# EDGAR Filing Document

**Accession Number:** 0000003521
**File Stem:** 0001133228-26-009580
**Filing Date:** 2026-6
**Character Count:** 716956
**Document Hash:** 0b197d815137dde7c04ff59a7917487d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009580.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009580

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER FUNDS
- **CENTRAL INDEX KEY:** 0000003521

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01355
- **FILM NUMBER:** 261120501

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8833

**MAIL ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Alger International Opportunities Fund (Series ID: S000009159)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000024900 | Alger International Opportunities Fund Class A | ALGAX           |
| C000024901 | Alger International Opportunities Fund Class B | AFGPX           |
| C000024902 | Alger International Opportunities Fund Class C | ALGCX           |
| C000039971 | Alger International Opportunities Fund Class I | AIGIX           |
| C000095957 | Alger International Opportunities Fund Class Z | ALCZX           |

### Alger Small Cap Growth Fund (Series ID: S000009160)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000024903 | Alger Small Cap Growth Fund Class A | ALSAX           |
| C000024904 | Alger Small Cap Growth Fund Class B | ALSCX           |
| C000024905 | Alger Small Cap Growth Fund Class C | AGSCX           |
| C000095958 | Alger Small Cap Growth Fund Class Z | ASCZX           |
| C000232602 | Alger Small Cap Growth Fund Class Y | ASCYX           |

### Alger Growth & Income Fund (Series ID: S000009161)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000024906 | Alger Growth & Income Fund Class A | ALBAX           |
| C000024908 | Alger Growth & Income Fund Class C | ALBCX           |
| C000111113 | Alger Growth & Income Fund Class Z | AGIZX           |

### Alger Mid Cap Growth Fund (Series ID: S000009162)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000024909 | Alger Mid Cap Growth Fund Class A | AMGAX           |
| C000024910 | Alger Mid Cap Growth Fund Class B | AMCGX           |
| C000024911 | Alger Mid Cap Growth Fund Class C | AMGCX           |
| C000156504 | Alger Mid Cap Growth Fund Class Z | AMCZX           |

### Alger Capital Appreciation Fund (Series ID: S000009163)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000024912 | Alger Capital Appreciation Fund Class A | ACAAX           |
| C000024914 | Alger Capital Appreciation Fund Class C | ALCCX           |
| C000095959 | Alger Capital Appreciation Fund Class Z | ACAZX           |

### Alger Health Sciences Fund (Series ID: S000009164)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000024915 | Alger Health Sciences Fund Class A | AHSAX           |
| C000024917 | Alger Health Sciences Fund Class C | AHSCX           |
| C000156505 | Alger Health Sciences Fund Class Z | AHSZX           |

### Alger Weatherbie Specialized Growth Fund (Series ID: S000009165)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000024918 | Alger Weatherbie Specialized Growth Fund Class A | ALMAX           |
| C000024920 | Alger Weatherbie Specialized Growth Fund Class C | ALMCX           |
| C000051550 | Alger Weatherbie Specialized Growth Fund Class I | ASIMX           |
| C000095960 | Alger Weatherbie Specialized Growth Fund Class Z | ASMZX           |
| C000193201 | Alger Weatherbie Specialized Growth Fund Class Y | ASYMX           |

### Alger Small Cap Focus Fund (Series ID: S000020958)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000059337 | Alger Small Cap Focus Fund Class A | AOFAX           |
| C000059339 | Alger Small Cap Focus Fund Class C | AOFCX           |
| C000059340 | Alger Small Cap Focus Fund Class I | AOFIX           |
| C000095961 | Alger Small Cap Focus Fund Class Z | AGOZX           |
| C000179520 | Alger Small Cap Focus Fund Class Y | AOFYX           |

### Alger 35 Fund (Series ID: S000061618)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000199574 | Class Z      | ATVPX           |

### Alger Mid Cap Focus Fund (Series ID: S000063650)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000206144 | Class I      | AFOIX           |
| C000206145 | Class Z      | AFOZX           |
| C000225967 | Class Y      | ALOYX           |
| C000228969 | Class A      | ALOAX           |
| C000228970 | Class C      | ALOCX           |

### Alger Concentrated Equity Fund (Series ID: S000084278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248567 | Class C      | CNECX           |
| C000248568 | Class I      | CNEIX           |
| C000248569 | Class Y      | CNEYX           |
| C000248570 | Class Z      | CNEZX           |
| C000248571 | Class A      | CNEAX           |

### Alger AI Enablers & Adopters Fund (Series ID: S000084279)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248572 | Class C      | AAICX           |
| C000248573 | Class I      | AIFIX           |
| C000248574 | Class Y      | AAIYX           |
| C000248575 | Class Z      | AAIZX           |
| C000248576 | Class A      | AIFAX           |

### Alger International Small Cap Fund (Series ID: S000093455)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000261739 | Alger International Small Cap Fund Class A | AFAIX           |
| C000261740 | Alger International Small Cap Fund Class Z | AZISX           |

?xml version='1.0' encoding='ASCII'? 411cea5f-1e44-4a14-b8a3-2b7f5d3952f3

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-01355

#### The Alger Funds
(Exact name of registrant as specified in charter)

------

100 Pearl Street, New York, New York 10004

#### Registrant's telephone number, including area code:

#### 212-806-8800

#### Date of fiscal year end:

#### 10/31

#### Date of reporting period:

#### April 30, 2026
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR - Fund Logo](images_31318.jpg)

### Alger Capital Appreciation Fund

### Class A / ACAAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Capital Appreciation Fund<br>(Class A / ACAAX) | $61 1.23%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2673454626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33.20% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Short-Term Investments and Other Net Assets | 0.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Capital Appreciation Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Capital Appreciation Fund

### Class C / ALCCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Capital Appreciation Fund<br>(Class C / ALCCX) | $98 1.99%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2673454626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33.20% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Short-Term Investments and Other Net Assets | 0.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Capital Appreciation Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Capital Appreciation Fund

### Class Z / ACAZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Capital Appreciation Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Capital Appreciation Fund<br>(Class Z / ACAZX) | $43 0.86%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2673454626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33.20% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Short-Term Investments and Other Net Assets | 0.6% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Capital Appreciation Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Concentrated Equity Fund

### Class A / CNEAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class A / CNEAX) | $40 0.81%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8811882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Short-Term Investments and Other Net Assets | 1.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Concentrated Equity Fund

### Class C / CNECX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class C / CNECX) | $78 1.56%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8811882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Short-Term Investments and Other Net Assets | 1.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Concentrated Equity Fund

### Class I / CNEIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class I / CNEIX) | $40 0.81%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8811882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Short-Term Investments and Other Net Assets | 1.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Concentrated Equity Fund

