Introduction FAM is a privately owned investment advisory firm that was founded in 1964. FAM is wholly- owned by Alger Group Holdings, LLC (“AGH”), which is wholly-owned by Alger Associates, Inc. (“AAI” and together with FAM’s affiliates, “Alger”). FAM is under common ownership with Weatherbie Capital, LLC (“WC”) and Redwood Investments, LLC (“RI”), each, a registered investment adviser. Alexandra D. Alger, Hilary M. Alger and Nicole D. Alger together own (directly or through trusts they have created for the benefit of their families) approximately 35%, 35% and 29%, respectively, of AAI. FAM specializes in research and portfolio management of exchange listed and over-the-counter equity securities of U.S. and foreign companies. To a lesser extent, FAM also provides investment advice with respect to other securities, including options contracts on various securities and securities indices, warrants, private placements, convertible securities, corporate debt securities, mutual fund shares, swaps, United States Government and Agency securities and currency contracts. FAM is also registered as an investment adviser, or operating under an exemption from registration, in Australia, Ireland, and Canada. FAM offers multiple investment strategies, including Spectra, Capital Appreciation, Socially Responsible (“SRI”) Capital Appreciation, Focus Equity, Large Cap Growth, Alger 35, Dynamic Opportunities, Dynamic Return, Growth & Income, Mid Cap Growth, Mid Cap Focus, Mid Cap 40, Small Cap Growth, Small Cap Focus, Health Sciences, Life Sciences Innovation, Responsible Investing, Balanced, Concentrated Equity, and AI Enablers & Adopters. The Specialized Growth, Enduring Growth and Select 15 Strategies are managed by FAM’s affiliate WC. Please see WC’s Form ADV Part 2A for additional information on these strategies. The Global Focus, International Focus, and Emerging Markets Strategies are managed by FAM’s affiliate RI. Please see RI’s Form ADV Part 2A for additional information on these strategies. FAM provides both discretionary and non-discretionary investment advisory services to institutional investors through separate accounts, U.S. and foreign registered and privately offered funds, as well as through third-party sponsored funds and bank sponsored collective investment trusts; and to retail investors through wrap programs and U.S. and foreign registered funds. Clients can and relevant laws, rules, or regulations will impose restrictions on investing in certain securities or certain types of securities, or on the percentage of ownership in any single security, sector or industry. In addition, each of FAM’s strategies follows a specific investment discipline with their own portfolio construction parameters. Accordingly, FAM will not enter into an advisory relationship with any prospective client whose investment objectives are incompatible with FAM’s investment philosophy or strategies or who seeks to impose unduly restrictive guidelines. For client accounts subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”, and such accounts, “Plan Accounts”), FAM provides services both as a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and as a fiduciary as that term is defined in Section 3(21)(A) of ERISA. Wrap Fee Programs Clients can access certain of FAM’s investment strategies through programs sponsored by unaffiliated financial intermediaries, advisers or planners in which FAM serves as an investment adviser (“wrap programs”). The wrap programs for which FAM serves as an investment adviser are listed in Section 5.I.(2) of FAM’s Form ADV Part 1, a copy of which is available either 1) on request or 2) on the SEC’s website at the following link: https://adviserinfo.sec.gov/firm/summary/106750 FAM offers advisory services through the following types of wrap programs: 1. Single Contract Program. In Single Contract Wrap Programs, clients pay the sponsor of the wrap program a single fee (the wrap fee), the sponsor pays a percentage of the wrap fee to FAM for its investment management services, and the sponsor executes trades and administers the account without additional charges to the clients. Each client enters into an agreement with the sponsor to provide discretionary investment management services to the client and each investment manager available in the program maintains a sub-advisory agreement with the sponsor. 2. Dual Contract Program. In Dual Contract Wrap

Programs, sponsors offer clients a package of services, including trade execution and account administration, along with a menu of investment managers to choose from. Each client enters into a contract with the sponsor, which covers custody, brokerage and other services, and separately enters into an investment management agreement with FAM. In these programs, FAM is generally directed by clients to effect transactions for their accounts through the program sponsor or the sponsor’s broker-dealer affiliate; however, FAM has the ability to effect transactions in these wrap accounts through a non-sponsor affiliated broker-dealer if doing so allows FAM to achieve better execution. Although fees and services are unbundled, clients do not pay FAM directly for its investment management services, but instead direct payments through the program sponsor or the sponsor’s broker-dealer affiliate. The sponsor or its affiliate then remits payment to FAM for its investment management services. 3. Model Portfolio Program. In a Model Portfolio Program, FAM enters into an agreement with the sponsor to provide an initial model portfolio to the sponsor, which the sponsor then seeks to replicate for its clients. FAM will then regularly provide updated model portfolios to the sponsor as positions and position weightings change for a strategy. FAM does not place trades on behalf of accounts in these programs and therefore has no ability to ensure that accounts conform to the model portfolio provided. Trades for model portfolios may be placed by the sponsor after FAM has placed trades for wrap programs and other clients for which it serves as investment adviser. The sponsor remits payment to FAM for its investment advisory services. Management of Wrap Programs In managing accounts in a wrap program, FAM generally does not invest in limited partnerships, illiquid securities, or foreign securities not traded on a U.S. exchange, and such accounts will not participate in allocations of initial public offerings. FAM also attempts to minimize the tax impact of portfolio transactions. In an effort to minimize the volume of trading for accounts in a wrap program, FAM generally has a minimum position size for a transaction. Such minimum position size may not exist for non-wrap accounts. Finally, certain wrap sponsors or clients may impose security restrictions as well as minimum cash limits on their accounts. As a result, FAM will generally impose the most restrictive limit across wrap sponsors in the affected strategy(ies). The timing of trades for wrap accounts will generally differ from other accounts and will generally be made later in time than for other accounts managed by FAM (see Item 12: Brokerage Practices, for details about FAM’s trading practices for wrap accounts). Further, FAM maintains relationships with multiple sponsors, and the timing of trades placed by FAM for wrap accounts is on a “rotational” basis among all sponsors. The practices described above will cause a wrap program account’s performance to diverge from other accounts managed by FAM according to the same strategy. Given the structure of wrap programs and the fact that payments to FAM are received from the wrap sponsor, FAM does not believe it receives any direct compensation from clients who participate in the wrap programs (including Plan Accounts). The wrap sponsor is responsible for billing and collecting any fees owed by clients with respect to their participation in the wrap program. Each client’s ability to allocate, reallocate or redeem its investment under a wrap program is governed by the terms of the client’s agreement with the wrap sponsor and the disclosure provided by the wrap sponsor. Any termination-related provisions would be found in the agreement between the client and the wrap sponsor. For wrap program accounts, FAM generally does not negotiate brokerage commissions or other costs related to the execution of trades because those charges are generally included in the single fee paid by the client to the sponsor, and the client has generally contractually agreed to execute trades through the sponsor or the sponsor’s broker-dealer affiliate. In the event that FAM selects a broker-dealer other than the sponsor or its affiliate, the client would typically pay a commission, concession, or dealer mark-up or mark-down, in addition to the wrap fee paid to the sponsor, as well as other administrative fees to settle such a transaction. Client Assets Under Management As of December 31, 2023, FAM managed $16,973,629,904 of client assets on a discretionary basis, and $600,539,226 of client assets on a non-discretionary basis.