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 Beneficial Interest of
Seligman Municipal Series Trust, which contains information about the sales
charges, management fees, and other costs. Please read the prospectus carefully
before investing or sending money.
TEB3 3/97
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M I D - Y E A R R E P O R T
SELIGMAN
MUNICIPAL
SERIES
TRUST
March 31, 1997
[LOGO]
------------------------------
Providing Income
Free From Regular Income Tax
Since 1984
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TO THE SHAREHOLDERS
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The possibility that the Federal Reserve Board would increase the federal funds
rate caused an upward trend in yields, reducing the prices of municipal
securities in the first quarter of 1997. As a result, Seligman Municipal Series
Trust's net asset values declined slightly. However, Seligman Municipal Series
Trust continued to provide monthly income free from regular income tax to its
Shareholders during the period. The Trust's investment results begin on page 2.
During the last six months, the economy continued its expansion without
provoking a significant increase in inflationary pressures. Nonetheless, on
March 25, the Fed increased the fed funds rate -- the interest rate charged for
interbank loans -- from 5.25% to 5.50%, due to concerns that strong consumer
demand could be enough to fuel higher levels of inflation in the near future.
The near-term result of the Fed's action has been an increase in the yields
of fixed-income securities, regardless of maturities. The Bond Buyer 20-Bond
General Obligation Index, a benchmark for the municipal market, moved slightly
higher over the course of the period, from 5.76% on September 30, 1996, to 5.81%
on March 31, 1997.
The current uncertainty about the direction of the economy has caused bearish
sentiment in the municipal bond market, and market participants remain alert for
any signs of a resurgence in inflation, which could prompt another Fed move.
Nevertheless, municipal securities continue to outperform other fixed-income
investments.
The financial markets may remain unsettled in the short term until the effect
of the Fed's action on the economy becomes clearer. However, economic
fundamentals remain encouraging, and we believe that the municipal bond market
will stabilize over time, while continuing to provide investors with attractive
taxable-equivalent yields.
On a final note, we have regretfully accepted Fred E. Brown's decision to
formally retire from your Fund's Board of Trustees. Mr. Brown has been elected
Trustee Emeritus of the Board, and Seligman Municipal Series Trust will still
be able to benefit from his invaluable advice and counsel. Mr. Brown, who was
Chairman and CEO of J. & W. Seligman & Co. from 1965 to 1988, and Chairman of
the Board of your Trust from 1984 to 1988, has served with unparalleled
dedication for nearly 60 years.
A discussion with your Portfolio Manager, portfolio holdings, and financial
statements follow this letter.
We thank you for your continued interest in Seligman Municipal Series Trust,
and look forward to serving your investment needs in the many years to come.
By order of the Trustees,
/s/ William C. Morris
- ---------------------
William C. Morris
Chairman
/s/ Brian T. Zino
------------------
Brian T. Zino
President
May 2, 1997
1
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SELIGMAN MUNICIPAL SERIES TRUST
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<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA NORTH
INVESTMENT RESULTS March 31, 1997 HIGH-YIELD QUALITY FLORIDA CAROLINA
SERIES SERIES SERIES SERIES
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<S> <C> <C> <C> <C>
NET ASSETS (in millions)
Class A $50.3 $87.5 $43.4 $33.4
Class D 2.0 1.2 1.7 1.2
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YIELD*
Class A 4.85% 4.69% 4.58% 4.36%
Class D 4.18 4.01 3.99 3.81
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DIVIDENDS**
Class A $0.172 $0.171 $0.180 $0.185
Class D 0.143 0.140 0.151 0.155
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CAPITAL GAIN DISTRIBUTIONS** $0.094 $0.002 $0.103 $0.032
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AVERAGE ANNUAL TOTAL RETURN+
Class A
One Year
With sales charge(1) 1.04% 0.48% (1.20)% 0.15%
Without sales charge(2) 6.08 5.43 3.72 5.18
Five Years
With sales charge(1) 5.77 5.73 5.62 5.78
Without sales charge(2) 6.79 6.77 6.66 6.82
Ten Years or since inception 8/27/90
With sales charge(1) 6.57 6.39 6.51 6.33
Without sales charge(2) 7.08 6.91 7.04 7.13
Class D
One Year
With CDSL(1) 4.29 3.32 2.10 3.38
Without CDSL(2) 5.28 4.32 3.07 4.38
Since inception February 1, 1994(2) 3.82 2.62 2.48 2.85
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NET ASSET VALUE PER SHARE
March 31, 1997
Class A $6.36 $6.71 $7.44 $7.76
Class D 6.37 6.69 7.46 7.76
September 30, 1996
Class A 6.50 6.75 7.67 7.84
Class D 6.51 6.74 7.68 7.83
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MAXIMUM OFFERING PRICE PER SHARE
March 31, 1997
Class A $6.68 $7.04 $7.81 $8.15
Class D 6.37 6.69 7.46 7.76
September 30, 1996
Class A 6.82 7.09 8.05 8.23
Class D 6.51 6.74 7.68 7.83
</TABLE>
2
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SELIGMAN MUNICIPAL SERIES TRUST
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<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA NORTH
INVESTMENT RESULTS (continued) HIGH-YIELD QUALITY FLORIDA CAROLINA
SERIES SERIES SERIES SERIES
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<C> <C> <C> <C> <C>
MOODY'S/S&P RATINGS++
Aaa/AAA 1% 67% 70% 46%
Aa/AA 9 24 22 38
A/A 50 9 8 13
Baa/BBB 19 -- -- --
Non-rated 21 -- -- 3
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HOLDINGS BY MARKET SECTOR++
Revenue Bonds 93% 91% 83% 79%
General Obligation Bonds 7 9 17 21
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WEIGHTED AVERAGE MATURITY (Years) 21.9 21.4 23.1 21.8
<FN>
The performance of Class D shares will be greater than or less than the
performance shown for Class A shares, based on differences in sales charges and
fees paid by shareholders.
*Current yield represents the annualized yield for the 30-day period ended
March 31, 1997.
** Represents per share amount paid or declared in respect of Class A and Class
D shares during the six months ended March 31, 1997.
(1) Represents the average
compound rate of return per year over the specified period, and reflects
change in price and assumes all distributions within the period are
invested in additional shares; also reflects the effect of the 4.75%
maximum initial sales charge or contingent deferred sales load ("CDSL")
of 1%, if applicable. No adjustment was made to Class A shares'
performance for periods prior to commencement dates December 27, 1990,
in the case of the Florida Series, and January 1, 1993, in the case of
the California High-Yield and California Quality Series, for the annual
Administration, Shareholder Services and Distribution Plan fee of up to
0.25% of average daily net assets of each Series.
(2) Represents the rate of return as above, but does not reflect the effect of
the 4.75% maximum initial sales charge or the 1% CDSL.
+At its discretion, the Manager waived all or a portion of its fees and, in
some cases, reimbursed certain expenses for the North Carolina Series. This has
the effect of increasing the Series' average annual total returns for the
five-year and since-inception periods.
++Percentages based on current market values of long-term holdings.
Note: The yields have been computed in accordance with current SEC regulations
and will vary, and the principal value of an investment will fluctuate. Shares,
if redeemed, may be worth more or less than their original cost. A small portion
of each Series' income may be subject to applicable state and local taxes and
any amount may be subject to the federal alternative minimum tax. Past
performance is not indicative of future investment results.
</TABLE>
3
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INTERVIEW WITH YOUR PORTFOLIO MANAGER, THOMAS G. MOLES
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What economic and market factors affected Seligman Municipal Series Trust in the
past six months?
"For most of 1996 and up to the present, the municipal bond market has
outperformed other fixed-income markets, due largely to an imbalance in supply
and demand. Heavy bond calls and redemptions resulted in a decrease in the
outstanding municipal bond supply, while positive municipal fundamentals led to
a modest improvement in investor demand. During the month of March, however,
long-term municipal yields began to rise due to an increase in economic growth
and the Federal Reserve Board's resulting attempt to contain it by raising the
federal funds rate. Overall, the higher-yield environment caused a modest
decline in Seligman Municipal Series Trust's net asset values in the first
quarter of 1997. Nonetheless, the continued health of the US economy helped
improve the financial status of many municipal issuers in the last six months,
including issues held by the Trust. If the economy remains on track, this trend
could continue."
What was your investment strategy?
