-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MbB1ZHJrC5zgncpWHkGPI0Hr9WGGTQfuOEAkbqkMvODRDEpDw5aQu0nqoviWAe0f ldvS8VtnI5s5bF/dHsvU9w== 0001169232-05-004229.txt : 20050817 0001169232-05-004229.hdr.sgml : 20050817 20050817170741 ACCESSION NUMBER: 0001169232-05-004229 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050816 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050817 DATE AS OF CHANGE: 20050817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SELIGMAN QUALITY MUNICIPAL FUND INC CENTRAL INDEX KEY: 0000862813 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 811-06100 FILM NUMBER: 051033998 BUSINESS ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2124480200 MAIL ADDRESS: STREET 1: 100 PARK AVENUE STREET 2: 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 8-K 1 d64952_8-k.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 16, 2005 SELIGMAN QUALITY MUNICIPAL FUND, INC. (Exact name of Registrant as specified in its charter) Maryland 811-6100 13-3566939 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) 100 Park Avenue, New York, New York 10017 (Address of principal executive offices, zip code) Registrant's telephone number, including area code (212) 850-1864 Not Applicable (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)) SECTION 7 - REGULATION FD DISCLOSURE Item 7.01 Regulation FD Disclosure. Registrant is furnishing as Exhibit 99.1 the attached Fund Fact Sheet as of June 30, 2005 for Seligman Quality Municipal Fund, Inc. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS Item 9.01 Financial Statements and Exhibits. Exhibit 99.1 - Fund Fact Sheet as of June 30, 2005 for Seligman Quality Municipal Fund, Inc. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SELIGMAN QUALITY MUNICPAL FUND, INC. Date: August 16, 2005 By: /s/ Lawrence P. Vogel ------------------------------------ Lawrence P. Vogel Vice President and Treasurer EX-99.1 3 d64952_ex99-1.txt FUND FACT SHEET Seligman [LOGO] Quality Municipal Fund June 30, 2005 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FUND OBJECTIVE AND STRATEGY - -------------------------------------------------------------------------------- Seligman Quality Municipal Fund seeks to provide a high level of current income exempt from federal income taxes, consistent with preservation of capital and with consideration given to opportunities for capital gain. The Fund invests only in investment-grade tax-exempt municipal bonds. - -------------------------------------------------------------------------------- PORTFOLIO MANAGEMENT - -------------------------------------------------------------------------------- Portfolio Managers: Thomas G. Moles and Eileen Comerford Investment Team: Seligman Municipal Team - -------------------------------------------------------------------------------- TOP FIVE HOLDINGS(1) - -------------------------------------------------------------------------------- Jefferson County, AL Sewer Rev. (Capital Improvement Warrants) ...................................... 5.3% New York City, NY Municipal Water Finance Authority (Water & Sewer System Rev.) ......................................... 5.3 San Diego, CA Public Facilities Financing Authority Sewer Rev ................................................. 5.1 San Francisco, CA City and County Airports Commission Rev. (International Airport) ............................................. 5.1 Philadelphia, PA Airport Rev. .......................................... 5.0 Total .................................................................. 25.8 - -------------------------------------------------------------------------------- FUND SNAPSHOT - -------------------------------------------------------------------------------- Inception 1991 NYSE Symbol SQF NAV Symbol XSQFX Average Weighted Maturity 15.3 years AMT Exposure(2) 18.7% Leverage-Adjusted Duration(3) 7.0 years - -------------------------------------------------------------------------------- QUALITY COMPOSITION(1) - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY PIE CHART IN THE PRINTED MATERIAL] AAA 89% AA 6% BBB 5% - -------------------------------------------------------------------------------- BOND CALLS(1) - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY BAR GRAPH IN THE PRINTED MATERIAL] 2005 6.2% 2006 11.6% 2007 8.2% 2008 2.3% 2009 12.1% - -------------------------------------------------------------------------------- PRICE-PER-SHARE - -------------------------------------------------------------------------------- Current 52 Week High 52 Week Low Net Asset Value $ 14.38 $ 14.53 $ 13.84 Market Price $ 12.28 $ 12.58 $ 11.80 Premium/(Discount) (14.60)% (11.84)% (15.40)% - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURNS - -------------------------------------------------------------------------------- 1 Year 5 Years 10 Years Net Asset Value 9.37% 7.80% 6.85% Market Value 10.13 7.28 6.16 - -------------------------------------------------------------------------------- IMPORTANT PERFORMANCE INFORMATION - -------------------------------------------------------------------------------- Performance data quoted herein represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Total returns of the Fund as of the most recent month-end will be made available at www.seligman.com by the seventh business day following that month-end. Performance data quoted does not reflect the deduction of taxes that investors may pay on Fund distributions or on the sale of fund shares. Rates reflect changes in the market price or net asset value, and assume reinvestment of all distributions. (1) Top holdings are shown as a percentage of total net assets. The Fund is actively managed and holdings are subject to change. Bond Calls shows the percentage of bonds in the Fund's portfolio that are callable during that year. Portfolio holdings information is available at www.seligman.com. (2) Investment income subject to the federal alternative minimum tax as of June 30, 2005. A portion of income may be subject to state taxes. Capital gain distributions are subject to federal, state, and local taxes. (3) Bond duration is the average amount of time that it takes to receive the interest and principal of a bond or portfolio of bonds. The duration formula is based on a formula that calculates the weighted average of the cash flows (interest and principal payments) of the bond, discounted to the present time. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. A Fund is considered "leveraged" when it borrows money or otherwise issues senior securities to make additional investments. The Fund's assets were leveraged by issuing shares of Preferred Stock shortly after the issuance of Common Stock. The proceeds of the Preferred offering were used to purchase additional municipal securities for the portfolio. - -------------------------------------------------------------------------------- NOT FDIC INSURED o NOT BANK GUARANTEED o MAY LOSE VALUE - -------------------------------------------------------------------------------- Seligman [LOGO] Quality Municipal Fund June 30, 2005 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FOR MORE INFORMATION - -------------------------------------------------------------------------------- A prospectus containing information about the Fund (including its investment objectives, risks, charges, expenses, and other information about the Fund) may be obtained by calling 800-874-1092. The prospectus should be read carefully before investing in the Fund. The Fund is a closed-end investment company and its common stock is listed on the New York Stock Exchange. - -------------------------------------------------------------------------------- PER SHARE DATA - -------------------------------------------------------------------------------- QUARTER ENDING 6/30/05 Gross Income $ 0.189 Expenses $ 0.056 Common Stock Dividends 0.142 Preferred Stock Dividends $ 0.050 Undistributed Net Investment Income ($0.060) MONTH ENDING 6/30/05 Current Monthly Common Stock Dividends $0.0475 SEC Yield as of 6/30/05 3.59% Current SEC yield, representing the annualized yield (after dividends on Preferred Stock) for the 30-day period ended June 30, 2005, has been computed in accordance with SEC regulations, and will vary. - -------------------------------------------------------------------------------- ASSETS - -------------------------------------------------------------------------------- Common $ 67,889,067 Preferred $ 33,600,000 Net Investment $101,489,067 Leverage % of common assets 49% Leverage % of net investment assets 33% A fund is considered "leveraged" when it borrows money or otherwise issues senior securities to make additional investments. Closed-end funds may issue senior securities (preferred stock or debentures) or borrow money to "leverage" their investment positions. The Fund's assets were leveraged by issuing shares of Preferred Stock shortly after the issuance of Common Stock. The proceeds of the Preferred offering were used to purchase additional municipal securities for the portfolios. The use of leverage increases risks for holders of Common Stock, including increasing the volatility of both the net asset value and market price of the Common Stock. Fluctuations in the dividend rates on the Preferred Stock, or interest paid on borrowings, will affect the rate of return to holders of Common Stock. There can be no assurance that the Fund will be able to realize a higher rate of return on its investment portfolio than the then-current dividend rate on the Preferred Stock or interest on borrowed money. - -------------------------------------------------------------------------------- A WORD ABOUT RISK - -------------------------------------------------------------------------------- The net asset value of shares may not always correspond to the market price of such shares. Shares of many closed-end funds frequently trade at a discount from their net asset value. The Fund is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in the Fund. Fixed-income securities owned by the Fund are subject to interest-rate risk, credit risk, prepayment risk, and market risk. US government bonds are guaranteed by the US government, and, if held to maturity, all such bonds offer both a fixed rate of return and fixed principal value. An investment in the Fund is not insured or guaranteed by the US government. 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. - -------------------------------------------------------------------------------- NOT FDIC INSURED o NOT BANK GUARANTEED o MAY LOSE VALUE - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CEQUAL 6/05 SELIGMAN ADVISORS, INC. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----