Portfolio Insights: Small Cap Focus & Mid Cap Focus

DISCLOSURE

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. The views expressed are the views of Fred Alger Management, LLC as of April 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 Fred Alger Management, LLC. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities. 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 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. Past performance is no guarantee of future results. © 2020 Morningstar, 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 from any use of this information. Past performance is no guarantee of future results. Alger Small Cap Focus Fund Z was ranked based on total returns: 5% (28 of 635 funds); 2% (6 of 577 funds) and 2% (5 of 502 funds) for the 1-, 3-, and 5-year periods in the Small Growth category as of 3/31/20. 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 calculation methodology that differs from that used by Fred Alger Management, LLC. Differences in the methodologies may lead to variances in calculating total performance returns, in some cases this variance may be significant, thereby potentially affecting the rating/ranking of the Fund(s). When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the rating/ranking for the period. The following positions represented the noted percentages of assets as of 1/31/20: Alger Small Cap Focus Fund: Wingstop, Inc., 3.23%; Veeva Systems, Inc., 2.60%; Avalara, Inc., 2.21%; Everbridge, Inc., 2.15%; Shopify, Inc., 1.21%; and Gilead Sciences, Inc., 0%. Alger Mid Cap Focus Fund: Veeva Systems, Inc., 2.49%; Shopify, Inc., 1.66%; Avalara, Inc., 1.32%; and Gilead Sciences, Inc., 0%.

Before investing, carefully consider the Fund’s investment objectives, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information about the Fund, call (800) 992-3863, visit www.alger.com, or consult your financial advisor. Read it carefully before investing.

Distributor: Fred Alger & Company, LLC. Member NYSE Euronext, SIPC.

NOT FDIC INSURED. NOT BANK GUARANTEED MAY LOSE VALUE.

ALAZBCCALLTS-0420

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