UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant |X|
Filed by a party other than the Registrant |_|
Check the appropriate box:
|_| Preliminary proxy statement.
|_| Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
|_| Definitive proxy statement.
|X| Definitive additional materials.
|_| Soliciting material under Rule 14a-12.
SELIGMAN LASALLE INTERNATIONAL REAL ESTATE FUND, INC.
SELIGMAN SELECT MUNICIPAL FUND, INC.
TRI-CONTINENTAL CORPORATION
(Name of Registrant's as Specified in each Registrant's Charter)
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(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of filing fee (check the appropriate box):
|X| No fee required.
|_| Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
calculated and state how it was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
|_| Fee paid previously with preliminary materials.
|_| Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
[LOGO] SELIGMAN
INVESTMENT
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EXPERIENCE o INSIGHT o SOLUTIONS
RiverSource Investments to acquire
J. & W. Seligman & Co.
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The acquisition of J. & W. Seligman & Co. by RiverSource Investments, LLC, a
subsidiary of Ameriprise Financial, Inc. is expected to close in the fourth
quarter of 2008. At that point, the Seligman Funds will be added to the
RiverSource multi-investment platform. Most of the Seligman Funds will continue
to be managed by their current portfolio management teams. Wellington Management
Company and LaSalle Investment Management (Securities) and its affiliate will
continue to sub-advise their respective Seligman Funds. RiverSource will be
assuming portfolio management responsibilities for Seligman Funds currently
managed by the Seligman Taxable Fixed-Income Team and several of the Funds
managed by the Seligman Core/Growth Investment Team.
A complete listing of the Seligman Group of Funds and their expected portfolio
management after the close of the transaction can be found below.
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FUND PORTFOLIO MANAGEMENT
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> SPECIALTY FUNDS
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Seligman Communications and Information Fund No Change
Seligman Global Technology Fund No Change
Seligman Emerging Markets Fund No Change
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> SMALL COMPANY
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Seligman Frontier Fund No Change
Seligman Smaller-Cap Value Fund No Change
Seligman Global Smaller Companies Fund No Change
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> MEDIUM COMPANY
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Seligman Capital Fund No Change
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> LARGE COMPANY
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Seligman Growth Fund No Change
Seligman Global Growth Fund No Change
Seligman Large-Cap Value Fund No Change
Seligman Common Stock Fund RiverSource
Seligman International Growth Fund No Change
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> ASSET ALLOCATION
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Seligman TargETF unds No Change
Seligman Asset Allocation Series No Change
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> BALANCED
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Seligman Income and Growth Fund RiverSource
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FUND PORTFOLIO MANAGEMENT
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> REAL ESTATE
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Seligman LaSalle Global Real Estate Fund No Change
Seligman LaSalle Monthly Dividend Real Estate Fund No Change
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> INCOME
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Seligman High-Yield Fund RiverSource
Seligman Core Fixed Income Fund RiverSource
Seligman U.S. Government Securities Fund RiverSource
Seligman Cash Management Fund RiverSource
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> MUNICIPAL INCOME
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National Fund and 18 State Specific Funds No Change
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> SELIGMAN PORTFOLIOS, INC.
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Seligman Capital Portfolio No Change
Seligman Communications and Information Portfolio No Change
Seligman Global Technology Portfolio No Change
Seligman Smaller-Cap Value Portfolio No Change
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> CLOSED-END
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Tri-Continental Corporation RiverSource
Seligman LaSalle International Real Estate Fund No Change
Seligman Select Municipal Fund No Change
Shareholders of the Seligman Group of Funds have been sent proxy statements
pertaining to the RiverSource acquisition. In order to ensure a smooth and
timely transition in the management of the Seligman Funds, shareholders should
vote their proxies as soon as possible.
For more information please contact Seligman Advisors, Inc. at 800-221-2783.
[LOGO] SELIGMAN
INVESTMENT
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EXPERIENCE o INSIGHT o SOLUTIONS
A WORD ABOUT RISK
Investments in the Funds involve risks, including the possible loss of
principal. The stocks of small- and mid-cap companies may be subject to
above-average market price fluctuations. Stocks of large-capitalization
companies have at times experienced periods of volatility and negative
performance. During such periods, the value of such stocks may decline and Fund
performance may be negatively affected. A portfolio with fewer holdings, such as
Seligman Smaller-Cap Value Fund, Seligman Large-Cap Value Fund, Seligman 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 general risks associated with owning real estate.
High-yield securities are subject to greater risk of loss of principal and
interest than higher-rated, investment-grade fixed income securities. Fixed
income securities are subject to interest rate risk, credit risk, prepayment
risk, and market risk. U.S. government bonds that are guaranteed by the U.S.
government, if held to maturity, offer both a fixed rate of return and principal
value. Seligman U.S. Government Securities Fund may invest in securities that
are not guaranteed by the U.S. government. Such securities have increased credit
risk including, but not limited to, the risk of non-payment of principal and/or
interest. An investment in Seligman U.S. Government Securities Fund is not
insured or guaranteed by the US government.
The Funds within the Seligman Asset Allocation Series and Seligman TargetHorizon
ETF Portfolios invest in 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 Asset Allocation Series or Seligman TargetHorizon ETF
Portfolios 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 any Seligman 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 any of the Funds
within the Seligman Asset Allocation Series or Seligman TargetHorizon ETF
Portfolios have a substantial percentage of assets exposed to an industry
through their investment in the Underlying Seligman Funds or ETFs, as
applicable, that Fund's performance may be negatively affected if that industry
falls out of favor.
A portion of income from Seligman Municipal Funds may be subject to state and
local 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 Funds are subject to interest rate risk, credit risk,
prepayment risk, and market risk. 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 that particular state may
have an impact on the municipal securities of that state without affecting the
municipal market in general.
OTHER INFORMATION
Prior to March 31, 2000, Seligman employed a subadvisor that was responsible for
providing portfolio management services with respect to the investments of
Seligman Global Technology Fund, Seligman Emerging Markets Fund, Seligman
International Growth Fund, and Seligman Global Growth Fund, and prior to January
1, 2003 with respect to the investments of Seligman Global Smaller Companies
Fund. For the periods following, through 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 International Growth Fund, Seligman Global Growth Fund, and Seligman
Global Smaller Companies Fund. Seligman will continue to manage the assets of
Seligman Global Technology Fund. 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.
Dividends paid by Seligman LaSalle Monthly Dividend Real Estate Fund generally
will be taxable as ordinary income. It is not expected that income dividends
paid by the Fund will be eligible for the reduction in dividend tax rates set
forth in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
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 the Funds, in a transaction that is likely to close in the
fourth quarter of 2008.
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
agreements relating to those Funds (or series of Funds) that have sub-advisers.
On July 29, 2008, the Funds' Boards approved new advisory and administration
agreements between each Fund and subsidiaries of Ameriprise, and new
sub-advisory agreements for the Funds (or series of Funds) that currently have
sub-advisers. The new advisory and sub-advisory agreements will be presented to
the shareholders of the Funds for their approval.
You should consider the investment objectives, risks, charges, and expenses of
the Fund carefully before investing. A prospectus containing information about
the Fund (including its investment objectives, risks, charges, expenses, and
other information about the Fund) may be obtained by contacting your financial
advisor or Seligman Advisors, Inc. at 800-221-2783. The prospectus should be
read carefully before investing in the Fund
DISTRIBUTED BY SELIGMAN ADVISORS, INC. RS1-0908