Seligman California High-Yield Municipal Fund Fact Sheet

Current Fund Returns

SELIGMAN'S STYLE ANALYSIS

This style analysis is the opinion of Seligman only and has not been provided by any third party.

FUND MATERIALS

Investor Guide

Fact Sheet

Prospectus

Statement of Additional Information

Shareholder Report

Past performance is no guarantee or indication of future results. The rate of return will vary and the principal value of an investment will fluctuate. Shares, if redeemed, may be worth more or less than their original cost. Performance does not reflect the effect of sales charges, fees, or taxes. If such charges were included, performance would be lower. Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gain distributions, if any.

Seligman is voluntarily waiving a portion of its investment management fee to limit its per annum management fee to 40% per annum. Seligman may discontinue its fee waiver at any time. Absent such fee waiver, the Fund's returns would have been lower.

IMPORTANT PERFORMANCE INFORMATION

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Total returns of the Fund as of the most recent month-end will be made available at Current Fund Returns by the seventh business day following that month-end.

Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gain distributions, if any. Average annual total return figures for Class A shares are calculated without and with the effect of the initial maximum sales charge. The average annual total returns (with sales charges) for all periods presented for Class A shares reflect the maximum initial sales charge of 4.50% that went into effect January 7, 2008. Although 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 the 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. The chart and tables do not reflect the performance of Class C shares, which would differ due to different sales charges, fees and expenses. Return information on Class C shares are available here.

Returns reflect voluntary fee waivers from Seligman. Without such feewaivers, returns would have been lower.

A WORD ABOUT RISK

A portion of income may be subject to state 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.

There is no guarantee that the Fund’s investment goals/objectives will be met, and you could lose money.

J. & W. Seligman & Co. Incorporated (“Seligman”) offers clients the experience that comes from being a consistent, reliable presence on Wall Street for more than 140 years, the insight of veteran portfolio managers who’ve invested and learned through multiple market cycles, and the forward-looking investment solutions designed to help clients meet their goals. On July 7, 2008, Ameriprise Financial, Inc. (“Ameriprise”) announced an agreement to acquire J. & W. Seligman & Co. Incorporated (“Seligman”), the Fund’s manager, in a transaction that is likely to close in the fourth quarter of 2008. Consummation of Ameriprise’s acquisition of Seligman will result in a change of control of Seligman and an assignment and automatic termination of the Fund’s management agreement with Seligman. At a meeting on July 29, 2008, the Fund’s Board approved new advisory and administration agreements between the Fund and subsidiaries of Ameriprise. The new advisory agreement will be presented to the shareholders of the Fund for their approval.

FOOTNOTES
1 Annualized as of 3/31/08. Seligman, at its discretion, is waiving a portion of its management fee to limit the per annum management fee of the California High-Yield Fund to 0.40% per annum. Seligman may discontinue its fee waiver at any time. Such fee waiver is not reflected in the expense table.
2 Quality composition ratings are primarily those issued by Moody’s Investors Service, Inc. (“Moody’s”). Where Moody’s ratings have not been assigned, ratings from Standard & Poor’s Corporation (“S&P”) were used. Pre-refunded and escrowed-tomaturity securities that have been rerated as AAA by S&P but have not been rerated by Moody’s have been reported as AAA. Quality composition excludes short-term holdings and is shown as a percentage of total long-term securities.
3 Top 5 holdings exclude short-term holdings 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. Click the link for additional Portfolio holdings information.
4 Bond 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, discounted to the present time. Option Adjusted Duration is the modified duration of a bond after adjusting for any embedded optionality. The Option Adjusted measure of duration takes into account the fact that yield changes may change the expected cash flows of the bond because of the presence of an embedded option, such as a call or put.
5 Weighted average maturity is the number of years to stated maturity, weighted based upon current market value.

Seligman California High-Yield Municipal Fund

FUND OBJECTIVE:
Seeks the maximum income exempt from regular federal income taxes and from the personal income taxes of California consistent with preservation of capital and with consideration given to capital gain.

PORTFOLIO MANAGEMENT

Portfolio Managers:
Thomas G. Moles

Eileen Comerford

Investment Team:
Seligman Municipal Team

FUND STATISTICS
As of June 30, 2008
Inception November 20, 1984
Total Net Assets $35 million
Number of Holdings 16
Option Adjusted Duration⁴ 6.3 years
Weighted Average Maturity⁵ 18.3 years

Minimum Initial Investment $1,000
Subsequent Investment $100

TOP 5 HOLDINGS³
As of June 30, 2008

Puerto Rico Highway & Transportation Authority Rev. -- Refunded

9.5%

California Health Facilities Financing Authority Rev. (Cedars-Sinai Medical Center) -- Refunded

9.0

San Bernardino, CA Joint Powers Financing Authority Rev. (California Dept. of Transportation Lease)

8.5

California Health Facilities Financing Authority Rev. (Kaiser Permanente) -- Escrowed-to-Maturity

7.9

California Statewide Communities Development Authority Rev. (Sutter Health)

7.1

Total

42.0%

HOLDINGS BY MARKET SECTOR⁵
As of June 30, 2008

Revenue Bonds

71%

Pre-refunded/Escrowed-to-Maturity Bonds

29%

QUALITY COMPOSITION²
As of June 30, 2008

Aaa

19%

Baa

Non-rated

AVERAGE ANNUAL TOTAL RETURNS
As of June 30, 2008


	1 Year %	3 Year %	5 Year %	10 Year %

CLASS A without sales charges	3.15	3.29	3.86	4.52

with sales charges	(1.52)	1.73	2.92	4.03

GROWTH of $10,000
Class A Without Sales Charges: 6/30/88 - 6/30/08

The chart does not reflect the performance of Class C shares, which would differ due to different sales charges and expenses. See Important Performance Information below.

CALENDAR YEAR TOTAL RETURNS
As of June 30, 2008

Class A Without Sales Charges

Performance does not reflect the effect of sales charges. If such charges were included, performance would be lower. Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gains, if any. The graph does not reflect the performance of Class C shares, which would differ due to different sales charges and expenses. Seligman is voluntarily waiving 0.10% per annum of its investment management fee. Seligman may discontinue its fee waiver at any time. Absent such fee waiver, the Fund's returns would have been lower. See Important Performance Information below.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

(As of percent of Net Assets)	Class A Shares	Class C Shares

Total Annual Operating Expenses¹	1.01%	1.91%

NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE

This information is authorized for use only in the case of concurrent or prior delivery of the offering prospectus of the Fund. You should consider the investment objectives, risks, charges, and expenses of a Fund carefully before investing. A prospectus containing information about a Fund (including its investment objectives, risks, charges, expenses, and other information about the Fund) may be obtained here. The prospectus should be read carefully before investing in a Fund.

The Seligman Funds are managed by J. & W. Seligman & Co. Incorporated (Seligman). The Seligman Mutual Funds are distributed by Seligman Advisors, Inc. Seligman Services, Inc. provides client services to Fund shareholders. Seligman Advisors, Inc. and Seligman Services, Inc. are wholly-owned subsidiaries of Seligman.

Distributed by Seligman Advisors, Inc.