Seligman Quality Municipal Fund, Inc. Approves Change in Dividend Distributions Effective June 2006
May 18 2006 - 4:55PM
Business Wire
The Board of Directors of Seligman Quality Municipal Fund, Inc.
(NYSE: SQF) today approved a change in the monthly dividend payment
in respect of the Fund's common stock, effective June 2006. The new
monthly dividend for Seligman Quality Municipal Fund will be $0.041
per share, which represents a 8.9% decrease in the amount of the
monthly dividend previously paid to Stockholders. Brian T. Zino,
President of the Fund, said that the dividend change was required
as a result of a continued narrowing of the spread between the
Fund's net earnings on its investment portfolio and the dividend
rate paid on its preferred shares. "Preferred rates have increased
as the Federal Reserve Board has raised the federal funds target
rate and could continue to rise as a result of further increases in
the federal funds rate," he explained. Additionally, Mr. Zino said
that Seligman Quality Fund's portfolio income has been, and likely
will continue to be, negatively impacted by call activity on higher
coupon bonds during 2006. "Interest income earned on these
higher-coupon bonds cannot fully be replaced by today's lower
long-term yields," he said. Seligman Quality Municipal Fund is
managed by J. & W. Seligman & Co. Incorporated, a New York
based investment manager and advisor, which was founded in 1864.
You should consider the investment objectives, risks, charges, and
expenses of a Fund carefully before investing. You can obtain
information about a Fund (including its investment objectives,
risks, charges, expenses, and other information) by contacting your
financial advisor or Seligman Services, Inc. at 800-597-6068.
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