Fund returns for Seligman Capital Fund prior to September 26, 2002 do not reflect the increased management fee effective on such date. This fee, if reflected, would reduce the performance data quoted for the Fund for such periods.

With respect to mutual funds and Tri-Continental Corporation, you should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. To learn more about this and other important information about the funds, download a free prospectus. Read the prospectus carefully before investing.

Investments in the Funds involve risks, including the possible loss of principal. The stocks of smaller companies are subject to above-average market price fluctuations. A portfolio with fewer holdings, such as Seligman Smaller-Cap Value Fund, Seligman Smaller-Cap Value Portfolio, Seligman Large-Cap Value Fund, Seligman Large-Cap Value Portfolio, Seligman LaSalle Global Real Estate Fund, and Seligman LaSalle Monthly Dividend Real Estate Fund, may be subject to greater volatility than a portfolio with a greater number of holdings. The products of technology companies are subject to severe competition and rapid obsolescence, and technology stocks may be subject to greater price fluctuations, government regulation, and limited liquidity as compared to other investments. Investing in one economic sector, such as technology or real estate, may result in greater price fluctuations than owning a portfolio of diversified 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. Because of the risks associated with investing in securities of emerging market companies, an investment in Seligman Emerging Markets Fund should be considered speculative and not appropriate for individuals who require safety of principal or stable income from their investments. Investments in real estate securities may be subject to specific risks, such as risks to general and local economic conditions, and risks related to individual properties. High-yield bonds are subject to greater risk of loss of principal and interest than higher-rated, investment-grade bonds. Investment-grade fixed-income securities are subject to interest-rate risk, credit risk, prepayment risk, and market risk. US government bonds are guaranteed by the US government, and, if held to maturity, offer both a fixed rate of return and principal value. An investment in Seligman U.S. Government Securities Fund or any of the Seligman Municipal Funds are not insured or guaranteed by the US government or any state or municipality. A portion of municipal income may be subject to state or local taxes. Capital gain distributions are subject to federal, state, and local taxes. Municipal income may be subject to the alternative minimum tax. To the extent that a 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.

An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The four Funds within the Seligman Asset Allocation Series and Seligman TargetHorizon ETF Portfolios^SM invest in the Seligman Mutual Funds (Underlying Seligman Funds) and exchange traded funds (ETFs), respectively, to implement their unique asset allocation strategies. Investments in the Underlying Seligman Funds or ETFs involve risk, including the risk of loss of principal. An investor in a Fund within the Seligman Asset Allocation Series or Seligman TargetHorizon ETF Portfolios^SM will indirectly bear the operating expenses of the Underlying Seligman Funds or ETFs, as applicable, in which the Fund invests. Thus, the expenses borne by the investor will be higher than if he or she invested directly in the Underlying Seligman Funds or ETFs, and the returns may therefore be lower.

To the extent that a Fund invests a substantial percentage of its assets in an industry, the Fund's performance may be negatively affected if that industry falls out of favor. Accordingly, to the extent that each of the four Funds within the Seligman Time Horizon/Harvester Series have a substantial percentage of assets exposed to an industry through their investment in the Underlying Seligman Funds, the Fund's performance may be negatively affected if that industry falls out of favor.

Dividends paid by Seligman LaSalle Monthly Dividend Real Estate Fund generally will be taxable as ordinary income. It is expected that income dividends paid by the Fund generally will not be eligible for the reduction in dividend tax rates set forth in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Shares of the Seligman Portfolios are offered to separate accounts of participating insurance companies to fund variable annuity and variable life insurance contracts. Returns shown for Seligman Portfolios do not reflect the effect of any sales charges, or any other charges or expenses imposed by variable insurance contracts on their owners. If such charges were included, performance would be lower. Please refer to the prospectus relating to the variable insurance contract to determine which class of shares is available and for information about charges and expenses imposed by contracts on their owners.

Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

SEC Yield
Computed under an SEC standardized formula representing the net investment income earned by a fund over the preceding 30 day period, expressed as an annual percentage rate based on the maximum public offer price (POP) per share on the last day of the period. The SEC yield should be regarded as an estimate of the fund's rate of investment income reflecting an estimated yield to maturity (assuming all current portfolio holdings are held to maturity), and it may not equal the fund's actual income distribution rate or the income paid to a shareholders account. The SEC Yield reflects fee waivers in effect, if any. In the absence of such waivers, yields would be reduced.

7-Day Current Yield
For Money Market Funds: generated by an investment in the fund over a seven day period ended on the date of the calculation and is expressed as an annual percentage.

³ Seligman Asset Allocation Series commenced operations on 1/10/00 (the "Fund Inception Date"). Class A Shares of each Fund were issued on the Fund Inception Date. Class B, C, and D shares of each Fund were offered to the public on the Fund Inception Date, but were first issued at various later dates. Since inception returns for Class B, C, and D shares of each Fund have been computed from the Fund Inception Date and incorporate the total return of Class A shares of each Fund from the Fund Inception Date through the initial issuance dates of each of the other classes of shares, adjusted to reflect the higher expenses associated with the Administration, Shareholder Services and Distribution Plan for those classes that would have been incurred had they first been issued on the Fund Inception Date. Since inception returns for Class B, C, and D shares from their individual issuance dates would be different than those shown herein. Individual issuance dates are as follows: Seligman Asset Allocation Aggressive Growth Fund – Class B: 4/24/00, Class C: 2/8/00, Class D: 2/14/00; Seligman Asset Allocation Growth Fund – Class B: 3/21/00, Class C: 1/18/00, Class D: 1/21/00; Seligman Asset Allocation Moderate Growth Fund – Class B: 2/18/00, Class C: 3/6/00, Class D: 2/15/00; and Seligman Asset Allocation Balanced Fund – Class B: 2/17/00, Class C: 1/18/00, Class D: 2/29/00.