Important Performance Information

Performance data quoted herein represents past performance. Past performance does not guarantee 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 maybe higher or lower than the performance data quoted.

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. Seligman is waiving all or part of its investment management fee and/or reimbursing Fund expenses for Seligman California High-Yield Municipal Fund, Seligman Florida Municipal Fund, Seligman Frontier Fund, Seligman Core Fixed Income Fund, Seligman LaSalle Global Real Estate Fund, Seligman LaSalle Monthly Dividend Real Estate Fund, Seligman Emerging Markets Fund, Seligman Global Growth Fund, Seligman International Growth Fund, Seligman TargETFund Core, Seligman TargETFund 2015, Seligman TargETFund 2025, Seligman TargETFund 2035, Seligman TargETFund 2045, Seligman Time Horizon 30 Fund, Seligman Time Horizon 20 Fund, Seligman Time Horizon 10 Fund, Seligman Harvester Fund. In addition, from time to time, Seligman has reimbursed expenses or waived investment management fees of other Seligman Mutual Funds. Seligman may implement or discontinue voluntary expense reimbursements or fee waivers at any time. Absent such reimbursement/waivers, returns would have been lower.

You should consider the investment objectives, risks, and 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 a Fund) may be obtained by clicking here. The prospectus should be read carefully before investing in the Fund.

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.

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

Investments in the Funds involve risks, including the possible loss of principal. The stocks of smaller companies may be 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.

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.

The four Funds within the Seligman Time Horizon/Harvester 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 Time Horizon/Harvester 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.

Prior to March 31, 2000, Seligman employed subadvisors that were responsible for providing certain portfolio management services with respect to the investments of Seligman Emerging Markets Fund, Seligman Global Growth Fund, Seligman Global Technology Fund, Seligman Global Technology Portfolio, Seligman International Growth Fund, and Seligman International Growth Portfolio and prior to January 1, 2003 with respect to the investments of Seligman Global Smaller Companies Fund. For the periods following, until September 15, 2003, the assets of these Funds were managed exclusively by J. & W. Seligman & Co. Incorporated. Beginning September 15, 2003 Wellington Management Company, LLP has acted as subadvisor to provide portfolio management services for Seligman Emerging Markets Fund, Seligman Global Growth Fund, Seligman Global Smaller Companies Fund, Seligman International Growth Fund, and Seligman International Growth Portfolio. Seligman will continue to manage the assets of Seligman Global Technology Fund and Seligman Global Technology Portfolio. LaSalle Investment Management (Securities), L.P. is the subadvisor for Seligman LaSalle Monthly Dividend Real Estate Fund. LaSalle Investment Management (Securities), L.P. and LaSalle Investment Management Securities, B.V. are the subadvisors for Seligman LaSalle Global Real Estate Fund.

¹ Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gain distributions, if any. Return figures for Class A shares are calculated without and with the effect of the initial 4.75% maximum sales charge. Returns for Class B shares are calculated without and with the effect of the maximum 5% contingent deferred sales charge (CDSC), charged only on certain redemptions made within one year of the date of purchase, declining to 1% in the sixth year and 0% thereafter. Returns for Class C shares are calculated without and with the effect of the maximum 1% initial sales charge, and the 1% CDSC charged only on redemptions made within 18 months of the date of purchase. Returns for Class D shares are calculated with the effect of the 1% CDSC, charged only on redemptions made within one year of the date of purchase.

² Seligman Time Horizon/Harvester 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 Time Horizon 30 Fund – Class B: 4/24/00, Class C: 2/8/00, Class D: 2/14/00; Seligman Time Horizon 20 Fund – Class B: 3/21/00, Class C: 1/18/00, Class D: 1/21/00; Seligman Time Horizon 10 Fund – Class B: 2/18/00, Class C: 3/6/00, Class D: 2/15/00; and Seligman Harvester Fund – Class B: 2/17/00, Class C: 1/18/00, Class D: 2/29/00.

³ Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gain distributions, if any. The net asset value of closed-end fund shares may not always correspond to the market price of such shares. Shares of many closed-end funds frequently trade at a discount from their net asset value. Closed-end funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a Fund.