These actions include the integration of the Spectra family of no-load funds into The Alger Family of Funds, according to a release. The Spectra Funds will be marketed under the Alger brand and offered through retirement plans, advisers, and other intermediaries, similar to The Alger Funds.
Existing shareholders in The Spectra Funds will be “grandfathered in,’ allowing them to continue to purchase and exchange shares at net asset value (subject to any prospectus restrictions), the release said.
In addition, The China-U.S. Growth Fund will be renamed to include Alger, and, effective July 1, the Alger SmallCap and MidCap Growth Fund will be renamed the Alger SMidCap Growth Fund to reflect the more commonly used name for this asset class.
The changes are expected to be completed in September.
Fund Name Changes
The following funds will be renamed:
- Spectra Fund will become the Alger Spectra Fund.
- Spectra Green Fund will become the Alger Green Fund.
- Spectra Alchemy Fund will become the Alger Analyst Fund.
- Spectra International Opportunities Fund will become the Alger International Opportunities Fund.
- Spectra Technology Fund will become the Alger Technology Fund.
- Alger SmallCap and MidCap Growth Fund will become the Alger SMidCap Growth Fund.
- The China-U.S. Growth Fund will become the Alger China-U.S. Growth Fund.
The Spectra Funds will add class C and I shares, and class N shares will be converted into class A shares, the company said.
Existing shareholders of The Spectra Funds will be allowed to purchase The Spectra Funds, The Alger Funds, and The China-U.S Growth Fund on a load-waived basis and will be allowed full exchangeability between the aforementioned funds, subject to any prospectus restrictions.