<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>d57857_497.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
        Supplement, dated January 7, 2004, to the following Prospectuses:

   Seligman Municipal Funds Prospectus, dated February 1, 2003, for Seligman
   Municipal Fund Series, Inc., Seligman Municipal Series Trust, Seligman New
  Jersey Municipal Fund, Inc. and Seligman Pennsylvania Municipal Fund Series

     Prospectuses, each dated April 21, 2003, for Seligman Portfolios, Inc.

Prospectuses, each dated May 1, 2003, for Seligman Capital Fund, Inc., Seligman
     Cash Management Fund, Inc., Seligman Common Stock Fund, Inc., Seligman
    Communications and Information Fund, Inc., Seligman Frontier Fund, Inc.,
    Seligman Global Fund Series, Inc., Seligman Growth Fund, Inc., Seligman
  High-Yield Bond Series, Seligman U.S. Government Securities Series, Seligman
Income and Growth Fund, Inc., Seligman Investment Grade Fixed Income Fund, Inc.,
 Seligman Time Horizon/Harvester Series, Inc., Tri-Continental Corporation and
                        Seligman Value Fund Series, Inc.

 Prospectuses, each dated July 15, 2003, for Seligman LaSalle Monthly Dividend
                                Real Estate Fund

                           Frequently Asked Questions

For purposes of this supplement, J. & W. Seligman & Co. Incorporated and its
affiliates and related parties are referred to as "Seligman" or the "Manager,"
and the Seligman registered investment companies are referred to as the
"Seligman Funds."

Q1.   Have any Seligman employees engaged in improper trading?

A.    The Manager has conducted an internal review of employee trading in shares
      of the Seligman Funds and has not found improper trading activity by
      Seligman employees.

Q2.   Does Seligman have any policies relating to employee investment in the
      Seligman Funds?

A.    A majority of Seligman employees invest in the Seligman Funds, either
      directly or through the Seligman 401(k) plans. Trading by employees is
      monitored by the Manager's legal department and is subject to the
      Manager's Code of Ethics. In addition, unlike many 401(k) plans that
      permit daily trading, the Seligman 401(k) plans permit only weekly trading
      activity. All Seligman employees have been informed that excessive trading
      with respect to the Seligman Funds, or trading in the Seligman Funds based
      upon inside information, is inappropriate and may, in certain cases, be
      illegal. Employees who engage in inappropriate trading will be subject to
      disciplinary action, which may include termination of employment.

Q3.   Has Seligman engaged in improper disclosure of a Fund's portfolio
      holdings?

A.    The Manager has found no improprieties relating to the disclosure of a
      Fund's portfolio holdings. The Manager has not disclosed and does not
      disclose a Fund's portfolio holdings prior to public dissemination, unless
      such disclosure is made for legitimate business purposes and only if the
      Manager believes that such disclosure will not be detrimental to a Fund's
      interest.

<PAGE>

Q4.   What is Seligman's policy with regard to receipt of late trades (i.e.,
      after 4:00 pm Eastern Time)?

A.    Seligman does not accept late trades directly from Fund shareholders or
      prospective shareholders. The large majority of mutual fund trades
      submitted to Seligman are from broker-dealer firms and other financial
      intermediaries on behalf of their clients. These intermediaries have an
      obligation to ensure that trades submitted to the Seligman Funds after
      4:00 pm on a trading day for that day's net asset value were, in fact,
      received by those entities by 4:00 pm on that day. This applies to all
      trades from intermediaries, including those that are transmitted
      electronically to Seligman after the market closes. Although the Seligman
      Funds and the Manager, like other mutual fund groups, cannot determine the
      time at which orders received through financial intermediaries were
      placed, the Manager expects mutual fund trades submitted to Seligman by
      financial intermediaries to comply with all applicable laws and
      regulations. Seligman has contacted every financial intermediary that
      offers, sells, or purchases shares of the Seligman Funds in order to
      remind all of them of their responsibility to have reasonable policies and
      procedures to ensure that they comply with their legal and contractual
      obligations.

      The Manager has found no instances of Fund shareholders engaging in late
      trading directly with the Seligman Funds. Seligman will cooperate with and
      support any governmental or regulatory investigation to identify and hold
      accountable any financial intermediary that has submitted orders in
      violation of applicable laws or regulations.

Q5.   What is Seligman's policy regarding market timing?

