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

Alger Growth & Income Fund

INVESTMENT OBJECTIVE

Alger Growth & Income Fund seeks to provide capital appreciation and current
income.

FUND FEES AND EXPENSES

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.

Shareholder Fees (fees paid directly from your investment) None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Alger Growth & Income Fund Class Z
Management Fees		0.585%
Distribution and/or Service (12b-1) Fees		none
Other Expenses		0.395%
Total Annual Fund Operating Expenses		0.98%
Expense Reimbursement	[1]	0.03%
Total Annual Fund Operating Expenses After Expense Reimbursement		0.95%

EXAMPLE

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 $10,000.00 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.

Although your actual costs may be higher or lower, based on these assumptions you would pay the following expenses regardless of whether you redeemed your shares at the end of each period:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Alger Growth & Income Fund Class Z	97	309	539	1,199

PORTFOLIO TURNOVER

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 119.61% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

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.

The Fund invests primarily in equity securities such as common or preferred
stocks which Fred Alger Management, Inc. believes offer opportunities for
capital appreciation and which also pay dividends. 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. The Fund intends to invest at least 65% of
its total assets in dividend paying equity securities. The Fund may invest up to
35% of its total assets in equity securities that do not pay dividends or in
money market instruments and repurchase agreements. The Fund focuses on growing
companies that, at the time of purchase of the securities, have a market
capitalization equal to or greater than the market capitalization of companies
included in the S&P 500 Index, as reported by the index as of the most recent
quarter-end. This index is designed to track the performance of
large-capitalization growth stocks. At December 31, 2011, the market
capitalization of the companies in this index ranged from $1.2 billion to $417.5
billion.

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.

PRINCIPAL RISKS

As with any portfolio 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. In addition, there are special risks associated with investing in
preferred securities, including deferral and omission of distributions,
subordination to bonds and other debt securities in a company's capital
structure, limited liquidity, limited voting rights and special redemption
rights. The market value of preferred stocks is generally more sensitive to
changes in interest rates than the market value of common stocks.

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.

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, the risk
of non-performance by the contract counterparty, and the risk that Fred Alger
Management, Inc. may not predict accurately future foreign exchange rates.

The following risk may also apply:

• The possibility that companies may cut or fail to declare dividends due to
market downturns or other reasons.

• the possibility of greater risk by investing in smaller, less seasoned
companies rather than larger, more established companies due to such factors as
inexperienced management and limited product lines or financial resources.

PERFORMANCE

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 Z Shares were not offered prior to February 28, 2012.
Historical performance prior to February 28, 2012 is that of the Fund's Class A
Shares. 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 April 1, 2011, the Fund followed a different investment objective and
different strategies under the name "Alger Balanced Fund." 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 www.alger.com.

ANNUAL TOTAL RETURN FOR CLASS A SHARES as of December 31 (%)

Best Quarter:
Q4 2011  12.46%

Worst Quarter:
Q4 2008  -17.68%

AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2011

Average Annual Total Returns Alger Growth & Income Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class Z	Class A Return Before Taxes	(0.69%)	1.48%	2.58%	6.10%	Dec. 31, 1996
Class Z After Taxes on Distributions	Class A Return After Taxes on Distributions	(1.05%)	0.83%	2.03%	5.05%	Dec. 31, 1996
Class Z After Taxes on Distributions and Sales	Class A Return After Taxes on Distributions and Sale of Fund Shares	(0.46%)	0.87%	1.87%	4.73%	Dec. 31, 1996
S&P 500 Index	S&P 500 Index (reflects no deduction for fees, expenses or taxes)	2.11%	(0.25%)	2.92%	5.45%	Dec. 31, 1996

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.

[1] Fred Alger Management, Inc. has contractually agreed to waive its fee and/or reimburse Fund expenses through February 28, 2013 to the extent necessary to limit the annual operating expenses (excluding dividends on short sales, interest, taxes, brokerage, and extraordinary expenses) of Class Z Shares of the Fund to .95% of the Fund's average net assets. This expense reimbursement cannot be terminated.