The views expressed are the views of Fred Alger Management, Inc. as of February 19, 2008. These views are subject to change at any time and they do not guarantee the future performance of the markets, any security or any funds managed by Fred Alger Management, Inc. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities. Individual securities or industries/sectors mentioned should be considered in the context of an overall portfolio and therefore reference to them should not be construed as a recommendation or offer to purchase or sell securities. Portfolio compositions will change and holdings mentioned may not be indicative of current or future portfolio composition. Investors cannot invest directly in any index.

Investing in the stock market involves gains and losses and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks, as the price of growth stocks tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political and economic development.

Before investing, carefully consider a Fund's investment objective, risks, charges and expenses. For a prospectus containing this and other information about the Alger Funds, call us at 1.800.992.3863, or visit us at www.alger.com. For a prospectus containing this and other information about the Spectra Funds, call us at 1.800.711.6141, or visit us at www.spectrafund.com. Read the prospectus carefully before investing.

NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

Distributor: Fred Alger & Company, Incorporated.
Member: NYSE/SIPC.