Seligman International Growth Fund
FUND OBJECTIVE AND STRATEGY:
Seeks long-term capital appreciation by investing primarily in high-quality, large- and mid-capitalization growth companies that are considered leaders in their industries, emphasizing those industries that are growing on a global basis.
PORTFOLIO MANAGEMENT
Portfolio Managers:
Andrew S. Offit, CPA
Andrew S. Offit, CPA
Senior Vice President
Partner
Equity Portfolio Manager

Wellington Management Company, LLP

Andy is responsible for managing Global and International Growth portfolios for institutional and mutual fund investors worldwide. The portfolios he manages are invested primarily in larger capitalization securities in developed markets. Andy draws on research provided by Wellington Management's regional and global industry analysts and other global research resources within the firm.

Education:

Andy recieved his MBA from the University of Pennsylvania (Wharton, 1987) and his BA in Business Administration from Emory University (1982). He is a Certified Public Accountant.


Jean-Marc Berteaux
Jean-Marc Berteaux
Senior Vice President
Partner
Equity Portfolio Manager

Wellington Management Company, LLP

Jean-Marc is a Portfolio Manager on the Global and International Growth team. He conducts research and draws upon the resources of the firm's Regional and Global Industry Analysts to find the best opportunities around the world.

Education:

Jean-Marc received his MBA from INSEAD (1994). He also holds his MA in International Relations from the Institut d'Etudes Politiques de Paris (1989), and his BA from the University of Massachusetts, Amherst (1986).


Matthew D. Hudson, CFA
Matthew D. Hudson, CFA
Vice President
Equity Portfolio Manager

Wellington Management Company, LLP

Matt is a Portfolio Manager on the Global and International Growth team. He is responsible for managing Global and International Growth portfolios for institutional and sub-advisory clients worldwide. Matt conducts research and draws up on the resources of Wellington Management's regional and global industry analysts to find the best opportunities around the world.

Education:
Matt received his MBA from Boston University (1996) and his BA in Finance and Investments from Babson College (1991). Matt also holds the Chartered Financial Analyst designation.

Investment Team:
Wellington Management Company, LLP



FUND STATISTICS
As of September 30, 2008

Inception April 7, 1992
Total Net Assets $53 million
Number of Holdings 55




TOP 10 HOLDINGS1
As of September 30, 2008
Reckitt Benckiser Group (United Kingdom)
3.9%
Nestle (Switzerland)
3.8
Carlsberg (Class B) (Denmark)
3.5
ARM Holdings (United Kingdom)
3.3
Teva Pharmaceutical Industries (Israel)
3.3
3i Group (United Kingdom)
3.2
easyJet (United Kingdom)
3.1
Roche Holdings (Switzerland)
3.1
Autonomy (United Kingdom)
2.9
Societe Generale (France)
2.9
Total
33.0%
TOP 10 INDUSTRY WEIGHTINGS
As of September 30, 2008
Capital Markets
11.2%
Chemicals
8.9
Electrical Equipment
7.1
Pharmaceuticals
6.9
Software
6.6
Airlines
6.3
Commercial Banks
4.4
Semiconductors and Semiconductor Equipment
4.1
Communications Equipment
4.0
Machinery
4.0
Industry weightings are shown as a percent of net assets.




REGIONAL WEIGHTINGS
As of September 30, 2008
Europe (EMU)
24.4%
Europe (Other)
52.9%
Asia (Emerging)
5.9%
Japan
5.4%
North America (Developed)
5.8%
Asia (Developed)
1.7%
Latin America(Emerging)
0.4%
Europe, Middle East and Africa (Emerging)
3.5%
Regional weightings are show as a percentage of total portfolio holdings.

FUND CHARACTERISTICS
As of September 30, 2008
P/E
23x
Trailing 3 Year EPS Growth
40%
Weighted Average Market Capitalization*
$39,242
Source: FactSet. *In millions.
P/E Ratio is the weighted average of the price of each stock in the Fund’s portfolio at September 30, 2008 divided by its after-tax earnings

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 September 30, 2008.

Weighted Avergage Market Capitalization represents the market capitalizations of companies held in the portfolio.




AVERAGE ANNUAL TOTAL RETURNS
As of September 30, 2008

  1 Year
%
3 Year
%
5 Year
%
10 Year
%
CLASS A without sales charges (40.66) (3.08) 5.45 (2.42)
CLASS A with sales charges (44.08) (4.97) 4.20 (3.00)
 



GROWTH of $10,000
(Class A Without Sales Charges: 4/7/92 (Inception) - 9/30/08)


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 September 30, 2008

Class A Without Sales Charges

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* 2.07% 2.82% 2.32%
 
*As of 4/30/08



SUBADVISOR
Prior to March 31, 2000, Seligman employed subadvisors that were responsible for providing certain portfolio management services with respect to the investments of the Fund. From March 31, 2000, until September 15, 2003, the assets of the Fund 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 the Fund.
NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE