On page four, you will find excerpts from a conference call held on February 27, 2008. The call featured certain members of the portfolio management team for Seligman LaSalle Global Real Estate Fund, Seligman LaSalle Monthly Dividend Real Estate Fund, and Seligman LaSalle International Real Estate Fund — Keith Pauley, Managing Director and Chief Investment Officer, and Stan Kraska, Managing Director, both of LaSalle Investment Management (Securities) L.P. (“LaSalle Securities”). The Global and International Funds are also co-managed by LaSalle Securities’ Netherlands affiliate, LaSalle Investment Management Securities B.V.

Seligman LaSalle Monthly Dividend Real Estate Fund (as of 12/31/07)

Previously, for purposes of the Fund’s Top 10 Holdings, the Fund treated its holdings in Unibail and Unibail-Rodamco as separate holdings. Because each of these securities represents stock of the same company (trading on different securities exchanges), the Fund has combined its holdings in Unibail and Unibail-Rodamco, which is identified as “Unibail-Rodamco” under the Fund's Top Ten Holdings.

Top 10 holdings exclude short-term instruments, and are shown as a percentage of total net assets. The Fund is actively managed and holdings are subject to change. There can be no assurance that the securities listed above have remained or will remain in the Fund’s portfolio. Holdings should not be construed as a recommendation to buy or sell any security, an indication that any security is suitable for a particular investor or that any of the securities listed were or will be profitable. Portfolio holdings information is available at www.seligman.com.

Performance data quoted herein represents past performance. Past performance does not guarantee or indicate future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Total returns for the Fund as of the most recent month-end will be made available at www.seligman.com by the seventh business day following that month-end.

Performance data quoted herein represents past performance. Past performance does not guarantee or indicate future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Total returns for the Fund as of the most recent month-end will be made available at www.seligman.com by the seventh business day following that month-end.

MARCO ACOSTA: Good morning. Thank you for joining us today and welcome to the Seligman LaSalle Global Real Estate Conference Call. My name is Marco Acosta. I’m the Product Manager for Seligman LaSalle’s suite of real estate funds. The suite of funds includes two open end mutual funds — Seligman LaSalle Monthly Dividend Real Estate Fund, which focuses on the US REIT market, and Seligman LaSalle Global Real Estate Fund — and, on the closed-end fund side, Seligman LaSalle International Real Estate Fund (ticker “SLS” on the New York Stock Exchange). We’re here to review the global real estate market and the current opportunities in the marketplace. But before I introduce members of the LaSalle management team, I’m going to provide four reminders on the long-term benefits of investing in real estate securities, particularly global real estate securities.

First, we believe global real estate securities offer investors strong relative long-term performance versus traditional stocks and bonds.¹ Secondly, they can enhance portfolio diversification, not only versus stocks and bonds but across and within regions around the world.² Third, they’re an efficient way to participate in the ownership and potential growth of real estate around the world. And, finally, in terms of potential of growth in the sector, there exists vast potential for global securitization. As of December 31, 2007 the total market cap for public REITs around the world was $1.4 trillion. That’s less than 10%of the global institutional quality real estate.³

Here with me today are members of the portfolio management team from LaSalle Investment Management (Securities) LP. They are Portfolio Managers Stan Kraska and Keith Pauley. Importantly they’ve been working together for nearly 20 years managing real estate securities. I will now pass the call to Stan.

STAN KRASKA: Good morning to everyone. We appreciate you taking the time to join us. Our purpose today is to provide an update on the global real estate securities market. Specifically what we’d like to do is provide an update on recent performance trends 2007and year-to-date 2008. We also want to share some thoughts on valuation levels, market conditions, and the outlook for major real estate securities markets around the world.

As a reminder, the focus of our business is investing in publicly-traded real estate companies that own and operate commercial real estate. We generally do not invest in debt securities or residential builders. As such, the primary focus of our comments today will be on commercial real estate and public companies that own commercial real estate.

By commercial real estate I mean properties such as the Prudential Center in Boston or the Embarcadero Center in San Francisco or Citigroup Center in New York — all properties owned by a company called Boston Properties. Other examples would be Raffles City in Singapore, CoeurDefense outside of Paris, or some particular submarkets in Japan. One company focuses on the Marinuchi submarket, which is near the Imperial Palace in Tokyo.

Another company focuses on the Nahabashi submarket in Tokyo. Again, these are all office properties. Other examples would be the Causeway Bay office and retail centers in Hong Kong. In central London and Western London, we invest in office buildings through many companies.

Other examples would be hotel companies that would own the Hyatt Century City in Los Angeles, the Marriott Long Wharf in Boston, and the Hilton Times Square in New York.

