Supplement, dated March 25, 2009
to the Prospectuses, dated February 2, 2009, for
Seligman Core Fixed Income Fund, Inc.
(the "Fund")

Effective immediately, Jamie Jackson no longer serves as a portfolio manager for
the Fund. The information under the sub-caption "Portfolio Manager(s)" under the
caption "Management" on pages 10-11 of each Prospectus is superseded and
replaced with the following information:

Portfolio Manager(s). The portfolio managers responsible for the day-to-day
management of the Fund are:

Tom Murphy, CFA, Portfolio Manager

.. Leader of the investment grade corporate bond sector team.

.. Joined RiverSource Investments in 2002.

.. Managing Director and Portfolio Manager, BlackRock Financial Management,
2002; various positions, Zurich Scudder, 1992 to 2002.

.. Began investment career in 1986.

.. MBA, University of Michigan.

Scott Schroepfer, CFA, Portfolio Manager

.. Member of the high yield corporate sector team.

.. Joined RiverSource Investments in 1990.

.. Began investment career in 1986.

.. MBA, University of Minnesota.

Todd White, Portfolio Manager

.. Managed the Fund since 2008.

.. Leader of the liquid assets sector team.

.. Joined RiverSource Investments in 2008.

.. Managing Director, Global Head of the Asset-Backed and Mortgage-Backed
Securities businesses, and North American Head of the Interest Rate
business, HSBC, 2004 to 2008; Managing Director and Head of Business for
Mortgage Pass-Through and Options, Lehman Brothers, 2000 to 2004.

.. Began investment career in 1986.

.. BS, Indiana University.

The fixed income department of RiverSource Investments is divided into six
specialized teams (sector teams), each focused on a specific sector of the fixed
income market: leveraged debt group, liquid assets, high yield fixed income,
investment grade credit, municipal bonds, and global fixed income. Each sector
team includes a portfolio manager or portfolio managers and several analysts
that select securities and other fixed income instruments within the sector. The
Fund's portfolio managers lead or are members of one of these sector teams and
also serve on a strategy committee responsible for implementation of the Fund's
overall investment strategy, including determination of the Fund's sector
allocation and portfolio duration.

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 each Portfolio Manager and each Portfolio
Manager's ownership of securities of the Fund.

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 MARCH 3, 2009 TO THE PROSPECTUSES
(EXCLUDING THE CLASS I PROSPECTUSES)
OF EACH OF THE FOLLOWING FUNDS:

Prospectuses, each dated February 2, 2009, for
Seligman Municipal Fund Series, Inc., Seligman Municipal Series Trust, Seligman
New
Jersey Municipal Fund, Inc., Seligman Pennsylvania Municipal Fund Series,
Seligman Core Fixed Income Fund, Inc. and Seligman TargetHorizon ETF
Portfolios, Inc.

Prospectuses, each dated May 1, 2008, for
Seligman Asset Allocation Series, Inc., Seligman High Yield Fund,
Seligman Income and Growth Fund, Inc. and Seligman U.S. Government Securities
Fund

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

The section entitled "Check Redemption Service" under "Shareholder Information
- -- How to Sell Shares" in the Prospectus of each Fund is hereby superseded and
replaced with the following information:

Check Redemption Service. The Check Redemption Service is being terminated.
Effective March 6, 2009, the Fund will not establish the Check Redemption
Service for any Fund accounts. For Fund accounts currently utilizing the Check
Redemption Service, this service will be terminated effective May 1, 2009.
Seligman Data Corp. (SDC) will continue to honor check redemptions provided
that SDC receives the intermediary's request for payment on or before April 30,
2009. After April 30, 2009, SDC will reject an intermediary's request for
payment. Neither SDC nor the Fund(s) can guarantee that SDC will receive the
request for payment on any checks you write against your Fund account by
April 30, 2009. Please note that if you own Class A shares that were bought at
net asset value (NAV) because of the size of your purchase, or if you own Class
B shares, check redemptions may be subject to a contingent deferred sales
charge (CDSC). If you own Class C or Class R shares, you may use this service
only with respect to shares that you have held for at least one year.

PROSPECTUS
February 2, 2009
Seligman
Core Fixed Income Fund, Inc.

Seeking a High Level of Current Income Consistent with Prudent Exposure to Risk
and, Secondly, Capital Appreciation.

As with all mutual funds, the Securities and Exchange Commission has neither
approved nor disapproved the 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
evaluated 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.

Not FDIC Insured [_] May Lose Value [_] No Bank Guarantee

SCFIF1 2/2009

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

Table of Contents

THE FUND

Investment Objectives....................................... 1

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

Principal Risks............................................. 4

Website References.......................................... 7

Portfolio Holdings.......................................... 7

Past Performance............................................ 7

Fees and Expenses........................................... 9

Management.................................................. 10

SHAREHOLDER INFORMATION

Deciding Which Class of Shares to Buy....................... 13

Pricing of Fund Shares...................................... 18

Opening Your Account........................................ 18

How to Buy Additional Shares................................ 19

How to Exchange Shares Among the Seligman Mutual Funds...... 20

How to Sell Shares.......................................... 20

Important Policies That May Affect Your Account............. 22

Frequent Trading of Fund Shares............................. 24

Dividends and Capital Gain Distributions.................... 25

Taxes....................................................... 26

The Seligman Mutual Funds................................... 27

Other Information........................................... 30

FINANCIAL HIGHLIGHTS.............................................. 33

HOW TO CONTACT US................................................. 37

FOR MORE INFORMATION. back cover

Effective November 7, 2008, RiverSource Investments, LLC ("RiverSource
Investments"), investment manager to the RiverSource complex of funds, and a
wholly owned subsidiary of Ameriprise Financial, Inc. ("Ameriprise Financial"),
completed 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 RiverSource
Investments and the Fund, RiverSource Investments became the new investment
manager of the Fund effective, November 7, 2008.

RiverSource Complex of Funds

The RiverSource complex of funds includes a comprehensive array of funds from
RiverSource Investments, including the Seligman funds. RiverSource Investments
has also partnered with a number of professional investment managers, including
its affiliate, Threadneedle Investments, to expand the array of funds offered
in the RiverSource complex. Although the Seligman funds share the same Board of
Directors/Trustees, as the RiverSource funds (the "Board") they do not
currently have the same policies and procedures, and may not be exchanged for
shares of the RiverSource funds, RiverSource Partners funds or Threadneedle
funds. For example, for purposes of calculating the initial sales charge on the
purchase of Class A shares of a Seligman fund, for rights of accumulation
purposes, an investor or financial advisor may not include the market value of
any RiverSource funds, RiverSource Partners funds or Threadneedle funds in this
calculation. Please see the Statement of Additional Information (SAI) for a
complete list of mutual funds included in the RiverSource complex of funds.

The Fund

Proposed Merger of the Fund

On January 8, 2009, the Board of Directors approved in principle the merger of
the Fund into RiverSource Diversified Bond Fund (the "RiverSource Fund"), a
fund that seeks to provide shareholders with a high level of current income
while conserving the value of the investment for the longest period of time.
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 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.

Investment Objectives

The Fund seeks to produce a high level of current income consistent with
prudent exposure to risk. Capital appreciation is a secondary objective.

Principal Investment Strategies

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

The Fund will invest at least 80% of its net assets in fixed-income securities.
Under normal market conditions, the Fund intends to maintain at least 70% of
its net assets in investment grade fixed-income securities ("Investment Grade
Securities") and may invest up to 30% of its net assets in non-investment
grade, high-yield securities ("High-Yield Securities"). The proportion of the
Fund's assets invested in each type of security will vary from time to time
based on the investment manager's assessment of general market and economic
conditions.

The Fund may invest in securities of any duration. The Fund does not have any
portfolio maturation limitations on its investments and, therefore, may invest
in securities with short, medium or long maturities. However, the Fund expects
to maintain an effective dollar-weighted average maturity of ten years or less
on its portfolio of fixed-income securities. Although the Fund expects the
maturity of its portfolio of fixed-income securities to be within the above
limit, the Fund is not restricted to such limit.

DURATION

Duration is the average amount of time that it takes to receive the interest
and principal of a bond or portfolio of bonds. The duration formula is based
on a formula that calculates the weighted average of the cash flows (interest
and principal payments) of the bond or portfolio of bonds, discounted to
present time. Duration is used to judge expected price sensitivities to
changes in interest rates.

MATURITY

The stated maturity of a bond is the date when the issuer must repay the
bond's entire principal value to an investor, such as the Fund. A bond's
effective maturity takes into account the possibility that the issuer of the
bond will repay the bond before its stated maturity date.

The Fund will invest its net assets primarily in US dollar-denominated
fixed-income securities of US issuers. However, the Fund may also invest in US
dollar-denominated fixed-income securities of foreign issuers, including
foreign governments or their agencies or instrumentalities, foreign banks and
foreign corporations. The Fund may also invest up to 20% of its net assets in
non-US dollar-denominated fixed-income securities of US or foreign issuers.

The Fund's investment limitations and credit ratings restrictions (e.g., those
of Fitch Ratings ("Fitch"), Moody's Investors Service ("Moody's") and
Standard & Poor's Ratings Services ("S&P")) will apply at the time securities
are purchased. The Fund is not required to sell a security if it no longer
complies with these limitations or restrictions as a result of a change in
rating or other event.

INVESTMENT GRADE SECURITIES

Investment Grade Securities are those rated within the four highest rating
categories by Moody's or S&P, or, if unrated, deemed by the Fund's investment
manager to be of comparable quality.

HIGH-YIELD SECURITIES

High-Yield Securities (many of which are commonly known as "junk bonds") carry
non-investment grade ratings (Ba or below by Moody's or BB or below by Fitch or
S&P) or are securities deemed to be below investment grade by the Fund's
investment manager. Although High-Yield Securities have the potential to offer
higher yields than higher rated fixed-income securities with similar
maturities, High-Yield Securities are subject to greater risk of loss of
principal and interest than higher rated Investment Grade Securities.

INVESTMENTS IN INVESTMENT GRADE SECURITIES AND HIGH-YIELD SECURITIES

The Fund may invest in all types of Investment Grade Securities and High-Yield
Securities, including, but not limited to:

.. Senior and subordinated corporate debt obligations of both US and non-US
issuers (including, for example, debentures, loan participations and
floating rate notes);

.. Mortgage-backed and other asset-backed securities (mortgage-backed
securities include collateralized mortgage obligations, mortgage
pass-through securities and stripped mortgage-backed securities);

.. Convertible securities, preferred stock, capital securities, structured
securities and loan participations of US and non-US issuers;

.. Obligations of non-US governments and their agencies, and non-US private
institutions;

.. Municipal securities;

.. Repurchase agreements;

.. Capital appreciation bonds, including zero-coupon (interest payments accrue
until maturity) and pay-in-kind securities (interest payments are made in
additional securities);

.. Restricted securities that may be offered and sold only to "qualified
institutional buyers" under Rule 144A of the Securities Act of 1933 ("Rule
144A Securities"); and

.. Eurodollar bonds.

Investment Grade Securities also include, but are not limited to:

.. Obligations issued or guaranteed by the US Government or its agencies or
instrumentalities;

.. Obligations of government sponsored enterprises (GSEs) (e.g., the Federal
Home Loan Mortgage Corporation (Freddie Mac) and the Federal National
Mortgage Association (Fannie Mae));

.. Income-producing cash equivalents (e.g., certificates of deposit, commercial
paper, discount notes and treasury bills); and

.. Other securities deemed by the investment manager to be of investment grade
quality.

High-Yield Securities also include, but are not limited to:

.. Securities that are rated in default by a nationally recognized statistical
rating organization;

.. Warrants, rights and other equity securities that are acquired in connection
with the Fund's investments in High-Yield Securities; and

.. Other securities deemed by the investment manager to be of non-investment
grade quality.

INVESTMENT PROCESS

Investment Grade Securities. In pursuit of the Fund's objective, the investment
manager (RiverSource Investments) chooses Investment Grade Securities by:

.. Evaluating the Investment Grade Securities portion of the portfolio's
exposure to sectors, industries and securities relative to the Barclays
Capital Aggregate Bond Index (the "Index").

.. Analyzing factors such as credit quality, interest rate outlook and price in
seeking to select the most attractive securities within each sector.

.. Targeting an average portfolio duration within one year of the duration of
the Index which, as of September 30, 2008 was 4.47 years.

In evaluating whether to sell an Investment Grade Security, the investment
manager considers, among other factors:

.. Identification of more attractive investments based on relative value.

.. The portfolio's total exposure to sectors, industries and securities
relative to the Index.

.. Whether a security's rating has changed or is vulnerable to a change.

.. Whether a sector or industry is experiencing change.

.. Changes in the interest rate or economic outlook.

High-Yield Securities. In pursuit of the Fund's objective, the investment
manager chooses High-Yield Securities by:

.. Reviewing interest rate and economic forecasts.

.. Reviewing credit characteristics and capital structures of companies,
including an evaluation of any outstanding bank loans or corporate debt
securities a company has issued, its relative position in its industry, and
its management team's capabilities.

.. Identifying companies that:

. have medium and low quality ratings or, in the investment manager's
opinion, have similar qualities to companies with medium or low quality
ratings, even though they are not rated, or have been given a different
rating by a rating agency,

. have growth potential, or

. have the potential to increase in value as their credit ratings improve.

.. Buying debt instruments that are expected to outperform other debt
instruments.

In evaluating whether to sell High-Yield Securities, the investment manager
considers, among other factors, whether:

.. The interest rate or economic outlook changes.

.. A sector or industry is experiencing change.

.. A security's rating is changed.

.. The security is overvalued relative to alternative investments.

.. The company no longer meets the investment manager's performance
expectations.

.. The investment manager wishes to lock in profits.

.. The investment manager identifies a more attractive opportunity.

.. The issuer or the security continues to meet the other standards described
above.

OTHER STRATEGIES

The Fund may invest up to 15% of its net assets in illiquid securities (i.e.,
securities that cannot be readily sold within seven days at approximately the
Fund's value of the securities) including funding agreements issued by domestic
insurance companies. Rule 144A Securities deemed to be liquid by the Fund's
investment manager are not included in this limitation. The Fund may purchase
securities on a when-issued or forward commitment basis (delivery of securities
and payment of the purchase price takes place after the commitment to purchase
the securities).

The 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 investment strategies in seeking to minimize
extreme volatility caused by adverse

market, economic, political or other conditions. This could prevent the Fund
from achieving its 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
under "Principal Investment Strategies."

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

Principal Risks

The Fund's net asset value, yield and total return will fluctuate with changes
in the yield and market value of the securities held by the Fund. 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 principal
factors that may affect the value of the Fund's securities holdings are: (i)
changes in interest rates, (ii) the creditworthiness of the issuers of
securities held by the Fund, (iii) unanticipated prepayment, and (iv) the
decline of the bond market.

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 by
the Fund's investment manager 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.

Active Management Risk. The Fund is actively managed and its performance
therefore will reflect in part the ability of the portfolio managers to select
securities and to make investment decisions that are suited to achieving the
Fund's investment objectives. Due to their active management, the Fund could
underperform other mutual funds with similar investment objectives.

Interest-Rate Risk. Changes in market interest rates will affect the value of
securities held by the Fund. Generally, the market value of fixed-income
securities moves in the opposite direction of interest rates; the market value
decreases when interest rates rise and increases when interest rates fall. The
Fund's net asset value per share generally moves in the same direction as the
market value of the securities that it holds. Therefore, if interest rates
rise, you should expect the Fund's net asset value per share to fall.

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

Credit Risk. A fixed-income security could deteriorate in quality to such an
extent that its rating is downgraded or its market value declines relative to
comparable securities. Credit risk also includes the risk that an issuer of a
fixed-income security would not be able to make interest and/or principal
payments. If the Fund holds securities that have been downgraded, or that
default on payment, its performance could be negatively affected.

While the Fund will invest a significant portion of its net assets in
Investment Grade Securities, there is no guarantee that these securities are
free from credit risk. Ratings by Fitch, Moody's and S&P are generally accepted
measures of credit risk. However, these ratings have limitations. The rating of
an issuer is based heavily on past developments and does not necessarily
reflect probable future conditions. Frequently there is a lag between a change
in an issuer's circumstances and the time its rating is updated. In addition,
there may be varying degrees of difference in credit risk of securities within
each rating category.

Securities backed only by the credit of the US federal agency or
instrumentality or government sponsored enterprise that issued the security may

have increased credit risk, including, but not limited to, the risk of
non-payment of principal and/or interest. Some of these securities are
supported by the credit of the government sponsored enterprise itself and the
discretionary authority of the US Treasury to purchase the enterprise's
obligations (e.g., securities of the Federal National Mortgage Association,
Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank). Others
are supported only by the credit of the government sponsored enterprise itself
(e.g., the Federal Farm Credit Bank). There is no assurance that the US
government will provide financial support to government sponsored enterprises
that are not supported by the full faith and credit of the US government.

The Fund invests a significant portion of its assets in securities of issuers
that hold mortgage and asset backed securities and direct investments in
securities backed by commercial and residential mortgage loans and other
financial assets. The value and related income of these securities is sensitive
to changes in economic conditions, including delinquencies and/or defaults.
Shifts in the market's perception of credit quality on securities backed by
commercial and residential mortgage loans and other financial assets may result
in increased volatility of market price and periods of illiquidity that can
negatively impact the valuation of certain issuers held by the Fund.

Prepayment Risk. During periods of falling interest rates, issuers of an
obligation held by the Fund may prepay or call securities with higher coupons
or interest rates before their maturity dates. If this occurs, the Fund could
lose potential price appreciation and could be forced to reinvest the
unanticipated proceeds at lower interest rates, resulting in a decline in the
Fund's income.

Mortgage-backed securities in which the Fund invests may benefit less than
other fixed-income securities from declining interest rates because of the risk
of prepayment. Mortgage prepayments generally increase during a period of
declining interest rates. Prepayments increase the cash amounts available to
the Fund for investment and these amounts would have to be reinvested at lower
interest rates. In addition, prepayments on underlying mortgages result in a
loss of anticipated interest, and, therefore, the actual yield to the Fund may
be different from the quoted yield on the securities. As a result, when
interest rates are declining, the market value and total return of
mortgage-backed securities may not increase as much as other fixed-income
securities of comparable maturities, although they may have a similar risk of
decline when interest rates rise.

If an issuer repays an obligation such as a mortgage-backed security held by
the Fund more slowly than anticipated, the Fund's returns could be adversely
impacted. This could occur if an underlying mortgage pool has unusual
characteristics or because interest rates have remained too high to stimulate
repayment. In either case, the value of the obligation will decrease and the
Fund will be prevented from investing in higher-yielding securities.

Market Risk. Fixed-income securities are traded principally by dealers in the
over-the-counter market. The Fund's ability to sell securities it holds depends
on the willingness and ability of market participants to provide bids that
reflect current market levels. Adverse market conditions could reduce the
number of ready buyers. The Fund may invest a portion of its net assets in
equity securities that are acquired in connection with the Fund's investments
in High-Yield Securities, as described above. The prices of equity securities
will fluctuate. Therefore, as with any fund that invests in equity securities,
the Fund's net asset value will fluctuate.

The Fund is also subject to the following risks:

High-Yield Securities Risk. High-Yield Securities in which the Fund may invest
are generally subject to higher volatility in yield and market value than
Investment Grade Securities. High-Yield Securities have a greater risk of loss
of principal and income than higher-rated securities and are considered to be
predominantly speculative with respect to the issuer's ability to pay interest
and repay principal.

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

High-Yield Securities, like Investment Grade Securities, are traded principally
by dealers in the over-the-counter market. The market for High-Yield Securities
may be less active and less liquid than for Investment Grade Securities. Under
adverse market, economic or other conditions, the secondary market for these
High-Yield Securities could contract further, causing the Fund difficulties in
valuing and selling these securities.

Foreign Securities and Illiquid Securities Risk. Foreign securities and
illiquid securities 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, investment, expropriation and repatriation restrictions,
and custody risks.

Currency Risk. Because the Fund receives contributions in US dollars, any
investment in securities denominated in a foreign currency requires the Fund to
exchange US dollars for the currency in which the securities are denominated
when purchasing them and to exchange the foreign currency proceeds to US
dollars when the securities are sold. As a result, the Fund is exposed to risk
that the value of the US dollar may fall in relation to the value of the
foreign currency while the Fund is invested in securities denominated in that
currency.

When-Issued and Forward Commitment Risk. When the Fund purchases securities on
a when-issued or forward commitment basis, delivery and payment take place
after the date of the commitment to purchase the securities. Because the price
to be paid and the interest rate that will be received on the securities are
each fixed at the time the Fund enters into the commitment, there is a risk
that yields available in the market when delivery takes place may be higher
than the yields obtained on the securities. This would tend to reduce the value
of these securities. In addition, the market value of these securities may
fluctuate between the time the Fund commits to purchase the securities and the
time of delivery of the securities.

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

Zero-Coupon and Pay-In-Kind Risk. "Zero-coupon" and "pay-in-kind" securities
may be subject to greater fluctuations in value because they tend to be more
speculative than income-bearing securities. Fluctuations in the market prices
of these securities owned by the Fund will result in corresponding fluctuations
and volatility in the net asset value of the shares of the Fund.

Portfolio Turnover Risk. 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 and lower its yield. 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 8 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 three measures of performance.

Although the Fund's fiscal year ends on September 30, the following performance
information is provided on a calendar year basis. It 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 due to differing fees and expenses.

The Class A annual total returns presented in the bar chart 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 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 $100,000 is 4.50%. Although for all periods presented the
Fund's Class A share returns reflect the 4.50% maximum initial sales charge,
the actual returns for periods prior to January 7, 2008 would have been lower
if a 4.75% maximum initial sales charge then in effect was incurred. Effective
June 4, 2007, there is no initial sales charge on purchases of Class C shares.
Although for all periods presented 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 the table assume that all
dividends and capital gain distributions, if any, were reinvested.

Prior to November 7, 2008, the Fund was managed by J. & W. Seligman & Co.
Incorporated (Seligman). Since the Fund's inception to November 6, 2008,
Seligman contractually reimbursed Fund expenses (with certain exceptions) that
exceeded 0.50% per annum of the Fund's average daily net assets. Through at
least January 31, 2010, RiverSource Investments, the Fund's new investment
manager, has contractually agreed to waive its management fee and/or to
reimburse the Fund's expenses to the extent that the Fund's "other expenses"
(i.e., those expenses other than management fees, 12b-1 fees, interest on
borrowings, and extraordinary expenses, including litigation expenses) exceed
0.50% per annum of the Fund's average daily net assets. Absent past management
fee waiver/expense reimbursements, returns would have been lower.

After-tax returns presented in the table are for Class A shares only. After-tax
returns for Class B, Class C 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 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 A ANNUAL TOTAL RETURNS - CALENDAR YEARS

[CHART]

Best quarter return: 5.45% - quarter ended 9/30/02.

Worst quarter return: -2.76% - quarter ended 9/30/08.

AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/08

SINCE
ONE FIVE INCEPTION
YEAR YEARS 10/01/01
- ------------------------------------------------------------------------------------------

CLASS A
- ------------------------------------------------------------------------------------------
Return before taxes (7.74)% 0.63% 2.06%
- ------------------------------------------------------------------------------------------
Return after taxes on distributions (9.07) (0.69) 0.66
- ------------------------------------------------------------------------------------------
Return after taxes on distributions and sale of Fund shares (5.01) (0.21) 0.94
- ------------------------------------------------------------------------------------------
CLASS B (8.78) 0.45 1.96
- ------------------------------------------------------------------------------------------
CLASS C (5.05) 0.80 1.96
- ------------------------------------------------------------------------------------------
CLASS R (4.44) 1.35 1.48/(1)/
- ------------------------------------------------------------------------------------------
BARCLAYS CAPITAL AGGREGATE BOND INDEX 5.24 4.65 5.15
- ------------------------------------------------------------------------------------------
BARCLAYS CAPITAL U.S. UNIVERSAL INDEX 2.38 4.30 5.11
- ------------------------------------------------------------------------------------------
LIPPER INTERMEDIATE INVESTMENT-GRADE DEBT FUNDS AVERAGE (4.42) 1.74 3.03/(1)(2)/
- ------------------------------------------------------------------------------------------

- -------------
The Barclays Capital Aggregate Bond Index - formerly the Lehman Brothers
Aggregate Bond Index (the "Aggregate Bond Index"), the Barclays Capital U.S.
Universal Index (the "Universal Index") and the Lipper Intermediate
Investment-Grade Debt Funds Average ("Lipper Average") are unmanaged benchmarks
that assume the reinvestment of all distributions and changes in market prices.
The Aggregate Bond Index and Universal Index do not reflect any fees, sales
charges or taxes, and the Lipper Average does not reflect any sales charges or
taxes. The Aggregate Bond Index is made up of a representative list of
government, corporate, asset-backed and mortgage-backed securities. The
Aggregate Bond Index is frequently used as a general measure of bond market
performance. Effective November 7, 2008 RiverSource Investments has added the
Aggregate Bond Index because it believes that the such index provides a more
appropriate comparison of the Fund's investment performance. The Universal
Index measures the performance of US dollar-denominated, taxable bonds that are
rated either investment grade or below investment grade. The Lipper Average
measures the performance of mutual funds that invest at least 65% of their
assets in investment-grade debt issues rated in the top four grades with
dollar-weighted average maturities of five to ten years. Investors cannot
invest directly in an average or index.
(1)Inception date for Class R is 4/30/03. Since this date, the average annual
total return of the Aggregate Bond Index was 4.43%, the Universal Index was
4.28% and the Lipper Average was 1.92%.
(2)From 9/30/01.

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 R
- --------------------------------------------------------------------------------------------------------------------------

Total Maximum Sales Charge (Load) 4.50% 5% 1% 1%
- --------------------------------------------------------------------------------------------------------------------------
Maximum Sales Charge (Load) on Purchases (as a % of offering price) 4.50%/(2)/ none none none
- --------------------------------------------------------------------------------------------------------------------------
Maximum Contingent Deferred Sales Charge (Load) (CDSC) on Redemptions
(as a % of original purchase price or current net asset value, whichever is less) none/(2)/ 5% 1% 1%
- --------------------------------------------------------------------------------------------------------------------------

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
- --------------------------------------------------------------------------------------------------------------------------
(as a percentage of average net assets)
- --------------------------------------------------------------------------------------------------------------------------
Management Fees 0.50% 0.50% 0.50% 0.50%
- --------------------------------------------------------------------------------------------------------------------------
Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.98% 0.50%
- --------------------------------------------------------------------------------------------------------------------------
Other Expenses/(3)/ 1.38% 1.49% 1.49% 1.47%
- --------------------------------------------------------------------------------------------------------------------------
Total Annual Fund Operating Expenses/(1)/ 2.13% 2.99% 2.97% 2.47%
- --------------------------------------------------------------------------------------------------------------------------
- -------------
(1)Less: Fee Waiver/Expense Reimbursement 0.88% 0.99% 0.99% 0.97%
- --------------------------------------------------------------------------------------------------------------------------
Net Operating Expenses 1.25% 2.00% 1.98% 1.50%
- --------------------------------------------------------------------------------------------------------------------------

