Alger Morningstar Medalists

This article reprint, originally published by Morningstar on November 20, 2020, is considered sales literature only for theAlger funds mentioned and not for any other products shown. Please note that Morningstar is an independent publication and the performance and ratings cited in the article do not represent the experi- ence of any individual investor. For the period ending December 31, 2020, theAlger Spectra Fund (the“Fund”) returned the following: Average Annual Total Returns (%) (as of 12/31/20) 1 Year 3 Years 5 Years 10 Years Since Inception Alger Spectra Class Z (incepted 12/29/10) 43.98 23.82 20.11 17.15 17.11 Morningstar Category Average (Large Growth) 35.86 20.50 18.30 15.14 — Russell 3000 Growth Index 38.26 22.50 20.67 16.93 16.88 Morningstar Percentile Rank (Large Growth) Based on Total Returns 21% 285/1289 22% 281/1197 27% 276/1070 19% 137/789 — Total Annual Fund Operating Expenses (Prospectus Dated 3/1/20) 0.99% Only periods greater than 12months are annualized. Class Zshares are available to certain investor s with an initial investment minimumof $500,000.Ple ase consult the prospectus for more information. The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance figures assume all distributions are reinvested. For performance current to the most recent month end, visit www.alger.com or call 800.992.3863. Risk Disclosures: Investing in the stock market involves risks, andmay not be suitable for all investors. Growthstocks tend to bemor e volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings andmay bemore sensitive tomarket, political, and economic developments. Asignificant portion of asset s will be invested in technology and healthcare companies, whichmay be significantly affected by competition, innovation, regulation, and product obsolescence, andmay bemore volatile than the securities of other compa - nies. Short sales could increasemarket exposure, magnifying losses and incre asing volatility. Leverage increase s volatility in both upand downmarkets and its costsmay exceed the returns of borrowed securities. Investments in the Consumer DiscretionaryS ectormay be affected by domestic and international economies, consumer’s disposable income, consumer preferences andsocial trends. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. © 2020 Morningstar, Inc .All rights reserved. The information contained herein: (1) is proprietary t o Morningstar and/or its content providers; (2) may no t be copied or distributed; and (3) is not warranted to be accurate, c omplete, or timely. Neither Morningstar nor its content providers are responsible for any damag es or losses arising from any us e of this information. Past performance is no guarantee of future results. Morningstar percentile rankings are based on the total return percentile rankthat includes reinvested dividends and capital gains (excluding sales charge ) within each Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. If sales charge s were included,per formance would be lower and the rankmay be lower. The Morningstar Rating™ for funds, or“star rating”, is calculated for managed products (including mutual funds, variable annuity andvariable life subaccounts, e xchange-traded funds, closed-end funds, and separate accounts ) with at least a three-year history. E xchange-traded funds and open-ended mutual funds are considered a single population for compara - tive purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts f or variation in a managed product’s monthlye xcess performance, placing more emphasis on downwar d variations and rewarding consistent performance. The top 10% of products in each product category r eceive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from aweighted average of the performance figures associat ed with its three-,fiv e-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the mos t weight to the 10-year period, the most recent three-year period actuallyhas the greatest impact because it is included in all three rating periods. Morning star Rating is for the Z share class only; other classes may ha ve different performance characteristics. Alger Spectra Fund Clas s Z was rated 4, 4, and 4 Star(s) for the 3-,5-, and 10-year periods among 1,19 7, 1,070, and 789 Large Growth funds as of 12/31/20. The Morningst ar Analyst Rating is not a credit or riskr ating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morning star evaluates funds based on five key pillars, which are process, per formance, people, parent, and price. Analysts use this five pillar evaluation to determine how the y believe funds are likely t o perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and theweighting of each pillar may vary. The Analyst Rating scale is Gold,Silv er, Bronze, Neutral, and Negative. AMorningstar Analyst Rating of Gold,Silv er, or Bronze reflects an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuouslymonitored and reevaluated at least every 1 4 months. If a fund receives a positive rating of Gold,Silv er, or Bronze, it means Morningstar analysts thinkhighlyo f the fund and expect it to outperform over a full market cycle of at least fiv e years. Gold: Best-of-breed fund that distinguishes itself across the five pillars and has garnered the analysts’ highe st level of conviction.Silver: Fundwith advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction t o warrant a positive rating. Br onze: Fund with notable advantages across several but perhaps not all of the five pillars—strengths that give the analysts a high level of conviction.Neutr al: Fund that isn’t likely t o deliver standout returns but also isn’t likely t o significantlyunderper form,according to the analysts. Ne gative: Fund that has at least one flaw lik ely to significantlyhamper future performance and that is considered by analy sts an inferior offering to its peers. Investors should not consider references to individual securities as an endorsementor recommendation to purchase or sell such security. Transactions in such securitiesmay bemade that seemingly contradict the references to themfor a variety of reasons, including,butnot limited to, liquidity tomeet redemptions or overall portfolio rebalancing.Holding s are subject to change. Russell 3000® Growth is an unmanaged index o f common stocks designed to measure the performance of the 3000 largest U.S. c ompanies based on the total market capitalization, which represents 99% of the U.S. equit ymarket. Investors cannot invest directly in any index. Index performance does not reflect deductions for fees, e xpenses or taxes. No te that comparing the performance to a different index might have materiallydiff erent results than those shown. Any views and opinions expressed herein are not meant to provide investment advice and there is no guarantee that they will come to pass. As of December 31,2020, the securities mentioned in this reprint represented the following as a percent of Alger’s assets under management:Amazon.com, 7.35%;Apple Inc.,6.86%; AlibabaGroupHoldingLtd. SponsoredADR,4.54%;Facebook,Inc. ClassA, 4.30%;AlphabetInc. ClassC, 4.35%;Netflix,Inc., 1.02%;SiriusXMHoldings,Inc., -0.26%;PalantirSeriesA Common Stock, 0.19%;Visa Inc. Class A, 4.09%; Pinterest, Inc. Class A, 1.22%; Danaher Corporation, 1.98%. Before investing, carefully consider the Fund’s investment objective, risks, charges, and expenses. For a prospectus and summary prospectus containing this and other information, or for the Fund’s most recent month-end performance data, visit www.alger.com, call (800) 992-3863, or consult your financial advisor. Read the prospectus and summary prospectus carefully before investing. Distributor: Fred Alger & Company, LLC, Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

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

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