0001104659-13-022650.txt : 20130321 0001104659-13-022650.hdr.sgml : 20130321 20130320175917 ACCESSION NUMBER: 0001104659-13-022650 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130320 EFFECTIVENESS DATE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER FUNDS II CENTRAL INDEX KEY: 0000092751 IRS NUMBER: 042451826 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-98102 FILM NUMBER: 13705981 BUSINESS ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-806-8833 MAIL ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA FUNDS DATE OF NAME CHANGE: 20070503 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA FUND DATE OF NAME CHANGE: 20040325 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALGER FUNDS II CENTRAL INDEX KEY: 0000092751 IRS NUMBER: 042451826 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01743 FILM NUMBER: 13705982 BUSINESS ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-806-8833 MAIL ADDRESS: STREET 1: 360 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA FUNDS DATE OF NAME CHANGE: 20070503 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA FUND DATE OF NAME CHANGE: 20040325 FORMER COMPANY: FORMER CONFORMED NAME: SPECTRA FUND INC DATE OF NAME CHANGE: 19920703 0000092751 S000009190 Alger Spectra Fund C000024978 Alger Spectra Fund Class A SPECX C000068367 Alger Spectra Fund Class C ASPCX C000068368 Alger Spectra Fund Class I ASPIX C000095102 Alger Spectra Fund Class Z ASPZX 0000092751 S000014607 Alger Green Fund C000039961 Alger Green Fund Class A SPEGX C000068369 Alger Green Fund Class C AGFCX C000068370 Alger Green Fund Class I AGIFX 0000092751 S000016038 Alger Analyst Fund C000044163 Alger Analyst Fund Class A SPEAX C000068371 Alger Analyst Fund Class C AACYX C000068372 Alger Analyst Fund Class I AAIYX 0000092751 S000026226 Alger Dynamic Opportunities Fund C000078761 Alger Dynamic Opportunities Fund Class A SPEDX C000095104 Alger Dynamic Opportunities Fund Class Z ADOZX C000098121 Alger Dynamic Opportunities Fund Class C ADOCX 0000092751 S000030688 Alger Emerging Markets Fund C000095099 Alger Emerging Markets Fund Class A C000095100 Alger Emerging Markets Fund Class C C000095101 Alger Emerging Markets Fund Class I 485BPOS 1 a12-27269_5485bpos.htm 485BPOS

 

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

 

Securities Act File No. 33-98102

Investment Company Act File No. 811-1743

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

x

 

 

 

Pre-Effective Amendment No.   

 

 

 

Post-Effective Amendment No. 49

 

x

 

and/or

 

 

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

x

 

Amendment No. 62

 

 

 

(Check appropriate box or boxes)

 

x

 

THE ALGER FUNDS II

(a Massachusetts business trust)

(Exact Name of Registrant as Specified in Charter)

 

360 Park Avenue South, New York, New York

 

10010

 

(Address of Principal Executive Offices)

 

(Zip Code)

 

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

 

Hal Liebes, Esq.

Fred Alger Management, Inc.

360 Park Avenue South,

New York, NY 10010

(Name and Address of Agent for Service)

 

Copy to:

Gary L. Granik, Esq.

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

 

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

 

x

 

immediately upon filing pursuant to paragraph (b),

                                               

o

 

on [date] pursuant to paragraph (b)

 

o

 

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

 

o

 

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

 

o

 

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

 

o

 

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

 

If appropriate, check the following box:

 

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

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant 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 Post-Effective Amendment to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and State of New York on the 21st day of March, 2013.

 

THE ALGER FUNDS II

 

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, this Amendment has been signed below by the following persons in the capacities and on the dates indicated.

 

 

Signature

 

Title

 

Date

 

 

 

 

 

 

 

President

 

 

March 21, 2013

 

/s/ Hal Liebes

 

(Chief Executive Officer)

 

 

 

 

Hal Liebes

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Michael D. Martins

 

Treasurer

(Chief Financial Officer)

 

 

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

 

Lester L. Colbert, Jr.

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

 

March 21, 2013

 

Hilary M. Alger

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

 

March 21, 2013

 

David Rosenberg

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

 

March 21, 2013

 

Nathan E. Saint-Amand

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

 

March 21, 2013

 

Stephen E. O’Neil

 

 

 

 

 

 

 


