Stockholders of Seligman Select Municipal Fund, Inc. (NYSE: SEL) Approve Merger of the Fund
06 February 2009 - 8:27AM
Business Wire
Today, Seligman Select Municipal Fund, Inc. (�Select Municipal�)
(NYSE: SEL) held an Adjourned Special Meeting of Stockholders and
announced that Select Municipal�s stockholders approved the
Agreement and Plan of Merger and Liquidation (the �Plan�), the
merger and the other transactions contemplated by the Plan,
including the acquisition of Select Municipal by National Municipal
Class (�National Fund�), a series of Seligman Municipal Fund
Series, Inc. (the �Acquisition�), as described in the proxy
statement/prospectus, dated October 28, 2008.
The Acquisition is expected to be completed at the close of
business on or about March 27, 2009 (the �Closing Date�). As
consideration for their shares, holders of Select Municipal�s
common stock will receive Class A shares of National Fund with a
value equal to the net asset value of their shares of Select
Municipal on the Closing Date. Redemptions and exchanges of Class A
shares of National Fund issued pursuant to the Acquisition will be
subject to a redemption fee of 2% for a period of one year
following the closing of the Acquisition. As noted in the proxy
statement/prospectus, the outstanding shares of preferred stock of
Select Municipal will be redeemed prior to consummation of the
Acquisition. Shares of Select Municipal�s common stock will cease
to be traded on the NYSE prior to the opening of trading on or
about March 23, 2009.
Since November 7, 2008, Select Municipal and National Fund (the
�Funds�) have been managed by RiverSource Investments, LLC
(�RiverSource�). Prior to such date, the Funds were managed by J.
& W. Seligman & Co. Incorporated. Shareholders of National
Fund approved a new investment management services agreement
between Seligman Municipal Fund Series, Inc. (on behalf of National
Fund) and RiverSource at a special meeting of shareholders held on
November 3, 2008. Such approval satisfies a condition to the
closing of the Acquisition of Select Municipal by National
Fund.
The net asset value of shares of Seligman Municipal 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. Select Municipal is 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 Fund.
Fixed-income securities owned by the Funds are subject to
interest-rate risk, credit risk, repayment risk, and market risk.
To the extent that the Funds concentrate their 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.
You should consider the investment objectives, risks, charges,
and expenses of a Fund carefully before investing. You can obtain a
Fund�s most recent periodic reports and other regulatory filings
(including the prospectus relating to National Fund) by contacting
your financial advisor or RiverSource Services, Inc. at
800-597-6068. These reports and other filings can also be found on
the Securities and Exchange Commission's EDGAR Database. You should
read these reports and other filings carefully before investing.
National Fund is distributed by RiverSource Fund Distributors, Inc.
(formerly Seligman Advisors, Inc.).
There is no guarantee that a Fund's investment goals/objectives
will be met, and you could lose money.
� � � � NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A
DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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