Fourth Quarter 2009 Fund Update

Performance

Seligman Large-Cap Value Fund (the Fund) Class A shares (excluding sales charge) advanced 1.96% for the three months ended December 31, 2009, underperforming its benchmark. The Russell 1000® Value Index (Russell Index) advanced 4.22%. The Lipper Large-Cap Value Index, representing the Fund's peer group, advanced 5.02% for the period.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. To obtain performance information current to the most recent 
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Environment

The fourth quarter was a difficult one for the Fund, largely because the Fund had a larger financials weighting than the Russell Index and financials were the worst performing sector of the Index for the fourth quarter. Strong performance in other portions of the Fund’s portfolio was not enough to offset the detracting effect of the financials weighting on the Fund’s performance.

Financial stocks were negatively affected by investor concerns about the amount of stock financial institutions would have to issue to repay government loans. Additionally, there were continuing worries over credit card and commercial real estate exposure and the uncertainty of increased federal regulation and taxation. For the Fund, Bank of America was a leading detractor in the sector.

On the positive side, the Fund’s industrials holdings added to return relative to the Russell Index. General Dynamics, United Technologies and CSX were among the Fund’s holdings that contributed positively to relative return. Two health care companies, Humana and Bristol-Myers Squibb, also made notable positive contributions to relative performance.

In the consumer staples sector, the Fund benefited from holdings of selected discount retailers; however, the Fund’s consumer discretionary position underperformed due to a zero weighting in media stocks. Also disadvantageous was the Fund’s underweight in utility stocks, which performed well for the quarter.

After a difficult quarter, we believe the most important thing to do is to review the stocks in the portfolio and ask if the fundamental drivers for those stocks that were there at the start of the quarter are still in place at the end of the quarter. If the answer is yes, then you have to look beyond the quarter and maintain your attention on longer term performance.

We believe the long-term outlook for financial stocks remains positive, even with the prospect of regulatory reform and its potential impact on the sector. The interest rate environment is currently favorable for lenders, and after cutting costs, many financial services organizations may see strong earnings gains when revenues become more normalized.

We also believe industrial stocks have room for further gains as inventory rebuilding in early 2010 should spur manufacturing demand. Positive signs in the housing market, such as higher home prices, increased sales and fewer homes for sale, should support industrial firms with exposure to the housing market.

Outlook

We believe the economic and investment environments will continue to improve during 2010 — currently, global economies are showing signs of improving, interest rates are low and inflation remains muted. Last year’s stock market gains were largely driven by institutional investors, while individual investors, as a group, have not yet come back to stocks. At some point they will and that should provide further impetus for rising stock prices. We believe equities could advance further from current levels, but any gains are likely to be at a slower pace than we saw for much of 2009.

We are optimistic about corporate profits because companies are operating quite lean and inventories are low. As demand rises and companies start producing, we believe they will be able to raise prices. In the short term, we believe inventory re-stocking may fuel further gains in U.S. gross domestic product and may help alleviate the high unemployment rate, as companies hire workers (though some on a temporary basis) to help meet demand. As employment improves, we believe consumer confidence should improve as well.

In our view, companies that have made dramatic cost cuts are well-positioned for strong earnings gains. Going forward, we expect the market to shift from a rally that lifts most stocks, to one that specifically rewards successful companies.