0001104659-13-022649.txt : 20130321 0001104659-13-022649.hdr.sgml : 20130321 20130320175834 ACCESSION NUMBER: 0001104659-13-022649 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130320 EFFECTIVENESS DATE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER FUNDS CENTRAL INDEX KEY: 0000003521 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01355 FILM NUMBER: 13705978 BUSINESS ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-806-8833 MAIL ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: ALGER FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER FUNDS CENTRAL INDEX KEY: 0000003521 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-04959 FILM NUMBER: 13705979 BUSINESS ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-806-8833 MAIL ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: ALGER FUND DATE OF NAME CHANGE: 19920703 0000003521 S000009159 Alger LargeCap Growth Fund C000024900 Alger LargeCap Growth Fund Class A ALGAX C000024901 Alger LargeCap Growth Fund Class B AFGPX C000024902 Alger LargeCap Growth Fund Class C ALGCX C000095957 Alger LargeCap Growth Fund Class Z ALCZX 0000003521 S000009160 Alger SmallCap Growth Fund C000024903 Alger SmallCap Growth Fund Class A ALSAX C000024904 Alger SmallCap Growth Fund Class B ALSCX C000024905 Alger SmallCap Growth Fund Class C AGSCX C000095958 Alger SmallCap Growth Fund Class Z ASCZX 0000003521 S000009161 Alger Growth & Income Fund C000024906 Alger Growth & Income Fund Class A ALBAX C000024908 Alger Growth & Income Fund Class C ALBCX C000111113 Alger Growth & Income Fund Class Z AGIZX 0000003521 S000009162 Alger MidCap Growth Fund C000024909 Alger MidCap Growth Fund Class A AMGAX C000024910 Alger MidCap Growth Fund Class B AMCGX C000024911 Alger MidCap Growth Fund Class C AMGCX 0000003521 S000009163 Alger Capital Appreciation Fund C000024912 Alger Capital Appreciation Fund Class A ACAAX C000024913 Alger Capital Appreciation Fund Class B ACAPX C000024914 Alger Capital Appreciation Fund Class C ALCCX C000095959 Alger Capital Appreciation Fund Class Z ACAZX 0000003521 S000009164 Alger Health Sciences Fund C000024915 Alger Health Sciences Fund Class A AHSAX C000024916 Alger Health Sciences Fund Class B AHSBX C000024917 Alger Health Sciences Fund Class C AHSCX 0000003521 S000009165 Alger SMidCap Growth Fund C000024918 Alger SMidCap Growth Fund Class A ALMAX C000024919 Alger SMidCap Growth Fund Class B ALMBX C000024920 Alger SMidCap Growth Fund Class C ALMCX C000051550 Alger SMidCap Growth Fund Class I ASIMX C000095960 Alger SMidCap Growth Fund Class Z ASMZX 0000003521 S000020958 Alger Growth Opportunities Fund C000059337 Alger Growth Opportunities Fund Class A AOFAX C000059339 Alger Growth Opportunities Fund Class C AOFCX C000059340 Alger Growth Opportunities Fund Class I AOFIX C000095961 Alger Growth Opportunities Fund Class Z AGOZX 485BPOS 1 a12-27266_21485bpos.htm 485BPOS

As filed with the Securities and Exchange Commission on March 21, 2013

 

Securities Act File No. 33-4959

Investment Company Act File No. 811-1355

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

x

 

 

 

     Pre-Effective Amendment No.

 

o

 

     Post-Effective Amendment No. 74

 

x

 

     and/or

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

x

 

     Amendment No. 76

 

x

 

(Check appropriate box or boxes)

 

THE ALGER FUNDS

(a Massachusetts business trust)

(Exact Name of Registrant as Specified in Charter)

 

360 Park Avenue South, New York, New York

 

10010

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, including Area Code: 212-806-8800

 

Hal Liebes

Fred Alger Management, Inc.

360 Park Avenue South,

New York, NY 10010

(Name and Address of Agent for Service)

 

copy to:

Gary L. Granik, Esq.

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

 

It is proposed that this filing will become effective (check appropriate box):

 

x       immediately upon filing pursuant to paragraph (b)

 

o        on (date) pursuant to paragraph (b)

 

o        60 days after filing pursuant to paragraph (a)(1)

 

o        on (date) pursuant to paragraph (a)(1)

 

o        75 days after filing pursuant to paragraph (a)(2)

 

o        on (date) pursuant to paragraph (a)(2) of Rule 485

 

If appropriate, check the following box:

 

o        This post-effective amendment designates a new effective date for a previously filed post-effective amendment.  

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant hereby certifies that it meets all the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereto duly authorized, in the City of  New York and State of New York on the 21st of March, 2013.

 

 

 

THE ALGER FUNDS

 

 

 

 

 

By: /s/ Hal Liebes

 

 

Hal Liebes

 

President

 

 

 

 

ATTEST: /s/

Lisa A. Moss

 

 

 

Lisa A. Moss, Assistant Secretary

 

 

Pursuant to the requirements of the Securities Act of 1933, this Amendment has been signed below by the following persons in the capacities and on the dates indicated.

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

/s/ Hal Liebes

 

 

President

 

March 21, 2013

Hal Liebes

 

 

(Principal Executive Officer)

 

 

 

 

 

 

 

 

/s/ Michael D. Martins

 

 

Treasurer

 

March 21, 2013

Michael D. Martins

 

 

(Chief Financial Officer)

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

Charles F. Baird, Jr.

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

Roger P. Cheever

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

Lester L. Colbert, Jr.

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

Hilary M. Alger

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

Nathan E. Saint-Amand

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

Stephen E. O’Neil

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

March 21, 2013

David Rosenberg

 

 

 

 

 

 


*By: /s/ Hal Liebes

 

 

 

 

 

 Hal Liebes

 

 

 

 

 

 Attorney-In-Fact

 

 

 

 

 

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

EX-101.INS 2 ck0000003521-20130222.xml XBRL INSTANCE DOCUMENT 0000003521 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member ck0000003521:C000024912Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member ck0000003521:C000024913Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member ck0000003521:C000024914Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024912Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024912Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_46Member ck0000003521:S000009163Member ck0000003521:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member ck0000003521:C000024900Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member ck0000003521:C000024901Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member ck0000003521:C000024902Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024900Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024900Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_103Member ck0000003521:S000009159Member ck0000003521:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member ck0000003521:C000024909Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member ck0000003521:C000024910Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member ck0000003521:C000024911Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024909Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024909Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009162_157Member ck0000003521:S000009162Member ck0000003521:index_Russell_Midcap_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member ck0000003521:C000024918Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member ck0000003521:C000024919Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member ck0000003521:C000024920Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024918Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024918Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_213Member ck0000003521:S000009165Member ck0000003521:index_Russell_2500_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member ck0000003521:C000024903Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member ck0000003521:C000024904Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member ck0000003521:C000024905Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024903Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024903Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_267Member ck0000003521:S000009160Member ck0000003521:index_Russell_2000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_320Member ck0000003521:S000020958Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_320Member ck0000003521:S000020958Member ck0000003521:C000059337Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_320Member ck0000003521:S000020958Member ck0000003521:C000059339Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_320Member ck0000003521:S000020958Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000059337Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_320Member ck0000003521:S000020958Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000059337Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_320Member ck0000003521:S000020958Member ck0000003521:index_Russell_2500_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member ck0000003521:C000024915Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member ck0000003521:C000024916Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member ck0000003521:C000024917Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024915Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024915Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009164_375Member ck0000003521:S000009164Member ck0000003521:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxes0Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_436Member ck0000003521:S000009161Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_436Member ck0000003521:S000009161Member ck0000003521:C000024906Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_436Member ck0000003521:S000009161Member ck0000003521:C000024908Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_436Member ck0000003521:S000009161Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000024906Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_436Member ck0000003521:S000009161Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000024906Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_436Member ck0000003521:S000009161Member ck0000003521:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxes0Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_966Member ck0000003521:S000009163Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_966Member ck0000003521:S000009163Member ck0000003521:C000095959Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_966Member ck0000003521:S000009163Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000095959Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_966Member ck0000003521:S000009163Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000095959Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_966Member ck0000003521:S000009163Member ck0000003521:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009163_966Member ck0000003521:S000009163Member ck0000003521:index_Russell_3000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_1018Member ck0000003521:S000009159Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_1018Member ck0000003521:S000009159Member ck0000003521:C000095957Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_1018Member ck0000003521:S000009159Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000095957Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_1018Member ck0000003521:S000009159Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000095957Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009159_1018Member ck0000003521:S000009159Member ck0000003521:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1066Member ck0000003521:S000009165Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1066Member ck0000003521:S000009165Member ck0000003521:C000051550Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1066Member ck0000003521:S000009165Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000051550Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1066Member ck0000003521:S000009165Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000051550Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1066Member ck0000003521:S000009165Member ck0000003521:index_Russell_2500_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1115Member ck0000003521:S000009165Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1115Member ck0000003521:S000009165Member ck0000003521:C000095960Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1115Member ck0000003521:S000009165Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000095960Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1115Member ck0000003521:S000009165Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000095960Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009165_1115Member ck0000003521:S000009165Member ck0000003521:index_Russell_2500_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_1163Member ck0000003521:S000009160Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_1163Member ck0000003521:S000009160Member ck0000003521:C000095958Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_1163Member ck0000003521:S000009160Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000095958Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_1163Member ck0000003521:S000009160Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000095958Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009160_1163Member ck0000003521:S000009160Member ck0000003521:index_Russell_2000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1210Member ck0000003521:S000020958Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1210Member ck0000003521:S000020958Member ck0000003521:C000059340Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1210Member ck0000003521:S000020958Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000059340Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1210Member ck0000003521:S000020958Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000059340Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1210Member ck0000003521:S000020958Member ck0000003521:index_Russell_2500_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1259Member ck0000003521:S000020958Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1259Member ck0000003521:S000020958Member ck0000003521:C000095961Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1259Member ck0000003521:S000020958Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000095961Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1259Member ck0000003521:S000020958Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000095961Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000020958_1259Member ck0000003521:S000020958Member ck0000003521:index_Russell_2500_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_1308Member ck0000003521:S000009161Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_1308Member ck0000003521:S000009161Member ck0000003521:C000111113Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_1308Member ck0000003521:S000009161Member rr:AfterTaxesOnDistributionsMember ck0000003521:C000111113Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_1308Member ck0000003521:S000009161Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000003521:C000111113Member 2012-10-31 2012-10-31 0000003521 ck0000003521:S000009161_1308Member ck0000003521:S000009161Member ck0000003521:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxes0Member 2012-10-31 2012-10-31 xbrli:pure iso4217:USD Performance of the Fund's Class C Shares prior to July 31, 1997 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. Since inception performance of the Fund's Class B Shares is available upon request. Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Capital Appreciation Fund. The management fee for assets in excess of $2 billion is .65%, with an additional breakpoint of .60% for assets in excess of $4 billion. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Large Cap Growth Fund. The management fee for assets in excess of $1 billion is .60%. Performance of the Fund's Class C Shares prior to July 31, 1997 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. Since inception performance of the Fund's Class B Shares is available upon request. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Mid Cap Growth Fund. The management fee for assets in excess of $1 billion is .70%. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger SMid Cap Growth Fund. The management fee for assets in excess of $1 billion is .75%. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Small Cap Growth Fund. The management fee for assets in excess of $1 billion is .75%. The Annual Fund Operating Expenses are as of the fiscal year ended October 31, 2012, adjusted for fees currently in place. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Growth Opportunities Fund. The management fee for assets in excess of $1 billion is .75%. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses through February 28, 2014, to the extent necessary to limit the annual operating expenses of the Fund's Class A Shares to 1.60%, and Class C Shares to 2.25%, of the class's average net assets (excluding interest, taxes, brokerage, and extraordinary expenses). This expense reimbursement cannot be terminated. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Health Sciences Fund. The management fee for assets in excess of $500 million is .65%. Performance of the Fund's Class C Shares prior to July 31, 1997 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Growth & Income Fund. The management fee for assets in excess of $1 billion is .55%. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Capital Appreciation Fund. The management fee for assets in excess of $2 billion is .65%, with an additional breakpoint of 0.60% for assets in excess of $4 billion. Fred Alger Management, Inc. has contractually agreed to waive its fee and/or reimburse Fund expenses through February 28, 2014 to the extent necessary to limit the annual operating expenses (excluding dividends on short sales, interest, taxes, brokerage, and extraordinary expenses) of Class Z Shares of the Fund to .97% of the class's average net assets. This expense reimbursement cannot be terminated. Performance of the Fund's Class I Shares prior to August 6, 2007 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. Fred Alger Management, Inc. has contractually agreed to waive its fee and/or reimburse Fund expenses through February 28, 2014 to the extent necessary to limit the annual operating expenses (excluding dividends on short sales, interest, taxes, brokerage, and extraordinary expenses) of Class Z Shares of the Fund to .99% of the class's average net assets. This expense reimbursement cannot be terminated. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses through February 28, 2014 to the extent necessary to limit the annual operating expenses of Class I Shares of the Fund to 1.35% of the class's average net assets (excluding interest, taxes, brokerage and extraordinary expenses). This expense reimbursement cannot be terminated. Fred Alger Management, Inc. has contractually agreed to waive its fee and/or reimburse Fund expenses through February 28, 2014 to the extent necessary to limit the annual operating expenses (excluding dividends on short sales, interest, taxes, brokerage, and extraordinary expenses) of Class Z Shares of the Fund to 1.10% of the class's average net assets. This expense reimbursement cannot be terminated. Fred Alger Management, Inc. has contractually agreed to waive its fee and/or reimburse Fund expenses through February 28, 2014 to the extent necessary to limit the annual operating expenses (excluding dividends on short sales, interest, taxes, brokerage, and extraordinary expenses) of Class Z Shares of the Fund to .95% of the class's average net assets. This expense reimbursement cannot be terminated. ALGER FUNDS 485BPOS false 0000003521 2012-10-31 2013-02-22 2013-02-28 2013-03-01 Alger Capital Appreciation Fund ACAAX ACAPX ALCCX PERFORMANCE <p style="margin:0pt 0pt 4.75pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.3526 0.0743 0.1501 0.1876 0.3193 -0.4444 0.5000 0.1311 -0.0097 0.1784 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_46Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ Best Quarter: 0.2060 2009-06-30 Worst Quarter: -0.2257 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160;&#160; 20.60% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -22.57% </p> 0.1161 0.0084 0.1055 0.0723 0.1127 0.0077 0.1052 0.0665 0.0764 0.0068 0.0944 0.0614 0.1196 0.0067 0.1047 0.0719 0.1589 0.0113 0.1033 0.0696 0.1526 0.0312 0.0752 0.0510 1996-12-31 1997-07-31 1993-11-01 1996-12-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_46Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class B and Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class B and Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 142.32% of the average value of its portfolio.</font> </p> 1.4232 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 4.75pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 4.75pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 4.75pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 4.75pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value can decrease more quickly than if the Fund had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal market circumstances, the Fund invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes demonstrate promising growth potential.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font><br /> </font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 649 913 1195 2000 714 961 1334 2232 310 649 1114 2400 649 913 1195 2000 214 661 1134 2232 210 649 1114 2400 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_46Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_46Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0000 0.0100 0.0500 0.0100 -0.0200 -0.0200 -0.0200 0.0081 0.0081 0.0081 0.0025 0.0100 0.0100 0.0023 0.0030 0.0026 0.0129 0.0211 0.0207 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_46Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_46Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Capital Appreciation Fund seeks long-term capital appreciation.</font> </p> Alger Large Cap Growth Fund ALGAX AFGPX ALGCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.3458 0.0567 0.1145 0.0491 0.1950 -0.4583 0.4097 0.1267 -0.0051 0.0931 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_103Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ Best Quarter: 0.1739 2003-06-30 Worst Quarter: -0.2633 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2003&#160;&#160;&#160;&#160;&#160; 17.39% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -26.33% </p> 0.0358 -0.0237 0.0583 0.0482 0.0331 -0.0246 0.0579 0.0399 0.0233 -0.0205 0.0510 0.0382 0.0361 -0.0238 0.0582 0.0478 0.0752 -0.0208 0.0561 0.0456 0.1526 0.0312 0.0752 0.0510 1996-12-31 1996-12-31 1996-12-31 1996-12-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_103Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin: 12pt 0pt 3pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or indi<font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">vidual retirement accounts. After-tax returns for Class B and Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font></font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class B and Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or indi vidual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 148.66% of the average value of its portfolio.</font> </p> 1.4866 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on growing companies that generally have broad product lines, markets, financial resources and depth of management. Under normal circumstances the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have a market capitalization equal to or greater than the market capitalization of companies included in the Russell 1000 Growth Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of large-capitalization growth stocks. At December 31, 2012, the market capitalization of the companies in this index ranged from $417.8 million to $498.4 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Board of Trustees of the Fund has approved further narrowing the Fund's investment focus within the range set forth above. Under normal circumstances, the Fund intends to invest at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have a market capitalization greater than $10 billion. The Fund will not purchase securities of companies that, at the time of purchase of the securities, have a market capitalization less than $4 billion. Additionally, the Fund will generally limit its investments to between 70 and 100 holdings.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 653 924 1216 2042 700 918 1262 2130 311 652 1119 2410 653 924 1216 2042 200 618 1062 2130 211 652 1119 2410 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20011 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_103Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_103Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0000 0.0100 0.0500 0.0100 -0.0200 -0.0200 -0.0200 0.0071 0.0071 0.0071 0.0025 0.0100 0.0100 0.0037 0.0026 0.0037 0.0133 0.0197 0.0208 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20009 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_103Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20010 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_103Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Large Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger Mid Cap Growth Fund AMGAX AMCGX AMGCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.4590 0.1266 0.0934 0.0972 0.3151 -0.5849 0.5078 0.1873 -0.0825 0.1609 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009162_157Member column dei_LegalEntityAxis compact ck0000003521_S000009162Member row primary compact * ~ Best Quarter: 0.2022 2003-06-30 Worst Quarter: -0.3240 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2003&#160;&#160;&#160;&#160;&#160; 20.22% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -32.40% </p> 0.1001 -0.0560 0.0687 0.0698 0.1002 -0.0560 0.0565 0.0505 0.0651 -0.0468 0.0545 0.0505 0.1028 -0.0572 0.0677 0.0693 0.1418 -0.0540 0.0656 0.0649 0.1581 0.0323 0.1032 0.0707 1996-12-31 1996-12-31 1996-12-31 1996-12-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009162_157Member column dei_LegalEntityAxis compact ck0000003521_S000009162Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin: 12pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class B and C Shares, which are not shown, will vary from <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font><br /> </font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 234.91% of the average value of its portfolio.</font> </p> 2.3491 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in medium-capitalization companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on mid-sized companies that Fred Alger Management, Inc. believes demonstrate promising growth potential. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell Midcap Growth Index or the S&amp;P MidCap 400 Index, as reported by the indexes as of the most recent quarter-end. Both indexes are designed to track the performance of medium-capitalization stocks. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $350 million to $25 billion.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font><br /> </font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 660 945 1251 2117 711 952 1319 2237 325 694 1190 2554 660 945 1251 2117 211 652 1119 2237 225 694 1190 2554 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20019 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009162_157Member column dei_LegalEntityAxis compact ck0000003521_S000009162Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009162_157Member column dei_LegalEntityAxis compact ck0000003521_S000009162Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0000 0.0100 0.0500 0.0100 -0.0200 -0.0200 -0.0200 0.0076 0.0076 0.0076 0.0025 0.0100 0.0100 0.0039 0.0032 0.0046 0.0140 0.0208 0.0222 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20017 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009162_157Member column dei_LegalEntityAxis compact ck0000003521_S000009162Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20018 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009162_157Member column dei_LegalEntityAxis compact ck0000003521_S000009162Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Mid Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger SMid Cap Growth Fund ALMAX ALMBX ALMCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.3693 0.1547 0.1910 0.1785 0.2625 -0.4861 0.4403 0.2330 -0.0419 0.1410 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_213Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Best Quarter: 0.1799 2003-06-30 Worst Quarter: -0.2833 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2003&#160;&#160;&#160;&#160;&#160; 17.99% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -28.33% </p> 0.0809 -0.0112 0.1022 0.0666 0.0741 -0.0125 0.0978 0.0626 0.0617 -0.0095 0.0900 0.0575 0.0809 -0.0124 0.1016 0.0659 0.1214 -0.0082 0.1002 0.0641 0.1613 0.0407 0.1055 0.0709 2002-05-08 2002-05-08 2002-05-08 2002-05-08 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_213Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:14.5pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 81.09% of the average value of its portfolio.</font> </p> 0.8109 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers due to such factors as more limited product lines or financial resources or lack of management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. The Fund focuses on smallcap and midcap companies that Fred Alger Management, Inc. believes demonstrate promising growth potential. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively, as reported by the indexes as of the most recent quarter-end. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $27 million to $25 billion.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 649 913 1195 2000 713 958 1329 2224 312 655 1124 2421 649 913 1195 2000 213 658 1129 2224 212 655 1124 2421 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20027 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_213Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_213Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0000 0.0100 0.0500 0.0100 -0.0200 -0.0200 -0.0200 0.0081 0.0081 0.0081 0.0025 0.0100 0.0100 0.0023 0.0029 0.0028 0.0129 0.0210 0.0209 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20025 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_213Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20026 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_213Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger SMid Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger Small Cap Growth Fund ALSAX ALSCX AGSCX PERFORMANCE <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.4281 0.1572 0.1614 0.1901 0.1598 -0.4596 0.4436 0.2530 -0.0271 0.1200 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_267Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ Best Quarter: 0.2075 2009-06-30 Worst Quarter: -0.2727 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160;&#160; 20.75% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -27.27% </p> 0.0609 0.0018 0.1033 0.0271 0.0547 0.0006 0.1026 0.0182 0.0479 0.0015 0.0924 0.0194 0.0618 0.0028 0.1027 0.0269 0.1019 0.0032 0.1003 0.0248 0.1459 0.0349 0.0980 0.0458 1996-12-31 1997-07-31 1986-11-11 1996-12-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_267Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72.59% of the average value of its portfolio.</font> </p> 0.7259 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less seasoned companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 2000 Growth Index or the S&amp;P SmallCap 600 Index, as reported by the indexes as of the most recent quarter-end. Both indexes are broad indexes of small capitalization stocks. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $27 million to $4.7 billion.</font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 660 945 1251 2117 719 976 1359 2300 322 685 1175 2524 660 945 1251 2117 219 676 1159 2300 222 685 1175 2524 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20035 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_267Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20036 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_267Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0000 0.0100 0.0500 0.0100 -0.0200 -0.0200 -0.0200 0.0081 0.0081 0.0081 0.0025 0.0100 0.0100 0.0034 0.0035 0.0038 0.0140 0.0216 0.0219 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20033 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_267Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20034 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_267Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Small Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger Growth Opportunities Fund AOFAX AOFCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.4609 0.2825 -0.0505 0.1355 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20045 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_320Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ Best Quarter: 0.2250 2009-06-30 Worst Quarter: -0.2302 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160;&#160; 22.50% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160; -23.02% </p> 0.0763 0.0295 0.0564 0.0229 0.0761 0.0250 0.1185 0.0333 0.1613 0.0651 2008-03-03 2008-03-03 2008-03-03 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20046 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_320Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63.81% of the average value of its portfolio.