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Prospectus Date

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Apr. 01, 2012

Alger Growth & Income Fund (Prospectus Summary): | Alger Growth & Income Fund

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Alger Growth & Income Fund  

Supplement Text

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THE ALGER FUNDS

Alger Growth & Income Fund

Supplement Dated February 13, 2012 to the Prospectus Dated March 1, 2011, As Revised April 1, 2011

As supplemented to date

Investment Strategy, Heading

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The following is added to page 44 under the heading “Principal Investment Strategy,” as the second sentence of the second paragraph.  

Investment Strategy, Narrative

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In considering such companies, Fred Alger Management, Inc., classifies them into three categories: Dividend Leaders - companies that generate high dividend payouts; Dividend Growers - companies that have a history of consistent dividend growth; and Kings of Cash Flow - companies that have strong potential for generating capital appreciation and the ability to return significant amounts of cash to investors as a result of their free cash flow.

Alger Growth & Income Fund | Alger Growth & Income Fund Class A

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ALBAX

Alger Growth & Income Fund | Alger Growth & Income Fund Class B

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ALGBX

Alger Growth & Income Fund | Alger Growth & Income Fund Class C

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ALBCX