0001104659-13-022651.txt : 20130321 0001104659-13-022651.hdr.sgml : 20130321 20130320175918 ACCESSION NUMBER: 0001104659-13-022651 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130320 EFFECTIVENESS DATE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER INSTITUTIONAL FUNDS CENTRAL INDEX KEY: 0000911415 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-68124 FILM NUMBER: 13705983 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 INSTITUTIONAL FUND DATE OF NAME CHANGE: 20020228 FORMER COMPANY: FORMER CONFORMED NAME: ALGER RETIREMENT FUND DATE OF NAME CHANGE: 19960515 FORMER COMPANY: FORMER CONFORMED NAME: ALGER DEFINED CONTRIBUTION TRUST DATE OF NAME CHANGE: 19930830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER INSTITUTIONAL FUNDS CENTRAL INDEX KEY: 0000911415 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07986 FILM NUMBER: 13705984 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 INSTITUTIONAL FUND DATE OF NAME CHANGE: 20020228 FORMER COMPANY: FORMER CONFORMED NAME: ALGER RETIREMENT FUND DATE OF NAME CHANGE: 19960515 FORMER COMPANY: FORMER CONFORMED NAME: ALGER DEFINED CONTRIBUTION TRUST DATE OF NAME CHANGE: 19930830 0000911415 S000009201 Alger Capital Appreciation Focus Fund C000024998 Alger Capital Appreciation Focus Fund Class I ALGRX C000024999 Alger Capital Appreciation Focus Fund Class R ALGIX C000122071 Alger Capital Appreciation Focus Fund Class A ALAFX C000122072 Alger Capital Appreciation Focus Fund Class C ALCFX C000122073 Alger Capital Appreciation Focus Fund Class Z ALZFX 0000911415 S000009202 Alger SmallCap Growth Institutional Fund C000025000 Alger SmallCap Growth Institutional Fund Class I ALSRX C000025001 Alger SmallCap Growth Institutional Fund Class R ASIRX 0000911415 S000009203 Alger MidCap Growth Institutional Fund C000025002 Alger MidCap Growth Institutional Fund Class I ALMRX C000025003 Alger MidCap Growth Institutional Fund Class R AGIRX 0000911415 S000009204 Alger Capital Appreciation Institutional Fund C000025004 Alger Capital Appreciation Institutional Fund Class I ALARX C000025005 Alger Capital Appreciation Institutional Fund Class R ACARX 485BPOS 1 a12-27272_25485bpos.htm 485BPOS

 

As filed with the Securities and Exchange Commission

on March 21, 2013

 

Securities Act File No. 33-68124

Investment Company Act File No. 811-7986

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

o

 

 

Pre-Effective Amendment No.

o

 

Post-Effective Amendment No. 35

x

 

and/or

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

o

 

Amendment No. 37

x

 

(Check appropriate box or boxes)

 

THE ALGER INSTITUTIONAL FUNDS

(Exact Name of Registrant as Specified in Charter)

 

360 Park Avenue South, New York, New York

 

10010

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, including Area Code:

 

212-806-8800

 

Hal Liebes

Fred Alger Management, Inc.

360 Park Avenue South

New York, NY 10010

(Name and Address of Agent for Service)

 

Copy to:

Gary L. Granik, Esq.

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038-4982

 

 

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

 

x

immediately upon filing pursuant to paragraph (b)

 

o

on [date] pursuant to paragraph (b)

 

o

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

          

 

o

on [date] pursuant to paragraph (a)(1)

 

 

o

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

 

 

o

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

 

If appropriate, check the following box:

 

o            The 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,  Registrant certifies that it meets all the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Amendment to be signed on its behalf by the undersigned,  thereto duly authorized, in the City of New York and State of New York on the 21st day of March, 2013.

