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0000003521 af:C000261740Member country:DK 2026-04-30 0000003521 af:C000261740Member country:ES 2026-04-30 0000003521 af:C000261740Member country:FR 2026-04-30 0000003521 af:C000261740Member country:GB 2026-04-30 0000003521 af:C000261740Member country:HK 2026-04-30 0000003521 af:C000261740Member country:IL 2026-04-30 0000003521 af:C000261740Member country:IT 2026-04-30 0000003521 af:C000261740Member country:JP 2026-04-30 0000003521 af:C000261740Member country:SE 2026-04-30 0000003521 af:ShortTermInvestmentsAndNetOtherAssetsMember af:C000261740Member 2026-04-30 iso4217:USD pure af:Holding 0000003521 false N-1A ALGER FUNDS N-CSRS 2026-04-30 Alger Capital Appreciation Fund Class A ACAAX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Fund<br/>(Class A / ACAAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 61 0.0123 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,673,454,626</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">33.20<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 2673454626 81 0.3320 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.123 0.121 0.002 0.007 0.019 0.069 0.057 0.566 0.002 0.007 0.021 0.006 1.000 Alger Capital Appreciation Fund Class C ALCCX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Fund<br/>(Class C / ALCCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.99<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 98 0.0199 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,673,454,626</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">33.20<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 2673454626 81 0.3320 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.123 0.121 0.002 0.007 0.019 0.069 0.057 0.566 0.002 0.007 0.021 0.006 1.000 Alger Capital Appreciation Fund Class Z ACAZX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Fund<br/>(Class Z / ACAZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 43 0.0086 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,673,454,626</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">33.20<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 2673454626 81 0.3320 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.123 0.121 0.002 0.007 0.019 0.069 0.057 0.566 0.002 0.007 0.021 0.006 1.000 Alger Concentrated Equity Fund Class A CNEAX This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Concentrated Equity Fund<br/>(Class A / CNEAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 40 0.0081 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,811,882</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 8811882 29 0.2934 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">55.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.113 0.126 0.015 0.043 0.104 0.555 0.027 0.017 1.000 Alger Concentrated Equity Fund Class C CNECX This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Concentrated Equity Fund<br/>(Class C / CNECX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 78 0.0156 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,811,882</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 8811882 29 0.2934 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">55.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.113 0.126 0.015 0.043 0.104 0.555 0.027 0.017 1.000 Alger Concentrated Equity Fund Class I CNEIX This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Concentrated Equity Fund<br/>(Class I / CNEIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 40 0.0081 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,811,882</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 8811882 29 0.2934 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">55.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.113 0.126 0.015 0.043 0.104 0.555 0.027 0.017 1.000 Alger Concentrated Equity Fund Class Y CNEYX This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Concentrated Equity Fund<br/>(Class Y / CNEYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 28 0.0056 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,811,882</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 8811882 29 0.2934 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">55.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.113 0.126 0.015 0.043 0.104 0.555 0.027 0.017 1.000 Alger Concentrated Equity Fund Class Z CNEZX This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Concentrated Equity Fund<br/>(Class Z / CNEZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 28 0.0056 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,811,882</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">29.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 8811882 29 0.2934 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">55.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.113 0.126 0.015 0.043 0.104 0.555 0.027 0.017 1.000 Alger Growth & Income Fund Class A ALBAX This semi-annual shareholder report contains important information about the Alger Growth &amp; Income Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Growth &amp; Income Fund<br/>(Class A / ALBAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 48 0.0092 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>892,240,244</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">78</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">1.80<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 892240244 78 0.0180 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">8.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.128 0.069 0.051 0.045 0.125 0.085 0.051 0.330 0.021 0.028 0.014 0.053 1.000 Alger Growth & Income Fund Class C ALBCX This semi-annual shareholder report contains important information about the Alger Growth &amp; Income Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Growth &amp; Income Fund<br/>(Class C / ALBCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 87 0.0167 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>892,240,244</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">78</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">1.80<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 892240244 78 0.0180 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">8.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.128 0.069 0.051 0.045 0.125 0.085 0.051 0.330 0.021 0.028 0.014 0.053 1.000 Alger Growth & Income Fund Class Z AGIZX This semi-annual shareholder report contains important information about the Alger Growth &amp; Income Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Growth &amp; Income Fund<br/>(Class Z / AGIZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.61<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 32 0.0061 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>892,240,244</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">78</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">1.80<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 892240244 78 0.0180 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">8.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.128 0.069 0.051 0.045 0.125 0.085 0.051 0.330 0.021 0.028 0.014 0.053 1.000 Alger 35 Fund Class Z ATVPX This semi-annual shareholder report contains important information about the Alger 35 Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger 35 Fund<br/>(Class Z / ATVPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 30 0.0060 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>43,383,580</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">35</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">99.45<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 43383580 35 0.9945 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">15.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">9.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">9.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">52.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.155 0.096 0.023 0.092 0.079 0.528 0.024 0.003 1.000 Alger Mid Cap Focus Fund Class A ALOAX This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Focus Fund<br/>(Class A / ALOAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 54 0.0111 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>317,706,767</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">96.30<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 317706767 50 0.9630 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.010 0.035 0.012 0.246 0.330 0.290 0.013 0.019 0.045 1.000 Alger Mid Cap Focus Fund Class C ALOCX This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Focus Fund<br/>(Class C / ALOCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.88<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 91 0.0188 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>317,706,767</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">96.30<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 317706767 50 0.9630 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.010 0.035 0.012 0.246 0.330 0.290 0.013 0.019 0.045 1.000 Alger Mid Cap Focus Fund Class I AFOIX This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Focus Fund<br/>(Class I / AFOIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 55 0.0114 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>317,706,767</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">96.30<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 317706767 50 0.9630 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.010 0.035 0.012 0.246 0.330 0.290 0.013 0.019 0.045 1.000 Alger Mid Cap Focus Fund Class Y ALOYX This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Focus Fund<br/>(Class Y / ALOYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 35 0.0072 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>317,706,767</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">96.30<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 317706767 50 0.9630 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.010 0.035 0.012 0.246 0.330 0.290 0.013 0.019 0.045 1.000 Alger Mid Cap Focus Fund Class Z AFOZX This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Focus Fund<br/>(Class Z / AFOZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>39</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 39 0.0080 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>317,706,767</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">96.30<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 317706767 50 0.9630 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.010 0.035 0.012 0.246 0.330 0.290 0.013 0.019 0.045 1.000 Alger Mid Cap Growth Fund Class A AMGAX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Fund<br/>(Class A / AMGAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 59 0.0121 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>278,855,342</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">43.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 278855342 68 0.4328 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.039 0.124 0.026 0.009 0.070 0.130 0.291 0.221 0.018 0.026 0.024 0.022 1.000 Alger Mid Cap Growth Fund Class B AMCGX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Fund<br/>(Class B / AMCGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 68 0.0140 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>278,855,342</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">43.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 278855342 68 0.4328 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.039 0.124 0.026 0.009 0.070 0.130 0.291 0.221 0.018 0.026 0.024 0.022 1.000 Alger Mid Cap Growth Fund Class C AMGCX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Fund<br/>(Class C / AMGCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.03<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 99 0.0203 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>278,855,342</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">43.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 278855342 68 0.4328 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.039 0.124 0.026 0.009 0.070 0.130 0.291 0.221 0.018 0.026 0.024 0.022 1.000 Alger Mid Cap Growth Fund Class Z AMCZX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Fund<br/>(Class Z / AMCZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 44 0.0091 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>278,855,342</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">43.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 278855342 68 0.4328 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">29.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.039 0.124 0.026 0.009 0.070 0.130 0.291 0.221 0.018 0.026 0.024 0.022 1.000 Alger Small Cap Growth Fund Class A ALSAX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Fund<br/>(Class A / ALSAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 66 0.0132 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>190,673,610</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">108</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.42<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 190673610 108 0.0842 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.008 0.075 0.009 0.005 0.027 0.330 0.286 0.241 0.001 0.006 0.012 1.000 Alger Small Cap Growth Fund Class B ALSCX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Fund<br/>(Class B / ALSCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 55 0.0109 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>190,673,610</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">108</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.42<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 190673610 108 0.0842 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.008 0.075 0.009 0.005 0.027 0.330 0.286 0.241 0.001 0.006 0.012 1.000 Alger Small Cap Growth Fund Class C AGSCX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Fund<br/>(Class C / AGSCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.12<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 106 0.0212 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>190,673,610</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">108</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.42<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 190673610 108 0.0842 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.008 0.075 0.009 0.005 0.027 0.330 0.286 0.241 0.001 0.006 0.012 1.000 Alger Small Cap Growth Fund Class Y ASCYX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Fund<br/>(Class Y / ASCYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0084 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>190,673,610</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">108</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.42<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 190673610 108 0.0842 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.008 0.075 0.009 0.005 0.027 0.330 0.286 0.241 0.001 0.006 0.012 1.000 Alger Small Cap Growth Fund Class Z ASCZX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Fund<br/>(Class Z / ASCZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 50 0.0099 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>190,673,610</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">108</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.42<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 190673610 108 0.0842 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">33.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">24.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.008 0.075 0.009 0.005 0.027 0.330 0.286 0.241 0.001 0.006 0.012 1.000 Alger Small Cap Focus Fund Class A AOFAX This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Focus Fund<br/>(Class A / AOFAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 64 0.0131 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>789,401,281</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">44.31<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 789401281 51 0.4431 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">43.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">40.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">15.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.009 0.431 0.406 0.154 0.000 1.000 Alger Small Cap Focus Fund Class C AOFCX This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Focus Fund<br/>(Class C / AOFCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.03<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 99 0.0203 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>789,401,281</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">44.31<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 789401281 51 0.4431 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">43.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">40.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">15.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.009 0.431 0.406 0.154 0.000 1.000 Alger Small Cap Focus Fund Class I AOFIX This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Focus Fund<br/>(Class I / AOFIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0126 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>789,401,281</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">44.31<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 789401281 51 0.4431 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">43.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">40.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">15.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.009 0.431 0.406 0.154 0.000 1.000 Alger Small Cap Focus Fund Class Y AOFYX This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Focus Fund<br/>(Class Y / AOFYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0086 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>789,401,281</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">44.31<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 789401281 51 0.4431 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">43.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">40.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">15.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.009 0.431 0.406 0.154 0.000 1.000 Alger Small Cap Focus Fund Class Z AGOZX This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Focus Fund<br/>(Class Z / AGOZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 44 0.0090 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>789,401,281</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">44.31<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 789401281 51 0.4431 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">43.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">40.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">15.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.009 0.431 0.406 0.154 0.000 1.000 Alger Weatherbie Specialized Growth Fund Class A ALMAX This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Weatherbie Specialized Growth Fund<br/>(Class A / ALMAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.34<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 67 0.0134 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>279,879,322</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">37.29<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 279879322 50 0.3729 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">18.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">35.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">16.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.107 0.010 0.110 0.189 0.358 0.165 0.049 0.012 1.000 Alger Weatherbie Specialized Growth Fund Class C ALMCX This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Weatherbie Specialized Growth Fund<br/>(Class C / ALMCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.14<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 107 0.0214 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>279,879,322</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">37.29<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 279879322 50 0.3729 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">18.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">35.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">16.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.107 0.010 0.110 0.189 0.358 0.165 0.049 0.012 1.000 Alger Weatherbie Specialized Growth Fund Class I ASIMX This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Weatherbie Specialized Growth Fund<br/>(Class I / ASIMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.47<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 73 0.0147 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>279,879,322</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">37.29<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 279879322 50 0.3729 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">18.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">35.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">16.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.107 0.010 0.110 0.189 0.358 0.165 0.049 0.012 1.000 Alger Weatherbie Specialized Growth Fund Class Y ASYMX This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Weatherbie Specialized Growth Fund<br/>(Class Y / ASYMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 45 0.0089 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>279,879,322</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">37.29<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 279879322 50 0.3729 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">18.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">35.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">16.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.107 0.010 0.110 0.189 0.358 0.165 0.049 0.012 1.000 Alger Weatherbie Specialized Growth Fund Class Z ASMZX This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Weatherbie Specialized Growth Fund<br/>(Class Z / ASMZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 50 0.0099 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>279,879,322</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">37.29<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 279879322 50 0.3729 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">11.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">18.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">35.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">16.