Barron's: Dan Chung Profile

This article reprint, originally published by Barron’s on August 24, 2018, is considered sales literature only for the Alger funds men- tioned and not for any other products shown. Please note that Barron’s is an independent publication and the performance and rat- ings cited in the article do not represent the experience of any individual investor. Alger Small Cap Focus Fund (AOFAX) - Average Annual Total Returns (%) (as of 9/30/18) 1 Year 3 Years 5 Years 10 Years Since Inception Class A (Incepted 3/3/08) Without Sales Charge 51.46 27.93 17.12 15.27 12.57 With Sales Charge 43.54 25.65 15.86 14.65 12.00 Morningstar Category Average (Small Growth) 24.44 18.39 11.75 12.57 — Russell 2000 Growth Index 21.06 17.98 12.14 12.65 11.59 Morningstar Percentile Rank (ClassA- Small Growth) Based onTotal Returns 2% 13/702 2% 7/606 3% 14/532 6% 28/404 — TotalAnnual Operating Expenses by Class (Prospectus Dated 3/1/18) WithoutWaiver: A: 1.22% WithWaiver: 1.20% FredAlger Management, Inc.(“FAM”) has contractually agreed to reimburse Fund expenses (excluding interest,taxes,brokerage,and extraordinary expenses) through February 28,2019 to the extent necessary to limit the total annual Fund operating expenses of the ClassAto 1.20%of the class’average daily net assets.This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between FAM and the Fund’s Board ofTrustees,and will terminate automatically in the event of termination of InvestmentAdvisoryAgreement.FAMmay, during the 1-year termof the expense reimbursement contract (“ERC”),recoup any expenses waived or reimbursed pursuant to the ERC to the extent that such recoupment would not cause the expense ratio to exceed the lesser of the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment. Only periods greater than 12months are annualized. Prior to 8/07/15,the Fund followed different investment strategies under the name“Alger Growth Opportunities Fund”and prior to 2/12/15 was managed by a different portfoliomanager.Ac- cordingly,performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel.Effective 8/07/15,the Fund’s primary benchmark is the Russell 2000 Growth Index.

Alger Focus Equity Fund (ALAFX) - Average Annual Total Returns (%) (as of 9/30/18) 1 Year 3 Years

5 Years

Since Inception

Class A (Incepted 12/31/12) Without Sales Charge

29.38 22.58 23.18 26.30

21.12 18.97 17.68 20.55

17.29 16.03 14.02 16.58

18.80 17.70

With Sales Charge

Morningstar Category Average (Large Growth)

Russell 1000 Growth Index


12% 177/1430

13% 120/1258

8% 66/1129

Morningstar Percentile Rank (Large Growth) Based on Total Returns TotalAnnual Operating Expenses by Class (Prospectus Dated 3/1/18) 1.08%

Alger Dynamic Opportunities Fund (SPEDX) - Average Annual Total Returns (%) (as of 9/30/18) 1 Year 3 Years Only periods greater than 12months are annualized. Prior to October 15,2018 the Fund followed its current investment strategy,with the same portfoliomanagers,under the name“Alger CapitalAppreciation Focus Fund.” 5 Years

Since Inception

Class A (Incepted 11/2/09) Without Sales Charge

18.51 12.27 17.91 5.27

11.22 9.25 17.31 7.38

8.19 7.03

7.55 6.91

With Sales Charge

S&P 500 Index

13.95 5.13

14.60 5.26

HFRI Equity Hedge (Total) Index

4% 11/265

9% 13/194

14% 14/105

Morningstar Percentile Rank (Long-Short Equity) Based on Total Returns TotalAnnual Operating Expenses by Class (Prospectus Dated 3/1/18) 2.51%

BARDCHRPT-1018 Fred Alger & Company, Incorporated 360 Park Avenue South, New York, NY 10010 / 800.992.3863 / 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, call (800) 992-3863, or consult your financial advisor. Read the prospectus and summary prospectus carefully before investing. Distributor: Fred Alger & Company, Incorporated, Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE. Only periods greater than 12months are annualized. 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. Returns with sales charges reflect a maximum front-end sales charge on Class A Shares of 5.25%. For performance current to the most recent month end, visit or call 800.992.3863. Risk Disclosures: Investing in the stockmarket involves gains and losses andmay not be suitable for all investors. Investment return and principal value of an investment will fluctuate so that an investor’s shares,when redeemed,may be worthmore or less than their original cost.Growth stocks tend to bemore volatile than other stocks.Their prices tend to be higher in relation to earnings andmay bemore sensitive tomarket,political,and economic developments. Investing in companies of all capitalizations involves the risk that smaller,newer issuers may have limited product lines or financial resources,or lack of management depth.Companies of small andmedium size capitalizations are subject to greater risk than stocks of larger,more estab¬lished companies owing to such factors as limited liquidity, inexperiencedmanagement,and limited financial resources.Foreign investing involves special risks including currency risk and risks related to political,social,or economic conditions.There are additional risks when investing in an active investment strategy,such as increased short-term trading,additional transaction costs and potentially increased taxes that a shareholder may pay,which can lower the actual return on an investment. Investors should not consider references to individual securities as an endorsement or recommendation to purchase or sell such security.Transactions in such securities may bemade that seem- ingly contradict the references to them for a variety of reasons, including,but not limited to, liquidity tomeet redemptions or overall portfolio rebalancing.Holdings are subject to change. Mr.Chung ownsAAPL,AMZN,HON,MSFTdirectly in his personal accounts. Mr.Chung does not ownASYS,JNJ,KER,NKE,PUM,ROG,ROP,orTNDMdirectly in his personal accounts.By virtue of their ownership of shares of mutual funds advised byAlger,Mr.Chung and his family indirectly ownAAPL,AMZN,DHR,DXCM,HON,MDT,MSFT,PUM,ROP,andTNDM. FredAlger & Company, Incorporated is the parent company of FredAlger Management, Inc.The views expressed are the views of FredAlger Management, Inc.These views are subject to change at any time and should not be interpreted as a guarantee of the future performance of themarkets,any security or any strategies managed by FredAlger Management, Inc.These views should not be considered a recommendation to purchase or sell securities. As of September 30,2018,the securities mentioned in this reprint represented the following as a percent ofAlger’s assets under Inc.6.97%; Microsoft Corp.6.34%; Apple 3.84%; Honeywell International 1.50%; Danaher 1.13%;TandemDiabetes Care Inc.0.52%; Medtronic 0.48%; DexCom0.34%; RoperTechnologies 0.10%;Johnson &Johnson 0.02%; Puma 0.02%; Roche Holdings 0.00%;Amtech Systems 0.00%; Kering 0.00%; and Nike 0.00%. ©2018Morningstar, Inc.All rights reserved.The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate,complete,or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising fromany use of this information.Past performance is no guarantee of future results. Morningstar percentile rankings are based on the total return percentile rank that 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 charges were included,performance would be lower and the rankmay be lower. Rankings and ratings may be based in part on the performance of a predecessor fund or share class and are calculated by Morningstar using a performance calculationmethodology that differs from that used by FredAlger Management, Inc.’s.Differences in themethodologies may lead to variances in calculating total performance returns, in some cases this variancemay be significant, thereby potentially affecting the rating/ranking of the Fund(s).When an expense waiver is in effect, it may have amaterial effect on the total return or yield,and therefore the rating/ranking for the period.

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