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ap:C000025034Member 2026-06-30 0000832566 ap:C000025034Member oef:UtilitiesSectorMember 2026-06-30 iso4217:USD pure ap:Holding 0000832566 false true N-1A N-CSRS ALGER PORTFOLIOS 2026-06-30 Alger Capital Appreciation Portfolio Class I-2 ALVOX This semi-annual shareholder report contains important information about the Alger Capital Appreciation Portfolio (“Fund”) for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Capital Appreciation Portfolio<br/> (Class I-2 / ALVOX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>49</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">0.92<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 49 0.0092 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>816,133,835</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">82</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">36.87<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 816133835 82 0.3687 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Sector Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">15.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">55.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">(0.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.153 0.107 0.002 0.015 0.084 0.055 0.556 0.007 0.005 0.018 -0.002 1.000 Alger Capital Appreciation Portfolio Class S This semi-annual shareholder report contains important information about the Alger Capital Appreciation Portfolio (“Fund”) for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong><strong>Fund (Class)</strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Capital Appreciation Portfolio<br/> (Class S)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">1.17<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 62 0.0117 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>816,133,835</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">82</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">36.87<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 816133835 82 0.3687 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Sector Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">15.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">0.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">55.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">(0.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.153 0.107 0.002 0.015 0.084 0.055 0.556 0.007 0.005 0.018 -0.002 1.000 Alger Large Cap Growth Portfolio Class I-2 AAGOX This semi-annual shareholder report contains important information about the Alger Large Cap Growth Portfolio (“Fund”) for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Large Cap Growth Portfolio<br/> (Class I-2 / AAGOX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>46</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">0.83<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 46 0.0083 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>504,292,139</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">48.76<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 504292139 50 0.4876 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Sector Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">18.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Exchange Traded Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">10.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">52.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Mutual Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.180 0.055 0.029 0.008 0.106 0.049 0.521 0.026 0.018 0.008 1.000 Alger Growth & Income Portfolio Class I-2 AIGOX This semi-annual shareholder report contains important information about the Alger Growth &amp; Income Portfolio (“Fund”) for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Growth &amp; Income Portfolio<br/> (Class I-2 / AIGOX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>38</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">0.72<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 38 0.0072 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Key Fund Statistics</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>51,279,850</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">80</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.76<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 51279850 80 0.0176 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Sector Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">11.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">4.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">12.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">9.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">38.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">3.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">(0.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.115 0.068 0.053 0.041 0.127 0.097 0.054 0.381 0.021 0.031 0.014 -0.002 1.000 Alger Mid Cap Growth Portfolio Class I-2 AMGOX This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Portfolio (“Fund”) for the period from January 1, 2026 to June 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Mid Cap Growth Portfolio<br/>(Class I-2 / AMGOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<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> 48 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 June 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>166,922,539</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">64</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;">47.53<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 166922539 64 0.4753 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">4.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">10.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">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;">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;">9.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">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;">13.2<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;">23.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">28.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 10pt;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.7<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;">2.3<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;">3.3<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;">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 10pt;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> </table> 0.045 0.107 0.018 0.092 0.132 0.237 0.281 0.017 0.023 0.033 0.015 1.000 Alger Small Cap Growth Portfolio Class I-2 AASOX This semi-annual shareholder report contains important information about the Alger Small Cap Growth Portfolio (“Fund”) for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(19, 108, 175);font-family:'arial narrow';font-size:9pt">www.alger.com/fundliterature</span>. You can also request a copy of the semi-annual<span style="white-space:nowrap"> </span>report by contacting us at (800) 992-3863. www.alger.com/fundliterature (800) 992-3863 <div style="margin-top:0px;font-family:'arial narrow';color:rgb(19, 108, 175);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial narrow';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;border-bottom-color:rgb(19, 108, 175);height:auto"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;"><strong>Fund (Class/Ticker)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">Alger Small Cap Growth Portfolio<br/> (Class I-2 / AASOX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;"><span style="float:none">$</span>52</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom;">0.96<span>%</span><span style="vertical-align:super;font-size:smaller">(a)</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 52 0.0096 <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 June 30, 2026.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;"><span style="float:none">$</span>164,102,236</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Total number of portfolio <span style="white-space:nowrap">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">107</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">8.88<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);height:auto"> <td style="break-inside: avoid-page; padding-left: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; font-weight: normal; width: auto;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"><sup>1</sup></div></td> <td style="break-inside: avoid-page; padding-left: 0; padding-right: 0; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-bottom: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div></td> </tr> </table> 164102236 107 0.0888 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial narrow';color:rgb(19, 108, 175);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(19, 108, 175);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Sector Allocation</b> <b> <sup>†</sup> </b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">2.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">33.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">22.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">20.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;">Short-Term Investments and Other Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">6.1<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none;">100.0<span>%</span></td> </tr> </table><table style="border-collapse:collapse;break-inside:avoid;margin-top:3pt;width:auto"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup>†</sup></div></td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding-top: 3pt; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial narrow';font-style:italic;font-size:9pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Based on net assets</div></td> </tr> </table> 0.015 0.078 0.016 0.026 0.020 0.332 0.226 0.209 0.012 0.005 0.061 1.000 Alger Balanced Portfolio Class I-2 ABLOX This semi-annual shareholder report contains important information about the Alger Balanced Portfolio (“Fund”) for the period from January 1, 2026 to June 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 $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Alger Balanced Portfolio<br/>(Class I-2 / ABLOX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span><span style="vertical-align: super; font-size: smaller;">(a)</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;">(a)</td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 48 0.0092 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Key Fund Statistics</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial narrow'; color: rgb(0, 0, 0); font-size: 9pt;">The following table outlines key fund statistics as of the fiscal six-month period ended June 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>71,249,917</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial Narrow'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio <span style="white-space: nowrap;">holdings<sup>1</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">100</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;">5.05<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; margin-top: 3pt; width: auto; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; font-weight: normal; width: auto; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.</div> </td> </tr> </table> 71249917 100 0.0505 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial narrow'; color: rgb(19, 108, 175); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(19, 108, 175); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Sector Allocation</b> <b> <sup>†</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Equities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-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;">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;">8.5<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">5.0<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;">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;">3.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">3.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">9.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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 3pt;">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;">4.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">28.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">1.5<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;">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;">2.3<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;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 10pt;">1.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total Equities</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">74.1<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate <span style="white-space: nowrap;">Bonds<sup>††</sup></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">AAA</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">0.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">AA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">A</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">11.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">BBB</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-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;">22.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">U.S. Government Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial Narrow'; color: rgb(0, 0, 0); font-size: 9pt; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">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: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>†</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Based on net assets</div> </td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">​<sup>††</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial Narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 3pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial narrow'; font-style: italic; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">For purposes of this report, credit quality ratings shown above reflect the rating assigned by S&amp;P Global Ratings. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Credit quality ratings are subject to change.</div> </td> </tr> </table> 0.085 0.050 0.039 0.030 0.094 0.072 0.040 0.282 0.015 0.023 0.011 0.741 0.007 0.042 0.119 0.056 0.224 0.029 0.006 1.000 For purposes of this report, credit quality ratings shown above reflect the rating assigned by S&amp;P Global Ratings. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Credit quality ratings are subject to change. For purposes of this report, credit quality ratings shown above reflect the rating assigned by S&amp;P Global Ratings. 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 For purposes of this report, credit quality ratings shown above reflect the rating assigned by S&P Global Ratings. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Credit quality ratings are subject to change. Annualized. Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. Based on net assets Annualized. Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds. 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.