0001104659-13-037454.txt : 20130506 0001104659-13-037454.hdr.sgml : 20130506 20130506101111 ACCESSION NUMBER: 0001104659-13-037454 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130506 DATE AS OF CHANGE: 20130506 EFFECTIVENESS DATE: 20130506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER PORTFOLIOS CENTRAL INDEX KEY: 0000832566 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-21722 FILM NUMBER: 13814737 BUSINESS ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-806-8800 MAIL ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: ALGER AMERICAN FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER PORTFOLIOS CENTRAL INDEX KEY: 0000832566 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05550 FILM NUMBER: 13814738 BUSINESS ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-806-8800 MAIL ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: ALGER AMERICAN FUND DATE OF NAME CHANGE: 19920703 0000832566 S000009214 Alger Large Cap Growth Portfolio C000025023 Alger Large Cap Growth Portfolio Class S C000025024 Alger Large Cap Growth Portfolio Class I-2 AAGOX 0000832566 S000009215 Alger Small Cap Growth Portfolio C000025026 Alger Small Cap Growth Portfolio Class I-2 AASOX 0000832566 S000009216 Alger Growth & Income Portfolio C000025028 Alger Growth & Income Portfolio Class I-2 AIGOX 0000832566 S000009217 Alger Balanced Portfolio C000025030 Alger Balanced Portfolio Class I-2 ABLOX 0000832566 S000009218 Alger Mid Cap Growth Portfolio C000025031 Alger Mid Cap Growth Portfolio Class S C000025032 Alger Mid Cap Growth Portfolio Class I-2 AMGOX 0000832566 S000009219 Alger Capital Appreciation Portfolio C000025033 Alger Capital Appreciation Portfolio Class S C000025034 Alger Capital Appreciation Portfolio Class I-2 ALVOX 0000832566 S000019253 Alger SMid Cap Growth Portfolio C000053095 Alger SMid Cap Growth Portfolio Class I-2 AAMOX 485BPOS 1 a13-6340_16485bpos.htm 485BPOS

As filed with the Securities and Exchange Commission on May 6, 2013

 

Securities Act File No. 33-21722

Investment Company Act File No. 811-5550

 

 

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. 43

x

 

Registration Statement Under The Investment Company Act of 1940

x

and/or

 

 

Amendment No. 41  

x

 

(Check appropriate box or boxes)

 

 

THE ALGER PORTFOLIOS

(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, Esq.

Fred Alger Management, Inc.

360 Park Avenue South

New York, NY 10010

(Name and Address of Agent for Service)

copy to:

Gary Granik, Esq.

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038

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

x  immediately upon filing pursuant to paragraph (b), or

o  on [date] pursuant to paragraph (b), or

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

o  on [date] pursuant to paragraph (a)(1); or

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

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 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 6th day of May, 2013.

 

 

 

THE ALGER PORTFOLIOS

 

 

 

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 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

/s/  Hal Liebes

 

President

 

May 6, 2013

Hal Liebes

 

(Chief Executive Offficer)

 

 

 

 

 

 

 

/s/  Michael D. Martins

 

Treasurer

 

May 6, 2013

Michael D. Martins

 

(Chief Financial Offices)

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

Charles F. Baird

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

Roger P. Cheever

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

Lester L. Colbert, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

Hilary M. Alger

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

Nathan E. Saint-Amand

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

Stephen E. O’Neil

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

May 6, 2013

David Rosenberg

 

 

 

 

 

 

 

 

 

*By:  /s/ Hal Liebes

 

 

 

 

Hal Liebes

 

 

 

 

Attorney-In-Fact

 

 

 

 

 

C-5



 

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

 

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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 Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger Large Cap Growth Portfolio. The management fee for assets in excess of $1 billion is .60%. The Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger Mid Cap Growth Portfolio. The management fee for assets in excess of $1 billion is .70%. The Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger SMid Cap Growth Portfolio. The management fee for assets in excess of $1 billion is .75%. Fred Alger Management, Inc. has contractually agreed to reimburse expenses (excluding interest, taxes, brokerage and extraordinary expenses) through April 30, 2014 to the extent necessary to limit the total annual operating expenses of the Class I-2 shares of the Portfolio to 0.99% of the Class's average net assets. This expense reimbursement cannot be terminated. The Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger Small Cap Growth Portfolio. The management fee for assets in excess of $1 billion is .75%. The Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger Growth & Income Portfolio. The management fee for assets in excess of $1 billion is .55%. The Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger Balanced Portfolio. The management fee for assets in excess of $1 billion is .55%. Performance of the Portfolio's Class S Shares prior to May 1, 2002 reflects the performance of the Portfolio's Class I-2 Shares, as adjusted to reflect the higher expenses of Class S Shares. The Portfolio and Fred Alger Management, Inc. have adopted breakpoints for Alger Large Cap Growth Portfolio. The management fee for assets in excess of $1 billion is .60%. ALGER PORTFOLIOS 485BPOS false 0000832566 2012-12-31 2013-04-11 2013-04-30 2013-05-01 Alger Capital Appreciation Portfolio ALVOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font> </p> 98 306 531 1178 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025034Member 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: 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 Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 3000 Growth Index is an index of common stocks designed to track performance of companies with greater than average growth orientation. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Prior to January 1, 2012, the Portfolio compared its performance to the Russell 3000 Growth Index. The Portfolio will compare its performance to the Russell 1000 Growth Index to better reflect the aggregate capitalization range of the securities in its portfolio. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large-capitalization companies with greater than average growth orientation. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.3472 0.0819 0.1445 0.1926 0.3353 -0.4513 0.5110 0.1403 -0.0030 0.1830 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025034Member row primary compact * ~ Best Quarter: 0.2074 2009-06-30 Worst Quarter: -0.2255 1995-01-25 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q2 2009 20.74 </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q4 2008 -22.55 </p> 0.1830 0.0220 0.1147 0.1239 0.1526 0.0312 0.0752 0.0758 0.1521 0.0315 0.0769 0.0738 1995-01-25 1995-01-25 1995-01-25 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025034Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio 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 Portfolio can leverage, that is, borrow money to buy additional securities. By borrowing money, the Portfolio 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 Portfolio can also invest in derivative instruments. The Portfolio currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge the Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 Portfolio 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 Portfolio'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 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;investing in companies of all capitalizations involves the risk that smaller issuers in which the Portfolio 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 Portfolio 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 Portfolio's net asset value can decrease more quickly than if the Portfolio 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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 139.19% of the average value of its portfolio.</font> </p> 1.3919 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0081 0.0000 0.0015 0.0096 ~ http://alger.com/20130411/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025034Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025034Member 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) Alger Large Cap Growth Portfolio AAGOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 89 278 482 1073 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025024Member 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: 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 Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large-capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.3516 0.0550 0.1203 0.0515 0.1994 0.4615 0.4757 0.1339 -0.0035 0.0987 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025024Member row primary compact * ~ Best Quarter: 0.1995 2009-09-30 Worst Quarter: -0.2675 2008-12-31 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q3 2009 19.95% </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q4 2008 -26.75% </p> 0.0987 -0.0027 0.0711 0.0996 0.1526 0.0312 0.0752 0.0902 1989-01-06 1989-01-06 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025024Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio focuses on growing companies that generally have broad product lines, markets, financial resources and depth of management. Under normal circumstances, the Portfolio 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, updated quarterly as reported 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 Portfolio can also invest in derivative instruments. The Portfolio 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 Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. By focusing on large capitalization stocks, the Portfolio may underperform funds that invest primarily in the stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor. Also, the Portfolio'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 Portfolio 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 Portfolio's performance. When purchasing options, the Portfolio 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 Portfolio is exercised, the Portfolio will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Portfolio is exercised, the Portfolio 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 Portfolio's 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 Portfolio 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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating</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;">expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 154.11% of the average value of its portfolio.</font> </p> 1.5411 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0071 0.0000 0.0016 0.0087 ~ http://alger.com/20130411/role/ScheduleShareholderFees20008 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025024Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20009 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025024Member 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) Alger Mid Cap Growth Portfolio AMGOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 105 328 569 1259 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20017 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025032Member 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: 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 Mid Cap Growth Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell Midcap Growth Index is an index of common stocks designed to track performance of medium-capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.4779 0.1304 0.0982 0.1014 0.3156 -0.5836 0.5170 0.1938 -0.0827 0.1421 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025032Member row primary compact * ~ Best Quarter: 0.2065 2003-06-30 Worst Quarter: -0.3270 2008-12-31 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q2 2003 20.65% </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q4 2008 -32.70 </p> 0.1621 -0.0427 0.0789 0.1016 0.1581 0.0323 0.1032 0.0883 1995-05-03 1995-05-03 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025032Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio focuses on mid-size 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 Portfolio can also invest in derivative instruments. The Portfolio 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 Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 Portfolio 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 Portfolio's performance. When purchasing options, the Portfolio 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 Portfolio is exercised, the Portfolio will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Portfolio is exercised, the Portfolio 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 Portfolio's 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 Portfolio 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 Portfolio because of the potentially less frequent trading of stocks of medium 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 Portfolio 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> An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">fiscal year, the Portfolio's turnover rate was 227.21% of the average value of its portfolio.</font><br /> </font> </p> 2.2721 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 Portfolio.The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0076 0.0000 0.0027 0.0103 ~ http://alger.com/20130411/role/ScheduleShareholderFees20015 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025032Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20016 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025032Member 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) Alger SMid Cap Growth Portfolio AAMOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 101 335 587 1309 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20024 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_SMid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000019253Member column rr_ProspectusShareClassAxis compact ck0000832566_C000053095Member 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: 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 Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 2500 Growth Index is an index of common stocks designed to track performance of small- and medium-capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.4588 0.2367 -0.0387 0.1454 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_SMid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000019253Member column rr_ProspectusShareClassAxis compact ck0000832566_C000053095Member row primary compact * ~ Best Quarter: 0.1818 2009-06-30 Worst Quarter: -0.2273 2011-09-30 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q2 2009 18.18% </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q3 2011 -22.73% </p> 0.1454 -0.0026 0.1613 0.0440 2008-01-02 2008-01-02 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_SMid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000019253Member column rr_ProspectusShareClassAxis compact ck0000832566_C000053095Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. The Portfolio 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 Portfolio can leverage, that is, borrow money to buy additional securities. By borrowing money, the Portfolio 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> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 Portfolio 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 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;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Portfolio 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: 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 Portfolio'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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 94.59% of the average value of its portfolio.</font> </p> 0.9459 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 Portfolio.The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0081 0.0000 0.0027 0.0108 -0.0009 0.0099 ~ http://alger.com/20130411/role/ScheduleShareholderFees20022 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_SMid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000019253Member column rr_ProspectusShareClassAxis compact ck0000832566_C000053095Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20023 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_SMid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000019253Member column rr_ProspectusShareClassAxis compact ck0000832566_C000053095Member row primary compact * ~ 2014-04-30 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) Alger Small Cap Growth Portfolio AASOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 98 306 531 1178 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20031 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Small_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009215Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025026Member 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: 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 Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 2000 Growth Index is an index of common stocks designed to track performance of small-capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.4234 0.1657 0.1688 0.2002 0.1724 -0.4660 0.4551 0.2529 -0.0318 0.1250 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Small_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009215Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025026Member row primary compact * ~ Best Quarter: 0.2078 2009-06-30 Worst Quarter: -0.2789 2008-12-31 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q2 2009 20.78% </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q4 2008 -27.89% </p> 0.1250 0.0118 0.1121 0.0961 0.1459 0.0349 0.0980 0.0711 1988-09-21 1988-09-21 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Small_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009215Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025026Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio 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 Portfolio 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> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating</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;">expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 83.35% of the average value of its portfolio.