497K 1 a15-3600_5497k.htm 497K

Summary Prospectus

March 1, 2014, As Revised February 12, 2015

Class / Ticker:  A / AOFAX  C / AOFCX

Alger Growth Opportunities Fund

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund online at www.alger.com. You can also get this information at no cost by calling 1(800) 992-3863 or by sending an e-mail request to summaryprospectus@alger.com. The Fund's Prospectus and Statement of Additional Information, both dated March 1, 2014, are incorporated by reference to this Summary Prospectus, and may be obtained at no cost in the same manner as described above.

Investment Objective

Alger Growth Opportunities 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 pages 25 and 26 of the Fund's Statement of Additional Information.

Class

  

A

  

C

  
Shareholder Fees (fees paid directly from your investment)  

Maximum sales charge (load) imposed on purchases as a % of offering price

    

5.25

%

    

None

    
Maximum deferred sales charge (load) as a % of purchase price or redemption proceeds,
whichever is lower		    

1.00

%*

    

1.00

%

  

Redemption Fee (as a % of amount redeemed or exchanged within 30 days)

    

2.00

%

    

2.00

%

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

Management Fees

    

.85

%

    

.85

%

  

Distribution and/or Service (12b-1) Fees

    

.25

%

    

1.00

%

  

Other Expenses

    

1.35

%

    

1.38

%

  

Total Annual Fund Operating Expenses

    

2.45

%

    

3.23

%

  

Expense Reimbursement**

    

.85

%**

    

.98

%**

  

Total Annual Fund Operating Expenses After Expense Reimbursement

    

1.60

%

    

2.25

%

  

* Purchases of $1 million ore more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.

** Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, taxes, brokerage, and extraordinary expenses) through February 28, 2015, to the extent necessary to limit the annual operating expenses of the Fund's Class A Shares to 1.60%, and Class C Shares to 2.25%, of the class's average net assets. This expense reimbursement cannot be terminated. Fred Alger Management, Inc. may recoup reimbursed expenses during the one-year term of the expense reimbursement contract if the expense ratio falls below the stated limitation.

Inspired by Change, Driven by Growth.


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 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:

Class

  

1 Year

  

3 Years

  

5 Years

  

10 Years

  
 

A

    

$

679

    

$

1,172

    

$

1,689

    

$

3,104

    
 

C

    

$

328

    

$

904

    

$

1,603

    

$

3,464

    

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

Class

  

1 Year

  

3 Years

  

5 Years

  

10 Years

  
 

A

    

$

679

    

$

1,172

    

$

1,689

    

$

3,104

    
 

C

    

$

228

    

$

904

    

$

1,603

    

$

3,464

    

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 92.82% 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 the stock of small, fast-growing companies that Fred Alger Management, Inc. believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Although the Fund may invest without limit in companies of any size, the Fund focuses on companies that, at the time of purchase of the securities, have a total market capitalization not exceeding the highest market capitalization of companies included in the Russell 2500 Growth Index, as reported by the index as of the most recent quarter-end. This index is designed to track the performance of small and medium capitalization stocks. At December 31, 2013, the highest market capitalization of the companies in this index was $10.4 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.

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.

The following risks may also apply:

•  there may be greater risk in 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.

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

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.


2


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 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 the 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.

Best Quarter:

Q2 2009  22.50%

Worst Quarter:

Q3 2011  -23.02%

Average Annual Total Return as of December 31, 2013

   

1 Year

  

5 Years

   Since Inception
(3/3/08)		  

Class A

              

Return Before Taxes

    

30.77

%

    

21.45

%

    

8.26

%

  

Return After Taxes on Distributions

    

24.98

%

    

19.61

%

    

6.85

%

  

Return After Taxes on Distributions and Sale of Fund Shares

    

19.90

%

    

17.49

%

    

6.46

%

  

Class C

    

36.09

%

    

21.92

%

    

8.46

%

  
Russell 2500 Growth Index
(reflects no deduction for fees, expenses or taxes)		    

40.65

%

    

24.03

%

    

11.71

%

  

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 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.


3


Management

Investment Manager:

  

Fred Alger Management, Inc.

          
Portfolio Manager:
  
  
   		  Amy Y. Zhang, CFA
Senior Vice President and
Portfolio Manager
Since February 2015 		   
  
  
   		   
  
  
  		  

Shareholder Information

Purchasing and Redeeming Fund Shares

Minimum Investments: the following minimums apply to an account in the Fund, whether invested in Class A or Class C Shares.

In general, investors may purchase or redeem Fund shares on any business day by mail (Boston Financial Data Services, Inc., Attn: The Alger Funds, P. O. Box 8480, Boston, MA 02266-8480), online at www.alger.com, by telephone 1(800) 992-3863, or through a financial intermediary.

Investors who wish to purchase, exchange or redeem Fund shares through a financial intermediary should contact their financial intermediary directly.

Type of Account

   Initial
Investment		   Subsequent
Investment		  

Regular account

  

$

1,000

    

$

50

    

Traditional IRA

    

500

      

50

    

Roth IRA

    

500

      

50

    

Coverdell ESA

    

500

      

50

    

SIMPLE IRA

    

500

      

50

    

Keogh

    

500

      

50

    
401(k)    

500

      

50

    

Automatic Investment

    

500

      

50

    

Asset-based Fee Program Accounts

    

250

      

50

    

Minimums may be waived in certain circumstances.

  

Tax Information

The Fund's distributions may be taxable as ordinary income or capital gains.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Fred Alger & Company, Incorporated • 360 Park Avenue South • New York, NY 10010 • 800.992.3863 • www.alger.com

GrthOpp 21215