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. ___)
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SELIGMAN SELECT MUNICIPAL FUND, INC.
(Name of Registrant as Specified in Registrant's Charter)
- -------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
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More Information Contact: (612) 678-7786
Charles Keller charles.r.keller@ampf.com
Stockholder Contact: (6120 218-3864
Chris Moran christopher.m.moran@ampf.com
RiverSource Investments, LLC Completes its Acquisition
of J. & W. Seligman & Co. Incorporated
and Becomes Interim Investment Manager of
Seligman Select Municipal Fund, Inc. (NYSE: SEL)
NEW YORK, NEW YORK, November 7, 2008 - Today, Seligman Select Municipal Fund,
Inc. (the "Corporation") (NYSE: SEL) announced that RiverSource Investments, LLC
("RiverSource Investments"), a wholly-owned subsidiary of Ameriprise Financial,
Inc. ("Ameriprise Financial"), has completed its acquisition (the "RiverSource
Transaction") of J. & W. Seligman & Co. Incorporated ("Seligman"). As a result
of the RiverSource Transaction, the Corporation's management agreement with
Seligman has terminated, and RiverSource is the new investment manager of the
Corporation under an interim investment management services agreement effective
November 7, 2008 for a period of up to 150 days (through April 5, 2009) (the
"Interim Agreement").
The Corporation's portfolio managers have not changed as a result of the
RiverSource Transaction.
As described in the Proxy Statement/Prospectus (as defined below), the Interim
Agreement, which was approved by the Corporation's Board of Directors, will
provide the Corporation with continuity of portfolio management and other
services through April 5, 2009, during which time the Corporation will solicit
stockholder vote on the Plan and Proposed Agreement (each as defined below).
As announced by the Corporation on September 4, 2008, the Corporation's Board of
Directors approved and recommended to the Corporation's stockholders the
acquisition (the "Acquisition") of the Corporation by National Municipal Class
("National Fund"), a series of Seligman Municipal Fund Series, Inc. ("SMF"),
which, effective November 7, 2008, is also managed by RiverSource Investments.
On December 18, 2008, the Corporation will hold a Special Meeting of
Stockholders (the "Meeting") for the following purposes:
1. To consider and vote on a proposal to approve the Agreement and Plan
of Merger and Liquidation (the "Plan") as described in the proxy
statement/prospectus, dated October 28, 2008 (the "Proxy
Statement/Prospectus"), the merger and the other transactions
contemplated by the Plan;
2. To consider and vote upon the proposed Investment Management
Services Agreement between the Corporation and RiverSource
Investments; and
3. To elect directors to the Board of Directors of the Corporation, (i)
four of which to hold office until the 2009 annual meeting of
stockholders, (ii) two of which to hold office until the 2010 annual
meeting of stockholders and (iii) four of which to hold office until
the 2011 annual meeting of stockholders, and until their successors
are elected and qualify.
The close of business on October 24, 2008 is the record date for the
determination of stockholders entitled to notice of, and to vote at, the Meeting
or any adjournment or postponement thereof.
On November 3, 2008, shareholders of National Fund approved a new investment
management services agreement between SMF (on behalf of National Fund) and
RiverSource Investments at a special meeting of shareholders. This approval was
a condition (now satisfied) to the consummation of the Acquisition.
RiverSource Investments, 200 Ameriprise Financial Center, Minneapolis, Minnesota
55474, is also the investment manager of the other funds in the Seligman Group
of Funds, and is a wholly-owned subsidiary of Ameriprise Financial. Ameriprise
Financial 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 Seligman Group of Funds, RiverSource Investments manages investments for
the RiverSource funds, itself and its affiliates. For institutional clients,
RiverSource Investments 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.
This press release does not constitute an offering of securities.
You should consider the investment objectives, risks, charges, and expenses of
the Funds carefully before investing. Investors can obtain the Funds' most
recent annual and mid-year reports and other regulatory filings by contacting
Seligman Services, Inc. at 800-597-6068. These reports and other filings are
also available on the Securities and Exchange Commission's EDGAR Database. You
should read these reports and other filings carefully before investing or
sending money.
There is no guarantee that the Corporation's investment goals/objectives will be
met, and you could lose money.