​ Risk Disclosure: 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public health issues, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. A significant portion of assets in the Alger Health Sciences Fund will be invested in 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. Cash positions may underperform relative to equity and fixed-income securities. Options and Short sales could increase market exposure, magnifying losses and increasing volatility. Assets may be invested in Financial Derivatives Instruments (FDIs) such as Total Return Swaps (TRS) or options, which involve risks including possible counterparty default, illiquidity, and the risk of losses greater than if they had not been used. Issuers of convertible securities may be more sensitive to economic changes.. Leverage increases volatility in both up and down markets and its costs may exceed the returns of borrowed securities. 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. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. Foreign securities, Frontier Markets, and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. 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. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. The Alger 35 Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund.

The views expressed are the views of Fred Alger Management, LLC (“FAM”) and its affiliates as of September 2021. 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.

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.

© 2021 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.

Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating 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 Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

The Morningstar Rating™ for funds, or “star rating”, is calculated for separate accounts with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Alger Health Sciences Fund Z was rated 3, 5, and 3 Star(s) for the 3-, 5-, and 10-year periods among 138, 130 and 106 Health funds as of 9/30/21. Alger Dynamic Opportunities Fund Z was rated 5, 5 and 5 Star(s) for the 3-, 5-, and 10-year periods among 179, 157 and 50 Long-Short Equity funds as of 9/30/21. Alger Small Cap Focus Fund Z was rated 3, 4, and 5 Star(s) for the 3-, 5-, and 10-year periods among 575, 506 and 381 Small Growth funds as of 9/30/21. Alger Focus Equity Fund Z was rated 4, 4 and 4 Star(s) for the 3-, 5-, and 10-year periods among 1133, 1024 and 762 Large Growth funds as of 9/30/21. Alger Weatherbie Specialized Growth Fund was rated 4, 5 and 4 Star(s) for the 3-, 5-, and 10-year periods among 549, 495 and 386 Mid-Cap Growth funds as of 9/30/21. Alger Small Cap Growth Fund Z was rated 4, 5, and 4 Star(s) for the 3-, 5-, and 10-year periods among 575, 506 and 381 Small Growth funds as of 9/30/21. Alger Capital Appreciation Fund Z was rated 4, 4, and 4 Star(s) for the 3-, 5-, and 10-year periods among 1133, 1024 and 762 Large Growth funds as of 9/30/21. Alger Emerging Markets Fund Z was rated 4, 4 and 4 Star(s) for the 3-, 5- and 10-year periods among 708, 598 and 317 Diversified Emerging Markets funds as of 9/30/21. Alger Spectra Fund Z was rated 3, 3, and 4 Star(s) for the 3-, 5-, and 10-year periods among 1138, 1024 and 762 Large Growth funds as of 9/30/21. Alger Mid Cap Growth Fund Z was rated 4, 5 and 4 Star(s) for the 3-, 5-, and 10-year periods among 549, 495 and 386 Mid-Cap Growth funds as of 9/30/21. Alger 35 Fund Z was rated 5 Star(s) for the 3-year period among 1133 Large Growth funds as of 9/30/21.

Alger Small Cap Focus SMA was rated 4 and 4 Stars for the 3- and 5-year periods among 233 and 223 Small Growth separate accounts as of 6/30/21. Alger Small Cap Growth SMA was rated 4, 5, and 3 Stars for the 3-, 5-, and 10-year periods among 233, 223, and 193 Small Growth separate accounts as of 6/30/21. Alger Focus Equity SMA was rated 4 and 4 Stars for the 3- and 5-year periods among 504 and 466 Large Growth separate accounts as of 6/30/21. Alger Mid Cap Growth SMA was rated 4, 4 and 3 Stars for the 3-, 5-, and 10-year periods among 223, 213 and 170 Mid-Cap Growth separate accounts as of 6/30/21. Alger Weatherbie Specialized Growth SMA was rated 3, 5, and 5 Stars for the 3-, 5-, and 10-year periods among 223, 213 and 170 Mid-Cap Growth separate accounts as of 6/30/21. Alger Weatherbie Select 15 SMA was rated 5 and 5 Stars for the 3- and 5-year periods among 233 and 223 Small Growth separate accounts as of 6/30/21. Alger Capital Appreciation SMA was rated 4, 4, and 4 stars for the 3-, 5-, and 10-year period among 504, 466, and 383 Large Growth separate accounts as of 6/30/21.

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.

Before investing, carefully consider a Fund’s investment objective, risks, charges, and expenses. For a prospectus and summary prospectus containing this and other information or for a 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. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

​

​