Risk Disclosure: Investing in the stock market involves gains and losses and may not be suitable for all investors. The value of an investment may move up or down, sometimes rapidly and unpredictably, and may be worth more or less than what you invested. Stocks tend to be more volatile than other investments such as bonds. 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. There may be a significant portion of assets invested in securities of companies conducting business in a related group of industries within a sector, and may be more vulnerable to unfavorable developments in that sector than a more diversified portfolio. Many technology companies have limited operating histories and prices of these companies’ securities have historically been more volatile than other securities due to increased competition, government regulation, and risk of obsolescence due to the progress of technological developments. Investing in companies of all capitalizations involve the risk that smaller issuers may have limited product lines or financial resources, lack management depth, or have more limited liquidity. The investments may be more concentrated and therefore more vulnerable to changes in the market value of a single issuer and may be more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio. Active trading of portfolio securities may incur increased transaction costs and brokerage commissions, and potentially increase taxes that a shareholder may pay, which can lower the actual return on an investment. 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 more limited liquidity. Foreign investing involves special risks including currency risk and risks related to political, social, or economic conditions. Issuers of convertible securities may not be as strong financially as other companies, and may be more vulnerable to changes in the economy. The price of the option selected as a hedge may not correlate precisely with movements of the portfolio securities. The investments may lose money and require liquidation of portfolio securities to meet settlement obligations. The market price of a security may increase after the portfolio borrows the security and sells it short, so that it suffers a loss when it replaces the borrowed security at the higher price. The use of short sales could increase the exposure to the market, magnifying losses and increasing volatility. The cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value more quickly than if borrowing had not been utilized.

For Alger Health Sciences Fund
The investments are concentrated in the health sciences sector and may be more volatile than those that do not similarly concentrate their investments. Changes in applicable regulations could adversely affect companies in these industries, and the pace of product development and technological advancement in comparative companies may result in greater volatility of the price of securities of such companies. A significant portion of the assets will be invested in securities of healthcare companies, which may be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences, and may be more volatile than the securities of other companies. Changes in applicable regulations could adversely affect companies in these industries, and the pace of product development and technological advancement in comparative companies may result in greater volatility of the price of securities of such companies. A private placement is an offering of a company’s securities not registered with the SEC and not offered to the public. Less information may be available or disclosed about such companies than about publicly offered companies. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid and may require holding such positions for longer periods.

For Alger Dynamic Opportunities Fund
There may be a large cash position that may underperform relative to both equity and fixed-income securities.

©​ 2018 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 RiskAdjusted 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.

Alger Dynamic Opportunities Fund Z was rated 5 and 5 Star(s) for the 3- and 5-year periods among 194 and 105 Long-Short Equity funds as of 9/30/18. Alger Small Cap Focus Fund Z was rated 5, 5, and 5 Star(s) for the 3-, 5-, and 10-year periods among 606, 532, and 404 Small Growth funds as of 9/30/18. Alger Capital Appreciation Focus Fund Z was rated 5, 5, and 3 Star(s) for the 3-, 5-, and 10-year periods among 1258, 1129, and 818 Large Growth funds as of 9/30/18. Alger Health Sciences Fund Z was rated 5, 4, and 3 Star(s) for the 3-, 5-, and 10- year periods among 129, 120, and 97 Health funds as of 9/30/18. Alger Spectra Fund Z was rated 4, 4, and 5 Star(s) for the 3-, 5-, and 10-year periods among 1258, 1129, and 818 Large Growth funds as of 9/30/18. Alger Capital Appreciation Fund Z was rated 3, 4, and 4 Star(s) for the 3-, 5-, and 10- year periods among 1258, 1129, and 818 Large Growth funds as of 9/30/18. Alger SMid Cap Focus Fund Z was rated 5, 4, and 3 Star(s) for the 3-, 5-, and 10- year periods among 540, 483, and 342 Mid-Cap Growth funds as of 9/30/18. Alger Mid Cap Growth Fund Z was rated 4, 3, and 1 Star(s) for the 3-, 5-, and 10- year periods among 540, 483, and 342 Mid-Cap Growth funds as of 9/30/18.

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 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 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, Incorporated. Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

Fred Alger & Company, Incorporated 360 Park Avenue South, New York, NY 10010 / ​ www.alger.com 800.305.8547 (Retail) / 212.806.8869 (Institutional)​