"During the past six months, our outlook for the municipal market remained
positive. Investment strategy was based on the assumption that long-term yields
would continue to fluctuate within a narrow range. In this environment, Seligman
Municipal Series Trust's performance was primarily due to coupon income rather
than price appreciation. Therefore, portfolio purchases were concentrated in
current coupon bonds, in an effort to maximize coupon returns in the expected
absence of price appreciation.
"We believe that the rise in yields seen in March will be short-lived, and we
view the current market environment as a buying opportunity. We have been
committing cash, where appropriate, to the purchase of longer-term, quality
municipal bonds. While rising interest rates generally have a negative impact on
municipal bond prices and on Seligman Municipal Series Trust's performance,
opportunities to enhance returns exist in all markets. Through active
professional management, we are able to identify undervalued or improving
situations that can benefit the portfolios, regardless of the direction of
interest rates."
What is your outlook?
"The fixed-income markets may remain unsettled in the near term until investors
become satisfied that the Fed has achieved its objectives. Ultimately, we
anticipate that confidence in the market will be restored, and that long-term
municipal yields will settle back into a narrow trading range. Additionally, new
issue volume in the municipal market is not expected to vary significantly from
last year, and this predictable supply of bonds should add stability to the
marketplace. We are confident that Seligman Municipal Series Trust will continue
to play an important role in helping investors meet their long-term financial
goals."
[PICTURE OMITTED]
Seligman Municipals Team:
(from left) Audrey Kuchtyak, Theresa Barion, Debra McGuinness, (seated) Eileen
Comerford, Thomas G. Moles (Portfolio Manager)
4
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PORTFOLIOS OF INVESTMENTS March 31, 1997
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<TABLE>
<CAPTION>
CALIFORNIA HIGH-YIELD SERIES
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$2,500,000 Alameda, CA Certificates of Participation (City Hall Seismic Upgrade Project),
6.20% due 5/1/2025................................................................ NR/A $ 2,528,300
3,000,000 California Department of Water Resources Water System Rev. (Central Valley Project),
6% due 12/1/2020.................................................................. Aa/AA 3,012,540
2,500,000 California Educational Facilities Authority Rev. (Loyola Marymount University),
5 3/4% due 10/1/2024............................................................. A1/NR 2,393,650
1,500,000 California Housing Finance Agency Home Mortgage Rev., 6 3/8% due 8/1/2027*.......... Aa2/AA- 1,520,985
2,500,000 California Pollution Control Financing Authority Pollution Control Rev.
(San Diego Gas & Electric Co.), 5.85% due 6/1/2021*............................... A1/A+ 2,416,675
2,500,000 Cupertino, CA Certificates of Participation (Capital Improvement Projects),
5 3/4% due 1/1/2016............................................................... A1/A+ 2,400,075
1,000,000 Folsom, CA Special Tax Bonds (Willow Creek Community Facilities District No. 1),
8 1/4% due 12/1/2006.............................................................. NR/NR 1,046,030
3,000,000 Foothill/Eastern Transportation Corridor Agency, CA Toll Road Rev.,
6% due 1/1/2034................................................................... Baa/BBB- 2,879,670
500,000 Los Angeles, CA Certificates of Participation (Convention & Exhibition Center
Authority), 7 3/8% due 8/15/2018.................................................. Aaa/AAA 542,015
1,300,000 Los Angeles, CA Wastewater System Rev., 7.10% due 6/1/2018.......................... A1/A 1,383,343
1,000,000 Oxnard Union High School District, CA Certificates of Participation
(Union High School), 7.70% due 11/1/2019.......................................... NR/NR 1,098,350
730,000 Petaluma, CA Community Development Commission Tax Allocation Bonds
(Central Business District), 9.30% due 5/15/2010.................................. Baa1/NR 732,657
2,160,000 Pleasanton, CA Joint Powers Financing Authority Reassessment Rev.,
6.15% due 9/2/2012................................................................ Baa/NR 2,195,294
2,000,000 Puerto Rico Highway & Transportation Authority Highway Rev.,
5 1/2% due 7/1/2036............................................................... Baa1/A 1,863,680
1,020,000 Rancho Mirage, CA Improvement Bonds Assessment District No. 22-85
(Frank Sinatra Drive Extension), 8.30% due 9/2/2008............................... NR/NR 1,055,669
1,200,000 Rancho Mirage, CA Improvement Bonds Assessment District No. 22-85
(Frank Sinatra Drive Extension), 8.30% due 9/2/2011............................... NR/NR 1,242,528
5,000 Riverside County, CA (Single Family Mortgage Rev.), 10 1/2% due 9/1/2014............ NR/BBB+ 5,238
3,000,000 SAN BERNADINO, CA JOINT POWERS FINANCING AUTHORITY
(California Dept. of Transportation Lease), 5 1/2% due 12/1/2020................ A/A 2,793,540
2,000,000 San Francisco, CA State Building Authority Lease Rev. (State of California Dept. of
General Services Lease), 5% due 10/1/2013......................................... A/A 1,839,500
3,000,000 San Joaquin Hills, CA Transportation Corridor Agency Rev. (Orange County
Senior Lien Toll Road), 6 3/4% due 1/1/2032....................................... NR/NR 3,120,510
2,500,000 Santa Barbara, CA Certificates of Participation, 5.70% due 3/1/2011................. A1/A+ 2,443,575
1,000,000 Santa Clara, CA Improvement Bonds Project No. 186 (Santa Clara Convention Center
Complex), 7.10% due 9/2/2011...................................................... NR/NR 1,031,220
1,500,000 Santa Cruz, CA Hospital Rev. (Dominican Santa Cruz Hospital), 7% due 12/1/2013 A1/A+ 1,552,035
2,000,000 Santa Margarita, CA Water District GOs, 7 1/2% due 11/1/2005........................ NR/NR 2,057,180
1,000,000 Southern California Public Power Authority Power Project Rev. (Multiple Projects),
6% due 7/1/2018................................................................... A/A 1,002,520
<FN>
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+ Ratings have not been audited by Deloitte & Touche LLP.
* Interest income earned from this security is subject to the federal alternative minimum tax.
See Notes to Financial Statements.
</TABLE>
5
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PORTFOLIOS OF INVESTMENTS (continued)
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<TABLE>
<CAPTION>
CALIFORNIA HIGH-YIELD SERIES (continued)
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$ 805,000 Stanislaus, CA Waste-to-Energy Financing Agency Solid Waste Facility Rev.
(Ogden Martin System of Stanislaus, Inc. Project), 7 1/2% due 1/1/2005.......... NR/BBB+ $ 848,977
1,230,000 Stanislaus, CA Waste-to-Energy Financing Agency Solid Waste Facility Rev.
(Ogden Martin System of Stanislaus, Inc. Project), 7 5/8% due 1/1/2010.......... NR/BBB+ 1,316,248
2,500,000 Washington Township, CA Hospital District Hospital Healthcare System Rev.,
5 1/2% due 7/1/2018............................................................. A2/NR 2,338,775
2,230,000 West Covina, CA Certificates of Participation (Queen of the Valley Hospital),
6 1/2% due 8/15/2024............................................................ A2/A 2,310,458
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Total Municipal Bonds (Cost $49,811,359)-- 97.4%.................................................... 50,971,237
Variable Rate Demand Notes (Cost $400,000)-- 0.8% .................................................. 400,000
Other Assets Less Liabilities-- 1.8%................................................................ 967,331
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NET ASSETS-- 100.0%................................................................................. $52,338,568
============
<CAPTION>
CALIFORNIA QUALITY SERIES
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$5,000,000 California Department of Water Resources Water System Rev. (Central Valley Project),
6.10% due 12/1/2029............................................................. Aa/AA 5,071,350
2,000,000 California Educational Facilities Authority Rev. (Stanford University),
6 3/4% due 1/1/2013 ............................................................ Aaa/AAA 2,107,560
3,200,000 California Educational Facilities Authority Rev. (University of Southern
California Project), 5.80% due 10/1/2015........................................ Aa3/AA 3,143,072
3,440,000 California Educational Facilities Authority Rev.
(Pomona College), 6% due 2/15/2017.............................................. Aa1/AA 3,470,513
4,500,000 California Educational Facilities Authority Rev. (California
Institute of Technology), 6% due 1/1/2021....................................... Aaa/AAA 4,516,065
3,000,000 California Health Facilities Financing Authority Health Facility Rev.
(Kaiser Permanente), 6 1/2% due 12/1/2020....................................... Aa3/AA 3,178,110
2,000,000 California Health Facilities Financing Authority Insured Hospital Rev.