 

 

THE ALGER INSTITUTIONAL FUNDS

 

 

By:

/s/ Hal Liebes

 

 

 

  Hal Liebes, President

 

 

 

 

 

ATTEST:

/s/ Lisa A. Moss

 

 

 

 

 

 

Lisa A. Moss, Assistant Secretary

 

 

 

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

 

/s/ Hal Liebes

 

President (Principal

 

March 21, 2013

Hal Liebes

 

Executive Officer)

 

 

 

 

 

 

 

/s/ Michael D. Martins

 

Treasurer

 

March 21, 2013

Michael D. Martins

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

Charles F. Baird, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

Roger P. Cheever

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

Hilary M. Alger

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

Lester L. Colbert, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

Nathan E. Saint-Amand

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

Stephen E. O’Neil

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

March 21, 2013

David Rosenberg

 

 

 

 

 


*BY: /s/ Hal Liebes

 

 

 

Hal Liebes

 

 

 

Attorney-in-Fact

 

 

 

 


 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

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2013-10-31 0000911415 ck0000911415:S000009201_521Member ck0000911415:S000009201Member ck0000911415:C000024998Member 2013-10-31 2013-10-31 0000911415 ck0000911415:S000009201_521Member ck0000911415:S000009201Member rr:AfterTaxesOnDistributionsMember ck0000911415:C000024998Member 2013-10-31 2013-10-31 0000911415 ck0000911415:S000009201_521Member ck0000911415:S000009201Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000911415:C000024998Member 2013-10-31 2013-10-31 0000911415 ck0000911415:S000009201_521Member ck0000911415:S000009201Member ck0000911415:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-10-31 2013-10-31 xbrli:pure iso4217:USD Performance of the Fund's Class R Shares prior to January 27, 2003 reflects the performance of the Fund's Class I Shares, as adjusted with currently applicable operating expenses, which differ from historical charges and expenses. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Capital Appreciation Institutional Fund. The management fee for assets in excess of $2 billion is .65%, with an additional breakpoint of 0.60% for assets in excess of $4 billion. The Annual Fund Operating Expenses are as of the fiscal year ended October 31, 2012, adjusted for fees currently in place. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Capital Appreciation Focus Fund. The management fee for assets over $1 billion is .60%. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, taxes, brokerage, and extraordinary expenses) through February 28, 2014 to the extent necessary to limit the total annual fund operating expenses of the Class I Shares of the Fund to 1.15% of the class's average daily net assets. This expense reimbursement cannot be terminated. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Capital Appreciation Focus Fund. The management fee for assets in excess of $1 billion is .60%. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, taxes, brokerage, and extraordinary expenses) through February 28, 2014 to the extent necessary to limit the total annual fund operating expenses of the Class Z Shares of the Fund to .89% of the class's average daily net assets. This expense reimbursement cannot be terminated. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Mid Cap Growth Institutional Fund. The management fee for assets in excess of $1 billion is .70%. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Small Cap Growth Institutional Fund. The management fee for assets in excess of $1 billion is .75%. Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, taxes, brokerage, and extraordinary expenses) through February 28, 2014 to the extent necessary to limit the total annual fund operating expenses of the Fund's Class A Shares to 1.30%, and Class C Shares to 2.05%, of the class's average daily net assets. This expense reimbursement cannot be terminated. ALGER INSTITUTIONAL FUNDS 485BPOS false 0000911415 2013-10-31 2013-02-22 2013-02-28 2013-03-01 Alger Capital Appreciation Institutional Fund ALARX ACARX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.3424 0.0803 0.1474 0.1823 0.3163 -0.4389 0.4912 0.1348 -0.0103 0.1811 ~ http://alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009204_44Member column dei_LegalEntityAxis compact ck0000911415_S000009204Member row primary compact * ~ Best Quarter: 0.2056 2009-06-30 Worst Quarter: -0.2196 2008-12-31 <table border="0" align="left"> <tr> <td> <strong>Best Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q2 2009 </td> <td> 20.56% </td> </tr> <tr> <td> <strong>Worst Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q4 2008 </td> <td> -21.96% </td> </tr> </table> 0.1811 0.0211 0.1114 0.1108 0.1685 0.0165 0.1088 0.0903 0.1230 0.0158 0.0987 0.0857 0.1756 0.0159 0.1057 0.1052 0.1526 0.0312 0.0752 0.0742 0.1521 0.0315 0.0769 0.0715 1993-11-08 1993-11-08 1993-11-08 2003-01-27 ~ http://alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009204_44Member column dei_LegalEntityAxis compact ck0000911415_S000009204Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value can decrease more quickly than if the Fund had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 137.16% of the average value of its portfolio.