Seligman Global Smaller Companies Fund
FUND OBJECTIVE AND STRATEGY:
Seeks long-term capital appreciation by investing primarily in equity securities of smaller US and non-US companies.
PORTFOLIO MANAGEMENT
Portfolio Managers:
Simon H. Thomas, CPA

Simon H. Thomas, CPA
Director and Equity Portfolio Manager
Wellington Management Company, LLP
Simon is a Portfolio Manager and leader of Wellington Management's International Small Cap portfolio team. He began his career at Wellington Management as an intern in the firm's Global Industry Research Group (2001) and accepted his current position upon graduation from business school.
Education:
Simon received his MBA from the University of Chicago (2002), graduating first in his class. He also holds an MA and BA in Philosophy, Politics, and Economics from the University of Oxford (1992).

Jamie A. Rome, CFA

Jamie A. Rome, CFA
Senior Vice President, Partner, and Equity Portfolio Manager
Wellington Management Company LLP
Jamie is the Portfolio Manager for the Smaller Companies approach and North American portion of the Global Smaller Companies approach, and Associate Portfolio Manager of the Emerging Companies approach, the firm's longstanding Micro Cap series of portfolios for domestic and international clients. Jamie joined Wellington Management in 1994, as a member of the Emerging Companies team. Within the team, Jamie focuses on the Technology, Energy, Non-bank Financial and Defense Aerospace industries.
Education:
Jamie earned his MBA from the University of Chicago (1994), and his AB in History from Washington University in St. Louis (1984). He also holds the Chartered Financial Analyst designation and is a member of the Boston Security Analyst Society.

Investment Team:
Wellington Management Company, LLP



FUND STATISTICS
As of March 31, 2008

Inception September 9, 1992
Total Net Assets $190 million
Number of Holdings 263




TOP 10 HOLDINGS1
As of March 31, 2008
Dufry Group (Switzerland)
1.1%
OBIC (Japan)
0.9
OBIC Business Consultants (Japan)
0.8
Lupatech (Brazil)
0.7
Incyte (United States)
0.7
Aeon Delight (Japan)
0.7
DSP Group (United States)
0.7
Petrofac (United Kingdom)
0.7
BPZ Energy (United States)
0.7
Grubb & Ellis Realty Advisors (United States)
0.7
Total
7.7%
REGIONAL WEIGHTINGS
As of March 31, 2008
North America (Developed)
42.8%
Japan
13.1%
Europe (Other)
15.4%
Europe (EMU)
9.9%
Asia (Developed)
7.8%
Asia (Emerging)
5.2%
Latin America (Emerging)
5.3%
Europe, Middle East and Africa (Emerging)
0.5%
Regional weightings are shown as a percentage of total portfolio holdings.




TOP 10 INDUSTRY WEIGHTINGS
As of March 31, 2008
Oil, Gas and Consumable Fuels
7.6%
Metals and Mining
6.1
Energy Equipment and Services
5.4
Specialty Retail
4.6
Real Estate Management and Development
4.9
Machinery
3.8
Commercial Services and Suppliers
3.7
Biotechnology
3.6
Food Products
3.4
Semiconductors and Semiconductor Equipment
3.4
Industry weightings are shown as a percentage of net assets.
FUND CHARACTERISTICS
As of March 31, 2008
P/E
19x
Trailing 3 Year EPS Growth
40%
Weighted Average Market Capitalization*
$1,111
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
%
Inception
Date
CLASS A without sales charges (9.78) 8.45 18.35 2.38
Class A with sales charges (14.97) 6.32 16.97 1.78
 



GROWTH of $10,000
(Class A Without Sales Charges: 9/9/92 (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 below.


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 below.


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 Annual Gross Operating Expenses 1.79% 2.54% 2.04%
 



SUBADVISOR
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.
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE