Alger Dynamic Opportunities Fund Z US/  LU1083693371  /

Alger SICAV - Alger Dynamic Opportunities Fund (the "Fund") seeks long term capital appreciation. The Fund invests in equity securities, such as common or preferred stocks, which are listed on U.S. or foreign exchanges or in the overthe-counter markets. In addition to purchasing securities (i.e., taking long positions), the investment adviser will identify securities that it believes will underperform on an absolute or relative basis, constituting short positions on stocks listed on Regulated Markets and on equity indices. Short exposure on stocks is done by financial derivative instruments ("FDIs"). The Fund will generally also hold a large position in cash and cash equivalents. The Fund will not, however, follow a market neutral strategy and generally will have a net long position. The Fund may also seek to manage the volatility of either the portfolio, a particular exposure (e.g., sector or industry) of the portfolio or individual securities through FDIs. The Fund may invest a portion of its assets in securities issued by small capitalization companies. The Fund may also invest a portion of its assets, not to exceed 10% of the Fund"s net assets, in equity securities not listed on an exchange. The Fund makes use of total return swaps ("TRS") and other FDIs (including OTC Derivatives) with similar characteristics on single stocks. TRS are used in the context of taking long or short exposures on specific equity securities.

Alger SICAV - Alger Dynamic Opportunities Fund (the "Fund") seeks long term capital appreciation. The Fund invests in equity securities, such as common or preferred stocks, which are listed on U.S. or foreign exchanges or in the overthe-counter markets. In addition to purchasing securities (i.e., taking long positions), the investment adviser will identify securities that it believes will underperform on an absolute or relative basis, constituting short positions on stocks listed on Regulated Markets and on equity indices. Short exposure on stocks is done by financial derivative instruments ("FDIs"). The Fund will generally also hold a large position in cash and cash equivalents.