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.107 0.010 0.110 0.189 0.358 0.165 0.049 0.012 1.000 Alger International Opportunities Fund Class A ALGAX This semi-annual shareholder report contains important information about the Alger International Opportunities Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger International Opportunities Fund<br/>(Class A / ALGAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0123 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172,192,294</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">28.03<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 172192294 40 0.2803 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Geographical Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Greece</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Norway</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Korea</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.018 0.054 0.066 0.029 0.034 0.016 0.045 0.027 0.014 0.045 0.203 0.017 0.020 0.025 0.084 0.046 0.018 0.017 0.083 0.071 0.044 0.024 1.000 Alger International Opportunities Fund Class B AFGPX This semi-annual shareholder report contains important information about the Alger International Opportunities Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger International Opportunities Fund<br/> (Class B / AFGPX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>64</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">1.28<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 64 0.0128 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>172,192,294</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">40</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">28.03<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 172192294 40 0.2803 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Geographical Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">China</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">3.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Greece</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Hungary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">20.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Netherlands</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Norway</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Peru</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">South Korea</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Taiwan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.018 0.054 0.066 0.029 0.034 0.016 0.045 0.027 0.014 0.045 0.203 0.017 0.020 0.025 0.084 0.046 0.018 0.017 0.083 0.071 0.044 0.024 1.000 Alger International Opportunities Fund Class C ALGCX This semi-annual shareholder report contains important information about the Alger International Opportunities Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger International Opportunities Fund<br/> (Class C / ALGCX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">2.04<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 102 0.0204 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>172,192,294</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">40</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">28.03<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 172192294 40 0.2803 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Geographical Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">China</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">3.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Greece</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Hungary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">20.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Netherlands</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Norway</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Peru</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">South Korea</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Taiwan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.018 0.054 0.066 0.029 0.034 0.016 0.045 0.027 0.014 0.045 0.203 0.017 0.020 0.025 0.084 0.046 0.018 0.017 0.083 0.071 0.044 0.024 1.000 Alger International Opportunities Fund Class I AIGIX This semi-annual shareholder report contains important information about the Alger International Opportunities Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger International Opportunities Fund<br/> (Class I / AIGIX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">1.24<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 62 0.0124 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>172,192,294</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">40</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">28.03<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 172192294 40 0.2803 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Geographical Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">China</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">3.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Greece</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Hungary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">20.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Netherlands</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Norway</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Peru</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">South Korea</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Taiwan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.018 0.054 0.066 0.029 0.034 0.016 0.045 0.027 0.014 0.045 0.203 0.017 0.020 0.025 0.084 0.046 0.018 0.017 0.083 0.071 0.044 0.024 1.000 Alger International Opportunities Fund Class Z ALCZX This semi-annual shareholder report contains important information about the Alger International Opportunities Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger International Opportunities Fund<br/>(Class Z / ALCZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 43 0.0085 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172,192,294</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">28.03<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 172192294 40 0.2803 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Geographical Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">China</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Greece</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hungary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">20.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Norway</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Peru</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">South Korea</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Taiwan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">8.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.018 0.054 0.066 0.029 0.034 0.016 0.045 0.027 0.014 0.045 0.203 0.017 0.020 0.025 0.084 0.046 0.018 0.017 0.083 0.071 0.044 0.024 1.000 Alger International Small Cap Fund Class A AFAIX This semi-annual shareholder report contains important information about the Alger International Small Cap Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger International Small Cap Fund<br/>(Class A / AFAIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0120 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month periodperiod ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,041,614</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">47</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">21.97<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 4041614 47 0.2197 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Geographical Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Australia</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Austria</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hong Kong</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Israel</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">31.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">12.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.010 0.022 0.025 0.029 0.052 0.030 0.042 0.066 0.042 0.049 0.095 0.315 0.018 0.037 0.021 0.125 0.022 1.000 Alger International Small Cap Fund Class Z AZISX This semi-annual shareholder report contains important information about the Alger International Small Cap Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger International Small Cap Fund<br/> (Class Z / AZISX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>44</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">0.85<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 44 0.0085 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month periodperiod ended April 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>4,041,614</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">47</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">21.97<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 4041614 47 0.2197 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Geographical Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Australia</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Austria</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Belgium</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Brazil</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Denmark</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">3.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">France</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Germany</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">6.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Hong Kong</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Israel</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Italy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">9.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Japan</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">31.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Spain</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Sweden</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">3.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Switzerland</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">United Kingdom</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">12.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Net Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.010 0.022 0.025 0.029 0.052 0.030 0.042 0.066 0.042 0.049 0.095 0.315 0.018 0.037 0.021 0.125 0.022 1.000 Alger Health Sciences Fund Class A AHSAX This semi-annual shareholder report contains important information about the Alger Health Sciences Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Health Sciences Fund<br/>(Class A / AHSAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0120 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>60,835,522</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">58</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">163.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 60835522 58 1.6334 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">88.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.006 0.886 0.026 0.053 0.029 1.000 Alger Health Sciences Fund Class C AHSCX This semi-annual shareholder report contains important information about the Alger Health Sciences Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Health Sciences Fund<br/>(Class C / AHSCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 104 0.0202 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>60,835,522</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">58</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">163.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 60835522 58 1.6334 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">88.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.006 0.886 0.026 0.053 0.029 1.000 Alger Health Sciences Fund Class Z AHSZX This semi-annual shareholder report contains important information about the Alger Health Sciences Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Health Sciences Fund<br/>(Class Z / AHSZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 40 0.0077 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>60,835,522</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">58</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">163.34<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 60835522 58 1.6334 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">88.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.006 0.886 0.026 0.053 0.029 1.000 Alger AI Enablers & Adopters Fund Class A AIFAX This semi-annual shareholder report contains important information about the Alger AI Enablers &amp; Adopters Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger AI Enablers &amp; Adopters Fund<br/>(Class A / AIFAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0083 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,854,360</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">89.63<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 22854360 60 0.8963 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">65.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.134 0.124 0.013 0.026 0.032 0.650 0.017 0.004 1.000 Alger AI Enablers & Adopters Fund Class C AAICX This semi-annual shareholder report contains important information about the Alger AI Enablers &amp; Adopters Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger AI Enablers &amp; Adopters Fund<br/>(Class C / AAICX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.58<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 80 0.0158 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,854,360</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">89.63<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 22854360 60 0.8963 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">65.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.134 0.124 0.013 0.026 0.032 0.650 0.017 0.004 1.000 Alger AI Enablers & Adopters Fund Class I AIFIX This semi-annual shareholder report contains important information about the Alger AI Enablers &amp; Adopters Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger AI Enablers &amp; Adopters Fund<br/>(Class I / AIFIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0083 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,854,360</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">89.63<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 22854360 60 0.8963 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">65.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.134 0.124 0.013 0.026 0.032 0.650 0.017 0.004 1.000 Alger AI Enablers & Adopters Fund Class Y AAIYX This semi-annual shareholder report contains important information about the Alger AI Enablers &amp; Adopters Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger AI Enablers &amp; Adopters Fund<br/>(Class Y / AAIYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.57<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 29 0.0057 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,854,360</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">89.63<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 22854360 60 0.8963 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">65.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.134 0.124 0.013 0.026 0.032 0.650 0.017 0.004 1.000 Alger AI Enablers & Adopters Fund Class Z AAIZX This semi-annual shareholder report contains important information about the Alger AI Enablers &amp; Adopters Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger AI Enablers &amp; Adopters Fund<br/>(Class Z / AAIZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 29 0.0058 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,854,360</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">60</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">89.63<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 22854360 60 0.8963 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">12.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">3.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">65.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.134 0.124 0.013 0.026 0.032 0.650 0.017 0.004 1.000 Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Based on net assets Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized.