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. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investments in pharmaceutical and other health care related companies 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 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 invested in derivatives such as options and forwards. Derivatives involve a number of risks including possible default by the other party to the transaction, illiquidity and the risk that the use of such derivatives could result in losses greater than if they had not been used. Short sales could increase market exposure, magnifying losses and increasing volatility. Leverage increases volatility in both up and down markets and its costs may exceed the returns of borrowed securities. Issuers of convertible securities may be more sensitive to economic changes. Hedging may protect the investor against a fall in the value of currency, and conversely, it may also prevent an investor from profiting from an increase in the value of the currency.  Hedging may significantly affect the performance of a hedged share class versus an unhedged share class.  Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Investing in innovation is not without risk and there is no guarantee that investments in research and development will result in a company gaining market share or achieving enhanced revenue. Companies exploring new technologies may face regulatory, political or legal challenges that may adversely impact their competitive positioning and financial prospects. Also, developing technologies to displace older technologies or create new markets may not in fact do so, and there may be sector-specific risks as well. As is the case with any industry, there will be winners and losers that emerge and investors therefore need to conduct a significant amount of due diligence on individual companies to assess these risks and opportunities.

Short selling (or “selling short”) is a technique used by investors who try to profit from the falling price of a stock. It is the act of borrowing a security from a broker and selling it, with the understanding that it must later be bought back and returned to the broker. In order to engage in a short sale, an arrangement is made with a broker to borrow the security being sold short. In order to close out its short position, the security will be replaced by purchasing the security at the price prevailing at the time of replacement. A loss will be incurred if the price of the security sold short has increased since the time of the short sale and may experience a gain if the price has decreased since the short sale.

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.

Only periods greater than 12 months are annualized.

The S&P indexes are a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Fred Alger Management, LLC and its affiliates. Copyright 2025 S&P Dow Jones Indices LLC, a subsidiary of S&P Global Inc. and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.

S&P Select Industry Indices are designed to measure the performance of narrow GICS® sub-industries. The Index comprises stocks in the S&P Total Market Index that are classified in the GICS biotechnology sub-industry. The S&P Biotechnology Select Industry Index is a leading biotechnology index. It offers pure-play biotech exposure and follows a modified equal weighting approach to provide the potential for unconcentrated industry exposure across large-, mid-, and small-cap stocks.

Fred Alger Management, LLC is a New York-based investment adviser that has been in the business of providing investment advice since 1964. Effective March 1, 2017, Fred Alger Management, LLC acquired Weatherbie Capital, LLC.

The Alger Life Sciences Innovation Composite seeks long-term capital appreciation by investing primarily in the common stock of U.S. and non-U.S. companies within life sciences, with an emphasis on biotechnology companies. The identification of investment opportunities is primarily science-driven, relying heavily on biological and clinical data.

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.

Fred Alger Management, LLC’s standard fee schedule offered to separately managed Alger Life Sciences Innovation Composite clients is as follows: 1.2% on total assets. The total expense ratio (annualized) for the Alger Life Sciences Innovation Fund, which is included in the composite is 1.22% for Class A and 6.75% for Class B, including 6.12% in performance allocation. Actual fees may differ. Additional details of the performance fee calculation are available upon request.

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. Net of fees performance is net of incentive fees, where applicable. Any incentive fees are crystalized and paid at the end of the period. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

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 June 1, 2022 and inception date is June 1, 2022.

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.