HOME | ALGERABOUT ALGERSTRATEGIESINSIGHTSNEWSCONTACT USOUR HISTORY Founded in 1964, Alger is widely recognized as a pioneer of growth-style investing. At Alger, we believe companies undergoing Positive Dynamic Change offer the best investment opportunities. ALGER SMALL CAP GROWTH FUND CUSIP 015565377. Net Asset Value $15.83. Offering Price -. Daily Change (NAV) 0.25%. Minimum Investment $500,000. Annual Fund Operating Expenses Total - without Waiver. (as of 2/28/2021) 1.00%. Annual Fund Operating Expenses Total - with Waiver 0.99%.

FEATURED INSIGHTS

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management.

ALGER 35 FUND

CUSIP 015565187. Net Asset Value $18.56. Offering Price -. Daily Change (NAV) 0.71%. Minimum Investment $500,000. Annual Fund Operating Expenses. (as of: 2/28/2021) 0.55%. Annual Fund Operating Expenses Total - with Waiver. CAPITAL MARKETS SPRING 2021 Capital Markets Spring 2021. CLICK HERE if viewing on a mobile device. Unprecedented stimulus, high savings rates, pent-up demand and vaccines may come together to make this season a very grand reopening of the economy, potentially boosting growth this year to the highest in many decades. In the below video, we review what investors might

look

INVESTMENT TEAM

Alger Analysts, on average, have approximately 14 years of experience and serve as sector specialists, providing unique, extensive, and in-depth industry perspectives. The Alger investment team devotes its collective experience and expertise to managing clients’ assets using methods that investors have trusted for over 50 years.

ALGER | STRATEGIES

For financial advisors, national accounts, retirement and specialty distribution investors.

GRCOCERY INNOVATION

TRANSCRIPT DISCLOSURE The following positions represented the noted percentages of Alger’s assets under management as of January 31,

2020: Fresh

ALGER DYNAMIC OPPORTUNITIES FUND 0.00 0.00 0.00 1.03 1.34 3.87 4.35 9.26 13.73 14.27 20.34 24.94 0.00-0.54-10.77 0.00-2.49-3.46-1.83-2.01-1.77-1.98-3.16-4.67 Utilities Materials Market Indices STATE(S) REGIONAL DIRECTOR REGIONAL ASSOCIATE NO. FL SO. FL Head of Intermediary Distribution Elizabeth Clapp-Carey, CIMA® 212.806.8862 eclapp@alger.com Manager, Regional Associates

Nicholas Generale

HOME | ALGERABOUT ALGERSTRATEGIESINSIGHTSNEWSCONTACT USOUR HISTORY Founded in 1964, Alger is widely recognized as a pioneer of growth-style investing. At Alger, we believe companies undergoing Positive Dynamic Change offer the best investment opportunities. ALGER SMALL CAP GROWTH FUND CUSIP 015565377. Net Asset Value $15.83. Offering Price -. Daily Change (NAV) 0.25%. Minimum Investment $500,000. Annual Fund Operating Expenses Total - without Waiver. (as of 2/28/2021) 1.00%. Annual Fund Operating Expenses Total - with Waiver 0.99%.

FEATURED INSIGHTS

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management.

ALGER 35 FUND

CUSIP 015565187. Net Asset Value $18.56. Offering Price -. Daily Change (NAV) 0.71%. Minimum Investment $500,000. Annual Fund Operating Expenses. (as of: 2/28/2021) 0.55%. Annual Fund Operating Expenses Total - with Waiver. CAPITAL MARKETS SPRING 2021 Capital Markets Spring 2021. CLICK HERE if viewing on a mobile device. Unprecedented stimulus, high savings rates, pent-up demand and vaccines may come together to make this season a very grand reopening of the economy, potentially boosting growth this year to the highest in many decades. In the below video, we review what investors might

look

INVESTMENT TEAM

Alger Analysts, on average, have approximately 14 years of experience and serve as sector specialists, providing unique, extensive, and in-depth industry perspectives. The Alger investment team devotes its collective experience and expertise to managing clients’ assets using methods that investors have trusted for over 50 years.