(2)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.
(3)"Other expenses" includes transfer and shareholder service agent fees and
expenses. The Fund's Board approved RiverSource Service Corporation ("RSC")
as the Fund's new transfer and shareholder service agent, and the
termination of the Fund's relationship with SDC, the current transfer and
shareholder service agent for the Fund, effective on or about May 9, 2009.
RSC is an affiliate of RiverSource Investments. "Other expenses" is based on
estimated fees and expenses of SDC through on or about May 8, 2009 and of
RSC from on or about May 9, 2009 through January 31, 2010, and includes
non-recurring charges to the Fund resulting from the termination of SDC as
transfer and shareholder service agent for the Fund (the "Non-Recurring
Charges"). The fees and expenses charged to the Fund by RSC are lower than
the fees and expenses charged to the Fund by SDC. The examples of Fund
expenses below reflect the change in expenses resulting from the termination
of SDC and the hiring of RSC. RiverSource Investments has contractually
undertaken to waive its management fee and/or to reimburse the Fund's
expenses to the extent that the Fund's "other expenses" (i.e., those
expenses other than management fees, 12b-1 fees, interest on borrowings, and
extraordinary expenses, including litigation expenses) exceed 0.50% per
annum of average daily net assets of the Fund. This undertaking will remain
in effect at least until January 31, 2010. The Fund's actual total operating
expense ratio may be higher than that shown in the table, which is based on
the Fund's average net assets for the fiscal year ended September 30, 2008.
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 operating expenses are (i) the Fund's net operating expenses through
January 31, 2010 (which reflect the contractual management fee waiver and/or
expense reimbursement described above) and (ii) after January 31, 2010, the
Fund's total annual operating expenses shown above adjusted to reflect those
fees and expenses no longer applicable to the Fund (i.e., the Non-Recurring
Charges and SDC's fees and expenses). 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 $572 $ 974 $1,401 $2,587
--------------------------------------------------------------------------------
Class B 703 1,109 1,641 2,924+
--------------------------------------------------------------------------------
Class C 301 805 1,435 3,131
--------------------------------------------------------------------------------
Class R 253 652 1,178 2,621
--------------------------------------------------------------------------------

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 $572 $ 974 $1,401 $2,587
--------------------------------------------------------------------------------
Class B 203 809 1,441 2,924+
--------------------------------------------------------------------------------
Class C 201 805 1,435 3,131
--------------------------------------------------------------------------------
Class R 153 652 1,178 2,621
--------------------------------------------------------------------------------

- -------------
+ 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 transfer
agency, registration, custody, auditing, and legal fees.

Management

On November 7, 2008, RiverSource Investments completed its Acquisition of
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 "Management 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.

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 fee paid to RiverSource Investments will be the same
annual fee rate that was paid to Seligman prior to November 7, 2008, which is
equal to an annual rate of 0.50% of the Fund's average daily net assets. Under
the Management Agreement, the Fund also pays taxes, brokerage commissions, and
nonadvisory expenses. RiverSource Investments has agreed to waive its
management fee and/or to reimburse the Fund's expenses to the extent that the
Fund's "other expenses" (i.e., those expenses other than management fees, 12b-1
fees, interest on borrowings, and extraordinary expenses, including litigation
expenses) exceed 0.50% per annum of the Fund's average daily net assets. Such
waiver/reimbursement will remain in effect at least until January 31, 2010. For
the fiscal year ended September 30, 2008, the amount reimbursed by Seligman
(the Fund's manager prior to November 7, 2008) was equal to 0.95% of the Fund's
average daily net assets.

On July 29, 2008, the Fund's Board met to discuss, prior to shareholder
approval, the Management Agreement between the Fund and RiverSource
Investments. A discussion regarding the basis for the Board approving the
Management Agreement was included in the Fund's proxy statement, dated August
27, 2008, and is available in the Fund's annual shareholder report for the year
ended September 30, 2008.

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

Jamie Jackson, CFA, Portfolio Manager

.. Leader of the liquid assets sector team.

.. Joined RiverSource Investments in 2003.

.. Co-head of U.S. Investment Grade Fixed Income, UBS Global Asset Management,
1997 to 2003.

.. Began investment career in 1988.

.. MBA, Marquette University.

Tom Murphy, CFA, Portfolio Manager

.. Leader of the investment grade corporate bond sector team.

.. Joined RiverSource Investments in 2002.

.. Managing Director and Portfolio Manager, BlackRock Financial Management,
2002; various positions, Zurich Scudder, 1992 to 2002.

.. Began investment career in 1986.

.. MBA, University of Michigan.

Scott Schroepfer, CFA, Portfolio Manager

.. Member of the high yield sector team.

.. Joined RiverSource Investments in 1990.

.. Began investment career in 1986.

.. MBA, University of Minnesota.

Todd White, Portfolio Manager

.. Leader of the structured assets sector team.

.. Joined RiverSource Investments in 2008.

.. Began investment career in 1986.

.. BS, Indiana University.

The fixed income department of RiverSource Investments is divided into six
specialized teams (sector teams), each focused on a specific sector of the
fixed income market: liquid assets, high yield corporate bonds, investment
grade corporate bonds, municipals, global, and structured assets. Each sector
team includes a portfolio manager or portfolio managers and several analysts
that select securities and other fixed income instruments within the sector.
The Fund's portfolio managers lead or are members of one of these sector teams
and also serve on a strategy committee responsible for implementation of the
Fund's overall investment strategy, including determination of the Fund's
sector allocation and portfolio duration.

AFFILIATES OF RIVERSOURCE INVESTMENTS:
RiverSource Fund Distributors, Inc., formerly known as Seligman Advisors,
Inc. (the "distributor"):
A distributor of the Seligman mutual funds and the RiverSource complex of
funds; responsible for accepting orders for purchases and sales of Fund
shares.

RiverSource Services, Inc., formerly 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.

Ameriprise Financial:
Provides or compensates others to provide administrative services to the
Seligman Group of Funds, as well as the RiverSource complex of funds.

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
then 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, Seligman Data Corp. 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 then 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, each of
Seligman, RiverSource Investments and their 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, including those funds in the RiverSource complex of funds.

Neither Seligman nor RiverSource Investments believes that the foregoing legal
action or other possible actions will have a material adverse impact on
Seligman, RiverSource Investments or their current and former clients,
including the Seligman Funds and other investment companies managed by
RiverSource Investments; 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.

Ameriprise Financial and certain of its affiliates have historically been
involved in a number of legal, arbitration and regulatory proceedings,
including routine litigation, class actions, and governmental actions,
concerning matters arising in connection with the conduct of their business
activities. Ameriprise Financial believes that the Seligman Funds are not
currently the subject of, and that neither Ameriprise Financial nor any of its
affiliates are the subject of, any pending legal, arbitration or regulatory
proceedings that are likely to have a material adverse effect on the Seligman
Funds or the ability of Ameriprise Financial or its affiliates to perform under
their contracts with the Seligman Funds. Information regarding certain legal
proceedings may be found in the Seligman Funds' shareholder reports and SAIs.
Additionally, Ameriprise Financial is required to make 10-Q, 10-K and, as
necessary, 8-K filings with the SEC on legal and regulatory matters that relate
to Ameriprise Financial and its affiliates. Copies of these filings may be
obtained by accessing the SEC website at www.sec.gov.

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 PRIC
- ------------------------------------------------------------------------------------------------

Less than $100,000 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 child), 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.

Discounts and rights of accumulation apply with respect to your investments in
the Seligman mutual funds only. Any investment that you may have in shares of a
RiverSource fund, RiverSource Partners fund or Threadneedle fund will not be
aggregated with your investments in the Seligman mutual funds for the purpose
of determining eligibility for any Breakpoint Discount or reduced sales charge
(this same policy also applies in connection with a letter of intent, as
described below).

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, RiverSource Investments, SDC and RiverSource Investments'
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 RiverSource Investments, 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%.

.. 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 shares due to the shorter CDSC applicable to Class C shares. Additionally,
if you are eligible to purchase Class R shares, you should consider
purchasing that class, which has lower ongoing fees and a shorter CDSC.

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

CLASS C
- --------------------------------------------------------------------------------

.. No initial sales charge on purchases.

.. A 1% CDSC on shares sold within one year of purchase.

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

.. 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.

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.
The distributor 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 the distributor.

Your purchase of Class C shares must be for less than $1,000,000 because if you
invest $1,000,000 or more you will pay less in fees and charges if you buy
Class A shares. Please consult your financial advisor for assistance in
selecting the appropriate class of shares.

The Fund has adopted a plan under Rule 12b-1 of the Investment Company Act of
1940 that allows each Class 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 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.

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 CDSC on Class A, Class B, Class C 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 RiverSource Investments 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 the distributor 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, the
distributor 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.

Securities owned by the Fund are valued at current market prices. If
RiverSource Investments 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, RiverSource Investments 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 the distributor. 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 R shares
are not available to all investors. For more information, see "Deciding Which
Class of Shares to Buy--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 (the "Cash 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 unless your
original purchase was in the Cash Fund.

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.

The Fund may permit investments that are lower than the investment minimums
described in this Prospectus for those employees whose employers permit
investments in the Seligman Group of Funds via a direct deposit through a
payroll deduction program.

How to Exchange Shares Among the Seligman Mutual Funds

The Seligman Group of 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 Group of 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.

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 your 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 is acceptable. These guarantees are the leading signature guarantee
programs recognized by most 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 or Class R shares, you may
annually withdraw 12%, 10% or 10%, respectively, of the value of your accounts
(at the time of election) without a CDSC.

Check Redemption Service. If you have at least $25,000 in the Fund, you may ask
SDC to provide checks which may be drawn against your account. You can elect
this service on your initial application, or contact SDC for the appropriate
forms to establish this service. If you own Class A shares that were bought at
NAV because of the size of your purchase, or if you own Class B shares, check
redemptions may be subject to a CDSC. If you own Class C, Class D or Class R
shares, you may use this service only with respect to shares that you have held
for at least one year.

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 thirty 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
account 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.

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 net asset value, up to the amount of the sale
proceeds. Repurchases of Class B shares will also be made in Class A shares at
net asset value. 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.

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, the distributor or SDC (the Fund's shareholder
servicing 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 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.

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 monthly
and distributes any net capital gains realized on investments annually. The
Fund has capital loss carryforwards that are available for offset against
future net capital gains, expiring in various amounts through 2015.
Accordingly, no capital gains distributions are expected to be paid to
shareholders until net capital gains have been realized in excess of the
available capital loss carryforwards.

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 a 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 payable date.

Dividends, if any, on Class B, Class C 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

Shares of the following Seligman mutual funds may be exchanged for one another,
but shares of these Seligman mutual funds may not, at the current time, be
exchanged for shares of the other funds in the RiverSource complex of 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:*

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 the year 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.

Other Information

PAYMENTS TO FINANCIAL INSTITUTIONS. The distributor and its affiliates make or
support additional cash payments out of their own resources (including profits
earned from providing services to the fund) to financial institutions,
including inter-company allocation of resources or payments to affiliated
broker-dealers, in connection with agreements between the distributor and
financial institutions pursuant to which these financial institutions sell fund
shares and provide services to their clients who are shareholders of the fund.
These payments and intercompany allocations (collectively, ''payments'') do not
change the price paid by investors in the fund or fund shareholders for the
purchase or ownership of fund shares of the fund, and these payments are not
reflected in the fees and expenses of the fund, as they are not paid by the
fund.

In exchange for these payments, a financial institution may elevate the
prominence or profile of the fund within the financial institution's
organization, and may provide the distributor and its affiliates with preferred
access to the financial institution's registered representatives or preferred
access to the financial institution's customers. These arrangements are
sometimes referred to as marketing and/or sales support payments, program
and/or shareholder servicing payments, or revenue sharing payments. These
arrangements create potential conflicts of interest between a financial
institution's pecuniary interest and its duties to its customers, for example,
if the financial institution receives higher payments from the sale of a
certain fund than it receives from the sale of other funds, the financial
institution or its representatives may be incented to recommend or sell shares
of the fund where it receives or anticipates receiving the higher payment
instead of other investment options that may be more appropriate for the
customer. Employees of Ameriprise Financial and its affiliates, including
employees of affiliated broker-dealers, may be separately incented to recommend
or sell shares of the fund, as employee compensation and business unit
operating goals at all levels are tied to the company's success. Certain
employees, directly or indirectly, may receive higher compensation and other
benefits as investment in the fund increases. In addition, management, sales
leaders and other employees may spend more of their time and resources
promoting Ameriprise Financial and its subsidiary companies, including
RiverSource Investments and the distributor, and the products they offer,
including the fund.

These payments are typically negotiated based on various factors including, but
not limited to, the scope and quality of the services provided by the financial
institution, its reputation in the industry, its ability to attract and retain
assets, its access to target markets, its customer relationships, the profile
the fund may obtain within the financial institution, and the access the
distributor or other representatives of the fund may have within the financial
institution for advertisement, training or education, including opportunities
to present at or sponsor conferences for the registered representatives of the
financial institution and its customers.

These payments are usually calculated based on a percentage of fund assets
owned through the financial institution and/or as a percentage of fund sales
attributable to the financial institution. Certain financial institutions
require flat fees instead of, or in addition to, these asset-based fees as
compensation for including or maintaining a fund on their platforms, and, in
certain situations, may require the reimbursement of ticket or operational
charges--fees that a financial institution charges its registered
representatives for effecting transactions in the fund. The amount of payment
varies by financial institution (e.g., initial platform set-up fees, ongoing
maintenance or service fees, or asset or sales based fees). The amount of
payments also varies by the type of sale. For instance, purchases of one fund
may warrant a greater or lesser amount of payments than purchases of another
fund. Additionally, sale and maintenance of shares on a stand alone basis may
result in a greater or

lesser amount of payments than the sale and maintenance of shares made through
a plan, wrap or other fee-based program. Payments to affiliates may include
payments as compensation to employees of RiverSource Investments who are
licensed by the distributor in respect of certain sales and solicitation
activity on behalf of the fund. These payments may be and often are significant.

Payments to affiliated broker-dealers are within the range of the payments the
distributor pays to similarly-situated third party financial institutions and
the payments such affiliated broker-dealers receive from third party fund
sponsors related to the sale of their sponsored funds. However, because of the
large amount of RiverSource fund assets (in aggregate) currently held in
customer accounts of the affiliated broker-dealers, the distributor and its
affiliates, in the aggregate, pay significantly more in absolute dollars than
other third-party fund sponsors pay to the affiliated broker-dealers for the
sale and servicing of their sponsored funds. This level of payment creates
potential conflicts of interest which the affiliated broker-dealers seek to
mitigate by disclosure and implementation of internal controls, as well as the
rules and regulations of applicable regulators.

From time to time, to the extent permitted by SEC and NASD rules and by other
applicable laws and regulations, the distributor and its affiliates may make
other reimbursements or payments to financial institutions or their registered
representatives, including non-cash compensation, in the form of gifts of
nominal value, occasional meals, tickets, or other entertainment, support for
due diligence trips, training and educational meetings or conference
sponsorships, support for recognition programs, and other forms of non-cash
compensation permissible under regulations to which these financial
institutions and their representatives are subject. To the extent these are
made as payments instead of reimbursement, they may provide profit to the
financial institution to the extent the cost of such services was less than the
actual expense of the service.

The financial institution through which you are purchasing or own shares of the
fund has been authorized directly or indirectly by the distributor to sell the
fund and/or to provide services to you as a shareholder of the fund. Investors
and current shareholders may wish to take such payment arrangements into
account when considering and evaluating any recommendations they receive
relating to fund shares. If you have questions regarding the specific details
regarding the payments your financial institution may receive from the
distributor or its affiliates related to your purchase or ownership of the
fund, please contact your financial institution.

The payments described in this section are in addition to fees paid by the fund
to the distributor under 12b-1 plans, which fees may be used to compensate
financial institutions for the distribution of fund shares and the servicing of
fund shareholders, or paid by the fund to SDC, which fees may be used to
support networking or servicing fees to compensate financial institutions for
supporting shareholder account maintenance, sub-accounting, plan recordkeeping
or other services provided directly by the financial institution to
shareholders or plans and plan participants, including retirement plans, 529
plans, Health Savings Account plans, or other plans, where participants
beneficially own shares of the fund.

ADMINISTRATION SERVICES. Ameriprise Financial, 200 Ameriprise Financial Center,
Minneapolis, Minnesota 55474, provides or compensates others to provide
administrative services to the funds. These services include administrative,
accounting, treasury, and other services. Administrative services are provided
without charge to the Seligman funds by Ameriprise Financial under a separate
administrative services agreement with each such fund, rather than by
RiverSource Investments under a Seligman fund's management agreement. The fees
under the administrative services agreement may be raised without shareholder
approval, although RiverSource Investments expects that any increase would be
offset by a decrease in its management fee paid by a Seligman fund.

AFFILIATED PRODUCTS. RiverSource Investments also serves as investment manager
to Seligman funds and RiverSource funds which are structured to provide
asset-allocation services to shareholders of those funds by investing in shares
of other Seligman funds and RiverSource funds, respectively, (Funds of Funds)
and to discretionary managed accounts that invests exclusively in the funds
(collectively referred to as ''affiliated products''). These affiliated
products, individually or collectively, may own a significant percentage of the
fund's outstanding shares. The fund may experience relatively large purchases
or redemptions from the affiliated products. Although RiverSource Investments
may seek to minimize the impact of these transactions, for example, by
structuring them over a reasonable period of time or through other measures,
the fund may experience increased expenses as it buys and sells securities to
manage transactions for the affiliated products. In addition, because the
affiliated products may own a substantial portion of the fund, a redemption by
one or more affiliated products could cause the fund's expense ratio to
increase as the fund's fixed costs would be spread over a smaller asset base.
RiverSource Investments monitors expense levels and is committed to offering
funds that are competitively priced. RiverSource Investments reports to the
Board on the steps it has taken to manage any potential conflicts.

Financial Highlights

The tables below are intended to help you understand the financial performance
of the Fund's classes for the past five years. Certain information reflects
financial results for a single share of a Class that was held throughout the
periods shown. Per share amounts are calculated based on average shares
outstanding during a particular period. "Total return" shows the rate that you
would have earned (or lost) on an investment in each Class, assuming you
reinvested all of your dividends and capital gain distributions, if any. Total
returns do not reflect any sales charges, transaction costs on your investment
or taxes. If such charges, 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 A
- -------------------------------------------------------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
---------------------------------------
2008 2007 2006 2005 2004
- -------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- -------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $7.01 $ 7.03 $ 7.15 $ 7.29 $ 7.48
- -------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.30 0.32 0.27 0.20 0.17
- -------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (0.38) (0.02) (0.11) (0.12) (0.06)
- -------------------------------------------------------------------------------------------------------
Total from investment operations (0.08) 0.30 0.16 0.08 0.11
- -------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.30) (0.32) (0.27) (0.20) (0.17)
- -------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income -- -- (0.01) (0.02) (0.04)
- -------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain -- -- -- -- (0.09)
- -------------------------------------------------------------------------------------------------------
Total distributions (0.30) (0.32) (0.28) (0.22) (0.30)
- -------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 6.63 $ 7.01 $ 7.03 $ 7.15 $ 7.29
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.24)% 4.21% 2.31% 1.06% 1.52%
- -------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $7,013 $14,372 $15,663 $14,288 $17,008
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.25% 1.25% 1.25% 1.25% 1.25%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 4.31% 4.49% 3.90% 2.76% 2.29%
- -------------------------------------------------------------------------------------------------------
Portfolio turnover rate 225.73% 462.47% 795.65% 444.20% 249.13%
- -------------------------------------------------------------------------------------------------------
Without expense reimbursement:+
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.20% 2.00% 2.03% 2.20% 2.27%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets 3.36% 3.74% 3.12% 1.81% 1.27%
- -------------------------------------------------------------------------------------------------------

- -------------
See footnotes on page 35.

