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 may be invested in securities of companies in related sectors or industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector or industry developments. Investing in companies of small capitalizations involves 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. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

This material is not meant to provide investment advice and should not be considered a recommendation to purchase or sell securities.

Alger pays compensation to third party marketers to sell various strategies to prospective investors.

All portfolio data, excluding Risk Metrics, is for a representative client account which is subject to change. Actual holdings and characteristics may vary by client due to investment limitations and restrictions.

Risk metrics are statistical measures designed to show the expected risk for a portfolio and are not a measure of performance. Risk Metrics are sourced from Morningstar, an independent source, and include the impact of cash. Fred Alger Management, LLC, makes no representation that Morningstar is complete, reliable, or accurate.

Only periods greater than 12 months are annualized.

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. Russell 2000® Growth Index performance does not reflect deductions for fees or expenses. After March 24, 2025, FTSE Russell implemented a new methodology capping individual companies at no more than 22.5% of the index and capping companies that have a weight greater than 4.5% in aggregate at no more than 45% of the index.

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Investors cannot invest directly in any index. Index performance does not reflect deductions for taxes. Benchmark returns are not covered by the report of independent verifiers. The performance data quoted represents past performance, which is not an indication or a guarantee of future results.

© 2025 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.

A subscription fee is paid to Morningstar to access research, ratings, rankings and other investment tools.

Rankings and ratings 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 portfolio.

The Morningstar Style Box ™ reveals a fund's investment strategy by showing its investment style and market capitalization based on the fund's portfolio holdings.

Active Share is a measure of the percentage of stock holdings in a portfolio that differs from the benchmark index. The calculation is inclusive of cash.

Equity Holdings for the referenced product represents individual securities held, excluding private placements, private equity, rights, warrants, options, other derivatives, cash or cash equivalents and securities where the total market value in the portfolio is less than one dollar.

P/E Ratios were calculated using a weighted harmonic average, excluding companies with negative earnings. Sales Growth and EPS Growth rates were calculated using a weighted median. Earnings per share (EPS) is the portion of a company's earnings or profit allocated to each share of common stock. Sales Growth is a measure of the estimated sales growth rate of a company over the next 12-months.

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 such index.

Capture Ratio is Upside Capture divided by Downside Capture. Upside Capture Ratio measures a portfolio’s performance in up markets relative to the benchmark. It is calculated by taking the portfolio’s upside return and dividing it by the benchmark’s upside return. Downside Capture Ratio measures a portfolio’s performance in down markets relative to the benchmark. It is calculated by taking the portfolio’s downside return and dividing it by the benchmark’s downside return. A down-market is defined as those time periods in which market return is less than 0.

Information Ratio was calculated as the portfolio’s rate of return less the index’s rate of return relative to the portfolio’s standard deviation less the index’s standard deviation for the period shown.

R-Squared reflects the percentage of a portfolio’s movements that can be explained by movements in its benchmark.

Sharpe Ratio was calculated as the portfolio’s rate of return less the 3 month T-Bill’s rate of return relative to the portfolio’s standard deviation less the 3 month T-Bill’s standard deviation for the period.

Standard Deviation measures how much the portfolio’s return has deviated from its average historical return.

Attribution analysis is generated utilizing FactSet and is shown for a representative account. Net of fees attribution analysis is calculated by allocating the highest applicable wrap fee of 3% equally to all holdings in the representative account. Attribution analysis is inclusive of cash but cash is not displayed in the chart. Actual results may vary for a number of reasons such as differences in fee schedule, investment limitations and restrictions. The attribution analysis analyzes the absolute return (often called contribution) and the excess return (often called relative return) between a portfolio and its benchmark. The Total Effect measures both allocation effect to a sector and stock selection within a sector. Contribution to Return (CTR) approximates the contribution by an individual position to the overall portfolio return of the stated period. Past performance does not guarantee future results.

Fred Alger Management, LLC is a New York based investment adviser that has been in business of providing investment advice since 1964. Alger Group Holdings, LLC (Alger), parent company of Fred Alger Management, LLC acquired Weatherbie Capital, LLC on March 1, 2017 and Redwood Investments, LLC on January 31 2024 and are now part of Fred Alger Management, LLC as of the acquisition dates.

The Alger Small Cap Focus SMA Composite is composed of equity separately managed accounts (SMA) that primarily invest in U.S. growth equity securities of small capitalization companies that the manager believes have the potential to grow their revenues. The strategy generally holds approximately 50 equity securities. The strategy invests a significant portion of its total assets in companies found in the Information Technology and Health Care sectors.

Market capitalization and sector allocation are inclusive of cash but cash is not displayed in the chart.

Top holdings are inclusive of cash but cash is not displayed as a top holding.

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.

A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.

The Composite creation date is April 1, 2015 and inception date is April 1, 2015.

Fred Alger Management, LLC uses the Global Industry Classification Standard (GICS®) for categorizing companies into sectors and industries. GICS® is used for all portfolio characteristics involving sector and industry data such as benchmark, active and relative weights and attribution. The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages. Sector and industry classifications are sourced from GICS. Historical classifications use GICS categories available as of the date of this presentation.

Portfolio holdings may change and stocks of companies noted may or may not be held by one or more Alger portfolios from time to time. Investors should not consider references to individual securities as an endorsement or recommendation to purchase or sell such securities. Transactions in such securities may be made which seemingly contradict the references to them for a variety of reasons, including but not limited to, liquidity to meet redemptions or overall portfolio rebalancing.