Seligman Global Growth Fund
FUND OBJECTIVE AND STRATEGY:

Seeks long-term capital appreciation by investing primarily in equity securities of non-US and US growth companies that have the potential to benefit from global economic or social trends.

PORTFOLIO MANAGEMENT
Portfolio Manager:
Matthew D. Hudson, CFA

Matthew D. Hudson, CFA
Vice President and Equity Portfolio Manager Wellington Management Company, LLP
Matt is a Portfolio Manager on the Global and International Growth team. He is responsible for managing Global and International Growth portfolios for institutional and sub-advisory clients worldwide. Matt conducts research and draws up on the resources of Wellington Management's regional and global industry analysts to find the best opportunities around the world.
Education:
Matt received his MBA from Boston University (1996) and his BA in Finance and Investments from Babson College (1991). Matt also holds the Chartered Financial Analyst designation.

Investment Team:
Wellington Management Company, LLP



FUND STATISTICS
As of March 31, 2008

Inception November 1, 1995
Total Net Assets $38 million
Number of Holdings 74




TOP 10 HOLDINGS1
As of March 31, 2008
Electronic Arts (United States)
3.5%
Nestle (Switzerland)
2.2
Nintendo (Japan)
2.2
American Tower (Class A) (United States)
2.2
Corning (United States)
1.8
Alstom (France)
1.8
Man Group (United Kingdom)
1.8
Microsoft (United States)
1.7
Seadrill (Norway)
1.7
Nokia (ADR) (Finland)
1.7
Total
20.6%
TOP 10 INDUSTRY WEIGHTINGS
As of March 31, 2008
Software
9.2%
Electrical Equipment
7.6
Communications Equipment
6.8
Wireless Telecommunication Services
6.5
Pharmaceuticals
4.9
Capital Markets
4.4
Energy Equipment and Services
4.3
Metals and Mining
4.3
Chemicals
4.0
Oil, Gas and Consumable Fuels
3.6
Industry weightings are shown as percentage of net assets.




REGIONAL WEIGHTINGS
As of March 31, 2008
North America (Developed)
47.2%
Europe (Other)
15.8%
Europe (EMU)
21.8%
Japan
4.6%
Latin America (Emerging)
3.2%
Asia (Emerging)
5.0%
Asia (Developed)
1.1%
Europe, Middle East and Africa
1.3%
Regional weightings are show as a percentage of total portfolio holdings.

FUND CHARACTERISTICS
As of March 31, 2008
P/E
25x
Trailing 3 Year EPS Growth
46%
Weighted Average Market Capitalization*
$53,469
Source: FactSet
P/E Ratio is the weighted average of the price of each stock in the Fund's portfolio at March 31, 2008 divided by its after-tax earnings per share over the trailing 12-month period ended on such date, excluding any companies with after-tax losses.

Trailing 3 Year EPS Growth is the weighted average of the change in the earnings per share over the previous 12 quarters of the companies in the Fund's portfolio at March 31, 2008.

Weighted Average Market Capitalization represents the market capitalizations of companies held in the portfolio.




AVERAGE ANNUAL TOTAL RETURNS
As of March 31, 2008

  1 Year
%
3 Year
%
5 Year
%
10 Year
%
CLASS A without sales charges 4.76 10.13 13.58 2.05
CLASS A with sales charges (1.25) 7.99 12.22 1.45
 



GROWTH of $10,000
(Class A Without Sales Charges: 11/1/95 (Inception) - 3/31/08)


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


CALENDAR YEAR TOTAL RETURNS
As of March 31, 2008

Class A Without Sales Charges

Performance does not reflect the effect of sales charges. If such charges were included, performance would be lower. The graph does not reflect the performance of Class B, C, or R shares, which would differ due to different sales charges, fees and expenses. Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gains, if any. See Important Performance Information.




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

(As of percent of Net Assets) Class A
Shares
Class B/C
Shares
Class R
Shares
Total Gross Operating Expenses 2.31% 3.06% 2.56%
Less: Contractual Fee Waiver/Expense Reimbursement2 0.21 0.21 0.21
Net Operating Expenses(after Fee Waiver/Expense Reimbursement) 2.10 2.85 2.35
 
2Through at least February 29, 2009, Seligman 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 0.85% per annum of the Fund’s average daily net assets. Other fee waiver/reimbursement arrangements were in effect prior to this arrangement. Absent such management fee waivers/expense reimbursements, the Fund’s returns would have been lower.



SUBADVISOR
Prior to June 30, 2000, Seligman employed subadvisors that were responsible for providing certain portfolio management services with respect to the investments of the Fund. From June 30, 2000 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.
NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE