THE ALGER
RETIREMENT FUND
PROSPECTUS
FEBRUARY 25, 2000
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
2 ............Risk/Return Summary: Investments, Risks & Performance
2 ......Investments
Alger Small Cap
Retirement Portfolio ............ 2
Alger MidCap Growth
Retirement Portfolio ............ 2
Alger Capital Appreciation
Retirement Portfolio ............ 2
3 ......Risks
Alger Small Cap
Retirement Portfolio ............ 3
Alger MidCap Growth
Retirement Portfolio ............ 3
Alger Capital Appreciation
Retirement Portfolio ............ 3
3 ......Performance
Alger Small Cap
Retirement Portfolio ............ 4
Alger MidCap Growth
Retirement Portfolio ............ 4
Alger Capital Appreciation
Retirement Portfolio ............ 4
5 ............Fees and Expenses
6 ............Management and Organization
7 ............Shareholder Information
Distributor ..................... 7
Transfer Agent .................. 7
Purchasing and Redeeming
Fund Shares ..................... 7
8 ............Financial Highlights
Alger Small Cap
Retirement Portfolio ............ 8
Alger MidCap Growth
Retirement Portfolio ............ 9
Alger Capital Appreciation
Retirement Portfolio ............ 10
Back Cover: How to obtain more information
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RISK/RETURN SUMMARY: INVESTMENTS, RISKS & PERFORMANCE
INVESTMENTS: THE ALGER RETIREMENT FUND
The investment goal and primary approach of each portfolio is discussed
individually below. All of the portfolios invest primarily in equity securities,
such as common or preferred stocks, which are listed on U.S. exchanges or in the
over-the-counter market. They invest primarily in "growth" stocks. The Fund's
Manager, Fred Alger Management, Inc., believes that these companies tend to fall
into one of two categories:
o High Unit Volume Growth
Vital, creative companies which offer goods or services to a rapidly expanding
marketplace. They include both established and emerging firms, offering new or
improved products, or firms simply fulfilling an increased demand for an
existing line.
o Positive Life Cycle Change
Companies experiencing a major change which is expected to produce advantageous
results. These changes may be as varied as new management, products or
technologies; restructuring or reorganization; or merger and acquisition.
The company's market capitalization will dictate in which portfolio(s) the
securities will be placed. The market capitalization of a company is its price
per share multiplied by its number of outstanding shares.
ALGER SMALL CAP RETIREMENT PORTFOLIO
GOAL
THE ALGER SMALL CAP RETIREMENT PORTFOLIO SEEKS LONG-TERM CAPITAL APPRECIATION.
APPROACH
It focuses on small, fast-growing companies that offer innovative products,
services or technologies to a rapidly expanding marketplace. Under normal
circumstances, the portfolio invests in the equity securities of small
capitalization companies. A small capitalization company has a market
capitalization within the range of companies in the Russell(R) 2000 Growth Index
or the S&P (R) SmallCap 600 Index.
ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
GOAL
THE ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO SEEKS LONG-TERM CAPITAL
APPRECIATION.
APPROACH
It focuses on midsize companies with promising growth potential. Under normal
circumstances, the portfolio invests primarily in the equity securities of
companies having a market capitalization within the range of companies in the
S&P (R) MidCap 400 Index.
ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO
GOAL
THE ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO SEEKS LONG-TERM CAPITAL
APPRECIATION.
APPROACH
Under normal circumstances, the portfolio invests in the equity securities of
companies of any size which demonstrate promising growth potential.
2
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RISKS
RISKS APPLICABLE TO ALL PORTFOLIOS
As with any fund that invests in stocks, your investment will go up or down in
value, and the loss of your investment is a risk of investing. A portfolio's
price per share will fluctuate due to changes in the market prices of its
investments. Also, a Fund investment may not grow as fast as the rate of
inflation and stocks tend to be more volatile than some other investments you
could make, such as bonds. Furthermore, the returns of a fund concentrating on
"growth" stocks tend to vary more widely over time than those of funds that
focus on "value" stocks; 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 than other stocks, making their prices more volatile.
Based on the portfolios' investment styles and objectives, an investment in them
may be better suited to investors who seek long-term capital growth and can
tolerate fluctuations in their investment's value.
A portfolio's trading in some stocks may be relatively short-term, meaning the
Fund may buy a security and sell it a short time later to take advantage of
current gains if it is believed that an alternative investment may provide
greater future growth. This activity may create higher transaction costs due to
commissions and other expenses. In addition, a high level of short-term trading
may increase a portfolio's realized gains, thereby increasing the amount that
must be distributed to shareholders at the end of the year.
There may be additional risks applicable to a specific portfolio because of its
investment approach.
RISKS APPLICABLE TO ALGER SMALL CAP
RETIREMENT PORTFOLIO
A risk of investing in the portfolio is:
o the possibility of greater risk by investing in smaller, less-seasoned
companies rather than larger, more established companies owing to such factors
as inexperienced management and limited financial resources.
RISKS APPLICABLE TO ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
A risk of investing in the portfolio is:
o the possibility of greater risk by investing in medium-sized companies rather
than larger, more established companies owing to such factors as inexperienced
management and limited financial resources.
RISKS APPLICABLE TO ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO
The portfolio's primary risks are those summarized above in "Risks Applicable to
All Portfolios."
[GRAPHIC OMITTED]
PERFORMANCE
The following bar charts show each portfolio's performance from year to year and
give you some indication of the risks of investing in the Fund. They assume
reinvestment of dividends and distributions. The Average Annual Total Return
Tables compare a portfolio's performance over several periods with that of an
appropriate benchmark index. The annual returns assume reinvestment of dividends
and distributions. Remember that how a portfolio has performed in the past is
not necessarily an indication of how it will perform in the future.
3
<PAGE>
Each index used in the tables is a broad index designed to track a particular
market or market segment. No expenses or fees are reflected in the returns for
the indexes, which are unmanaged. All returns for the indexes assume
reinvestment of dividends and interest of the underlying securities that make up
the respective index.
o S&P(R)500 Index: An index of large company common stocks considered to be
representative of the U.S. stock market in general.
o S&P(R)Midcap 400 Index: An index of common stocks designed to track
performance of medium capitalization companies.
o Russell(R)2000 Growth Index: An index of common stocks designed to track
performance of small capitalization companies.
ALGER SMALL CAP RETIREMENT PORTFOLIO
Annual Total Return as of December 31 each year (%)
[Figures below represent chart in printed piece]
94 3.51
95 60.83
96 14.83
97 14.21
98 25.01
99 52.16
Best Quarter: Q4 1998 30.16%
Worst Quarter: Q3 1998 -18.73%
Average Annual Total Return as of December 31, 1999
Since
Inception
1 Year 5 Years (11/8/93)
- --------------------------------------------------------------------------------
Small Cap 52.16% 32.03% 27.14%
Russell 2000 Growth 43.10% 18.99% 14.86%
ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
Annual Total Return as of December 31 each year (%)
[Figures below represent chart in printed piece]
94 9.77
95 51.89
96 15.19
97 20.25
98 39.21
99 41.77
Best Quarter: Q4 1998 31.43%
Worst Quarter: Q3 1998 -13.34%
Average Annual Total Return as of December 31, 1999
Since
Inception
1 Year 5 Years (11/8/93)
- --------------------------------------------------------------------------------
MidCap 41.77% 32.94% 28.88%
S&P Midcap 400 14.72% 23.05% 18.21%
ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO
Annual Total Return as of December 31 each year (%)
[Figures below represent chart in printed piece]
94 -8.34
95 54.51
96 10.06
97 25.44
98 63.44
99 88.73
Best Quarter: Q4 1999 38.50%
Worst Quarter: Q2 1994 -12.20%
Average Annual Total Return as of December 31, 1999
Since
Inception
1 Year 5 Years (11/8/93)
- --------------------------------------------------------------------------------
Capital Appreciation 88.73% 45.76% 35.37%
S&P 500 21.04% 28.56% 23.02%
4
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FEES AND EXPENSES
Investors incur certain fees and expenses in connection with an investment in
the Fund. The following table shows the fees and expenses that you may incur if
you buy and hold shares of the portfolios.
Alger Alger Alger
Small MidCap Capital
Cap Growth Appreciation
Retirement Retirement Retirement
Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------
Shareholder Fees
(fees paid directly from
your investment) None None None
Annual Fund Operating Expenses
(as a percentage of average
net assets)
Management Fees .85% .80% .85%
Distribution fees None None None
Other Expenses .17% .43% .44%
------- ------- -------
Total Fund Operating Expenses 1.02% 1.23% 1.29%
======= ======= =======
EXAMPLE
The following example, which reflects the shareholder fees and operating
expenses listed above, is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 in the Fund for the time periods indicated, regardless
of whether or not you redeem all of your shares at the end of those periods. The
example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses remain the same. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
Alger Alger Alger
Small MidCap Capital
Cap Growth Appreciation
Retirement Retirement Retirement
Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------
One Year $ 104 $ 125 $ 131
Three Years 325 390 409
Five Years 563 676 708
Ten Years 1,248 1,489 1,557
5
<PAGE>
The Fund may compensate certain entities (other than the Distributor, Fred Alger
& Company, Incorporated, and its affiliates) for providing recordkeeping and/or
administrative services to participating retirement plans, at an annual rate of
up to .25% of the net asset value of shares of the Fund held by those plans.
ADDITIONAL INFORMATION ABOUT
THE FUND'S INVESTMENTS
The portfolios may invest up to 100% of their assets in cash, high-grade bonds,
or cash equivalents for temporary defensive reasons if the Manager believes that
adverse market or other conditions warrant. This is to attempt to protect the
Fund's assets from a temporary unacceptable risk of loss, rather than directly
to promote the portfolio's investment objective. Other securities the Fund may
invest in are discussed in the Fund's Statement of Additional Information (see
back cover).
[GRAPHIC OMITTED]
MANAGEMENT AND ORGANIZATION
MANAGER
Fred Alger Management, Inc.
One World Trade Center
Suite 9333
New York, NY 10048
The Manager has been an investment adviser since 1964, and manages investments
totaling (at 12/31/99) $10.69 billion in mutual fund assets as well as $6.75
billion in other assets. The Manager makes investment decisions for the
portfolios and continuously reviews and administers their investment programs.
These management responsibilities are subject to the Fund's Board of Trustees'
supervision. The Fund has had the same manager since its inception, and the
portfolios pay the Manager fees at these annual rates based on a percentage of
average daily net assets: SmallCap and Capital Appreciation--.85%; and MidCap
Growth--.80%.
PORTFOLIO MANAGERS
David Alger, Seilai Khoo and Ron Tartaro are the individuals responsible for the
day-to-day management of portfolio investments. Mr. Alger, a manager of all
portfolios since their inception, has been employed by the Manager as Executive
Vice President and Director of Research since 1971, and as President since 1995.
Ms. Khoo, a co-manager of the Small Cap and Capital Appreciation portfolios, has
been employed by Alger Management since 1989, as a senior research analyst until
1995 and as a Senior Vice President and co-manager since 1995. Mr. Tartaro, a
co-manager of the MidCap Growth portfolio, has been employed by Alger Management
since 1990, as a senior research analyst until 1995 and as a Senior Vice
President and co-manager since 1995.
6
<PAGE>
[GRAPHIC OMITTED]
SHAREHOLDER INFORMATION
DISTRIBUTOR
Fred Alger & Company, Incorporated
30 Montgomery Street
Jersey City, NJ 07302
TRANSFER AGENT
Alger Shareholder Services, Inc.
30 Montgomery Street
Jersey City, NJ 07302
NET ASSET VALUE
The price of one share is its "net asset value", or NAV. The NAV is calculated
as of the close of business (normally 4:00 p.m. Eastern time) every day the New
York Stock Exchange is open. Generally, the Exchange is closed on weekends and
various national holidays. It may close on other days from time to time.
The Fund generally values the assets of each portfolio on the basis of market
quotations or, where market quotations are not readily available, on the basis
of fair value as determined by the Manager under procedures adopted by the Board
of Trustees. Short-term money market instruments held by the portfolios are
valued on the basis of amortized cost.
DIVIDENDS AND DISTRIBUTIONS
The Fund declares and pays dividends and distributions annually. The Fund
expects that its annual distributions to shareholders will consist of both
capital gains and net investment income.
Participants in defined contribution and defined benefit plans ordinarily will
not be subject to taxation on dividends from net investment income and net
realized capital gains until they receive a distribution of the dividends from
their plan accounts. Generally, distributions from a plan are taxable as
ordinary income at the rate applicable to each participant at the time of
distribution. In certain cases, distributions made to a participant prior to the
participant's reaching age 591/2 are subject to a penalty tax equivalent to 10%
of the distributed amount, in addition to the ordinary income tax payable on
such amount.
Because everyone's tax situation is unique, see a tax advisor about federal,
state and local tax consequences of investing in the Fund.
----------------------------------
NAV (NET ASSET VALUE) IS
COMPUTED BY ADDING
TOEGETHER THE VALUE OF THE
FUND'S INVESTMENTS PLUS
CASH AND OTHER ASSETS,
SUBTRACTING ITS LIABILITIES
AND THEN DIVIDING THE
RESULT BY THE NUMBER OF ITS
OUTSTANDING SHARES.
-----------------------------------
PURCHASING AND REDEEMING FUND SHARES
The Fund is an investment vehicle for defined benefit and defined contribution
plans. An individual cannot invest in the Fund directly, but may do so only
through one of these sources. The Fund's shares are held in the names of the
plans.
The Fund's shares can be purchased or redeemed on any day the New York Stock
Exchange is open. Orders will be processed at the NAV next calculated after a
purchase or redemption request is received in good order by the transfer agent.
All orders for purchase of shares are subject to acceptance or rejection by the
Fund or its transfer agent. The transfer agent pays for redemptions within 7
days after it accepts a redemption request.
The Fund may redeem some shares "in kind", which means that some of the proceeds
will be paid with securities the Fund owns instead of cash.
7
<PAGE>
FINANCIAL HIGHLIGHTS
[GRAPHIC OMITTED]
The financial highlights table is intended to help you understand each
portfolio's financial performance for the periods shown. Certain information
reflects financial results for a single Portfolio share. The total returns in
the table represent the rate that an investor would have earned or lost on an
investment in the Fund (assuming reinvestment of all dividends and
distributions). This information has been audited by Arthur Andersen LLP whose
report, along with the Fund's financial statements, is included in the Annual
Report, which is available upon request.
ALGER SMALL CAP RETIREMENT PORTFOLIO
For a share outstanding throughout the period
<TABLE>
<CAPTION>
From
November 8, 1993
(commencement of
operations) to
Year Ended October 31, Oct. 31(i)
- --------------------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.37 $18.00 $17.87 $17.92 $10.83 $10.00
------- ------- ------- ------- ------- -------
Net investment income (loss) (0.12)(ii) (0.08) (0.10) (0.05) (0.07) (0.07)
Net realized and unrealized gain (loss)
on investments 8.65 0.02 3.13 1.72 7.23 0.90
------- ------- ------- ------- ------- -------
Total from investment operations 8.53 (0.06) 3.03 1.67 7.16 0.83
Distributions from net realized gains (2.08) (1.57) (2.90) (1.72) (0.07) --
------- ------- ------- ------- ------- -------
Net asset value, end of period $22.82 $16.37 $18.00 $17.87 $17.92 $10.83
======= ======= ======= ======= ======= =======
Total Return 52.7% (1.8%) 19.0% 9.2% 66.2% 8.3%
======= ======= ======= ======= ======= =======
Ratios and Supplemental Data:
Net assets, end of period
(000's omitted) $63,711 $29,938 $31,499 $30,043 $23,002 $9,513
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets 1.02% 1.03% 1.06% 1.05% 1.13% 1.47%
======= ======= ======= ======= ======= =======
Ratio of net investment (income) loss
to average net assets (0.57%) (0.55%) (0.62%) (0.54%) (0.73%) (0.80%)
======= ======= ======= ======= ======= =======
Portfolio Turnover Rate 193.32% 169.97% 134.25% 182.49% 104.84% 186.76%
======= ======= ======= ======= ======= =======
</TABLE>
(i) Ratios have been annualized; total return has not been annualized.
