Alger SMid Cap Growth Fund (Second Prospectus Summary) | Alger SMid Cap Growth Fund

Alger SMid Cap Growth Fund

INVESTMENT OBJECTIVE

Alger SMid Cap Growth 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. 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 SMid Cap Growth Fund Class I
Management Fees	0.81%
Distribution and/or Shareholder Servicing (12b-1) Fees	0.25%
Other Expenses	0.15%
Total Annual Fund Operating Expenses	1.21%

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 whether or not 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 SMid Cap Growth Fund Class I	123	384	665	1,466

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 64.83% 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 circumstances, the Fund invests at least 80% of its net assets,
plus any borrowings for investment purposes, in equity securities of smallcap
and midcap companies. The Fund focuses on smallcap and midcap companies that
Fred Alger Management, Inc. believes demonstrate promising growth potential.
Smallcap or midcap companies are companies that, at the time of purchase, have
total market capitalization within the range of companies included in the
Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively, as
reported by the indexes as of the most recent quarter-end. At December 31, 2011,
the market capitalization of the companies in these indexes ranged from $23.4
million to $20.4 billion.

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:

• the possibility of greater risk by investing in companies with small or medium
market capitalizations rather than larger, more established issuers owing to
such factors as more limited product lines or financial resources or lack of
management depth.

• 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 could decrease more quickly than if it had not
borrowed.

• it may be difficult or impossible to liquidate a security position at a time
and price acceptable to the Fund owing to the potentially less frequent trading
of stocks of smaller market capitalization.

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. Performance prior to August 6, 2007, commencement of the Class I
Share's operations, is that of the Fund's Class A Shares. 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 I SHARES as of December 31 (%)

^[1]

Best Quarter:
Q2 2009      18.02%

Worst Quarter:
Q4 2008      -28.32%

AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2011

^[1]

Average Annual Total Returns Alger SMid Cap Growth Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date Secondary
Class I	Class I Return Before Taxes	(3.91%)	2.19%	6.61%	Aug. 06, 2007
Class I After Taxes on Distributions	Class I Return After Taxes on Distributions	(3.91%)	2.14%	6.23%	Aug. 06, 2007
Class I After Taxes on Distributions and Sales	Class I Return After Taxes on Distributions and Sale of Fund Shares	(2.54%)	1.87%	5.69%	Aug. 06, 2007
Russell 2500 Growth Index	Russell 2500 Growth Index (reflects no deduction for fees, expenses or taxes)	(1.57%)	2.89%	6.20%	Aug. 06, 2007

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] Performance of the Fund's Class I Shares prior to August 6, 2007 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.