ALGER | STRATEGIES

For financial advisors, national accounts, retirement and specialty distribution investors.

GRCOCERY INNOVATION

TRANSCRIPT DISCLOSURE The following positions represented the noted percentages of Alger’s assets under management as of January 31,

2020: Fresh

ALGER DYNAMIC OPPORTUNITIES FUND 0.00 0.00 0.00 1.03 1.34 3.87 4.35 9.26 13.73 14.27 20.34 24.94 0.00-0.54-10.77 0.00-2.49-3.46-1.83-2.01-1.77-1.98-3.16-4.67 Utilities Materials Market Indices STATE(S) REGIONAL DIRECTOR REGIONAL ASSOCIATE NO. FL SO. FL Head of Intermediary Distribution Elizabeth Clapp-Carey, CIMA® 212.806.8862 eclapp@alger.com Manager, Regional Associates

Nicholas Generale

ABOUT ALGER

About Alger | Alger. For over 50 years, we have remained an independent company, maintaining the legacy and continuity of a singular vision: investing in Positive Dynamic Change. Investment management is our only business. We strive to deliver consistently superior investment results for our clients. We believe our independence enables us to

ALGER | STRATEGIES

Small Cap Focus. Primarily invests in a focused portfolio of approximately 50 holdings of small cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. UCITS. Institutional Separate Accounts. SMAs. Collective Investment Trusts.

ALGER | STRATEGIES

Mid Cap 40. Primarily invests in a focused portfolio of approximately 40 holdings of mid cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. Institutional Separate Accounts. SMAs.

ALGER | STRATEGIES

For financial advisors, national accounts, retirement and specialty distribution investors.

FAQS | ALGER

The Alger Payroll Savings Plan allows you to deposit directly to your existing Alger Funds account from your paycheck. To sign up for The Alger Payroll Savings Plan, complete The Alger Payroll Savings Plan Form and submit to: Alger Family of Funds. P.O. Box 2175. Milwaukee,

WI 53201-2175.

BARKINGLY BULLISH

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management.

GRCOCERY INNOVATION

TRANSCRIPT DISCLOSURE The following positions represented the noted percentages of Alger’s assets under management as of January 31,

2020: Fresh

FREDERICK “SHEF” OSBORN Fred Alger Management, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com FSOBIO1020 . Frederick “Shef” Osborn is Senior Vice President and Senior Analyst covering the technology sector for the Alger Capital Appreciation and Alger Spectra strategies, which include

Alger Focus Equity.

SALUTING THE WOMEN OF ALGER TRANSCRIPT DISCLOSURE The views expressed are the views of Fred Alger Management, LLC (“FAM”) and Alger Management Ltd. (together with

their affiliated

PATRICK KELLY, CFA

Fred Alger Management, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com PKBIO0620 . Patrick Kelly is Executive Vice President, Portfolio Manager and Head of Alger Capital Appreciation and Spectra Strategies, which include Alger Focus Equity. HOME | ALGERABOUT ALGERSTRATEGIESINSIGHTSNEWSCONTACT USOUR HISTORY Founded in 1964, Alger is widely recognized as a pioneer of growth-style investing. At Alger, we believe companies undergoing Positive Dynamic Change offer the best investment opportunities.

ALGER 35 FUND

CUSIP 015565187. Net Asset Value $18.56. Offering Price -. Daily Change (NAV) 0.71%. Minimum Investment $500,000. Annual Fund Operating Expenses. (as of: 2/28/2021) 0.55%. Annual Fund Operating Expenses Total - with Waiver. ALGER SMALL CAP GROWTH FUND CUSIP 015565377. Net Asset Value $15.83. Offering Price -. Daily Change (NAV) 0.25%. Minimum Investment $500,000. Annual Fund Operating Expenses Total - without Waiver. (as of 2/28/2021) 1.00%. Annual Fund Operating Expenses Total - with Waiver 0.99%.

FEATURED INSIGHTS

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management.

ALGER | STRATEGIES

Small Cap Focus. Primarily invests in a focused portfolio of approximately 50 holdings of small cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. UCITS. Institutional Separate Accounts. SMAs. Collective Investment Trusts. CAPITAL MARKETS SPRING 2021 Capital Markets Spring 2021. CLICK HERE if viewing on a mobile device. Unprecedented stimulus, high savings rates, pent-up demand and vaccines may come together to make this season a very grand reopening of the economy, potentially boosting growth this year to the highest in many decades. In the below video, we review what investors might

look

ALGER DYNAMIC OPPORTUNITIES FUND 0.00 0.00 0.00 1.03 1.34 3.87 4.35 9.26 13.73 14.27 20.34 24.94 0.00-0.54-10.77 0.00-2.49-3.46-1.83-2.01-1.77-1.98-3.16-4.67 Utilities Materials Market Indices SALES CHARGES AND BREAKPOINTS Purchase Amount Sales Charge as a % of Offering Price Sales Charge as a % of Net Asset Value Dealer Allowance as a % of Offering Price Less than $25,000 5.25% 5.54% 5.00% ALGER WEATHERBIE SPECIALIZED GROWTH SMA COMPOSITE Founded in 1964, Alger is widely recognized as a pioneer of growth- style investment management. Headquartered in New York City with affiliate offices in Boston and London, STATE(S) REGIONAL DIRECTOR REGIONAL ASSOCIATE NO. FL SO. FL Head of Intermediary Distribution Elizabeth Clapp-Carey, CIMA® 212.806.8862 eclapp@alger.com Manager, Regional Associates

Nicholas Generale

HOME | ALGERABOUT ALGERSTRATEGIESINSIGHTSNEWSCONTACT USOUR HISTORY Founded in 1964, Alger is widely recognized as a pioneer of growth-style investing. At Alger, we believe companies undergoing Positive Dynamic Change offer the best investment opportunities.

ALGER 35 FUND

CUSIP 015565187. Net Asset Value $18.56. Offering Price -. Daily Change (NAV) 0.71%. Minimum Investment $500,000. Annual Fund Operating Expenses. (as of: 2/28/2021) 0.55%. Annual Fund Operating Expenses Total - with Waiver. ALGER SMALL CAP GROWTH FUND CUSIP 015565377. Net Asset Value $15.83. Offering Price -. Daily Change (NAV) 0.25%. Minimum Investment $500,000. Annual Fund Operating Expenses Total - without Waiver. (as of 2/28/2021) 1.00%. Annual Fund Operating Expenses Total - with Waiver 0.99%.

FEATURED INSIGHTS

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management.

ALGER | STRATEGIES

Small Cap Focus. Primarily invests in a focused portfolio of approximately 50 holdings of small cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. UCITS. Institutional Separate Accounts. SMAs. Collective Investment Trusts. CAPITAL MARKETS SPRING 2021 Capital Markets Spring 2021. CLICK HERE if viewing on a mobile device. Unprecedented stimulus, high savings rates, pent-up demand and vaccines may come together to make this season a very grand reopening of the economy, potentially boosting growth this year to the highest in many decades. In the below video, we review what investors might

look

ALGER DYNAMIC OPPORTUNITIES FUND 0.00 0.00 0.00 1.03 1.34 3.87 4.35 9.26 13.73 14.27 20.34 24.94 0.00-0.54-10.77 0.00-2.49-3.46-1.83-2.01-1.77-1.98-3.16-4.67 Utilities Materials Market Indices SALES CHARGES AND BREAKPOINTS Purchase Amount Sales Charge as a % of Offering Price Sales Charge as a % of Net Asset Value Dealer Allowance as a % of Offering Price Less than $25,000 5.25% 5.54% 5.00% ALGER WEATHERBIE SPECIALIZED GROWTH SMA COMPOSITE Founded in 1964, Alger is widely recognized as a pioneer of growth- style investment management. Headquartered in New York City with affiliate offices in Boston and London, STATE(S) REGIONAL DIRECTOR REGIONAL ASSOCIATE NO. FL SO. FL Head of Intermediary Distribution Elizabeth Clapp-Carey, CIMA® 212.806.8862 eclapp@alger.com Manager, Regional Associates

Nicholas Generale

ABOUT ALGER

About Alger | Alger. For over 50 years, we have remained an independent company, maintaining the legacy and continuity of a singular vision: investing in Positive Dynamic Change. Investment management is our only business. We strive to deliver consistently superior investment results for our clients. We believe our independence enables us to

ALGER | STRATEGIES

Small Cap Focus. Primarily invests in a focused portfolio of approximately 50 holdings of small cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. UCITS. Institutional Separate Accounts. SMAs. Collective Investment Trusts.

ALGER | STRATEGIES

Mid Cap 40. Primarily invests in a focused portfolio of approximately 40 holdings of mid cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. Institutional Separate Accounts. SMAs.

ALGER | STRATEGIES

Hedged equity strategy seeking long term capital appreciation and lower volatility by primarily investing in long and short positions in equity securities. Advisor: Fred Alger Management, LLC. Sub-advisor: Weatherbie Capital, LLC. Vehicles. Institutional Separate Accounts.

FAQS | ALGER

The Alger Payroll Savings Plan allows you to deposit directly to your existing Alger Funds account from your paycheck. To sign up for The Alger Payroll Savings Plan, complete The Alger Payroll Savings Plan Form and submit to: Alger Family of Funds. P.O. Box 2175. Milwaukee,

WI 53201-2175.

INVESTMENT TEAM

Alger Analysts, on average, have approximately 14 years of experience and serve as sector specialists, providing unique, extensive, and in-depth industry perspectives. The Alger investment team devotes its collective experience and expertise to managing clients’ assets using methods that investors have trusted for over 50 years.

BARKINGLY BULLISH

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management.

DOCUMENTS & FORMS

Download this form to change the registration on a non-retirement account to reflect a transfer on death (TOD) designation. SALES CHARGES AND BREAKPOINTS Each Fund offering Class B Shares has adopted a plan pursuant to Rule 12b-1 under the 1940 Act that allows Class B Shares to pay a 1.00% fee out of its assets on an ongoing basis for distribution and shareholder services provided toClass B shareholders. FREDERICK “SHEF” OSBORN Fred Alger Management, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com FSOBIO1020 . Frederick “Shef” Osborn is Senior Vice President and Senior Analyst covering the technology sector for the Alger Capital Appreciation and Alger Spectra strategies, which include

Alger Focus Equity.

HOME | ALGERABOUT ALGERSTRATEGIESINSIGHTSNEWSCONTACT USOUR HISTORY Founded in 1964, Alger is widely recognized as a pioneer of growth-style investing. At Alger, we believe companies undergoing Positive Dynamic Change offer the best investment opportunities. ALGER SMALL CAP GROWTH FUND CUSIP 015565377. Net Asset Value $15.83. Offering Price -. Daily Change (NAV) 0.25%. Minimum Investment $500,000. Annual Fund Operating Expenses Total - without Waiver. (as of 2/28/2021) 1.00%. Annual Fund Operating Expenses Total - with Waiver 0.99%.

ALGER 35 FUND

as of 5/5/2021Fund Snapshot. Share Class P. CUSIP 015565187. Net Asset Value $18.18. Offering Price -. Daily Change (NAV) -0.71%. Minimum Investment $500,000. Annual Fund Operating Expenses.

FEATURED INSIGHTS

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management. CAPITAL MARKETS SPRING 2021 Capital Markets Spring 2021. CLICK HERE if viewing on a mobile device. Unprecedented stimulus, high savings rates, pent-up demand and vaccines may come together to make this season a very grand reopening of the economy, potentially boosting growth this year to the highest in many decades. In the below video, we review what investors might

look

WEATHERBIE CAPITAL, LLC Weatherbie is a Boston-based investment advisor that takes a fundamental, bottom-up research approach to investing in growth equities, similar to Alger. Weatherbie, founded in 1995 by Matthew Weatherbie, aims to identify and invest in attractive U.S. small- and mid-cap companies poised for growth. The firm's flagship strategy, the

Weatherbie

ALGER DYNAMIC OPPORTUNITIES FUND 0.00 0.00 0.00 1.03 1.34 3.87 4.35 9.26 13.73 14.27 20.34 24.94 0.00-0.54-10.77 0.00-2.49-3.46-1.83-2.01-1.77-1.98-3.16-4.67 Utilities Materials Market Indices ALGER WEATHERBIE SPECIALIZED GROWTH SMA COMPOSITE Founded in 1964, Alger is widely recognized as a pioneer of growth- style investment management. Headquartered in New York City with affiliate offices in Boston and London, FREDERICK “SHEF” OSBORN Fred Alger Management, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com FSOBIO1020 . Frederick “Shef” Osborn is Senior Vice President and Senior Analyst covering the technology sector for the Alger Capital Appreciation and Alger Spectra strategies, which include

Alger Focus Equity.

STATE(S) REGIONAL DIRECTOR REGIONAL ASSOCIATE NO. FL SO. FL Head of Intermediary Distribution Elizabeth Clapp-Carey, CIMA® 212.806.8862 eclapp@alger.com Manager, Regional Associates

Nicholas Generale

HOME | ALGERABOUT ALGERSTRATEGIESINSIGHTSNEWSCONTACT USOUR HISTORY Founded in 1964, Alger is widely recognized as a pioneer of growth-style investing. At Alger, we believe companies undergoing Positive Dynamic Change offer the best investment opportunities. ALGER SMALL CAP GROWTH FUND CUSIP 015565377. Net Asset Value $15.83. Offering Price -. Daily Change (NAV) 0.25%. Minimum Investment $500,000. Annual Fund Operating Expenses Total - without Waiver. (as of 2/28/2021) 1.00%. Annual Fund Operating Expenses Total - with Waiver 0.99%.

ALGER 35 FUND

as of 5/5/2021Fund Snapshot. Share Class P. CUSIP 015565187. Net Asset Value $18.18. Offering Price -. Daily Change (NAV) -0.71%. Minimum Investment $500,000. Annual Fund Operating Expenses.

FEATURED INSIGHTS

Inspired by Change, Driven by Growth.Founded in 1964, Alger is widely recognized as a pioneer of growth - style investment management. CAPITAL MARKETS SPRING 2021 Capital Markets Spring 2021. CLICK HERE if viewing on a mobile device. Unprecedented stimulus, high savings rates, pent-up demand and vaccines may come together to make this season a very grand reopening of the economy, potentially boosting growth this year to the highest in many decades. In the below video, we review what investors might

look

WEATHERBIE CAPITAL, LLC Weatherbie is a Boston-based investment advisor that takes a fundamental, bottom-up research approach to investing in growth equities, similar to Alger. Weatherbie, founded in 1995 by Matthew Weatherbie, aims to identify and invest in attractive U.S. small- and mid-cap companies poised for growth. The firm's flagship strategy, the

Weatherbie

ALGER DYNAMIC OPPORTUNITIES FUND 0.00 0.00 0.00 1.03 1.34 3.87 4.35 9.26 13.73 14.27 20.34 24.94 0.00-0.54-10.77 0.00-2.49-3.46-1.83-2.01-1.77-1.98-3.16-4.67 Utilities Materials Market Indices ALGER WEATHERBIE SPECIALIZED GROWTH SMA COMPOSITE Founded in 1964, Alger is widely recognized as a pioneer of growth- style investment management. Headquartered in New York City with affiliate offices in Boston and London, FREDERICK “SHEF” OSBORN Fred Alger Management, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com FSOBIO1020 . Frederick “Shef” Osborn is Senior Vice President and Senior Analyst covering the technology sector for the Alger Capital Appreciation and Alger Spectra strategies, which include

Alger Focus Equity.

STATE(S) REGIONAL DIRECTOR REGIONAL ASSOCIATE NO. FL SO. FL Head of Intermediary Distribution Elizabeth Clapp-Carey, CIMA® 212.806.8862 eclapp@alger.com Manager, Regional Associates

Nicholas Generale

ABOUT ALGER

About Alger | Alger. For over 50 years, we have remained an independent company, maintaining the legacy and continuity of a singular vision: investing in Positive Dynamic Change. Investment management is our only business. We strive to deliver consistently superior investment results for our clients. We believe our independence enables us to

ALGER | STRATEGIES

Small Cap Focus. Primarily invests in a focused portfolio of approximately 50 holdings of small cap companies identified through our fundamental research as demonstrating promising growth potential. Vehicles. Mutual Funds. UCITS. Institutional Separate Accounts. SMAs. Collective Investment Trusts.

ALGER | STRATEGIES

Hedged equity strategy seeking long term capital appreciation and lower volatility by primarily investing in long and short positions in equity securities. Advisor: Fred Alger Management, LLC. Sub-advisor: Weatherbie Capital, LLC. Vehicles. Institutional Separate Accounts.

FAQS | ALGER

The Alger Payroll Savings Plan allows you to deposit directly to your existing Alger Funds account from your paycheck. To sign up for The Alger Payroll Savings Plan, complete The Alger Payroll Savings Plan Form and submit to: Alger Family of Funds. P.O. Box 2175. Milwaukee,

WI 53201-2175.

DIVIDENDS & DISTRIBUTION An institutional investor means: (a) pension and profit-sharing plans qualified under Section 401 (a) of the Internal Revenue Code of 1986, as amended (the “Code”), and the related trusts that are exempt from tax under Section 501 (a) of the Code (except for any such plans that cover self-employed individuals), (b) governmental plans as ALGER WEATHERBIE SPECIALIZED GROWTH PORTFOLIO Who we are. Founded in 1964, Alger is widely recognized as a pioneer of growth-style investment management. Headquartered in New York City with affiliate offices in Boston and London, Alger provides U.S. and non-U.S. institutional investors and financial advisors access to a suite of growth equity separate accounts, mutual funds, and privately offered investment vehicles. SALES CHARGES AND BREAKPOINTS Purchase Amount Sales Charge as a % of Offering Price Sales Charge as a % of Net Asset Value Dealer Allowance as a % of Offering Price Less than $25,000 5.25% 5.54% 5.00% ALGER HEALTH SCIENCES FUND Portfolio Statistics (5 Years as of 3/31/21 for Class A) Alger Health Sciences Fund S&P 500 Index Alpha 7.11 — Beta 0.83 1.00 Standard Deviation 18.55 14.89 Sharpe Ratio 1.06 1.01 Information Ratio 0.29 — Upside Capture (%) 109.04 — Downside Capture (%) 88.21 — C APITAL APPRE CIATION 2 /4 FREDERICK “SHEF” OSBORN Fred Alger Management, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com FSOBIO1020 . Frederick “Shef” Osborn is Senior Vice President and Senior Analyst covering the technology sector for the Alger Capital Appreciation and Alger Spectra strategies, which include

Alger Focus Equity.

A NEW PERSPECTIVE ON GROWTH VERSUS VALUE COMMENTARY Results are indexed to a starting point of 100. Source: FactSet. Data through 12/31/2018. Market Update A NEW PERSPECTIVE ON

GROWTH VERSUS VALUE

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