</font> </p> 1.3716 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal market circumstances, the Fund invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that Fred Alger Management, Inc. believes demonstrate promising growth potential.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is, borrow money to buy additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 121 378 654 1443 172 533 918 1998 ~ http://alger.com/20130222/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009204_44Member column dei_LegalEntityAxis compact ck0000911415_S000009204Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0000 0.0081 0.0081 0.0000 0.0050 0.0038 0.0038 0.0119 0.0169 ~ http://alger.com/20130222/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009204_44Member column dei_LegalEntityAxis compact ck0000911415_S000009204Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009204_44Member column dei_LegalEntityAxis compact ck0000911415_S000009204Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">Alger Capital Appreciation Institutional Fund seeks long-term capital appreciation.</font> </p> Alger Capital Appreciation Focus Fund ALGIX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Prior to December 31, 2012, the Fund followed different investment strategies under the name "Alger Large Cap Growth Institutional Fund" and was managed by different portfolio managers. Performance prior to December 31, 2012 reflects those management styles and does not reflect the current investment personnel and strategies of the Fund. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.3437 0.0480 0.1170 0.0464 0.1884 -0.4725 0.4043 0.1380 -0.0073 0.0873 ~ http://alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_94Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ Best Quarter: 0.1717 2003-06-30 Worst Quarter: -0.2817 2008-12-31 <table border="0" align="left"> <tr> <td> <strong>Best Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q2 2003 </td> <td> 17.17% </td> </tr> <tr> <td> <strong>Worst Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q4 2008 </td> <td> -28.17% </td> </tr> </table> 0.0873 -0.0187 0.0593 0.0695 0.0873 -0.0195 0.0588 0.0557 0.0567 -0.0163 0.0518 0.0536 0.0798 -0.0248 0.0534 0.0638 0.1526 0.0312 0.0752 0.0742 1993-11-08 1993-11-08 2003-01-27 ~ http://alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_94Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 153.72% of the average value of its portfolio.</font> </p> 1.5372 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the Fund may have a more concentrated portfolio than other funds, so it may be more vulnerable to changes in the market value of a single issuer and may be more susceptible to risks associated with a single economic, political or regulatory occurrence than a fund that has a more diversified portfolio.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the Fund may have substantial holdings within a particular sector, and companies in similar industries may be similarly affected by particular economic or market events.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on equity securities of companies of any capitalization that Fred Alger Management, Inc. believes demonstrate promising growth potential.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may therefore concentrate its holdings in fewer business sectors or industries. Generally the Fund will hold less than 50 securities. The number of securities held by the Fund may occasionally exceed this range, including, but not limited to, when the portfolio manager is accumulating new positions, phasing out and replacing existing positions, or responding to unusual market conditions. In addition, the Fund will seek to have an annual portfolio turnover rate of less than 100%. From time to time, such as in situations described above, the portfolio turnover rate may exceed 100%.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary use of derivatives will involve entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 117 509 927 2092 256 788 1345 2866 ~ http://alger.com/20130222/role/ScheduleExpenseExampleTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_94Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0000 0.0071 0.0071 0.0000 0.0050 0.0112 0.0132 0.0183 0.0253 -0.0068 0.0115 0.0253 ~ http://alger.com/20130222/role/ScheduleShareholderFees20008 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_94Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20009 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_94Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ 2014-02-28 The Annual Fund Operating Expenses are as of the fiscal year ended October 31, 2012, adjusted for fees currently in place. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">Alger Capital Appreciation Focus Fund seeks long-term capital appreciation.