</font> </p> 0.6381 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less seasoned companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in the stock of small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Although the Fund may invest without limit in companies of any size, the Fund focuses on companies that, at the time of purchase of the securities, have a total market capitalization not exceeding the highest market capitalization of companies included in the Russell 2500 Growth Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of small and medium capitalization stocks. At December 31, 2012, the highest market capitalization of the companies in this index was $8.6 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 679 1201 1748 3235 328 924 1643 3549 679 1201 1748 3235 228 924 1643 3549 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20043 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_320Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20044 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_320Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0085 0.0085 0.0025 0.0100 0.0150 0.0148 0.0260 0.0333 -0.0100 -0.0108 0.0160 0.0225 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20041 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_320Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20042 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_320Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ 2014-02-28 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. The Annual Fund Operating Expenses are as of the fiscal year ended October 31, 2012, adjusted for fees currently in place. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Growth Opportunities Fund seeks long-term capital appreciation.</font> </p> Alger Health Sciences Fund AHSAX AHSBX AHSCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.4134 0.1810 0.1824 0.0926 0.1609 -0.2616 0.2738 0.0299 0.1060 0.1138 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20053 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009164_375Member column dei_LegalEntityAxis compact ck0000003521_S000009164Member row primary compact * ~ Best Quarter: 0.1675 2003-06-30 Worst Quarter: -0.1620 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2003&#160;&#160;&#160;&#160;&#160; 16.75% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -16.20% </p> 0.0552 0.0248 0.1096 0.0936 0.0362 0.0211 0.1012 0.0857 0.0578 0.0209 0.0941 0.0798 0.0561 0.0238 0.1088 0.0927 0.0955 0.0279 0.1072 0.0908 0.1600 0.0166 0.0710 0.0467 2002-05-01 2002-05-01 2002-05-01 2002-05-01 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20054 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009164_375Member column dei_LegalEntityAxis compact ck0000003521_S000009164Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:13pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 110.37% of the average value of its portfolio.</font> </p> 1.1037 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;since the Fund concentrates its investments in the health sciences sector, the value of the Fund's shares may be more volatile than mutual funds that do not similarly concentrate their investments. Furthermore, because many of the industries in the health sciences sector are subject to substantial government regulation, changes in applicable regulations could adversely affect companies in those industries. In addition, the comparative rapidity of product development and technological advancement in many areas of the sector may be reflected in greater volatility of the stocks of companies operating in those areas.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that are engaged in the health sciences sector. A company will be considered to be engaged in the health sciences sector if it derives at least 50% of its earnings or revenues from, or devotes at least 50% of its assets to, activities in any area of the health sciences sector, including health care services, pharmaceuticals, medical equipment and supplies and applied research and development. Such companies include, but are not limited to:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;hospitals, clinical test laboratories, convalescent and mental health care facilities, home care providers, and companies that supply services to any of the foregoing;</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;companies involved in pharmaceuticals, biotechnology, biochemistry and diagnostics; and</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;producers and manufacturers of medical, dental and optical supplies and equipment.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that are engaged in the health sciences sector. EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 657 936 1236 2085 719 976 1359 2292 317 670 1149 2472 657 936 1236 2085 219 676 1159 2292 217 670 1149 2472 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20051 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009164_375Member column dei_LegalEntityAxis compact ck0000003521_S000009164Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20052 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009164_375Member column dei_LegalEntityAxis compact ck0000003521_S000009164Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0000 0.0100 0.0500 0.0100 -0.0200 -0.0200 -0.0200 0.0081 0.0081 0.0081 0.0025 0.0100 0.0100 0.0031 0.0035 0.0033 0.0137 0.0216 0.0214 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20049 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009164_375Member column dei_LegalEntityAxis compact ck0000003521_S000009164Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20050 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009164_375Member column dei_LegalEntityAxis compact ck0000003521_S000009164Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Health Sciences Fund seeks long-term capital appreciation.</font> </p> Alger Growth & Income Fund ALBAX ALBCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Prior to April 1, 2011, the Fund followed a different investment objective and different strategies under the name "Alger Balanced Fund." Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.2236 0.0460 0.0803 0.0437 0.1234 -0.3144 0.2845 0.0957 0.0484 0.1179 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20061 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_436Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ Best Quarter: 0.1245 2011-12-31 Worst Quarter: -0.1768 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2011&#160;&#160;&#160;&#160;&#160; 12.45% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -17.68% </p> 0.0592 0.0138 0.0567 0.0644 0.0522 0.0070 0.0510 0.0541 0.0384 0.0075 0.0460 0.0505 0.0993 0.0172 0.0546 0.0618 0.1600 0.0166 0.0710 0.0608 1997-07-31 1996-12-31 1996-12-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20062 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_436Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:8pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45.36% of the average value of its portfolio.</font> </p> 0.4536 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any portfolio that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds. In addition, there are special risks associated with investing in preferred securities, including deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights and special redemption rights. The market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;companies may cut or fail to declare dividends due to market downturns or other reasons.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less seasoned companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any portfolio that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in equity securities such as common or preferred stocks which Fred Alger Management, Inc. believes offer opportunities for capital appreciation and which also pay dividends. In considering such companies, Fred Alger Management, Inc, classifies them into three categories: Dividend Leaders &#8211; companies that generate high dividend yields; Dividend Growers &#8211; companies that have a history of strong and consistent dividend growth; and Kings of Cash Flow &#8211; companies that have strong potential for generating capital appreciation and the ability to return significant amounts of cash to investors as a result of their free cash flow. The Fund intends to invest at least 65% of its total assets in dividend paying equity securities. The Fund may invest up to 35% of its total assets in equity securities that do not pay dividends or in money market instruments and repurchase agreements. The Fund focuses on growing companies that, at the time of purchase of the securities, have a market capitalization equal to or greater than the market capitalization of companies included in the S&amp;P 500 Index, as reported by the index as of the most recent quarter-end. This index is designed to track the <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">performance of large-capitalization stocks. At December 31, 2012, the market capitalization of the companies in this index ranged from $1.5 billion to $516.5 billion.</font><br /> </font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 646 901 1175 1957 304 630 1083 2338 646 901 1175 1957 204 630 1083 2338 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20059 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_436Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20060 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_436Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 26 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.00585 0.00585 0.0025 0.0100 0.00415 0.00425 0.0125 0.0201 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20057 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_436Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20058 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_436Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Alger Growth &amp; Income Fund seeks to provide capital appreciation and current income.