(Scripps Memorial Hospital), 6 3/8% due 10/1/2022............................... Aaa/AAA 2,085,180
5,000 California Housing Finance Agency (Housing Revenue Insured Bonds),
8 3/4% due 8/1/2010............................................................. Aaa/AAA 5,249
425,000 California Housing Finance Agency (Housing Revenue Insured Bonds),
8 5/8% due 8/1/2015............................................................. Aaa/AAA 445,277
2,000,000 California Housing Finance Agency Housing Rev., 5.60% due 8/1/2024................ Aaa/AAA 1,911,060
2,835,000 California Housing Finance Agency Home Mortgage Rev., 6 3/4% due 2/1/2025*........ Aa2/AA- 2,945,962
4,000,000 California Pollution Control Financing Authority Rev. (Mobil Oil Corporation
Project), 5 1/2% due 12/1/2029*................................................. Aa2/AA 3,682,560
925,000 California Public Capital Improvements Financing Authority (Pooled Projects),
8.10% due 3/1/2018.............................................................. Aaa/AAA 970,482
3,000,000 California Public Works Board Lease Rev. (Correctional Facilities Improvements),
5 3/4% due 9/1/2021............................................................. A/A 2,871,030
<FN>
- -----------------
+ Ratings have not been audited by Deloitte & Touche LLP.
* Interest income earned from this security is subject to the federal
alternative minimum tax.
See Notes to Financial Statements.
</TABLE>
6
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March 31, 1997
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<TABLE>
<CAPTION>
CALIFORNIA QUALITY SERIES (continued)
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$3,000,000 California State GOs, 5.90% due 4/1/2023......................................... A1/A+ $2,980,290
3,000,000 California Statewide Communities Development Authority Certificates of
Participation (The Trustees of the J. Paul Getty Trust), 5% due 10/1/2023...... Aaa3/AAA 2,662,350
5,000,000 Contra Costa Water District, CA, 5 1/2% due 10/1/2019............................ Aaa/AAA 4,734,800
3,500,000 East Bay, CA Municipal Utility District Water System Rev., 6% due 6/1/2012....... Aaa/AAA 3,593,870
2,500,000 Eastern Municipal Water District Riverside County, CA Water and Sewer Rev.,
6 3/4% due 7/1/2012............................................................ Aaa/AAA 2,822,275
3,000,000 Fresno, CA Sewer System Rev., 5 1/4% due 9/1/2019................................ Aaa/AAA 2,805,030
2,000,000 Industry, CA GOs, 7 3/8% due 7/1/2015............................................ Aaa/AAA 2,170,320
2,000,000 M-S-R Public Power Agency, CA (San Juan Project), 6 7/8% due 7/1/2019............ Aaa/AAA 2,041,020
2,000,000 Marin, CA Municipal Water District Water Rev., 5.65% due 7/1/2023................ A1/AA 1,907,840
3,000,000 Metropolitan Water District of Southern California Waterworks GOs,
5 3/4% due 3/1/2014............................................................ Aaa/AAA 3,001,920
3,500,000 Northern California Power Agency Public Power Rev. (Combustion Turbine
Project A-1), 6% due 8/15/2010................................................. Aaa/AAA 3,546,690
4,500,000 Orange County, CA Local Transportation Authority (Measure M Sales Tax Rev.),
6% due 2/15/2009............................................................... Aaa/AAA 4,762,395
2,500,000 Rancho, CA Water District Financing Authority Rev., 5.90% due 11/1/2015.......... Aaa/AAA 2,531,250
3,250,000 San Francisco Bay Area Rapid Transit District, CA (Sales Tax Rev.),
6.60% due 7/1/2012 ............................................................ Aaa/AAA 3,483,740
3,000,000 San Francisco, CA (City & County) Airport Commission Rev. (International Airport),
6.60% due 5/1/2024*............................................................ Aaa/AAA 3,167,430
5,000,000 University of California Regents (Multiple Purpose Projects), 6 3/8% due 9/1/2024 Aaa/AAA 5,241,550
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Total Municipal Bonds (Cost $85,180,924)-- 99.1% ................................................... 87,856,240
Other Assets Less Liabilities-- 0.9%................................................................ 802,168
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NET ASSETS-- 100.0%................................................................................. $88,658,408
===========
<CAPTION>
FLORIDA SERIES
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$2,500,000 Broward County, FL Water & Sewer Utility Rev., 5% due 10/1/2018.................. Aaa/AAA 2,230,675
1,500,000 Broward County School District, FL GOs, 7 1/8% due 2/15/2008..................... Aaa/AAA 1,602,870
1,500,000 Citrus County, FL Pollution Control Rev. (Florida Power Corporation Crystal River
Power Plant Project), 6 5/8% due 1/1/2027...................................... A1/A+ 1,600,455
2,000,000 Collier County, FL Water & Sewer Rev., 5 1/4% due 7/1/2021....................... Aaa/AAA 1,826,060
1,250,000 Dade County, FL Aviation Rev., 6 1/8% due 10/1/2020*............................. Aaa/AAA 1,255,800
1,000,000 Dade County, FL Public Facilities Rev. (Jackson Memorial Hospital),
5 1/4% due 6/1/2023............................................................ Aaa/AAA 897,890
2,870,000 Dade County, FL Public Improvement GOs, 5 3/4% due 10/1/2016..................... Aaa/AAA 2,856,683
2,000,000 Dade County, FL Water & Sewer System Rev., 5 3/4% due 10/1/2022.................. Aaa/AAA 1,971,060
2,000,000 Dade County Health Facilities Authority, FL Hospital Rev. (Baptist Hospital
of Miami Project), 5 1/4% due 5/15/2021........................................ Aaa/AAA 1,802,860
<FN>
- ---------------
+ Ratings have not been audited by Deloitte & Touche LLP.
* Interest income earned from this security is subject to the federal alternative minimum tax.
See Notes to Financial Statements.
</TABLE>
7
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PORTFOLIOS OF INVESTMENTS (continued)
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FLORIDA SERIES (continued)
<TABLE>
<CAPTION>
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$1,000,000 Florida Housing Finance Agency (General Mortgage Rev.), 6.35% due 6/1/2014 ...... NR/AAA $1,027,430
715,000 Florida Housing Finance Agency Rev. (Single Family Mortgage), 6.55% due 7/1/2014* Aaa/AAA 735,127
2,000,000 Florida Housing Finance Agency Rev. (Homeowner Mortgage), 6.20% due 7/1/2027* ... Aa3/AA 2,010,680
2,500,000 Florida Ports Financing Commission Rev. (State Transportation Trust Fund),
5 3/8% due 6/1/2027*........................................................... Aaa/AAA 2,283,125
2,000,000 Florida State Department of Transportation GOs (Right of Way), 5.80% due 7/1/2021 Aa2/AA+ 1,961,540
1,000,000 Florida State Municipal Power Agency Rev. (St. Lucie Project), 5 1/2% due 10/1/2012 Aaa/AAA 988,710
2,500,000 Florida State Turnpike Authority Turnpike Rev., 5 5/8% due 7/1/2025.............. Aaa/AAA 2,399,125
1,500,000 Gainesville, FL Utilities System Rev., 5 1/2% due 10/1/2013...................... Aa/AA 1,471,335
2,500,000 Hillsborough County, FL Aviation Authority Rev. (Tampa International Airport),
5 3/8% due 10/1/2023*.......................................................... Aaa/AAA 2,224,400
1,500,000 Jacksonville Electric Authority, FL Rev. (St. Johns River Power Park System),
5 1/2% due 10/1/2013........................................................... Aa1/AA 1,463,490
2,000,000 Jacksonville, FL Sewage & Solid Waste Disposal Facilities Rev.
(Anheuser-Busch Project), 5 7/8% due 2/1/2036*................................. A1/AA- 1,933,180
2,000,000 Kissimmee Utility Authority, FL Electric System Improvement Rev.,
5 1/4% due 10/1/2018 Aaa/AAA 1,845,060
1,000,000 Lee County, FL Transportation Facilities Rev., 6% due 10/1/2015.................. Aaa/AAA 1,025,050
2,000,000 Orlando, FL Utilities Commission Water & Electric Rev., 5 1/2% due 10/1/2026..... Aa/AA- 1,862,480
1,000,000 Osceola County, FL Transportation Rev. (Osceola Parkway Project), 6.10% due 4/1/2017 Aaa/AAA 1,016,490
1,200,000 Palm Beach County, FL Criminal Justice Facilities Rev., 7 1/4% due 6/1/2011...... Aaa/AAA 1,313,388
1,000,000 Pensacola Health Facilities Authority, FL Health Facilities Rev.