(ii) Amount was computed based on average shares outstanding during the year.
8
<PAGE>
ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
For a share outstanding throughout the period
<TABLE>
<CAPTION>
From
November 8, 1993
(commencement of
operations) to
Year Ended October 31, Oct. 31(i)
- ---------------------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $8.83 $11.36 $14.48 $16.34 $11.66 $10.00
------- ------- ------- ------- ------- -------
Net investment income (loss) (0.05)(ii) (0.06)(ii) (0.15) (0.07) (0.07) (0.09)
Net realized and unrealized gain (loss)
on investments 3.78 1.78 3.46 1.09 6.07 1.75
------- ------- ------- ------- ------- -------
Total from investment operations 3.73 1.72 3.31 1.02 6.00 1.66
Distributions from net realized gains (0.76) (4.25) (6.43) (2.88) (1.32) --
------- ------- ------- ------- ------- -------
Net asset value, end of period $11.80 $8.83 $11.36 $14.48 $16.34 $11.66
======= ======= ======= ======= ======= =======
Total Return 42.4% 11.5% 28.6% 6.2% 54.1% 16.6%
======= ======= ======= ======= ======= =======
Ratios and Supplemental Data:
Net assets, end of period
(000's omitted) $28,233 $6,667 $6,435 $9,726 $10,914 $6,774
======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets 1.23% 1.22% 1.31% 1.16% 1.23% 1.53%
======= ======= ======= ======= ======= =======
Ratio of net investment income (loss)
to average net assets (0.49%) (0.52%) (0.79%) (0.45%) (0.69%) (0.89%)
======= ======= ======= ======= ======= =======
Portfolio Turnover Rate 165.68% 184.23% 183.31% 170.21% 132.74% 134.06%
======= ======= ======= ======= ======= =======
</TABLE>
(i) Ratios have been annualized; total return has not been annualized.
(ii) Amount was computed based on average shares outstanding during the year.
9
<PAGE>
ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO(I)
For a share outstanding throughout the period
<TABLE>
<CAPTION>
From
November 8, 1993
(commencement of
operations) to
Year Ended October 31, Oct. 31(ii)
- ----------------------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $8.98 $9.70 $9.88 $12.72 $10.08 $10.00
--------- ------- ------- ------- ------- -------
Net investment income (loss) (0.09)(iii)(0.08)(iii) (0.10)(iii) (0.07) (0.19) (0.23)
Net realized and unrealized gain (loss)
on investments 7.63 2.96 2.51 0.83 5.30 0.31
--------- ------- ------- ------- ------- -------
Total from investment operations 7.54 2.88 2.41 0.76 5.11 0.08
Distributions from net realized gains (0.33) (3.60) (2.59) (3.60) (2.47) --
--------- ------- ------- ------- ------- -------
Net asset value, end of period $16.19 $8.98 $9.70 $9.88 $12.72 $10.08
========= ======= ======= ======= ======= =======
Total Return 84.3% 28.1% 26.1% 6.1% 54.4% 0.8%
========= ======= ======= ======= ======= =======
Ratios and Supplemental Data:
Net assets, end of period
(000's omitted) $96,711 $5,587 $4,520 $6,703 $8,116 $5,251
========= ======= ======= ======= ======= =======
Ratio of expenses excluding
interest to average net assets 1.28% 1.37% 1.47% 1.37% 1.43% 1.78%
========= ======= ======= ======= ======= =======
Ratio of expenses including
interest to average net assets 1.29% 1.44% 1.62% 1.44% 2.70% 2.87%
========= ======= ======= ======= ======= =======
Ratio of net investment income (loss)
to average net assets (0.59%) (0.79%) (1.02%) (0.94%) (2.32%) (2.53%)
========= ======= ======= ======= ======= =======
Portfolio Turnover Rate 155.40% 177.09% 159.56% 203.46% 188.53% 229.11%
========= ======= ======== ======= ======== ========
Amount of debt outstanding at end
of period -- -- $127,000 -- $302,600 $955,600
========= ======= ======== ======= ======== ========
Average amount of debt outstanding
during the period $42,036 $49,890 $127,915 $62,130 $939,600 $826,076
========= ======= ======== ======= ======== ========
Average daily number of shares
outstanding during the period 2,470,314 505,939 511,947 595,051 565,805 515,270
========= ======= ======= ======= ======= =======
Average amount of debt per share
during the period $ 0.02 $ 0.10 $ 0.25 $ 0.10 $ 1.66 $ 1.60
========= ======= ======== ======= ======== =======
</TABLE>
(i) Prior toApril 12, 1996, the Alger Capital Appreciation Retirement
Portfolio was the Alger Defined Contribution Leveraged AllCap Portfolio.
(ii) Ratios have been annualized; total return has not been annualized.
(iii) Amount was computed based on average shares outstanding during the year.
10
<PAGE>
FOR FUND INFORMATION:
By telephone: 1-800-992-3362
By mail: The Alger Retirement Fund
One World Trade Center
Suite 9333
New York, NY 10048
STATEMENT OF ADDITIONAL INFORMATION
For more detailed information about the Fund and its policies, please read the
Statement of Additional Information, which is incorporated by reference into (is
legally made a part of) this Prospectus. You can get a free copy of the
Statement of Additional Information by calling the Fund's toll-free number or by
writing to the address above. The Statement of Additional Information is on file
with the Securities and Exchange Commission.
ANNUAL AND SEMI-ANNUAL REPORTS
Additional information about the Fund's investments is available in the Fund's
annual and semi-annual reports to shareholders. In the Fund's annual report you
will find a discussion of the market conditions and investment strategies that
significantly affected the Fund's performance during the period of the report.
You can receive free copies of these reports by calling the Fund's toll-free
number or by writing to the address above.
Another way you can review and copy Fund documents is by visiting the SEC's
Public Reference Room in Washington, D.C. Copies can also be obtained, for a
duplicating fee, by E-mail request to [email protected] or by writing to the
SEC's Public Reference Section, Washington, DC 20549-0102. Information on the
operation of the Public Reference Room is available by calling 1-202-942-8090.
Fund documents are also available on the EDGARdatabase on the SEC's Internet
site at http://www.sec.gov.
DISTRIBUTOR: FRED ALGER & COMPANY, INCORPORATED
The Alger Retirement Fund
SEC File #811-7986 RP20
THE ALGER
RETIREMENT FUND
AVAILABLE FOR INVESTMENT BY DEFINED
CONTRIBUTION PLANS AND DEFINED
BENEFIT PLANS
PROSPECTUS
FEBRUARY 25, 2000
ALGER SMALL CAP RETIREMENT PORTFOLIO
ALGER MIDCAP GROWTH RETIREMENT PORTFOLIO
ALGER CAPITAL APPRECIATION RETIREMENT PORTFOLIO
As with all mutual funds, the Securities and Exchange Commission has not
determined if the information in this Prospectus is accurate or complete,
nor has it approved or disapproved these securities. It is a criminal
offense to represent otherwise.
An investment in the Fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or other
government agency.
