Seligman TargETFund 2015

Current Fund Returns

FUND MATERIALS

Fact Sheet

Investor Guide

Prospectus

Statement of Additional Information

Model Performance Grid

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.

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 reflects the maximum initial sales charge of 5.75% that went into effect January 7, 2008. Effective June 4, 2007, there is no initial sales charge on purchases of Class C shares. Average annual total return figures do not reflect the performance of Class C or R shares, which would differ due to different sales charges, fees and expenses. Return information on Class C and R shares are available here.

IMPORTANT RISK INFORMATION
An investment in the Fund involves risks, including the possible loss of principal. 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. There is no guarantee that the Fund’s investment goals/objectives will be met.

Risks of Asset Classes and ETFs: The following risks apply to some or all of the exchange-traded funds (“ETFs”) in which the Fund invests. An ETF may concentrate its investments in stocks of large-, medium- or small-capitalization companies. At times, one or more of these groups of stocks has experienced periods of volatility and negative performance. During such periods, the value of such stocks may decline and the performance of the ETF may be negatively affected. The products of technology companies may be subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuation, government regulation, and limited liquidity as compared to other investments. There are specific risks associated with global investing, such as currency fluctuations, foreign taxation, differences in financial reporting practices, and rapid changes in political and economic conditions. Investments in emerging market companies should be considered speculative. Investments in real estate securities may be subject to specific risks, such as risks of general and local economic conditions, and risks related to individual properties. To the extent that a Fund has a substantial percentage of its assets exposed to an industry through its investment in ETFs, the Fund’s performance may be negatively affected if that industry or sector falls out of favor. A portfolio with fewer holdings may be subject to greater volatility than a portfolio with a greater number of holdings. US government and other fixed income securities are subject to interest rate risk, credit risk, prepayment risk and market risk. Securities that are not guaranteed by the US Government may have increased credit risk, including, but not limited to, the risk of non-payment of principal or interest. High-yield securities are subject to higher volatility in yield and market value and a greater risk of loss of principal and interest than higher-rated, investment grade fixed income securities.

Investments by the Fund in ETFs involve risk, including the risk of loss of principal. An investor in the Fund will indirectly bear the operating expenses of the ETFs in which it invests. Thus, the expenses borne by the investor will be higher than if he or she invested directly in the ETFs, and the returns may therefore be lower.

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 Approximate asset allocation as of June 30, 2008, shown as a percentage of the Fund’s portfolio. Allocations are subject to change based upon the recommendations of Seligman Time Horizon Matrix, asset class experience, the Portfolio Managers’ investment decisions and ongoing research, market or other conditions or events.
2 Holdings are shown as a percentage of the Fund’s net assets. 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.

Seligman TargETFund 2015^SM

FUND OBJECTIVE AND STRATEGY:
Seeks capital appreciation consistent with a strategy of steadily decreasing emphasis on capital appreciation and steadily increasing emphasis on capital preservation and current income as 2015 approaches. The Fund seeks its objective by investing at least 80% of its net assets in ETFs, using allocations suggested by Seligman’s Time Horizon Matrix^® strategy.

PORTFOLIO MANAGEMENT

Portfolio Managers:
Charles W. Kadlec

John B. Cunningham, CFA

FUND STATISTICS
As of June 30, 2008
Inception October 3, 2005
Total Net Assets $39 million

TARGET ASSET ALLOCATION¹
As of June 30, 2008

US Large-Cap Equity

24.1%

US Mid-Cap Equity

20.9%

Fixed-Income

16.9%

US Small-Cap Equity

10.9%

International Equity

17.2%

REITs

10.0%

HOLDINGS²
As of June 30, 2008

SPDR Trust Series 1

23.3%

iShares Russell Midcap Index Fund

20.2

iShares Russell 2000 Index Fund

10.8

Vanguard Europe Pacific ETF Fund

10.0

Dow Jones Wilshire REIT ETF Fund

10.0

iShares iBoxx $ Investment Grade Corporate Bond Fund

10.0

iShares Lehman US Treasury Inflation Protected Securities FUnd

4.1

Vanguard Emerging Markets ETF Fund

3.7

WisdomTree International SmallCap Dividend Fund

3.6

Vanguard Total Bond Market ETF Fund

2.7

iShares Dow Jones Select Dividend Index Fund

1.4

SELIGMAN TARGETFUND 2015^SM

Is intended for investors with a goal in or near the year 2015
Is a Target-Date Fund — it changes its allocations to historically less-volatile investments as you get closer to your goal
Invests in ETFs—“exchange-traded funds” that seek to track a specific securities index or basket of securities*
Provides investors with a sophisticated risk-management strategy and cost-effective diversification**

* Underlying ETFs generally will not be able to duplicate exactly the performance of the underlying indexes they seek to track, which can be due to, among other factors, the expenses that the Underlying ETF pays, regulatory constraints, investment strategies or techniques undertaken by an Underlying ETF (e.g., options and futures) and changes to an underlying index. In addition, there may exist a lack of correlation between the securities in an index and those actually held by an Underlying ETF, as well as a lack of correlation between the asset classes used to develop Seligman’s asset allocation methodology and the Underlying ETFs.

** Diversification does not assure a profit or protect against loss in a declining market. A typical investor would incur lower costs through an investment in Seligman TargETFunds (which includes professional portfolio management based on Seligman’s proprietary Time Horizon Matrix research) as compared to a direct investment (without professional portfolio management) in the same ETFs held by the Seligman TargETFunds. Such cost comparison takes into consideration transaction costs, sales charges, and expenses, as applicable.

AVERAGE ANNUAL TOTAL RETURNS
As of June 30, 2008


		1 Year	Since Inception*

	Class A without sales charges	(11.03)%	4.20%

	Class A with sales charges	(16.15)	1.96


*Inception: 10/3/05.

GROWTH OF $10,000
(Class A Without Sales Charges: 10/3/05 (Inception) - 6/30/08)

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

	(As of percent of Net Assets)	Class A Shares	Class C/D Shares	Class R Shares

	Total Gross Operating Expenses³	1.52%	2.29%	1.79%

	Less: Contractual Fee Waiver/Expense Reimbursement⁴	0.31	0.31	0.31

	Net Operating Expenses (after Fee Waiver/Expense Reimbursement)³	1.21	1.98	1.48

³Includes 0.25% for Underlying ETF fees and expenses. ⁴Through at least January 31, 2015, 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 0.23% per annum of the Fund’s average daily net assets (excluding the assets in Class I shares, shares of which are not offered herein). This waiver/reimbursement arrangement also excludes Underlying ETF fees and expenses.

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.