### Class Y / CNEYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class Y / CNEYX) | $28 0.56%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8811882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Short-Term Investments and Other Net Assets | 1.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Concentrated Equity Fund

### Class Z / CNEZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class Z / CNEZX) | $28 0.56%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8811882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;55.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| Short-Term Investments and Other Net Assets | 1.7% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Growth & Income Fund

### Class A / ALBAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Growth & Income Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Growth & Income Fund<br>(Class A / ALBAX) | $48 0.92%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$892240244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| Short-Term Investments and Other Net Assets | 5.3% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Growth & Income Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Growth & Income Fund

### Class C / ALBCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Growth & Income Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Growth & Income Fund<br>(Class C / ALBCX) | $87 1.67%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$892240244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| Short-Term Investments and Other Net Assets | 5.3% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Growth & Income Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Growth & Income Fund

### Class Z / AGIZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Growth & Income Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Growth & Income Fund<br>(Class Z / AGIZX) | $32 0.61%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$892240244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;12.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.4% |
| Short-Term Investments and Other Net Assets | 5.3% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Growth & Income Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger 35 Fund

### Class Z / ATVPX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger 35 Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger 35 Fund<br>(Class Z / ATVPX) | $30 0.60%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$43383580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;99.45% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;15.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;52.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Short-Term Investments and Other Net Assets | 0.3% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger 35 Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Focus Fund

### Class A / ALOAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class A / ALOAX) | $54 1.11%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317706767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96.30% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Short-Term Investments and Other Net Assets | 4.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Focus Fund

### Class C / ALOCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class C / ALOCX) | $91 1.88%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317706767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96.30% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Short-Term Investments and Other Net Assets | 4.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Focus Fund

### Class I / AFOIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class I / AFOIX) | $55 1.14%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317706767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96.30% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Short-Term Investments and Other Net Assets | 4.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Focus Fund

### Class Y / ALOYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class Y / ALOYX) | $35 0.72%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317706767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96.30% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Short-Term Investments and Other Net Assets | 4.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Focus Fund

### Class Z / AFOZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class Z / AFOZX) | $39 0.80%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317706767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96.30% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Short-Term Investments and Other Net Assets | 4.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Growth Fund

### Class A / AMGAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class A / AMGAX) | $59 1.21%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$278855342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43.28% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;29.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Short-Term Investments and Other Net Assets | 2.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Growth Fund

### Class B / AMCGX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class B / AMCGX) | $68 1.40%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$278855342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43.28% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;29.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Short-Term Investments and Other Net Assets | 2.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Growth Fund

### Class C / AMGCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class C / AMGCX) | $99 2.03%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$278855342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43.28% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;29.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Short-Term Investments and Other Net Assets | 2.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Mid Cap Growth Fund

### Class Z / AMCZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class Z / AMCZX) | $44 0.91%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$278855342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43.28% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;29.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| Short-Term Investments and Other Net Assets | 2.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Growth Fund

### Class A / ALSAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class A / ALSAX) | $66 1.32%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190673610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.42% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Growth Fund

### Class B / ALSCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class B / ALSCX) | $55 1.09%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190673610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.42% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Growth Fund

### Class C / AGSCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class C / AGSCX) | $106 2.12%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190673610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.42% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Growth Fund

### Class Y / ASCYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class Y / ASCYX) | $42 0.84%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190673610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.42% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Growth Fund

### Class Z / ASCZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class Z / ASCZX) | $50 0.99%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$190673610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8.42% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;33.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Focus Fund

### Class A / AOFAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class A / AOFAX) | $64 1.31%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$789401281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.31% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;43.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;15.4% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Focus Fund

### Class C / AOFCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class C / AOFCX) | $99 2.03%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$789401281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.31% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;43.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;15.4% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Focus Fund

### Class I / AOFIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class I / AOFIX) | $62 1.26%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$789401281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.31% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;43.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;15.4% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Focus Fund

### Class Y / AOFYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class Y / AOFYX) | $42 0.86%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$789401281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.31% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;43.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;15.4% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Small Cap Focus Fund

### Class Z / AGOZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class Z / AGOZX) | $44 0.90%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$789401281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44.31% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;43.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;40.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;15.4% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class A / ALMAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class A / ALMAX) | $67 1.34%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$279879322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.29% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class C / ALMCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class C / ALMCX) | $107 2.14%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$279879322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.29% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class I / ASIMX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class I / ASIMX) | $73 1.47%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$279879322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.29% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class Y / ASYMX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class Y / ASYMX) | $45 0.89%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$279879322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.29% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class Z / ASMZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class Z / ASMZX) | $50 0.99%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$279879322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.29% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;18.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;16.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4.9% |
| Short-Term Investments and Other Net Assets | 1.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Opportunities Fund

### Class A / ALGAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class A / ALGAX) | $62 1.23%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$172192294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.03% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Belgium | 1.8% |
| Brazil | 5.4% |
| Canada | 6.6% |
| China | 2.9% |
| Denmark | 3.4% |
| France | 1.6% |
| Germany | 4.5% |
| Greece | 2.7% |
| Hungary | 1.4% |
| Italy | 4.5% |
| Japan | 20.3% |
| Netherlands | 1.7% |
| Norway | 2.0% |
| Peru | 2.5% |
| South Korea | 8.4% |
| Spain | 4.6% |
| Sweden | 1.8% |
| Switzerland | 1.7% |
| Taiwan | 8.3% |
| United Kingdom | 7.1% |
| United States | 4.4% |
| Short-Term Investments and Net Other Assets | 2.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Opportunities Fund

### Class B / AFGPX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Opportunities Fund<br> (Class B / AFGPX) | $64 1.28%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$172192294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.03% |

---

 **<sup>1</sup>* **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.*

 **Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Belgium | 1.8% |
| Brazil | 5.4% |
| Canada | 6.6% |
| China | 2.9% |
| Denmark | 3.4% |
| France | 1.6% |
| Germany | 4.5% |
| Greece | 2.7% |
| Hungary | 1.4% |
| Italy | 4.5% |
| Japan | 20.3% |
| Netherlands | 1.7% |
| Norway | 2.0% |
| Peru | 2.5% |
| South Korea | 8.4% |
| Spain | 4.6% |
| Sweden | 1.8% |
| Switzerland | 1.7% |
| Taiwan | 8.3% |
| United Kingdom | 7.1% |
| United States | 4.4% |
| Short-Term Investments and Net Other Assets | 2.4% |
|  | 100.0% |

---

 **<sup>†</sup>* **Based on net assets*

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Opportunities Fund

### Class C / ALGCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Opportunities Fund<br> (Class C / ALGCX) | $102 2.04%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$172192294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.03% |

---

 **<sup>1</sup>* **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.*

 **Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Belgium | 1.8% |
| Brazil | 5.4% |
| Canada | 6.6% |
| China | 2.9% |
| Denmark | 3.4% |
| France | 1.6% |
| Germany | 4.5% |
| Greece | 2.7% |
| Hungary | 1.4% |
| Italy | 4.5% |
| Japan | 20.3% |
| Netherlands | 1.7% |
| Norway | 2.0% |
| Peru | 2.5% |
| South Korea | 8.4% |
| Spain | 4.6% |
| Sweden | 1.8% |
| Switzerland | 1.7% |
| Taiwan | 8.3% |
| United Kingdom | 7.1% |
| United States | 4.4% |
| Short-Term Investments and Net Other Assets | 2.4% |
|  | 100.0% |

---

 **<sup>†</sup>* **Based on net assets*

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Opportunities Fund

### Class I / AIGIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Opportunities Fund<br> (Class I / AIGIX) | $62 1.24%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$172192294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.03% |

---

 **<sup>1</sup>* **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.*

 **Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Belgium | 1.8% |
| Brazil | 5.4% |
| Canada | 6.6% |
| China | 2.9% |
| Denmark | 3.4% |
| France | 1.6% |
| Germany | 4.5% |
| Greece | 2.7% |
| Hungary | 1.4% |
| Italy | 4.5% |
| Japan | 20.3% |
| Netherlands | 1.7% |
| Norway | 2.0% |
| Peru | 2.5% |
| South Korea | 8.4% |
| Spain | 4.6% |
| Sweden | 1.8% |
| Switzerland | 1.7% |
| Taiwan | 8.3% |
| United Kingdom | 7.1% |
| United States | 4.4% |
| Short-Term Investments and Net Other Assets | 2.4% |
|  | 100.0% |

---

 **<sup>†</sup>* **Based on net assets*

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Opportunities Fund

### Class Z / ALCZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class Z / ALCZX) | $43 0.85%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$172192294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28.03% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Belgium | 1.8% |
| Brazil | 5.4% |
| Canada | 6.6% |
| China | 2.9% |
| Denmark | 3.4% |
| France | 1.6% |
| Germany | 4.5% |
| Greece | 2.7% |
| Hungary | 1.4% |
| Italy | 4.5% |
| Japan | 20.3% |
| Netherlands | 1.7% |
| Norway | 2.0% |
| Peru | 2.5% |
| South Korea | 8.4% |
| Spain | 4.6% |
| Sweden | 1.8% |
| Switzerland | 1.7% |
| Taiwan | 8.3% |
| United Kingdom | 7.1% |
| United States | 4.4% |
| Short-Term Investments and Net Other Assets | 2.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Opportunities Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Small Cap Fund

### Class A / AFAIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Small Cap Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Small Cap Fund<br>(Class A / AFAIX) | $62 1.20%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month periodperiod ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4041614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.97% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Australia | 1.0% |
| Austria | 2.2% |
| Belgium | 2.5% |
| Brazil | 2.9% |
| Canada | 5.2% |
| Denmark | 3.0% |
| France | 4.2% |
| Germany | 6.6% |
| Hong Kong | 4.2% |
| Israel | 4.9% |
| Italy | 9.5% |
| Japan | 31.5% |
| Spain | 1.8% |
| Sweden | 3.7% |
| Switzerland | 2.1% |
| United Kingdom | 12.5% |
| Short-Term Investments and Net Other Assets | 2.2% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Small Cap Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger International Small Cap Fund

### Class Z / AZISX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger International Small Cap Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger International Small Cap Fund<br> (Class Z / AZISX) | $44 0.85%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month periodperiod ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4041614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21.97% |

---

 **<sup>1</sup>* **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.*

 **Geographical Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Australia | 1.0% |
| Austria | 2.2% |
| Belgium | 2.5% |
| Brazil | 2.9% |
| Canada | 5.2% |
| Denmark | 3.0% |
| France | 4.2% |
| Germany | 6.6% |
| Hong Kong | 4.2% |
| Israel | 4.9% |
| Italy | 9.5% |
| Japan | 31.5% |
| Spain | 1.8% |
| Sweden | 3.7% |
| Switzerland | 2.1% |
| United Kingdom | 12.5% |
| Short-Term Investments and Net Other Assets | 2.2% |
|  | 100.0% |

---

 **<sup>†</sup>* **Based on net assets*

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger International Small Cap Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Health Sciences Fund

### Class A / AHSAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Health Sciences Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Health Sciences Fund<br>(Class A / AHSAX) | $62 1.20%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60835522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;163.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;88.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investments and Other Net Assets | 2.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Health Sciences Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Health Sciences Fund

### Class C / AHSCX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Health Sciences Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Health Sciences Fund<br>(Class C / AHSCX) | $104 2.02%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60835522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;163.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;88.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investments and Other Net Assets | 2.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Health Sciences Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger Health Sciences Fund

### Class Z / AHSZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger Health Sciences Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger Health Sciences Fund<br>(Class Z / AHSZX) | $40 0.77%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60835522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;163.34% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;88.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Short-Term Investments and Other Net Assets | 2.9% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Health Sciences Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger AI Enablers & Adopters Fund

### Class A / AIFAX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class A / AIFAX) | $42 0.83%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22854360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89.63% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Short-Term Investments and Other Net Assets | 0.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger AI Enablers & Adopters Fund

### Class C / AAICX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class C / AAICX) | $80 1.58%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22854360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89.63% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Short-Term Investments and Other Net Assets | 0.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger AI Enablers & Adopters Fund

### Class I / AIFIX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class I / AIFIX) | $42 0.83%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22854360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89.63% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Short-Term Investments and Other Net Assets | 0.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger AI Enablers & Adopters Fund

### Class Y / AAIYX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class Y / AAIYX) | $29 0.57%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22854360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89.63% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Short-Term Investments and Other Net Assets | 0.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_31318.jpg)

### Alger AI Enablers & Adopters Fund

### Class Z / AAIZX

#### Semi-Annual SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 992-3863.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class Z / AAIZX) | $29 0.58%<sup>(a)</sup> |

---

*(a)* **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended April 30, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$22854360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89.63% |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;65.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1.7% |
| Short-Term Investments and Other Net Assets | 0.4% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_31317.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 992-3863.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger AI Enablers & Adopters Fund

------

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](img0471a7861.gif)

THE ALGER FUNDS

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**April 30, 2026 (UNAUDITED)**

![](img5fb3f8a42.gif)

------

**Table of Contents**

------

**THE ALGER FUNDS**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_SOI1-Continued-4563_1) | 2 |
| [Statements of Assets and Liabilities](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_SAL1-Continued_1) | 53 |
| [Statements of Operations](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_SOP1-Continued_1) | 67 |
| [Statements of Changes in Net Assets](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_SOC1-Continued-4563_1) | 79 |
| [Financial Highlights](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_FIHI-Continued-4563_1) | 92 |
| [Notes to Financial Statements](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_NTF-Continued_1) | 143 |
| [Other Information](#xx_ad98fdc9-0eb0-4e6d-a1e0-766608f0b077_AI-Continued-4563_1) | 203 |

---

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** | **COMMON STOCKS—93.3%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| HEICO Corp. | 25348 | **$** 6841932 |
| HEICO Corp., Cl. A | 51989 | 10866741 |
| Rheinmetall AG | 2062 | 3288500 |
|  |  | **20997173** |
| **APPLICATION SOFTWARE—2.7%** | **APPLICATION SOFTWARE—2.7%** | **APPLICATION SOFTWARE—2.7%** |
| Anthropic PBC, Series G<sup>(a),\*,@</sup>  | 29991 | 7771760 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 118289 | 52798295 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 83013 | 11547938 |
|  |  | **72117993** |
| **ASSET MANAGEMENT & CUSTODY BANKS—0.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.1%** |
| Blackstone, Inc. | 17872 | **2244366** |
| **AUTOMOBILE MANUFACTURERS—2.5%** | **AUTOMOBILE MANUFACTURERS—2.5%** | **AUTOMOBILE MANUFACTURERS—2.5%** |
| Tesla, Inc.<sup>\*</sup>  | 173055 | **66042980** |
| **AUTOMOTIVE RETAIL—0.0%** | **AUTOMOTIVE RETAIL—0.0%** | **AUTOMOTIVE RETAIL—0.0%** |
| Carvana Co.<sup>\*</sup>  | 1509 | **597262** |
| **BIOTECHNOLOGY—4.0%** | **BIOTECHNOLOGY—4.0%** | **BIOTECHNOLOGY—4.0%** |
| Abivax SA ADR<sup>\*</sup>  | 141390 | 16596358 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 267529 | 19658031 |
| Ascendis Pharma A/S<sup>\*</sup>  | 33554 | 7696616 |
| Biogen, Inc.<sup>\*</sup>  | 72954 | 13808733 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 81401 | 2913342 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 78790 | 6917762 |
| Natera, Inc.<sup>\*</sup>  | 142049 | 29284822 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 35743 | 5151281 |
| Roivant Sciences Ltd.<sup>\*</sup>  | 198253 | 5656158 |
|  |  | **107683103** |
| **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 792544 | 210071713 |
| MercadoLibre, Inc.<sup>\*</sup>  | 8682 | 15563614 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 337180 | 28619838 |
|  |  | **254255165** |
| **COAL & CONSUMABLE FUELS—0.6%** | **COAL & CONSUMABLE FUELS—0.6%** | **COAL & CONSUMABLE FUELS—0.6%** |
| Cameco Corp. | 100491 | 12364413 |
| Centrus Energy Corp., Cl. A<sup>\*</sup>  | 19375 | 4087350 |
|  |  | **16451763** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** |
| Rocket Cos., Inc., Cl. A<sup>\*</sup>  | 733701 | **10726708** |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| Arista Networks, Inc.<sup>\*</sup>  | 104825 | **18104326** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.1%** |
| Caterpillar, Inc. | 3917 | **3486561** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 372900 | **$13088790** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** |
| Walmart, Inc. | 48851 | **6444912** |
| **ELECTRIC UTILITIES—0.0%** | **ELECTRIC UTILITIES—0.0%** | **ELECTRIC UTILITIES—0.0%** |
| NRG Energy, Inc. | 7652 | **1190498** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.8%** |
| Vertiv Holdings Co., Cl. A | 68624 | **22542298** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.6%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.6%** |
| GFL Environmental, Inc. | 383824 | **15395181** |
| **FINANCIAL EXCHANGES & DATA—0.1%** | **FINANCIAL EXCHANGES & DATA—0.1%** | **FINANCIAL EXCHANGES & DATA—0.1%** |
| S&P Global, Inc. | 9346 | **4030275** |
| **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** | **HEALTH CARE DISTRIBUTORS—0.4%** |
| Cardinal Health, Inc. | 56903 | **10975451** |
| **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** |
| Boston Scientific Corp.<sup>\*</sup>  | 21366 | 1230895 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 29537 | 13516427 |
|  |  | **14747322** |
| **HEALTHCARE FACILITIES—0.1%** | **HEALTHCARE FACILITIES—0.1%** | **HEALTHCARE FACILITIES—0.1%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 12151 | **2152185** |
| **HEALTHCARE TECHNOLOGY—0.1%** | **HEALTHCARE TECHNOLOGY—0.1%** | **HEALTHCARE TECHNOLOGY—0.1%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 19146 | **2986201** |
| **HEAVY ELECTRICAL EQUIPMENT—1.1%** | **HEAVY ELECTRICAL EQUIPMENT—1.1%** | **HEAVY ELECTRICAL EQUIPMENT—1.1%** |
| GE Vernova, Inc. | 25114 | 27210015 |
| X-Energy, Inc., Cl. A<sup>\*</sup>  | 37799 | 1199362 |
|  |  | **28409377** |
| **HOUSEHOLD APPLIANCES—0.1%** | **HOUSEHOLD APPLIANCES—0.1%** | **HOUSEHOLD APPLIANCES—0.1%** |
| SharkNinja, Inc.<sup>\*</sup>  | 21628 | **2498683** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 140305 | 52252388 |
| Vistra Corp. | 14643 | 2311251 |
|  |  | **54563639** |
| **INTERACTIVE MEDIA & SERVICES—10.5%** | **INTERACTIVE MEDIA & SERVICES—10.5%** | **INTERACTIVE MEDIA & SERVICES—10.5%** |
| Alphabet, Inc., Cl. C | 377519 | 144189607 |
| Meta Platforms, Inc., Cl. A | 223961 | 137043975 |
|  |  | **281233582** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.6%** | **INTERNET SERVICES & INFRASTRUCTURE—1.6%** | **INTERNET SERVICES & INFRASTRUCTURE—1.6%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 45831 | 9393980 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 36706 | 9206966 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 111837 | 13546816 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.6% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—1.6% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—1.6% (CONT.)** |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 64673 | **$** 9575484 |
