Seligman Select Municipal Fund, Inc. Announces March Income Dividend Distribution
March 06 2009 - 6:28PM
Business Wire
Seligman Select Municipal Fund, Inc. (�Select Municipal�) (NYSE:
SEL) today announced an income dividend of $0.0375 per common
share. The dividend will be payable March 25, 2009 to stockholders
of record on March 18, 2009. Common shares of Select Municipal will
be offered �ex-dividend� on March 16, 2009.
At a special meeting held on February 5, 2009, Select
Municipal's stockholders approved an Agreement and Plan of Merger
and Liquidation (the "Plan") and the merger and the other
transactions contemplated by the Plan, including the acquisition of
the assets and liabilities of Select Municipal by National
Municipal Class ("National Fund"), a series of Seligman Municipal
Fund Series, Inc., as described in the proxy statement/prospectus,
dated October 28, 2008 (the �Acquisition�). 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.
Effective November�7, 2008, Select Municipal is managed by
RiverSource Investments, LLC, a wholly owned subsidiary of
Ameriprise Financial, Inc. Prior to then, Select Municipal was
managed by J.�& W. Seligman�& Co. Incorporated. RiverSource
Fund Distributors, Inc. (formerly known as Seligman Advisors, Inc.)
is the principal underwriter of the RiverSource Group of Funds,
which includes Select Municipal.
RiverSource Investments, LLC, 200 Ameriprise Financial Center,
Minneapolis, Minnesota 55474, is also the investment manager of the
other funds in the RiverSource Group of Funds, and is wholly owned
subsidiary of Ameriprise Financial, Inc. Ameriprise Financial, Inc.
is a financial planning and financial services company that has
been offering solutions for clients� asset accumulation, income
management and protection needs for more than 110 years. In
addition to managing investments for the RiverSource Group of
Funds, RiverSource manages investments for itself and its
affiliates. For institutional clients, RiverSource and its
affiliates provide investment management and related services, such
as separate account asset management, and institutional trust and
custody, as well as other investment products.
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 Select Municipal are subject to
interest-rate risk, credit risk, repayment risk, and market risk.
To the extent that Select Municipal concentrates its 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. There is no
guarantee that Select Municipal�s investment goals/objectives will
be met, and you could lose money.
You should consider the investment objectives, risks, charges,
and expenses of Select Municipal carefully before investing. You
can obtain Select Municipal�s most recent periodic reports and
other regulatory filings by contacting your financial advisor or
Seligman 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.
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