Edward Minn Added as Portfolio Manager for Weatherbie Specialized Growth Strategy

CONTACTS: Prosek

Alger

Sheila Kulik 203-475-2523

Scott A. Anderson 212-806-2972

FOR IMMEDIATE RELEASE

Edward Minn Added as Portfolio Manager for Weatherbie Specialized Growth Strategy

NEW YORK, June 29, 2020 – Fred Alger Management, LLC (“Alger”), a $30 billion growth equity investment manager, is pleased to announce that Edward M. B. Minn, CFA, will be added to the portfolio management team of the Weatherbie Specialized Growth strategy effective July 1, 2020. Mr. Minn joined Weatherbie Capital, LLC, an Alger affiliate, in 2013 and has 15 years of investing experience. He is the portfolio manager on the Alger Weatherbie Select 15 SMA Composite, a focused portfolio of smaller capitalization growth stocks with a five-star overall rating from Morningstar (among 248 Small Growth separate accounts, based on risk-adjusted returns, as of 3/31/20). Mr. Minn also has research responsibilities in the consumer, media & communications, diversified business, information services, and technology areas. “Ed has shown a high investment acumen and a relentless work ethic since joining Weatherbie Capital. The performance of the Alger Weatherbie Select 15 strategy is a testament to his skill,” said Matt Weatherbie, CFA, chief executive officer and co-chief investment officer of Weatherbie Capital. “He has been a meaningful contributor to the long-term performance of our flagship Specialized Growth strategy. I am excited to have him join me, George Dai and Josh Bennett on this strategy.” The Weatherbie Specialized Growth Composite has outperformed the Russell 2000 Growth Index over the past 1, 3, 5, and 10 years through 3/31/20, net of fees. It also outperformed by 445 basis points annualized, net of fees, since its inception nearly 24 years ago through 3/31/20.

The strategy has top decile rankings for the 3-, 5-, and 10-year periods and a top quartile ranking since inception.

Average Annual Total Returns (%) as of 3/31/2020

Since Inception (7/1/1996)

1 Year

3 Years

5 Years

10 Years

Gross of Fees Return Net of Fees Return

-11.7 -12.4 -18.6

14.0 13.2

12.1 11.2

14.0 13.0

11.0 10.0

Russell 2000 Growth Index

0.1

1.7

8.9

5.5

Excess Returns (Net of Fees)

+619 bps

+1,310 bps

+954 bps

+413 bps

+445 bps

eVestment Percentile Rankings (U.S. Small Cap Growth Equity)

25

5

4

6

19

Only periods greater than 12 months are annualized. The U.S. Small Cap Growth Equity category consisted of 66, 75, 78, 82, 99 managers for the one-, three-, five-, ten-, and since inception time periods.

Portfolio Manager Biography Edward M.B. Minn, CFA®

Ed joined Weatherbie Capital in December 2013 and has 15 years of investing experience. Prior to joining the firm, he spent five years as a research analyst at Vinik Asset Management, LP, where he focused on the technology sector. He began his investment career at Raymond James & Associates, Inc. where he worked as a research associate covering energy stocks. Ed received his M.B.A. from the University of Chicago Booth School of Business with High Honors. Ed also holds a B.S. in economics from Duke University, where he graduated Summa Cum Laude. Ed is a CFA charterholder and is a member of both the CFA Society Boston and the CFA Institute.

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, 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. The Weatherbie Specialized Growth Composite is composed of institutional accounts which primarily invest in equity securities of smaller capitalization growth companies that have attractive growth and quality characteristics. The strategy will have approximately 50 holdings. All returns assume reinvestment of dividends and are gross of withholding taxes where applicable. Performance for periods of less than one year are not annualized. The Composite is calculated in U.S. dollars. Gross of fees performance is shown prior to the deduction of management fees and after the deduction of trading expenses. Net of fees performance reflects the deduction of realized management fees and trading expenses. Prior to 2017, net of management fee performance was calculated by applying the model management fee of 0.25% per quarter that reduces the composites’ gross quarterly return, based off of the standard fee schedule of 1% on the first $20 million, 0.85% on the next $40 million, 0.75% on the next $40 million and 0.60% on assets over $100 million. Effective January 1, 2017, net of management fee performance is calculated based on actual management fees charged per each client’s negotiated fee schedule. Some accounts in the composite may have an incentive fee in addition to the standard management fee. Any incentive fees are crystalized and paid at the end of the period. Additional information regarding the policies for valuing portfolios and calculating performance are available upon request. Past performance is not an indication or guarantee of future results. A complete list and description of Fred Alger Management, LLC composites and performance results is available upon request: 800.223.3810 or www.alger.com. 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.

© 2020 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. The Morningstar Rating™ for funds, or “star rating”, is calculated for separate accounts with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. 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. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10- year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Alger Weatherbie Select 15 SMA was rated 5 Stars for the 3-year period among 248 Small Growth separate accounts as of 3/31/20. 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, LLC’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. eVestment and its affiliated entities’ (collectively, “eVestment”) rankings reflect a comparison of an investment manager’s results to other managers in an eVestment peer group who use the same investment strategy. Note that eVestment’s rankings may use a performance calculation methodology that differs from Fred Alger Management, LLC’s.The U.S. Small Cap Growth Equity category consisted of 66, 75, 78, 82, 99 managers for the one-, three-, five-, ten-, and since inception time periods. Differences in the methodologies may lead to variances in calculating total performance returns, which might affect the ranking of Alger’s strategies. eVestment collects information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Please note that for any reporting period, some investment management firms in a particular eVestment category might not have provided their results, which might affect the rankings or comparison of Alger performance to eVestment data. The rankings are displayed for informational purposes only and should not be relied upon when making investment decisions. Data is from a composite and is gross of fees. The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. Investors cannot invest directly in any index. Index performance does not reflect deductions for fees, expenses or taxes. Note that comparing the performance to a different index might have materially different results than those shown. Any views and opinions expressed herein are not meant to provide investment advice and there is no guarantee that they will come to pass. 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