</font> </p> Alger Capital Appreciation Fund ACAZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS Z SHARES as of December 31 (%) -0.0069 0.1827 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20068 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_966Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ Best Quarter: 0.1675 2012-03-31 Worst Quarter: -0.1541 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012&#160;&#160;&#160;&#160;&#160; 16.75% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160;&#160; -15.41% </p> 0.1827 0.0824 0.1779 0.0802 0.1198 0.0694 0.1526 0.0859 0.1521 0.0829 2010-12-29 2010-12-29 2010-12-29 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20069 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_966Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 142.32% of the average value of its portfolio.</font> </p> 1.4232 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value can decrease more quickly than if the Fund had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal market circumstances, the Fund invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes demonstrate promising growth potential.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 99 318 554 1233 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20067 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_966Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0081 0.0000 0.0020 0.0101 -0.0004 0.0097 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20065 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_966Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20066 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009163_966Member column dei_LegalEntityAxis compact ck0000003521_S000009163Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Capital Appreciation Fund seeks long-term capital appreciation.</font> </p> Alger Large Cap Growth Fund ALCZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS Z SHARES as of December 31 (%) -0.0034 0.0977 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20075 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_1018Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ Best Quarter: 0.1429 2012-09-30 Worst Quarter: -0.1431 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2012&#160;&#160;&#160;&#160;&#160; 14.29% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160;&#160; -14.31% </p> 0.0977 0.0445 0.0935 0.0425 0.0635 0.0368 0.1526 0.0859 2010-12-29 2010-12-29 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20076 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_1018Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Average Annual Total Return as of December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 148.66% of the average value of its portfolio.</font> </p> 1.4866 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on growing companies that generally have broad product lines, markets, financial resources and depth of management. Under normal circumstances the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have a market capitalization equal to or greater than the market capitalization of companies included in the Russell 1000 Growth Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of large-capitalization growth stocks. At December 31, 2012, the market capitalization of the companies in this index ranged from $417.8 million to $498.4 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Board of Trustees of the Fund has approved further narrowing the Fund's investment focus within the range set forth above. Under normal circumstances, the Fund intends to invest at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have a market capitalization greater than $10 billion. The Fund will not purchase securities of companies that, at the time of purchase of the securities, have a market capitalization less than $4 billion. Additionally, the Fund will generally limit its investments to between 70 and 100 holdings.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 98 306 531 1178 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20074 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_1018Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0071 0.0000 0.0025 0.0096 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20072 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_1018Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20073 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009159_1018Member column dei_LegalEntityAxis compact ck0000003521_S000009159Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Large Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger SMid Cap Growth Fund ASIMX PERFORMANCE <p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance prior to August 6, 2007, commencement of the Class I Share's operations, is that of the Fund's Class A Shares. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.3693 0.1547 0.1910 0.1785 0.2654 -0.4856 0.4433 0.2341 -0.0391 0.1410 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20082 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1066Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Best Quarter: 0.1802 2009-06-30 Worst Quarter: -0.2832 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160;&#160; 18.02% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:<br /> </strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -28.32% </p> 0.1410 0.0009 0.1093 0.0729 0.1339 -0.0003 0.1048 0.0689 0.1012 0.0008 0.0965 0.0632 0.1613 0.0407 0.1055 0.0709 2002-05-08 2007-08-06 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20083 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1066Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin: 14pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font><br /> </font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 81.09% of the average value of its portfolio.</font> </p> 0.8109 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers owing to such factors as more limited product lines or financial resources or lack of management depth.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. The Fund focuses on smallcap and midcap companies that Fred Alger Management, Inc. believes demonstrate promising growth potential. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively, as reported by the indexes as of the most recent quarter-end. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $27 million to $25 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 125 390 676 1489 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20081 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1066Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0081 0.0025 0.0017 0.0123 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20079 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1066Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20080 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1066Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger SMid Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger SMid Cap Growth Fund ASMZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS Z SHARES as of December 31 (%) -0.0374 0.1443 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20089 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1115Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Best Quarter: 0.1436 2012-03-31 Worst Quarter: -0.2267 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012&#160;&#160;&#160;&#160;&#160; 14.36% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160;&#160; -22.67% </p> 0.1443 0.0464 0.1372 0.0432 0.1034 0.0396 0.1613 0.0656 2010-12-29 2010-12-29 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20090 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1115Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin: 12pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font><br /> </font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 81.09% of the average value of its portfolio.</font><br /> </font> </p> 0.8109 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers due to such factors as more limited product lines or financial resources or lack of management depth.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. The Fund focuses on smallcap and midcap companies that Fred Alger Management, Inc. believes demonstrate promising growth potential. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively, as reported by the indexes as of the most recent quarter-end. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $27 million to $25 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 99 309 536 1190 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20088 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1115Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0081 0.0000 0.0016 0.0097 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20086 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1115Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20087 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009165_1115Member column dei_LegalEntityAxis compact ck0000003521_S000009165Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger SMid Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger Small Cap Growth Fund ASCZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS Z SHARES as of December 31 (%) -0.0298 0.1245 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20096 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_1163Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ Best Quarter: 0.1548 2011-12-31 Worst Quarter: -0.2289 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2011&#160;&#160;&#160;&#160;&#160; 15.48% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160;&#160; -22.89% </p> 0.1245 0.0409 0.1180 0.0379 0.0897 0.0349 0.1459 0.0500 2010-12-29 2010-12-29 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20097 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_1163Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin: 12pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font><br /> </font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72.59% of the average value of its portfolio.</font> </p> 0.7259 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less seasoned companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 2000 Growth Index or the S&amp;P SmallCap 600 Index, as reported by the indexes as of the most recent quarter-end. Both indexes are broad indexes of small capitalization stocks. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $27 million to $4.7 billion.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 101 326 569 1266 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20095 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_1163Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0081 0.0000 0.0023 0.0104 -0.0005 0.0099 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20093 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_1163Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20094 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009160_1163Member column dei_LegalEntityAxis compact ck0000003521_S000009160Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Small Cap Growth Fund seeks long-term capital appreciation.</font> </p> Alger Growth Opportunities Fund AOFIX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.4659 0.2860 -0.0494 0.1396 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20103 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1210Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ Best Quarter: 0.2264 2009-06-30 Worst Quarter: -0.2295 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160;&#160; 22.64% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160;&#160; -22.95% </p> 0.1396 0.0433 0.1188 0.0367 0.1185 0.0370 0.1613 0.0651 2008-03-31 2008-03-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20104 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1210Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown.The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63.81% of the average value of its portfolio.</font> </p> 0.6381 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers owing to such factors as more limited product lines or financial resources or lack of management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage will exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in the stock of small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Although the Fund may invest without limit in companies of any size, the Fund focuses on companies that, at the time of purchase of the securities, have a total market capitalization not exceeding the highest market capitalization of companies included in the Russell 2500 Growth Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of small and medium capitalization stocks. At December 31, 2012, the highest market capitalization of the companies in this index was $8.6 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 137 813 1513 3376 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20102 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1210Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0085 0.0025 0.0210 0.0320 -0.0185 0.0135 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20100 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1210Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20101 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1210Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Growth Opportunities Fund seeks long-term capital appreciation.</font> </p> Alger Growth Opportunities Fund AGOZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS Z SHARES as of December 31 (%) -0.0479 0.1422 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20110 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1259Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ Best Quarter: 0.1433 2012-03-31 Worst Quarter: -0.2298 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012&#160;&#160;&#160;&#160;&#160; 14.33% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011&#160;&#160;&#160;&#160;&#160; -22.98% </p> 0.1422 0.0404 0.1214 0.0245 0.1203 0.0338 0.1613 0.0656 2010-12-29 2010-12-29 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20111 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1259Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63.81% of the average value of its portfolio.</font> </p> 0.6381 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less seasoned companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 5pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in the stock of small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Although the Fund may invest without limit in companies of any size, the Fund focuses on companies that, at the time of purchase of the securities, have a total market capitalization not exceeding the highest market capitalization of companies included in the Russell 2500 Growth Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of small and medium capitalization stocks. At December 31, 2012, the highest market capitalization of the companies in this index was $8.6 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 112 684 1283 2905 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20109 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1259Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0085 0.0000 0.0184 0.0269 -0.0159 0.0110 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20107 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1259Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20108 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000020958_1259Member column dei_LegalEntityAxis compact ck0000003521_S000020958Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Growth Opportunities Fund seeks long-term capital appreciation.</font> </p> Alger Growth & Income Fund AGIZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Class Z Shares were not offered prior to February 28, 2012. Historical performance below is that of the Fund's Class A Shares. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Prior to April 1, 2011, the Fund followed a different investment objective and different strategies under the name "Alger Balanced Fund." Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.2236 0.0460 0.0803 0.0437 0.1234 -0.3144 0.2845 0.0957 0.0483 0.1179 ~ http://algerfunds.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20117 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_1308Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ Best Quarter: 0.1245 2011-12-31 Worst Quarter: -0.1768 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2011&#160;&#160;&#160;&#160;&#160; 12.45% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008&#160;&#160;&#160;&#160;&#160; -17.68% </p> 0.0592 0.0138 0.0567 0.0644 0.0522 0.0070 0.0510 0.0541 0.0384 0.0075 0.0460 0.0505 0.1600 0.0166 0.0710 0.0608 1996-12-31 1996-12-31 ~ http://algerfunds.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20118 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_1308Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45.36% of the average value of its portfolio.</font> </p> 0.4536 PRINCIPAL RISKS <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any portfolio that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds. In addition, there are special risks associated with investing in preferred securities, including deferral and <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights and special redemption rights. The market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;companies may cut or fail to declare dividends due to market downturns or other reasons.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less seasoned companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any portfolio that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in equity securities such as common or preferred stocks which Fred Alger Management, Inc. believes offer opportunities for capital appreciation and which also pay dividends. In considering such companies, Fred Alger Management, Inc, classifies them into three categories: Dividend Leaders &#8211; companies that generate high dividend yields; Dividend Growers &#8211; companies that have a history of strong and consistent dividend growth; and Kings of Cash Flow &#8211; companies that have strong potential for generating capital appreciation and the ability to return significant amounts of cash to investors as a result of their free cash flow. The Fund intends to invest at least 65% of its total assets in dividend paying equity securities. The Fund may invest up to 35% of its total assets in equity securities that do not pay dividends or in money market instruments and repurchase agreements. The Fund focuses on growing companies that, at the time of purchase of the securities, have a market capitalization equal to or greater than the market capitalization of companies included in the S&amp;P 500 Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of large-capitalization stocks. At December 31, 2012, the market capitalization of the companies in this index ranged from $1.5 billion to $516.5 billion.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 97 717 1364 3101 ~ http://algerfunds.com/20130222/role/ScheduleExpenseExampleTransposed20116 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_1308Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.00585 0.0000 0.02335 0.0292 -0.0197 0.0095 ~ http://algerfunds.com/20130222/role/ScheduleShareholderFees20114 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_1308Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ ~ http://algerfunds.com/20130222/role/ScheduleAnnualFundOperatingExpenses20115 column dei_DocumentInformationDocumentAxis compact ck0000003521_S000009161_1308Member column dei_LegalEntityAxis compact ck0000003521_S000009161Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Growth &amp; Income Fund seeks to provide capital appreciation and current income.</font> </p> EX-101.SCH 3 ck0000003521-20130222.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Alger Capital Appreciation Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020008 - Document - Risk/Return Summary {Unlabeled} - Alger Large Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020013 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020014 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020016 - Document - Risk/Return Summary {Unlabeled} - Alger Mid Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020017 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020018 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020019 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020020 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020021 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020022 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020024 - Document - Risk/Return Summary {Unlabeled} - Alger SMid Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020025 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020026 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020027 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020028 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020029 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020030 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020032 - Document - Risk/Return Summary {Unlabeled} - Alger Small Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020033 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020034 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020035 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020036 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020037 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020038 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020040 - Document - Risk/Return Summary {Unlabeled} - Alger Growth Opportunities Fund link:presentationLink link:definitionLink link:calculationLink 020041 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020042 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020043 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020044 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020045 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020046 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020048 - Document - Risk/Return Summary {Unlabeled} - Alger Health Sciences Fund link:presentationLink link:definitionLink link:calculationLink 020049 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020050 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020051 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020052 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020053 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020054 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020056 - Document - Risk/Return Summary {Unlabeled} - Alger Growth & Income Fund link:presentationLink link:definitionLink link:calculationLink 020057 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020058 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020059 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020060 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020061 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020062 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020064 - Document - Risk/Return Summary {Unlabeled} - Alger Capital Appreciation Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020065 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020066 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020067 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020068 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020069 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020071 - Document - Risk/Return Summary {Unlabeled} - Alger Large Cap Growth Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020072 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020073 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020074 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020075 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020076 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020078 - Document - Risk/Return Summary {Unlabeled} - Alger SMid Cap Growth Fund (Class I) link:presentationLink link:definitionLink link:calculationLink 020079 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020080 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020081 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020082 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020083 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020085 - Document - Risk/Return Summary {Unlabeled} - Alger SMid Cap Growth Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020086 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020087 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020088 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020089 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020090 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020092 - Document - Risk/Return Summary {Unlabeled} - Alger Small Cap Growth Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020093 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020094 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020095 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020096 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020097 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020099 - Document - Risk/Return Summary {Unlabeled} - Alger Growth Opportunities Fund (Class I) link:presentationLink link:definitionLink link:calculationLink 020100 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020101 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020102 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020103 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020104 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020106 - Document - Risk/Return Summary {Unlabeled} - Alger Growth Opportunities Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020107 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020108 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020109 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020110 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020111 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020113 - Document - Risk/Return Summary {Unlabeled} - Alger Growth & Income Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020114 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020115 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020116 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020117 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020118 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Disclosure - Risk/Return Detail Data {Elements} - Alger Capital Appreciation Fund link:presentationLink link:definitionLink link:calculationLink 020015 - Disclosure - Risk/Return Detail Data {Elements} - Alger Large Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020023 - Disclosure - Risk/Return Detail Data {Elements} - Alger Mid Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020031 - Disclosure - Risk/Return Detail Data {Elements} - Alger SMid Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020039 - Disclosure - Risk/Return Detail Data {Elements} - Alger Small Cap Growth Fund link:presentationLink link:definitionLink link:calculationLink 020047 - Disclosure - Risk/Return Detail Data {Elements} - Alger Growth Opportunities Fund link:presentationLink link:definitionLink link:calculationLink 020055 - Disclosure - Risk/Return Detail Data {Elements} - Alger Health Sciences Fund link:presentationLink link:definitionLink link:calculationLink 020063 - Disclosure - Risk/Return Detail Data {Elements} - Alger Growth & Income Fund link:presentationLink link:definitionLink link:calculationLink 020070 - Disclosure - Risk/Return Detail Data {Elements} - Alger Capital Appreciation Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020077 - Disclosure - Risk/Return Detail Data {Elements} - Alger Large Cap Growth Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020084 - Disclosure - Risk/Return Detail Data {Elements} - Alger SMid Cap Growth Fund (Class I) link:presentationLink link:definitionLink link:calculationLink 020091 - Disclosure - Risk/Return Detail Data {Elements} - Alger SMid Cap Growth Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020098 - Disclosure - Risk/Return Detail Data {Elements} - Alger Small Cap Growth Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020105 - Disclosure - Risk/Return Detail Data {Elements} - Alger Growth Opportunities Fund (Class I) link:presentationLink link:definitionLink link:calculationLink 020112 - Disclosure - Risk/Return Detail Data {Elements} - Alger Growth Opportunities Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink 020119 - Disclosure - Risk/Return Detail Data {Elements} - Alger Growth & Income Fund (Class Z) link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0000003521-20130222_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0000003521-20130222_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT