Alger Names Amy Y. Zhang, CFA, to Alger Partners Plan

CONTACTS: Prosek

Alger

Ciara Brinkmann 857-201-5395

Scott A. Anderson 212-806-2972

FOR IMMEDIATE RELEASE

Alger Names Amy Y. Zhang, CFA, to Alger Partners Plan

NEW YORK, December 17, 2018 – Fred Alger Management, Inc. (“Alger”), a leading asset management firm, announced today that Amy Y. Zhang, CFA, has been named a member of the Alger Partners Plan. Amy, a seasoned and highly respected veteran in the asset management industry, is a Senior Vice President and Portfolio Manager who joined Alger in 2015. Amy manages the Alger Small Cap Focus Fund, a focused portfolio of approximately 50 high-conviction small capitalization stocks. Amy and the Fund have been well-recognized by investors for the excellent performance. Over the past three years, the Fund outperformed its benchmark by more than 1,000 bps. The Fund also ranks in the top 2% or better in the Morningstar Small Growth category over the past one-, three-, and five-year time periods. Also, Morningstar recognized the Fund by garnering it with a Silver Morningstar Analyst Rating and an overall 5-Star Morningstar Rating (Class Z, among 606 Small Growth funds, based on risk adjusted returns as of 9/30/18). Alger now has more than $2.5 billion in the Small Cap Focus strategy. Leading publications and television shows have also acknowledged Amy and the Fund’s unique investment process and strong performance, including The Wall Street Journal, Barron’s, The New York Times, Citywire, Business Insider, Investment News, MarketWatch, CNBC, and CNN. Additional accolades this year include Amy being awarded the “AAA” Citywire Fund Manager Rating for strong risk-adjusted performance (equity-U.S. small and medium companies category as of November 2018). Also, she is a 2018 recipient of the Money Management Executive Top Women in Asset Management Award, as well as the Mulan Award, which recognizes successful Asian women. “I am thrilled to welcome Amy as a member of the Alger Partners Plan,” said Dan Chung, CFA, CEO and Chief Investment Officer. “ Amy’s hard work, astute investment acumen and contributions to the firm have been exemplary. We are proud to add her as a member, signifying her leadership in the organization.” Amy is a summa cum laude graduate of Manhattanville College where she earned a B.A. in Economics, and graduate of Columbia Business School where she earned an M.B.A. in Finance and where she was inducted into the Beta Gamma Sigma honor society. She is also a member of Columbia Business School’s Ambassador Program. Amy is a CFA charterholder and a member of the CFA institute. Alger Partners Plan, which was launched in 2009, recognizes individuals who are leaders of the firm. This plan, along with the Alger Profit Participation Plan, are incentive programs developed to enable key personnel of Alger to share in the growth of the firm, while at the same time align their interests with those of our shareholders and clients.

Amy Y. Zhang, CFA Amy joined Alger in 2015 and has 23 years of investment experience. Prior to joining Alger, Amy worked at Brown Capital Management as a Partner, Managing Director and Senior Portfolio Manager of its Brown Capital Small Company Fund. Her previous experience includes working as a Portfolio Manager/Analyst at Epsilon Investment Management, Research Analyst at Templeton Worldwide, and Associate at Citicorp Securities. Amy earned her B.A. from Manhattanville College, where she graduated Summa Cum Laude. She earned her M.B.A. from Columbia Business School.

Performance of the Alger Small Cap Focus Fund

Average Annual Total Returns (%) as of 9/30/18 YTD

1 Year 51.81 21.06 1% 11/702

3 Years

5 Years

Since Inception

Class Z (Incepted 12/29/10) Russell 2000 Growth Index Morningstar Percentile Rank (Small Growth, based on total returns)

45.18 15.76

28.29 17.98 1% 6/606

17.57 12.14 2% 8/532

16.15 13.06

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Total Annual Operating Expenses by Class (Prospectus Dated 3/1/18): 0.90%

Only periods greater than 12 months are annualized.

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance figures assume all distributions are reinvested. For performance current to the most recent month end, visit www.alger.com or call 800.992.3863. About Alger 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. The firm’s investment philosophy, discovering companies undergoing Positive Dynamic Change, has been in place for over 50 years. Weatherbie Capital, LLC, a Boston-based investment adviser specializing in small and mid-cap growth equity investing is a wholly-owned subsidiary of Alger. For more information, please visit www.alger.com. Risk Disclosures : Investing in the stock market involves gains and losses and may not be suitable for all investors. The value of an investment may move up or down, sometimes rapidly and unpredictably, and may be worth more or less than what you invested. Stocks tend to be more volatile than other investments such as bonds. Growth stocks tend to be more volatile than other stocks as the 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. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have more limited liquidity. The investments may be more concentrated and therefore more vulnerable to changes in the market value of a single issuer and may be more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio. The investments are concentrated in the health sciences sector and may be more volatile than those that do not similarly concentrate their investments. Changes in applicable regulations could adversely affect companies in these industries, and the pace of product development and technological advancement in comparative companies may result in greater volatility of the price of securities of such companies. Many technology companies have

limited operating histories and prices of these companies’ securities have historically been more volatile than other securities due to increased competition, government regulation, and risk of obsolescence due to the progress of technological developments. A significant portion of the assets will be invested in securities of healthcare companies, which may be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences, and may be more volatile than the securities of other companies. The cost of borrowing money to leverage may exceed the returns for the securities purchased or the securities purchased may actually go down in value more quickly than if borrowing had not been utilized. Foreign investing involves special risks including currency risk and risks related to political, social, or economic conditions. The Morningstar Analyst Rating ™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. © 2018 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 percentile rankings are based on the total return percentile rank that includes reinvested dividends and capital gains (excluding sales charge) within each Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. If sales charges were included, performance would be lower and the rank may be lower. Morningstar calculates a Morningstar Rating ™ based on a Morningstar Risk-Adjusted 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. Alger Small Cap Focus Fund Z was rated 5, 5, and 5 Star(s) for the 3-, 5-, and 10-year periods among 606, 532, and 404 Small Growth funds as of 09/30/18. 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, Inc.’s. 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.

Citywire Fund Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2018. All rights reserved. You may only use this material for your personal and non-commercial use. No part of this material may be copied, distributed, or adapted in any form or by any means without prior written consent. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Citywire does not accept any liability for your reliance upon, or any errors or omissions in, the Citywire Ratings or Citywire Rankings. Before investing, carefully consider the Fund’s investment objectives, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information about the Fund, call (800) 992-3863, visit www.alger.com, or consult your financial advisor. Read it carefully before investing.

Distributor: Fred Alger & Company, Incorporated. Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED MAY LOSE VALUE.

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