CLASS B
- -------------------------------------------------------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
---------------------------------------
2008 2007 2006 2005 2004
- -------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- -------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $ 7.01 $ 7.03 $ 7.15 $ 7.29 $ 7.48
- -------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.25 0.26 0.22 0.15 0.11
- -------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (0.38) (0.02) (0.11) (0.13) (0.06)
- -------------------------------------------------------------------------------------------------------
Total from investment operations (0.13) 0.24 0.11 0.02 0.05
- -------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.25) (0.26) (0.22) (0.14) (0.11)
- -------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income -- -- (0.01) (0.02) (0.04)
- -------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain -- -- -- -- (0.09)
- -------------------------------------------------------------------------------------------------------
Total distributions (0.25) (0.26) (0.23) (0.16) (0.24)
- -------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 6.63 $ 7.01 $ 7.03 $ 7.15 $ 7.29
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.98)% 3.51% 1.57% 0.31% 0.77%
- -------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $1,354 $1,602 $1,885 $3,110 $4,223
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.00% 2.00% 2.00% 2.00% 2.00%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 3.56% 3.74% 3.15% 2.01% 1.54%
- -------------------------------------------------------------------------------------------------------
Portfolio turnover rate 225.73% 462.47% 795.65% 444.20% 249.13%
- -------------------------------------------------------------------------------------------------------
Without expense reimbursement:+
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.95% 2.75% 2.78% 2.95% 3.02%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets 2.61% 2.99% 2.37% 1.06% 0.52%
- -------------------------------------------------------------------------------------------------------

- -------------
See footnotes on page 35.

CLASS C
- -------------------------------------------------------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
---------------------------------------
2008 2007 2006 2005 2004
- -------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- -------------------------------------------------------------------------------------------------------
Net asset value, beginning of year $7.01 $ 7.03 $ 7.15 $ 7.29 $ 7.48
- -------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.25 0.26 0.22 0.15 0.11
- -------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (0.38) (0.02) (0.11) (0.13) (0.06)
- -------------------------------------------------------------------------------------------------------
Total from investment operations (0.13) 0.24 0.11 0.02 0.05
- -------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.25) (0.26) (0.22) (0.14) (0.11)
- -------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income -- -- (0.01) (0.02) (0.04)
- -------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain -- -- -- -- (0.09)
- -------------------------------------------------------------------------------------------------------
Total distributions (0.25) (0.26) (0.23) (0.16) (0.24)
- -------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 6.63 $ 7.01 $ 7.03 $ 7.15 $ 7.29
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.96)% 3.53% 1.55% 0.31% 0.77%
- -------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- -------------------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $2,809 $1,136 $1,429 $1,509 $1,665
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.98% 2.00% 2.00% 2.00% 2.00%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 3.58% 3.74% 3.15% 2.01% 1.54%
- -------------------------------------------------------------------------------------------------------
Portfolio turnover rate 225.73% 462.47% 795.65% 444.20% 249.13%
- -------------------------------------------------------------------------------------------------------
Without expense reimbursement:+
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.93% 2.75% 2.78% 2.95% 3.02%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average net assets 2.63% 2.99% 2.37% 1.06% 0.52%
- -------------------------------------------------------------------------------------------------------

- -------------
See footnotes on page 35.

CLASS R
- ------------------------------------------------------------------------------------------------------
YEAR ENDED SEPTEMBER 30,
------------------------------------------
2008 2007 2006 2005 2004
- ------------------------------------------------------------------------------------------------------

PER SHARE DATA:
- ------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 7.01 $ 7.04 $ 7.15 $ 7.29 $ 7.48
- ------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.28 0.30 0.26 0.18 0.15
- ------------------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (0.38) (0.03) (0.11) (0.12) (0.06)
- ------------------------------------------------------------------------------------------------------
Total from investment operations (0.10) 0.27 0.15 0.06 0.09
- ------------------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.28) (0.30) (0.26) (0.18) (0.15)
- ------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income -- -- --O (0.02) (0.04)
- ------------------------------------------------------------------------------------------------------
Distributions from net realized capital gain -- -- -- -- (0.09)
- ------------------------------------------------------------------------------------------------------
Total distributions (0.28) (0.30) (0.26) (0.20) (0.28)
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.63 $ 7.01 $ 7.04 $ 7.15 $ 7.29
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.49)% 3.90% 2.20% 0.88% 1.31%
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $89 $28 $25 $2 $2
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.50% 1.46% 1.50% 1.50% 1.50%
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 4.06% 4.28% 3.65% 2.51% 2.04%
- ------------------------------------------------------------------------------------------------------
Portfolio turnover rate 225.73% 462.47% 795.65% 444.20% 249.13%
- ------------------------------------------------------------------------------------------------------
Without expense reimbursement:+
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 2.45% 2.21% 2.28% 2.45% 2.52%
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets 3.11% 3.53% 2.87% 1.56% 1.02%
- ------------------------------------------------------------------------------------------------------

- -------------
+ Seligman, the Fund's investment manager prior to November 7, 2008,
contractually waived its fees and/or reimbursed certain expenses of the Fund.
O Less than + or - $0.005.

How to Contact Us

The Fund

Write to Corporate Communications/Investor Relations Department
Ameriprise Financial, Inc.
200 Ameriprise Financial Center
Minneapolis, Minnesota 55474

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.

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,
(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 be obtained, upon payment of a duplicating fee,
by electronic request at the following E-mail address: publicinfo@sec.gov, or
by writing: Securities and Exchange Commission, Public Reference Section,
Washington, DC 20549-0102.

The website references in the 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: 811-10423

[GRAPHIC]

PROSPECTUS
February 2, 2009
Class I Shares
Seligman
Core Fixed Income Fund, Inc.

Seeking a High Level of Current Income Consistent with Prudent Exposure to Risk
and, Secondly, Capital Appreciation

As with all mutual funds, the Securities and Exchange Commission has neither
approved nor disapproved the Fund, and it has not determined this Prospectus
to be accurate or adequate. Any representation to the contrary is a criminal
offense.

Not FDIC Insured [_] May Lose
Value [_] No Bank Guarantee

SCFIF12/2009 ClI

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

Table of Contents

THE FUND
Investment Objectives....................................... 1
Principal Investment Strategies............................. 1
Principal Risks............................................. 4
Portfolio Holdings.......................................... 7
Past Performance............................................ 7
Fees and Expenses........................................... 9
Management.................................................. 10
SHAREHOLDER INFORMATION
Pricing of Fund Shares...................................... 13
How to Buy Fund Shares...................................... 13
How to Exchange Shares Among the Seligman Mutual Funds...... 14
How to Sell Shares.......................................... 14
Important Policies That May Affect Your Account............. 14
Frequent Trading of Fund Shares............................. 15
Dividends and Capital Gain Distributions.................... 16
Taxes....................................................... 16
The Seligman Mutual Funds................................... 18
Other Information........................................... 21
FINANCIAL HIGHLIGHTS.............................................. 24
HOW TO CONTACT US................................................. 25

FOR MORE INFORMATION. back cover

RiverSource Complex of Funds

The RiverSource complex of funds includes a comprehensive array of funds from
RiverSource Investments, including the Seligman funds. RiverSource Investments
has also partnered with a number of professional investment managers, including
its affiliate, Threadneedle Investments, to expand the array of funds offered
in the RiverSource complex. Although the Seligman funds share the same Board of
Directors/Trustees as the RiverSource funds (the "Board"), they do not
currently have the same policies and procedures, and may not be exchanged for
shares of the RiverSource funds, RiverSource Partners funds or Threadneedle
funds. Please see the Statement of Additional Information (SAI) for a complete
list of mutual funds included in the RiverSource complex of funds.

The Fund

Proposed Merger of the Fund

Investment Objectives

The Fund seeks to produce a high level of current income consistent with
prudent exposure to risk. Capital appreciation is a secondary objective.

Principal Investment Strategies

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

DURATION

MATURITY

The Fund's investment limitations and credit ratings restrictions (e.g., those
of Fitch Ratings

("Fitch"), Moody's Investors Service ("Moody's") and Standard & Poor's Ratings
Services ("S&P")) will apply at the time securities are purchased. The Fund is
not required to sell a security if it no longer complies with these limitations
or restrictions as a result of a change in rating or other event.

INVESTMENT GRADE SECURITIES

Investment Grade Securities are those rated within the four highest rating
categories by Moody's or S&P, or, if unrated, deemed by the Fund's investment
manager to be of comparable quality.

