Hot Mutual Fund Loves Facebook, Amazon, Apple, Netflix, Google

This article reprint, originally published by Investor’s Business Daily on November 27, 2020, is considered sales literature for the Alger funds mentioned only and not for any other products shown. Please note that Investor’s Business Daily is an independent publication and the performance and ratings cited in the article do not represent the experience of any individual investor. For the period ending September 30, 2020, the Alger Focus Equity Fund (the “Fund”) returned the following:

Average Annual Total Returns (%) (as of 9/30/20) Ticker

1 Year

3 Years

5 Years

10 Years

Since Inception

Class I (Incepted 11/8/93)

ALGRX

47.27

24.56

21.57

17.01

10.49

Class Z (Incepted 12/31/12)

ALZFX

47.63

24.90

21.89

—

20.06

( Since 12/31/2012) 18.45 (Since 11/08/1993) 10.49

Russell 1000 Growth Index

—

37.53

21.67

20.10

17.25

TotalAnnual Operating Expenses by Class (Prospectus Dated 3/1/20)

Without Waiver: I: 0.96% Z: 0.66% With Waiver: 0.89% 0.66%

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 (Class Z) to the extent necessary to limit the annual operating ex- penses of Class I to 0.89% and Class Z to 0.66% of the class’ 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. Only periods greater than 12 months are annualized. Prior to December 31, 2012, the Fund followed a different investment strategy under the name “Alger Large Cap Growth Institutional Fund” and was managed by different portfolio managers. Prior to October 15, 2018, the Fund followed its current investment strategy, with the same portfolio managers, under the name “Alger Capital Appreciation Focus Fund.” 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. The views expressed are the views of Fred Alger Management, LLC (“FAM”) and its affiliates as of December 2020. These views are subject to change at any time and may not represent the views of all portfolio management teams. These views should not be interpreted as a guarantee of the future performance of the markets, any security or any funds managed by FAM. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities. Holdings and sector allocations are subject to change . Risk Disclosures: Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings andmay 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 and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. 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. Investors may purchase or redeem Class I shares through a financial intermediary. There are no sales charges on purchases or redemptions. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. Russell 1000® Growth Index performance does not reflect deductions for fees or expenses. Investors cannot invest directly in any index. Index performance does not reflect deductions for taxes. Note that comparing the performance to a different index might have materially different results than those shown. The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The following positions represented the noted percentages of assets in the Alger Focus Equity Fund Portfolio as of 9/30/20: Amazon.com, Inc., 9.72%; Apple Inc., 6.89%; Facebook, Inc. Class A, 4.13%; PayPal Holdings Inc., 3.84%; Qualcomm Inc., 1.53%; Netflix, Inc., 0.59%; Alphabet Inc. Class C, 2.62%; MercadoLibre, Inc., 1.01%; Walmart Inc., 0.00%. Before investing, carefully consider the Fund’s investment objective, risks, charges, and expenses. For a prospectus and sum- mary 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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