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Fred Alger Management, Inc. to Launch 'Green' Mutual Fund in Conjunction with Bill Clinton's Global Initiative

Fred Alger Management, Inc. to Launch 'Green' Mutual Fund in Conjunction with Bill Clinton's Global Initiative

Published 10-03-06

Submitted by Fred Alger Management/Spectra Funds

New York, New York-- Fred Alger Management, a leading asset management firm, in conjunction with the Clinton Global Initiative held recently in New York City, announced today that it plans to launch the Spectra Green Fund.

The fund will be dedicated to investing in growth companies that are contributing to more sustainable and environmentally-beneficial businesses. Alger said it expects to invest $5 million of its capital in the new fund. The fund will be structured as a no-load investment, which will make it accessible to the individual investor.

Daniel C. Chung, Fred Alger Management's President and Chief Investment Officer, noted that the fund will combine both cutting-edge research and the next generation of screening tools designed to assess companies in a variety of categories, including not only environmental sustainability but other issues such as supply chain management and resource utilization. "We are excited to participate in this endeavor and pleased to join the Clinton Global Initiative and leading companies in launching this fund. We have a skilled and experienced team of analysts dedicated to discovering change, and the emerging field of environmentally-friendly business is one of the most interesting and, we believe, untapped growth areas."

Zachary Karabell, Fred Alger's Chief Economist who participated in the Clinton conference and is spearheading the effort, said, "Unlike earlier socially responsible funds, we see the Alger Spectra Green Fund as an opportunity to move the investing needle."

"It used to be that there was a trade-off between social responsibility screens and investment returns, but today, many of the companies that are committed to environmental sustainability are also among the most dynamic and innovative, and those are precisely the companies that Fred Alger Management has focused on for more than forty years," said Dr. Karabell.

Alger expects the fund to be available before the end of the year or early in 2007. The fund will be managed by Christopher Walsh and Fauzia Rashid, both of whom are senior members of Alger's investment team.

About Fred Alger Management

Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm employing a bottom-up approach in its attempt to identify the fastest growing companies in their respective sectors. Over four decades, Alger has continued its tradition of independent research and style purity. Fred Alger Management, Inc. offers investment advisory services to separately managed, sub-advised and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit www.alger.com.

Before investing in any of the Alger funds, you should carefully consider the funds' investment objectives, risks, charges and expenses which are contained in the funds' prospectuses. For more information about any Alger fund, send for a prospectus from the Fund's distributor, Fred Alger & Company, Incorporated, 111 Fifth Avenue, New York, New York 10003, or call (800) 992-3863 or visit www.alger.com. Please read the prospectus carefully before investing.

Fred Alger Management/Spectra Funds logo

Fred Alger Management/Spectra Funds

Fred Alger Management/Spectra Funds

Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm employing a bottom-up approach in its attempt to identify the fastest growing companies in their respective sectors. For more than 40 years, Alger has followed a rigorous process, a consistent approach, and a core philosophy: find dynamic, innovative companies creating change and invest in them. Fred Alger Management offers investment advisory services to separately managed, sub-advised and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit www.alger.com. For information on Fred Alger Management’s Spectra Funds and the Spectra Green Fund, please visit www.spectrafund.com.

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