THE ALGER FUNDS

Alger Weatherbie Specialized Growth Fund

(the “Fund”)

Supplement dated October 20, 2026 to the Fund’s

Summary Prospectuses, Prospectuses, and Statement of Additional Information (“SAI”),

each dated February 27, 2026 amended and supplemented to date

Effective immediately, the following changes are made to the Summary Prospectuses, Prospectuses and SAI of the Fund:

The section of the Fund’s Summary Prospectuses entitled “Management” and the section of the Fund’s Prospectuses entitled “Summary Sections—Alger Weatherbie Specialized Growth Fund—Management” is deleted in its entirety and replaced with the following:

 

Investment Manager		Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Fund
Fred Alger Management, LLC
Sub-Adviser
Weatherbie Capital, LLC*		H. George Dai, Ph.D. Chief Investment Officer, Portfolio Manager and Senior Analyst Since March 2017
		Scott Lipshutz Portfolio Manager and Analyst Since October 2026

 

*	Weatherbie, an affiliate of the Manager, sub-advises the Fund subject to the Manager’s supervision and approval.

As the Fund is co-managed, the responsibilities of such portfolio managers may be shared, divided or otherwise assigned based on various factors including, but not limited to, the level of Fund assets to be managed, their overall experience, their sector expertise, and such other factors as the Manager believes are most efficient and effective. In all cases, each portfolio manager collaborates with the other portfolio manager(s) and analysts to develop overall strategy, outlook, and themes, which impact industry, sector and security allocations in the Fund. Responsibilities amongst portfolio managers may be fully or partially allocated to one of the portfolio managers for the purposes of day-to-day portfolio management and stock selection, implementation of trades, strategic and performance oversight, risk management, or oversight of guidelines, whether externally driven or internally developed by the Manager.

The section of the Fund’s Prospectuses entitled “Management and Organization—Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Funds” is deleted in its entirety, with respect to the Fund only, and replaced with the following:

 

Fund		Portfolio Managers		Since
Alger Weatherbie Specialized Growth Fund		H. George Dai, Ph.D. Scott Lipshutz		March 2017 October 2026

 

•

Dr. Dai is Chief Investment Officer, Portfolio Manager and Senior Analyst of Weatherbie. He joined Weatherbie in 2001.

 

•

Mr. Lipshutz is Vice President, Portfolio Manager and Analyst of Weatherbie. He joined Weatherbie in 2020.

The tables in the sections of the Fund’s SAI entitled “Management—Investment Manager—Other Accounts Managed by Portfolio Managers” and “Management—Investment Manager—Securities Owned by the Portfolio Managers” are deleted in their entirety, with respect to the Fund only, and replaced with the following:

Other Accounts Managed by Portfolio Managers

 

		Registered Investment Companies						Other Pooled Investment Vehicles						Other Accounts
H. George Dai^		1		$	225,894,464			2		$	76,461,138			7		$	95,137,629
Scott Lipshutz*								1		$	125,545,857			5		$	93,985,177

As of September 30, 2026.

 

^	The portfolio manager also manages a private hedge fund, included in “Other Pooled Investment Vehicles,” which may charge additional fees based on the performance of the account. The account had assets of approximately $28 million as of September 30, 2026.

*	The portfolio manager also manages a private hedge fund, included in “Other Pooled Investment Vehicles,” which may charge additional fees based on the performance of the account. The account had assets of approximately $125 million as of September 30, 2026.

Securities Owned by the Portfolio Managers

 

Portfolio Manager		Fund		Range
H. George Dai		Specialized Growth		E*
Scott Lipshutz		Specialized Growth		A

 

*

A portion of these amounts represents vested or unvested shares held in various qualified and non-qualified deferred compensation plans sponsored by the Manager in which the portfolio manager participates. Information provided is based on current valuations of portfolio manager ownership in such plans where obtainable or on initial values (which may increase or decrease) where current valuations are not timely available.

Shareholders should retain this Supplement for future reference.