<PAGE>
==========================
Seligman
Pennsylvania
Tax-Exempt
Fund
Mid-Year Report
March 31, 1995
==========================
Seligman JWS Monogram Logo goes here
<PAGE>
To the Shareholders
We are pleased to report on Seligman Pennsylvania Tax-Exempt Fund for
the six-month period ended March 31, 1995.
During the six months, total dividends for Class A shares were $0.193
per share. Net asset value of Class A shares was $7.66 per share on
March 31, up from $7.55 on September 30, 1994. For Class D shares, total
dividends were $0.160 per share. Net asset value of Class D shares was
$7.66 per share on March 31, up from $7.54 on September 30, 1994. A
capital gain distribution of $0.131 per share was paid on November 17,
1994, to Class A and D shareholders of record November 10.
Highlights of your Fund's performance, long-term investment results,
portfolio holdings, and financial statement follow this letter.
When we last reported to you at your Fund's
year end, September 30, 1994, municipal bond yields, as measured by the
Bond Buyer 20-Bond General Obligation Index, had increased by more than
one full percentage point since the previous January (since yields move
inversely to price, prices during this period declined). Yields
continued to rise into the fourth quarter of 1994, hitting a high for
the year of 7.06% on November 17. After months of lackluster demand for
municipal bonds, these levels, the highest since 1991, began to attract
both retail and institutional buyers. At the same time, inflation fears
began to subside as the economy exhibited signs of slowing.
The combination of increased demand and improving market sentiment
marked the beginning of a municipal bond market rally. Long-term yields
began a steady decline that continued into the new year. The Federal
Reserve Board provided an additional boost to the bond market recovery
by once again raising the federal funds rate on February 1, 1995. This
action had a positive effect on investor psychology by reinforcing
expectations that the Fed ultimately will achieve its goal of stable
inflation and moderate economic growth. By the end of the first quarter,
the Bond Buyer Index had declined from 6.71% on December 29, 1994, to
6.07%, exactly where it stood a year ago on March 31, 1994.
Looking forward, your Manager is optimistic about the prospects for the
municipal bond market. The lack of supply of new issue municipal bonds
should continue to contribute to the positive performance of the
municipal market. Additionally, a moderating economy and a vigilant
Federal Reserve Board should keep inflation in check and prevent a
repeat of the dramatic increase in interest rates that characterized
most of 1994.
Seligman Pennsylvania Tax-Exempt Fund is well positioned to benefit from
a decline in long-term yields by being concentrated, generally, in
higher quality, long-term municipal bonds.
For any additional information about Seligman Pennsylvania Tax-Exempt
Fund, or your investment in its shares, please write or call using the
toll-free telephone numbers listed on page 11 of this report.
By order of the Trustees,
/s/ William C. Morrris
------------------
William C. Morris
Chairman
/s/ Ronald T. Schroeder
-------------------
Ronald T. Schroeder
President
April 28, 1995
1
<PAGE>
<TABLE>
<CAPTION>
Seligman Pennsylvania Tax-Exempt Fund
Highlights March 31, 1995 Class A Class D
<S> <C> <C>
Net Assets (in thousands) $33,716 $131
Yield* 4.66% 3.97%
Dividends** $0.193 $0.160
Capital Gain Distributions** $0.131 $0.131
Average Annual Total Return
One Year:
With sales charge/CDSL(1) 1.84% 4.82%
Without sales charge/CDSL(2) 6.87 5.81
Five Years:
With sales charge(1) 6.68 n/a
Without sales charge(2) 7.74 n/a
Since Inception: July 15, 1986 February 1, 1994
With sales charge(1) 7.44% n/a
Without sales charge/CDSL(2) 8.05 (1.88)%
Net asset value per share $7.66 $7.66
Maximum offering price per share $8.04 $7.66
Moody's/S&P Ratings+
Aaa/AAA 71%
Aa/AA 21
A/A 6
Baa/BBB 2
Holdings by Market Sector+
Revenue Bonds 70%
General Obligation Bonds 30
Weighted Average Maturity (years) 21.3
</TABLE>
*Current yield representing the annualized yield for the 30-day period
ended March 31, 1995.
**Represents per share amount paid or declared for the six months ended
March 31, 1995.