HIGH-YIELD SECURITIES

INVESTMENTS IN INVESTMENT GRADE SECURITIES AND HIGH-YIELD SECURITIES

The Fund may invest in all types of Investment Grade Securities and High-Yield
Securities, including, but not limited to:

.. Senior and subordinated corporate debt obligations of both US and non-US
issuers (including, for example, debentures, loan participations and
floating rate notes);

.. Convertible securities, preferred stock, capital securities, structured
securities and loan participations of US and non-US issuers;

.. Obligations of non-US governments and their agencies, and non-US private
institutions;

.. Municipal securities;

.. Repurchase agreements;

.. Capital appreciation bonds, including zero-coupon (interest payments accrue
until maturity) and pay-in-kind securities (interest payments are made in
additional securities);

.. Restricted securities that may be offered and sold only to "qualified
institutional buyers" under Rule 144A of the Securities Act of 1933 ("Rule
144A Securities"); and

.. Eurodollar bonds.

Investment Grade Securities also include, but are not limited to:

.. Obligations issued or guaranteed by the US Government or its agencies or
instrumentalities;

.. Obligations of government sponsored enterprises (GSEs) (e.g., the Federal
Home Loan Mortgage Corporation (Freddie Mac) and the Federal National
Mortgage Association (Fannie Mae));

.. Income-producing cash equivalents (e.g., certificates of deposit, commercial
paper, discount notes and treasury bills); and

.. Other securities deemed by the investment manager to be of investment grade
quality.

High-Yield Securities also include, but are not limited to:

.. Securities that are rated in default by a nationally recognized statistical
rating organization;

.. Warrants, rights and other equity securities that are acquired in connection
with the Fund's investments in High-Yield Securities; and

.. Other securities deemed by the investment manager to be of non-investment
grade quality.

INVESTMENT PROCESS

INVESTMENT GRADE SECURITIES. In pursuit of the Fund's objective, the investment
manager (RiverSource Investments) chooses Investment Grade Securities by:

.. Evaluating the Investment Grade Securities portion of the portfolio's
exposure to sectors, industries and securities relative to the Barclays
Capital Aggregate Bond Index (the "Index").

.. Analyzing factors such as credit quality, interest rate outlook and price in
seeking to select the most attractive securities within each sector.

.. Targeting an average portfolio duration within one year of the duration of
the Index which, as of September 30, 2008 was 4.47 years.

In evaluating whether to sell an Investment Grade Security, the investment
manager considers, among other factors:

.. Identification of more attractive investments based on relative value.

.. The portfolio's total exposure to sectors, industries and securities
relative to the Index.

.. Whether a security's rating has changed or is vulnerable to a change.

.. Whether a sector or industry is experiencing change.

.. Changes in the interest rate or economic outlook.

HIGH-YIELD SECURITIES. In pursuit of the Fund's objective, the investment
manager chooses High-Yield Securities by:

.. Reviewing interest rate and economic forecasts.

.. Identifying companies that:

. have growth potential, or

. have the potential to increase in value as their credit ratings improve.

.. Buying debt instruments that are expected to outperform other debt
instruments.

In evaluating whether to sell High-Yield Securities, the investment manager
considers, among other factors, whether:

.. The interest rate or economic outlook changes.

.. A sector or industry is experiencing change.

.. A security's rating is changed.

.. The security is overvalued relative to alternative investments.

.. The company no longer meets the investment manager's performance
expectations.

.. The investment manager wishes to lock in profits.

.. The investment manager identifies a more attractive opportunity.

.. The issuer or the security continues to meet the other standards described
above.

OTHER STRATEGIES

securities on a when-issued or forward commitment basis (delivery of securities
and payment of the purchase price takes place after the commitment to purchase
the securities).

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

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

Principal Risks

downgraded, or that default on payment, its performance could be negatively
affected.

Securities backed only by the credit of the US federal agency or
instrumentality or government sponsored enterprise that issued the security may
have increased credit risk, including, but not limited to, the risk of
non-payment of principal and/or interest. Some of these securities are
supported by the credit of the government sponsored enterprise itself and the
discretionary authority of the US Treasury to purchase the enterprise's
obligations (e.g., securities of the Federal National Mortgage Association,
Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank). Others
are supported only by the credit of the government sponsored enterprise itself
(e.g., the Federal Farm Credit Bank). There is no assurance that the US
government will provide financial support to government sponsored enterprises
that are not supported by the full faith and credit of the US government.

Market Risk. Fixed-income securities are traded principally by dealers in the
over-the-counter market. The Fund's ability to sell securities it holds depends
on the willingness and ability of market

participants to provide bids that reflect current market levels. Adverse market
conditions could reduce the number of ready buyers. The Fund may invest a
portion of its net assets in equity securities that are acquired in connection
with the Fund's investments in High-Yield Securities, as described above. The
prices of equity securities will fluctuate. Therefore, as with any fund that
invests in equity securities, the Fund's net asset value will fluctuate.

The Fund is also subject to the following risks:

High-Yield Securities, like Investment Grade Securities, are traded principally
by dealers in the over-the-counter market. The market for High- Yield
Securities may be less active and less liquid than for Investment Grade
Securities. Under adverse market, economic or other conditions, the secondary
market for these High-Yield Securities could contract further, causing the Fund
difficulties in valuing and selling these securities.

Foreign Securities and Illiquid Securities Risk. Foreign securities and
illiquid securities 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 custody risks.

Zero-Coupon and Pay-In-Kind Risk. "Zero-coupon" and "pay-in-kind" securities
may be subject to

greater fluctuations in value because they tend to be more speculative than
income-bearing securities. Fluctuations in the market prices of these
securities owned by the Fund will result in corresponding fluctuations and
volatility in the net asset value of the shares of the Fund.

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 8 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 compares to three
measures of performance.

Although the Fund's fiscal year ends on September 30, the performance
information on the following page is provided on a calendar year basis. It 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 below the chart assume that all
dividends and capital gain distributions, if any, were reinvested. Class I
shares are not subject to any sales charges.

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: 5.51% - quarter ended 9/30/02.

Worst quarter return: -2.86% - quarter ended 9/30/08.

CLASS I AVERAGE ANNUAL TOTAL RETURNS - PERIODS ENDED 12/31/08

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

Return before taxes (3.18)% 1.80% 2.97%
- ------------------------------------------------------------------------------------
Return after taxes on distributions (4.66) 0.38 1.47
- ------------------------------------------------------------------------------------
Return after taxes on distributions and sale of Fund shares (2.05) 0.72 1.67
- ------------------------------------------------------------------------------------
BARCLAYS CAPITAL AGGREGATE BOND INDEX 5.24 4.65 5.20
- ------------------------------------------------------------------------------------
BARCLAYS CAPITAL U.S. UNIVERSAL INDEX 2.38 4.30 5.14
- ------------------------------------------------------------------------------------
LIPPER INTERMEDIATE INVESTMENT-GRADE DEBT FUNDS AVERAGE (4.42) 1.74 2.96
- ------------------------------------------------------------------------------------

- -------------
The Barclays Capital Aggregate Bond Index. formerly the Lehman Brothers
Aggregate Bond Index (the "Aggregate Bond Index"), the Barclays Capital U.S.
Universal Index (the "Universal Index") and the Lipper Intermediate
Investment-Grade Debt Funds Average ("Lipper Average") are unmanaged benchmarks
that assume the reinvestment of all distributions and changes in market prices.
The Aggregate Bond Index and Universal Index do not reflect any fees, sales
charges or taxes, and the Lipper Average does not reflect any sales charges or
taxes. The Aggregate Bond Index is made up of a representative list of
government, corporate, asset-backed and mortgage-backed securities. The
Aggregate Bond Index is frequently used as a general measure of bond market
performance. Effective November 7, 2008, RiverSource Investments has added the
Aggregate Bond Index because it believes that the such index provides a more
appropriate comparison of the Fund's investment performance. The Universal
Index measures the performance of US dollar-denominated, taxable bonds that are
rated either investment grade or below investment grade. The Lipper Average
measures the performance of mutual funds that invest at least 65% of their
assets in investment-grade debt issues rated in the top four grades with
dollar-weighted average maturities of five to ten years. Investors cannot
invest directly in an average or 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 0.50%
------------------------------------------------------------------
Distribution and/or Service (12b-1) Fees none
------------------------------------------------------------------
Other Expenses/(2)/ 0.59%
------------------------------------------------------------------
Total Annual Fund Operating Expenses/(1)/ 1.09%
------------------------------------------------------------------
(1)Less: Fee Waiver/Expense Reimbursement 0.09%
Net Operating Expenses 1.00%
(2)"Other expenses" includes transfer and shareholder service
agent fees and expenses. The Fund's Board approved RiverSource
Service Corporation ("RSC") as the Fund's new transfer and
shareholder service agent, and the termination of the Fund's
relationship with SDC, the current transfer and shareholder
service agent for the Fund, effective on or about May 9, 2009.
RSC is an affiliate of RiverSource Investments. "Other
expenses" is based on estimated fees and expenses of SDC
through on or about May 8, 2009 and of RSC from on or about
May 9, 2009 through January 31, 2010, and includes
non-recurring charges to the Fund resulting from the
termination of SDC as transfer and shareholder service agent
for the Fund (the "Non- Recurring Charges"). The fees and
expenses charged to the Fund by RSC are lower than the fees
and expenses charged to the Fund by SDC. The examples of Fund
expenses below reflect the change in expenses resulting from
the termination of SDC and the hiring of RSC. Footnote
(1) above reflects the fee waiver/expense reimbursement
undertaken by RiverSource Investments; however, no fees and
expenses of Class I shares were waived or reimbursed for the
fiscal year ended September 30, 2008. RiverSource Investments
has contractually undertaken to waive its management fee
and/or to reimburse the Fund's expenses to the extent that the
Fund's "other expenses" (i.e., those expenses other than
management fees, 12b-1 fees, interest on borrowings, and
extraordinary expenses, including litigation expenses) exceed
0.50% per annum of average daily net assets of the Fund. This
undertaking will remain in effect at least until January 31,
2010. There are no 12b-1 fees in respect of the Fund's Class I
shares. The Fund's actual total operating expense ratio may be
higher than that shown in the table, which is based on the
Fund's average net assets for the fiscal year ended
September 30, 2008.
------------------------------------------------------------------

EXAMPLE

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

Class I $102 $318 $552 $1,225
----------------------------------------

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 transfer
agency, registration, custody, auditing and legal fees.

Management

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

Jamie Jackson, CFA, Portfolio Manager

.. Leader of the liquid assets sector team.
.. Joined RiverSource Investments in 2003.
.. Co-head of U.S. Investment Grade Fixed Income, UBS Global Asset Management,
1997 to 2003.
.. Began investment career in 1988.
.. MBA, Marquette University.

Tom Murphy, CFA, Portfolio Manager

.. Leader of the investment grade corporate bond sector team.
.. Joined RiverSource Investments in 2002.
.. Managing Director and Portfolio Manager, BlackRock Financial Management,
2002; various positions, Zurich Scudder, 1992 to 2002.
.. Began investment career in 1986.
.. MBA, University of Michigan.

Scott Schroepfer, CFA, Portfolio Manager

.. Member of the high yield sector team.
.. Joined RiverSource Investments in 1990.

.. Began investment career in 1986.
.. MBA, University of Minnesota.

Todd White, Portfolio Manager

.. Leader of the structured assets sector team.

.. Joined RiverSource Investments in 2008.

.. Began investment career in 1986.

.. BS, Indiana University.

AFFILIATES OF RIVERSOURCE INVESTMENTS:
RiverSource Fund Distributors, Inc. formerly known as Seligman Advisors, Inc.
(the "distributor"):
A principal distributor of the Seligman mutual funds and the RiverSource
complex of funds; responsible for accepting orders for purchases and sales of
Fund shares.

RiverSource Services, Inc. formerly 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.

Ameriprise Financial:
Provides or compensates others to provide administrative service to the
Seligman Group of Funds, as well as the RiverSource complex of funds.

REGULATORY MATTERS

In September 2006, the NYAG commenced a civil action in New York State Supreme
Court against Seligman, Seligman Advisors, Seligman Data Corp. 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 then 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.

Shareholder Information

The Fund offers 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 the distributor 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, the distributor may
reject any request to purchase 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. When you sell
shares, you receive the Class's per share NAV.

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 the distributor, (ii) certain qualified employee
benefit plans offered to employees of Seligman and its affiliates and SDC, as
available, (iii) any qualified or non-qualified employee benefit plan or
arrangement

("Benefit Plan") with over $200 million in assets that is approved by the
distributor, (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,
(v) any Benefit Plan with at least $25 million in assets purchasing Class I
shares through a financial intermediary that has been authorized by the
distributor to offer Class I shares pursuant to a written agreement, and (vi)
any investor approved by the distributor that makes an initial, combined
investment of at least $5 million in the Class I shares of two or more Seligman
mutual funds. 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 the distributor 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

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, the distributor, or SDC (the Fund's shareholder
servicing 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 prac-

tices 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 dividends from its net investment income monthly and
distributes any net capital gains realized on investments annually. It is
expected that the Fund's distributions will be primarily income dividends. The
Fund has capital loss carryforwards that are available for offset against
future net capital gains, expiring in various amounts through 2015.
Accordingly, no capital gains distributions are expected to be paid to
shareholders until net capital gains have been realized in excess of the
available capital loss carryforwards.

Institutional shareholders such as tax-deferred retirement plans and qualified
tuition programs generally will have dividend and capital gain distributions,
if any, 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, by wire transfer or 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 payable date.

DIVIDEND:
A payment by a mutual fund, usually derived from a 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.

Taxes

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 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.

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

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.

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.

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

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 the year 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.

Other Information

PAYMENTS TO FINANCIAL INSTITUTIONS. The distributor and its affiliates make or
support additional cash payments out of their own resources (including profits
earned from providing services to the fund) to financial institutions,
including inter-company allocation of resources or payments to affiliated
broker-dealers, in connection with agreements between the distributor and
financial institutions pursuant to which these financial institutions sell fund
shares and provide services to their clients who are shareholders of the fund.
These payments and intercompany allocations (collectively, "payments") do not
change the price paid by investors in the fund or fund shareholders for the
purchase or ownership of fund shares of the fund, and these payments are not
reflected in the fees and expenses of the fund, as they are not paid by the
fund.

The payments described in this section are in addition to fees paid by the fund
to the distributor under 12b-1 plans, which fees may be used to compensate
financial institutions for the distribution of fund shares and the servicing of
fund shareholders, or paid by the fund to the SDC, which fees may be used to
support networking or servicing fees to compensate financial institutions for
supporting shareholder account maintenance, sub-accounting, plan recordkeeping
or other services provided directly by the financial institution to
shareholders or plans and plan participants, including retirement plans, 529
plans, Health Savings Account plans, or other plans, where participants
beneficially own shares of the fund.

AFFILIATED PRODUCTS. RiverSource Investments also serves as investment manager
to Seligman funds and RiverSource funds which are structured to provide
asset-allocation services to shareholders of those funds by investing in shares
of other Seligman funds and the funds, respectively, (Funds of Funds) and to
discretionary managed accounts that invests exclusively in RiverSource funds
(collectively referred to as "affiliated products"). These affiliated products,
individually or collec tively, may own a significant percentage of the fund's
outstanding shares. The fund may experience relatively large purchases or
redemptions from the affiliated products. Although RiverSource Investments may
seek to minimize the impact of these transactions, for example, by structuring
them over a reasonable period of time or through other measures, the fund may
experience increased expenses as it buys and sells securities to manage
transactions for the affiliated products. In addition, because the affiliated
products may own a substantial portion of the fund, a redemption by one or more
affiliated products could cause the fund's expense ratio to increase as the
fund's fixed costs would be spread over a smaller asset base. RiverSource
Investments monitors expense levels and is committed to offering funds that are
competitively priced. RiverSource Investments reports to the Board on the steps
it has taken to manage any potential conflicts.

Financial Highlights

The table below is intended to help you understand the financial performance of
the Fund's Class I shares for the past five years. Certain information reflects
financial results for a single share of Class I shares held throughout the
periods shown. Per share amounts are calculated based on average shares
outstanding during a particular 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 financial 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 SEPTEMBER 30,
---------------------------------------
2008 2007 2006 2005 2004
- ------------------------------------------------------------------------------------------

PER SHARE DATA:
- ------------------------------------------------------------------------------------------
Net asset value, beginning of year $7.00 $7.03 $7.15 $7.29 $7.48
- ------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 0.32 0.33 0.29 0.21 0.18
- ------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments (0.37) (0.03) (0.11) (0.12) (0.06)
- ------------------------------------------------------------------------------------------
Total from investment operations (0.05) 0.30 0.18 0.09 0.12
- ------------------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.32) (0.33) (0.29) (0.21) (0.18)
- ------------------------------------------------------------------------------------------
Dividends in excess of net investment income -- -- (0.01) (0.02) (0.04)
- ------------------------------------------------------------------------------------------
Distributions from net realized capital gain -- -- -- -- (0.09)
- ------------------------------------------------------------------------------------------
Total distributions (0.32) (0.33) (0.30) (0.23) (0.31)
- ------------------------------------------------------------------------------------------
Net asset value, end of year $6.63 $7.00 $7.03 $7.15 $7.29
- ------------------------------------------------------------------------------------------
TOTAL RETURN (0.85)% 4.38% 2.56% 1.30% 1.76%
- ------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------
Net assets, end of year (000s omitted) $11,132 $11,754 $9,270 $7,586 $5,740
- ------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.00% 1.00% 1.00% 1.00% 0.98%
- ------------------------------------------------------------------------------------------
Ratio of net investment income to average net
assets 4.56% 4.74% 4.15% 3.01% 2.56%
- ------------------------------------------------------------------------------------------
Portfolio turnover rate 225.73% 462.47% 795.65% 444.20% 249.13%
- ------------------------------------------------------------------------------------------
Without expense reimbursement:*
- ------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 1.03% 1.09% 1.12%
- ------------------------------------------------------------------------------------------
Ratio of net investment income (loss) to average
net assets 4.71% 4.06% 2.89%
- ------------------------------------------------------------------------------------------

- -------------
*Seligman, the Fund's investment manager prior to November 7, 2008,
contractually waived its fees and/or reimburse certain expenses of Class I
shares for the years presented.

How to Contact Us

The Fund

Write Corporate Communications/Investor Relations Department
Ameriprise Financial, Inc.
200 Ameriprise Financial Center
Minneapolis, Minnesota 55474

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.

For More Information

The following information is available without charge upon request: Call
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.

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

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 duplicating
fee, by electronic request at the following E-mail address: publicinfo@sec.gov,
or by writing: Securities and Exchange Commission, Public Reference Section
Washington, DC 20549-0102.

The website references in the 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: 811-10423