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oef:IndustrialSectorMember 2026-04-30 0000911415 aif:C000179523Member oef:InformationTechnologySectorMember 2026-04-30 0000911415 aif:C000179523Member oef:MaterialsSectorMember 2026-04-30 0000911415 aif:C000179523Member us-gaap:RealEstateSectorMember 2026-04-30 0000911415 aif:ShortTermInvestmentsAndOtherNetAssetsMember aif:C000179523Member 2026-04-30 0000911415 aif:C000179523Member oef:UtilitiesSectorMember 2026-04-30 iso4217:USD pure aif:Holding 0000911415 false N-1A N-CSRS ALGER INSTITUTIONAL FUNDS 2026-04-30 Alger Capital Appreciation Institutional Fund Class I ALARX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Institutional Fund<br/>(Class I / ALARX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 60 0.0120 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,290,638,853</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">85</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;">32.82<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> 3290638853 85 0.3282 <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;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer 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;">11.8<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;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<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;">7.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.8<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;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.121 0.118 0.007 0.018 0.072 0.058 0.568 0.005 0.007 0.020 0.006 1.000 Alger Capital Appreciation Institutional Fund Class R ACARX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Institutional Fund<br/>(Class R / ACARX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</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;">1.64<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> 81 0.0164 <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>3,290,638,853</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">85</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;">32.82<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> 3290638853 85 0.3282 <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;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer 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;">11.8<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;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<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;">7.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.8<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;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.121 0.118 0.007 0.018 0.072 0.058 0.568 0.005 0.007 0.020 0.006 1.000 Alger Capital Appreciation Institutional Fund Class Y ACAYX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Institutional Fund<br/>(Class Y / ACAYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>41</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;">0.82<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> 41 0.0082 <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>3,290,638,853</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">85</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;">32.82<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> 3290638853 85 0.3282 <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;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer 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;">11.8<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;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<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;">7.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.8<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;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.121 0.118 0.007 0.018 0.072 0.058 0.568 0.005 0.007 0.020 0.006 1.000 Alger Capital Appreciation Institutional Fund Class Z-2 ACIZX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Capital Appreciation Institutional Fund<br/>(Class Z-2 / ACIZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0084 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,290,638,853</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">85</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;">32.82<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> 3290638853 85 0.3282 <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;">12.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer 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;">11.8<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;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.8<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;">7.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">5.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">56.8<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;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">0.6<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.121 0.118 0.007 0.018 0.072 0.058 0.568 0.005 0.007 0.020 0.006 1.000 Alger Focus Equity Fund Class A ALAFX This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Focus Equity Fund<br/>(Class A / ALAFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 46 0.0091 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,123,571,016</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">52.02<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> 6123571016 50 0.5202 <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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">13.3<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;">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;">1.4<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;">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;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">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;">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;">55.7<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;">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;">0.3<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;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.1<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> 0.130 0.133 0.014 0.057 0.065 0.557 0.003 0.020 0.021 1.000 Alger Focus Equity Fund Class C ALCFX This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Focus Equity Fund<br/>(Class C / ALCFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>84</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;">1.68<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> 84 0.0168 <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>6,123,571,016</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">52.02<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> 6123571016 50 0.5202 <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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">13.3<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;">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;">1.4<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;">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;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">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;">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;">55.7<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;">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;">0.3<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;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.1<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> 0.130 0.133 0.014 0.057 0.065 0.557 0.003 0.020 0.021 1.000 Alger Focus Equity Fund Class I ALGRX This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Focus Equity Fund<br/>(Class I / ALGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 45 0.0089 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,123,571,016</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">52.02<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> 6123571016 50 0.5202 <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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">13.3<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;">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;">1.4<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;">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;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">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;">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;">55.7<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;">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;">0.3<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;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.1<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> 0.130 0.133 0.014 0.057 0.065 0.557 0.003 0.020 0.021 1.000 Alger Focus Equity Fund Class Y ALGYX This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Focus Equity Fund<br/>(Class Y / ALGYX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.60<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 30 0.0060 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,123,571,016</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">52.02<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> 6123571016 50 0.5202 <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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">13.3<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;">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;">1.4<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;">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;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">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;">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;">55.7<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;">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;">0.3<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;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.1<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> 0.130 0.133 0.014 0.057 0.065 0.557 0.003 0.020 0.021 1.000 Alger Focus Equity Fund Class Z ALZFX This semi-annual shareholder report contains important information about the Alger Focus Equity Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Focus Equity Fund<br/>(Class Z / ALZFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</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;">0.62<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> 31 0.0062 <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>6,123,571,016</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">50</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">52.02<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> 6123571016 50 0.5202 <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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">13.3<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;">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;">1.4<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;">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;">5.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">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;">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;">55.7<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;">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;">0.3<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;">2.0<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 Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.1<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> 0.130 0.133 0.014 0.057 0.065 0.557 0.003 0.020 0.021 1.000 Alger Mid Cap Growth Institutional Fund Class I ALMRX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Institutional Fund<br/>(Class I / ALMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0126 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>54,332,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">42.82<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> 54332448 68 0.4282 <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;">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 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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.3<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;">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;">1.7<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;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.3<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;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.038 0.130 0.027 0.009 0.069 0.131 0.288 0.223 0.017 0.026 0.023 0.019 1.000 Alger Mid Cap Growth Institutional Fund Class R AGIRX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Institutional Fund<br/>(Class R / AGIRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</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;">1.89<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 92 0.0189 <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>54,332,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">42.82<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> 54332448 68 0.4282 <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;">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 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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.3<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;">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;">1.7<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;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.3<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;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.038 0.130 0.027 0.009 0.069 0.131 0.288 0.223 0.017 0.026 0.023 0.019 1.000 Alger Mid Cap Growth Institutional Fund Class Z-2 ALMZX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Institutional Fund<br/>(Class Z-2 / ALMZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>49</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;">1.01<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> 49 0.0101 <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>54,332,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">68</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">42.82<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> 54332448 68 0.4282 <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;">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 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;">13.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">13.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">22.3<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;">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;">1.7<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;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">2.3<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;">1.9<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​^†</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> 0.038 0.130 0.027 0.009 0.069 0.131 0.288 0.223 0.017 0.026 0.023 0.019 1.000 Alger Small Cap Growth Institutional Fund Class I ALSRX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature  (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Institutional Fund<br/>(Class I / ALSRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</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;">1.43<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> 71 0.0143 <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>71,328,354</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">106</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.33<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> 71328354 106 0.0833 <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;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.8<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;">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;">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;">5.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">32.5<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;">28.4<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;">23.3<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;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<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;">0.3<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> 0.007 0.068 0.015 0.059 0.325 0.284 0.233 0.001 0.005 0.003 1.000 Alger Small Cap Growth Institutional Fund Class R ASIRX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Institutional Fund<br/>(Class R / ASIRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>94</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;">1.89<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 94 0.0189 <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>71,328,354</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">106</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.33<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> 71328354 106 0.0833 <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;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.8<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;">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;">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;">5.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">32.5<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;">28.4<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;">23.3<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;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<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;">0.3<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> 0.007 0.068 0.015 0.059 0.325 0.284 0.233 0.001 0.005 0.003 1.000 Alger Small Cap Growth Institutional Fund Class Z-2 AISZX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Institutional Fund (“Fund”) for the period from November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(19, 108, 175); font-family: 'arial narrow'; font-size: 9pt;">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space: nowrap;"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top: 0px; font-family: 'arial narrow'; color: rgb(19, 108, 175); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(19, 108, 175); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Small Cap Growth Institutional Fund<br/>(Class Z-2 / AISZX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 50 0.0100 <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>71,328,354</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-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;">106</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">8.33<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> 71328354 106 0.0833 <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;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">6.8<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;">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;">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;">5.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">32.5<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;">28.4<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;">23.3<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;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">0.5<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;">0.3<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> 0.007 0.068 0.015 0.059 0.325 0.284 0.233 0.001 0.005 0.003 1.000 Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets 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. 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