U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer: Seligman Municipal Series Trust
100 Park Avenue
New York, NY 10017
2. Name of each series or class of funds for which this notice is filed:
California High-Yield Series - Class A California High-Yield Series -
Class D California Quality Series - Class A California Quality Series -
Class D Florida Series - Class A Florida Series - Class D North Carolina
Series - Class A North Carolina Series - Class D
3. Investment Company Act File Number: 811-4250
Securities Act File Number: 2-92569
4. Last day of fiscal year for which this notice is filed: 9/30/96
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
[ ]
6. Date of termination of issuer's declaration under rule 24f-2(a)(1),
if applicable:
7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant to
rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
9. Number and aggregate sale price of securities sold during the fiscal
year:
SHARES SALE PRICE
4,395,311 32,031,943
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Securities and Exchange Commission November 26, 1996
Division of Investment Management
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10. Number and aggregate sale price of securities sold during the fiscal year in
reliance upon registration pursuant to rule 24f-2:
SHARES SALE PRICE
4,395,311 32,031,943
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable:
SHARES SALE PRICE
908,345 6,360,408
12. Calculation of registration fee:
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(i) Aggregate sale price of securities sold during the fiscal year in
reliance on rule 24f-2 (from Item 10): $ 32,031,943
(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11): + 6,360,408
(iii) Aggregate price of shares redeemed or repurchased during the fiscal year
(if applicable): - 38,392,351
(iv) Aggregate price of shares redeemed or repurchased and previously applied
as a reduction to filing fees pursuant to rule 24e-2 (if applicable): + 0
(v) Net aggregate price of securities sold and issued during the fiscal year
in reliance on rule 24f-2 { line (i), plus line (ii), less line (iii), 0
plus line (iv)}
(vi) Multiplier prescribed by Section 6(b) of the Securities Act of 1933 or
other applicable law or regulation: x 0.000345
(vii) Fee due {line (i) or line (v) multiplied by line (vi)}:
$ 0
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13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's
Rules of Informal and Other Procedures (17 CFR 202.3a). [ ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
No Fees Due
SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
By (Signature and Title)
Thomas G. Rose
Treasurer
Date: November 26, 1996
SELIGMAN MUNICIPAL SERIES TRUST
The undersigned, Treasurer of Seligman Municipal Series Trust, an
un-incorporated business trust under the laws of Massachusetts (the "Company"),
does hereby certify as follows:
1. From October 1, 1995 through September 30, 1996, the Company issued
an aggregate of 5,303,656 shares of Beneficial Interest, $0.001 par value as
follows:
California High-Yield Series 1,855,154
California Quality Series 2,276,117
Florida Series 595,095
North Carolina Series 577,290
2. In respect of the issuance of such 5,303,656 shares, the Company
received aggregate cash consideration (net of any sales commissions) of
$37,972,447 as follows:
California High-Yield Series 11,994,296
California Quality Series 15,329,900
Florida Series 6,142,734
North Carolina Series 4,505,519
3. With respect to each share issued, the Company received cash
consideration not less than the net asset value per share on the date issued and
not less than $0.001.
4. The Declaration of Trust permits the Trustees to issue unlimited
number of full and fractional shares of Beneficial Interest, $0.001 par value,
in separate series.
In Witness Whereof, I have hereunto signed my name as Treasurer of the
Company.
Date: October 28, 1996
/s/ Thomas G. Rose
------------------------
Thomas G. Rose
Treasurer
SULLIVAN & CROMWELL
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NEW YORK TELEPHONE: (212) 558-4000
TELEX: 62694 (INTERNATIONAL) 127816 (DOMESTIC)
CABLE ADDRESS: LADYCOURT, NEW YORK 125 Broad Street, New York 10004-2498
FACSIMILE: (212) 558-3588 (125 Broad Street) -------------
(212) 558-3792 (250 Park Avenue) 250 PARK AVENUE, NEW YORK 10177-0021
1701 PENNSYLVANIA AVE, N.W. WASHINGTON, D.C. 20006-5805
444 SOUTH FLOWER STREET, LOS ANGELES 90071-2901
8, PLACE VENDOME, 75001 PARIS
ST. OLAVE'S HOUSE, 9a IRONMONGER LANE, LONDON EC2V 8EY
101 COLLINS STREET, MELBOURNE 3000
2-1, MARUNOUCHI I-CHOME, CHIYODA-KU, TOKYO 100
NINE QUEEN'S ROAD, CENTRAL, HONG KONG
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November 22, 1995
Seligman Municipal Series Trust,
100 Park Avenue,
New York, New York 10017.
Dear Sirs:
You have requested our opinion in connection with the notice which you
propose to file pursuant to Rule 24f-2 under the Investment Company Act of 1940
with respect to your shares of beneficial interest, $0.001 par value, as
follows: 2,276,117 shares of beneficial interest of your California Quality
Series (the "Quality Shares"), 1,855,154 shares of beneficial interest of your
California High-Yield Series (the "High-Yield Shares"), 595,095 shares of
beneficial interest of your Florida series (the "Florida Shares") and 577, 290
shares of beneficial interest of your North Carolina series (the "North Carolina
Shares").
As your counsel, we are familiar with your organization and corporate
status and validity of your shares of beneficial interest.
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Seligman Municipal Series Trust -2-
We advise you that, in our opinion, the Quality Shares, the High-Yield
Shares, the Florida Shares, and the North Carolina Shares are legally and
validly issued, fully paid and nonassessable.
The foregoing opinion is limited to the laws of the Commonwealth of
Massachusetts, and we are expressing no opinion as to the effect of the laws of
any other jurisdiction. With respect to all matters of Massachusetts law, we
have relied upon the opinion of Ropes & Gray, dated November 21, 1996, and our
opinion is subject to the same qualifications and limitations with respect to
such matters as are contained in such opinion of Ropes & Gray. We consent to the
filing of this opinion with the Securities and Exchange Commission in connection
with the notice referred to above. In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required
under Section 7 of the Securities Act of 1933.
Very truly yours,
Sullivan & Cromwell