A.    Seligman has policies and procedures in place to restrict trades that, in
      its judgment, could prove disruptive in the management of portfolios of
      the Seligman Funds. As part of the Manager's procedures, the Manager
      frequently rejects trades, issues warning letters, and prohibits accounts
      from making further exchanges. Since September 2003, when the first
      proceedings relating to trading practices within the mutual fund industry
      were publicly announced, Seligman has taken additional steps to strengthen
      its policies and procedures.

Q6.   Is Seligman conducting an internal inquiry into whether it or any of its
      personnel participated in or facilitated violations of law or internal
      policies relating to market timing or late trading?

A.    Like other investment advisers, the Manager has conducted, and is
      continuing to conduct, an internal review with respect to market timing
      and late trading. In addition, the Manager is conducting a broader review
      of its compliance policies and procedures beyond those relating to market
      timing and late trading.

      The Manager has found no instances of Fund shareholders engaging in late
      trading directly with the Seligman Funds.

      Last September, the Manager had one market timing arrangement, which was
      in the process of being closed down by the Manager before the first
      proceedings relating to trading practices within the mutual fund industry
      were publicly announced later that month. Based on a review of the
      Manager's records for the past three years, the Manager identified three
      other market timing arrangements. All three had already been terminated
      prior to the end of September 2002.

      The results of the Manager's internal review have been presented to the
      Independent Directors of the Boards of the Seligman Funds. Although a
      review by the Independent Directors is not final, the Manager is confident
      that any financial impact of these arrangements on the Seligman Funds was
      minimal. If any Seligman Fund has incurred financial harm as a result of
      violations of law or internal policies by the Manager or its employees,
      the Manager will make restitution to that Fund. In addition, other
      measures have been and will be taken as appropriate, including
      disciplining employees.

<PAGE>

Q7.   Does Seligman disclose its internal market timing procedures?

A.    Seligman's market timing control procedures are proprietary. The Manager
      believes that disclosing these procedures will reduce their effectiveness.

Q8.   What new practices are being considered to prevent market timing abuses?

A.    Like other members of the mutual fund industry, Seligman is considering
      numerous options, including the implementation of redemption fees.
      Seligman also has contacted every financial intermediary that offers,
      sells, or purchases shares of the Seligman Funds in order to inform all of
      them that they must have reasonable policies and procedures to ensure that
      they do not knowingly permit or facilitate excessive trading of the
      Seligman Funds or knowingly use or facilitate any methods designed to
      disguise such trading in the Seligman Funds.

Q9.   Is Seligman involved with any SEC investigation relating to market timing
      or late trading?

A.    Like numerous other firms, the Manager has responded to information
      requests from the SEC relating to its review of market timing and late
      trading. As always, the Manager will continue to cooperate fully with the
      SEC.

Q10.  Does Seligman have any market timing arrangements at the current time?

A.    Seligman has none. In addition, Seligman has strengthened existing
      controls to discourage and help prevent market timing.

Q11.  Have any other matters come to Seligman's attention in the course of its
      internal inquiry?

A.    The Manager has also reviewed its practice of placing some of the Funds'
      orders to buy and sell portfolio securities with brokerage firms in
      recognition of their sales of the Seligman Funds. This is a common
      practice and permissible when done properly. Although the Manager believes
      that the execution of all such orders was consistent with its best
      execution obligations, the Manager may have violated applicable
      requirements for certain of such orders as a result of compensation
      arrangements the Manager had with certain brokerage firms. The Manager is
      confident that the Seligman Funds did not pay higher brokerage commissions
      in connection with those orders than the Seligman Funds would otherwise
      have paid for comparable transactions.

      The Manager is conducting an investigation of these matters and is making
      interim reports to the Independent Directors of the Boards of the Seligman
      Funds, who will determine any appropriate measures to be taken. In October
      2003, the Manager ceased placing Fund orders to buy and sell portfolio
      securities with brokerage firms in recognition of their Fund sales.

Q12.  Have any employees been disciplined in connection with the Manager's
      overall internal review?

A.    One employee has left Seligman. Other disciplinary measures will be taken
      as appropriate.

                                     [LOGO]
                             J. & W. SELIGMAN & CO.
                                  INCORPORATED
                                ESTABLISHED 1864
                       100 Park Avenue, New York, NY 10017

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