The Alerts screen, by default, shows the list of Events that can trigger alerts. The smaller text under each event name indicates the name of the Alert that is currently triggered by the event, or "NO ALERT" if the event does not currently trigger an alert. For example:

In the screenshot above we can see that the "Level Start" event triggers the "Level Start" alert, the "Level 1 Min." event triggers the "1 Minute Warning" alert, and the "Level End" event triggers "NO ALERT" — which indicates that the event does not trigger an alert.