(1)Represents the average compound rate of return per year over the
specified period and reflects changes in price and assumes all
distributions within the period are reinvested 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.
(2)Represents the rate of return as above, but does not reflect the
effect of the 4.75% maximum initial sales charge or 1% CDSL.
+Percentages based on current market value 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 the Fund's income dividends may be
subject to applicable state and local taxes, and to the federal
alternative minimum tax. Past performance is not indicative of future
investment results.
2
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments March 31, 1995
Face Ratings Market
Amount Municipal Bonds Moody's/S&P+ Value
-------- ---------------- -------------------------
<S> <C> <C> <C>
$1,500,000 Allegheny County, PA Airport Rev. (Greater Pittsburgh International Airport),
6.80% due 1/1/2010* Aaa/AAA $1,595,250
1,000,000 Berks County Municipal Authority, PA Higher Education Rev. (University of Pennsylvania
Project), 7% due 9/1/2015 Aa/AAA 1,047,010
1,000,000 Berks County Municipal Authority, PA Hospital Rev. (The Reading Hospital & Medical
Center Project), 5.70% due 10/1/2014 Aaa/AAA 963,560
1,000,000 Berks County Municipal Authority, PA Hospital Rev. (The Reading Hospital & Medical
Center Project), 6.10% due 10/1/2023 Aaa/AAA 998,650
1,000,000 Delaware County Authority, PA (Haverford College Rev.), 5 1/2% due 11/15/2023 Aaa/AAA 934,510
1,000,000 Delaware County, PA G.O.'s, 6% due 11/15/2022 Aa/AA 994,570
1,000,000 Franklin County, PA Industrial Development Authority Hospital Rev. (The Chambersburg
Hospital Project), 6 1/4% due 7/1/2022 Aaa/AAA 1,006,840
2,000,000 Lehigh County, PA G.O.'s, 6.90% due 8/1/2011 Aaa/AAA 2,200,580
1,750,000 Lehigh County, PA Industrial Development Authority Pollution Control Rev.
(Pennsylvania Power & Light Company Project), 6.40% due 11/1/2021 Aaa/AAA 1,783,723
500,000 Montgomery County, PA Industrial Development Authority Pollution Control Rev.
(Philadelphia Electric Co.), 7.60% due 4/1/2021* Baa2/BBB+ 525,005
2,000,000 Pennsylvania Higher Education Assistance Agency Student Loan Rev.,
6.40% due 3/1/2022* Aaa/AAA 2,008,240
2,000,000 Pennsylvania Higher Educational Facilities Authority Rev. (Temple University),
6 1/2% due 4/1/2021 Aaa/AAA 2,057,680
2,000,000 Pennsylvania Housing Finance Agency (Single Family Mortgage Rev.),
5.45% due 10/1/2017 Aa/AA 1,788,160
1,800,000 Pennsylvania Housing Finance Agency (Rental Housing Rev.), 6 1/2% due 7/1/2023 Aaa/AAA 1,822,194
2,000,000 Pennsylvania State G.O.'s, 6 1/2% due 11/15/2011 A1/AA- 2,103,200
1,000,000 Pennsylvania State Public School Building Authority College Rev. (Community College
of Philadelphia Project), 7.30% due 5/1/2009 Aaa/AAA 1,088,370
1,500,000 Pennsylvania State Turnpike Commission Rev., 6% due 12/1/2017 Aaa/AAA 1,488,825
1,500,000 Philadelphia Hospitals & Higher Educational Facilities Authority, PA Hospital Rev.
(Children's Hospital of Philadelphia Project), 6 1/2% due 2/15/2021 Aaa/NR 1,640,640
2,500,000 Philadelphia Hospitals & Higher Educational Facilities Authority, PA Hospital Rev.
(Children's Hospital of Philadelphia Project), 5% due 2/15/2021 Aa/AA 2,060,025
1,000,000 Philadelphia, PA Gas Works Rev., 7% due 5/15/2020 Aaa/AAA 1,172,400
450,000 Philadelphia Redevelopment Authority, PA (Home Mortgage Rev.), 9% due 6/1/2017 NR/AA 465,318
2,000,000 Pottsville Hospital Authority, PA Hospital Rev. (Daughters of Charity National
Health System--Good Samaritan Regional Medical Center), 5% due 8/15/2012 Aa/NR 1,746,700
1,500,000 University of Pittsburgh Capital Project, 6 1/8% due 6/1/2021 Aaa/AAA 1,496,910
-----------
Total Municipal Bonds--97.5% (Cost $32,304,690) 32,988,360
Variable Rate Demand Notes--0.9% (Cost $300,000) 300,000
Other Assets Less Liabilities--1.6% 558,382
-----------
NET ASSETS--100.0% $33,846,742
===========
</TABLE>
- ----------------
* Interest income earned from this security is subject to the federal
alternative minimum tax.
+ Ratings have not been audited by Deloitte & Touche LLP.
See notes to financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities March 31, 1995
<S> <C> <C>
Assets:
Investments, at value:
Long-term holdings (cost $32,304,690) $32,988,360
Short-term holdings (cost $300,000) 300,000 $33,288,360
------------
Cash 79,412
Interest receivable 629,373
Receivable for Shares of Beneficial Interest sold 39,732
Expenses prepaid to shareholder service agent 10,266
Other 1,341
------------
Total Assets 34,048,484
------------
Liabilities:
Dividends payable 66,461
Payable for Shares of Beneficial Interest repurchased 48,973
Accrued expenses, taxes, and other 86,308
------------
Total Liabilities 201,742
------------
Net Assets 33,846,742
============
Composition of Net Assets:
Shares of Beneficial Interest, at par ($.001 par value; unlimited shares authorized;
4,418,322 shares outstanding):
Class A 4,401
Class D 17
Additional paid-in capital 33,203,842
Accumulated net realized loss (45,188)
Net unrealized appreciation of investments 683,670
------------
Net Assets $33,846,742
============
Net Asset Value per share:
Class A ($33,715,996 (divided by) 4,401,246 shares) $7.66
======
Class D ($130,746 (divided by) 17,076 shares) $7.66
======
</TABLE>
- -------------
See notes to financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations For the six months ended March 31, 1995
<S> <C> <C>
Investment income:
Interest $1,086,463
Expenses:
Management fee $84,152
Distribution and service fees 35,575
Shareholder account services 32,225
Auditing and legal fees 16,902
Registration 12,049
Trustees' fees and expenses 11,459
Custody and related services 10,527
Shareholder reports and communications 3,495
Miscellaneous 4,627
---------
Total expenses 211,011
-----------
Net investment income 875,452
Net realized and unrealized gain (loss) on investments:
Net realized loss on investments (41,445)
Net change in unrealized appreciation/depreciation of investments 1,114,802
---------
Net gain on investments 1,073,357
-----------
Increase in net assets from operations $1,948,809
===========
</TABLE>
- -----------
See notes to financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Six Months Ended Year Ended
3/31/95 9/30/94
----------------- ---------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 875,452 $ 1,869,838
Net realized gain (loss) on investments (41,445) 601,610
Net change in unrealized appreciation/depreciation of investments 1,114,802 (4,456,835)
---------------- -------------
Increase (decrease) in net assets from operations 1,948,809 (1,985,387)
---------------- -------------
Distributions to shareholders:
Net investment income:
Class A (874,220) (1,867,544)
Class D (1,232) (2,294)
Net realized gain on investments:
Class A (600,438) (1,252,721)
Class D (820) --
----------------
Decrease in net assets from distributions (1,476,710) (3,122,559)
----------------
Shares
-------------------------
Six Months Year
Transactions in Shares Ended Ended
of Beneficial Interest:* 3/31/95 9/30/94
----------- ----------
Net proceeds from sale of shares:
Class A 42,393 135,693 308,268 1,087,069
Class D 11,215 13,776 84,528 109,993
Shares issued in payment of dividends:
Class A 64,295 128,868 471,992 1,027,943
Class D 79 177 584 1,367
Exchanged from associated Funds--Class A 20,070 47,776 144,815 384,668
Shares issued in payment of gain distributions:
Class A 59,014 99,772 406,603 819,130
Class D 72 -- 498 --
---------- ---------- ----------- -----------
Total 197,138 426,062 1,417,288 3,430,170
---------- ---------- ----------- -----------
Cost of shares repurchased:
Class A (404,188) (523,413) (2,948,522) (4,152,902)
Class D -- (8,243) -- (62,980)
Exchanged into associated Funds--Class A (11,015) (52,019) (80,223) (416,602)
---------- ---------- ----------- -----------
Total (415,203) (583,675) (3,028,745) (4,632,484)
---------- ---------- ----------- -----------
Decrease in net assets from
capital share transactions (218,065) (157,613) (1,611,457) (1,202,314)
========== ========== ----------- -----------
Decrease in net assets (1,139,358) (6,310,260)
Net Assets:
Beginning of period 34,986,100 41,296,360
----------- -----------
End of period $33,846,742 $34,986,100
=========== ===========
</TABLE>
- ------------
*The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
6
<PAGE>
Notes to Financial Statements
1. Effective February 1, 1994, Seligman Pennsylvania Tax-Exempt Fund
(the "Fund") began offering two classes of shares. All shares existing
prior to February 1, 1994 have been 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 D shares
are sold without an initial sales charge but are subject to a higher
distribution fee 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. All tax-exempt 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 adopted 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 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. Interest income is recorded on the accrual
basis. The Fund 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 proportion of the value of
settled shares outstanding of each class. Class-specific expenses, which
include distribution and service fees and any other items that can be
specifically attributed to a particular class, are charged directly to
such class.
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
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 the Fund.
3. Purchases and sales of portfolio securities, excluding short-term
investments, for the six months ended March 31, 1995, amounted to $-0-
and $2,032,250, respectively.
At March 31, 1995, the cost of investments for federal income tax
purposes was substantially the same as the cost for financial reporting
purposes, and the tax basis gross unrealized appreciation and
depreciation of investments amounted to $1,322,959 and $639,289,
respectively.
4. J. & W. Seligman & Co. Incorporated (the "Manager") manages the
affairs of the Fund and provides the necessary personnel and facilities.
Compensation of all officers of the Fund, all trustees 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's fee,
calculated daily and payable monthly, is equal to 0.50% per annum of the
Fund's average daily net assets.
Seligman Financial Services, Inc. (the "Distributor"), agent for
the distribution of the Fund's shares and an affiliate of the Manager,
received commissions of $1,521 from the sale of Class A shares, after
concessions of $11,356 paid to dealers.
7
<PAGE>
Notes to Financial Statements (continued)
The Fund has an Administration, Shareholder Services and
Distribution Plan (the "Plan") with respect to Class A shares under
which service organizations can enter into agreements with the
Distributor and receive a continuing fee 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 Fund pursuant to the
Plan. For the six months ended March 31, 1995, fees paid aggregated
$35,288, or 0.21% per annum of the average daily net assets of Class A
shares.
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 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 March 31, 1995, fees paid
amounted to $287, 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 of purchase. For
the six
months ended March 31, 1995, there were no such charges.
Seligman Data Corp., which is owned by certain associated
investment companies, charged at cost $32,225 for shareholder account
services.
Certain officers and trustees of the Fund are officers or directors
of the Manager, the Distributor, and/or Seligman Data Corp.
Fees of $4,000 were incurred by the Fund for the legal services of
Sullivan & Cromwell, a member of which firm is a trustee of the Fund.
The Fund has a compensation arrangement under which trustees 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 trustees' fees and expenses, and the accumulated balance thereof at
March 31, 1995, of $33,468 is included in other liabilities.
5. Class-specific expenses charged to Class A and
Class D during the six months ended March 31, 1995, which are included
in the corresponding captions of the Statement of Operations, were as
follows:
Class A Class D
-------- --------
Distribution and service fees $35,288 $287
Registration 728 26
Shareholder reports and
communications 317 4
8
<PAGE>
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 using average shares outstanding.
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 and capital
gains 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 return
computations do not reflect any sales charges investors may incur in
purchasing or selling shares of the Fund. The total returns for periods
of less than one year are not annualized.
