|
|
|
|
|
|
|
State
#
|
Face
Amount
|
Municipal Bonds
|
Rating†
|
Value
|
|
|
|
|
|
|
|
Alaska - 5.2%
|
$4,145,000
|
Alaska Energy Authority Power Rev. (Bradley Lake Hydroelectric Project), 6% due 7/1/2020
|
Aaa
|
$4,458,072
|
|
|
2,395,000
|
Alaska Energy Authority Power Rev. (Bradley Lake Hydroelectric Project), 6% due 7/1/2021
|
Aaa
|
2,546,460
|
|
Arizona - 1.1%
|
1,500,000
|
Arizona Water Infrastructure Finance Authority Rev. (Water Quality), 5% due 10/1/2022
|
Aaa
|
1,494,465
|
|
California - 10.4%
|
1,725,000
|
California State University Systemwide Rev., 5% due 11/1/2025
|
Aa3
|
1,643,011
|
|
|
4,100,000
|
Foothill/Eastern Transportation Corridor Agency, CA Toll Road Rev., 5.75% due 1/15/2040
|
Baa3
|
3,715,625
|
|
|
4,000,000
|
San Diego, CA Public Facilities Financing Authority Sewer Rev. Series 1999-A, 5% due 5/15/2029
|
A3
|
3,577,840
|
|
|
5,700,000
|
San Diego, CA Public Facilities Financing Authority Sewer Rev. Series 1999-B, 5% due 5/15/2029
|
A3
|
5,098,422
|
|
Colorado - 4.4%
|
5,590,000
|
Colorado
Regional Transportation District, Sales Tax Rev., 5% due 11/1/2024
o
|
AAA‡
|
5,980,070
|
|
Florida – 7.3%
|
1,000,000
|
Florida State Board of Education Lottery Rev., 5% due 7/1/2018
|
Aa2
|
1,018,880
|
|
|
1,985,000
|
Ocala FL Utility Systems Rev., 5% due 10/1/2024
|
A1
|
1,862,188
|
|
|
2,440,000
|
Orange County, FL School Board (Certificates of Participation), 5% due 8/1/2025
|
Aa3
|
2,281,546
|
|
|
5,000,000
|
Reedy Creek, FL Improvement District GOs, 5% due 6/1/2025
|
Aa3
|
4,697,900
|
|
Illinois - 7.2%
|
4,700,000
|
Chicago GOs, 5.5% due 1/1/2040
Ø
|
AAA‡
|
4,977,629
|
|
|
2,800,000
|
Chicago GOs, 5.5% due 1/1/2040
|
Aa3
|
2,800,448
|
|
|
2,000,000
|
Illinois Sales Tax Rev. (Build Illinois Bonds), 5% due 6/15/2028*
|
Aaa
|
1,896,560
|
|
Indiana - 1.3%
|
1,850,000
|
Ball State University Board of Trustees, IN Student Fee Rev. Series N, 5% due 7/1/2023
|
Aaa
|
1,786,193
|
|
Louisiana - 4.9%
|
3,680,000
|
Louisiana Public Facilities Authority Hospital Rev. (Southern Baptist Hospitals, Inc. Project), 8% due 5/15/2012††
|
AAA‡
|
4,025,662
|
|
|
2,500,000
|
Shreveport, LA GOs, 5% due 5/1/2018
|
A2
|
2,549,050
|
|
Maryland - 2.4%
|
3,000,000
|
Maryland State GOs (Capital Improvements), 5.25% due 3/1/2027
|
Aaa
|
3,234,600
|
|
Massachusetts - 13.5%
|
2,500,000
|
Commonwealth of Massachusetts GOs, 5% due 3/1/2024
Ø
|
Aaa
|
2,681,750
|
|
|
4,000,000
|
Massachusetts Development Finance Agency Rev. (WGBH Educational Foundation), 5.75% due 1/1/2042
|
Aa3
|
4,105,000
|
|
|
860,000
|
Massachusetts Health & Educational Facilities Authority Rev. (Partners Health System), 5% due 7/1/2022
|
Aa2
|
821,214
|
|
|
1,750,000
|
Massachusetts State Port Authority Rev., 5% due 7/1/2025
|
Aa3
|
1,701,507
|
|
|
6,000,000
|
Massachusetts State School Building Authority Dedicated Sales Tax Rev., 5% due 8/15/2023
|
Aaa
|
5,956,140
|
|
|
3,000,000
|
Massachusetts State Water Resources Authority Rev., 5.25% due 8/1/2024
|
Aa2
|
2,961,690
|
|
Michigan - 3.6%
|
2,705,000
|
Detroit, MI Sewage Disposal System Rev., 5% due 7/1/2030
|
A2
|
2,445,401
|
|
|
2,295,000
|
Detroit, MI Sewage Disposal System Rev., 5% due 7/1/2030
Ø
|
A2
|
2,463,201
|
|
Minnesota – 1.9%
|
1,170,000
|
Minnesota Agriculture & Economic Development Board Rev. (The Evangelical Lutheran Good Samaritan
Society Project), 6.625% due 8/1/2025
Ø
|
A3
|
1,274,902
