<PAGE>
Seligman
New Jersey
Tax-Exempt
Fund, Inc.
Mid-Year Report
March 31, 1995
Seligman JWS Monogram Logo Goes Here
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 Capital Stock
of Seligman New Jersey Tax-Exempt Fund, Inc., which contains information
about the sales charges, management fee, and other costs. Please read the
prospectus carefully before investing or sending money.
TECNJ3 3/95
<PAGE>
To the Shareholders
We are pleased to report on Seligman New Jersey Tax-Exempt Fund for the
six-month period ended March 31, 1995.
During the six months, total dividends for Class A shares were $0.198 per
share. Net asset value of Class A shares was $7.47 per share on March 31, up
from $7.40 on September 30, 1994. For Class D shares, total dividends were
$0.171 per share. Net asset value of Class D shares was $7.55 per share on
March 31, up from $7.48 on September 30, 1994. A capital gain distribution
of $0.103 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 New Jersey 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 New Jersey Tax-Exempt Fund, or
your investment in its shares, please write or call using the toll-free
telephone numbers listed on page 14 of this report.
By order of the Board of Directors,
/s/ William C. Morris
-----------------
William C. Morris Chairman
/s/ Ronald T. Schroeder
-------------------
Ronald T. Schroeder
President
April 28, 1995
1
<PAGE>
Seligman New Jersey Tax-Exempt Fund, Inc.
Highlights March 31, 1995 Class A Class D
Net Assets (in millions) $73.60 $1.20
Yield* 4.58% 3.95%
Dividends** $0.20 $0.17
Capital Gain Distributions** $0.10 $0.10
Average Annual Total Return
One Year:
With sales charge/CDSL(1) 1.09% 5.41%
Without sales charge/CDSL(2) 6.19 6.41
Five Years:
With sales charge(1) 6.78 n/a
Without sales charge(2) 7.83 n/a
Since Inception: February 16, 1988 February 1, 1994
With sales charge(1) 6.92% n/a
Without sales charge/CDSL(2) 7.66 (0.78)%
Net asset value per share $7.47 $7.55
Maximum offering price per share $7.84 $7.55
Moody's/S&P Ratings+
Aaa/AAA 66%
Aa/AA 17
A/A 13
Baa/BBB 3
Non-rated 1
Holdings by Market Sector+
Revenue Bonds 75%
General Obligation Bonds 25
Weighted Average Maturity (years) 18.8
*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>
$3,750,000 Bergen County, NJ Utility Authority Water Pollution Control Rev., Zero Coupon Bond
due 12/15/2009 Aaa/AAA $ 1,622,213
2,500,000 Brick Township Municipal Utilities Authority, NJ Rev., 6 1/2% due 12/1/2012 Aaa/AAA 2,654,425
1,000,000 Delran Sewerage Authority, NJ Subordinated Sewer Rev., 7 1/2% due 3/1/2013 Aaa/AAA 1,099,010
1,000,000 Hamilton Township Municipal Utilities Authority, NJ Rev., 6% due 8/15/2017 Aaa/AAA 1,003,450
3,000,000 Howell Township, NJ G.O.'s, 6.80% due 1/1/2014 Aaa/AAA 3,201,090
700,000 Lenape, NJ Regional High School District G.O.'s, 7 5/8% due 1/1/2009 Aaa/AAA 836,080
1,250,000 Logan Township, NJ School District Certificates of Participation (Pacificorp Capital, Inc.),
7% due 6/15/2014 Aaa/AAA 1,338,800
1,500,000 Marlboro Township Municipal Utilities Authority Monmouth County, NJ Water Rev.,
6% due 12/1/2018 Aaa/AAA 1,504,860
3,000,000 Mercer County, NJ Improvement Authority Rev. (Resource Recovery Project),
6.70% due 4/1/2013* Aaa/AAA 3,170,010
1,700,000 Mercer County, NJ Improvement Authority Rev. (County Courthouse Project),
6.60% due 11/1/2014 Aa1/NR 1,856,791
2,250,000 New Jersey Building Authority State Building Rev. (Garden State Savings Bonds),
Zero Coupon Bond due 6/15/2008 Aa/AA- 1,071,135
1,000,000 New Jersey Building Authority State Building Rev., 7.20% due 6/15/2013 Aa/AA- 1,064,720
500,000 New Jersey Economic Development Authority Rev. (Jersey Central Power &
Light Co. Project), 7.10% due 7/1/2015 NR/NR 520,285
1,000,000 New Jersey Economic Development Authority Water Facilities Rev. (Hackensack Water Co.
