Spectra Fund, the $420 million fund managed by Fred Alger Management of Jersey City, N.J., last week joined a small but successful group of funds that have split their shares in order to drop their share prices and attract more investors.

The Spectra Fund did a three for one share split that reduced the fund's net asset value from $30 per share to $10 per share. As of April 23, Spectra Fund shareholders owned three times as many shares at one-third of the share price.

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