SELIGMAN TECH SPECTRUM FUND ANNOUNCES CHANGE IN INVESTMENT MANAGER

Date11-Nov-2008

Seligman Tech Spectrum Fund

 

The Directors of Seligman Tech Spectrum Fund (the "Fund") wish to announce that RiverSource Investments, LLC (the "Investment Manager") has replaced J. & W. Seligman & Co. Incorporated ("Seligman") as investment manager of the Fund. The Investment Manager is an investment adviser registered with the United States Securities and Exchange Commission (the "SEC"), as part of the group of companies controlled by Ameriprise, Inc., a U.S. publicly-traded, diversified financial services company with interests in the asset management, financial planning, banking and insurance businesses.

 

On or about November 7, 2008, RiverSource Investments, LLC completed the acquisition (the "Acquisition") of all of the capital stock of Seligman, the Investment Manager of the Fund. As a result of the Acquisition, Seligman became a wholly-owned subsidiary of RiverSource. Simultaneous with the closing of the Acquisition, the Investment Management Agreement pursuant to which Seligman managed the Fund was assigned to RiverSource and RiverSource became Investment Manager of the Fund. The assignment of the Investment Management Agreement to RiverSource was approved by the Directors of the Fund and the Master Fund on October 23, 2008. The Acquisition will not result in any substantive change to the Investment Management Agreement (other than the substitution of RiverSource for Seligman) or to the day-to-day management of the Fund, as the Fund's investment team and process will not change as a result of the Acquisition.