Alger Announces Launch of Dynamic Opportunities Fund

Fred Alger Management, Inc. today announced the launch of the Alger Dynamic Opportunities Fund, a publicly offered mutual fund designed with a similar investment philosophy as the privately placed Alger Dynamic Return Fund LLC. The fund is a new addition to Alger's mutual fund line-up, reflecting a long-short strategy which has generally been available only to a select group of institutional and professional investors.

Employing the same research and portfolio managers as the Dynamic Return Fund, the Dynamic Opportunities Fund will seek long-term capital appreciation with an emphasis on risk-adjusted returns and lower volatility. The fund applies fundamental research in both long and short equity positions, finding companies across a broad capitalization range. The fund may have long and short exposure and may create this exposure through the use of a variety of instruments.

"We believe this fund represents a great addition to our diversified growth equity line-up and will not only reflect Alger's primary theme of finding companies undergoing Positive Dynamic Change, but also enable us to capitalize on opportunities we believe are over-valued by taking short or contrary positions," said Dan Chung, CEO and CIO of Fred Alger Management. "The Alger Dynamic Opportunities Fund allows investors to take advantage of Alger's full investment capabilities within one investment vehicle."

The Alger Dynamic Opportunities Fund is available to investors for both taxable accounts and qualified plans. The minimum investment in the fund is $1,000 or $500 in an IRA plan. Class A shareholders of other Alger mutual funds will have exchange privileges into this fund subject to prospectus guidelines.