|  |  | **41723246** |
| **INVESTMENT BANKING & BROKERAGE—0.4%** | **INVESTMENT BANKING & BROKERAGE—0.4%** | **INVESTMENT BANKING & BROKERAGE—0.4%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 137081 | **9991834** |
| **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** |
| Repligen Corp.<sup>\*</sup>  | 48961 | **5792576** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 33694 | **12482953** |
| **MOVIES & ENTERTAINMENT—1.8%** | **MOVIES & ENTERTAINMENT—1.8%** | **MOVIES & ENTERTAINMENT—1.8%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 29518 | 2537072 |
| Netflix, Inc.<sup>\*</sup>  | 269337 | 25212637 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 167250 | 19494660 |
| Sphere Entertainment Co., Cl. A<sup>\*</sup>  | 6376 | 908261 |
|  |  | **48152630** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.1%** | **OIL & GAS STORAGE & TRANSPORTATION—0.1%** | **OIL & GAS STORAGE & TRANSPORTATION—0.1%** |
| Cheniere Energy, Inc. | 7803 | **2145435** |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| AstraZeneca PLC | 78429 | 14695242 |
| Eli Lilly & Co. | 9000 | 8411400 |
| Merck & Co., Inc. | 36910 | 4029834 |
| Nektar Therapeutics<sup>\*</sup>  | 9435 | 802352 |
|  |  | **27938828** |
| **SEMICONDUCTORS—24.4%** | **SEMICONDUCTORS—24.4%** | **SEMICONDUCTORS—24.4%** |
| Astera Labs, Inc.<sup>\*</sup>  | 242603 | 47244508 |
| Broadcom, Inc. | 286028 | 119396668 |
| Micron Technology, Inc. | 16042 | 8296281 |
| NVIDIA Corp. | 1767257 | 352691479 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 314126 | 124412744 |
|  |  | **652041680** |
| **SPECIALTY CHEMICALS—0.2%** | **SPECIALTY CHEMICALS—0.2%** | **SPECIALTY CHEMICALS—0.2%** |
| DuPont de Nemours, Inc. | 90056 | **4111957** |
| **SYSTEMS SOFTWARE—12.8%** | **SYSTEMS SOFTWARE—12.8%** | **SYSTEMS SOFTWARE—12.8%** |
| Microsoft Corp. | 569593 | 232268634 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 746679 | 103213438 |
| ServiceNow, Inc.<sup>\*</sup>  | 85445 | 7545648 |
|  |  | **343027720** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—9.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—9.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—9.7%** |
| Apple, Inc. | 545361 | 147983708 |
| Western Digital Corp. | 258016 | 112113112 |
|  |  | **260096820** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** | **COMMON STOCKS—93.3% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 248919 | **$** 5226054 |
| QXO, Inc.<sup>\*</sup>  | 1945938 | 39054976 |
|  |  | **44281030** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.4%** |
| Visa, Inc., Cl. A | 30163 | **9948964** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $882,824,299) |  | **2494701467** |
| **PREFERRED STOCKS—2.8%** | **PREFERRED STOCKS—2.8%** | **PREFERRED STOCKS—2.8%** |
| **APPLICATION SOFTWARE—2.1%** | **APPLICATION SOFTWARE—2.1%** | **APPLICATION SOFTWARE—2.1%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 217533 | 37400449 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 15245 | 2621073 |
| Open AI Group PBC, Series C<sup>(a),\*,@</sup>  | 7830 | 5384588 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 331992 | 11938432 |
|  |  | **57344542** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 188128 | 6947567 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 56121 | 10909923 |
|  |  | **17857490** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $52,010,844) |  | **75202032** |
| **REAL ESTATE INVESTMENT TRUSTS—0.7%** | **REAL ESTATE INVESTMENT TRUSTS—0.7%** | **REAL ESTATE INVESTMENT TRUSTS—0.7%** |
| **HEALTH CARE—0.7%** | **HEALTH CARE—0.7%** | **HEALTH CARE—0.7%** |
| Welltower, Inc. | 84039 | **18265036** |
| (Cost $17,441,554) |  | **18265036** |
| **SPECIAL PURPOSE VEHICLES—2.6%** | **SPECIAL PURPOSE VEHICLES—2.6%** | **SPECIAL PURPOSE VEHICLES—2.6%** |
| **APPLICATION SOFTWARE—2.6%** | **APPLICATION SOFTWARE—2.6%** | **APPLICATION SOFTWARE—2.6%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | 24246157 |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | 45482941 |
|  |  | **69729098** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $56,829,309) |  | **69729098** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CAPITAL APPRECIATION FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** | **SHORT-TERM SECURITIES—0.8%** |
| **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** | **MONEY MARKET FUNDS—0.8%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 19978049 | **$19978049** |
| (Cost $19,978,049) |  | **19978049** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $1,029,084,055)** | 100.2% | **$2677875682** |
| Affiliated Securities (Cost $24,573,626) |  | 24246157 |
| Unaffiliated Securities (Cost $1,004,510,429) |  | 2653629525 |
| Liabilities in Excess of Other Assets | (0.2)% | (4421056) |
| **NET ASSETS** | 100.0% | **$2673454626** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 13 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| 2026 VDC LP  | 3/2/26, 4/1/26 | $24573626 | $24246157 | 0.9% |
| Anthropic PBC, Series G | 3/31/26 | 7771760 | 7771760 | 0.3% |
| Apptronik, Inc., Series A-X1 | 1/29/26 | 6954565 | 6947567 | 0.3% |
| Databricks, Inc., Series J | 12/17/24 | 20121803 | 37400449 | 1.4% |
| Databricks, Inc., Series L | 12/16/25 | 2896550 | 2621073 | 0.1% |
| Disruptive Technology Solutions LI, LLC  | 11/4/25, 4/28/26 | 32255683 | 45482941 | 1.7% |
| Figure AI, Inc., Series C | 11/18/25 | 10939755 | 10909923 | 0.4% |
| Open AI Group PBC, Series C | 3/31/26 | 5384589 | 5384588 | 0.2% |
| SB Technology, Inc., Series E | 10/23/24 | 5713582 | 11938432 | 0.4% |
| Total |  | $116611913 | $152702890 | 5.7% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CONCENTRATED EQUITY FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** |
| **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| HEICO Corp., Cl. A | 779 | **$162827** |
| **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** |
| Anthropic PBC, Series G<sup>(a),\*,@</sup>  | 758 | 196425 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 536 | 239244 |
|  |  | **435669** |
| **AUTOMOBILE MANUFACTURERS—3.1%** | **AUTOMOBILE MANUFACTURERS—3.1%** | **AUTOMOBILE MANUFACTURERS—3.1%** |
| Tesla, Inc.<sup>\*</sup>  | 707 | **269812** |
| **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** |
| Natera, Inc.<sup>\*</sup>  | 542 | **111739** |
| **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 2386 | 632433 |
| MercadoLibre, Inc.<sup>\*</sup>  | 34 | 60949 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 1703 | 144551 |
|  |  | **837933** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** |
| Rocket Cos., Inc., Cl. A<sup>\*</sup>  | 3569 | **52179** |
| **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 2273 | **79782** |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| Constellation Energy Corp. | 356 | **111428** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.1%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.1%** |
| GFL Environmental, Inc. | 4727 | **189600** |
| **HEALTHCARE EQUIPMENT—1.5%** | **HEALTHCARE EQUIPMENT—1.5%** | **HEALTHCARE EQUIPMENT—1.5%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 286 | **130876** |
| **HEAVY ELECTRICAL EQUIPMENT—2.7%** | **HEAVY ELECTRICAL EQUIPMENT—2.7%** | **HEAVY ELECTRICAL EQUIPMENT—2.7%** |
| GE Vernova, Inc. | 218 | **236194** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.5%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.5%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.5%** |
| Talen Energy Corp.<sup>\*</sup>  | 345 | **128485** |
| **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** |
| Alphabet, Inc., Cl. C | 1603 | 612250 |
| Meta Platforms, Inc., Cl. A | 528 | 323088 |
|  |  | **935338** |
| **MOVIES & ENTERTAINMENT—0.7%** | **MOVIES & ENTERTAINMENT—0.7%** | **MOVIES & ENTERTAINMENT—0.7%** |
| Netflix, Inc.<sup>\*</sup>  | 670 | **62719** |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| Eli Lilly & Co. | 146 | **136452** |
| **SEMICONDUCTORS—28.0%** | **SEMICONDUCTORS—28.0%** | **SEMICONDUCTORS—28.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 1133 | 220640 |
| Broadcom, Inc. | 1108 | 462513 |
| NVIDIA Corp. | 6406 | 1278445 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CONCENTRATED EQUITY FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.6% (CONT.)** | **COMMON STOCKS—96.6% (CONT.)** | **COMMON STOCKS—96.6% (CONT.)** |
| **SEMICONDUCTORS—28.0% (CONT.)** | **SEMICONDUCTORS—28.0% (CONT.)** | **SEMICONDUCTORS—28.0% (CONT.)** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1284 | **$** 508541 |
|  |  | **2470139** |
| **SYSTEMS SOFTWARE—12.0%** | **SYSTEMS SOFTWARE—12.0%** | **SYSTEMS SOFTWARE—12.0%** |
| Microsoft Corp. | 1648 | 672022 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 2767 | 382482 |
|  |  | **1054504** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.9%** |
| Apple, Inc. | 1441 | 391016 |
| Western Digital Corp. | 908 | 394544 |
|  |  | **785560** |
| **TRADING COMPANIES & DISTRIBUTORS—3.7%** | **TRADING COMPANIES & DISTRIBUTORS—3.7%** | **TRADING COMPANIES & DISTRIBUTORS—3.7%** |
| QXO, Inc.<sup>\*</sup>  | 16182 | **324773** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,592,202) |  | **8516009** |
| **SPECIAL PURPOSE VEHICLES—1.7%** | **SPECIAL PURPOSE VEHICLES—1.7%** | **SPECIAL PURPOSE VEHICLES—1.7%** |
| **APPLICATION SOFTWARE—1.7%** | **APPLICATION SOFTWARE—1.7%** | **APPLICATION SOFTWARE—1.7%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | **146340** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $148,317) |  | **146340** |
| **SHORT-TERM SECURITIES—1.9%** | **SHORT-TERM SECURITIES—1.9%** | **SHORT-TERM SECURITIES—1.9%** |
| **MONEY MARKET FUNDS—1.9%** | **MONEY MARKET FUNDS—1.9%** | **MONEY MARKET FUNDS—1.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 168962 | **168962** |
| (Cost $168,962) |  | **168962** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $5,909,481)** | 100.2% | **$8831311** |
| Affiliated Securities (Cost $148,317) |  | 146340 |
| Unaffiliated Securities (Cost $5,761,164) |  | 8684971 |
| Liabilities in Excess of Other Assets | (0.2)% | (19429) |
| **NET ASSETS** | 100.0% | **$8811882** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 13 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER CONCENTRATED EQUITY FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| 2026 VDC LP  | 3/2/26, 4/1/26 | $148317 | $146340 | 1.7% |
| Anthropic PBC, Series G | 3/31/26 | 196425 | 196425 | 2.2% |
| Total |  | $344742 | $342765 | 3.9% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.5%** | **COMMON STOCKS—91.5%** | **COMMON STOCKS—91.5%** |
| **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** |
| TransDigm Group, Inc. | 4017 | **$4659640** |
| **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** | **APPAREL RETAIL—0.4%** |
| Gap, Inc. | 133801 | **3290167** |
| **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** | **APPLICATION SOFTWARE—0.3%** |
| Adobe, Inc.<sup>\*</sup>  | 12098 | **2977318** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.0%** |
| Blackrock, Inc. | 10171 | 10838218 |
| Blackstone, Inc. | 54731 | 6873119 |
|  |  | **17711337** |
| **AUTOMOBILE MANUFACTURERS—0.3%** | **AUTOMOBILE MANUFACTURERS—0.3%** | **AUTOMOBILE MANUFACTURERS—0.3%** |
| Ferrari NV | 7779 | **2701647** |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| AbbVie, Inc. | 54000 | 11411280 |
| Amgen, Inc. | 11723 | 4059089 |
| Gilead Sciences, Inc. | 24850 | 3251374 |
|  |  | **18721743** |
| **BROADLINE RETAIL—3.1%** | **BROADLINE RETAIL—3.1%** | **BROADLINE RETAIL—3.1%** |
| Amazon.com, Inc.<sup>\*</sup>  | 103904 | **27540794** |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| Johnson Controls International PLC | 41811 | **6105660** |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| Cisco Systems, Inc. | 95850 | **8770275** |
