An investor cannot invest directly in an unmanaged average. Lipper Averages are comprised of funds that, by portfolio practice: Multi-Cap Core Funds Average—invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. Science & Technology Funds Average—invest at least 65% of assets in technology stocks; Emerging Markets Funds Average—invest at least 65% of total assets in emerging market equity securities, where “emerging market” is defined by a country’s gross national product (GNP) per capita or other economic measures; Global Small/Mid Cap Growth Funds Average—invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) less than the 500th largest company in the S&P/Citigroup World Broad Market Index. Small-/mid-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P/Citigroup World BMI; Large-Cap Growth Funds Average—invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of greater than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index; Multi-Cap Value Funds—invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% and 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap value funds typically have a below-average price-to-earnings ratio, price-to book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index; General Municipal Debt Funds Average—invest primarily in municipal debt issues in the top four credit ratings; Small-Cap Core Funds Average—invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. Lipper categories are designated by Lipper, and have changed in the past and are subject to change going forward.

Investment Risks: The stocks of smaller and mid-capitalization companies may be subject to above-average market price fluctuations. Portfolios with fewer holdings may be subject to greater volatility than portfolios with a greater number of holdings. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuations, government regulation, and limited liquidity as compared to other investments. In addition, investments in one economic sector, such as technology, may result in greater price fluctuations than owning a portfolio of diversified investments. There are specific risks associated with global investing, such as currency fluctuation, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions. Income earned by the National Municipal Fund is generally subject to state and local taxes. Capital gain distributions are subject to federal, state, and local taxes. Income may be subject to the alternative minimum tax. Fixed-income securities owned by the Fund are subject to interest-rate risk, credit risk, prepayment risk, and market risk. To the extent that the Fund concentrates its investments in municipal securities issued by a single state and its municipalities, specific events or factors affecting a particular state may have an impact on the municipal securities of that state without affecting the municipal market in general. Because of the special risks involved with investing in securities of emerging market companies, an investment in the Fund should be considered speculative and not appropriate for individuals who require safety of principal or stable income from their investments. The Funds within the Seligman Asset Allocation Series invest in the Seligman Mutual Funds (Underlying Seligman Funds) to implement their unique asset allocation strategies. Investments in the Underlying Seligman Funds involve risk, including the risk of loss of principal. An investor in a Fund within the Series will indirectly bear the operating expenses of the Underlying Seligman Funds, as applicable, in which the Fund invests. Thus, the expenses borne by the investor will be higher than if he or she invested directly in the Underlying Seligman Funds, and the returns may therefore be lower. Diversification does not assure a profit or protect against loss in a declining market. There is no guarantee that any Fund’s investment goals/objectives will be met, and you could lose money. * Since inception date of 1/31/00 for the Funds of Seligman Asset Allocation Series (formerly Seligman Time Horizon/Harvester Series). † Prior to January 1, 2003, Seligman employed subadvisors that were responsible for providing certain portfolio management services with respect to the investments of the Fund. From January 1, 2003 until September 15, 2003, the assets of the Fund were managed exclusively by J. & W. Seligman and Co. Incorporated. Beginning September 15, 2003 Wellington Management Company, LLP has acted as subadvisor to provide portfolio management services for the Fund.

This information is authorized for use only in the case of concurrent or prior delivery of the offering prospectus for a Seligman Mutual Fund. You should consider the investment objectives, risks, charges, and expenses of any Seligman Mutual Fund carefully before investing. The prospectus, which contains information about these factors and other important information, should be read carefully before investing.