Alger Capital Appreciation Fund (First Prospectus Summary) | Alger Capital Appreciation Fund

Alger Capital Appreciation Fund

INVESTMENT OBJECTIVE

Alger Capital Appreciation Fund seeks long-term capital appreciation.

FUND FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund. You may qualify for sales charge discounts if you and your
family invest, or agree to invest in the future, at least $25,000 in Class A
Shares of the Alger Family of Funds, including the Fund. More information about
these and other discounts is available from your financial professional and in
"Purchasing and Redeeming Fund Shares" beginning on page A-2 of the Fund's
Prospectus and the sections "Right of Accumulation (Class A Shares)" and "Letter
of Intent (Class A Shares)" on page 20 of the Fund's Statement of Additional
Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Alger Capital Appreciation Fund	Class A	Class B	Class C
Maximum sales charge (load) imposed on purchases as a % of offering price	5.25%	none	none
Maximum deferred sales charge (load) as a % of purchase price or redemption proceeds, whichever is lower	none	5.00%	1.00%
Redemption Fee (as a % of amount redeemed or exchanged within 30 days)	2.00%	2.00%	2.00%

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

Annual Fund Operating Expenses Alger Capital Appreciation Fund	Class A	Class B	Class C
Management Fees	0.81%	0.81%	0.81%
Distribution and/or Service (12b-1) Fees	0.25%	1.00%	1.00%
Other Expenses	0.25%	0.34%	0.28%
Total Annual Fund Operating Expenses	1.31%	2.15%	2.09%

EXAMPLE

The following examples are intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The examples assume
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 if you redeemed your shares at the end of each period:

Expense Example Alger Capital Appreciation Fund (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
Class A	651	918	1,205	2,021
Class B	718	973	1,354	2,269
Class C	312	655	1,124	2,421

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption Alger Capital Appreciation Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class A	651	918	1,205	2,021
Class B	218	673	1,154	2,269
Class C	212	655	1,124	2,421

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 163.79% 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.

Under normal market circumstances, the Fund invests at least 85% of its net
assets, plus any borrowings for investment purposes, in equity securities of
companies of any market capitalization that Fred Alger Management, Inc. believes
demonstrate promising growth potential.

The Fund can leverage, that is, borrow money to buy additional securities. By
borrowing money, the Fund has the potential to increase its returns if the
increase in the value of the securities purchased exceeds the cost of borrowing,
including interest paid on the money borrowed.

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 fund 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.

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 risks also apply:

• investing in companies of all capitalizations involves the risk that smaller
issuers in which the Fund invests may have limited product lines or financial
resources, or lack management depth.

• it may be difficult or impossible to liquidate a security position at a time
and price acceptable to the Fund because of the potentially less frequent
trading of stocks of smaller market capitalization.
  
• the cost of borrowing money to leverage may exceed the returns for the
securities purchased or the securities purchased may actually go down in value;
thus, the Fund's net asset value can decrease more quickly than if the Fund had
not borrowed.

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. 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. 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. 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:
Q2 2009  20.60%

Worst Quarter:
Q4 2008   -22.57%

AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2011

Average Annual Total Returns Alger Capital Appreciation 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 A	Class A Return Before Taxes	(6.15%)	3.13%	4.15%	6.56%	Dec. 31, 1996	[1]
Class A After Taxes on Distributions	Class A Return After Taxes on Distributions	(6.15%)	3.13%	4.15%	5.96%	Dec. 31, 1996	[1]
Class A After Taxes on Distributions and Sales	Class A Return After Taxes on Distributions and Sale of Fund Shares	(4.00%)	2.69%	3.61%	5.51%	Dec. 31, 1996	[1]
Class B	Class B Return Before Taxes	(6.76%)	3.02%	4.05%	6.52%	Nov. 01, 1993	[1]
Class C	Class C Return Before Taxes	(2.76%)	3.46%	3.92%	6.27%	Jul. 31, 1997	[1]
Russell 1000 Growth Index	Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes)	2.64%	2.50%	2.60%	4.45%	Dec. 31, 1996	[1]
Russell 3000 Growth Index	Russell 3000 Growth Index (reflects no deduction for fees, expenses or taxes)	2.18%	2.46%	2.74%	4.37%	Dec. 31, 1996	[1]

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. After-tax returns for Class B and Class C Shares, which are not shown,
will vary from those shown for Class A Shares. 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] Performance of the Fund's Class C Shares prior to July 31, 1997 reflects the performance of the Fund's Class A Shares, as adjusted with currently applicable sales charges and operating expenses, which differ from historical charges and expenses. Since inception performance of the Fund's Class B Shares is available upon request.