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Mid-Year Report
--------------------------------
SELIGMAN
CASH
MANAGEMENT
FUND, INC.
--------------------------------
June 30, 1995
[LOGO]
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A MONEY MARKET FUND
ESTABLISHED IN 1977
<PAGE>
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TO THE SHAREHOLDERS
- --------------------------------------------------------------------------------
We are pleased to provide you with Seligman Cash Management Fund's Mid-Year
Report.
For the six-month period ended June 30, 1995, CLASS A shares provided a net
annualized yield of 5.19%, and an effective or compounded yield of 5.32% for
shareholders who invested dividends in additional shares. The Class D shares
provided a net annualized yield of 4.12%, and an effective or compounded yield
of 4.21% for shareholders who invested dividends in additional shares for the
period.
For both CLASS A and D shares, the total investments at midyear of $173.6
million were diversified among 21 issuers, with 53.7% invested in commercial
paper, 5.8% held in certificates of deposit, 37.7% invested in fixed time
deposits, and the remaining 2.8% in bankers' acceptances. At June 30, the
average weighted maturity of the portfolio was 36 days.
After four years of expansion, the recent stream of economic reports shows
that the long awaited slowdown is under way. The Federal Reserve Board (FRB),
concerned that growth at an accelerated rate would swell inflationary pressures,
increased interest rates seven times, beginning in early 1994. During the past
six months, the federal funds rate -- the interest charged for interbank loans
- -- ended the period at 6.00% on June 30, and the discount rate -- the interest
rate the FRB charges member banks -- was 5.25% on June 30.
In the financial markets, with signs pointing toward a slowing economy and
prospects favoring declining interest rates, the bond market rallied this past
quarter. Investor demand for equities also continued to be strong, as shown by
the Dow Jones Industrial Average moving to new highs and all broad market equity
indices posting positive returns. In the short-term securities market, which is
the benchmark for your Fund's performance, the yield on the three-month Treasury
bill began 1995 at 5.69%, and ended the first half of the year at 5.57%.
Looking ahead, we believe the economy is likely to regain strength later
this year as consumers respond to lower interest rates, exports are stimulated
by a weaker dollar, and business capital spending remains strong.
In the past six months, your Manager made no structural changes to your
Fund's portfolio, which remains very diversified. However, as of the writing of
this letter, the FRB lowered the federal funds rate to 5.75% on July 6, and if
it looks like further decreases in interest rates are expected, your Manager may
extend maturities in order to lock in rates.
By order of the Board of Directors,
/s/ William C. Morris
William C. Morris
Chairman
/s/ Ronald T. Schroeder
Ronald T. Schroeder
President
August 4, 1995
<PAGE>
<TABLE>
<CAPTION>
======================================================================================================================
PORTFOLIO OF INVESTMENTS June 30, 1995
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ANNUALIZED
YIELD ON PRINCIPAL
PURCHASE DATE AMOUNT VALUE
------------- ----------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER 53.7%
AUTOMOTIVE 4.5%
Ford Motor Credit Corp., 9/15/95............................. 5.92% $ 8,000,000 $ 7,903,965
-----------
BANKING 4.6%
CoreStates Financial Corp., 8/24/95.......................... 5.98 8,000,000 7,931,822
-----------
CAPITAL EQUIPMENT 9.7%
General Electric Capital Corp., 9/14/95...................... 5.74 8,500,000 8,401,409
John Deere Capital Corp., 9/25/95............................ 5.70 8,500,000 8,388,537
-----------
16,789,946
-----------
COMMUNICATIONS 5.7%
Ameritech Corp., 7/24/95..................................... 6.07 10,000,000 9,965,058
-----------
COMPUTERS 4.9%
Hewlett-Packard Co., 9/5/95.................................. 5.98 8,500,000 8,410,845
-----------
FINANCE 24.3%
American Express Credit Corp., 7/12/95....................... 6.08 10,000,000 9,985,000
American General Finance Corp., 9/6/95....................... 5.93 8,000,000 7,915,500
AT&T Capital Corp., 8/16/95.................................. 6.02 8,000,000 7,941,920
Associates Corp. of North America, 10/4/95................... 5.68 8,500,000 8,377,033
Pitney Bowes Credit Corp., 8/8/95............................ 6.00 8,000,000 7,952,640
-----------
42,172,093
-----------
TOTAL COMMERCIAL PAPER (Cost $93,173,729) 93,173,729
-----------
FIXED TIME DEPOSITS 37.8%
ABN-AMRO Bank, Grand Cayman, 7/5/95.......................... 6.08 9,300,000 9,300,000
Bank of Nova Scotia, Grand Cayman, 7/5/95.................... 6.15 9,300,000 9,300,000
Bank of Montreal, Toronto, 7/3/95............................ 6.15 9,300,000 9,300,000
Canadian Imperial Bank of Commerce,
Grand Cayman, 7/5/95...................................... 6.08 9,300,000 9,300,000
First National Bank of Chicago,
Grand Cayman, 7/5/95...................................... 6.34 9,300,000 9,300,000
Society National Bank, Grand Cayman, 7/3/95.................. 6.08 9,300,000 9,300,000
Swiss Bank, Grand Cayman, 7/5/95............................. 6.21 9,300,000 9,300,000
Union Bank of Switzerland, Grand Cayman, 7/5/95.............. 6.21 400,000 400,000
-----------
TOTAL FIXED TIME DEPOSITS
(Cost $65,500,000) ........................................ 65,500,000
-----------
CERTIFICATES OF DEPOSIT 5.8%
(Cost $10,000,000)
Harris Trust & Savings, Chicago, 7/10/95..................... 6.16 10,000,000 10,000,000
-----------
BANKERS' ACCEPTANCES 2.8% (Cost $4,931,080)
Republic National Bank of New York, 9/27/95.................. 5.85 5,000,000 4,931,080
-----------
TOTAL INVESTMENTS 100.1% (Cost $173,604,809) .............. 173,604,809
OTHER ASSETS LESS LIABILITIES (0.1)% ..................... (209,706)
------------
NET ASSETS 100.0% ........................................ $173,395,103
============
</TABLE>
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See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
======================================================================================================================
STATEMENT OF ASSETS AND LIABILITIES June 30, 1995
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<S> <C> <C>
ASSETS:
Investments, at value:
Commercial paper (cost $93,173,729).................................... $93,173,729
Fixed time deposits (cost $65,500,000)................................. 65,500,000
Certificates of deposit (cost $10,000,000)............................. 10,000,000
Bankers' acceptances (cost $4,931,080)................................. 4,931,080 $ 173,604,809
-----------
Cash....................................................................................... 650,926
Receivable for Capital Stock sold.......................................................... 1,055,185
Interest receivable........................................................................ 175,008
Investment in, and expenses prepaid to, shareholder service agent.......................... 116,182
Other...................................................................................... 57,008
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Total Assets ............................................................................. 175,659,118
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LIABILITIES:
Payable for Capital Stock redeemed......................................................... 1,860,611
Accrued expenses, taxes, and other......................................................... 403,404
-------------
Total Liabilities ......................................................................... 2,264,015
-------------
Net Assets ................................................................................ $173,395,103
============
COMPOSITION OF NET ASSETS:
Capital Stock, at par ($0.01 par value; 2,000,000,000 shares authorized;
173,399,730 shares outstanding):
Class A............................................................................... $ 1,637,896
Class D................................................................................ 96,101
Additional paid-in capital................................................................. 171,665,733
Accumulated net realized loss.............................................................. (4,627)
------------
NET ASSETS:
Applicable to 163,789,592 Class A shares,
and 9,610,138 Class D shares, equivalent to $1.00 per share............................ $173,395,103
============
- ---------------------
See notes to financial statements.
</TABLE>
<PAGE>
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STATEMENT OF OPERATIONS For the Six Months Ended June 30, 1995
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INVESTMENT INCOME:
Interest............................................ $5,836,126
----------
EXPENSES:
Management fee...................................... 419,487
Shareholder account services........................ 233,439
Registration........................................ 53,950
Custodian services.................................. 42,255
Auditing and legal fees............................. 36,697
Distribution and service fees....................... 28,746
Shareholder reports and communications.............. 17,214
Directors' fees and expenses........................ 16,067
Miscellaneous....................................... 13,645
----------
Total expenses...................................... 861,500
----------
Net investment income and increase in net assets
from operations .................................. $4,974,626
==========
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See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
=====================================================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
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<S> <C> <C>
OPERATIONS:
Increase in net assets from operations - net investment income ............ $ 4,974,626 $ 6,149,511
------------ ------------
Decrease in net assets from distributions - net investment income - paid to
shareholders as dividends:
Class A ................................................................ (4,855,112) (6,112,909)
Class D ................................................................ (119,514) (36,602)
------------ ------------
Total ..................................................................... (4,974,626) (6,149,511)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares - Class A .................................... 182,581,130 326,737,207
Net proceeds from transfer of Government Portfolio - Class A .............. 21,971,609 --
Net asset value of shares issued in payment of dividends:
Class A ................................................................ 4,062,177 5,283,819
Class D ................................................................ 91,150 28,078
Exchanged from associated Funds:
Class A ................................................................ 75,488,582 61,223,552
Class D ................................................................ 17,915,741 7,748,357
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Total ..................................................................... 302,110,389 401,021,013
------------ ------------
Cost of shares redeemed:
Class A ................................................................ (238,143,632) (322,927,467)
Class D ................................................................ (1,369,994) (874,978)
Exchanged into associated Funds:
Class A ................................................................ (76,580,444) (49,813,081)
Class D ................................................................ (10,484,749) (3,469,582)
------------ ------------
Total ..................................................................... (326,578,819) (377,085,108)
------------ ------------
Increase (decrease) in net assets from capital share transactions (24,468,430) 23,935,905
------------ ------------
Increase (decrease) in net assets ......................................... (24,468,430) 23,935,905
NET ASSETS:
Beginning of period ....................................................... 197,863,533 173,927,628
------------ ------------
End of period ............................................................. $173,395,103 $197,863,533
============ ============
- --------------------
See notes to financial statements.
</TABLE>
<PAGE>
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NOTES TO FINANCIAL STATEMENTS
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1. Seligman Cash Management Fund, Inc. (the "Fund") offers two classes of
shares: Class A shares and Class D shares, each of which may be acquired by
investors at net asset value. All shares existing prior to May 3, 1993, were
classified as Class A shares. Class D shares are offered only to investors who
wish to exchange their Class D shares of other associated funds. Class D shares
are subject to a distribution fee of up to 0.75% and a service fee of up to
0.25% on an annual basis, and a contingent deferred sales load (CDSL) of 1%
imposed on certain redemptions made within one year of purchase. The two classes
of shares represent interests in the same portfolio of investments, have the
same rights and are generally identical in all respects except that each class
bears its separate distribution and certain class expenses and has exclusive
voting rights with respect to any matter to which a separate vote of any class
is required.
2. Significant accounting policies followed, all in conformity with generally
accepted accounting principles, are given below:
a. The Fund uses the amortized cost method for valuing portfolio securities.
Under this method all investments purchased at a discount or premium are
valued by amortizing the difference between the original purchase price and
the maturity value of the issue over the period to maturity.
b. There is no provision for federal income or excise tax. The Fund has elected
to be taxed as a regulated investment company and intends to distribute
substantially all taxable net income and net gain realized. Dividends are
declared daily and paid monthly.
c. Investment transactions are recorded on trade dates. Identified cost of
investments sold is used for both financial statement and federal income tax
purposes. The cost of investments for federal income tax purposes is
substantially the same as the cost for financial reporting purposes. Interest
income, including the amortization of discount or premium, is recorded as
earned.
d. The Fund may enter into repurchase agreements with commercial banks and with
broker/dealers deemed to be creditworthy by J. & W. Seligman & Co.
Incorporated (the "Manager"). Securities received as collateral subject to
repurchase agreements are deposited with the Fund's custodian and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest, at all
times. Procedures have been established to monitor, on a daily basis, the
market value of repurchase agreements' underlying securities to ensure the
existence of the proper level of collateral.
e. All income, expenses (other than class-specific expenses), and realized and
unrealized gains or losses, if any, are allocated daily to each class of
shares based upon the relative value of shares of each class. Class-specific
expenses, which include distribution and service fees and any other items
that are specifically attributed to a particular class, are charged directly
to such class.
3. The Manager manages the affairs of the Fund and provides the necessary
personnel and facilities. Compensation of all officers of the Fund, all
directors of the Fund who are employees or consultants of the Manager, and all
personnel of the Fund and the Manager is paid by the Manager. The Manager
receives a fee, calculated daily and paid monthly, equal to a per annum
percentage of the Fund's average daily net assets. The management fee rate is
calculated on a sliding scale of 0.45% to 0.375%, based on average daily net
assets of all the investment companies managed by the Manager. The management
fee for the six months ended June 30, 1995, was equivalent to an annual rate of
0.43% of the average daily net assets of the Fund.
The Fund has an Administration, Shareholder Services and Distribution Plan
(the "Plan") under which service organizations can enter into agreements with
Seligman Financial Services, Inc. (the "Distributor") and receive a continuing
fee of up to 0.25% on an annual basis of the Fund's average daily net assets,
attributable to the particular service organizations for providing personal
services and/or the maintenance of shareholder accounts. The Distributor, and
likewise the Fund, did not make payments under the Plan with respect to Class A
shares during the six months ended June 30, 1995.
The Fund has a Plan with respect to Class D shares under which service
organizations can enter into agreements with the Distributor and receive a
continuing fee for providing personal services and/or the maintenance of
shareholder accounts of up to 0.25% on an annual basis of the average daily net
<PAGE>
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- --------------------------------------------------------------------------------
assets of the Class D shares for which the organizations are responsible, and
fees for providing other distribution assistance of up to 0.75% on an annual
basis of such average daily net assets. Such fees are paid monthly by the Fund
to the Distributor pursuant to the Plan. For the six months ended June 30, 1995,
fees paid amounted to $28,746, or 1% per annum of the average daily net assets
of Class D shares.
The Distributor is entitled to retain any CDSL imposed on certain
redemptions of Class D shares occurring within one year from purchase of
original shares which were exchanged into the Fund. For the six months ended
June 30, 1995, such charges amounted to $6,320.
Seligman Data Corp., owned by the Fund and certain associated investment
companies, charged the Fund at cost $221,898 for shareholder account services.
The Fund's investment in Seligman Data Corp. is recorded at a cost of $3,719.
Certain officers and directors of the Fund are officers or directors of the
Manager, the Distributor, and/or Seligman Data Corp.
Fees of $10,000 were incurred for legal services of Sullivan & Cromwell, a
member of which firm is a director of the Fund.
The Fund has a compensation arrangement under which directors who receive
fees may elect to defer receiving such fees. Interest is accrued on the deferred
balances. The cost of such fees and interest is included in directors' fees and
expenses, and the accumulated balance thereof at June 30, 1995 of $123,725 is
included in other liabilities.
4. Class-specific expenses charged to Class A and Class D during the six months
ended June 30, 1995, which are included in the corresponding captions of the
Statement of Operations, were as follows:
CLASS A CLASS D
------- -------
Registration...................... $18,929 $ 2,507
Shareholder reports and
communications................. 3,314 95
Distribution and service fees..... -- 28,746
5. At December 31, 1994, the Fund had a net loss carryforward of $4,627, which
is available for offset against future taxable net gains, expiring in 1999.
6. On January 17, 1995, shareholders of the Fund's Government Portfolio approved
a transfer of its net assets to the Fund's Prime Portfolio Class A in a tax-free
exchange. As a result, on January 26, 1995, 21,971,609 shares of the Prime
Portfolio Class A valued at $21,971,609 were exchanged for the net assets of the
Government Portfolio. For each share of Capital Stock owned, shareholders of the
Government Portfolio received one share of Capital Stock of the Prime Portfolio
Class A. In addition, since it is the only remaining portfolio of the Fund,
Prime Portfolio is no longer designated as such.
Immediately before the transfer of net assets, the Condensed Financial
Statements of the Government Portfolio were as follows:
CONDENSED STATEMENT OF NET ASSETS
JANUARY 26, 1995
Total assets ................................................. $22,005,452
Total liabilities ............................................ 33,843
-----------
Net assets ................................................... $21,971,609
===========
Shares of Capital Stock outstanding .......................... 21,971,609
Net asset value per share .................................... $1.000
Condensed Statement of Operations - January 1, 1995 to January 26, 1995
Net investment income and increase in net assets from
operations ................................................. $ 71,496
===========
CONDENSED STATEMENT OF CHANGES IN NET ASSETS - JANUARY 1, 1995 TO
JANUARY 26, 1995
Net investment income and increase in net assets from
operations ................................................... $ 71,496
Decrease in net assets from distributions .................... (71,496)
Decrease in net assets from capital share transactions ....... (64,014)
-----------
Net decrease in net assets ................................... (64,014)
Net Assets:
Beginning of period ........................................ 22,035,623
-----------
End of period .............................................. $21,971,609
===========
CONDENSED FINANCIAL HIGHLIGHTS - JANUARY 1, 1995 TO JANUARY 26, 1995
Net asset value, beginning of period $ 1.000
Net investment income 0.003
Dividends paid (0.003)
-----------
Net asset value, end of period $ 1.000
===========
<PAGE>
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FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The Fund's financial highlights are presented below. The per share operating
performance data is designed to allow investors to trace the operating
performance, on a per share basis, from the Fund's beginning net asset value to
the ending net asset value so that they can understand what effect the
individual items have on their investment, assuming it was held throughout the
period. Generally, the per share amounts are derived by converting the actual
dollar amounts incurred for each item, as disclosed in the financial statements,
to their equivalent per share amounts.
The total return based on net asset value measures the Fund's performance
assuming investors purchased Fund shares at net asset value as of the beginning
of the period, reinvested dividends paid at net asset value, and then sold their
shares at the net asset value per share on the last day of the period. The total
returns for periods of less than one year are not annualized.
<TABLE>
<CAPTION>
CLASS A CLASS D
-------------------------------------------------------- ----------------------------
SIX SIX
MONTHS YEAR ENDED DECEMBER 31 MONTHS YEAR 5/3/93*
ENDED -------------------------------------------- ENDED ENDED TO
6/30/95 1994 1993 1992 1991 1990 6/30/95 12/31/94 12/31/93
------------------ ------- ------- ------- ----- ------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of
period..................... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
Net investment income......... .026 .034 .024 .030 .053 .074 .021 .024 .003
Dividends paid or declared.... (.026) (.034) (.024) (.030) (.053) (.074) (.021) (.024) (.003)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN BASED
ON NET ASSET VALUE: ....... 2.61% 3.46% 2.40% 3.10% 5.53% 7.53% 2.07% 2.35% .30%
RATIOS/SUPPLEMENTAL
DATA:
Expenses to average net assets .86%+ .82% .77% .76% .79% .80% 1.93%+ 1.90% 1.74%+
Net investment income to
average net assets......... 5.19%+ 3.41% 2.37% 3.04% 5.34% 7.40% 4.12%+ 2.32% 1.39%+
Net assets, end of period
(000's omitted)........... .$163,785 $194,406 $173,902 $193,158 $260,297 $287,518 $9,610 $3,458 $26
Without management fee waiver
or reimbursement of expenses:**
Net investment income per share $.023 $.029 $.052 $.013 $.002
Ratios:
Expenses to average net assets .86% .85% .86% 3.23% 1.83%+
Net investment income to
average net assets....... 2.28% 2.95% 5.28% .99% 1.30%+
- ---------------------
* Commencement of offering of Class D shares.
** For the years 1991 to 1993, the Manager, at its discretion, waived a portion
of its management fees for the Fund, and reimbursed certain expenses for
Class D shares in 1994.
+ Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
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REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
THE BOARD OF DIRECTORS AND SHAREHOLDERS,
SELIGMAN CASH MANAGEMENT FUND, INC.:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Seligman Cash Management Fund, Inc. as of June
30, 1995, the related statements of operations for the six months then ended and
of changes in net assets for the six months then ended and for the year ended
December 31, 1994, and the financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1995 by correspondence with the Fund's custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Seligman Cash
Management Fund, Inc. as of June 30, 1995, the results of its operations, the
changes in its net assets and the financial highlights for the respective stated
periods, in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
New York, New York
August 4, 1995
<PAGE>
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BOARD OF DIRECTORS
- --------------------------------------------------------------------------------
FRED E. BROWN
DIRECTOR AND CONSULTANT,
J. & W. Seligman & Co. Incorporated
JOHN R. GALVIN 2, 4
DEAN, Fletcher School of Law and
Diplomacy at Tufts University
DIRECTOR, USLIFE Corporation
ALICE S. ILCHMAN 3, 4
PRESIDENT, Sarah Lawrence College
TRUSTEE, Committee for Economic Development
DIRECTOR, NYNEX
CHAIRMAN, The Rockefeller Foundation
FRANK A. MCPHERSON 2, 4
CHAIRMAN AND CEO, Kerr-McGee Corporation
DIRECTOR, Kimberly-Clark Corporation
CHAIRMAN AND DIRECTOR, Baptist Medical Center
JOHN E. MEROW
PARTNER, Sullivan & Cromwell, Law Firm
BETSY S. MICHEL 2, 4
DIRECTOR OR TRUSTEE,
Various Organizations
WILLIAM C. MORRIS 1
CHAIRMAN
CHAIRMAN OF THE BOARD AND PRESIDENT,
J. & W. Seligman & Co. Incorporated
CHAIRMAN, Carbo Ceramics Inc.
DIRECTOR, Daniel Industries, Inc.
DIRECTOR, Kerr-McGee Corporation
JAMES C. PITNEY 3, 4
PARTNER, Pitney, Hardin, Kipp & Szuch, Law Firm
DIRECTOR, Public Service Enterprise Group
JAMES Q. RIORDAN 3, 4
DIRECTOR, The Brooklyn Union Gas Company
TRUSTEE, Committee for Economic Development
DIRECTOR, Dow Jones & Co., Inc.
DIRECTOR, Public Broadcasting Service
RONALD T. SCHROEDER 1
MANAGING DIRECTOR, J. & W. Seligman & Co. Incorporated
ROBERT L. SHAFER 3, 4
VICE PRESIDENT, Pfizer Inc.
DIRECTOR, USLIFE Corporation
JAMES N. WHITSON 2, 4
EXECUTIVE VICE PRESIDENT AND DIRECTOR,
Sammons Enterprises, Inc.
DIRECTOR, C-SPA
DIRECTOR, Red Man Pipe and Supply Company
BRIAN T. ZINO 1
MANAGING DIRECTOR, J. & W. Seligman & Co. Incorporated
- ------------------
Member: 1 Executive Committee
2 Audit Committee
3 Director Nominating Committee
4 Board Operations Committee
<PAGE>
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EXECUTIVE OFFICERS
- --------------------------------------------------------------------------------
William C. Morris
CHAIRMAN
Ronald T. Schroeder
PRESIDENT
Leonard J. Lovito
VICE PRESIDENT
Lawrence P. Vogel
VICE PRESIDENT
Thomas G. Rose
TREASURER
Frank J. Nasta
SECRETARY
- --------------------------------------------------------------------------------
MANAGER
J. & W. Seligman & Co. Incorporated
100 Park Avenue
New York, NY 10017
GENERAL COUNSEL
Sullivan & Cromwell
INDEPENDENT AUDITORS
Deloitte & Touche LLP
GENERAL DISTRIBUTOR
Seligman Financial Services, Inc.
100 Park Avenue
New York, NY 10017
SHAREHOLDER SERVICE AGENT
Seligman Data Corp.
100 Park Avenue
New York, NY 10017
IMPORTANT TELEPHONE NUMBERS
(800) 221-2450 Shareholder Services
(800) 445-1777 Retirement Plan
Services
(800) 622-4597 24-Hour Automated
Telephone Access Service
<PAGE>
Seligman Financial Services, Inc.
an affiliate of
[LOGO]
J. & W. Seligman & Co.
incorporated
established 1864
100 Park Avenue, New York, NY 10017
This report is intended only for the information of shareholders or those who
have received the offering prospectus covering shares of Capital Stock of
Seligman Cash Management Fund, Inc., which contains information about the sales
charges, management fee, and other costs. Please read the prospectus carefully
before investing or sending money.
EQCM3 6/95
<PAGE>
