Amy Zhang Call Transcript

DISCLOSURE

MPT, or modern portfolio theory, involves attempting to construct portfolios to maximize expected return based on a given level of risk. MPT statistics can include upside capture ratio, which is defined as the measurement of a portfolio’s performance in up markets relative to a benchmark, and downside capture ratio is the measurement of a portfolio’s performance in down markets relative to a benchmark. Alpha measures the difference between a portfolio’s actual returns and its expected performance, given its level of risk (as measured by beta). Beta measures a portfolio’s sensitivity to market movements relative to a particular index; a portfolio with a beta of 1.00 would be expected to have returns equal to the index. P/E, or price-to-earnings ratio, is the ratio of a stock’s price to the portion of a company’s earnings or profit allocated to each share. The views expressed are the views of Fred Alger Management, LLC (“FAM”) and its affiliates as of September 2020. These views are subject to change at any time and may not represent the views of all portfolio management teams. These views should not be interpreted as a guarantee of the future performance of the markets, any security or any funds managed by FAM. These views are not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities. Risk Disclosures: Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Please visit www.alger.com for additional risk disclosures. Past performance is not indicative of future performance. The following positions represented the noted percentages of Small Cap Focus assets as of 6/30/20: Cryoport, Inc., 2.13%; Wingstop Inc., 3.29%; Shake Shack Inc., 1.75%; Teladoc Health Inc., 1.51%; Livongo Health, Inc., no position; Veeva Systems, 3.36%; Canada Goose Holdings Inc., no position; Shopify Inc., 1.36; Datadog, Inc., 2.31%; Avalara, Inc., 2.52%; Snowflake, private; Palantir Technologies, private; Nestlé S.A., no position; FedEx, no position; United Parcel Service, no position; and DexCom, Inc., no position. The following positions represented the noted percentages of Mid Cap Focus assets as of 6/30/20: Cryoport, Inc., no position; Wingstop Inc., no position; Shake Shack Inc., no position; Teladoc Health Inc., 1.57%; Livongo Health, Inc., no position; Veeva Systems, 1.70%; Canada Goose Holdings Inc., no position; Shopify Inc., 1.83%; Datadog, Inc., no position; Avalara, Inc., no position; Snowflake, private; Palantir Technologies, private; Nestlé S.A., no position; FedEx, no position; United Parcel Service, no position; and DexCom, Inc., 1.79%.

Important Information for US Investors: Before investing, carefully consider the Fund’s investment objective, risks, charges, and expenses. For a prospectus and summary prospectus containing this and other information or for the Fund’s most recent month-end performance data, visit www.alger.com, call (800) 992-3863 or consult your financial advisor. Read the prospectus and summary prospectus carefully before investing. Distributor: Fred Alger & Company, LLC. Member NYSE Euronext, SIPC. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE. Important Information for UK and EU Investors: This material is directed at investment professionals and qualified investors (as defined by MiFID/FCA regulations). It is for information purposes only and has been prepared and is made available for the benefit investors. This material does not constitute an offer or solicitation to any person in any jurisdiction in which it is not authorised or permitted, or to anyone who would be an unlawful recipient, and is only intended for use by original recipients and addressees. The original recipient is solely responsible for any actions in further distributing this material and should be satisfied in doing so that there is no breach of local legislation or regulation Certain products may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to such persons or countries. Alger Management, Ltd. (company house number 8634056, domiciled at 78 Brook Street, London W1K 5EF, UK) is authorised and regulated by the Financial Conduct Authority, for the distribution of regulated financial products and services. FAM and/or Weatherbie Capital, LLC, U.S. registered investment advisors, serve as sub-portfolio manager to financial products distributed by Alger Management, Ltd. Alger Group Holdings, LLC (parent company of FAM) and Fred Alger & Company, LLC are not an authorized persons for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) and this material has not been approved by an authorized person for the purposes of Section 21(2)(b) of the FSMA.

Fred Alger & Company, LLC 360 Park Avenue South, New York, NY 10010 / www.alger.com

AZCCT 9 2020