. Total return shows the rate that you would have
earned (or lost) on an investment in the Fund, assuming you reinvested all your
dividends and capital gain distributions, if any. Total returns do not reflect
any transaction costs on your investment or taxes. If such costs or taxes were
reflected, total returns would have been lower. Deloitte & Touche LLP,
Independent Registered Public Accounting Firm, has audited this information.
Their report, along with the Fund's financial statements, is included in the
Fund's Annual Report, which is available upon request.

CLASS I
- ------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------
2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- ------------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $13.16 $11.71 $11.61 $10.44 $ 8.49
- ------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.39 0.14 0.10 0.11 0.07
- ------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.49) 1.81 0.10 1.17 1.94
- ------------------------------------------------------------------------------------------------------------
Total from investment operations (0.10) 1.95 0.20 1.28 2.01
- ------------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.38) (0.11) (0.10) (0.11) (0.06)
- ------------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain (1.15) (0.39) -- -- --
- ------------------------------------------------------------------------------------------------------------
Total Distributions (1.53) (0.50) (0.10) (0.11) (0.06)
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of year $11.53 $13.16 $11.71 $11.61 $10.44
- ------------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.42)% 16.74% 1.69% 12.23%# 23.72%
- ------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $6,818 $5,923 $4,134 $4,005 $3,265
- ------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.88% 0.91% 0.93% 0.90% 0.98%
- ------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 2.92% 1.13% 0.86% 1.04% 0.71%
- ------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 119.23% 93.45% 68.31% 43.50% 140.33%
- ------------------------------------------------------------------------------------------------------------

- -------------
# Excluding the effect of the payment received from Seligman, total return
would have been 12.20%.

How to Contact Us

The Fund

Write Corporate Communications/Investor Relations Department
J. & W. Seligman & Co. Incorporated
100 Park Avenue
New York, NY 10017

Phone Toll-free in the US (800) 221-7844
Outside the US (212) 850-1864

Account Services

Write Shareholder Service Agent/Seligman Group of Funds
Seligman Data Corp.

For investments P.O. Box 9766
into an account Providence, RI 02940-9766

For non-investment P.O. Box 9759
inquiries Providence, RI 02940-9759

For matters requiring 101 Sabin St.
overnight delivery Pawtucket, RI 02860

Phone Non-Retirement Accounts
Toll-free in the US (800) 221-2450
Outside the US (212) 682-7600

Retirement Plan Services
Toll-free (800) 445-1777

24-hour automated telephone access is available by calling (800) 622-4597 on a
touchtone telephone. You will have instant access to price, yield, account
balance, most recent transaction, and other information.

SELIGMAN ADVISORS, INC.
an affiliate of
[LOGO] J&WS
J. & W. SELIGMAN & CO.
INCORPORATED

ESTABLISHED 1864
100 Park Avenue, New York, NY 10017

For More Information

The information below is available, without charge, upon request by calling
toll-free (800) 221-2450 in the US or (212) 682-7600 outside the US. You may
also call these numbers to request other information about the Fund or to make
shareholder inquiries.

This Prospectus is intended for use in connection with certain tax-deferred
investment programs and other investors.

Information about the Fund, including the Prospectus and SAI, can be viewed and
copied at the SEC's Public Reference Room in Washington, DC. For more
information about the operation of the Public Reference Room, call (202)
551-8090. The Prospectus, SAI, Annual/Semi-Annual reports and other information
about the Fund are also available on the EDGAR Database on the SEC's internet
site: www.sec.gov.

The website references in this Prospectus are inactive textual references and
information contained in or otherwise accessible through these websites does
not form a part of this Prospectus.

SEC File Number: 811-234