May 19, 2010 - The court preliminarily approved the settlement which pertains to all persons who and/or held shares of the following Alger Mutual Funds: NASDAQ: ALGAX, NASDAQ: AMGAX, NASDAQ: ALSAX, NASDAQ; ACAAX, NASDAQ: ALBAX.
April 21, 2010 - Parties filed a stipulation of settlement.

January 11, 2006 - Additional defendants filed a motion for partial reconsideration.

December 1, 2005 - The defendants filed a motion for reconsideration.

November 3, 2005 - The court granted in part and denied in part the defendants' motions to dismiss.

February 25, 2005 - The defendants filed motions to dismiss.

September 29, 2004 - The lead plaintiff filed an amended consolidated complaint.

May 24, 2004 - The lead plaintiff and lead counsel were appointed.

February 20, 2004 - The court ordered all cases transferred to the U.S. District Court for the District of Maryland and consolidated into a multi-district case.

October 31 though December 30, 2003 - Numerous investors filed additional complaints.

October 31, 2003 - An investor in mutual funds in the Alger Fund Complex advised and/or managed by Fred Alger Management Inc filed a lawsuit in the U.S. District Court for the Southern District of New York against Fred Alger Management Inc over alleged violations of Federal Securities Laws between November 1, 1998 and September 3, 2003.

The complaint charges Fred Alger Management Inc with violations of the Securities Act of 1933 (the 'Securities Act'), the Securities Exchange Act of 1934 (the 'Exchange Act'), the Investment Company Act of 1940 (the 'Investment Company Act'). The complaint alleges that between November 1, 1998 and September 3, 2003 Fred Alger Management Inc. engaged in fraudulent and wrongful schemes that enabled certain favored investors to profit at the expense of the plaintiff and other members of the class.

More specifically, the plaintiff alleges that the defendants engaged in unlawful and deceitful conduct by failing to properly disclose that select favored customers were improperly allowed to time their mutual fund trades by allowing them to trade in and out of a mutual fund to exploit short-term moves and inefficiencies in the manner in which the mutual funds price their shares. Furthermore, the complaint alleges that in exchange for allowing and facilitating this improper conduct, Fred Alger Management Inc and each of the relevant fund managers profited from fees Fred Alger Management Inc charged to the Alger Funds that were measured as a percentage of the fees under management.

The following funds are subject to the above lawsuit:

Alger SmallCap Portfolio (NASDAQ: ALSAX) (dropped in Amended Complaint)
Alger SmallCap and MidCap Portfolio NASDAQ: ALMAX) (dropped in Amended Complaint)
Alger MidCap Growth Portfolio (NASDAQ: AMGAX) (dropped in Amended Complaint)
Alger LargeCap Growth Portfolio (NASDAQ: ALGAX) (dropped in Amended Complaint)
Alger Capital Appreciation Portfolio (NASDAQ: ACAAX) (dropped in Amended Complaint)
Alger Health Sciences Portfolio (NASDAQ: AHSAX) (dropped in Amended Complaint)
Alger Balanced Portfolio (NASDAQ: ALBAX) (dropped in Amended Complaint)
Alger Small Cap Institutional Fund (NASDAQ: ALSRX)
Alger MidCap Institutional Fund (NASDAQ: ALMRX)
Alger LargeCap Growth Institutional Fund (NASDAQ: ALGRX)
Alger Capital Appreciation Institutional Fund (NASDAQ: ALARX)
Alger Balanced Institutional Fund (NASDAQ: ABLOX)
Alger Socially Responsible Growth Institutional Fund (NASDAQ: ASRGX)
Spectra Fund (NASDAQ: SPECX)