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.
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NOT FDIC INSURED
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MAY LOSE VALUE
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NO BANK GUARANTEE
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NOT A DEPOSIT
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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Ameriprise Financial, Inc.
Stockholder contact:
Chris
Moran, 617-218-3864
christopher.m.moran@ampf.com
or
Media
Contact:
Charlie Keller, 612-678-7786
charles.r.keller@ampf.com