| **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** | **COMPUTER & ELECTRONICS RETAIL—0.2%** |
| Best Buy Co., Inc. | 30662 | **1854744** |
| **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** | **CONSUMER ELECTRONICS—0.5%** |
| Garmin Ltd. | 18890 | **4744035** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.2%** |
| Walmart, Inc. | 77799 | **10264022** |
| **COPPER—0.7%** | **COPPER—0.7%** | **COPPER—0.7%** |
| Southern Copper Corp. | 36113 | **6200241** |
| **DIVERSIFIED BANKS—4.9%** | **DIVERSIFIED BANKS—4.9%** | **DIVERSIFIED BANKS—4.9%** |
| Bank of America Corp. | 176152 | 9417086 |
| Fifth Third Bancorp | 85058 | 4317544 |
| JPMorgan Chase & Co. | 96335 | 30175012 |
|  |  | **43909642** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| NextEra Energy, Inc. | 42622 | **4171841** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.5%** |
| Eaton Corp. PLC | 31583 | **13675755** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.5% (CONT.)** | **COMMON STOCKS—91.5% (CONT.)** | **COMMON STOCKS—91.5% (CONT.)** |
| **ELECTRONIC COMPONENTS—1.1%** | **ELECTRONIC COMPONENTS—1.1%** | **ELECTRONIC COMPONENTS—1.1%** |
| Corning, Inc. | 60201 | **$9887412** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| CME Group, Inc., Cl. A | 24887 | **7162976** |
| **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** |
| Sysco Corp. | 36038 | **2692399** |
| **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** | **HEALTH CARE DISTRIBUTORS—0.7%** |
| Cardinal Health, Inc. | 31763 | **6126447** |
| **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** |
| Abbott Laboratories | 30013 | 2724880 |
| Medtronic PLC | 35903 | 2907066 |
|  |  | **5631946** |
| **HOME IMPROVEMENT RETAIL—1.2%** | **HOME IMPROVEMENT RETAIL—1.2%** | **HOME IMPROVEMENT RETAIL—1.2%** |
| The Home Depot, Inc. | 33793 | **11111138** |
| **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** |
| The Procter & Gamble Co. | 52665 | **7746495** |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| Honeywell International, Inc. | 40692 | **8721516** |
| **INDUSTRIAL GASES—0.7%** | **INDUSTRIAL GASES—0.7%** | **INDUSTRIAL GASES—0.7%** |
| Air Products & Chemicals, Inc. | 19424 | **5828171** |
| **INTEGRATED OIL & GAS—3.7%** | **INTEGRATED OIL & GAS—3.7%** | **INTEGRATED OIL & GAS—3.7%** |
| Chevron Corp. | 56625 | 10946179 |
| Exxon Mobil Corp. | 101770 | 15706164 |
| TotalEnergies SE | 70891 | 6572304 |
|  |  | **33224647** |
| **INTEGRATED TELECOMMUNICATION SERVICES—1.0%** | **INTEGRATED TELECOMMUNICATION SERVICES—1.0%** | **INTEGRATED TELECOMMUNICATION SERVICES—1.0%** |
| Comcast Corp., Cl. A | 121494 | 3285198 |
| Verizon Communications, Inc. | 120905 | 5807067 |
|  |  | **9092265** |
| **INTERACTIVE MEDIA & SERVICES—11.7%** | **INTERACTIVE MEDIA & SERVICES—11.7%** | **INTERACTIVE MEDIA & SERVICES—11.7%** |
| Alphabet, Inc., Cl. A | 124348 | 47849111 |
| Alphabet, Inc., Cl. C | 97044 | 37064985 |
| Meta Platforms, Inc., Cl. A | 32533 | 19907268 |
|  |  | **104821364** |
| **INVESTMENT BANKING & BROKERAGE—2.7%** | **INVESTMENT BANKING & BROKERAGE—2.7%** | **INVESTMENT BANKING & BROKERAGE—2.7%** |
| Morgan Stanley | 127955 | **24386943** |
| **IT CONSULTING & OTHER SERVICES—0.5%** | **IT CONSULTING & OTHER SERVICES—0.5%** | **IT CONSULTING & OTHER SERVICES—0.5%** |
| Accenture PLC, Cl. A | 12221 | 2184015 |
| International Business Machines Corp. | 9977 | 2304487 |
|  |  | **4488502** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.5% (CONT.)** | **COMMON STOCKS—91.5% (CONT.)** | **COMMON STOCKS—91.5% (CONT.)** |
| **MANAGED HEALTHCARE—0.6%** | **MANAGED HEALTHCARE—0.6%** | **MANAGED HEALTHCARE—0.6%** |
| UnitedHealth Group, Inc. | 14789 | **$5479029** |
| **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** |
| Consolidated Edison, Inc. | 32131 | 3582285 |
| Sempra | 45544 | 4332146 |
|  |  | **7914431** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| ONEOK, Inc. | 41222 | **3811386** |
| **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** | **OTHER SPECIALTY RETAIL—0.2%** |
| Dick's Sporting Goods, Inc. | 9080 | **2060434** |
| **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** |
| AstraZeneca PLC | 27926 | 5232495 |
| Bristol-Myers Squibb Co. | 63010 | 3817776 |
| Eli Lilly & Co. | 8087 | 7558110 |
| Johnson & Johnson | 56911 | 13080993 |
| Merck & Co., Inc. | 30726 | 3354665 |
| Novartis AG ADR | 26696 | 3947003 |
| Pfizer, Inc. | 108194 | 2888780 |
|  |  | **39879822** |
| **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** | **PROPERTY & CASUALTY INSURANCE—0.6%** |
| The Hartford Insurance Group, Inc. | 38249 | **5232846** |
| **RAIL TRANSPORTATION—0.8%** | **RAIL TRANSPORTATION—0.8%** | **RAIL TRANSPORTATION—0.8%** |
| Union Pacific Corp. | 25827 | **6959860** |
| **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** |
| McDonald's Corp. | 16779 | 4926147 |
| Starbucks Corp. | 34621 | 3646630 |
|  |  | **8572777** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.6%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—5.6%** |
| KLA Corp. | 28536 | **49947988** |
| **SEMICONDUCTORS—10.3%** | **SEMICONDUCTORS—10.3%** | **SEMICONDUCTORS—10.3%** |
| Broadcom, Inc. | 158266 | 66064976 |
| QUALCOMM, Inc. | 60203 | 10811255 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 38984 | 15440003 |
|  |  | **92316234** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| PepsiCo, Inc. | 41970 | 6651825 |
| The Coca-Cola Co. | 92507 | 7285852 |
|  |  | **13937677** |
| **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** | **SPECIALTY CHEMICALS—0.8%** |
| DuPont de Nemours, Inc. | 147894 | **6752840** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.5% (CONT.)** | **COMMON STOCKS—91.5% (CONT.)** | **COMMON STOCKS—91.5% (CONT.)** |
| **SYSTEMS SOFTWARE—6.8%** | **SYSTEMS SOFTWARE—6.8%** | **SYSTEMS SOFTWARE—6.8%** |
| Microsoft Corp. | 139506 | **$** 56887757 |
| Oracle Corp. | 21105 | 3406136 |