</font> </p> 0.8335 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0081 0.0000 0.0015 0.0096 ~ http://alger.com/20130411/role/ScheduleShareholderFees20029 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Small_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009215Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025026Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20030 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Small_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009215Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025026Member 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) Alger Growth & Income Portfolio AIGOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 111 347 601 1329 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Growth_Income_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009216Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025028Member 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: 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 Portfolio seeks to provide capital appreciation and current income.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The S&amp;P 500 Index is an index of large company common stocks considered to be representative of the U.S. stock market. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.2984 0.0785 0.0344 0.0931 0.1013 -0.3947 0.3217 0.1227 0.0651 0.1234 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Growth_Income_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009216Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025028Member row primary compact * ~ Best Quarter: 0.1708 2009-06-30 Worst Quarter: -0.2453 2008-12-31 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q2 2009 17.08% </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q4 2008 -24.53% </p> 0.1234 0.0145 0.0648 0.0821 0.1600 0.0166 0.0710 0.0955 1988-11-15 1988-11-15 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Growth_Income_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009216Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025028Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio 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. It is a fundamental policy of the Portfolio to invest at least 65% of its total assets in dividend paying equity securities. The portfolio 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 Portfolio 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. The 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> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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></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 Portfolio 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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 41.86% of the average value of its portfolio.</font> </p> 0.4186 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.00585 0.0000 0.00505 0.0109 ~ http://alger.com/20130411/role/ScheduleShareholderFees20036 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Growth_Income_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009216Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025028Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20037 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Growth_Income_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009216Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025028Member 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) Alger Balanced Portfolio ABLOX 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class I-2 shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 97 303 525 1166 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20045 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Balanced_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009217Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025030Member 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: 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 Balanced Portfolio seeks current income and long-term capital appreciation.</font> </p> 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 equity 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 Portfolio focuses on stocks of companies that Fred Alger Management, Inc. believes demonstrate growth potential and on fixed-income securities, with emphasis on income-producing securities that appear to have potential for capital appreciation. Under normal circumstances, the Portfolio invests in equity securities and in fixed-income securities, which may include corporate bonds, debentures and notes, U.S. Government securities, mortgage-backed and asset-backed securities, commercial paper and other fixed-income securities. Most of the Portfolio's fixed-income investments will be concentrated within the four highest rating categories as determined by one of the Nationally Recognized Statistical Rating Organizations ("NRSROs") (or, if unrated, will have been determined to be of comparable quality by Fred Alger Management, Inc.). The Portfolio also may invest up to 10% of its net assets in lower-rated securities ("high yield" or "junk" bonds), rated "B" (or the equivalent) or better by any one of those rating agencies (or, if unrated, determined to be of comparable quality by Fred Alger Management, Inc.). Under normal circumstances, the Portfolio will invest at least 25% of its net assets in fixed-income securities and at least 25% of its net assets in equity securities.</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 Portfolio can also invest in derivative instruments. The Portfolio currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge the Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large-capitalization companies with greater than average growth orientation. The Barclays U.S. Government/Credit Bond Index is an index designed to track performance of government and corporate bonds. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I-2 SHARES as of December 31 (%) 0.1903 0.0457 0.0842 0.0472 0.1237 -0.3176 0.2925 0.1033 0.0003 0.0623 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20046 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Balanced_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009217Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025030Member row primary compact * ~ Best Quarter: 0.1245 2009-09-30 Worst Quarter: -0.1834 2008-12-31 <p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q3 2009 12.45% </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;" align="left"> Q4 2008 -18.34% </p> 0.0623 0.0067 0.0508 0.0726 0.1526 0.0312 0.0752 0.0800 0.0482 0.0606 0.0525 0.0702 1989-09-05 1989-09-05 1989-09-05 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20047 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Balanced_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009217Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025030Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font></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 Portfolio's performance. Forward currency contracts are subject to currency exchange rate risk 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 primary risks arising from the fixed-income portion of the Portfolio are:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;&#160;&#160;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">sensitivity to interest-rate movements, in particular with longer-maturity securities;</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;greater risks of default, less liquidity and greater price volatility with lower rated securities;</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;&#160;&#160;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">sensitivity of the value of the Portfolio to issuers' falling credit ratings or defaults;</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;&#160;&#160;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">prepayment of securities in a period of falling interest rates necessitating reinvestment in lower-yielding securities;</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;&#160;&#160;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">market illiquidity;</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;&#160;&#160;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">changes in laws or government regulations adversely affecting issuers or market values of securities; and</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;&#160;&#160;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">suspension of U.S. Government support to U.S. Government-sponsored agencies or instrumentalities.</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. 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 Portfolio 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. These costs, which are not reflected in annual fund operating expenses <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 122.50% of the average value of its portfolio.</font></font> </p> 1.2250 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0071 0.0000 0.0024 0.0095 ~ http://alger.com/20130411/role/ScheduleShareholderFees20043 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Balanced_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009217Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025030Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20044 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Balanced_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009217Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025030Member 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) Alger Capital Appreciation Portfolio 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class S shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 132 412 713 1568 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20052 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025033Member 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: 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 Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 3000 Growth Index is an index of common stocks designed to track performance of companies with greater than average growth orientation. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Prior to January 1, 2012, the Portfolio compared its performance to the Russell 3000 Growth Index. The Portfolio will compare its performance to the Russell 1000 Growth Index to better reflect the aggregate capitalization range of the securities in its portfolio. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large-capitalization companies with greater than average growth orientation. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS S SHARES* as of December 31 (%) 0.3423 0.0790 0.1415 0.1896 0.3320 -0.4528 0.5069 0.1363 -0.0043 0.1789 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20053 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025033Member row primary compact * ~ Best Quarter: 0.2071 2009-06-30 Worst Quarter: -0.2260 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009 20.71% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 -22.60% </p> <p style="margin: 4pt 0pt 0pt 0pt;" align="left"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">*&#160;&#160;Performance of the Portfolio's Class S Shares prior to May 1, 2002 reflects the performance of the Portfolio's Class I-2 Shares, as adjusted to reflect the higher expenses of Class S Shares.</font> </p> 0.1789 0.0189 0.1114 0.1213 0.1526 0.0312 0.0752 0.0758 0.1521 0.0315 0.0769 0.0738 1995-01-25 1995-01-25 1995-01-25 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20054 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025033Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. (reflects no deduction for fees, expenses or taxes) AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio 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 Portfolio can leverage, that is, borrow money to buy additional securities. By borrowing money, the Portfolio 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 Portfolio can also invest in derivative instruments. The Portfolio currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge the Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 Portfolio 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 Portfolio'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 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;investing in companies of all capitalizations involves the risk that smaller issuers in which the Portfolio 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 Portfolio 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 Portfolio's net asset value can decrease more quickly than if the Portfolio 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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 139.19% of the average value of its portfolio.</font> </p> 1.3919 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0081 0.0025 0.0024 0.0130 ~ http://alger.com/20130411/role/ScheduleShareholderFees20050 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025033Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20051 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Capital_Appreciation_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009219Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025033Member 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) Alger Large Cap Growth Portfolio 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class S shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 133 415 718 1579 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20059 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025023Member 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: 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 Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell 1000 Growth Index is an index of common stocks designed to track performance of large-capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS S SHARES* as of December 31 (%) 0.3482 0.0524 0.1171 0.0490 0.1963 -0.4630 0.4725 0.1291 -0.0076 0.0938 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20060 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025023Member row primary compact * ~ Best Quarter: 0.1988 2009-09-30 Worst Quarter: -0.2681 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2009 19.88% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Worst Quarter: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 -26.81% </p> <p style="margin: 4pt 0pt 0pt 0pt;" align="left"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">*&#160;&#160;Performance of the Portfolio's Class S Shares prior to May 1, 2002 reflects the performance of the Portfolio's Class I-2 Shares, as adjusted to reflect the higher expenses of Class S Shares.</font> </p> 0.0938 -0.0062 0.0679 0.0969 0.1526 0.0312 0.0752 0.0902 1989-01-06 1989-01-06 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20061 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025023Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. (reflects no deduction for fees, expenses or taxes) AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio focuses on growing companies that generally have broad product lines, markets, financial resources and depth of management. Under normal circumstances, the Portfolio 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, updated quarterly as reported 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 Portfolio can also invest in derivative instruments. The Portfolio 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 Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. By focusing on large capitalization stocks, the Portfolio may underperform funds that invest primarily in the stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor. Also, the Portfolio'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 Portfolio 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 Portfolio's performance. When purchasing options, the Portfolio 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 Portfolio is exercised, the Portfolio will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Portfolio is exercised, the Portfolio 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 Portfolio's 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 Portfolio 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 Portfolio 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 Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 Portfolio 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. These costs, which are not reflected in annual fund operating <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 154.11% of the average value of its portfolio.</font><br /> </font> </p> 1.5411 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 Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the fees would be higher.</font> </p> 0.00 0.0071 0.0025 0.0035 0.0131 ~ http://alger.com/20130411/role/ScheduleShareholderFees20057 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025023Member row primary compact * ~ ~ http://alger.com/20130411/role/ScheduleAnnualFundOperatingExpenses20058 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Large_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009214Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025023Member 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) Alger Mid Cap Growth Portfolio 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, which reflects the shareholder fees and operating expenses listed above, is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in Class S shares of the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher.</font></p> 148 459 792 1735 ~ http://alger.com/20130411/role/ScheduleExpenseExampleTransposed20066 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025031Member 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: 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 Mid Cap Growth Portfolio seeks long-term capital appreciation.</font> </p> 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 Portfolio focuses on mid-size 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 Portfolio can also invest in derivative instruments. The Portfolio 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 Portfolio's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> 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 Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Russell Midcap Growth Index is an index of common stocks designed to track performance of medium-capitalization companies with greater than average growth orientation. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If they did, the performance numbers would be lower. Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS S SHARES* as of December 31 (%) 0.4747 0.1277 0.0954 0.0989 0.3127 -0.5847 0.5131 0.1888 -0.0859 0.1569 ~ http://alger.com/20130411/role/ScheduleAnnualTotalReturnsBarChart20067 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025031Member row primary compact * ~ Best Quarter: 0.2062 2003-06-30 Worst Quarter: -0.3268 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Best Quarter: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2003 20.62% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Worst Quarter </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> -32.68% </p> <p style="margin: 4pt 0pt 0pt 0pt;" align="left"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">*&#160;&#160;Performance of the Portfolio's Class S Shares prior to May 1, 2002 reflects the performance of the Portfolio's Class I-2 Shares, as adjusted to reflect the higher expenses of Class S Shares.</font> </p> 0.1569 -0.0460 0.0758 0.0989 0.1581 0.0323 0.1032 0.0883 1993-05-03 1993-05-03 ~ http://alger.com/20130411/role/ScheduleAverageAnnualReturnsTransposed20068 column dei_DocumentInformationDocumentAxis compact ck0000832566_doc_Alger_Mid_Cap_Growth_PortfolioMember column dei_LegalEntityAxis compact ck0000832566_S000009218Member column rr_ProspectusShareClassAxis compact ck0000832566_C000025031Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ Remember that the Portfolio's past performance is not necessarily an indication of how it will perform in the future. The performance numbers do not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. www.alger.com The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year and by showing how the Portfolio's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. (reflects no deduction for fees, expenses or taxes) AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio'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 Portfolio 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 Portfolio's performance. When purchasing options, the Portfolio 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 Portfolio is exercised, the Portfolio will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Portfolio is exercised, the Portfolio 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 Portfolio's 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 Portfolio 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 Portfolio because of the potentially less frequent trading of stocks of medium 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 Portfolio 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> An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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