Seligman North Carolina Municipal Fund Fact Sheet

Current Fund Returns

SELIGMAN'S STYLE ANALYSIS

This style analysis is the opinion of Seligman only and has not been provided by any third party.

FUND MATERIALS

Investor Guide

Fact Sheet

Prospectus

Statement of Additional Information

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 reflect the maximum initial sales charge of 4.50% that went into effect January 7, 2008. Although the Fund’s Class A share returns reflect the 4.50% maximum initial sales charge, the actual returns for periods prior to January 7, 2008 would have been lower if the 4.75% maximum initial sales charge then in effect was incurred. Effective June 4, 2007, there is no initial sales charge on purchases of Class C shares. The chart and tables do not reflect the performance of Class C shares, which would differ due to different sales charges, fees and expenses. Return information on Class C shares are available here

A WORD ABOUT RISK

A portion of income may be subject to state taxes. Capital gain distributions are subject to federal, state, and local taxes. Income may be subject to the alternative minimum tax.

Fixed-income securities owned by the Fund are subject to interest-rate risk, credit risk, prepayment risk, and market risk.

To the extent that the 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.

There is no guarantee that the Fund’s investment goals/objectives will be met, and you could lose money.

On November 7, 2008, RiverSource Investments, LLC (“RiverSource Investments”) completed its acquisition of J. & W. Seligman & Co. Incorporated. In addition, at special meetings held earlier in November 2008, the shareholders of each Seligman Mutual Fund approved a new investment management services agreement between each such Fund and RiverSource Investments and, if applicable, new subadvisory and delegation agreements. With the completion of the acquisition and the approval of these new agreements by shareholders of each Seligman Mutual Fund, RiverSource Investments is the new investment manager of the Seligman Mutual Funds effective November 7, 2008.

FOOTNOTES
1 Quality composition ratings are primarily those issued by Moody’s Investors Service, Inc. (“Moody’s”). Where Moody’s ratings have not been assigned, ratings from Standard & Poor’s Corporation (“S&P”) were used. Pre-refunded and escrowed-tomaturity securities that have been rerated as AAA by S&P but have not been rerated by Moody’s have been reported as AAA. Quality composition excludes short-term holdings and is shown as a percentage of total long-term securities.
2 Top 5 holdings exclude short-term holdings and are shown as a percentage of total net assets. The Fund is actively managed and holdings are subject to change. 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.
3 Bond 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 the present time. Option Adjusted Duration is the modified duration of a bond after adjusting for any embedded optionality. The Option Adjusted measure of duration takes into account the fact that yield changes may change the expected cash flows of the bond because of the presence of an embedded option, such as a call or put.
4 Weighted average maturity is the number of years to stated maturity, weighted based upon current market value.
5 Holdings are shown as a percentage of total long-term securities.

Seligman North Carolina Municipal Fund

FUND OBJECTIVE:
Seeks high income exempt from regular federal income taxes and from North Carolina personal income taxes consistent with preservation of capital and with consideration given to opportunities for capital gain.

PORTFOLIO MANAGEMENT

Portfolio Managers:
Thomas G. Moles
Eileen Comerford
Investment Team:
Seligman Municipal Team

FUND STATISTICS
As of September 30, 2008
Inception August 27, 1990
Total Net Assets $13 million
Number of Holdings 17
Option Adjusted Duration³ 6.4 years
Weighted Average Maturity⁴ 9.1 years

TOP 5 HOLDINGS³
As of September 30, 2008

North Carolina Municipal Power Agency No.1 (Catawba Electric Rev.) -- Escrowed-to-Maturity

14.1%

Appalachian State University, NC Housing & Student Center System Rev. -- Refunded

10.4

Raleigh, NC Combined Enterprise System Rev. -- Refunded

8.4

Charlotte, NC Storm Water Fee Rev. -- Refunded

8.4

Charlotte, NC Water & Sewer System Rev. -- Refunded

8.3

Total

49.6%

HOLDINGS BY MARKET SECTOR⁵
As of September 30, 2008

Revenue Bonds

38%

Pre-refunded/Escrowed-to-Maturity Bonds

56%

General Obligation Bonds

QUALITY COMPOSITION¹
As of September 30, 2008

Moody's / S&P Ratings

Aaa

69%

AVERAGE ANNUAL TOTAL RETURNS
As of September 30, 2008


	1 Year %	3 Year %	5 Year %	10 Year %

CLASS A without sales charges	(0.19)	1.62	2.03	3.31

with sales charges	(4.66)	0.09	1.10	2.84

GROWTH of $10,000
Class A Without Sales Charges: 8/27/90 (Inception) - 9/30/08

The chart does not reflect the performance of Class C shares, which would differ due to different sales charges and expenses. See Important Performance Information below.

CALENDAR YEAR TOTAL RETURNS
As of September 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. Return figures reflect any change in price per share, and assume the reinvestment of dividends and capital gains, if any. The graph does not reflect the performance of Class C shares, which would differ due to different sales charges and expenses. See Important Performance Information below.

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

	(As of percent of Net Assets)	Class A Shares	Class C Shares

	Total Annual Operating Expenses*	1.38%	2.13%




*As of 9/30/08.

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.

Effective November 7, 2008, J. & W. Seligman Co. Incorporated ("Seligman") was acquired by and became a wholly-owned subsidiary of RiverSource Investments, LLC, which is a subsidiary of Ameriprise Financial, Inc. As a result of the acquisition, Seligman's investment advisory contracts were transferred to RiverSource Investments and Seligman Advisors, Inc., a subsidiary of Seligman, was added as a principal underwriter and distributor of the RiverSource mutual funds.

Seligman mutual funds are distributed by Seligman Advisors, Inc., member FINRA, and managed by RiverSource Investments, LLC. Seligman Services, Inc. provides services to fund shareholders. Seligman Advisors, Inc. and Seligman Services, Inc. are wholly-owned subsidiaries of RiverSource Investments, LLC. These companies are part of Ameriprise Financial, Inc.