*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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ck0000092751:C000095101Member 2012-10-31 2012-10-31 0000092751 ck0000092751:S000030688_1041Member ck0000092751:S000030688Member rr:AfterTaxesOnDistributionsMember ck0000092751:C000095101Member 2012-10-31 2012-10-31 0000092751 ck0000092751:S000030688_1041Member ck0000092751:S000030688Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000092751:C000095101Member 2012-10-31 2012-10-31 0000092751 ck0000092751:S000030688_1041Member ck0000092751:S000030688Member ck0000092751:index_MSCI_Emerging_Markets_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-10-31 2012-10-31 xbrli:pure iso4217:USD The first full calendar year that Fred Alger Management, Inc. was the Fund's investment manager was 1975. Index information is not available for this period. Performance of the Fund's Class C Shares prior to September 24, 2008 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Spectra Fund. The management fee for assets in excess of $2 billion is .75%, with an additional breakpoint of .65% for assets in excess of $4 billion. Performance of the Fund's Class C Shares prior to September 24, 2008 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. The 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 Green Fund. The management fee for assets in excess of $1 billion is .65%. 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 A Shares of the Fund to 1.35% 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 Analyst Fund. The management fee for assets in excess of $1 billion is .70%. 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 1.95% of the class's average daily net assets. This expense reimbursement cannot be terminated. Performance of the Fund's Class C Shares prior to December 29, 2010 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Dynamic Opportunities Fund. The management fee for assets in excess of $1 billion is 1.00%. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, dividends on short sales, 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 2.00%, and Class C Shares to 2.75%, of the class's average daily net assets. This expense reimbursement cannot be terminated. 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 1.70% and the Class C Shares to 2.45% of the class's average daily net assets. This expense reimbursement cannot be terminated. Performance of the Fund's Class I Shares prior to September 24, 2008 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. The first full calendar year that Fred Alger Management, Inc. was the Fund's investment manager was 1975. Index information is not available for this period. The Fund and Fred Alger Management, Inc. have adopted fee breakpoints for Alger Spectra Fund. The management fee for assets in excess of $2 billion is .75%, with an additional breakpoint of 0.65% for assets in excess of $4 billion. Performance of the Fund's Class I Shares prior to September 24, 2008 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. Fred Alger Management, Inc. has contractually agreed to 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 1.35% of the class's average daily net assets. This expense reimbursement cannot be terminated. 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 1.30% of the class's average daily net assets. This expense reimbursement cannot be terminated. Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, dividends on short sales, 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 1.75% of the class's average daily net assets. This expense reimbursement cannot be terminated. 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 1.70% of the class's average daily net assets. This expense reimbursement cannot be terminated. ALGER FUNDS II 485BPOS false 0000092751 2012-10-31 2013-02-22 2013-02-28 2013-03-01 Alger Spectra Fund SPECX ASPCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Alger Spectra Fund operated as a closed-end fund from August 23, 1978 to February 12, 1996. In the table, the calculation of total return during that time assumes dividends were reinvested at market value. Had dividends not been reinvested, performance would have been lower. Performance from February 13, 1996 through September 23, 2008 is that of the Fund's Class N Shares, adjusted to reflect applicable sales charges and operating expenses. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) 0.3490 0.0630 0.1544 0.2054 0.3161 -0.4319 0.5652 0.1667 -0.0063 0.1879 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_49Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ Best Quarter: 0.2231 2009-06-30 Worst Quarter: -0.2031 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160; 22.31% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 &#160;&#160;&#160; -20.31% </p> 0.1254 0.0302 0.1178 0.1567 0.1175 0.0280 0.1166 0.1338 0.0849 0.0250 0.1055 0.1307 0.1684 0.0340 0.1158 0.1498 0.1521 0.0315 0.0769 2008-09-24 1969-07-28 1974-12-31 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_49Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com 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 139.90% of the average value of its portfolio.</font> </p> 1.3990 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;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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 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 market price of a security may increase after the Fund borrows the security in order to sell it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund's exposure to the market, magnifying losses and increasing volatility.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in the equity securities of companies of any size 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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> <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 may sell securities short, which is the sale of a security the Fund does not own. The Fund arranges with a broker to borrow the security being sold short, and replaces the security by buying it at the current market price when it closes out the short sale. If the price of the security sold short has increased since the time of the short sale, the Fund will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.</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> 669 971 1295 2211 327 700 1200 2575 669 971 1295 2211 227 700 1200 2575 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_49Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_49Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member 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 28 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0090 0.0090 0.0025 0.0100 0.0022 0.0021 0.0012 0.0013 0.0149 0.0224 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_49Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_49Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Spectra Fund seeks long-term capital appreciation.</font> </p> Alger Green Fund SPEGX AGFCX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Performance through September 23, 2008 is that of the Fund's Class N Shares, adjusted to reflect applicable sales charges (in the table) and operating expenses. Before the Fund commenced operations, substantially all of the assets of another investment company advised by Fred Alger Management, Inc., Alger Green Institutional Fund, a series of The Alger Institutional Funds, were transferred to the Fund in a tax-free reorganization. The reorganization occurred on January 11, 2007. The performance figures for the Fund's Class N Shares include the performance of the Class I Shares of Alger Green Institutional Fund prior to that date. Prior to October 19, 2006, Alger Green Institutional Fund was managed by different portfolio managers and followed different investment strategies. Performance prior to October 19, 2006 reflects that management style 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 A SHARES as of December 31 (%) 0.3269 0.0767 0.1585 0.1788 0.2679 -0.4608 0.3947 0.0955 -0.0523 0.1488 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_108Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ Best Quarter: 0.1832 2009-06-30 Worst Quarter: -0.2436 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009&#160;&#160;&#160;&#160; 18.32% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 &#160;&#160;&#160; -24.36% </p> 0.0888 -0.0319 0.0771 -0.0112 0.0882 -0.0320 0.0691 -0.0173 0.0577 -0.0269 0.0641 -0.0124 0.1287 -0.0290 0.0748 -0.0143 0.1521 0.0315 0.0769 0.0131 2000-12-04 2000-12-04 2008-09-24 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_108Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. Performance in the bar chart does not reflect the effect of the sales charge imposed on Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 21.25% of the average value of its portfolio.