<TABLE>
<CAPTION>
Per Share Operating Performance:
Class A Class D
----------------------------------------------------------- -------------------
Six Months Year Ended September 30 Six Months 2/1/94*
Ended -------------------------------------------- Ended to
3/31/95 1994 1993 1992 1991 1990 3/31/95 9/30/94
------- ---- ---- ---- ---- ---- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $7.55 $8.61 $8.02 $7.74 $7.34 $7.50 $7.54 $8.37
----- ----- ----- ----- ----- ----- ----- -----
Net investment income .19 .39 .42 .46 .47 .47 .16 .22
Net realized and unrealized
investment gain (loss) .24 (.80) .71 .30 .49 (.16) .25 (.83)
----- ----- ----- ----- ----- ----- ----- -----
Increase (decrease) from
investment operations .43 (.41) 1.13 .76 .96 .31 .41 (.61)
Dividends paid or declared (.19) (.39) (.42) (.46) (.47) (.47) (.16) (.22)
Distributions from
net gain realized (.13) (.26) (.12) (.02) (.09) -- (.13) --
----- ----- ----- ----- ----- ----- ----- -----
Net increase (decrease) in
net asset value .11 (1.06) .59 .28 .40 (.16) .12 (.83)
----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period $7.66 $7.55 $8.61 $8.02 $7.74 $7.34 $7.66 $7.54
===== ===== ===== ===== ===== ===== ===== =====
Total return based on
net asset value 6.08% (5.00)% 14.71% 10.04% 13.40% 4.13% 5.76% (7.50)%
Ratios/Supplemental Data:
Expenses to average net assets 1.25%+ 1.16% 1.19% 1.01% 0.98% 1.06% 2.08%+ 2.00%+
Net investment income to
average net assets 5.21%+ 4.91% 5.14% 5.79% 6.16% 6.24% 4.24%+ 4.20%+
Portfolio turnover -- 7.71% 40.74% 32.87% 25.24% 40.64% -- 7.71%++
Net assets, end of period
(000's omitted) $33,716 $34,943 $41,296 $39,431 $37,853 $35,572 $131 $43
Without management fee waiver:**
Net investment income per share $.45 $.45 $.45
Expenses to average net assets 1.16% 1.23% 1.31%
Net investment income to
average net assets 5.64% 5.91% 5.99%
</TABLE>
- ---------------
* Commencement of offering of Class D shares.
** The Manager, at its discretion, waived a portion of its fees for
the periods presented.
+ Annualized.
++ For the year ended September 30, 1994.
See notes to financial statements.
9
<PAGE>
Report of Independent Auditors
The Trustees and Shareholders,
Seligman Pennsylvania Tax-Exempt Fund:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Seligman Pennsylvania Tax-
Exempt Fund as of March 31, 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 September 30, 1994, and the
financial highlights for each of 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 March 31, 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 Pennsylvania Tax-Exempt Fund as of March 31, 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.
/s/ Deloitte & Touche LLP
---------------------
DELOITTE & TOUCHE LLP
New York, New York
April 28, 1995
10
<PAGE>
Trustees
Fred E. Brown
Director and Consultant,
J. & W. Seligman & Co. Incorporated
Alice S. Ilchman 3
President, Sarah Lawrence College
Trustee, Committee for Economic Development
Director, NYNEX
Trustee, The Rockefeller Foundation
John E. Merow
Partner, Sullivan & Cromwell, Attorneys
Betsy S. Michel 2
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
Douglas R. Nichols, Jr. 2
Management Consultant
- ---------------
Member:
1 Executive Committee
2 Audit Committee
3 Trustee Nominating Committee
James C. Pitney 3
Partner, Pitney, Hardin, Kipp & Szuch, Attorneys
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
Herman J. Schmidt 2
Director, H.J. Heinz Company
Director, HON Industries, Inc.
Director, MAPCO, Inc.
Ronald T. Schroeder 1
President
Managing Director, J. & W. Seligman & Co. Incorporated
Robert L. Shafer 3
Vice President, Pfizer Inc.
Director, USLIFE Corporation
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
Managing Director,
J. & W. Seligman & Co. Incorporated
Executive Officers
William C. Morris
Chairman
Ronald T. Schroeder
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
11
<PAGE>
Seligman Financial Services, Inc.
an affiliate of
Seligman JWS Monogram Logo goes here
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 Pennsylvania Tax-Exempt Fund, which
contains information about the sales charges, management fee, and other
costs. Please read the prospectus carefully before investing or sending
money.
TEDPA3 3/95
