Links To China Helped This Top Fund Early in Coronavirus Pandemic

This article reprint, originally published by Investor’s Business Daily on May 29, 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 publica- tion and the performance and ratings cited in the article do not represent the experience of any individual investor. For the period ending March 31, 2020, the Alger Weatherbie Specialized Growth Fund (the “Fund”) returned the following:

Average Annual Total Returns (%) (as of 3/31/20) Ticker

1 Year

3 Years

5 Years

10 Years

Since Inception

Class I (Incepted 8/6/07)

ASIMX

-13.05

11.77

7.33

9.99

8.66

Class Z (Incepted 12/29/10)

ASMZX

-12.87

12.11

7.68

—

9.65

Class I-2 (Incepted 1/2/08)

AAMOX

-12.54

12.39

7.96

10.46

6.42

(Since 8/6/07) 8.07 (Since 12/29/10) 8.88 (Since 1/2/08) 7.41

Russell 2500 Growth Index

-14.40

3.35

3.64

10.10

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

Without Waiver: I: 1.26% Z: 0.97% I-2: 10.84% With Waiver: — 0.97% 1.05%

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) and through April 30, 2021 (Class I-2) to the extent necessary to limit the annual operating expenses of Class Z to 0.99% and Class I-2 to 1.05% 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. Performance of the Class I shares prior to August 6, 2007 are those of the Fund’s Class A shares with an inception date of May 8, 2002. Performance has been adjusted to remove the front-end sales charge imposed by Class A shares. Class I shares do not impose any sales charges. If this charge was reflected, annual returns for the Class I shares of the Fund would be lower. Performance figures prior to August 6, 2007 have not been adjusted to reflect the operating expenses of Class I shares. Prior to September 30, 2019, the Fund’s name was “Alger SMid Cap Focus Fund.” Prior to August 30, 2017, the Fund followed different investment strategies under the name “Alger SMid Cap Growth Fund” and before March 1, 2017 was managed by different portfolio managers. 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, 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 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 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. Total return for Class I-2 does not include deductions at the Fund or contract level for cost of insurance charges, premium load, administrative charges, mortality, and expense risk charges or other charges that may be incurred under the variable annuity contract, variable life insurance plan, or retirement plan for which the Portfolio serves as an underlying investment vehicle. Please refer to the variable insurance product or retirement plan disclosure documents for any additional applicable expenses. The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. Russell 2500® 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 Weatherbie Specialized Growth Portfolio as of 3/31/20: Chegg, Inc., 5.92%; Nevro Corp., 5.55%; FirstService Corp., 5.54%; EPAM Systems, Inc., 5.03%; Casella Waste Systems, Inc., 4.65%; Progyny, Inc., 2.71%; Ollie’s Bargain Outlet Holdings, Inc., 2.60%; Trade Desk, Inc., 2.35%; Wayfair, Inc., 0.37%; and Alphabet, Inc., 0%. Investor’s Business Daily’s 2020 Best Mutual Funds Awards winners have beaten their benchmark index in the past one, three, five and 10 years ended December 31, 2020 and are at least ten years old. 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

ALIBDWBCREP-0620