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Monday, December 10, 2007|
Alger Rolls One Tech Fund Into Another
Fred Alger Management has launched a new technology fund. The Spectra Technology Fund is the result of a merger with the former SM&R Alger Technology Fund, which New York-based Alger had sub-advised since 2000. In a reorganization that took effect Friday last week, the assets of the SM&R fund were transferred into Spectra Technology Fund (Class N Shares).
Fred Alger Management, Inc. announced today the launch of the Spectra Technology Fund, the latest addition to the Spectra family of funds. The new offering is the result of a merger with the former SM&R Alger Technology Fund, which Alger had sub-advised since 2000.
The Spectra Technology Fund is dedicated to long-term capital appreciation through the investment of at least 80% of its net assets in growth technology companies of any size. To be considered for the Fund, a company must be principally engaged in any area of the technology sector, including, but not limited to, computers, semiconductors, electronics, communications, health care, or biotechnology. The Fund will be offered as a no-load fund and is available to individual investors.
Daniel C. Chung, Alger's Chief Executive Officer and Chief Investment Officer, will manage the Fund. "We are excited to bring the Spectra Technology Fund to our no-load Spectra family of funds. The technology sector has some of the most innovative companies today—companies experiencing either tremendous growth in market share or a positive life cycle change, and many of them will reshape our lives for the future,” Mr. Chung said.
“We are convinced that, in a sector as dynamic as technology, Alger’s hands-on research and fundamental analysis will provide a unique competitive advantage,” Mr. Chung added. “There are many growth stories to be found today, particularly in the technology sector, and many of them are benefiting from the globalization of the economy.”
In a reorganization effective December 7, substantially all of the assets of the SM&R fund were transferred into Spectra Technology Fund (Class N Shares).
About Fred Alger Management
Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm managing more than $14 billion. Alger employs 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.
Growth stocks tend to be more volatile than other stocks. Their prices tend to be higher in relation to earnings and may be more sensitive to market, political and economic developments. The Fund’s technology focus may limit the investment options available to the Fund and may result in lower returns than returns of funds not subject to such investment considerations. The Fund can borrow. The cost of borrowing to leverage could exceed the returns for securities purchased or the securities purchased may go down in value; thus, the Fund’s net asset value could decrease more quickly.
Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. For a prospectus containing this and other information about the fund, call (800) 711-6141, visit www.spectrafund.com, or contact your financial advisor. Read it carefully before investing. Distributor: Fred Alger & Company, Incorporated, Distributor. Member NYSE, SIPC.
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