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iso4217:USD pure afii:Holding 0000092751 false N-1A ALGER FUNDS II N-CSRS 2026-04-30 Alger Spectra Fund Class A SPECX This semi-annual shareholder report contains important information about the Alger Spectra 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Spectra Fund<br/>(Class A / SPECX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</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;">1.53<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> 75 0.0153 <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>4,294,094,753</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">79</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">21.01<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">110.3<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(9.4<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.9<span>%</span></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;">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 10pt 3pt 10pt;">(0.9<span>)</span><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;">¹</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 and securities sold short.</div> </td> </tr> </table> 4294094753 79 0.2101 <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> ^† </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;">11.0<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;">14.8<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 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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 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;">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;">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;">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 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;">55.9<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.2<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;">0.3<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;">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;">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;">(0.8<span>)</span><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;">​^†</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> 0.110 0.148 -0.002 0.010 0.016 0.079 0.083 0.559 -0.035 0.012 0.003 0.025 -0.008 1.000 Alger Spectra Fund Class C ASPCX This semi-annual shareholder report contains important information about the Alger Spectra 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Spectra Fund<br/>(Class C / ASPCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</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;">2.31<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> 113 0.0231 <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>4,294,094,753</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">79</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">21.01<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">110.3<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(9.4<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.9<span>%</span></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;">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 10pt 3pt 10pt;">(0.9<span>)</span><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;">¹</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 and securities sold short.</div> </td> </tr> </table> 4294094753 79 0.2101 <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> ^† </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;">11.0<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;">14.8<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 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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 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;">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;">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;">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 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;">55.9<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.2<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;">0.3<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;">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;">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;">(0.8<span>)</span><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;">​^†</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> 0.110 0.148 -0.002 0.010 0.016 0.079 0.083 0.559 -0.035 0.012 0.003 0.025 -0.008 1.000 Alger Spectra Fund Class I ASPIX This semi-annual shareholder report contains important information about the Alger Spectra 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Spectra Fund<br/>(Class I / ASPIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</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;">1.53<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> 75 0.0153 <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>4,294,094,753</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">79</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">21.01<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">110.3<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(9.4<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.9<span>%</span></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;">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 10pt 3pt 10pt;">(0.9<span>)</span><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;">¹</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 and securities sold short.</div> </td> </tr> </table> 4294094753 79 0.2101 <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> ^† </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;">11.0<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;">14.8<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 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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 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;">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;">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;">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 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;">55.9<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.2<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;">0.3<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;">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;">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;">(0.8<span>)</span><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;">​^†</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> 0.110 0.148 -0.002 0.010 0.016 0.079 0.083 0.559 -0.035 0.012 0.003 0.025 -0.008 1.000 Alger Spectra Fund Class Y ASPYX This semi-annual shareholder report contains important information about the Alger Spectra 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Spectra Fund<br/>(Class Y / ASPYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">1.11<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> 55 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>4,294,094,753</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">79</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">21.01<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">110.3<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(9.4<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.9<span>%</span></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;">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 10pt 3pt 10pt;">(0.9<span>)</span><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;">¹</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 and securities sold short.</div> </td> </tr> </table> 4294094753 79 0.2101 <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> ^† </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;">11.0<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;">14.8<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 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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 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;">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;">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;">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 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;">55.9<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.2<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;">0.3<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;">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;">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;">(0.8<span>)</span><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;">​^†</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> 0.110 0.148 -0.002 0.010 0.016 0.079 0.083 0.559 -0.035 0.012 0.003 0.025 -0.008 1.000 Alger Spectra Fund Class Z ASPZX This semi-annual shareholder report contains important information about the Alger Spectra 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Spectra Fund<br/>(Class Z / ASPZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</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;">1.17<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> 57 0.0117 <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>4,294,094,753</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">79</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">21.01<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">110.3<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(9.4<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.9<span>%</span></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;">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 10pt 3pt 10pt;">(0.9<span>)</span><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;">¹</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 and securities sold short.</div> </td> </tr> </table> 4294094753 79 0.2101 <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> ^† </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;">11.0<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;">14.8<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 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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 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;">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;">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;">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 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;">55.9<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: 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><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.2<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;">0.3<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;">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;">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;">(0.8<span>)</span><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;">​^†</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> 0.110 0.148 -0.002 0.010 0.016 0.079 0.083 0.559 -0.035 0.012 0.003 0.025 -0.008 1.000 Alger Dynamic Opportunities Fund Class A SPEDX This semi-annual shareholder report contains important information about the Alger Dynamic 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Dynamic Opportunities Fund<br/>(Class A / SPEDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</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;">2.06<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> 102 0.0206 <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>222,514,660</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">141</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">216.73<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.6<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(38.3<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">62.3<span>%</span></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;">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 10pt 3pt 10pt;">37.7<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;">¹</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, securities sold short, and derivatives.</div> </td> </tr> </table> 222514660 141 2.1673 <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> ^† </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;">9.3<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;">(0.7<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">(1.6<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.7<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;">1.8<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;">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;">6.5<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;">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;">32.1<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">(2.9<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">(1.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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;">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;">1.3<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, Derivatives 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;">42.3<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;">​^†</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> 0.093 -0.007 -0.016 0.017 0.018 0.065 0.104 0.321 -0.029 -0.012 0.010 0.013 0.423 1.000 Alger Dynamic Opportunities Fund Class C ADOCX This semi-annual shareholder report contains important information about the Alger Dynamic 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Dynamic Opportunities Fund<br/>(Class C / ADOCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>139</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;">2.83<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> 139 0.0283 <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>222,514,660</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">141</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">216.73<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.6<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(38.3<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">62.3<span>%</span></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;">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 10pt 3pt 10pt;">37.7<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;">¹</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, securities sold short, and derivatives.</div> </td> </tr> </table> 222514660 141 2.1673 <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> ^† </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;">9.3<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;">(0.7<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">(1.6<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.7<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;">1.8<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;">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;">6.5<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;">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;">32.1<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">(2.9<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">(1.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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;">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;">1.3<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, Derivatives 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;">42.3<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;">​^†</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> 0.093 -0.007 -0.016 0.017 0.018 0.065 0.104 0.321 -0.029 -0.012 0.010 0.013 0.423 1.000 Alger Dynamic Opportunities Fund Class Z ADOZX This semi-annual shareholder report contains important information about the Alger Dynamic 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Dynamic Opportunities Fund<br/>(Class Z / ADOZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</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;">1.74<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> 86 0.0174 <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>222,514,660</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">141</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">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;">216.73<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Long portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">100.6<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; 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;">Short portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">(38.3<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">Net portfolio exposure</td> <td style="break-inside: avoid-page; text-align: 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;">62.3<span>%</span></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;">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 10pt 3pt 10pt;">37.7<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;">¹</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, securities sold short, and derivatives.</div> </td> </tr> </table> 222514660 141 2.1673 <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> ^† </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;">9.3<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;">(0.7<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">(1.6<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">1.7<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;">1.8<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;">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;">6.5<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;">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;">32.1<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;">Market Indices</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">(2.9<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">(1.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: 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;">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;">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;">1.3<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, Derivatives 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;">42.3<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;">​^†</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> 0.093 -0.007 -0.016 0.017 0.018 0.065 0.104 0.321 -0.029 -0.012 0.010 0.013 0.423 1.000 Alger Emerging Markets Fund Class A AAEMX This semi-annual shareholder report contains important information about the Alger Emerging Markets 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Emerging Markets Fund<br/>(Class A / AAEMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</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;">1.55<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> 83 0.0155 <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>21,647,190</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">28.74<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;">¹</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> 21647190 40 0.2874 <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> ^† </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;">Argentina</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">1.5<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;">7.8<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;">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;">19.0<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;">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;">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;">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;">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;">India</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">8.0<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;">Mexico</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">3.8<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;">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;">2.1<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;">Philippines</td> <td style="break-inside: avoid-page; text-align: right; vertical-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: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-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;">Poland</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">Singapore</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">0.8<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;">South Africa</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">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;">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 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;">17.0<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;">Turkey</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">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;">4.0<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;">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;">3.2<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;">​^†</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> 0.015 0.078 0.190 0.034 0.029 0.080 0.038 0.021 0.024 0.017 0.008 0.017 0.189 0.170 0.018 0.040 0.032 1.000 Alger Emerging Markets Fund Class C ACEMX This semi-annual shareholder report contains important information about the Alger Emerging Markets 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Emerging Markets Fund<br/> (Class C / ACEMX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>122</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;">2.30<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> 122 0.0230 <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>21,647,190</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-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">holdings¹</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;">28.74<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;">¹</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> 21647190 40 0.2874 <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> ^† </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;">Argentina</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;">1.5<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;">7.8<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;">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;">19.0<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;">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;">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;">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;">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;">India</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;">8.0<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;">Mexico</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;">3.8<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;">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;">2.1<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;">Philippines</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:0.5pt;border-bottom-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;">Poland</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;">Singapore</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;">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; 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 Africa</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;">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;">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; 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;">17.0<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;">Turkey</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;">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;">4.0<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;">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;">3.2<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;">​^†</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> 0.015 0.078 0.190 0.034 0.029 0.080 0.038 0.021 0.024 0.017 0.008 0.017 0.189 0.170 0.018 0.040 0.032 1.000 Alger Emerging Markets Fund Class I AIEMX This semi-annual shareholder report contains important information about the Alger Emerging Markets 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Emerging Markets Fund<br/>(Class I / AIEMX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</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;">1.45<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> 77 0.0145 <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>21,647,190</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">28.74<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;">¹</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> 21647190 40 0.2874 <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> ^† </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;">Argentina</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">1.5<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;">7.8<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;">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;">19.0<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;">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;">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;">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;">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;">India</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">8.0<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;">Mexico</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">3.8<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;">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;">2.1<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;">Philippines</td> <td style="break-inside: avoid-page; text-align: right; vertical-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: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-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;">Poland</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">Singapore</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">0.8<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;">South Africa</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">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;">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 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;">17.0<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;">Turkey</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">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;">4.0<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;">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;">3.2<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;">​^†</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> 0.015 0.078 0.190 0.034 0.029 0.080 0.038 0.021 0.024 0.017 0.008 0.017 0.189 0.170 0.018 0.040 0.032 1.000 Alger Emerging Markets Fund Class Z AZEMX This semi-annual shareholder report contains important information about the Alger Emerging Markets 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Emerging Markets Fund<br/> (Class Z / AZEMX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>53</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;">0.99<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-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> 53 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; 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>21,647,190</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-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">holdings¹</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;">28.74<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;">¹</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> 21647190 40 0.2874 <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> ^† </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;">Argentina</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;">1.5<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;">7.8<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;">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;">19.0<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;">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;">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;">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;">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;">India</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;">8.0<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;">Mexico</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;">3.8<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;">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;">2.1<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;">Philippines</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:0.5pt;border-bottom-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;">Poland</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;">Singapore</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;">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; 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 Africa</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;">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;">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; 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;">17.0<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;">Turkey</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;">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;">4.0<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;">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;">3.2<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;">​^†</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> 0.015 0.078 0.190 0.034 0.029 0.080 0.038 0.021 0.024 0.017 0.008 0.017 0.189 0.170 0.018 0.040 0.032 1.000 Alger Responsible Investing Fund Class A SPEGX This semi-annual shareholder report contains important information about the Alger Responsible Investing 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Responsible Investing Fund<br/>(Class A / SPEGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</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> 56 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>133,161,771</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">59</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;">3.46<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;">¹</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> 133161771 59 0.0346 <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> ^† </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;">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;">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;">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;">0.6<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;">6.1<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;">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;">4.6<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;">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 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;">48.8<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;">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;">0.4<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;">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;">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;">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;">1.3<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;">9.7<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;">​^†</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> 0.092 0.107 0.006 0.061 0.046 0.071 0.488 0.004 0.015 0.013 0.097 1.000 Alger Responsible Investing Fund Class C AGFCX This semi-annual shareholder report contains important information about the Alger Responsible Investing 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Responsible Investing Fund<br/>(Class C / AGFCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</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;">2.04<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: 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> 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; 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>133,161,771</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">59</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;">3.46<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;">¹</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> 133161771 59 0.0346 <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> ^† </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;">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;">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;">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;">0.6<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;">6.1<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;">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;">4.6<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;">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 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;">48.8<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;">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;">0.4<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;">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;">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;">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;">1.3<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;">9.7<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;">​^†</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> 0.092 0.107 0.006 0.061 0.046 0.071 0.488 0.004 0.015 0.013 0.097 1.000 Alger Responsible Investing Fund Class I AGIFX This semi-annual shareholder report contains important information about the Alger Responsible Investing 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Responsible Investing Fund<br/>(Class I / AGIFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</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> 56 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>133,161,771</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">59</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;">3.46<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;">¹</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> 133161771 59 0.0346 <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> ^† </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;">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;">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;">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;">0.6<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;">6.1<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;">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;">4.6<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;">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 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;">48.8<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;">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;">0.4<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;">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;">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;">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;">1.3<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;">9.7<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;">​^†</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> 0.092 0.107 0.006 0.061 0.046 0.071 0.488 0.004 0.015 0.013 0.097 1.000 Alger Responsible Investing Fund Class Z ALGZX This semi-annual shareholder report contains important information about the Alger Responsible Investing 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Responsible Investing Fund<br/>(Class Z / ALGZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</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;">0.94<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> 47 0.0094 <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>133,161,771</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">holdings¹</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;">59</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;">3.46<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;">¹</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> 133161771 59 0.0346 <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> ^† </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;">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;">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;">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;">0.6<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;">6.1<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;">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;">4.6<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;">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 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;">48.8<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;">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;">0.4<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;">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;">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;">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;">1.3<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;">9.7<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;">​^†</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> 0.092 0.107 0.006 0.061 0.046 0.071 0.488 0.004 0.015 0.013 0.097 1.000 Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds, securities sold short, and derivatives. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds, securities sold short, and derivatives. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds, securities sold short, and derivatives. 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 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 and securities sold short. 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 Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds and securities sold short. Based on net assets Annualized.