The Markets January 22, 2008

Seligman Renames Time Horizon/Harvester Series Funds

J.&W. Seligman&Co. Incorporated has announced that Seligman Time Horizon/Harvester Series has been renamed and the names of the funds in the series have also been changed.
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The multi-discipline and multi-manager suite of strategic asset allocation funds has been renamed Seligman Asset Allocation Series, according to the company. The names of the underlying funds have been changed as follows:

  • Seligman Time Horizon 30 Fund is now the Seligman Asset Allocation Aggressive Growth Fund,
  • Seligman Time Horizon 20 Fund is now the Seligman Asset Allocation Growth Fund,
  • Seligman Time Horizon 10 Fund is now the Seligman Asset Allocation Moderate Growth Fund, and
  • Seligman Harvester Fund is now the Seligman Asset Allocation Balanced Fund.

According to Gary Terpening, product manager for the funds, the new names more accurately describe the funds for prospective investors who seek a particular diversification strategy keyed to their risk preference and financial goals.

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Each of the four funds within the Seligman Asset Allocation Series invests in up to 15 underlying Seligman mutual funds, including a number of funds sub-advised by Wellington Management and LaSalle Investment Management (Securities), L.P. and its Netherlands affiliate. The underlying funds in aggregate provide broad diversification to small-, mid-, and large-cap stocks, as well as both growth and value investment styles.

The diversification provides exposure to U.S., international and emerging markets equities, domestic and global commercial real estate (REITs), and a variety of fixed income securities.

The allocations for the funds range from 100% to 55% equity, and are based on extensive research Seligman has conducted into asset allocation and risk management.

More information can be found at www.seligman.com.

Products January 22, 2008

MassMutual Adds to Retirement Income Product Portfolio

Massachusetts Mutual Life Insurance Company has announced enhancements to certain deferred variable annuities in its portfolio of retirement income products.
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The MassMutual Lifetime Payment Plus guaranteed minimum withdrawal benefit (GMWB) and MML Asset Allocation fund series are now available where approved, subject to state availability, the announcement said.

MassMutual Lifetime Payment Plus provides a guaranteed minimum payment along with an opportunity for increased income subject to underlying investment performance. If no withdrawals are taken in any year during the first 10 contract years, the benefit base automatically grows by 6% simple interest for that year as part of the following year’s allowable withdrawal limit.

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If no withdrawals are taken for at least 10 years or before age 70, whichever is later, the benefit base will be reset to a minimum value that equals 200% of first-year purchase payments and 100% of any additional purchase payments.

MassMutual Lifetime Payment Plus is available on select proprietary deferred variable annuities – new contracts only, and requires 100% participation in a chosen asset allocation program.

According to the announcement, MassMutual now offers five MML Asset Allocation fund-of-funds investment choices within several deferred variable annuities. The asset allocation funds are diversified with varying risk profiles to meet an investor’s risk tolerance and time horizon.

Investors who opt for a guaranteed living benefit must either invest in an asset allocation fund or select from a broad array of funds across various asset classes within defined asset allocation parameters via Custom Allocation Choice, the announcement said.

More information is available at www.massmutual.com.

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