</font> </p> 0.2125 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;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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's investment criteria may limit the number of investment opportunities available to the Fund, and as a result, at times the Fund's returns may be less than those of funds that are not subject to such special investment considerations. Moreover, companies that promote environmentally sensitive programs may not perform as well as companies that do not pursue such goals.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any size that, in the opinion of Fred Alger Management, Inc., conduct their business in an environmentally sustainable manner, while demonstrating promising growth potential. Companies that conduct their business in an environmentally sustainable manner are companies that have developed or are developing or marketing products or services that address human needs without undermining nature's ability to support our economy into the future, have a positive or neutral impact on the environment on a relative basis, or recognize environmental sustainability as a challenge and opportunity as demonstrated through their business strategies, practices or investments.</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's investment strategy consists of fundamental analysis combined with environmental sustainability analytic screens. In selecting stocks, Fred Alger Management, <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Inc. uses fundamental analysis to identify innovative and dynamic companies and uses screens that identify and rank stocks within an industry or sector based on several sustainability characteristics.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is borrow money to purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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></font></p> 655 958 1283 2200 334 721 1235 2646 655 958 1283 2200 234 721 1235 2646 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20011 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_108Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_108Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member 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 28 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0071 0.0071 0.0025 0.0100 0.0053 0.0060 0.0149 0.0231 -0.0014 0.0135 0.0231 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20009 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_108Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20010 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_108Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ 2014-02-28 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. The Annual Fund Operating Expenses are as of the fiscal year ended October 31, 2012, adjusted for fees currently in place. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Green Fund seeks long-term capital appreciation.</font> </p> Alger Analyst Fund SPEAX AACYX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Performance through September 23, 2008 is that of the Fund's Class N Shares, adjusted to reflect applicable sales charges (in the table) and operating expenses. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) -0.4556 0.4502 0.1192 -0.0342 0.1849 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_169Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member row primary compact * ~ Best Quarter: 0.1762 2009-09-30 Worst Quarter: -0.2579 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2009&#160;&#160;&#160;&#160; 17.62% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 &#160;&#160;&#160; -25.79% </p> 0.1229 -0.0085 0.0214 0.1083 -0.0110 0.0163 0.0866 -0.0081 0.0158 0.1677 -0.0049 0.0235 0.1581 0.0323 0.0405 2007-03-30 2008-09-24 2007-03-30 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_169Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member 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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font><br /> </font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com 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 158.39% of the average value of its portfolio.</font> </p> 1.5839 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;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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 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 allocation of investments among the analysts may have a more significant effect on the Fund's net asset value when one analyst's portion of the portfolio is performing more poorly than the others, or when the allocations are not rebalanced.</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's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The securities of issuers located in <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">emerging markets can be more volatile, and less liquid, than those of issuers in more mature economies.</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;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund may invest in companies of any market capitalization, from larger, well-established companies to small, emerging growth companies.</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 equity research analysts of Fred Alger Management, Inc. select investments for the Fund that represent investment ideas in all market capitalizations, styles and geographies. Although the analysts may find investment ideas anywhere in the world, the analysts may emphasize investments in securities of U.S. issuers. The Fund may invest in securities <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">of companies whose principal business activities are located in emerging market countries. Each analyst will be allocated a percentage of the Fund's total assets to invest and will have such allocation rebalanced on a periodic basis &#8211; at least annually &#8211; by the Fund's Chief Investment Officer.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is borrow money to purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 650 1586 2527 4898 298 1403 2587 5453 650 1586 2527 4898 198 1403 2587 5453 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20019 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_169Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_169Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member 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 28 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0075 0.0075 0.0025 0.0100 0.0375 0.0415 0.0475 0.0590 -0.0345 -0.0395 0.0130 0.0195 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20017 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_169Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20018 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_169Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member row primary compact * ~ 2014-02-28 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Alger Family of Funds, including the Fund. The Annual Fund Operating Expenses are as of the fiscal year ended October 31, 2012, adjusted for fees currently in place. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Analyst Fund seeks long-term capital appreciation.</font> </p> Alger Dynamic Opportunities Fund SPEDX ADOCX 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 October 31, 2012, the Fund compared its performance to the Blended S&amp;P 500/3-Month London <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Interbank Offered Rate. The Fund will compare its performance to the S&amp;P 500 Index to facilitate performance comparison to its peers. Class C Shares were not offered prior to December 29, 2010. Historical performance prior to December 29, 2010 is that of the Fund's Class A Shares, as adjusted with currently applicable sales charges (in the table) and the higher Class C 12b-1 Fees. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that a 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 A SHARES as of December 31 (%) 0.0682 -0.0480 0.0943 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_231Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member row primary compact * ~ Best Quarter: 0.0787 2012-03-31 Worst Quarter: -0.1235 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012 &#160;&#160;&#160; 7.87% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011 &#160;&#160;&#160; -12.35% </p> 0.0368 0.0256 0.0368 0.0239 0.0239 0.0208 0.0752 0.0350 0.1600 0.1279 0.0814 0.0671 2010-12-29 2009-11-02 2009-11-02 2009-11-02 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_231Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that a Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Prior to October 31, 2012, the Fund compared its performance to the Blended S&P 500/3-Month London Interbank Offered Rate. The Fund will compare its performance to the S&P 500 Index to facilitate performance comparison to its peers. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 257.74% of the average value of its portfolio.</font> </p> 2.5774 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;">Risks of investing in the Fund include:</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, by holding a large cash position, may underperform relative to both equity and fixed-income securities.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of certain stocks held by the Fund.</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 market price of a security may increase after the Fund borrows the security and sells it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund's exposure to the market, magnifying losses and increasing volatility.</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;issuers of convertible securities may not be as strong financially as other companies, and may be more vulnerable to changes in the economy.</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 is a non-diversified investment company, which means that it is not required to maintain, as to 75% of its assets, no more than 5% of its assets in any single issuer. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <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 Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and different auditing and legal standards.</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;">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 the Fund may 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. Based on the Fund's investment style and objective, 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;">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> The Fund is a non-diversified investment company, which means that it is not required to maintain, as to 75% of its assets, no more than 5% of its assets in any single issuer. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio. As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in a portfolio of U.S. and foreign equity securities (common stocks, preferred stock and convertible securities). In addition to purchasing securities (i.e., taking long positions), the Fund's investment adviser, Fred Alger Management, Inc. will identify securities that it believes will underperform on an absolute or relative basis and will sell these securities short on behalf of the Fund. The Fund will not, however, follow a market neutral strategy and generally will have a net long position. As a result, and as a result of the cash proceeds the Fund will receive from selling securities short, the Fund will maintain significant cash positions. The Fund may also seek to manage the volatility of either the portfolio, a particular exposure (e.g., sector or industry) of the portfolio or individual securities through short sales, options or other derivative instruments. The Fund will have no specific guidelines or restrictions governing the concentration of the Fund's portfolio in specific entities, sectors or market capitalizations.</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;">Accordingly, the Fund may invest a portion of its assets in securities issued by small capitalization companies. The Fund may also invest a portion of its assets in equity securities not listed on an exchange.</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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> <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 may sell securities short, which is the sale of a security the Fund does not own. The Fund arranges with a broker to borrow the security being sold short, and replaces the security by buying it at the current market price when it closes out the short sale. If the price of the security sold short has increased since the time of the short sale, the Fund will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.</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> 776 1366 1980 3627 441 1162 1999 4168 776 1366 1980 3627 341 1162 1999 4168 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20027 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_231Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_231Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member 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 3pt 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 28 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0120 0.0120 0.0025 0.0100 0.0091 0.0117 0.0062 0.0063 0.0298 0.0400 -0.0036 -0.0062 0.0262 0.0338 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20025 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_231Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20026 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_231Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member 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 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 2pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Dynamic Opportunities Fund seeks long-term capital appreciation.</font> </p> Alger Emerging Markets Fund AAEMX ACEMX AIEMX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%) -0.2371 0.2011 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_296Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member row primary compact * ~ Best Quarter: 0.1332 2012-03-31 Worst Quarter: -0.2457 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012 &#160;&#160;&#160; 13.32% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011 &#160;&#160;&#160; -24.57% </p> 0.1386 -0.0660 0.1317 -0.0688 0.0900 -0.0574 0.1820 -0.0499 0.1863 -0.0085 2010-12-29 2010-12-29 2010-12-29 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_296Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:12pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</font> </p> In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares. (reflects no deduction for fees, expenses or taxes) Performance in the bar chart does not reflect the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown. A "return after taxes on distributions and sale of fund shares" may sometimes be higher than the other two return figures; this happens where there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder. www.alger.com 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 150.09% of the average value of its portfolio.</font> </p> 1.5009 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 Fund's performance will be influenced by political, social and economic factors affecting investments in emerging country issuers. Special risks associated with investments in emerging country issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">political instability and differing auditing and legal standards. The securities of issuers located in emerging markets can be more volatile, and less liquid, than those of issuers in more mature economies.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest heavily in issuers located in emerging countries such as Brazil, Russia, India and China, and therefore may be particularly exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S.</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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of emerging country issuers. Fred Alger Management, Inc. may consider classifications including those of the World Bank, the International Finance Corporation, or the United Nations (and its agencies) in determining whether a country is an emerging country. Currently, most Central and South American, African, Asian and Eastern European nations are considered emerging countries, among others.</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;">For purposes of the Fund's investment strategies, an emerging country issuer is a company (i) that is organized under the laws of, or has a principal office in, an emerging country; (ii) whose principal trading market is in an emerging country; or (iii) that has a majority of its assets, or that derives a significant portion of its revenue or profits from businesses, investments or sales, in one or more emerging countries. An emerging <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">country issuer may also include an exchange-traded fund that is principally invested in equity securities of emerging country issuers.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund generally invests in at least three emerging countries, and, at times, may invest a substantial portion of its assets in a single emerging country. The Fund may invest in companies of any market capitalization, from larger, well-established companies to small, emerging growth companies.</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;">Fred Alger Management, Inc. seeks investment opportunities in companies with fundamental strengths that indicate the potential for sustainable growth. Fred Alger Management, Inc. focuses on individual stock selection, building the Fund's portfolio from the bottom up through extensive fundamental research. In addition to using fundamental research, Fred Alger Management, Inc. employs a "quantitative" investment approach to selecting investments. A quantitative investment approach relies on financial models and computer databases to assist in the stock selection process. Proprietary computer models are capable of rapidly ranking a large universe of eligible investments using an array of traditional factors applied in financial analysis, such as cash flow, earnings growth, and price to earnings ratios, as well as other non-traditional factors.</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 purchase 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 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> 689 1561 2443 4693 348 1392 2521 5286 689 1561 2443 4693 248 1392 2521 5286 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20035 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_296Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleNoRedemptionTransposed20036 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_296Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member 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 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 28 of the Fund's Statement of Additional Information.</font> </p> 0.0525 0.0000 0.0100 0.0100 -0.0200 -0.0200 0.0110 0.0110 0.0025 0.0100 0.0308 0.0351 0.0443 0.0561 -0.0273 -0.0316 0.0170 0.0245 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20033 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_296Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20034 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_296Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member 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 Purchases of $1 million of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Emerging Markets Fund seeks long-term capital appreciation.</font> </p> Alger Spectra Fund ASPIX 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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. The Fund operated as a closed-end fund from August 23, 1978 to February 12, 1996. In the table, the calculation of total return during that time assumes dividends were reinvested at market value. Had dividends not been reinvested, performance would have been lower. Class I Shares were not offered prior to September 24, 2008. Historical performance prior to September 24, 2008 is that of the Fund's Class N Shares, which were redesignated as Class A Shares on September 24, 2008. 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 (%) 0.3490 0.0630 0.1544 0.2054 0.3161 -0.4319 0.5727 0.1668 -0.0047 0.1879 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20044 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_764Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ Best Quarter: 0.2239 2009-06-30 Worst Quarter: -0.2041 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009 &#160;&#160;&#160; 22.39% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 &#160;&#160;&#160; -20.41% </p> 0.1879 0.0427 0.1247 0.1585 0.1794 0.0405 0.1234 0.1355 0.1257 0.0359 0.1119 0.1324 0.1521 0.0315 0.0769 2008-09-24 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20045 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_764Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member 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 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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 139.90% of the average value of its portfolio.</font><br /> </font> </p> 1.3990 PRINCIPAL RISKS <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 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 market price of a security may increase after the Fund borrows the security in order to sell it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund's exposure to the market, magnifying losses and increasing volatility.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in the equity securities of companies of any size 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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> <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 may sell securities short, which is the sale of a security the Fund does not own. The Fund arranges with a broker to borrow the security being sold short, and replaces the security by buying it at the current market price when it closes out the short sale. If the price of the security sold short has increased since the time of the short sale, the Fund will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.</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> 146 452 782 1713 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20043 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_764Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member 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> 0.00 0.0090 0.0025 0.0016 0.0012 0.0143 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20041 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_764Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20042 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_764Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Spectra Fund seeks long-term capital appreciation.</font> </p> Alger Spectra Fund ASPZX PERFORMANCE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the indicated periods compare with those of an appropriate benchmark of market performance. Remember that the Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website <u>www.alger.com</u>.</font> </p> ANNUAL TOTAL RETURN FOR CLASS Z SHARES as of December 31 (%) -0.0022 0.1908 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20051 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_818Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ Best Quarter: 0.1651 2012-03-31 Worst Quarter: -0.1551 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012 &#160;&#160;&#160; 16.51% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011 &#160;&#160;&#160; -15.51% </p> 0.1908 0.0884 0.1812 0.0820 0.1275 0.0730 0.1521 0.0829 2010-12-29 2010-12-29 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20052 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_818Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 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 The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 PORTFOLIO TURNOVER <p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">the examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 139.90% of the average value of its portfolio.</font><br /> </font> </p> 1.3990 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 Fund may use derivative instruments, such as options, futures and options on futures (including those relating to stocks, indexes and foreign currencies), and forward contracts. A small investment in derivatives could have a potentially large impact on the Fund's performance. When purchasing options, the Fund bears the risk that if the market value of the underlying security does not move to a level that would make exercise of the option profitable, the option will expire unexercised. When a call option written by the Fund is exercised, the Fund will not participate in any increase in the underlying security's value above the exercise price. When a put option written by the Fund is exercised, the Fund will be required to purchase the underlying security at a price in excess of its market value. Use of options on securities indexes is subject to the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted, the risk that price movements in the Fund's portfolio securities may not correlate precisely with movements in the level of an index, and the risk that Fred Alger Management, Inc. may not predict correctly movements in the direction of a particular market or of the stock market generally. Because certain options may require settlement in cash, the Fund may be forced to liquidate portfolio securities to meet settlement obligations. Forward currency contracts are subject to currency exchange rate risks and the risk of non-performance by the contract counterparty.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks also apply:</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;investing in companies of all capitalizations involves the risk that smaller issuers in which the Fund invests may have limited product lines or financial resources, or lack management depth.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 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 market price of a security may increase after the Fund borrows the security in order to sell it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund's exposure to the market, magnifying losses and increasing volatility.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in the equity securities of companies of any size 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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font> </p> <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 may sell securities short, which is the sale of a security the Fund does not own. The Fund arranges with a broker to borrow the security being sold short, and replaces the security by buying it at the current market price when it closes out the short sale. If the price of the security sold short has increased since the time of the short sale, the Fund will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.</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> 122 381 660 1455 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20050 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_818Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member 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> 0.00 0.0090 0.0000 0.0013 0.0017 0.0120 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20048 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_818Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20049 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000009190_818Member column dei_LegalEntityAxis compact ck0000092751_S000009190Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Spectra Fund seeks long-term capital appreciation.</font> </p> Alger Green Fund AGIFX 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 I Shares were not offered prior to September 24, 2008. Historical performance prior to September 24, 2008 is that of the Fund's Class N Shares, which were redesignated as Class A Shares on September 24, 2008. Before the Fund commenced operations, substantially all of the assets of another investment company advised by Fred Alger Management, Inc., Alger Green Institutional Fund, a series of The Alger Institutional Funds, were transferred to the Fund in a tax-free reorganization. The reorganization occurred on January 11, 2007. The performance figures for the Fund's Class N Shares include the performance of the Class I Shares of Alger Green Institutional Fund prior to that date. Prior to October 19, 2006, the Fund was managed by different portfolio <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">managers and followed different investment strategies. Performance prior to October 19, 2006 reflects that management style rather than the Fund's current investment personnel and strategies. 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 (%) 0.3269 0.0767 0.1585 0.1788 0.2679 -0.4608 0.3923 0.0957 -0.0508 0.1472 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20058 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_871Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ Best Quarter: 0.1862 2009-06-30 Worst Quarter: -0.2436 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q2 2009 &#160;&#160;&#160; 18.62% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 &#160;&#160;&#160; -24.36% </p> 0.1472 -0.0218 0.0828 -0.0069 0.1466 -0.0219 0.0748 -0.0130 0.0957 -0.0185 0.0692 -0.0089 0.1521 0.0315 0.0769 0.0131 2000-12-04 2008-09-24 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20059 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_871Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member 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 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 21.25% of the average value of its portfolio.</font> </p> 0.2125 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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following risks 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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's environmental sustainability investment criteria may limit the number of investment opportunities available to the Fund, and as a result, at times the Fund's returns may be less than those of funds that are not subject to such special investment considerations. Moreover, companies that promote environmentally sensitive programs may not perform as well as companies that do nor pursue such goals.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any size that, in the opinion of Fred Alger Management, Inc., conduct their business in an environmentally sustainable manner, while demonstrating promising growth potential. Companies that conduct their business in an environmentally sustainable manner are companies that have developed or are developing or marketing products or services that address human needs without undermining nature's ability to support our economy into the future, have a positive or neutral impact on the environment on a relative basis, or recognize environmental sustainability as a challenge and opportunity as demonstrated through their business strategies, practices or investments.</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's investment strategy consists of fundamental analysis combined with environmental sustainability analytic screens. In selecting stocks, Fred Alger Management, Inc. uses fundamental analysis to identify innovative and dynamic companies and uses screens that identify and rank stocks within an industry or sector based on several sustainability characteristics.</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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</font></p> 137 464 813 1798 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20057 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_871Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member 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> 0.00 0.0071 0.0025 0.0056 0.0152 -0.0017 0.0135 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20055 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_871Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20056 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000014607_871Member column dei_LegalEntityAxis compact ck0000092751_S000014607Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Green Fund seeks long-term capital appreciation.</font> </p> Alger Analyst Fund AAIYX 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 I Shares were not offered prior to September 24, 2008. Historical performance prior to September 24, 2008 is that of the Fund's Class N Shares, which were redesignated as Class A Shares on September 24, 2008. 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 (%) -0.4556 0.4486 0.1194 -0.0332 0.1838 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20065 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_925Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member row primary compact * ~ Best Quarter: 0.1765 2009-09-30 Worst Quarter: -0.2570 2008-12-31 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2009 &#160;&#160;&#160; 17.65% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q4 2008 &#160;&#160;&#160; -25.70% </p> 0.1838 0.0021 0.0308 0.1684 -0.0006 0.0257 0.1266 0.0008 0.0239 0.1581 0.0323 0.0405 2007-03-30 2008-09-24 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20066 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_925Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member 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 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 158.39% of the average value of its portfolio.</font> </p> 1.5839 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;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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 3pt 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 allocation of investments among the analysts may have a more significant effect on the Fund's net asset value when one analyst's portion of the portfolio is performing more poorly than the others, or when the allocations are not rebalanced.</font> </p> <br/><p style="margin:0pt 0pt 3pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The securities of issuers located in emerging markets can be more volatile, and less liquid, than those of issuers in more mature economies.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund may invest in companies of any market capitalization, from larger, well-established companies to small, emerging growth companies.</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 equity research analysts of Fred Alger Management, Inc. select investments for the Fund that represent investment ideas in all market capitalizations, styles and geographies. Although the analysts may find investment ideas anywhere in the world, the analysts may emphasize investments in securities of U.S. issuers. The Fund may invest in securities of companies whose principal business activities are located in emerging market countries. Each analyst will be allocated a percentage of the Fund's total assets to invest and will have such allocation rebalanced on a periodic basis &#8211; at least annually &#8211; by the Fund's Chief Investment Officer.</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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> EXAMPLE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following example is intended to help you compare the cost of investing in Alger Analyst 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> 132 1335 2518 5388 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20064 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_925Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member 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> 0.00 0.0075 0.0025 0.0485 0.0585 -0.0455 0.0130 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20062 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_925Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20063 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000016038_925Member column dei_LegalEntityAxis compact ck0000092751_S000016038Member 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 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Analyst Fund seeks long-term capital appreciation.</font> </p> Alger Dynamic Opportunities Fund ADOZX 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 October 31, 2012, the Fund compared its performance to the Blended S&amp;P 500/3-Month London Interbank Offered Rate. The Fund will compare its performance to the S&amp;P 500 Index to facilitate performance comparison to its peers. Remember that the Fund's past <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Z SHARES as of December 31 (%) -0.0453 0.0969 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20072 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_982Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member row primary compact * ~ Best Quarter: 0.0795 2012-03-31 Worst Quarter: -0.1234 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012 &#160;&#160;&#160; 7.95% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011 &#160;&#160;&#160; -12.34% </p> 0.0969 0.0238 0.0969 0.0211 0.0630 0.0187 0.1600 0.0872 0.0814 0.0470 2010-12-29 2010-12-29 2010-12-29 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20073 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_982Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member 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. Prior to October 31, 2012, the Fund compared its performance to the Blended S&P 500/3-Month London Interbank Offered Rate. The Fund will compare its performance to the S&P 500 Index to facilitate performance comparison to its peers. www.alger.com AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2012 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 257.74% of the average value of its portfolio.</font> </p> 2.5774 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;">Risks of investing in the Fund include:</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, by holding a large cash position, may underperform relative to both equity and fixed-income securities.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of certain stocks held by the Fund.</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 market price of a security may increase after the Fund borrows the security and sells it short, so that the Fund suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the Fund's exposure to the market, magnifying losses and increasing volatility.</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;issuers of convertible securities may not be as strong financially as other companies, and may be more vulnerable to changes in the economy.</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 is a non-diversified investment company, which means that it is not required to maintain, as to 75% of its assets, no more than 5% of its assets in any single issuer. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <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 <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and different auditing and legal standards.</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;">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 the Fund may 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. Based on the Fund's investment style and objective, 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;">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> The Fund is a non-diversified investment company, which means that it is not required to maintain, as to 75% of its assets, no more than 5% of its assets in any single issuer. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio. As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund invests primarily in a portfolio of U.S. and foreign equity securities (common stocks, preferred stock and convertible securities). In addition to purchasing securities (i.e., taking long positions), the Fund's investment adviser, Fred Alger Management, Inc. will identify securities that it believes will underperform on an absolute or relative basis and will sell these securities short on behalf of the Fund. The Fund will not, however, follow a market neutral strategy and generally will have a net long position. As a result, and as a result of the cash proceeds the Fund will receive from selling securities short, the Fund will maintain significant cash positions. The Fund may also seek to manage the volatility of either the portfolio, a particular exposure (e.g., sector or industry) of the portfolio or individual securities through short sales, options or other derivative instruments. The Fund will have no specific guidelines or restrictions governing the concentration of the Fund's portfolio in specific entities, sectors or market capitalizations. Accordingly, the Fund may invest a portion of its assets in securities issued by small capitalization companies. The Fund may also invest a portion of its assets in equity securities not listed on an exchange.</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 purchase additional securities. By borrowing money, the Fund has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed.</font> </p> <br/><p style="margin: 0pt 0pt 6pt 0pt;"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can also invest in derivative instruments. The Fund currently expects that its primary uses of derivatives will involve: (1) purchasing put and call options and selling (writing) covered put and call options, on securities and securities indexes, to increase gain, to hedge against the risk of unfavorable price movements in the underlying securities, or to provide diversification of risk, and (2) entering into forward currency <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">contracts to hedge the Fund's foreign currency exposure when it holds, or proposes to hold, non-U.S. dollar denominated securities.</font><br /> </font> </p> <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 may sell securities short, which is the sale of a security the Fund does not own. The Fund arranges with a broker to borrow the security being sold short, and replaces the security by buying it at the current market price when it closes out the short sale. If the price of the security sold short has increased since the time of the short sale, the Fund will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, the Fund will experience a gain to the extent the difference in price is greater than these costs.</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> 241 814 1414 3035 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20071 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_982Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member 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> 0.00 0.0120 0.0000 0.0090 0.0063 0.0273 -0.0035 0.0238 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20069 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_982Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20070 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000026226_982Member column dei_LegalEntityAxis compact ck0000092751_S000026226Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Dynamic Opportunities Fund seeks long-term capital appreciation.</font> </p> Alger Emerging Markets Fund 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 (%) -0.2400 0.2004 ~ http://www.alger.com/20130222/role/ScheduleAnnualTotalReturnsBarChart20079 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_1041Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member row primary compact * ~ Best Quarter: 0.1324 2012-03-31 Worst Quarter: -0.2449 2011-09-30 <p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <strong>Best Quarter</strong>: </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q1 2012 &#160;&#160;&#160; 13.24% </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> <br /> <strong>Worst Quarter:</strong> </p> <br/><p style="margin: 0pt 0pt 0pt 0pt;" align="left"> Q3 2011 &#160;&#160;&#160; -24.49% </p> 0.2004 -0.0429 0.1926 -0.0459 0.1302 -0.0381 0.1863 -0.0085 2010-12-29 2010-12-29 ~ http://www.alger.com/20130222/role/ScheduleAverageAnnualReturnsTransposed20080 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_1041Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member 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 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 150.09% of the average value of its portfolio.</font> </p> 1.5009 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 Fund's performance will be influenced by political, social and economic factors affecting investments in emerging country issuers. Special risks associated with investments in emerging country issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The securities of issuers located in emerging markets can be more volatile, and less liquid, than those of issuers in more mature economies.</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 may invest heavily in issuers located in emerging countries such as Brazil, Russia, India and China, and therefore may be particularly exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S.</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;the cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value; thus, the Fund's net asset value could decrease more quickly than if it had not borrowed.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>&#8226;</b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#160;&#160;it may be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund owing to the potentially less frequent trading of stocks of smaller market capitalization.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fred Alger Management, Inc. believes companies undergoing Positive Dynamic Change offer the best investment opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, significantly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from regulatory change, a new product introduction or management change.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of emerging country issuers. Fred Alger Management, Inc. may consider classifications including those of the World Bank, the International Finance Corporation, or the United Nations (and its agencies) in determining whether a country is an emerging country. Currently, most Central and South American, African, Asian and Eastern European nations are considered emerging countries, among others.</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;">For purposes of the Fund's investment strategies, an emerging country issuer is a company (i) that is organized under the laws of, or has a principal office in, an emerging country; (ii) whose principal trading market is in an emerging country; or (iii) that has a majority of its assets, or that derives a significant portion of its revenue or profits from businesses, investments or sales, in one or more emerging countries. An emerging country issuer may also include an exchange-traded fund that is principally invested in equity securities of emerging country issuers.</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 generally invests in at least three emerging countries, and, at times, may invest a substantial portion of its assets in a single emerging country. The Fund may invest in companies of any market capitalization, from larger, well-established companies to small, emerging growth companies.</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;">Fred Alger Management, Inc. seeks investment opportunities in companies with fundamental strengths that indicate the potential for sustainable growth. Fred Alger Management, Inc. focuses on individual stock selection, building the Fund's portfolio from the bottom up through extensive fundamental research. In addition to using fundamental research, Fred Alger Management, Inc. employs a "quantitative" investment <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">approach to selecting investments. A quantitative investment approach relies on financial models and computer databases to assist in the stock selection process. Proprietary computer models are capable of rapidly ranking a large universe of eligible investments using an array of traditional factors applied in financial analysis, such as cash flow, earnings growth, and price to earnings ratios, as well as other non-traditional factors.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund can leverage, that is borrow money to purchase 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> 173 1063 1967 4283 ~ http://www.alger.com/20130222/role/ScheduleExpenseExampleTransposed20078 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_1041Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member 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> 0.00 0.0110 0.0025 0.0293 0.0428 -0.0258 0.0170 ~ http://www.alger.com/20130222/role/ScheduleShareholderFees20076 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_1041Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member row primary compact * ~ ~ http://www.alger.com/20130222/role/ScheduleAnnualFundOperatingExpenses20077 column dei_DocumentInformationDocumentAxis compact ck0000092751_S000030688_1041Member column dei_LegalEntityAxis compact ck0000092751_S000030688Member row primary compact * ~ 2014-02-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Alger Emerging Markets Fund seeks long-term capital appreciation.</font> </p> EX-101.SCH 3 ck0000092751-20130222.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - 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