|
|
|
1,330,000
|
Minnesota Agriculture & Economic Development Board Rev. (The Evangelical Lutheran Good Samaritan
Society Project), 6.625% due 8/1/2025
|
A3
|
1,358,422
|
|
Missouri - 1.9%
|
1,550,000
|
Metropolitan St. Louis, MO Sewer District Wastewater System Rev., 5% due 5/1/2024
|
Aa2
|
1,502,616
|
|
|
1,040,000
|
Missouri State Housing Development Commission Single Family Mortgage Rev. (Homeownership Loan Program), 5.5% due 3/1/2033*
|
AAA‡
|
1,043,682
|
|
New Jersey - 6.6%
|
8,000,000
|
New Jersey Economic Development Authority Water Facilities Rev. (New Jersey American Water Co., Inc.), 5.375% due 5/l/2032*
|
NR
|
6,755,920
|
|
|
2,385,000
|
New Jersey Health Care Facilities Financing Authority Rev. (Atlanticare Regional Medical Center), 5% due 7/1/2024
|
A2
|
2,191,791
|
|
New York - 11.8%
|
5,000,000
|
Long Island, NY Power Authority Electric System General Revenue, 5.25% due 12/1/2020
|
A3
|
5,013,400
|
|
|
5,000,000
|
Metropolitan Transportation Authority (Transportation Rev.), 5% due 11/15/2027
|
Aa3
|
4,689,300
|
|
New York and New Jersey - 10.1%
|
6,000,000
|
New York City, NY GOs, 5% due 8/1/2017
|
Aaa
|
6,153,540
|
|
|
8,000,000
|
New York City, NY Municipal Water Finance Authority (Water & Sewer System Rev.), 5% due 6/15/2027
|
Aa2
|
7,643,600
|
|
|
6,500,000
|
Port Authority of New York and New Jersey Rev. (JFK International Air Terminal LLC Project), 5.75% due 12/1/2022*
|
A2
|
6,018,285
|
|
North Carolina - 2.9%
|
4,000,000
|
North Carolina Eastern Municipal Power Agency Power System Rev., 5.25% due 1/1/2020
|
Aa3
|
3,887,160
|
|
Ohio - 3.1%
|
105,000
|
Cleveland, OH Waterworks Improvement First Mortgage Rev., 5.75% due 1/1/2021
|
Aa2
|
105,163
|
|
|
3,890,000
|
Ohio Water Development Authority Rev. (Drinking Water Assistance Fund), 5.25% due 12/1/2021
|
Aaa
|
4,013,819
|
|
Pennsylvania - 5.5%
|
3,000,000
|
Delaware County, PA Industrial Development Authority Water Facilities Rev. (Philadelphia Suburban Water), 5.35% due 10/1/2031*
|
Aa3
|
2,592,360
|
|
|
3,435,000
|
Pennsylvania Higher Educational Facilities Authority Rev. (Thomas Jefferson University), 5.25% due 9/1/2019
|
Aa3
|
3,542,344
|
|
|
1,250,000
|
Pennsylvania State University Rev., 5% due 9/1/2024
|
Aa2
|
1,215,200
|
|
South Carolina – 10.4%
|
2,500,000
|
Columbia, SC Waterworks and Sewer System Rev., 5% due 2/1/2026
|
Aaa
|
2,426,475
|
|
|
2,000,000
|
South Carolina Public Service Authority Rev., 5% due 1/1/2018
|
Aa3
|
2,020,620
|
|
|
5,000,000
|
South Carolina State Ports Authority Rev., 5.3 % due 7/1/2026*
|
Aaa
|
4,519,200
|
|
|
5,000,000
|
South Carolina State Public Service Authority, 5.25% due 1/1/2021
|
Aa2
|
4,990,650
|
|
Texas - 11.4%
|
2,940,000
|
Austin, TX Electric Utility Rev., 5% due 11/15/2020
|
Aa3
|
2,907,190
|
|
|
5,000,000
|
Dallas–Fort Worth, TX International Airports Rev., 5.75% due 11/1/2030*
|
A1
|
4,493,150
|
|
|
3,000,000
|
Houston, TX Airport System Rev., 5.625% due 7/1/2030*
|
Aaa
|
2,725,410
|
|
|
4,000,000
|
Houston, TX Higher Education Finance Corporation Rev. (Rice University Project), 5.375% due 11/15/2029
Ø
|
Aaa
|
4,169,680
|
|
|
1,000,000
|
University Texas Permanent University Fund, 5.25% due 7/1/2023
|
Aaa
|
1,001,950
|
|
Virginia - 1.6%
|
2,000,000
|
Virginia GOs, 5% due 6/1/2016
|
Aaa
|
2,141,100
|
|
Total Municipal Bonds
— 128.5%
|
|
|
173,177,453
|
|
|
|
Short-Term Holdings
