Seligman U.S. Government Securities Fund
FUND OBJECTIVE:
Seeks a high level of current income consistent with prudent investment risk.
PORTFOLIO MANAGEMENT
Portfolio Manager:
Francis L. Mustaro

Francis L. Mustaro
Managing Director

Head of the Seligman Investment Grade Fixed Income Team

Joined Seligman: 2006
Industry Experience: 35 Years

Mr. Mustaro serves as Portfolio Manager for the following:

Education:

BA (History with a concentration in Economics) - Lafayette College


Investment Team:
Seligman Investment Grade Team



FUND STATISTICS
As of June 30, 2008

Inception March 11,1985
Total Net Assets $64 million
Number of Holdings 53
Duration* 4.7 years

*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 present time.




COMPOSITION OF NET ASSETS1
As of June 30, 2008
Fannie Mae
39.4%
US Treasury Notes and Bonds
34.9
Freddie Mac
24.6
Ginnie Mae
7.9
Other US Guaranteed
1.0
Other US Agency Obligations
0.9
Other Assets Less Liabilities
(8.7)
PORTFOLIO COMPOSITION2
As of June 30, 2008
Obligations Backed by US Full Faith and Credit
38.7%
Obligations Not Backed by US Full Faith and Credit
57.5%
Other
3.8%



QUALITY COMPOSITION
As of June 30, 2008
Moody's Ratings
Aaa-Aa-A/AAA-AA-A
100.0%
Nonrated
0.0
Quality Composition is shown as a percentage of net assets.




AVERAGE ANNUAL TOTAL RETURNS
As of June 30, 2008

  1 Year
%
3 Year
%
5 Year
%
10 Year
%
CLASS A without sales charges 7.24 2.81 1.86 4.04
CLASS A with sales charges 2.36 1.27 0.93 3.55
 



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


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 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. 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 Annual Operating Expenses 1.52% 2.28% 1.78%
 



NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE