Alger SICAV–The Alger American Asset Growth FundAnkur Crawford, Ph.D. Class ISIN CUSIP A US I US I-2US I-3US I-4US LU0070176184 LU0295112097 LU0844526029 LU0940251175 LU1339879329

/ FACTS H E E T LA M E R I C A N A S S E T G R OW T H

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Alger SICAV–The Alger American Asset Growth Fund

Alger Management, Ltd.

Alger Management, Ltd. Alger Management, Ltd. Alger Management, Ltd.

Alger Logo with Subsidiary Name Stacked

Alger Management, Ltd. Logo

2nd Quarter 2016Portfolio ManagersPatrick Kelly, CFAAnkur Crawford, Ph.D.

Class ISIN CUSIPA USI USI-2USI-3US I-4US

LU0070176184LU0295112097LU0844526029LU0940251175 LU1339879329

L0163W109L0163W299L0163W307L0163W315L0163W497

Class ISIN CUSIPA EUI EUI-2EUI-3EUI-4EU

LU1232087814LU1232087905LU1232088036LU1232088119LU1339879592

L0163W364L0163W372L0163W380L0163W398L0163W489

A EUH I EUHI-4EUH

LU1339879162LU1339879246LU1339879675

L0163W455L0163W471L0163W463

US: US DollarEU: EuroEUH: Euro Hedged

This fact sheet is furnished to you by Fred Alger & Company, Incorporated, the distributor of Alger SICAV. This fact sheet is authorized for distribution only when accompanied or preceded by a current prospectus of the Fund, which contains more information about investment objective, risks, charges, and expenses. Please read the prospectus carefully before investing. Sales of shares in the Fund, the subject of this fact sheet, are made on the basis of the prospectus only and this fact sheet does not constitute an offer of shares in the Fund. In the event of any discrepancy between this fact sheet and the prospectus, the prospectus will govern. An investment in the Fund entails risks, which are described in the prospectus. Investors may not get back the full amount invested and the net asset value of the Fund will fluctuate with market conditions. Exchange rate fluctuations and Fund charges also affect the return to the investor. The holdings are subject to change. There is no assurance that the Fund’s objectives will be achieved.

Investment Goal Primarily invests in growth equity securities of U.S. large cap companies identified through our fundamental research as demonstrating promising growth potential.

Average Annual Total Returns (as of 6/30/16)YTD (Not Annualized) 1 Year 3 Years 5 Years 10 Years Since Inception

Class A US (Incepted 8/19/1996) -3.91% -5.08% 11.28% 10.17% 8.51% 8.26%Class I US (Incepted 5/18/2007) -3.39% -4.08% 12.41% 11.28% — 7.47%Class I-2US (Incepted 10/31/2012) -3.25% -3.79% 12.74% — — 13.47%Class I-3US (Incepted 12/13/2013) -3.42% -4.14% — — — 7.55%Class I-4US (Incepted 1/29/2016) 3.76% — — — — 3.76%Class A EU (Incepted 6/8/2015) -5.90% -4.78 — — — -3.64%Class I EU (Incepted 6/8/2015) -5.43% -3.68 — — — -2.51%Class I-2EU (Incepted 6/8/2015) -5.28% -3.17 — — — -2.02%Class I-3EU (Incepted 6/8/2015) -5.45% -3.72 — — — -2.56%Class I-4EU Incepted 1/29/2016) 1.28% — — — — 1.28%Class A EUH (Incepted 2/26/2016) 4.34% — — — — 4.34%Class I EUH (Incepted 2/26/2016) 4.77% — — — — 4.77%Class I-4EUH (Incepted 2/26/2016) 4.67% — — — — 4.67%

Russell 1000 Growth Index 1.36% 3.02% 13.07% 12.35% 8.78%

(Since 8/19/1996) 7.26%(Since 5/18/2007) 7.57%(Since 10/31/2012) 14.51%(Since 12/13/2013) 9.65%(Since 6/8/2015) 2.32%(Since 1/29/2016) 7.35%(Since 2/26/2016) 6.63%

Total Annual Operating Expenses (KIID Dated January 2016)

Classes: A US: 2.12% I US: 1.10% I-2US: 0.80% I-3US: 1.15% I-4US: 1.35%A EU: 2.41% I EU: 1.10% I-2EU: 0.80% I-3EU: 1.15% I-4EU: 1.35%

Total Annual Operating Expenses (KIID Dated February 2016)

Classes: A EUH: 2.90% I EUH: 1.10% I-4EUH: 1.35%

As of June 30, 2016

Rankings are based on Class A shares as other share classes were not established or did not exist during relevant assess ment period. Classification averages are calculated with all eligible share classes for each eligible classification, the calculation periods extend over 36, 60, and 120 months.The highest Lipper Leader for Consistent Return (effective Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. If sales charges were included, performance would be lower and the rank may be lower. Note that Lipper’s rankings may use a performance calculation methodology that differs from Fred Alger Management, Inc.’s. (”Alger”) Differences in the methodologies may lead to variances in calculating total performance returns, which might affect the ranking of Alger’s Fund(s). The rankings are displayed for informational purposes only and should not be relied upon when making investment decisions. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking for the period. Lipper is a Thomas Reuters company that provides mutual fund information, analytical tools and commentary. The Alger SICAV is not available for sales in all jurisdictions. Please see www.lipperweb.com for details on ranking awards and ranking awards methodology. From Thomson Reuters Lipper Awards, © 2016 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.





AMERICAN ASSET GROWTH 2/4





Market Environment The citizens of the United Kingdom voted in late June to with-draw the country from the European Union, which caused the S&P 500 index to quickly decline 4.07%. Soon afterward, a perception that markets had been oversold and expectations that central banks would provide stimulus supported investor sentiment and the index rallied 4.95% during the final days of the month. It was a difficult quarter for active growth managers. Broadly speaking, investors favored defensive sectors such as Telecommunication Services, Utilities, and Consumer Staples. For the second quarter, the S&P 500 generated a 2.46% return.

Strategy ReviewClass A US, I US, I-2US, I-3US, and I-4US shares of the Alger SICAV American Asset Growth Fund generated -0.49%, -0.24%, -0.17%, -0.26%, and -0.30% returns, respectively, for the se-cond quarter of 2016. Investors in euro share classes would have experienced different performance as a result of fluctuations in currency. For the quarter, the Fund’s Russell 1000 Growth Index benchmark generated a 0.61% return.

During the second quarter of 2016, the largest portfolio sector weightings were Information Technology and Consumer Discre-tionary. The largest sector overweight was Information Techno-logy and the largest sector underweight was Consumer Staples. Consumer Discretionary and Energy sectors contributed to relative performance while Information Technology, Financials, and Industrials were among sectors that detracted from results.

Amazon.com, Inc. and Bristol-Myers Squibb Company were among top contributors to performance. Amazon is one of the largest retailers in the world. It also provides cloud-based computing services. The company’s management announced strong year-over-year results for the first quarter and provided encouraging guidance for the second quarter, a result of the company’s attractive product pricing and the convenience of online shopping. Its cloud-computing services have also generated strong results. Bristol-Myers discovers, develops, and delivers innovative medicines for treating cancer, cardiovascular diseases, hepatitis, HIV, and rheumatoid arthritis. During the quarter, investors reacted favorably to the company’s encoura-ging fundamentals, with earnings being supported by strong re-venues for OPDIVO, which treats lung cancer, and Eliquis, which is an anti-blood-clotting treatment. Shares of LinkedIn Corpo-ration also supported performance. The company operates the world's largest professional and employment-oriented social network. The shares performed strongly on news that Microsoft will acquire the company at a substantial premium. Shares of Newell Brands also contributed to performance. Newell Brands is a leading global consumer-goods company with well-known brands, including Paper Mate, Sharpie, and Rubbermaid. We believe shares of Newell Brands performed strongly in response to investors developing a favorable view of the company’s acqui-sition of Jarden Corp.

Apple Inc. and Alphabet Inc., however, were among top detrac-tors from performance. Recently, the pricing of technology and consumer-electronics provider Apple has been reflecting what we believe is investors’ incorrect view that the company is a commodity hardware producer. We believe, however, that Apple should be priced as an innovative company that provides software that is very sticky among its customers. The shares

detracted from performance as investors have been disappoin-ted with the recent rate of innovation and uninspiring growth of the company’s smartphones. We believe Apple's dividend and share repurchase program, however, can potentially mitigate risk while investors wait for the company’s research and product development efforts to bear fruit. Alphabet, which is the parent company of Google and other popular technology brands, has been benefiting from increased internet use and a migration of advertising from traditional media to online. In the second quarter, however, Alphabet reported modestly disappointing unit volume growth while European regulators continued to scru-tinize Google’s competitive practices. We continue to believe, however, that Alphabet has potential to benefit from increasing use of the internet and from the growth of online advertising. Shares of software company Microsoft Corporation also detrac-ted from results. The company is being reoriented toward cloud computing services and a more profitable product mix. After several quarters of strong share performance, Microsoft stock weakened as quarterly results modestly disappointed and inves-tors initially reacted negatively to the news that the company will acquire LinkedIn. We continue to believe that the company’s migration to cloud services is a multi-year process that will yield attractive results and that LinkedIn can potentially support revenue growth. Also detracting from performance were shares of global pharmaceuticals company Allergan plc. The company offers products for eye care, neurosciences, dermatology, and aesthetics. The shares underperformed in large part due to regulators blocking a proposed merger of Allergan and Pfizer Inc. We believe Allergan’s fundamentals are strong with the company generating healthy organic revenue growth, expanding margins, and strong free cash flow.

Going ForwardWe continue to have an optimistic outlook for equity investing and we believe this is an attractive time for active managers that focus on growth stocks in particular. As a result of investors favoring defensive stocks for most of 2016, growth stocks are trading at historically low valuations relative to value stocks. In addition, we maintain that corporate fundamentals are strong at a time when stock buybacks, dividend payments, and mergers and acquisitions are returning substantial amounts of capital to investors.

As of June 30, 20162nd Quarter 2016






As of June 30, 20162nd Quarter 2016

Top 10 Holdings (as of 6/30/16)Alphabet Inc. Class C 6.95%

Amazon.Com, Inc. 4.98%

Facebook, Inc. Class A 4.44%

Apple Inc. 4.09%

Microsoft Corporation 4.07%

Honeywell International Inc. 3.88%

Visa Inc. Class A 3.12%

Allergan Plc 2.71%

Unitedhealth Group Incorporated 2.43%Comcast Corporation Class A 2.05%

Sector Allocations (as of 6/30/16)Information Technology 35.78%

Health Care 20.21%

Consumer Discretionary 19.03%

Industrials 9.80%

Consumer Staples 7.40%

Financials 3.36%

Energy 2.00%

Telecommunication Services 1.28%

Materials 1.14%Utilities 0.00%

Contribution to Return and Attribution Analysis (for 1-Year Period ended 6/30/16)

Alger SICAV–The Alger American Asset Growth Fund Russell 1000 Growth Index Attribution Analysis

Average Weight (%) Contribution to Return (%) Average Weight (%) Contribution to Return (%) Total Effect (%)

Consumer Discretionary 18.85% 1.22% 21.20% 1.08% 0.26%

Materials 1.45% -0.12% 3.57% -0.12% 0.10%

Utilities 0.10% -0.03% 0.05% 0.01% -0.05%

Industrials 7.76% 0.34% 10.99% 0.47% -0.12%

Energy 1.66% -0.50% 0.63% -0.31% -0.32%

Telecommunication Services 1.31% -0.14% 2.14% 0.50% -0.66%

Information Technology 32.79% 0.13% 28.03% 0.87% -0.87%

Consumer Staples 6.87% 0.94% 11.35% 2.15% -1.20%

Financials 4.80% -1.03% 5.30% 0.31% -1.33%

Health Care 19.20% -3.41% 16.74% -1.94% -1.85%

Source: FactSet

Source: FactSet

Top Contributors & Detractors (for Quarter ended 6/30/16) Contributors

Amazon.com, Inc.

Newell Brands Inc

Bristol-Myers Squibb Company

UnitedHealth Group Incorporated

LinkedIn Corporation Class A

Lipper Fund AwardsAlger SICAV—The Alger American Asset Growth A

2015 Best Equity US Fund Over 10 Years: Austria / Europe/ France / Germany / Netherlands / Switzerland / United Kingdom

2014 Best Equity 10 Years:Austria / Germany / Switzerland

2013 Best Equity US Fund Over 10 Years: Europe / Austria / France / Germany / Netherlands / Spain / Switzerland / United Kingdom

2011 Best Equity North America Fund Over Five Years: Austria / Germany / Spain / Switzerland

2010 Best Equity North America Fund Over Five YearsSpain / France / Netherlands

2008 Best Equity North America Fund Over Three Years:Austria / France / Hong Kong / Germany / Spain

Detractors

Apple Inc.

Alphabet Inc. Class C

Microsoft Corporation

Allergan plc

Signet Jewelers Limited






About Our Firm

Fred Alger Management, Inc. is widely recognized as a pioneer of growth-style investment management. We have been an independent, privately owned firm since our inception in 1964. For more than 50 years, we have had three leaders with one vision: maintaining the legacy and continuity of the Alger Investment Philosophy. We strive to deliver consistently superior investment results for our clients. Investment management is our only business. We believe our independence enables us to remain true to our investment beliefs.

Class A shares are subject to a maximum front-end sales charge of up to 6.00%. Class I, I-2, I-3 and I-4 shares do not have sales charges.

No shares in this Fund may be offered or sold to U.S. persons or in jurisdictions where such offering or sale is prohibited. U.S. persons include citizens or residents of the United States of America. For a proper definition of U.S. Person, see the Fund’s prospectus. Investment in the Fund may not be suitable for all investors. Investors with any doubts with regard to suitability should contact their independent investment advisors. Nothing in this fact sheet should be construed as advice.

This fact sheet does not form part of the prospectus of the Fund and is not, and should not be construed as, an offer, invitation or solicitation to subscribe for the shares in the Fund. The Fund is authorised by the Luxembourg Supervisory Authority as a UCITS and has only been authorised for public distribution in certain jurisdictions. It is the responsibility of any person in possession of this fact sheet to observe all applicable laws and regulations of any relevant jurisdiction with regard to sales and investment in the Fund.

Important information for UK investors: Alger Management, Ltd. serves as investment manager to the Alger SICAV – Alger American Asset Growth Fund and Fred Alger Management, Inc. serves as sub-manager. This fact sheet is authorized for distribution only when accompanied or preceded by a current prospectus of the Fund, which contains more information about investment objective, risks, charges, and expenses. Please read the prospectus carefully before investing. Sales of shares in the Fund, the subject of this fact sheet, are made on the basis of the prospectus only and this fact sheet does not constitute an offer of shares in the Fund. In the event of any discrepancy between this fact sheet and the prospectus, the prospectus will govern. An investment in the Fund entails risks, which are described in the prospectus. Investors may not get back the full amount invested and the net asset value of the Fund will fluctuate with market conditions. Exchange rate fluctuations and Fund charges also affect the return to the investor. The holdings are subject to change. There is no assurance that the Fund’s objectives will be achieved.

Fred Alger & Company, Incorporated is not an authorised person for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) and this fact sheet has not been approved by an authorised person for the purposes of Section 21(2)(b) of the FSMA. The distribution of this fact sheet in the United Kingdom is restricted by law. Accordingly, this fact sheet is provided only for and is directed only at persons in the United Kingdom reasonably believed to be of a kind to whom such promotions may be communicated by an unauthorised person pursuant to an exemption under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”). Such persons include: (a) persons having professional experience in matters relating to investments and (b) high net worth bodies corporate, partnerships, unincorporated associations, trusts, etc. falling within Article 49 of the FPO. The services provided by Fred Alger & Company, Incorporated and the investment opportunities to which this fact sheet relates are available only to such persons, and persons of any other description may not rely on the information in this fact sheet. Most of the rules made under the FSMA for the protection of retail clients do not apply, and compensation under the United Kingdom Financial Services Compensation Scheme will not be available.

Important information for Swiss investors: the Swiss Representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, Switzerland, www.acolin.ch. The Swiss Paying Agent is Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. The prospectus, the Key Investor Information Document, the Articles of Association and the annual and semi-annual report of Alger SICAV are free and available on simple request at the registered office of the representative of Alger SICAV in Switzerland.

Investing in the stock market involves gains and losses and may not be suitable for all investors.

Performance figures given are a measure of the change in net asset value (NAV) of the Fund and do not take into account taxes and sales charges. Performance figures are not based on audited financial statements and assume reinvestment of distributions, if any. For performance current to the most recent month-end, visit www.alger.com.

The S&P 500 Index is an index of large company stocks considered representative of the U.S. stock market. The Russell 1000® Growth Index is an index of common stocks designed to track performance of large-capitalization companies with greater than average growth orientation. Index performance does not reflect deduction for fees, expenses, or taxes. Investors cannot invest directly in any index. Investors should not consider references to individual securities, if any, as an endorsement or recommendation to purchase or sell such security. Transactions in such securities may be made that seemingly contradict the references to them for a variety of reasons, including, but not limited to, liquidity to meet redemptions or overall portfolio rebalancing.

Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Fred Alger Management, Inc. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in Fred Alger Management, Inc.’s presentation thereof.

Fred Alger Management, Inc. uses The Global Industry Classification Standard (GICS®) for categorizing companies into sectors and industries. GICS is designed to meet the needs of the investment community for a classification system that reflects a company’s primary business model as determined by its financial performance. GICS was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Fred Alger Management, Inc. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

As of 6/30/2016, the following stocks represented the noted percentages of Alger American Asset Growth Fund assets: Jarden Corp., 0.00%; Pfizer, Inc., 0.00%; Amazon.com, Inc., 4.97%; Bristol-Myers Squibb Company, 1.68%; UnitedHealth Group Incorporated, 2.42%; Newell Brands Inc., 1.83%; LinkedIn Corporation Class A, 0.00%; Apple Inc., 4.09%; Alphabet Inc. Class C, 6.94%; Microsoft Corporation, 4.06%; Allergan PLC, 2.71%; and Signet Jewelers Limited, 0.41%.

Distributor: Alger Management, Ltd. Regulated by the Financial Conduct Authority.

Alger Management, Ltd. 78 Brook Street, London W1K 5EF / www.alger.com07.18.16 AASICAV2Q2016

Documents

Alger SICAV–The Alger American Asset Growth FundAnkur Crawford, Ph.D. Class ISIN CUSIP A US I US I-2US I-3US I-4US LU0070176184 LU0295112097 LU0844526029 LU0940251175 LU1339879329