And finally there are some retail shopping centers that people might be familiar with: the Forum Shops in Las Vegas as well as the Forum des Halle, which is in Paris. And beyond these kinds of major properties that people might be familiar with, these companies are invested in apartment buildings, shopping centers, and industrial properties all around the world. These are examples of what we mean by commercial real estate, and what the companies we invest in tend to own.

Let’s talk about performance in 2007. After seven years of positive performance, global real estate securities underperformed in 2007. The UBS Global Real Estate Investors Index declined 13.5% while the broad market, as represented by the MSCI World Index, was up 9.6%.

In general, Asia/Pacific outperformed. Hong Kong was up 19% for the year, Singapore was up 71⁄ 2%, Japan 8%,and Australia was up 3%. In spite of these positive 2007numbers, all four of these markets ended the year below their 2007 highs.

The UK underperformed last year, at negative 36%. Continental Europe and the US basically track the overall market with the US down 161⁄2% and Continental Europe down 13.4%.

Various markets were impacted by different events while general themes impacted market performance. The credit market turmoil was the beginning. The problems began in the US with concerns about subprime mortgages. Investor tolerance for risk decreased, which led to widening credit spreads for US subprime residential mortgages, corporate real estate mortgages, and general corporate debt.

The spread widening led to a decline in prices for real estate stocks — and equities in general — around the world. As the year progressed, concerns increased that these credit market issues would lead to a US recession, and slow economic growth on a global basis.

So far in 2008, the volatility has continued. Concerns about global credit markets have continued while concerns about a global economic slowdown led by fears of a US recession have increased. On a positive note, the US government continues to take action to reduce the impact of any downturn. The Federal Reserve Bank has reduced the Fed Funds rate to 3% and it looks like they are headed to 2% relatively quickly. And an economic stimulus package has been passed.

Negative performance for global real estate securities has continued this year. As of February 26, 2008, the UBS Global Real Estate Investors Index was down 1.4%. In a turnaround, Asia/Pacific has underperformed this year, with Australia down 11.5% and Japan down 10%, while Europe has outperformed, with the UK up 6.75%this year and Continental Europe up 6%.

The US has slightly outperformed this year, down just about 27 basis points. And again in a turnaround this year, global real estate securities have been outperforming the broad market, as measured by the MSCI World Index. The broad market is down 6%, the S&P 500 Index is down 5.6%, and the NASDAQ Index is down 11.5%.

So with that as background, I will now pass this over to Keith Pauley, who will go through valuation and fundamentals in an outlook of markets around the world.

KEITH PAULEY: Thanks. It’s been suggested that the negative performance of global real estate carries over to investor concerns about the credit market problems, which, in turn, leads to lower prices for commercial real estate. Additionally, there are concerns that a slowing economy will cause real estate fundamentals to deteriorate, leading to reduced earnings for the companies.

We think both of these concerns are reasonable. But, in our view, they are more than fully reflected in current prices at this point. Real estate stocks around the world are currently trading at historically high discounts to their net asset values. And, based on current prices, we estimate price-to-NAV discounts of about 15% in the US. In the UK, REITs are trading at roughly 30% discounts to their last reported net asset values.

In Continental Europe, REITs are trading at 14%discounts. With the sell-off at year end, REITs in the major markets in Asia are now trading at about a 12%discount to NAV.

We have seen some softening in private market values for commercial real estate in the US and UK over the past several months, particularly for second-tier assets.4We do expect to see some further softening in some markets over the next several months. However, we think the magnitude of decline will be limited for commercial real estate thanks to continued healthy growth in net operating income and the limited new supply of commercial real estate over the last few years. We expect new supply to remain limited over the next few years.

We continue to see very strong demand for private real estate from institutional investors. There is a tremendous amount of capital looking to find its way into real estate from various institutional investors, including the major sovereign-wealth funds. Sovereign-wealth funds are state-owned funds set up for investment purposes.

We think the potential decline in property value that is likely to occur over the next several months is more than fully reflected in REIT stock prices today. We also think that the continued NAV discounts that we see for some of the public companies today will lead to a pickup merger and acquisition activity as credit conditions start to improve.

We have seen some M&A activity recently. One of the US apartment REITs — Post Properties — recently received a takeover offer with no financing contingency from a pension fund group at a price 27% above where the stock was trading.

Another US REIT, GMH Communities — a student housing REIT — agreed last week to be acquired at a 72% premium to where the stock was trading. We think this activity, while it’s fairly limited, does support the view that REIT prices are well below private market real estate values.

Despite the slowing global economy, commercial real estate fundamentals remain fairly strong, even in the US and Europe — which have taken the hardest economic hit from the credit crisis.

As we look ahead over the next couple of years, we expect the impact of the economic slowdown on commercial real estate fundamentals to be limited by the fact that we entered this period of slowdown with very high current occupancies and with limited levels of new supply.

We expect earnings growth to remain robust primarily because of the strong rent growth that occurred over the last three years. With the in-place leases (and their below-market rents) rolling over to current market rents, we expect earnings growth to remain in the high single digits in the next couple of years. The highest growth should be seen in European and Asian REITs, with somewhat less growth in the US.

In the US, we have seen a slowing in tenant demand for commercial space with the slowdown in the economy.

But overall commercial real estate fundamentals remain healthy in most sectors and markets, with occupancies at high levels that are above long-term averages. In addition, new supply is at low levels.

In the apartment sector, rental demand has increased over the last couple of years with the downturn in the single-family market. Many of the apartment companies are expecting strong operating results in ’08 despite what is shaping up to be a very weak year for job growth.

In the retail sector it’s clear that the consumer outlook has deteriorated. But we think that high-quality retail centers — particularly regional malls — will continue to remain strong, with rents in-place well below market rents. National retailers — even if they are going through a difficult time — want to keep their best sites. As a result, they are making decisions on plans for openings on the basis of long-term sales trends, and not what has occurred over the last couple of quarters.

The UK has been the hardest hit REIT market, with REITs trading at 25%–35% discounts to their last reported net asset values despite — in our view —healthy market fundamentals. The unusually high discounts for the REITs reflect the fact that property values are under pressure because of declining growth expectations and increased borrowing costs. These pressures are probably more pronounced in the UK because of the dependence of London on the slowing financial services sector.

In addition, some of the open-end UK real estate funds have become sellers over the last couple of quarters due to redemption requests. But we think any of these discounts overstate the extent of the decline in property values that is likely to occur. And we think now is an excellent time to own the higher quality UK REITs: those companies with the best assets and the strongest management teams.

In Continental Europe, the companies have been less impacted by the credit market problems than the US and the UK. Commercial real estate fundamentals are healthy. Occupancies are high in the major markets and supply is under control. Here, our focus has been on the prime assets — companies with low leverage and strong management. And we are particularly focused on companies in the retail sector. The leading European retailers continue to expand with new store openings and new markets. And overall tenant demand for the better centers has remained very strong.

The Asian markets we are investing in continue to have the strongest fundamentals and the strongest growth prospects. In Japan, the overall economy has slowed and it is relatively weak versus the other major Asian markets. But the outlook for the office sector in Japan is one of the strongest in the Asian region.

To give you some perspective, Tokyo’s office vacancy is less than 3%. And supply growth is restricted. We expect renewal rents to grow at a double-digit annual rate over the next few years despite the slowdown in the economy.

Fundamentals are also strong for office properties in Singapore, Hong Kong, and Australia. In central HongKong the office vacancy rate is below 2%, and demand for space remains strong. Currently, Hong Kong’s residential sector is also very strong. Residential prices have risen 10% in the past year and some analysts are predicting an increase of more than 30% over the next two years. Hong Kong’s retail and hotel markets also continue to improve as general business sentiment and tourist spending remains very strong.

In summary, after a year of negative returns for global real estate securities, we have a relatively positive view on current valuation levels. While we think there are valid concerns about the outlook for global real estate securities — given the economic uncertainty and the credit market problems — we think the risks are already reflected in the prices. And we think there are some positives being ignored by investors. We think the earnings and dividend growth for these companies will remain strong.

Fundamentals in the major markets are healthy despite the economic slowdown. In terms of new supply of commercial real estate, it’s a very different situation compared to the residential real estate market of the last few years. Strong rent growth over the last three years has created the potential for strong earnings growth over the next three years as in-place leases roll over to market.

And the leverage levels for the public companies are low. Because of that, the companies are very well positioned from a financial perspective to endure the current market situation. So the bottom line for us is we believe now is a good time to invest in some of the best real estate — as Stan highlighted — in the public real estate companies, and to buy those companies at a discount to their net asset value.

REITs may trade at a discount or premium, depending on the market’s perception of their franchise value and the market’s perception of real estate generally.

For the US, the public companies are trading at a discount to private real estate right now. In our view, over the long term a good quality public company should trade at a premium to the value of its assets, reflecting its liquidity and its value-added capability.

For more information on any of Seligman’s real estate securities portfolios contact your financial advisor or Seligman Advisors, Inc. at 800-221-2783.

¹ Past performance is not an indication or guarantee of future results. Although real estate securities have had strong relative long-term performance versus traditional stocks, this outperformance hasnot continued. The long-term out performance of real estate securities is not indicative of, or a guarantee of, past or future investment results of the Funds.
² Diversification does not assure a profit or protect against loss in a declining market.
³ Institutional quality real estate is medium- to high-quality commercial real estate property owned or financed by tax-exempt institutional investors.