This article reprint, originally published by Morningstar on April 28, 2020, is considered sales literature for the Alger funds mentioned only and not for any other products shown. Please note that Morningstar 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 March 31, 2020, the Alger Small Cap Focus Fund (the “Fund”) returned the following: Average Annual Total Returns (%) (as of 3/31/20) 1 Year 3 Years 5 Years Since Inception Alger Small Cap Focus Class Z (incepted 12/29/10) -5.68 14.55 10.99 11.67 Russell 2000 Growth Index -18.58 0.10 1.70 7.40 Morningstar Percentile Rank (Small Growth) Based on Total Returns 5% 28/635 2% 6/577 2% 5/502 — Total Annual Fund Operating Expenses (Prospectus Dated 3/1/20) 0.86% Class Z shares are available to certain investors with an initial investment minimum of $500,000. Please consult the prospectus for more information. Only periods greater than 12 months are annualized. Prior to August 7, 2015, the Fund followed different investment strategies under the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was managed by a different portfolio 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. 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 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, including the potential loss of principal. 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 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. The Russell 2000® Growth Index is an unmanaged index designed to measure the performance of the 2,000 smallest companies in the Russell 3000® Index with higher price-to- book ratios and higher forecasted growth values.The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on the total market capitalization, which represents 99% of the U.S. equity market. Investors cannot invest directly in any index. Index performance does not reflect deductions for fees, expenses or taxes. Note that comparing the performance to a different index might have materially different results than those shown.Any views and opinions expressed herein are not meant to provide invest- ment advice and there is no guarantee that they will come to pass. Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance.The top 10% of the funds in each cat- egory receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating TM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund.The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating Metrics.Alger Small Cap Focus Fund Z was rated 5, 5, and 5 Star(s) for the 3-, 5-, and 10-year periods among 577, 502, and 381 Small Growth funds as of 3/31/20. The Morningstar ratings and rankings are displayed for informational purposes only and should not be relied upon when making investment decisions. ©2020 Morningstar, Inc.All Rights Reserved.The information contained herein: (1) is proprietary to Morningstar and 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.When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. Past performance is no guarantee of future results. Investors should not consider references to individual securities as an endorsement or recommendation to purchase or sell such security.Transactions in such securities may be made that seemingly contradict the references to them for a variety of reasons, including, but not limited to, liquidity to meet redemptions or overall portfolio rebalancing. Holdings are subject to change. Morningstar percentile rankings are based on the total return percentile rank that includes reinvested dividends and capital gains (excluding sales charge) within each Morning- star 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 rank may 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 calculation methodology that differs from that used by Fred Alger Management, Inc.’s. Differences in the methodologies may lead to variances in calculating total per- formance 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 Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price.Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis.They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary.The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative.AMorningstar Analyst Rating of Gold, Silver, or Bronze reflects an Analyst’s conviction in a fund’s prospects for outperformance.Analyst Ratings are continuously monitored and reevaluated at least every 14 months. If a fund receives a positive rating of Gold, Silver, or Bronze, it means Morningstar analysts think highly of the fund and expect it to outperform over a full market cycle of at least five years. Gold: Best-of-breed fund that distinguishes itself across the five pillars and has garnered the analysts’highest level of conviction. Silver: Fund with advantages that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. Bronze: Fund with notable advantages across several but perhaps not all of the five pillars—strengths that give the analysts a high level of conviction. Neutral: Fund that isn’t likely to deliver standout returns but also isn’t likely to significantly underperform, according to the analysts. Negative: Fund that has at least one flaw likely to significantly hamper future performance and that is considered by analysts an inferior offering to its peers. As of March 31, 2020, the securities mentioned in this reprint represent the following as a percent of the Alger Small Cap Focus Fund assets under management: Shopify, Inc. 1.30%. 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 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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