0001104659-18-064075.txt : 20181026 0001104659-18-064075.hdr.sgml : 20181026 20181026092517 ACCESSION NUMBER: 0001104659-18-064075 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 17 FILED AS OF DATE: 20181026 DATE AS OF CHANGE: 20181026 EFFECTIVENESS DATE: 20181026 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: 181140516 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: 1940 Act SEC FILE NUMBER: 811-01355 FILM NUMBER: 181140515 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 S000059913 Alger 25 Fund C000195951 Class P C000205547 Class P-2 485BPOS 1 a18-18563_7485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

As filed with the Securities and Exchange Commission on October 26, 2018  

 

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. 117

 

x

 

     and/or

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

x

 

     Amendment No. 119

 

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

 

Tina Payne, Esq.

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.

 

Proskauer Rose LLP

11 Times Square

New York, NY 10036

 

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

 

o        immediately upon filing pursuant to paragraph (b) 

 

x       on October 26, 2018 pursuant to paragraph (b)  

 

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

 

o        on [ ] 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 certifies that it meets all the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to the registration statement 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 26th day of October, 2018. 

 

 

 

THE ALGER FUNDS

 

 

 

 

 

By: /s/ Hal Liebes

 

 

Hal Liebes,

 

President

 

 

 

 

 

ATTEST: /s/

Tina Payne

 

 

 

Tina Payne, 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

 

October 26, 2018

Hal Liebes

 

 

(Principal Executive Officer)

 

 

 

 

 

 

 

 

/s/ Michael D. Martins

 

 

Treasurer

 

October 26, 2018

Michael D. Martins

 

 

(Chief Financial Officer)

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

October 26, 2018

Charles F. Baird, Jr.

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

October 26, 2018

Roger P. Cheever

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

October 26, 2018

Hilary M. Alger

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

October 26, 2018

Nathan E. Saint-Amand

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

October 26, 2018

Stephen E. O’Neil

 

 

 

 

 

 

 

 

 

 

 

*

 

 

Trustee

 

October 26, 2018

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 ck0000003521-20181015.xml XBRL INSTANCE DOCUMENT 0000003521 2018-10-31 2018-10-31 0000003521 ck0000003521:doc_Class_P_ProspectusMember ck0000003521:S000059913Member 2018-10-31 2018-10-31 0000003521 ck0000003521:doc_Class_P_ProspectusMember ck0000003521:S000059913Member ck0000003521:C000195951Member 2018-10-31 2018-10-31 0000003521 ck0000003521:doc_Class_P2_ProspectusMember ck0000003521:S000059913Member 2018-10-31 2018-10-31 0000003521 ck0000003521:doc_Class_P2_ProspectusMember ck0000003521:S000059913Member ck0000003521:C000205547Member 2018-10-31 2018-10-31 xbrli:pure iso4217:USD The management fee paid to Fred Alger Management, Inc. (the "Manager") consists of a base fee at an annual rate of 0.55% of the Fund's average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.25% based upon the Fund's Class P-2 Shares performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.80%. Other expenses are based on estimated net assets of $20,000,000. The Manager has contractually agreed to limit the Other Expenses of the Fund so that such expenses never exceed 0.10% of average daily net assets. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Fund and the Manager. This expense reimbursement arrangement does not include dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses. The Manager has contractually agreed to limit the Other Expenses of the Fund so that such expenses, excluding sub-transfer agent and shareholder servicing fees, never exceed 0.10% of average daily net assets. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Fund and the Manager. This expense reimbursement arrangement does not include dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses. ALGER FUNDS 485BPOS false 0000003521 2018-10-31 2018-10-15 2018-10-15 2018-10-15 Alger 25 Fund ATFPX Investment Objective <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger 25 Fund seeks long-term capital appreciation.</font></p> Principal Risks <p style="margin:0pt 0pt 6pt 0pt; text-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 involves risks. The Fund's share price may go down, which means you could lose money. 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> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Risk &#8211; </b></font><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 subject to investment risk, including the possible loss of the entire principal amount that you invest.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Market Risk &#8211; </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Securities Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> 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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Technology Companies Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund may have a significant portion of its assets invested in securities of technology companies. Many technology companies have limited operating histories and prices of these companies' securities have historically been more volatile than other securities, especially over the short term. Technology companies may also face increased competition, government regulation, and risk of obsolescence due to the progress of technological developments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Healthcare Companies Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Non-Diversification Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small Number of Holdings Risk &#8211;</b></font><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 in a 25-stock portfolio. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Growth Stocks Risk &#8211;</b></font><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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small Cap and Mid Cap Securities Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> 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. It may also 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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Securities Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing audit and legal standards.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Leverage Risk &#8211; </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Fulcrum Fee Risk &#8211; </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Because the Manager is partially compensated according to the Fund's performance relative to the S&amp;P 500 Index, the Manager may have an incentive to invest in riskier securities in order to receive the maximum performance adjustment to its management fee.</font></p> The Fund's share price may go down, which means you could lose money. 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. The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio. Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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 example, affect the Fund's performance. During the period since the Fund's inception through September 30, 2018, the Fund's portfolio turnover rate was 50.59% of the average value of its portfolio.</font></p> 0.5059 Performance <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information will be presented until the Fund has been in operation for a full calendar year. Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance will be available at www.alger.com within a reasonable amount of time after the Fund commences operations.</font></p> Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. No performance information will be presented until the Fund has been in operation for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alger.com Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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.</font></p> 0.00 0.0055 0.0064 0.0119 -0.0054 0.0065 ~ http://alger.com/20181015/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member row primary compact * ~ ~ http://alger.com/20181015/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member row primary compact * ~ Other expenses are based on estimated net assets of $20,000,000. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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, that there is no performance adjustment to the management fee, and that the Fund's operating expenses remain the same. The one-year example and the first year of the three-years example are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc.</font></p> 66 66 208 208 ~ http://alger.com/20181015/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member row primary compact * ~ ~ http://alger.com/20181015/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member 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: Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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; text-align: left;"><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 in a 25-stock portfolio of equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes are undergoing Positive Dynamic Change. Equity securities include common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Fund invests primarily in companies whose securities are traded on domestic exchanges. The Fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments. In the opinion of Fred Alger Management, Inc., these companies use technology extensively to improve their business processes, applications and opportunities or seek to grow through technological developments and innovations.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 25 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund's performance.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's portfolio manager may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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. </font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can invest in foreign securities.</font></p> Alger 25 Fund ATFFX Investment Objective <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger 25 Fund seeks long-term capital appreciation.</font></p> Principal Risks <p style="margin:0pt 0pt 6pt 0pt; text-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 involves risks. The Fund's share price may go down, which means you could lose money. 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> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Investment Risk &#8211; </b></font><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 subject to investment risk, including the possible loss of the entire principal amount that you invest.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Market Risk &#8211; </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Equity Securities Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> 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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Technology Companies Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund may have a significant portion of its assets invested in securities of technology companies. Many technology companies have limited operating histories and prices of these companies' securities have historically been more volatile than other securities, especially over the short term. Technology companies may also face increased competition, government regulation, and risk of obsolescence due to the progress of technological developments.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Healthcare Companies Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Non-Diversification Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small Number of Holdings Risk &#8211;</b></font><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 in a 25-stock portfolio. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Growth Stocks Risk &#8211;</b></font><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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Small Cap and Mid Cap Securities Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> 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. It may also 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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Foreign Securities Risk &#8211;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing audit and legal standards.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Leverage Risk &#8211; </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Fulcrum Fee Risk &#8211; </b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"> Because the Manager is partially compensated according to the Fund's performance relative to the S&amp;P 500 Index, the Manager may have an incentive to invest in riskier securities in order to receive the maximum performance adjustment to its management fee.</font></p> The Fund's share price may go down, which means you could lose money. 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. The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio. Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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 example, affect the Fund's performance. During the period since the Fund's inception through September 30, 2018, the Fund's portfolio turnover rate was 50.59% of the average value of its portfolio.</font></p> 0.5059 Performance <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">No performance information will be presented until the Fund has been in operation for a full calendar year. Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance will be available at www.alger.com within a reasonable amount of time after the Fund commences operations.</font></p> Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. No performance information will be presented until the Fund has been in operation for a full calendar year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.alger.com Fund Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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.</font></p> 0.00 0.0055 0.0008 0.0072 0.0080 0.0135 -0.0054 0.0081 ~ http://alger.com/20181015/role/ScheduleShareholderFees20007 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P2_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member row primary compact * ~ ~ http://alger.com/20181015/role/ScheduleAnnualFundOperatingExpenses20008 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P2_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member row primary compact * ~ Other expenses are based on estimated net assets of $20,000,000. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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, that there is no performance adjustment to the management fee, and that the Fund's operating expenses remain the same. The one-year example and the first year of the three-years example are based on net operating expenses, </font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc.</font></p> 83 83 259 259 ~ http://alger.com/20181015/role/ScheduleExpenseExampleTransposed20009 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P2_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member row primary compact * ~ ~ http://alger.com/20181015/role/ScheduleExpenseExampleNoRedemptionTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0000003521_doc_Class_P2_ProspectusMember column dei_LegalEntityAxis compact ck0000003521_S000059913Member 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: Principal Investment Strategy <p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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; text-align: left;"><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 in a 25-stock portfolio of equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes are undergoing Positive Dynamic Change. Equity securities include common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Fund invests primarily in companies whose securities are traded on domestic exchanges. The Fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments. In the opinion of Fred Alger Management, Inc., these companies use technology extensively to improve their business processes, applications and opportunities or seek to grow through technological developments and innovations.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 25 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund's performance.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's portfolio manager may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can invest in foreign securities.</font></p> EX-101.SCH 3 ck0000003521-20181015.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Class P Prospectus - Alger 25 Fund (Class P) 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 020006 - Document - Risk/Return Summary {Unlabeled} - Class P2 Prospectus - Alger 25 Fund (Class P-2) link:presentationLink link:definitionLink link:calculationLink 020007 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Disclosure - Risk/Return Detail Data {Elements} - Class P Prospectus - Alger 25 Fund (Class P) link:presentationLink link:definitionLink link:calculationLink 020011 - Disclosure - Risk/Return Detail Data {Elements} - Class P2 Prospectus - Alger 25 Fund (Class P-2) link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0000003521-20181015_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0000003521-20181015_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0000003521-20181015_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0000003521-20181015_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT XML 8 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Oct. 31, 2018
Registrant Name ALGER FUNDS
Central Index Key 0000003521
Amendment Flag false
Document Creation Date Oct. 15, 2018
Document Effective Date Oct. 15, 2018
Prospectus Date Oct. 15, 2018
Class P Prospectus | Alger 25 Fund | Class P  
Prospectus:  
Trading Symbol ATFPX
Class P2 Prospectus | Alger 25 Fund | Class P-2  
Prospectus:  
Trading Symbol ATFFX
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Class P Prospectus | Alger 25 Fund
Alger 25 Fund
Investment Objective

Alger 25 Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Class P Prospectus
Alger 25 Fund
Class P
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Class P Prospectus
Alger 25 Fund
Class P
Management Fees 0.55% [1]
Other Expenses 0.64% [2]
Total Annual Fund Operating Expenses 1.19%
Expense Reimbursement 0.54% [3]
Total Annual Fund Operating Expenses After Expense Reimbursement 0.65%
[1] The management fee paid to Fred Alger Management, Inc. (the "Manager") consists of a base fee at an annual rate of 0.55% of the Fund's average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.25% based upon the Fund's Class P-2 Shares performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.80%.
[2] Other expenses are based on estimated net assets of $20,000,000.
[3] The Manager has contractually agreed to limit the Other Expenses of the Fund so that such expenses never exceed 0.10% of average daily net assets. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Fund and the Manager. This expense reimbursement arrangement does not include dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses.
Example

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, that there is no performance adjustment to the management fee, and that the Fund's operating expenses remain the same. The one-year example and the first year of the three-years example are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc.

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:
Expense Example
1 Year
3 Years
Class P Prospectus | Alger 25 Fund | Class P | USD ($) 66 208
Expense Example No Redemption
1 Year
3 Years
Class P Prospectus | Alger 25 Fund | Class P | USD ($) 66 208
Portfolio Turnover

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 example, affect the Fund's performance. During the period since the Fund's inception through September 30, 2018, the Fund's portfolio turnover rate was 50.59% of the average value of its portfolio.

Principal Investment Strategy

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.


Under normal circumstances, the Fund invests in a 25-stock portfolio of equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes are undergoing Positive Dynamic Change. Equity securities include common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Fund invests primarily in companies whose securities are traded on domestic exchanges. The Fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments. In the opinion of Fred Alger Management, Inc., these companies use technology extensively to improve their business processes, applications and opportunities or seek to grow through technological developments and innovations.


The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 25 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund's performance.


The Fund's portfolio manager may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.


The Fund can leverage, that is, borrow money to buy additional securities.


The Fund can invest in foreign securities.

Principal Risks

An investment in the Fund involves risks. The Fund's share price may go down, which means you could lose money. 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.


Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.


Market Risk – Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably.


Equity Securities Risk – 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.


Technology Companies Risk – The Fund may have a significant portion of its assets invested in securities of technology companies. Many technology companies have limited operating histories and prices of these companies' securities have historically been more volatile than other securities, especially over the short term. Technology companies may also face increased competition, government regulation, and risk of obsolescence due to the progress of technological developments.


Healthcare Companies Risk – The Fund may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.


Non-Diversification Risk – The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.


Small Number of Holdings Risk – Under normal circumstances, the Fund invests in a 25-stock portfolio. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.


Growth Stocks Risk – 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.


Small Cap and Mid Cap Securities Risk – 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. It may also 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.


Foreign Securities Risk – The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing audit and legal standards.


Leverage Risk – 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.


Fulcrum Fee Risk – Because the Manager is partially compensated according to the Fund's performance relative to the S&P 500 Index, the Manager may have an incentive to invest in riskier securities in order to receive the maximum performance adjustment to its management fee.

Performance

No performance information will be presented until the Fund has been in operation for a full calendar year. Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance will be available at www.alger.com within a reasonable amount of time after the Fund commences operations.

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Label Element Value
Class P Prospectus | Alger 25 Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Alger 25 Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Alger 25 Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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 example, affect the Fund's performance. During the period since the Fund's inception through September 30, 2018, the Fund's portfolio turnover rate was 50.59% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 50.59%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based on estimated net assets of $20,000,000.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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, that there is no performance adjustment to the management fee, and that the Fund's operating expenses remain the same. The one-year example and the first year of the three-years example are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption 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:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

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.


Under normal circumstances, the Fund invests in a 25-stock portfolio of equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes are undergoing Positive Dynamic Change. Equity securities include common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Fund invests primarily in companies whose securities are traded on domestic exchanges. The Fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments. In the opinion of Fred Alger Management, Inc., these companies use technology extensively to improve their business processes, applications and opportunities or seek to grow through technological developments and innovations.


The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 25 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund's performance.


The Fund's portfolio manager may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.


The Fund can leverage, that is, borrow money to buy additional securities.


The Fund can invest in foreign securities.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the Fund involves risks. The Fund's share price may go down, which means you could lose money. 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.


Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.


Market Risk – Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably.


Equity Securities Risk – 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.


Technology Companies Risk – The Fund may have a significant portion of its assets invested in securities of technology companies. Many technology companies have limited operating histories and prices of these companies' securities have historically been more volatile than other securities, especially over the short term. Technology companies may also face increased competition, government regulation, and risk of obsolescence due to the progress of technological developments.


Healthcare Companies Risk – The Fund may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.


Non-Diversification Risk – The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.


Small Number of Holdings Risk – Under normal circumstances, the Fund invests in a 25-stock portfolio. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.


Growth Stocks Risk – 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.


Small Cap and Mid Cap Securities Risk – 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. It may also 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.


Foreign Securities Risk – The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing audit and legal standards.


Leverage Risk – 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.


Fulcrum Fee Risk – Because the Manager is partially compensated according to the Fund's performance relative to the S&P 500 Index, the Manager may have an incentive to invest in riskier securities in order to receive the maximum performance adjustment to its management fee.

Risk Lose Money [Text] rr_RiskLoseMoney The Fund's share price may go down, which means you could lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

No performance information will be presented until the Fund has been in operation for a full calendar year. Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance will be available at www.alger.com within a reasonable amount of time after the Fund commences operations.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information will be presented until the Fund has been in operation for a full calendar year.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.alger.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Class P Prospectus | Alger 25 Fund | Class P  
Risk/Return: rr_RiskReturnAbstract  
Shareholder Fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management Fees rr_ManagementFeesOverAssets 0.55% [1]
Other Expenses rr_OtherExpensesOverAssets 0.64% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.19%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.54% [3]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 66
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 208
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 66
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 $ 208
[1] The management fee paid to Fred Alger Management, Inc. (the "Manager") consists of a base fee at an annual rate of 0.55% of the Fund's average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.25% based upon the Fund's Class P-2 Shares performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.80%.
[2] Other expenses are based on estimated net assets of $20,000,000.
[3] The Manager has contractually agreed to limit the Other Expenses of the Fund so that such expenses never exceed 0.10% of average daily net assets. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Fund and the Manager. This expense reimbursement arrangement does not include dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses.
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Class P2 Prospectus | Alger 25 Fund
Alger 25 Fund
Investment Objective

Alger 25 Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Class P2 Prospectus
Alger 25 Fund
Class P-2
USD ($)
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Class P2 Prospectus
Alger 25 Fund
Class P-2
Management Fees 0.55% [1]
Shareholder Service Fees 0.08% [2]
Miscellaneous Other Expenses 0.72%
Total Other Expenses 0.80%
Total Annual Fund Operating Expenses 1.35%
Expense Reimbursement 0.54% [3]
Total Annual Fund Operating Expenses After Expense Reimbursement 0.81%
[1] The management fee paid to Fred Alger Management, Inc. (the "Manager") consists of a base fee at an annual rate of 0.55% of the Fund's average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.25% based upon the Fund's Class P-2 Shares performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.80%.
[2] Other expenses are based on estimated net assets of $20,000,000.
[3] The Manager has contractually agreed to limit the Other Expenses of the Fund so that such expenses, excluding sub-transfer agent and shareholder servicing fees, never exceed 0.10% of average daily net assets. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Fund and the Manager. This expense reimbursement arrangement does not include dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses.
Example

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, that there is no performance adjustment to the management fee, and that the Fund's operating expenses remain the same. The one-year example and the first year of the three-years example are based on net operating expenses, which reflect the contractual expense limitation agreed to by Fred Alger Management, Inc.

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:
Expense Example
1 Year
3 Years
Class P2 Prospectus | Alger 25 Fund | Class P-2 | USD ($) 83 259
Expense Example No Redemption
1 Year
3 Years
Class P2 Prospectus | Alger 25 Fund | Class P-2 | USD ($) 83 259
Portfolio Turnover

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 example, affect the Fund's performance. During the period since the Fund's inception through September 30, 2018, the Fund's portfolio turnover rate was 50.59% of the average value of its portfolio.

Principal Investment Strategy

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.


Under normal circumstances, the Fund invests in a 25-stock portfolio of equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes are undergoing Positive Dynamic Change. Equity securities include common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Fund invests primarily in companies whose securities are traded on domestic exchanges. The Fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments. In the opinion of Fred Alger Management, Inc., these companies use technology extensively to improve their business processes, applications and opportunities or seek to grow through technological developments and innovations.


The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 25 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund's performance.


The Fund's portfolio manager may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.


The Fund can leverage, that is, borrow money to buy additional securities.


The Fund can invest in foreign securities.

Principal Risks

An investment in the Fund involves risks. The Fund's share price may go down, which means you could lose money. 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.


Investment Risk – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.


Market Risk – Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably.


Equity Securities Risk – 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.


Technology Companies Risk – The Fund may have a significant portion of its assets invested in securities of technology companies. Many technology companies have limited operating histories and prices of these companies' securities have historically been more volatile than other securities, especially over the short term. Technology companies may also face increased competition, government regulation, and risk of obsolescence due to the progress of technological developments.


Healthcare Companies Risk – The Fund may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.


Non-Diversification Risk – The Fund is a non-diversified investment company. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.


Small Number of Holdings Risk – Under normal circumstances, the Fund invests in a 25-stock portfolio. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.


Growth Stocks Risk – 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.


Small Cap and Mid Cap Securities Risk – 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. It may also 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.


Foreign Securities Risk – The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing audit and legal standards.


Leverage Risk – 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.


Fulcrum Fee Risk – Because the Manager is partially compensated according to the Fund's performance relative to the S&P 500 Index, the Manager may have an incentive to invest in riskier securities in order to receive the maximum performance adjustment to its management fee.

Performance

No performance information will be presented until the Fund has been in operation for a full calendar year. Annual performance information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance will be available at www.alger.com within a reasonable amount of time after the Fund commences operations.