(Daughters of Charity National Health System--Sacred Heart Hospital of
Pensacola), 5 1/4% due 1/1/2011 Aa2/AA 957,410
1,250,000 Volusia County, FL Educational Facilities Authority Rev. (Embry-Riddle
Aeronautical University Project), 6 5/8% due 10/15/2022........................ NR/AAA 1,314,550
-----------
Total Municipal Bonds (Cost $44,082,053)-- 97.2% ................................................... 43,876,923
Variable Rate Demand Notes (Cost $200,000)-- 0.4%................................................... 200,000
Other Assets Less Liabilities-- 2.4%................................................................ 1,067,055
-----------
NET ASSETS-- 100.0%................................................................................. $45,143,978
===========
<CAPTION>
NORTH CAROLINA SERIES
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$1,250,000 Appalachian State University, NC Housing & Student Center System Rev.,
5 5/8% due 7/15/2015........................................................... Aaa/AAA $1,228,175
1,250,000 Asheville, NC Water System Rev., 5.70% due 8/1/2025.............................. Aaa/AAA 1,220,713
600,000 Buncombe County, NC Metropolitan Sewerage District (Sewerage System Rev.),
5 1/2% due 7/1/2022............................................................ Aaa/AAA 568,632
2,000,000 Charlotte-Mecklenburg Hospital Authority, NC Health Care System Rev.,
6 1/4% due 1/1/2020............................................................ Aa3/AA 2,036,060
1,000,000 Charlotte, NC Certificates of Participation (Charlotte-Mecklenburg Law Enforcement
Center Project), 5 3/8% due 6/1/2013........................................... Aa1/AA 979,310
2,000,000 Charlotte, NC Water & Sewer GOs, 5.90% due 2/1/2017.............................. Aaa/AAA 2,062,320
<FN>
- ----------------------
+ Ratings have not been audited by Deloitte & Touche LLP.
* Interest income earned from this security is subject to the federal
alternative minimum tax.
See Notes to Financial Statements.
</TABLE>
8
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
March 31, 1997
- -------------------------------------------------------------------------------
NORTH CAROLINA SERIES (continued)
<TABLE>
<CAPTION>
FACE RATINGS MARKET
AMOUNT MUNICIPAL BONDS MOODY'S/S&P+ VALUE
---------- --------------------- ------------ -----------
<S> <C> <C> <C>
$1,590,000 Concord, NC Utilities System Rev., 5 3/4% due 12/1/2017........................... Aaa/AAA $1,572,812
2,500,000 Martin County Industrial Facilities and Pollution Control Financing Authority, NC
Solid Waste Disposal Rev. (Weyerhaeuser Company Project), 6% due 11/1/2025*..... A2/A 2,475,550
500,000 North Carolina Educational Facilities Financing Authority Rev. (Duke University
Project), 6 3/4% due 10/1/2021.................................................. Aa1/AA+ 539,100
500,000 North Carolina Educational Facilities Financing Authority Rev.
(Elon College Project), 6 3/8% due 1/1/2014..................................... NR/AAA 516,660
600,000 North Carolina Housing Finance Agency Rev. (Multi-Family), 5.80% due 7/1/2014..... Aa2/AA 595,422
1,455,000 North Carolina Housing Finance Agency Rev. (Single Family), 6 1/2% due 3/1/2018... Aa2/AA 1,499,523
250,000 North Carolina Housing Finance Agency Rev. (Multi-Family), 5.90% due 7/1/2026..... Aa2/AA 243,190
750,000 North Carolina Medical Care Commission Hospital Rev. (North Carolina Baptist
Hospital Project), 6 3/8% due 6/1/2014.......................................... Aa3/AA 770,063
1,000,000 North Carolina Medical Care Commission Hospital Rev. (Mercy Hospital Project),
6 1/2% due 8/1/2015............................................................. NR/NR 1,077,330
1,500,000 North Carolina Medical Care Commission Hospital Rev. (Carolina Medicorp Project),
6% due 5/1/2021................................................................. Aa3/AA 1,481,100
1,000,000 North Carolina Medical Care Commission Hospital Rev. (Memorial Mission Hospital
Project), 6% due 10/1/2022...................................................... Aaa/AAA 1,000,600
2,250,000 North Carolina Medical Care Commission Hospital Rev. (Presbyterian Health Services
Corp. Project), 6% due 10/1/2024................................................ Aa3/AA 2,220,187
2,000,000 North Carolina Municipal Power Agency No. 1 Catawba Electric Rev.,
5 3/4% due 1/1/2015.............................................................. Aaa/AAA 1,991,000
3,000,000 North Carolina Municipal Power Agency No. 1 Catawba Electric Rev., 5% due 1/1/2020 Aaa/AAA 2,816,370
1,000,000 Orange, NC Water & Sewer Authority Rev., 5.20% due 7/1/2016....................... Aa/AA 926,500
775,000 Raleigh, NC GOs, 6 1/2% due 3/1/2008.............................................. Aaa/AAA 823,205
200,000 Transylvania County, NC GOs, 6.80% due 4/1/2007................................... A2/A 213,422
1,500,000 University of North Carolina Charlotte Rev. (Student Activity Center), 5 1/2% due
6/1/2021........................................................................ Aaa/AAA 1,428,675
500,000 University of North Carolina Hospitals at Chapel Hill Rev., 6 3/8% due 2/15/2017.. Aa3/AA 519,790
1,000,000 University of North Carolina Hospitals at Chapel Hill Rev., 5 1/4% due 2/15/2026.. Aa3/AA 900,130
1,550,000 Wake County Industrial Facilities & Pollution Control Financing Authority, NC
(Carolina Power & Light), 6.90% due 4/1/2009.................................... A2/A 1,655,152
-----------
Total Municipal Bonds (Cost $32,693,727)-- 96.3% ................................................... 33,360,991
Variable Rate Demand Notes (Cost $900,000)-- 2.6% .................................................. 900,000
Other Assets Less Liabilities-- 1.1%................................................................ 382,939
-----------
NET ASSETS-- 100.0%................................................................................. $34,643,930
===========
<FN>
- ------------------------
+ Ratings have not been audited by Deloitte & Touche LLP.
* Interest income earned from this security is subject to the federal
alternative minimum tax.
See Notes to Financial Statements.
</TABLE>
9
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES March 31, 1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA NORTH
HIGH-YIELD QUALITY FLORIDA CAROLINA
SERIES SERIES SERIES SERIES
---------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (see portfolios of investments):
Long-term holdings ................................ $ 50,971,237 $ 87,856,240 $ 43,876,923 $ 33,360,991
Short-term holdings ............................... 400,000 -- 200,000 900,000
------------ ------------- ------------- -------------
51,371,237 87,856,240 44,076,923 34,260,991
Cash ................................................ 115,848 -- 239,514 87,963
Interest receivable ................................. 892,123 1,421,947 979,373 585,703
Receivable for Shares of Beneficial Interest sold ... 174,129 10,378 28,588 102
Expenses prepaid to shareholder service agent ....... 7,134 11,890 6,794 5,096
Other ............................................... 6,086 6,788 6,542 4,378
------------ ------------- ------------- -------------
Total Assets ........................................ 52,566,557 89,307,243 45,337,734 34,944,233
============ ============= ============== =============
LIABILITIES:
Dividends payable.................................... 107,041 181,170 84,916 61,736
Payable for Shares of Beneficial Interest repurchased 39,871 277,773 31,075 175,430
Payable to custodian................................. -- 73,024 -- --
Accrued expenses, taxes, and other .................. 81,077 116,868 77,765 63,137
------------ ------------- ------------- -------------
Total Liabilities ................................... 227,989 648,835 193,756 300,303
------------ ------------- ------------- -------------
Net Assets .......................................... $52,338,568 $88,658,408 $45,143,978 $34,643,930
============ ============= ============== =============
COMPOSITION OF NET ASSETS:
Shares of Beneficial Interest, at par:
Class A ........................................... $ 7,912 $13,038 $ 5,833 $ 4,305
Class D ........................................... 319 179 231 158
Additional paid-in capital .......................... 51,234,016 85,998,701 45,203,113 33,998,730
Undistributed/accumulated net realized gain (loss) .. (63,557) (28,826) 139,931 (26,527)
Net unrealized appreciation (depreciation)
of investments ................................... 1,159,878 2,675,316 (205,130) 667,264
------------ ------------- ------------- -------------
Net Assets .......................................... $52,338,568 $88,658,408 $45,143,978 $34,643,930
============ ============= ============== =============
NET ASSETS:
Class A ............................................. $50,311,095 $87,463,370 $43,422,971 $33,415,460
Class D ............................................. $ 2,027,473 $ 1,195,038 $ 1,721,007 $ 1,228,470
SHARES OF BENEFICIAL INTEREST OUTSTANDING
(Unlimited shares authorized; $.001 par value):
Class A ............................................. 7,912,428 13,037,713 5,833,214 4,304,315
Class D ............................................. 318,488 178,597 230,780 158,334
NET ASSET VALUE PER SHARE:
Class A ............................................. $6.36 $6.71 $7.44 $7.76
Class D ............................................. $6.37 $6.69 $7.46 $7.76
<FN>
- ------------------
See Notes to Financial Statements.
</TABLE>
10
<PAGE>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS For the Six Months Ended March 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA NORTH
HIGH-YIELD QUALITY FLORIDA CAROLINA
SERIES SERIES SERIES SERIES
----------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................ $1,623,200 $2,766,113 $1,343,924 $1,047,233
---------- ---------- ---------- ----------
EXPENSES:
Management fees ..................................... 130,402 235,519 116,480 90,363
Shareholder account services ........................ 35,709 57,593 32,194 26,301
Distribution and service fees ....................... 32,822 50,726 61,562 46,904
Auditing and legal fees ............................. 12,548 11,048 11,999 12,234
Custody and related services......................... 7,903 12,572 9,250 7,152
Trustees' fees and expenses.......................... 4,582 4,582 4,245 4,155
Shareholders' meeting................................ 3,065 4,866 2,580 2,908
Registration......................................... 2,524 2,867 2,484 2,624
Shareholder reports and communications............... 2,164 6,360 2,279 2,937
Miscellaneous....................................... 2,227 4,422 2,110 1,905
---------- ---------- ---------- ----------
Total Expenses....................................... 233,946 390,555 245,183 197,483
---------- ---------- ---------- ----------
Net Investment Income ............................... 1,389,254 2,375,558 1,098,741 849,750
---------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ............ 29,756 201,404 142,308 (24,163)
Net change in unrealized appreciation
of investments................................... (411,195) (642,087) (891,478) (156,744)
---------- ---------- ---------- ----------
Net Loss on Investments ............................. (381,439) (440,683) (749,170) (180,907)
---------- ---------- ---------- ----------
Increase in Net Assets from Operations............... $1,007,815 $1,934,875 $ 349,571 $ 668,843
========== ========== ========== ==========
<FN>
- -------------------------------------
See Notes to Financial Statements.
</TABLE>
11
<PAGE>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CALIFORNIA HIGH-YIELD CALIFORNIA QUALITY
SERIES SERIES
-------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/97 9/30/96 3/31/97 9/30/96
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income.................................... $ 1,389,254 $ 2,761,416 $ 2,375,558 $ 4,933,062
Net realized gain on investments......................... 29,756 761,672 201,404 10,779
Net change in unrealized appreciation of investments..... (411,195) (302,934) (642,087) 1,634,127
----------- ----------- ----------- -----------
Increase in net assets from operations................... 1,007,815 3,220,154 1,934,875 6,577,968
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A............................................... (1,345,981) (2,694,728) (2,344,979) (4,886,875)
Class D............................................... (43,273) (66,688) (30,579) (46,187)
Net realized gain on investments:
Class A............................................... (722,261) (181,195) (27,957) (170,861)
Class D............................................... (27,209) (4,083) (454) (1,627)
----------- ----------- ----------- -----------
Decrease in net assets from distributions................ (2,138,724) (2,946,694) (2,403,969) (5,105,550)
----------- ----------- ----------- -----------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Net proceeds from sale of shares:
Class A............................................... 4,091,079 7,028,522 753,845 4,563,152
Class D............................................... 581,527 971,455 131,725 938,009
Shares issued in payment of dividends:
Class A............................................... 702,297 1,381,074 1,139,558 2,408,049
Class D............................................... 32,084 51,365 16,198 28,597
Exchanged from associated Funds:
Class A............................................... 807,019 2,237,849 10,218,435 6,680,456
Class D............................................... 55,020 197,372 2,484,461 601,980
Shares issued in payment of gain distributions:
Class A .............................................. 483,204 123,013 16,799 108,888
Class D .............................................. 22,161 3,665 228 857
----------- ----------- ----------- -----------
Total ................................................... 6,774,391 11,994,315 14,761,249 15,329,988
----------- ----------- ----------- -----------
Cost of shares repurchased:
Class A............................................... (4,503,984) (10,210,483) (7,447,192) (8,519,741)
Class D............................................... (517,625) (128,873) (238,162) (208,709)
Exchanged into associated Funds:
Class A............................................... (444,101) (2,054,893) (12,308,645) (6,087,884)
Class D............................................... (22,479) (471,562) (2,845,313) (590,062)
----------- ----------- ----------- -----------
Total ................................................... (5,488,189) (12,865,811) (22,839,312) (15,406,396)
----------- ----------- ----------- -----------
Increase (decrease) in net assets from transactions
in Shares of Beneficial Interest...................... 1,286,202 (871,496) (8,078,063) (76,408)
----------- ----------- ----------- -----------
Increase (decrease) in net assets........................ 155,293 (598,036) (8,547,157) 1,396,010
NET ASSETS:
Beginning of period...................................... 52,183,275 52,781,311 97,205,565 95,809,555
----------- ----------- ----------- -----------
End of period............................................ $52,338,568 $52,183,275 $88,658,408 $97,205,565
=========== =========== =========== ===========
<FN>
- ------------------------------
See Notes to Financial Statements.
</TABLE>
12
<PAGE>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NORTH CAROLINA
FLORIDA SERIES SERIES
------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/97 9/30/96 3/31/97 9/30/96
---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income.................................... $ 1,098,741 $ 2,389,445 $ 849,750 $ 1,798,784
Net realized gain (loss) on investments.................. 142,308 848,068 (24,163) 150,901
Net change in unrealized appreciation of investments..... (891,478) (599,721) (156,744) 428,165
----------- ----------- ----------- -----------
Increase in net assets from operations................... 349,571 2,637,792 668,843 2,377,850
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A............................................... (1,066,726) (2,340,450) (826,498) (1,748,201)
Class D............................................... (32,015) (48,995) (23,252) (50,583)
Net realized gain on investments:
Class A............................................... (611,829) (503,822) (145,565) (67,229)
Class D............................................... (20,486) (8,426) (4,714) (2,262)
----------- ----------- ----------- -----------
Decrease in net assets from distributions................ (1,731,056) (2,901,693) (1,000,029) (1,868,275)
----------- ----------- ----------- -----------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Net proceeds from sale of shares:
Class A............................................... 1,685,377 2,194,401 895,187 2,675,748
Class D............................................... 122,813 844,824 74,941 263,673
Shares issued in payment of dividends:
Class A............................................... 415,831 944,497 433,183 915,705
Class D............................................... 22,085 27,492 16,940 37,861
Exchanged from associated Funds:
Class A............................................... 1,362,475 1,720,648 239,393 558,685
Class D............................................... 431,268 132,950 -- 3,221
Shares issued in payment of gain distributions:
Class A .............................................. 344,983 274,175 106,938 49,273
Class D .............................................. 15,286 3,798 4,313 2,102
----------- ----------- ----------- -----------
Total ................................................... 4,400,118 6,142,785 1,770,895 4,506,268
----------- ----------- ----------- -----------
Cost of shares repurchased:
Class A............................................... (3,467,653) (7,546,385) (3,406,746) (5,507,260)
Class D............................................... (63,972) (254,841) (85,604) (151,705)
Exchanged into associated Funds:
Class A............................................... (790,512) (1,167,372) (467,100) (695,424)
Class D............................................... (29,737) (65,958) (2,500) (198,185)
----------- ----------- ----------- -----------
Total ................................................... (4,351,874) (9,034,556) (3,961,950) (6,552,574)
----------- ----------- ----------- -----------
Increase (decrease) in net assets from transactions
in Shares of Beneficial Interest...................... 48,244 (2,891,771) (2,191,055) (2,046,306)
----------- ----------- ----------- -----------
Decrease in net assets................................... (1,333,241) (3,155,672) (2,522,241) (1,536,731)
NET ASSETS:
Beginning of period...................................... 46,477,219 49,632,891 37,166,171 38,702,902
----------- ----------- ----------- -----------
End of period............................................ $45,143,978 $46,477,219 $34,643,930 $37,166,171
=========== =========== =========== ===========
<FN>
- -----------------------------------
See Notes to Financial Statements.
</TABLE>
13
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. Seligman Municipal Series Trust (the "Trust") consists of four separate
series: the "California High-Yield Series," the "California Quality Series," the
"Florida Series," and the "North Carolina Series." Each Series of the Trust
offers two classes of shares. All shares existing prior to February 1, 1994, the
commencement date of Class D shares, were classified as Class A shares. Class A
shares are sold with an initial sales charge of up to 4.75% and a continuing
service fee of up to 0.25% on an annual basis. Class A shares purchased in an
amount of $1,000,000 or more are sold without an initial sales charge but are
subject to a contingent deferred sales load ("CDSL") of 1% on redemptions
within eighteen months of purchase. Class D shares are sold without an initial
sales charge but are subject to a higher distribution fee and a CDSL of 1%
imposed on certain redemptions made within one year of purchase. The two classes
of shares for each Series 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 other class
expenses, and has exclusive voting rights with respect to any matter on which a
separate vote of any class is required.
2. The financial statements have been prepared in conformity with generally
accepted accounting principles which require management to make certain
estimates and assumptions at the date of the financial statements. The following
summarizes the significant accounting policies of the Trust:
a. All municipal securities and other short-term holdings maturing in more than
60 days are valued based upon quotations provided by an independent pricing
service or, in their absence, at fair value determined in accordance with
procedures approved by the Trustees. Short-term holdings maturing in 60 days
or less are generally valued at amortized cost.
b. There is no provision for federal income tax.
Each Series 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. Interest income is recorded on the accrual basis. The Trust
amortizes original issue discounts and premiums paid on purchases of
portfolio securities. Discounts other than original issue discounts are not
amortized.
d. All income, expenses (other than class-specific expenses), and realized and
unrealized gains or losses are allocated daily to each class of shares based
upon the relative value of the shares of each class. Class-specific expenses,
which include distribution and service fees and any other items that are
specifically attributable to a particular class, are charged directly to
such class. For the six months ended March 31, 1997, distribution and service
fees were the only class-specific expenses.
e. The treatment for financial statement purposes of distributions made during
the year from net investment income or net realized gains may differ from
their ultimate treatment for federal income tax purposes. These differences
are caused primarily by differences in the timing of the recognition of
certain components of income, expense, and realized capital gain for federal
income tax purposes. Where such differences are permanent in nature, they are
reclassified in the components of net assets based on their ultimate
characterization for federal income tax purposes. Any such reclassifications
will have no effect on net assets, results of operations, or net asset value
per share of any series of the Trust.
3. Purchases and sales of portfolio securities, excluding short-term
investments, for the six months ended March 31, 1997, were as follows:
SERIES PURCHASES SALES
- --------------- ----------- -----------
California High-Yield $7,668,985 $ 7,308,389
California Quality 8,987,500 14,667,029
Florida 5,879,040 6,218,089
North Carolina 2,478,125 6,775,594
At March 31, 1997, the cost of investments for federal income tax purposes
was substantially the same as the cost for financial reporting purposes, and the
14
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
tax basis gross unrealized appreciation and depreciation of portfolio securities
were as follows:
TOTAL TOTAL
UNREALIZED UNREALIZED
SERIES APPRECIATION DEPRECIATION
- --------------- ------------ ------------
California High-Yield $1,488,663 $ 328,785
California Quality 3,734,575 1,059,259
Florida 753,246 958,376
North Carolina 971,461 304,197
4. J. & W. Seligman & Co. Incorporated (the "Manager") manages the affairs of
the Trust and provides the necessary personnel and facilities. Compensation of
all officers of the Trust, all trustees of the Trust who are employees or
consultants of the Manager, and all personnel of the Trust and the Manager is
paid by the Manager. The Manager's fee is calculated daily and payable monthly,
equal to 0.50% per annum of each Series' average daily net assets.
Seligman Financial Services, Inc. (the "Distributor"), agent for the
distribution of each Series' shares, and an affiliate of the Manager, received
the following concessions after commissions were paid to dealers for sale of
Class A shares:
DISTRIBUTOR DEALER
SERIES CONCESSIONS COMMISSIONS
- --------------- ----------- -----------
California High-Yield $10,084 $77,156
California Quality 3,524 25,609
Florida 7,242 51,843
North Carolina 3,991 29,391
The Trust has an Administration, Shareholder Services and Distribution Plan
(the "Plan") with respect to distribution of its shares. Under the Plan, with
respect to Class A shares, service organizations can enter into agreements with
the Distributor and receive continuing fees of up to 0.25% on an annual basis,
payable quarterly, of the average daily net assets of the Class A shares
attributable to the particular service organizations for providing personal
services and/or the maintenance of shareholder accounts. The Distributor charges
such fees to the Trust pursuant to the Plan. For the six months ended March 31,
1997, for the California High-Yield, California Quality, Florida, and North
Carolina Series, fees paid aggregated $23,104, $43,348, $53,515, and $41,029,
respectively, or 0.09%, 0.09%, 0.24%, and 0.23%, respectively, per annum of
average daily net assets.
Under the Plan, with respect to Class D shares, service organizations can
enter into agreements with the Distributor and receive continuing fees 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 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 Trust to the Distributor pursuant
to the Plan. For the six months ended March 31, 1997, fees paid amounted to
$9,718, $7,378, $8,047, and $5,875, or 1% per annum of the average daily net
assets of Class D shares of the California High-Yield, California Quality,
Florida, and North Carolina Series, respectively.
The Distributor is entitled to retain any CDSL imposed on certain redemptions
of Class D shares occurring within one year of purchase. For the six months
ended March 31, 1997, such charges amounted to $937 for the California
High-Yield Series, $1,227 for the California Quality Series, and $1 for the
Florida Series.
Seligman Services, Inc., an affiliate of the Manager, is eligible to receive
commissions from certain sales of Fund shares, as well as distribution and
service fees pursuant to the Plan. For the six months ended March 31, 1997,
Seligman Services, Inc. received commissions from sales of shares of each
Series, and distribution and service fees, pursuant to the Plan, as follows:
DISTRIBUTION AND
SERIES COMMISSIONS SERVICE FEES
- --------------- ----------- ----------------
California High-Yield $49 $795
California Quality 1,077 1,357
Florida 1,092 3,152
North Carolina -- 835
15
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
Seligman Data Corp., which is owned by certain associated investment
companies, charged at cost for shareholder account services the following
amounts:
SERIES
- ---------------
California High-Yield $35,709
California Quality 57,593
Florida 32,194
North Carolina 26,301
Certain officers and trustees of the Trust are officers or directors of the
Manager, the Distributor, Seligman Services, Inc., and/or Seligman Data Corp.
Fees of $11,000 were incurred by the Trust for the legal services of Sullivan
& Cromwell, a retired member of which firm is a trustee of the Trust.
The Trust has a compensation agreement under which trustees who receive fees
may elect to defer receiving such fees. Interest is accrued on the deferred
balances. Deferred fees and the related accrued interest are not deductible for
federal income tax purposes until such amounts are paid. The cost of such fees
and interest is included in trustees' fees and expenses, and the accumulated
balances thereof at March 31, 1997, were as follows:
SERIES
- ---------------
California High-Yield $27,205
California Quality 27,205
Florida 13,333
North Carolina 9,644
- --------------------------------------------------------------------------------
5. Transactions in Shares of Beneficial Interest were as follows:
<TABLE>
<CAPTION>
CALIFORNIA HIGH-YIELD CALIFORNIA QUALITY
SERIES SERIES
--------------------- ------------------------
SIX SIX
MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/97 9/30/96 3/31/97 9/30/96
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sale of shares:
Class A .................................... 633,462 1,087,963 110,512 673,408
Class D .................................... 89,944 152,012 19,383 139,499
Shares issued in payment of dividends:
Class A .................................... 108,896 213,528 167,465 356,784
Class D .................................... 4,971 7,942 2,387 4,255
Exchanged from associated Funds:
Class A .................................... 125,396 343,880 1,498,524 996,761
Class D .................................... 8,501 30,371 366,195 89,271
Shares issued in payment of gain distributions:
Class A .................................... 74,799 18,896 2,456 16,012
Class D .................................... 3,425 562 33 126
--------- --------- --------- ---------
Total ......................................... 1,049,394 1,855,154 2,166,955 2,276,116
--------- --------- --------- ---------
Shares repurchased:
Class A .................................... (696,256) (1,573,674) (1,093,945) (1,264,284)
Class D .................................... (79,860) (19,819) (35,191) (31,274)
Exchanged into associated Funds:
Class A .................................... (69,018) (317,574) (1,805,790) (905,529)
Class D .................................... (3,473) (73,253) (418,446) (87,668)
--------- --------- --------- ---------
Total ......................................... (848,607) (1,984,320) (3,353,372) (2,288,755)
--------- --------- --------- ---------
Increase (decrease) in shares ................. 200,787 (129,166) (1,186,417) (12,639)
========= ========= ========== =========
</TABLE>
16
<PAGE>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NORTH CAROLINA
FLORIDA SERIES SERIES
-------------------------- ----------------------
SIX SIX
MONTHS YEAR MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/97 9/30/96 3/31/97 9/30/96
--------- --------- -------- ---------
<S> <C> <C> <C> <C>
Sale of shares:
Class A............................................... 220,154 284,373 113,702 342,388
Class D............................................... 16,216 109,057 9,549 34,006
Shares issued in payment of dividends:
Class A............................................... 54,688 122,783 55,111 116,783
Class D............................................... 2,902 3,582 2,156 4,830
Exchanged from associated Funds:
Class A............................................... 179,146 222,479 30,444 72,372
Class D............................................... 55,873 17,046 -- 425
Shares issued in payment of gain distributions:
Class A............................................... 45,096 35,286 13,554 6,221
Class D............................................... 1,996 488 547 265
-------- -------- -------- --------
Total ................................................... 576,071 795,094 225,063 577,290
-------- -------- -------- --------
Shares repurchased:
Class A............................................... (455,052) (981,300) (433,231) (704,359)
Class D............................................... (8,469) (33,593) (10,880) (19,457)
Exchanged into associated Funds:
Class A............................................... (104,362) (151,754) (59,245) (88,114)
Class D............................................... (3,903) (8,586) (319) (25,245)
-------- -------- -------- --------
Total ................................................... (571,786) (1,175,233) (503,675) (837,175)
-------- -------- -------- --------
Increase (decrease) in shares............................ 4,285 (380,139) (278,612) (259,885)
======== ======== ======== ========
</TABLE>
17
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The Trust's financial highlights are presented below. "Per share operating
performance" data is designed to allow investors to trace the operating
performance of each Class, on a per share basis, from the beginning net asset
value to the ending net asset value, so that investors may understand what
effect the individual items have on their investment, assuming it was held
throughout the period. Generally, 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, based on average shares
outstanding.
"Total return based on net asset value" measures each Class's performance but
assumes that investors purchased shares at net asset value as of the beginning
of the period, invested dividends and capital gains paid at net asset value, and
then sold their shares at the net asset value on the last day of the period. The
total return computations do not reflect any sales charges investors may incur
in purchasing or selling shares of each Series. The total returns for periods of
less than one year are not annualized.
CALIFORNIA HIGH-YIELD SERIES
<TABLE>
<CAPTION>
CLASS A CLASS D
------------------------------------------------- --------------------------------
SIX SIX
MONTHS MONTHS YEAR ENDED
ENDED YEAR ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, 2/1/94*
PER SHARE OPERATING ---------------------------------------- ------------- TO
PERFORMANCE: 3/31/97 1996 1995 1994 1993 1992 3/31/97 1996 1995 9/30/94
-------- ----- ----- ----- ----- ----- -------- ----- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................. $6.50 $6.47 $6.30 $6.73 $6.65 $6.50 $6.51 $6.48 $6.31 $6.67
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net investment income ........ .17 .36 .37 .37 .39 .41 .14 .30 .31 .21
Net realized and unrealized
investment gain (loss)..... (.05) .05 .17 (.34) .28 .16 (.05) .05 .17 (.36)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Increase (decrease) from
investment operations ..... .12 .41 .54 .03 .67 .57 .09 .35 .48 (.15)
Dividends paid or declared.... (.17) (.36) (.37) (.37) (.39) (.41) (.14) (.30) (.31) (.21)
Distributions from net
gain realized ............. (.09) (.02) -- (.09) (.20) (.01) (.09) (.02) -- --
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net increase (decrease) in
net asset value ........... (.14) .03 .17 (.43) .08 .15 (.14) .03 .17 (.36)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period $6.36 $6.50 $6.47 $6.30 $6.73 $6.65 $6.37 $6.51 $6.48 $6.31
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
TOTAL RETURN BASED ON
NET ASSET VALUE:.......... 1.93% 6.49% 8.85% .41% 10.66% 9.00% 1.48% 5.53% 7.78% (2.47)%
RATIOS/SUPPLEMENTAL
DATA:
Expenses to average net assets .86%+ .84% .90% .85% .88% .82% 1.77%+ 1.74% 1.91% 1.74%+
Net investment income
to average net assets..... 5.35%+ 5.49% 5.84% 5.74% 5.94% 6.20% 4.44%+ 4.59% 4.84% 4.73%+
Portfolio turnover .......... 14.34% 34.75% 17.64% 8.36% 7.70% 45.50% 14.34% 34.75% 17.64% 8.36%++
Net assets, end of period
(000s omitted) ........... $50,311 $50,264 $51,504 $48,007 $51,218 $49,448 $2,028 $1,919 $1,277 $650
</TABLE>
18
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CALIFORNIA QUALITY SERIES
<TABLE>
<CAPTION>
CLASS A CLASS D
-------------------------------------------------- --------------------------------
SIX SIX
MONTHS MONTHS YEAR ENDED
ENDED YEAR ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, 2/1/94*
PER SHARE OPERATING ---------------------------------------- ------------- TO
PERFORMANCE: 3/31/97 1996 1995 1994 1993 1992 3/31/97 1996 1995 9/30/94
-------- ----- ----- ----- ----- ----- -------- ----- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................. $6.75 $6.65 $6.39 $7.28 $6.85 $6.65 $6.74 $6.63 $6.38 $7.13
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net investment income ........ .17 .35 .34 .35 .37 .40 .14 .28 .28 .19
Net realized and unrealized
investment gain (loss)..... (.04) .11 .32 (.73) .54 .22 (.05) .12 .31 (.75)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Increase (decrease) from
investment operations ..... .13 .46 .66 (.38) .91 .62 .09 .40 .59 (.56)
Dividends paid or declared ... (.17) (.35) (.34) (.35) (.37) (.40) (.14) (.28) (.28) (.19)
Distributions from net
gain realized ............. -- (.01) (.06) (.16) (.11) (.02) -- (.01) (.06) --
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net increase (decrease) in
net asset value ........... (.04) .10 .26 (.89) .43 .20 (.05) .11 .25 (.75)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period $6.71 $6.75 $6.65 $6.39 $7.28 $6.85 $6.69 $6.74 $6.63 $6.38
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
TOTAL RETURN BASED ON
NET ASSET VALUE: ......... 1.94% 7.00% 10.85% (5.46)% 13.92% 9.56% 1.33% 6.20% 9.61% (8.01)%
RATIOS/SUPPLEMENTAL
DATA:
Expenses to average net assets .81%+ .79% .89% .81% .82% .78% 1.72%+ 1.69% 1.88% 1.77%+
Net investment income
to average net assets..... 5.05%+ 5.11% 5.34% 5.20% 5.30% 5.86% 4.14%+ 4.21% 4.36% 4.39%+
Portfolio turnover .......... 9.73% 12.84% 11.24% 22.16% 15.67% 34.25% 9.73% 12.84% 11.24% 22.16%++
Net assets, end of period
(000s omitted) ........... $87,463 $95,560 $94,947 $99,020 $111,732 $93,557 $1,195 $1,645 $863 $812
<FN>
- ----------------
See page 21 for footnotes.
</TABLE>
19
<PAGE>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued)
- ------------------------------------------------------------------------------
FLORIDA SERIES
<TABLE>
<CAPTION>
CLASS A CLASS D
-------------------------------------------------- --------------------------------
SIX SIX
MONTHS MONTHS YEAR ENDED 2/1/94*
ENDED YEAR ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, TO
PER SHARE OPERATING ---------------------------------------- -------------
PERFORMANCE: 3/31/97 1996 1995 1994 1993 1992 3/31/97 1996 1995 9/30/94
-------- ----- ----- ----- ----- ----- -------- ----- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................. $7.67 $7.71 $7.34 $8.20 $7.56 $7.37 $7.68 $7.72 $7.34 $8.10
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net investment income ........ .18 .38 .40 .42 .46 .47 .15 .32 .34 .24
Net realized and unrealized
investment gain (loss)..... (.13) .04 .37 (.74) .65 .19 (.12) .04 .38 (.76)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Increase (decrease) from
investment operations...... .05 .42 .77 (.32) 1.11 .66 .03 .36 .72 (.52)
Dividends paid or declared.... (.18) (.38) (.40) (.42) (.46) (.47) (.15) (.32) (.34) (.24)
Distributions from net
gain realized ............. (.10) (.08) -- (.12) (.01) -- (.10) (.08) -- --
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net increase (decrease) in
net asset value ........... (.23) (.04) .37 (.86) .64 .19 (.22) (.04) .38 (.76)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period $7.44 $7.67 $7.71 $7.34 $8.20 $7.56 $7.46 $7.68 $7.72 $7.34
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
TOTAL RETURN BASED ON
NET ASSET VALUE:........... .63% 5.54% 10.87% (3.99)% 15.21% 9.24% .39% 4.74% 10.07% (6.64)%
RATIOS/SUPPLEMENTAL
DATA:
Expenses to average net assets 1.02%+ .97% .72% .42% .23% .17% 1.78%+ 1.73% 1.66% 1.29%+
Net investment income
to average net assets...... 4.73%+ 4.90% 5.38% 5.49% 5.82% 6.32% 3.97%+ 4.14% 4.53% 4.61%+
Portfolio turnover ........... 12.92% 18.53% 11.82% 6.17% 16.42% 12.62% 12.92% 18.53% 11.82% 6.17%++
Net assets, end of period
(000s omitted) ............ $43,423 $45,200 $49,030 $49,897 $52,855 $37,957 $1,721 $1,277 $603 $244
Without expense reimbursement
and/or management fee waiver:**
Net investment income per share $.38 $.37 $.38 $.40 $.41 $.32 $.31 $.21
Ratios:
Expenses to average net assets .97% 1.03% 1.00% 1.03% 1.02% 1.73% 1.97% 1.84%+
Net investment income
to average net assets...... 4.90% 5.07% 4.91% 5.01% 5.47% 4.14% 4.22% 4.06%+
<FN>
- ---------------------------
See page 21 for footnotes.
</TABLE>
20
<PAGE>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
NORTH CAROLINA SERIES
<TABLE>
<CAPTION>
CLASS A CLASS D
--------------------------------------------------- -------------------------------
SIX SIX
MONTHS MONTHS YEAR ENDED 2/1/94*
ENDED YEAR ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, TO
PER SHARE OPERATING ---------------------------------------- -------------
PERFORMANCE: 3/31/97 1996 1995 1994 1993 1992 3/31/97 1996 1995 9/30/94
-------- ----- ----- ----- ----- ----- -------- ----- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .................. $7.84 $7.74 $7.30 $8.22 $7.61 $7.39 $7.83 $7.74 $7.29 $8.17
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net investment income ......... .19 .37 .39 .41 .43 .44 .16 .31 .33 .23
Net realized and unrealized
investment gain (loss)...... (.05) .11 .45 (.87) .63 .22 (.04) .10 .46 (.88)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Increase (decrease) from
investment operations ..... .14 .48 .84 (.46) 1.06 .66 .12 .41 .79 (.65)
Dividends paid or declared ... (.19) (.37) (.39) (.41) (.43) (.44) (.16) (.31) (.33) (.23)
Distributions from net
gain realized ............. (.03) (.01) (.01) (.05) (.02) -- (.03) (.01) (.01) --
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net increase (decrease) in
net asset value............ (.08) .10 .44 (.92) .61 .22 (.07) .09 .45 (.88)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period $7.76 $7.84 $7.74 $7.30 $8.22 $7.61 $7.76 $7.83 $7.74 $7.29
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
TOTAL RETURN BASED ON
NET ASSET VALUE:........... 1.73% 6.39% 11.92% (5.80)% 14.46% 9.23% 1.48% 5.45% 11.19% (8.15)%
RATIOS/SUPPLEMENTAL
DATA:
Expenses to average net assets 1.07%+ 1.05% .82% .44% .23% .14% 1.83%+ 1.81% 1.64% 1.27%+
Net investment income
to average net assets...... 4.72%+ 4.75% 5.21% 5.29% 5.44% 5.83% 3.96%+ 3.99% 4.42% 4.49%+
Portfolio turnover ........... 6.91% 15.12% 4.38% 15.61% 3.13% 12.51% 6.91% 15.12% 4.38% 15.61%++
Net assets, end of period
(000s omitted)............. $33,415 $35,934 $37,446 $38,920 $38,828 $21,836 $1,229 $1,232 $1,257 $1,282
Without expense reimbursement
and/or management fee waiver:**
Net investment income per share $.37 $.36 $.35 $.35 $.34 $.31 $.31 $.20
Ratios:
Expenses to average net assets 1.06% 1.18% 1.13% 1.22% 1.40% 1.82% 2.00% 1.95%+
Net investment income to
average net assets......... 4.74% 4.85% 4.60% 4.45% 4.57% 3.98% 4.06% 3.82%+
<FN>
- ------------------
* Commencement of operations.
** During the periods stated, the Manager, at its discretion, waived all or a
portion of its fees and, in some cases, reimbursed certain expenses for the
Florida and North Carolina Series.
+ Annualized.
++ For the year ended September 30, 1994.
See Notes to Financial Statements.
</TABLE>
21
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
The Trustees and Shareholders,
Seligman Municipal Series Trust:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of the California High-Yield, California Quality,
Florida, and North Carolina Series of Seligman Municipal Series Trust, as of
March 31, 1997, 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 September 30, 1996, and the financial highlights for each of the
periods presented. These financial statements and financial highlights are the
responsibility of the Trust'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 March 31, 1997 by
correspondence with the Trust'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 the California
High-Yield, California Quality, Florida, and North Carolina Series of Seligman
Municipal Series Trust as of March 31, 1997, the results of their operations,
the changes in their 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
May 2, 1997
22
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TRUSTEES
- --------------------------------------------------------------------------------
Fred E. Brown
Trustee Emeritus
Director and Consultant,
J. & W. Seligman & Co. Incorporated
John R. Galvin 2
Dean, Fletcher School of Law and Diplomacy
at Tufts University
Director, USLIFE Corporation
Alice S. Ilchman 3
President, Sarah Lawrence College
Trustee, Committee for Economic Development
Director, NYNEX
Chairman, The Rockefeller Foundation
Frank A. McPherson 2
Director, Kimberly-Clark Corporation
Director, Baptist Medical Center
John E. Merow
Retired Chairman and Senior Partner,
Sullivan & Cromwell, Law Firm
Director, Commonwealth Aluminum Corporation
Betsy S. Michel 2
Director or Trustee,
Various Organizations
William C. Morris 1
Chairman
Chairman of the Board,
J. & W. Seligman & Co. Incorporated
Chairman, Carbo Ceramics Inc.
Director, Kerr-McGee Corporation
James C. Pitney 3
Retired Partner, Pitney, Hardin, Kipp & Szuch,
Law Firm
Director, Public Service Enterprise Group
James Q. Riordan 3
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
Director or Trustee,
Various Organizations
James N. Whitson 2
Executive Vice President and Director,
Sammons Enterprises, Inc.
Director, C-SPAN
Director, Red Man Pipe and Supply Company
Brian T. Zino 1
President
President, J. & W. Seligman & Co. Incorporated
Chairman and President, Seligman Data Corp.
- -------------------
Member: 1 Executive Committee
2 Audit Committee
3 Trustee Nominating Committee
- --------------------------------------------------------------------------------
EXECUTIVE OFFICERS
William C. Morris
Chairman
Brian T. Zino
President
Thomas G. Moles
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) 622-4597 24-Hour
Automated
Telephone
Access Service
23
