Citywire Top 20 Female Fund Managers in the US

This article reprint, originally published by Citywire Professional Buyer in December 2019, is considered sales literature for the Alger funds mentioned only and not for any other products shown. Please note that Citywire Professional Buyer is an independent publication and the performance and ratings cited in

the article do not represent the experience of any individual investor. Average Annual Total Returns (%) (as of 12/31/19)

1 Year 28.97

3 Years

5 Years

Since Inception

Alger Small Cap Growth Fund (Z) (incepted 12/31/10)

19.29

11.72

10.88

Russell 2000 Growth Index

28.48

12.49

9.34

11.23

Total Annual Fund Operating Expenses (Prospectus Dated 3/1/19) Without Waiver 1.12% With Waiver 0.99%

Average Annual Total Returns (%) (as of 12/31/19)

1 Year

3 Years

5 Years

10 Years

Since Inception

Alger Small Cap Growth Institutional Fund (I) (incepted 11/8/93)

29.78

18.57

11.54

12.23

9.76

Russell 2000 Growth Index

28.48

12.49

9.34

13.01

7.70

Total Annual Fund Operating Expenses (Prospectus Dated 3/1/19) 1.32%

Average Annual Total Returns (%) (as of 12/31/19)

1 Year

3 Years

5 Years

Since Inception

Alger Small Cap Focus Fund (Z) (incepted 12/29/10)

24.52

22.61

15.38

13.53

Russell 2000 Growth Index

28.48

12.49

9.34

11.23

Total Annual Fund Operating Expenses (Prospectus Dated 3/1/19) 0.87%

Average Annual Total Returns (%) (as of 12/31/19)

1 Year

3 Years

Since Inception

Alger Health Sciences Fund (Z) (incepted 5/28/15)

22.42

21.42

9.94

Russell 3000 Health Care Index

22.11

16.67

8.85

S&P 500 Index

31.49

15.27

11.86

Total Annual Fund Operating Expenses (Prospectus Dated 3/1/19) Without Waiver 0.84% With Waiver 0.75%

Fred Alger Management, LLC has contractually agreed to waive fees or to reimburse fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) through February 28, 2021 to the extent necessary to limit the annual operating expenses of Al- ger Health Sciences Fund Class Z to 0.75% and of Alger Small Cap Growth Fund Class Z to 0.99% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Fred Alger Management, LLC and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. Fred Alger Management, LLC may, during the first year of the expense reimbursement contract, recoup any expenses waived or reimbursed pursuant to the expense reimbursement contract 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 after the repayment of the recoupment is taken into account. Class Z shares are available to certain investors with an initial investment minimum of $500,000. Class I shares are an investment vehicle for institutional investors, such as corporations, foundations, and trusts managing various types of employee benefit plans, as well as charitable, religious, and educational institutions. Please consult the prospectus for more information. Only periods greater than 12 months are annualized. Prior to August 7, 2015, the Alger Small Cap Focus Fund followed different investment strategies under the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was managed by a different portfo¬lio manager. Effective August 7, 2015, the Fund’s primary benchmark is the Russell 2000 Growth Index. The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Invest- ment 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 distri¬butions are reinvested. For performance current to the most recent month end, visit www.alger.com or call 800.992.3863. The Board of Trustees of the Alger Small Cap Focus Fund has authorized a partial closing of the Fund effective July 31, 2019. Class Z Shares will be available for purchase by existing shareholders who maintain open accounts, new investors that utilize certain retirement recordkeeping platforms, and investors who transact with certain brokers identified by Fred Alger & Company, LLC. Please check with your financial advisor regarding the availability of Class Z Shares for purchase at their firm. Risk Disclosures: Investing in the stock market involves risks, and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial