Trophy Funds

This article reprint, originally published by Tribune Online Content/Trophy Funds on September 30, 2017, is considered sales literature for the Alger funds mentioned only and not for any other products shown. Please note that Trophy Funds 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, 2017, the Alger Health Sciences Fund (the “Fund”) returned the following:

Average Annual Total Returns (%) (as of 9/30/17) YTD

1 Year

3 Years

5 Years

10 Years

Since Inception

Class A (Incepted 5/1/02) Without Sales Charge

34.69 27.62 35.15

37.91 30.65 38.48

12.08 10.08

16.68 15.42

10.55

12.37 11.98 6.80

With Sales Charge

9.95

Class Z (Incepted 5/28/15)

—

—

—

S&P 500 Index

14.24

18.61

10.81

14.22

7.44 (Since 05/01/2002) 7.79 (Since 05/28/2015) 9.93

(Since 05/01/2002) 9.14 (Since 05/28/2015) 5.22

Russell 3000 Health Care Index

21.20

16.08

10.87

17.46

11.41

TotalAnnual Operating Expenses by Class (Prospectus Dated 2/28/17) Without Waiver: A: 1.41% With Waiver: —

Z: 1.16% 0.99%

Fred Alger Management, Inc. has contractually agreed to reimburse Fund expenses (excluding interest, taxes, brokerage, and extraordinary expenses) to the extent necessary to limit the total annual Fund operating expenses of the Class Z to 0.99%, of the class’ average daily net assets. This expense reimbursement cannot be terminated. Fred Alger Management, Inc. may recoup reimbursed expenses during the one-year term of the expense reimbursement contract if the expense ratio falls below the stated limitation at the time of the reimbursement. Please see the prospectus for more details on contractual waivers. Risk Disclosures: IInvesting in the stock market involves gains and losses and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks as the prices of growth stocks tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Investing in companies of small capitalizations involves the risk that smaller, newer issuers may have limited product lines or financial resources, or lack of management depth. Foreign investing involves special risks including currency risk and risks related to political, social, or economic conditions. The strategy can leverage, that is, borrow money to buy addi- tional securities. By borrowing money, the strategy has the potential to increase its returns if the increase in the value of the securities purchased exceeds the cost of borrowing, including interest paid on the money borrowed. The strategy concentrates its investments in the health sciences sector, the value of the strategy’s shares may be more volatile than similar strategies that do not have concentrated investments. Furthermore, because many of industries in the health sciences sector are subject to substantial government regulations, changes in applicable regulations could adversely affect companies in those industries. In addition, the comparative rapidity of product development and technolog- ical advancements in many areas of the sector may be reflected in greater volatility of the stock of companies operating in those areas. The strategy may invest in private equity. The sale of private equity investments may be limited or prohibited by contract or law. Private equity investments are generally fair valued as they are not traded frequently. The strategy may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the strategy to be less liquid. There are additional risks when investing in an active investment strategy, such as increased short term trading, additional transaction costs and potentially increased taxes that a shareholder may pay, which can lower the actual return on an investment. 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. As of September 30, 2017, the securities mentioned in this reprint represented the following as a percent of Alger’s assets under management: Vertex Pharmaceuticals Inc., 1.19%; Align Technology Inc., 0.11 %; Illumina, 0.51 %; and Abiomed Inc., 0.21 %. 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 perfor- mance 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, Incorporated, Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE. The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Investment return and prin- cipal 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. Returns with sales charges reflect a maximum front-end sales charge on Class A Shares of 5.25%. For performance current to the most recent month end, visit www. alger.com or call 800.992.3863. Only periods greater than 12months are annualized. Asignificant amount of the 2016 performance shown in the table above was caused by the planned acquisition of a private equity investment held in the fund. It is unlikely that a similar contribution to performance will reoccur in 2017.

PRINTED COPY FOR PERSONAL READING ONLY. NOT FOR DISTRIBUTION

Fred Alger & Company, Incorporated 360 Park Avenue South, New York, NY 10010 / 800.992.3863 / www.alger.com

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