
Alger Capital Appreciation Fund (Supplement) \| Alger Capital Appreciation Fund
Alger Capital Appreciation Fund
THE ALGER FUNDS Alger Capital Appreciation Fund Class Z Supplement Dated January 1, 2012 to the Prospectus Dated March 1, 2011 As supplemented to date
The following is added to page 45, as the sixth sentence under the heading "Performance":
Prior to January 1, 2012, the Fund compared its performance to the Russell 3000 Growth Index. The Fund will compare its performance to the Russell 1000 Growth Index to better reflect the aggregate capitalization range of the securities in the Fund's portfolio.

Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated

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