|
|
|
|
Alabama - 7.6%
|
10,000,00
|
Jefferson County. AL Sewer Rev. (Capital Improvement Warrants), 5.125% due 2/1/2039
Ø
|
Aaa
|
10,179,200
|
|
California - 6.1%
|
3,350,000
|
California Educational Facilities Authority Rev. Series S-4 (Stanford University), VRDN, due 11/01/2050
|
VMIG 1
|
3,350,000
|
|
|
3,700,000
|
California Infrastructure & Economic Development Bank Rev. Series B (J Paul Getty Trust), VRDN, due 4/01/2033
|
VMIG 1
|
3,700,000
|
|
|
1,125,000
|
California Infrastructure & Economic Development Bank Rev. Series D (J Paul Getty Trust), VRDN, due 4/01/2033
|
VMIG 1
|
1,125,000
|
|
Connecticut - 3.5%
|
900,000
|
Connecticut State Health & Educational Facilities Authority Rev. (Yale University), VRDN, due 7/1/2036
|
VMIG 1
|
900,000
|
|
|
2,875,000
|
Connecticut State Health & Educational Facilities Authority Rev. Series V-2 (Yale University) , VRDN, due 7/1/2036
|
VMIG 1
|
2,875,000
|
|
|
950,000
|
Connecuticut State Health & Education Rev. (Yale University), VRDN, due 7/1/2035
|
VMIG 1
|
950,000
|
|
Massachusetts – 1.8%
|
1,500,000
|
Massachusetts Health & Educational Facilities Rev., VRDN, due 11/1/2049
|
VMIG 1
|
1,500,000
|
|
|
935,000
|
Massachusetts State Development Finance Agency Rev. (Harvard University), VRDN, due 7/15/2036
|
VMIG 1
|
935,000
|
|
Maryland - 2.2%
|
3,000,000
|
Montgomery County, MD GOs, VRDN, due 6/1/2026
|
VMIG 1
|
3,000,000
|
|
Missouri - 0.1%
|
200,000
|
Missouri State Health & Educational Facilities Authority Rev. (Washington University), VRDN due 2/15/2034
|
VMIG 1
|
200,000
|
|
New Jersey - 3.2%
|
4,250,000
|
New Jersey State Educational Facilities Authority Rev. (Princeton University), VRDN, due 7/1/2023
|
VMIG 1
|
4,250,000
|
|
New York - 0.3%
|
405,000
|
New York City, NY Transitional Finance Authority, VRDN, due 11/1/2022
|
VMIG 1
|
405,000
|
|
Total Short-Term Holdings -
24.8
%
|
|
33,369,200
|
|
Total Investments
- 153.3%
|
206,546,653
|
|
Other Assets Less Liabilities
— 2.4%
|
3,207,164
|
|
Preferred Shares Subject to Mandatory Redemption
— (55.7%)
|
|
(75,000,000)
|
|
Net Assets
— 100.0%
|
|
$134,753,817
|
_____________
# The percentage shown for each state represents the total market value of bonds held of issuers in that state, measured as a
percent of net assets, which does not include the net assets attributable to Preferred Stock of the Fund.
† Credit ratings are primarily those issued by Moody’s Investors Service, Inc. (“Moody’s”). Where Moody’s ratings have not been
assigned, ratings from Standard & Poor’s Rating Securities (“S&P”) were used (indicated by the symbol ‡). Pre-refunded and
escrowed-to-maturity securities that have been rerated as AAA by S&P but have not been rerated by Moody’s have been
reported as AAA.
†† Escrowed-to-maturity security.
ø Pre-refunded security. Such securities that will be paid off within one year are classified as short-term holdings.
* Interest income earned from this security is subject to the federal alternative minimum tax.
VRDN (variable rate demand notes) purchased by the Fund may be put back to the designated remarketing agent for the issue at
par on any day, for settlement within seven days, and, accordingly, are treated as short-term holdings. These notes bear interest
at a rate that resets daily or weekly. At September 30, 2008, the interest rates earned on these notes ranged from 2.50% to 7.00%.
At September 30, 2008, the cost of investments for federal income tax purposes was $215,587,617. The tax basis gross unrealized appreciation and
depreciation of portfolio securities were $2,459,628 and $11,500,592, respectively. Net unrealized depreciation was $9,040,964.
Security Valuation
— Traded securities are valued at the last sales price on the primary market on which they are traded. Securities
for which there is no last sales price are valued by independent pricing services based on bid prices which consider such factors as
transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between
securities, or are valued by J. & W. Seligman & Co. Incorporated, the Fund’s Manager, based on quotations provided by
primary market makers in such securities. Securities for which market quotations are not readily available (or are otherwise no longer
valid or reliable) are valued at fair value determined in accordance with procedures approved by the Board of Directors. This can
occur in the event of, among other things, natural disasters, acts of terrorism, market disruptions, intra-day trading halts, and extreme
market volatility. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may
result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be
realized upon the actual sale of the security. Short-term holdings maturing in 60 days or less are valued at current market quotations
or amortized cost if the Manager believes it approximates fair value. Short-term holdings that mature in more than 60 days are valued
at current market quotations until the 60th day prior to maturity and are then valued as described above for securities maturing in 60
days or less.
Fair Value Measurements
- On January 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 (“SFAS 157”),
“Fair Value Measurements.” SFAS 157 establishes a three-tier hierarchy to classify the assumptions, referred to as inputs, used in
valuation techniques to measure fair value of the Fund’s investments. These inputs are summarized in three broad levels: Level 1 – quoted
prices in active markets for identical investments; Level 2 – other significant observable inputs (including quoted prices in inactive markets
or for similar investments, interest rates, prepayment speeds, credit risk, etc.); and Level 3 – significant unobservable inputs (including the
Fund’s own assumptions in determining fair value). The inputs or methodology used for valuing securities may not be an indication of
the risk associated with investing in those securities.
The following is a summary of the value of the Fund’s investments as of September 30, 2008 based on the level of inputs used:
|
|
|
|
|
Valuation Inputs
|
|
Value
|
|
|
|
|
|
Level 1 - Quoted Prices
|
|
$0
|
|
Level 2 - Other Significant Observable Inputs
|
206,546,653
|
|
Level 3 - Significant Unobservable Inputs
|
|
0
|
|
|
|
|
|
Total
|
|
$206,546,653
|
Risk
— Fixed-income securities owned by the Fund are subject to the interest-rate risk, credit risk, prepayment risk, and market risk. To the
extent that the Fund concentrates its investments in municipal securities issued by a single state and its municipalities, specific events or
factors affecting a particular state may have an impact on the municipal securities of that state without affecting the municipal market in
general. For insured bonds, credit risk includes the risk that the issuer and the insurer would be unable to make, or timely make, interest
and principal payments.
Subsequent Events
- On November 7, 2008, RiverSource Investments, LLC (“RiverSource Investments”),
a wholly-owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”), completed its acquisition (the “RiverSource Transaction”)
of the manager. As a result of the RiverSource Transaction, the Fund's management agreement with the manager has
terminated, and RiverSource Investments is the new investment
manager of the Fund under an interim investment management services agreement effective November 7, 2008
for a period of up to 150 days (through April 5, 2009) (the “Interim Agreement”). The Interim Agreement, which
was approved by the Fund's Board of Directors, will provide the Fund with continuity of portfolio management
and other services through April 5, 2009, during which time the Fund will solicit stockholder vote on a proposed
investment management services agreement between the Fund and RiverSource Investments (the “Proposed
Agreement”).
On September 3, 2008, the Fund's Board of Directors approved and recommended to the Fund's stockholders
the acquisition (the “Acquisition”) of the Fund by National Municipal Series, a series of
Seligman Municipal Fund Series, Inc., which, effective November 7, 2008, is also managed by
RiverSource Investments. On December 18, 2008, the Fund will hold a Special Meeting of Stockholders to
vote upon the Acquisition, the Proposed Agreement, and the election of directors to the Board of Directors of the
Fund.
ITEM 2. CONTROLS AND PROCEDURES.
a.
The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-Q is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.
b.
The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
(a)
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SELIGMAN SELECT MUNICIPAL FUND, INC.
By:
/S/ PATRICK T. BANNIGAN
Patrick T. Bannigan
President and Chief Executive Officer
Date:
November 24, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.
By:
/S/ PATRICK T. BANNIGAN
Patrick T. Bannigan
President and Chief Executive Officer
Date:
November 24, 2008
By:
/S/ LAWRENCE P. VOGEL
Lawrence P. Vogel
Treasurer and Chief Financial Officer
Date:
November 24, 2008
SELIGMAN SELECT MUNICIPAL FUND, INC.
EXHIBIT INDEX
(a)
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
Seligman Select Muni (NYSE:SEL)
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