</font> </p> Alger Capital Appreciation Focus Fund ALZFX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Class Z Shares were not offered prior to December 31, 2012. Historical performance prior to December 31, 2012 is that of the Fund's Class I Shares. Previously, the Fund followed different investment strategies under the name "Alger Large Cap Growth Institutional Fund" and was managed by different portfolio managers. Performance prior to December 31, 2012 reflects those management styles and does not reflect the current investment personnel and strategies of the Fund. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.3437 0.0480 0.1170 0.0464 0.1884 -0.4725 0.4043 0.1380 -0.0073 0.0873 ~ http://alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_146Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ Best Quarter: 0.1717 2003-06-30 Worst Quarter: -0.2817 2008-12-31 <table border="0" align="left"> <tr> <td> <strong>Best Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q2 2003 </td> <td> 17.17% </td> </tr> <tr> <td> <strong>Worst Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q4 2008 </td> <td> -28.17% </td> </tr> </table> 0.0873 -0.0187 0.0593 0.0695 0.0873 -0.0195 0.0588 0.0557 0.0567 -0.0163 0.0518 0.0536 0.1526 0.0312 0.0752 0.0742 1993-11-08 1993-11-08 ~ http://alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_146Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 153.72% of the average value of its portfolio.</font> </p> 1.5372 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other <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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the Fund may have a more concentrated portfolio than other funds, so it may be more vulnerable to changes in the market value of a single issuer and may be more susceptible to risks associated with a single economic, political or regulatory occurrence than a fund that has a more diversified portfolio.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;&#160;&#160;the Fund may have substantial holdings within a particular sector, and companies in similar industries may be similarly affected by particular economic or market events.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth Companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefiting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on equity securities of companies of any capitalization that Fred Alger Management, Inc. believes demonstrate promising growth potential.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may therefore concentrate its holdings in fewer business sectors or industries. Generally the Fund will hold less than 50 securities. The number of securities held by the Fund may occasionally exceed this range, including, but not limited to, when the portfolio manager is accumulating new positions, phasing out and replacing existing positions, or responding to unusual market conditions. In addition, the Fund will seek to have an annual portfolio turnover rate of less than 100%. From time to time, such as in situations described above, the portfolio turnover rate may exceed 100%.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary use of derivatives will involve entering into forward currency contract to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 91 714 1362 3106 ~ http://alger.com/20130222/role/ScheduleExpenseExampleTransposed20017 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_146Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions. "Other Expenses" below are estimated assuming $1 million in net assets. If actual net assets are less, the actual expense ratio will be higher.</font> </p> 0.0000 0.0071 0.0000 0.0222 0.0293 -0.0204 0.0089 ~ http://alger.com/20130222/role/ScheduleShareholderFees20015 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_146Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20016 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_146Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" below are estimated assuming $1 million in net assets. If actual net assets are less, the actual expense ratio will be higher. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">Alger Capital Appreciation Focus Fund seeks long-term capital appreciation.</font> </p> Alger Mid Cap Growth Institutional Fund ALMRX AGIRX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.4566 0.1207 0.1032 0.0951 0.3456 -0.5874 0.5140 0.1932 -0.0775 0.1624 ~ http://alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009203_196Member column dei_LegalEntityAxis compact ck0000911415_S000009203Member row primary compact * ~ Best Quarter: 0.2009 2003-06-30 Worst Quarter: -0.3288 2008-12-31 <table border="0" align="left"> <tr> <td> <strong>Best Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q2 2003 </td> <td> 20.09% </td> </tr> <tr> <td> <strong>Worst Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q4 2008 </td> <td> -32.88% </td> </tr> </table> 0.1624 -0.0438 0.0781 0.1133 0.1614 -0.0442 0.0664 0.0873 0.1056 -0.0369 0.0632 0.0857 0.1563 -0.0488 0.0727 0.1078 0.1581 0.0323 0.1032 0.0837 1993-11-08 1993-11-08 2003-01-27 ~ http://alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009203_196Member column dei_LegalEntityAxis compact ck0000911415_S000009203Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 232.99% of the average value of its portfolio.</font><br /> </font> </p> 2.3299 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks may also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in medium-capitalization companies rather than larger, more established companies owing to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on mid-sized companies that Fred Alger Management, Inc. believes demonstrate promising growth potential. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell Midcap Growth Index or the S&amp;P MidCap 400 Index, as reported by the indexes as of the most recent quarter-end. Both indexes are designed to track the performance of medium-capitalization stocks. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $350 million to $25 billion.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000.00 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 125 390 676 1489 179 554 954 2073 ~ http://alger.com/20130222/role/ScheduleExpenseExampleTransposed20024 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009203_196Member column dei_LegalEntityAxis compact ck0000911415_S000009203Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions</font> </p> 0.0000 0.0000 0.0076 0.0076 0.0000 0.0050 0.0047 0.0050 0.0123 0.0176 ~ http://alger.com/20130222/role/ScheduleShareholderFees20022 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009203_196Member column dei_LegalEntityAxis compact ck0000911415_S000009203Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20023 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009203_196Member column dei_LegalEntityAxis compact ck0000911415_S000009203Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">Alger Mid Cap Growth Institutional Fund seeks long-term capital appreciation.</font> </p> Alger Small Cap Growth Institutional Fund ALSRX ASIRX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.4188 0.1648 0.1579 0.1769 0.1552 -0.4591 0.4371 0.2563 -0.0291 0.1243 ~ http://alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009202_244Member column dei_LegalEntityAxis compact ck0000911415_S000009202Member row primary compact * ~ Best Quarter: 0.2034 2009-06-30 Worst Quarter: -0.2726 2008-12-31 <table border="0" align="left"> <tr> <td> <strong>Best Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q2 2009 </td> <td> 20.34% </td> </tr> <tr> <td> <strong>Worst Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q4 2008 </td> <td> -27.26% </td> </tr> </table> 0.1243 0.0129 0.1074 0.0870 0.1056 0.0082 0.1048 0.0777 0.1058 0.0109 0.0962 0.0739 0.1185 0.0080 0.1022 0.0817 0.1459 0.0349 0.0980 0.0580 1993-11-08 2003-01-27 1993-11-08 ~ http://alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009202_244Member column dei_LegalEntityAxis compact ck0000911415_S000009202Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class R Shares, which are not shown, will vary from those shown for Class I Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72.43% of the average value of its portfolio.</font> </p> 0.7243 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;there may be greater risk in investing in smaller, less-seasoned companies rather than larger, more-established companies owing to such factors as inexperienced management and limited product lines or financial resources.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly expanding marketplace. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 2000 Growth Index or the S&amp;P SmallCap 600 Index, as reported by the indexes as of the most recent quarter-end. Both indexes are broad indexes of small capitalization stocks. At December 31, 2012, the market capitalization of the companies in these indexes ranged from $27 million to $4.7 billion.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 125 390 676 1489 176 545 939 2041 ~ http://alger.com/20130222/role/ScheduleExpenseExampleTransposed20031 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009202_244Member column dei_LegalEntityAxis compact ck0000911415_S000009202Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses whether or not you redeemed your shares at the end of each period: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no sales charges on purchases or redemptions.</font> </p> 0.0000 0.0000 0.0081 0.0081 0.0000 0.0050 0.0042 0.0042 0.0123 0.0173 ~ http://alger.com/20130222/role/ScheduleShareholderFees20029 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009202_244Member column dei_LegalEntityAxis compact ck0000911415_S000009202Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20030 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009202_244Member column dei_LegalEntityAxis compact ck0000911415_S000009202Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 3pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">Alger Small Cap Growth Institutional Fund seeks long-term capital appreciation.