/C O R R E C T I O N -- Milberg Weiss Bershad Hynes & Lerach LLP/ In the news release 'Milberg Weiss Announces the Filing of a Class Action Suit Against Fred Alger Management Inc. and Others on Behalf of Purchasers of the Shares or Units of The Alger Family of Funds,' issued yesterday November 4, by Milberg Weiss Bershad Hynes & Lerach LLP over PR Newswire, we are advised by the company that the fifth paragraph, first sentence should read "... sustained damages, you may, no later than January 5, 2004 ..." rather than "January 5, 2003" as originally issued inadvertently. Complete corrected release follows: NEW YORK, Nov. 4 /PRNewswire/ -- The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on October 31, 2003, on behalf of purchasers of the securities of the Alger Funds family of funds (the "Funds") operated by Fred Alger Management, Inc. and its subsidiaries and affiliates, between November 1, 1998 and September 3, 2003, inclusive, (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/cases/algerfunds/ The Funds, and the symbols for the respective Funds named below, are as follows: Alger SmallCap Portfolio (Sym: ALSAX, ALSCX, AGSCX) Alger SmallCap and MidCap Portfolio (Sym: ALMAX, ALMBX, ALMCX) Alger MidCap Growth Portfolio (Sym: AMGAX, AMCGX, AMGCX) Alger LargeCap Growth Portfolio (Sym: ALGAX, AFGPX, ALGCX) Alger Capital Appreciation Portfolio (Sym: ACAAX, ACAPX, ALCCX) Alger Health Sciences Portfolio (Sym: AHSAX, AHSBX, AHSCX) Alger Balanced Portfolio (Sym: ALBAX, ALGBX, ALBCX) Alger Small Cap Institutional Fund (Sym: ALSRX, ASIRX) Alger MidCap Institutional Fund (Sym: ALMRX, ALGRX) Alger LargeCap Growth Institutional Fund (Sym: ALGRX, ALGIX) Alger Capital Appreciation Institutional Fund (Sym: ALARX, ACARX) Alger Balanced Institutional Fund (Sym: ABLRX, ABIRX) Alger Socially Responsible Growth Institutional Fund (Sym: ASRGX, ASRRX) Spectra Fund (Sym: SPEAX, SPECX) The action, numbered 03-CV-8627, is pending in the United States District Court for the Southern District of New York against defendants Fred Alger Management Inc., the Alger Fund, James P. Connelly, Jr., Veras Investment Partners, LLP, each of the Funds, and John Does 1-100. The Honorable Harold Baer, Jr. is the Judge presiding over the action. The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain favored investors, such as Veras Investment Partners, to engage in the "timing" of their transactions in the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices. In return for receiving extra fees from Veras Investment Partners and other favored investors, Fred Alger Management, and the other Alger defendants, allowed and facilitated timing activities by Veras Investment Partners and others, to the detriment of class members, who paid, dollar for dollar, for such favored investors' improper profits. These practices were undisclosed in the prospectuses of the Funds. If you bought the securities of any of the Funds between November 1, 1998 and September 3, 2003 and sustained damages, you may, no later than January 5, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action. Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com/) is a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: Steven G. Schulman Peter E. Seidman Andrei V. Rado One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 E-mail: Website: http://www.milberg.com/ DATASOURCE: Milberg Weiss Bershad Hynes & Lerach LLP CONTACT: Steven G. Schulman, Peter E. Seidman, or Andrei V. Rado, all of Milberg Weiss Bershad Hynes & Lerach LLP, 1-800-320-5081, Web site: http://www.milberg.com/ http://www.milberg.com/cases/algerfunds

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