Van Kampen Funds Inc., a subsidiary of Van Kampen Investments Inc., launched the Van Kampen Global Tactical Asset Allocation Fund, which seeks to achieve diversification across a range of countries and industries by investing in 1,500 to 2,000 equity securities and fixed-income securities of U.S. and non-U.S. issuers, as well as cash, commodities, and currencies.
Van Eck Global launched the Pre-Refunded Municipal Index ETF (PRB) on NYSE Arca–the nation’s first ETF to focus on the pre-refunded segment of the municipal bond market. PRB seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays Capital Municipal Pre-Refunded–Treasury-Escrowed Index. The Fund’s total net expenses are 0.24%.
The Penn Mutual Life Insurance Company announced that it is taking action to help variable life policyholders who are experiencing significant reduction in their policies’ net surrender values as a result of the recent economic downturn. The company is extending the base no-lapse guarantee period on eligible existing policies for the company’s Cornerstone VUL III, Cornerstone VUL IV, Variable Estate Max II, and Variable Estate Max III products by an additional two years.