</font> </p> Alger Capital Appreciation Focus Fund ALAFX ALCFX ALGRX PERFORMANCE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">those of an appropriate benchmark of market performance. Class A and Class C Shares were not offered prior to December 31, 2012. Historical performance prior to December 31, 2012 is that of the Fund's Class I Shares. Previously, the Fund followed different investment strategies under the name "Alger Large Cap Growth Institutional Fund" and was managed by different portfolio managers. Performance prior to December 31, 2012 reflects those management styles and does not reflect the current investment personnel and strategies of the Fund. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <font style="text-decoration: underline;">www.alger.com</font>.</font><br /> </font> </p> ANNUAL TOTAL RETURN FOR CLASS I SHARES as of December 31 (%) 0.3437 0.0480 0.1170 0.0464 0.1884 -0.4725 0.4043 0.1380 -0.0073 0.0873 ~ http://alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20040 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_521Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ Best Quarter: 0.1717 2009-06-30 Worst Quarter: -0.2817 2008-12-31 <table border="0" align="left"> <tr> <td> <strong>Best Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q2 2009 </td> <td> 17.17% </td> </tr> <tr> <td> <strong>Worst Quarter:</strong> </td> <td> &#160; </td> </tr> <tr> <td> Q4 2008 </td> <td> -28.17% </td> </tr> </table> 0.0873 -0.0187 0.0593 0.0695 0.0873 -0.0195 0.0588 0.0557 0.0567 -0.0163 0.0518 0.0536 0.1526 0.0312 0.0752 0.0742 1993-11-08 1993-11-08 ~ http://alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20041 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_521Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:6pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 153.72% of the average value of its portfolio.</font> </p> 1.5372 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. 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 Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the Fund may have a more concentrated portfolio than other funds, so it may be more vulnerable to changes in the market value of a single issuer and may be more susceptible to risks associated with a single economic, political or regulatory occurrence than a fund that has a more diversified portfolio.</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 Fund may have substantial holdings within a particular sector, and companies in similar industries may be similarly affected by particular economic or market events.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefiting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund focuses on equity securities of companies of any capitalization that Fred Alger Management, Inc. believes demonstrate promising growth potential.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund intends to invest a substantial portion of its assets in a small number of issuers, and may therefore concentrate its holdings in fewer business sectors or industries. Generally the Fund will hold less than 50 securities. The number of securities held by the Fund may occasionally exceed this range, including, but not limited to, when the portfolio manager is accumulating new positions, phasing out and replacing existing positions, or responding to unusual market conditions. In addition, the Fund will seek to have an annual portfolio turnover rate of less than 100%. From time to time, such as in situations described above, the portfolio turnover rate may exceed 100%.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary use of derivatives will involve entering into forward currency contract to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 650 1032 1437 2566 308 762 1343 2921 650 1032 1437 2566 208 762 1343 2921 ~ http://alger.com/20130222/role/ScheduleExpenseExampleTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_521Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20039 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_521Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses if you redeemed your shares at the end of each period: You would pay the following expenses if you did not redeem your shares: FUND FEES AND EXPENSES <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. More information about these and other discounts is available from your financial professional and in "Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter of Intent (Class A Shares)" on page 20 of the Fund's Statement of Additional Information. "Other Expenses" below are estimated assuming $1 million in net assets. If actual net assets are less, the actual expense ratio will be higher.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0071 0.0071 0.0025 0.0100 0.0092 0.0092 0.0188 0.0263 -0.0058 -0.0058 0.0130 0.0205 ~ http://alger.com/20130222/role/ScheduleShareholderFees20036 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_521Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ ~ http://alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20037 column dei_DocumentInformationDocumentAxis compact ck0000911415_S000009201_521Member column dei_LegalEntityAxis compact ck0000911415_S000009201Member row primary compact * ~ 2014-02-28 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 "Other Expenses" below are estimated assuming $1 million in net assets. 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