​ Risk Disclosure: 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. Short sales could increase market exposure, magnifying losses and increasing volatility. 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 tax, which can lower the return on investment. Foreign securities involve special risks including currency risk and risks related to political, social, or economic conditions. 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 views expressed are the views of Fred Alger Management, LLC (“FAM”) and its affiliates as of September 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 FAM. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities. Holdings and sector allocations are subject to change.

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.

© 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.

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.

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 5, 5, and 3 Star(s) for the 3-, 5-, and 10-year periods among 133, 124, and 103 Health funds as of 9/30/20. Alger Dynamic Opportunities Fund Z was rated 5, 5 and 5 Star(s) for the 3-, 5-, and 10-year periods among 182, 139 and 42 Long-Short Equity funds as of 9/30/20. Alger Small Cap Focus Fund Z was rated 5, 5, and 5 Star(s) for the 3-, 5-, and 10-year periods among 579, 513, and 384 Small Growth funds as of 9/30/20. Alger Focus Equity Fund Z was rated 5, 5, and 4 Star(s) for the 3-, 5-, and 10-year periods among 1229, 1095 and 813 Large Growth funds as of 9/30/20. Alger Weatherbie Specialized Growth Fund was rated 4, 4 and 3 Star(s) for the 3-, 5-, and 10-year periods among 557, 500, and 380 Mid-Cap Growth funds as of 9/30/20. Alger Small Cap Growth Fund Z was rated 5, 5, and 4 Star(s) for the 3-, 5-, and 10-year periods among 579, 513, and 384 Small Growth funds as of 9/30/20. Alger Capital Appreciation Fund Z was rated 4, 4, and 4 Star(s) for the 3-, 5-, and 10-year periods among 1229, 1095, and 813 Large Growth funds as of 9/30/20. Alger Emerging Markets Fund Z was rated 4 and 4 Star(s) for the 3- and 5- year periods among 695 and 590 Diversified Emerging Markets funds as of 9/30/20. Alger Spectra Fund Z was rated 4, 4, and 4 Star(s) for the 3-, 5-, and 10-year periods among 1229, 1095, and 813 Large Growth funds as of 9/30/20. Alger Mid Cap Growth Fund Z was rated 4, 4 and 3 Star(s) for the 3-, 5-, and 10-year periods among 557, 500 and 380 Mid-Cap Growth funds as of 9/30/20.​

Alger Small Cap Focus SMA was rated 5 and 5 Stars for the 3- and 5-year periods among 232 and 219 Small Growth separate accounts as of 9/30/20. Alger Small Cap Growth SMA was rated 5, 5, and 4 Stars for the 3-, 5-, and 10-year periods among 232, 219, and 196 Small Growth separate accounts as of 9/30/20. Alger Focus Equity SMA was rated 4 and 5 Stars for the 3- and 5-year periods among 502 and 462 Large Growth separate accounts as of 9/30/20. Alger Mid Cap Growth SMA was rated 4, 4 and 3 Stars for the 3-, 5-, and 10-year periods among 217, 206, and 170 Mid-Cap Growth separate accounts as of 9/30/20. Alger Weatherbie Specialized Growth SMA was rated 4, 5, and 5 Stars for the 3-, 5-, and 10-year periods among 217, 206, and 170 Mid-Cap Growth separate accounts as of 9/30/20. Alger Weatherbie Select 15 SMA was rated 4 Stars for the 3-year period among 232 Small Growth separate accounts as of 9/30/20. Alger Capital Appreciation SMA was rated 4, 4, and 4 stars for the 3-, 5-, and 10-year period among 502, 462, and 386 Large Growth separate accounts as of 9/30/20.​​

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.

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 / www.alger.com / 800.305.8547 (Retail) / 212.806.8869 (Institutional)​

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