Project), 7% due 10/1/2017* NR/A 1,030,870
1,000,000 New Jersey Economic Development Authority Water Facilities Rev. (Hackensack Water Co.
Project), 7% due 1/1/2019 Aaa/AAA 1,047,050
1,000,000 New Jersey Economic Development Authority Water Facilities Rev. (Middlesex Water Co.
Project), 5.20% due 10/1/2022 Aaa/AAA 900,310
3,500,000 New Jersey Economic Development Authority Water Facilities Rev. (New Jersey-American
Water Co., Inc. Project), 5 1/2% due 6/1/2023* Aaa/AAA 3,223,115
3,000,000 New Jersey Educational Facilities Financing Authority Rev. (Trenton State College),
7.20% due 7/1/2019 Aaa/AAA 3,310,350
1,495,000 New Jersey Health Care Facilities Financing Authority Rev. (Chilton Memorial Hospital),
5% due 7/1/2013 A/A- 1,281,424
1,000,000 New Jersey Health Care Facilities Financing Authority Rev. (St. Clare's Riverside Medical
Center), 7 3/4% due 7/1/2014 Aaa/AAA 1,081,620
2,000,000 New Jersey Health Care Facilities Financing Authority Rev. (St. Clare's Riverside Medical
Center), 5 3/4% due 7/1/2014 Aaa/AAA 1,961,000
2,000,000 New Jersey Health Care Facilities Financing Authority Rev. (Hackensack Medical Center),
6 5/8% due 7/1/2017 Aaa/AAA 2,088,080
1,000,000 New Jersey Health Care Facilities Financing Authority Rev. (Holy Name Hospital),
6 3/4% due 7/1/2020 Aaa/AAA 1,038,690
2,500,000 New Jersey Health Care Facilities Financing Authority Rev. (The Medical Center
at Princeton), 7% due 7/1/2022 Aaa/AAA 2,674,325
2,500,000 New Jersey Health Care Facilities Financing Authority Rev. (Englewood Hospital &
Medical Center), 6 3/4% due 7/1/2024 Baa/BBB 2,443,550
1,100,000 New Jersey Housing & Mortgage Finance Agency (Home Mortgage Purchase Rev.),
7 7/8% due 10/1/2016 Aaa/AAA 1,150,127
220,000 New Jersey Housing & Mortgage Finance Agency (Home Buyer Rev.),
7.65% due 10/1/2016 Aaa/AAA 234,216
______________________________
*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>
1,000,000 New Jersey Housing & Mortgage Finance Agency (Home Buyer Rev.),
5 3/8% due 4/1/2025* Aaa/AAA 879,640
570,000 New Jersey Housing & Mortgage Finance Agency (Home Buyer Rev.),
7.70% due 10/1/2029* Aaa/AAA 601,168
1,325,000 New Jersey Wastewater Treatment Trust Loan Rev., 7 1/4% due 5/15/2006 Aa/AA 1,416,491
1,000,000 New Jersey Wastewater Treatment Trust Loan Rev., 7 3/8% due 5/15/2007 Aaa/AAA 1,087,660
1,625,000 New Jersey Wastewater Treatment Trust Loan Rev., 7 1/4% due 5/15/2007 Aa/AA 1,733,339
2,000,000 Oradell School District, NJ Certificates of Participation, 7.20% due 10/1/2009 Aaa/AAA 2,215,920
1,000,000 Paterson, NJ Water System G.O.'s, 7 1/8% due 7/1/2015 Aaa/AAA 1,060,050
3,000,000 Port Authority of New York & New Jersey Consolidated Rev., 4 3/4% due 1/15/2029 A1/AA- 2,383,710
2,000,000 Rutgers, The State University of New Jersey Rev., 6.90% due 5/1/2009 Aaa/AAA 2,180,660
3,500,000 Salem County, NJ Improvement Authority Rev. (Correctional Facility
& Courthouse Annex), 5.70% due 5/1/2017 Aaa/AAA 3,392,970
2,500,000 Salem County, NJ Pollution Control Financing Authority Waste Disposal Rev.
(E. I. duPont de Nemours & Co.), 6 1/8% due 7/15/2022* Aa2/AA 2,449,375
1,750,000 South Jersey Port Corporation, NJ Marine Terminal Rev., 6 7/8% due 1/1/2020 NR/A+ 1,814,995
5,000,000 Union County, NJ Improvement Authority Rev. (Correctional Facilities), Zero Coupon
Bond due 6/15/2007 Aaa/AA+ 2,540,450
2,500,000 University of Medicine & Dentistry of New Jersey, 7.20% due 12/1/2019 A/AA 2,706,000
1,000,000 Western Monmouth Utilities Authority, NJ Sewer Rev., 6% due 2/1/2014 Aaa/AAA 1,001,250
-----------
Total Municipal Bonds--96.1% (Cost $68,663,947) 71,871,274
Variable Rate Demand Notes--2.5% (Cost $1,900,000) 1,900,000
Other Assets Less Liabilities--1.4% 1,047,188
-----------
NET ASSETS--100.0% $74,818,462
===========
________________________
* 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.
4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities March 31, 1995
<S> <C> <C>
Assets:
Investments, at value:
Long-term holdings (cost $68,663,947) $71,871,274
Short-term holdings (cost $1,900,000) 1,900,000 $73,771,274
-----------
Cash 120,774
Interest receivable 1,393,917
Receivable for Capital Stock sold 60,314
Expenses prepaid to shareholder service agent 21,668
Receivable for securities sold 20,770
Other 4,223
-----------
Total Assets 75,392,940
-----------
Liabilities:
Payable for Capital Stock repurchased 298,829
Dividends payable 150,904
Accrued expenses, taxes, and other 124,745
-----------
Total Liabilities 574,478
------------
Net Assets $74,818,462
============
Composition of Net Assets:
Capital Stock, at par ($.001 par value; 50,000,000 shares authorized;
10,011,664 shares outstanding):
Class A $9,849
Class D 163
Additional paid-in capital 72,008,814
Accumulated net realized loss (407,691)
Unrealized appreciation of investments 3,207,327
-----------
Net Assets $74,818,462
============
Net Asset Value per share:
Class A ($73,586,359 (divided by) 9,848,546 shares) $7.47
=====
Class D ($1,232,103 (divided by) 163,118 shares) $7.55
=====
</TABLE>
- --------------
See notes to financial statements.
5
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations For the six months ended March 31, 1995
<S> <C> <C>
Investment income:
Interest $2,356,513
Expenses:
Management fee $151,176
Distribution and service fees 84,249
Shareholder account services 62,416
Custody and related services 21,854
Auditing and legal fees 18,188
Registration 12,460
Directors' fees and expenses 11,897
Shareholder reports and communications 4,981
Miscellaneous 6,446
---------
Total expenses 373,667
----------
Net investment income 1,982,846
Net realized and unrealized gain (loss) on investments:
Net realized loss on investments (405,310)
Net change in unrealized appreciation of investments 2,056,538
---------
Net gain on investments 1,651,228
----------
Increase in net assets from operations $3,634,074
==========
</TABLE>
- --------------
See notes to financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Six Months Year
Ended Ended
3/31/95 9/30/94
---------------------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $1,982,846 $4,167,938
Net realized gain (loss) on investments (405,310) 1,022,309
Net change in unrealized appreciation of investments 2,056,538 (8,662,877)
---------- ----------
Increase (decrease) in net assets from operations 3,634,074 (3,472,630)
---------- ----------
Distributions to shareholders:
Net investment income:
Class A (1,957,830) (4,147,445)
Class D (25,016) (20,493)
Net realized gain on investments:
Class A (1,010,909) (965,694)
Class D (13,739) --
---------- ----------
Decrease in net assets from distributions (3,007,494) (5,133,632)
---------- ----------
Capital share transactions:* Shares
---------------------
Six Months Year
Ended Ended
3/31/95 9/30/94
---------- -------
Net proceeds from sale of shares:
Class A 237,535 828,366 1,707,607 6,506,607
Class D 49,685 140,466 359,680 1,083,038
Shares issued in payment of dividends:
Class A 160,379 323,064 1,154,402 2,513,538
Class D 2,222 1,624 16,216 12,377
Exchanged from associated Funds--Class A 476,789 150,576 3,456,289 1,154,376
Shares issued in payment of gain distributions:
Class A 109,013 87,409 742,377 699,267
Class D 1,519 -- 10,467 --
----------- --------- ----------- ----------
Total 1,037,142 1,531,505 7,447,038 11,969,203
----------- --------- ----------- ----------
Cost of shares repurchased:
Class A (873,897) (1,288,638) (6,250,398) (9,918,118)
Class D (22,097) (5,241) (161,112) (39,659)
Exchanged into associated Funds:
Class A (250,004) (115,220) (1,771,534) (886,677)
Class D -- (5,060) -- (37,852)
----------- --------- ----------- ----------
Total (1,145,998) (1,414,159) (8,183,044) (10,882,306)
----------- --------- ----------- ----------
Increase (decrease) in net assets from
capital share transactions (108,856) 117,346 (736,006) 1,086,897
=========== ========= --------- ----------
Decrease in net assets (109,426) (7,519,365)
Net Assets:
Beginning of period 74,927,888 82,447,253
----------- -----------
End of period $74,818,462 $74,927,888
=========== ===========
</TABLE>
- --------------
*The Fund began offering Class D shares on February 1, 1994.
See notes to financial statements.
7
<PAGE>
Notes to Financial Statements
1. Effective February 1, 1994, Seligman New Jersey Tax-Exempt Fund, Inc.
(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 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 approved by the Board of Directors. 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 port-
folio 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
$3,472,697, 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 $4,228,300 and $1,020,973, 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 directors of the Fund who are
employees or consultants of the Manager, and all personnel of the Fund and
the Manager is paid by the Manager. The Manager's fee, calculated daily and
payable monthly, is equal to 0.50% per annum of the Fund's average daily net
assets. During the six months ended March 31, 1995, the Manager, at its
discretion, waived a portion of its fees equal to $29,561. The management
fee reflected in the statement of operations represents 0.42% per annum of
the Fund's average daily net assets.
8
<PAGE>
Seligman Financial Services, Inc. (the "Distributor"), agent for the
distribution of the Fund's shares and an affiliate of the Manager, received
commissions of $8,057 from the sale of Class A shares, after concessions of
$58,642 paid to dealers.
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 $78,859, or 0.22% 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 $5,390, 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, such charges amounted to $1,531.
Seligman Data Corp., which is owned by certain associated investment
companies, charged at cost $62,416 for shareholder account services.
Certain officers and directors 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 director of the Fund.
The Fund has a compensation arrangement under which directors who receive
fees may elect to defer receiving such fees. Interest is accrued on the
deferred balances. The cost of such fees and interest is included in
directors' fees and expenses, and the accumulated balance thereof at March
31, 1995, of $27,450 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 $78,859 $5,390
Registration 941 369
Shareholder reports and
communications 700 7
9
<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 $7.40 $8.24 $7.74 $7.49 $7.01 $7.17 $7.48 $8.14
----- ----- ----- ----- ----- ----- ----- -----
Net investment income .20 .41 .42 .44 .44 .45 .17 .23
Net realized and unrealized
investment gain (loss) .17 (.74) .61 .27 .51 (.10) .17 (.66)
----- ----- ----- ----- ----- ----- ----- -----
Increase (decrease) from
investment operations .37 (.33) 1.03 .71 .95 .35 .34 (.43)
Dividends paid or declared (.20) (.41) (.42) (.44) (.44) (.45) (.17) (.23)
Distributions from
net gain realized (.10) (.10) (.11) (.02) (.03) (.06) (.10) --
----- ----- ----- ----- ----- ----- ----- -----
Net increase (decrease) in
net asset value .07 (.84) .50 .25 .48 (.16) .07 (.66)
----- ----- ----- ----- ----- ----- ----- -----
Net asset value, end of period $7.47 $7.40 $8.24 $7.74 $7.49 $7.01 $7.55 $7.48
===== ===== ===== ===== ===== ===== ===== ======
Total return based on
net asset value 5.30% (4.25)% 14.02% 9.70% 13.97% 5.04% 4.84% (5.47)%
Ratios/Supplemental Data:
Expenses to average
net assets 1.02%+ .90% .86% .85% .81% .81% 1.86%+ 1.75%+
Net investment income to
average net assets 5.50%+ 5.24% 5.37% 5.74% 6.02% 6.32% 4.58%+ 4.37%+
Portfolio turnover -- 12.13% 15.90% 27.13% 14.64% 37.26% -- 12.13%++
Net assets, end of period
(000's omitted) $73,586 $73,942 $82,447 $74,256 $65,044 $54,287 $1,232 $986
____________
See footnotes on page 11.
10
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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>
Without management fee
waiver:**
Without management fee
waiver:**
Net investment income
per share $.19 $.40 $.40 $.42 $.42 $.43 $.17 $.22
Expenses to average net assets 1.10%+ 1.07% 1.11% 1.10% 1.11% 1.12% 1.94%+ 1.87%+
Net investment income to
average net assets 5.42%+ 5.07% 5.12% 5.49% 5.72% 6.01% 4.50%+ 4.25%+
_______________
* 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.
</TABLE>
See notes to financial statements.
11
<PAGE>
Report of Independent Auditors
The Board of Directors and Shareholders, Seligman New Jersey Tax-Exempt
Fund, Inc.:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Seligman New Jersey Tax-Exempt
Fund, Inc. 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 New
Jersey Tax-Exempt Fund, Inc. 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
12
<PAGE>
Board of Directors
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
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
- --------------
Member:
1 Executive Committee
2 Audit Committee
3 Director Nominating Committee
13
<PAGE>
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
14
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