Seligman Closed-End Funds Issue Statement Regarding Boards’ Approval of New Advisory, Subadvisory and Administration Agreements Between Each Fund and Ameriprise Financial, Inc.
NEW YORK- July 29, 2008 -- On July 7, 2008, Ameriprise Financial, Inc. ("Ameriprise") announced an agreement to acquire J. & W. Seligman & Co. Incorporated (the "Manager"), the manager of each of Seligman LaSalle International Real Estate Fund, Inc. ("SLIREF") (NYSE: SLS), Seligman Select Municifpal Fund, Inc. (NYSE:SEL), and Tri-Continental Corporation (NYSE:TY) (collectively, the "Funds"), in a transaction that is likely to close in the fourth quarter of 2008. Under the Investment Company Act of 1940, consummation of Ameriprise's acquisition of the Manager will result in a change of control of the Manager and an assignment and automatic termination of each Fund's management agreement with the Manager, as well as the sub-advisory agreement of SLIREF.
The Funds' Boards have approved new advisory and administration agreements between each Fund and RiverSource Investments, LLC, a wholly-owned subsidiary of Ameriprise, and new sub-advisory and delegation agreements for SLIREF with LaSalle Investment Management (Securities) L.P. and LaSalle Investment Management Securities B.V., SLIREF's current sub-advisors. The new advisory and sub-advisory agreements will be presented to the stockholders of the Funds for their approval at special meetings of stockholders scheduled to be held on October 7, 2008 for the purpose of voting on new advisory and, in the case of SLIREF, sub-advisory agreements and for the election of directors.
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. Investing in one economic sector, such as real estate, may result in greater price fluctuations than owning a portfolio of diversified investments.
Smaller company stocks may experience larger price fluctuations than large-company stocks or other types of investments. Seligman LaSalle International Real Estate Fund, Inc. is a “non-diversified” fund and thus may hold fewer securities than other funds. A decline in the value of those investments would cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.
You should consider the investment objectives, risks, charges, and expenses of Seligman LaSalle International Real Estate Fund carefully before investing. You can obtain this Fund’s most recent periodic reports and other regulatory filings by contacting your financial advisor or Seligman Services, Inc. at 800-597-6068. The prospectus, reports, and other filings can also be found on the Securities and Exchange Commission’s EDGAR Database. You should read the prospectus, reports, and other filings carefully before investing or sending money.
You should consider the investment objectives, risks, charges, and expenses of Seligman Select Municipal Fund. Inc. carefully before investing. You can obtain this Fund’s most recent annual, semi-annual and quarterly reports by contacting your financial advisor or Seligman Services, Inc. at 800-597-6068. These reports and other information are also available on the Securities and Exchange Commission’s EDGAR Database.
With respect to Tri-Continental Corporation, this information is authorized for use only in the case of concurrent or prior delivery of the offering prospectus of Tri-Continental Corporation. You should consider the investment objectives, risks, charges, and expenses of Tri-Continental Corporation carefully before investing. The prospectus, which contains information about these factors and other information about the Corporation, should be read carefully before investing in the Corporation. You can obtain the Corporation’s prospectus and stockholder reports by clicking on the links below or by calling 800-TRI-1092. These reports and other information are also available on the Securities and Exchange Commission’s EDGAR Database.
Distributions by Tri-Continental Corporation under its new distribution policy may include a return of capital. A return of capital is not net profits of the Corporation (i.e., a return on your investment) but instead a return of a portion of your original investment.
The net asset value of 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.
The 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 the Funds.
