Small Cap Investing in Volatile Markets

DISCLOSURE

Risk Disclosures : Investing in the stockmarket involvesrisks, and may not be suitable for all investors. Growth stocks tend to be more volatile than other stocks as their pricestend to be higher in relation to their companies’ earningsand 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 securitiesof other companies. Investing in companiesof small and medium capitalizationsinvolve the risk that such issuers may have limited product linesor financial resources, lackmanagement 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. Past performance is no guarantee of future results. Important Information for US Inv estors : Thismaterial must be accompanied by the most recent fund fact sheet(s) if used in connection with the sale of mutual fund shares. Fred Alger & Company, LLC serves as distributor of the Alger mutual funds. Important Information for UK and EU Inv estors : Thismaterial is directed at investmentprofessionalsand qualified investors(as defined by MiFID/FCA regulations). It isfor information purposes only and hasbeen prepared and ismade available for the benefit investors. Thismaterial doesnot constitute an offer or solicitation to any person in any jurisdiction inwhich it isnot authorised or permitted, or to anyone who would be an unlawful recipient, and is only intended for use by original recipientsand addressees. The original recipient issolely responsible for any actionsin further distributing thismaterial and should be satisfied in doing so that there is no breach of local legislation or regulation. Certain productsmay be subject to restrictionswith regard to certain persons or in certain countriesunder national regulationsapplicable to such persons or countries. Alger Management, Ltd.(company house number 8634056, domiciled at 78 BrookStreet, London W1K 5EF, UK) isauthorized and regulated by the Financial Conduct Authority, for the distribution of regulated financial productsand services. FAM and/or Weatherbie Capital, LLC, U.S. registered investment advisors, serve as sub-portfolio manager to financial productsdistributed by Alger Management, Ltd. Alger Group Holdings, LLC (parent company of FAM) and Fred Alger & Company, LLC are not authorized personsfor the purposes of the Financial Servicesand MarketsAct 2000 of the United Kingdom (“FSMA”) and thismaterial hasnot been approved by an authorized person for the purposesof Section 21(2)(b) of the FSMA. Important information for Inv estors in Israel : Thismaterial is provided in Israel only to investorsof the type listed in the first schedule of the SecuritiesLaw, 1968 (the “SecuritiesLaw”) and the Regulation of InvestmentAdvice, Investment Marketing and Investment Portfolio ManagementLaw, 1995. The Fund unitswill not be sold to investors who are not of the type listed in the first schedule of the SecuritiesLaw.

The S&P 500 Index isan unmanaged index generally representative of the U.S. stock market without regard to company size. The Russell 2000®Growth Index measuresthe performance of the small-cap growth segment of the U.S. equity universe. It includesthose Russell 2000 companieswith higher growth earning potential asdefined by Russell'sleading style methodology.The Russell 2000 Growth Index isconstructed to provide a comprehensive and unbiased barometer for the small -cap growth segment. Note that past performance isno guarantee of future results. Comparison to a different index might have materially different resultsthan those shown. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrightsrelated to the Russell Indexes. Russell® is a trademarkof Frank Russell Company. Neither Russell nor its licensorsaccept any liability for any errorsor omissionsin the Russell Indexes and / or Russell ratingsor underlying data and no party may rely on any Russell Indexesand / or Russell ratingsand / or underlying data contained in this communication. No further distribution of Russell Data ispermitted without Russell’sexpress written consent. Russell does not promote, sponsor or endorse the content of thiscommunication. The following positionsrepresented the noted percentagesof Alger assets under management asof 2/29/20: Everbridge,Inc., 0.82%; Quidel Corporation 0.57%; Wingstop, Inc., 0.56%; Cantel Medical Corp., 0.52%.

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