|  |  | **60293893** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** |
| Apple, Inc. | 217055 | 58897874 |
| Dell Technologies, Inc., Cl. C | 34442 | 7196656 |
|  |  | **66094530** |
| **TOBACCO—1.2%** | **TOBACCO—1.2%** | **TOBACCO—1.2%** |
| Altria Group, Inc. | 77624 | 5639383 |
| Philip Morris International, Inc. | 32854 | 5423210 |
|  |  | **11062593** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 20423 | **5467441** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.4%** |
| Visa, Inc., Cl. A | 38373 | **12656950** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $403,854,166) |  | **816661813** |
| **MASTER LIMITED PARTNERSHIPS—0.4%** | **MASTER LIMITED PARTNERSHIPS—0.4%** | **MASTER LIMITED PARTNERSHIPS—0.4%** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| Cheniere Energy Partners LP | 46569 | **3121055** |
| (Cost $1,784,422) |  | **3121055** |
| **REAL ESTATE INVESTMENT TRUSTS—2.8%** | **REAL ESTATE INVESTMENT TRUSTS—2.8%** | **REAL ESTATE INVESTMENT TRUSTS—2.8%** |
| **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** |
| Welltower, Inc. | 41153 | **8944193** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 17881 | **2539460** |
| **RETAIL—0.6%** | **RETAIL—0.6%** | **RETAIL—0.6%** |
| Simon Property Group, Inc. | 29337 | **5976240** |
| **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** |
| Lamar Advertising Co., Cl. A | 30628 | **4221763** |
| **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** |
| Crown Castle, Inc. | 37642 | **3341857** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $16,427,085) |  | **25023513** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER GROWTH & INCOME FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—5.2%** | **SHORT-TERM SECURITIES—5.2%** | **SHORT-TERM SECURITIES—5.2%** |
| **MONEY MARKET FUNDS—5.2%** | **MONEY MARKET FUNDS—5.2%** | **MONEY MARKET FUNDS—5.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(a)</sup>  | 46132425 | **$46132425** |
| (Cost $46,132,425) |  | **46132425** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $468,198,098)** | 99.9% | **$890938806** |
| Unaffiliated Securities (Cost $468,198,098) |  | 890938806 |
| Other Assets in Excess of Liabilities | 0.1% | 1301438 |
| **NET ASSETS** | 100.0% | **$892240244** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Rate shown reflects 7-day effective yield as of April 30, 2026. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER 35 FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.5%** | **COMMON STOCKS—94.5%** | **COMMON STOCKS—94.5%** |
| **APPLICATION SOFTWARE—5.1%** | **APPLICATION SOFTWARE—5.1%** | **APPLICATION SOFTWARE—5.1%** |
| Anthropic PBC, Series G<sup>(a),\*,@</sup>  | 2370 | **$** 614153 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 3594 | 1604182 |
|  |  | **2218335** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.4%** |
| Blackstone, Inc. | 4785 | **600900** |
| **BIOTECHNOLOGY—2.9%** | **BIOTECHNOLOGY—2.9%** | **BIOTECHNOLOGY—2.9%** |
| Abivax SA ADR<sup>\*</sup>  | 3192 | 374677 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 10358 | 276144 |
| Natera, Inc.<sup>\*</sup>  | 2954 | 608997 |
|  |  | **1259818** |
| **BROADLINE RETAIL—9.6%** | **BROADLINE RETAIL—9.6%** | **BROADLINE RETAIL—9.6%** |
| Amazon.com, Inc.<sup>\*</sup>  | 12904 | 3420334 |
| MercadoLibre, Inc.<sup>\*</sup>  | 423 | 758283 |
|  |  | **4178617** |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| Applied Optoelectronics, Inc.<sup>\*</sup>  | 2766 | **454620** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.6%** |
| Enovix Corp.<sup>\*</sup>  | 101015 | **673770** |
| **HEALTH CARE DISTRIBUTORS—1.3%** | **HEALTH CARE DISTRIBUTORS—1.3%** | **HEALTH CARE DISTRIBUTORS—1.3%** |
| McKesson Corp. | 679 | **553521** |
| **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 475 | **217365** |
| **HEAVY ELECTRICAL EQUIPMENT—2.9%** | **HEAVY ELECTRICAL EQUIPMENT—2.9%** | **HEAVY ELECTRICAL EQUIPMENT—2.9%** |
| GE Vernova, Inc. | 1150 | **1245979** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.4%** |
| Talen Energy Corp.<sup>\*</sup>  | 2816 | **1048735** |
| **INTERACTIVE MEDIA & SERVICES—13.4%** | **INTERACTIVE MEDIA & SERVICES—13.4%** | **INTERACTIVE MEDIA & SERVICES—13.4%** |
| Alphabet, Inc., Cl. A | 11504 | 4426739 |
| Meta Platforms, Inc., Cl. A | 2289 | 1400662 |
|  |  | **5827401** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.0%** | **INTERNET SERVICES & INFRASTRUCTURE—3.0%** | **INTERNET SERVICES & INFRASTRUCTURE—3.0%** |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 8702 | **1288418** |
| **INVESTMENT BANKING & BROKERAGE—0.9%** | **INVESTMENT BANKING & BROKERAGE—0.9%** | **INVESTMENT BANKING & BROKERAGE—0.9%** |
| Goldman Sachs Group, Inc. | 420 | **387983** |
| **MOVIES & ENTERTAINMENT—2.0%** | **MOVIES & ENTERTAINMENT—2.0%** | **MOVIES & ENTERTAINMENT—2.0%** |
| Netflix, Inc.<sup>\*</sup>  | 4759 | 445490 |
| Spotify Technology SA<sup>\*</sup>  | 972 | 434047 |
|  |  | **879537** |
| **PHARMACEUTICALS—3.2%** | **PHARMACEUTICALS—3.2%** | **PHARMACEUTICALS—3.2%** |
| Eli Lilly & Co. | 700 | 654220 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER 35 FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.5% (CONT.)** | **COMMON STOCKS—94.5% (CONT.)** | **COMMON STOCKS—94.5% (CONT.)** |
| **PHARMACEUTICALS—3.2% (CONT.)** | **PHARMACEUTICALS—3.2% (CONT.)** | **PHARMACEUTICALS—3.2% (CONT.)** |
| Johnson & Johnson | 3160 | **$** 726326 |
|  |  | **1380546** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.9%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.9%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.9%** |
| Lam Research Corp. | 1551 | **399941** |
| **SEMICONDUCTORS—20.4%** | **SEMICONDUCTORS—20.4%** | **SEMICONDUCTORS—20.4%** |
| Astera Labs, Inc.<sup>\*</sup>  | 6277 | 1222383 |
| NVIDIA Corp. | 29015 | 5790523 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 4644 | 1839303 |
|  |  | **8852209** |
| **SYSTEMS SOFTWARE—13.7%** | **SYSTEMS SOFTWARE—13.7%** | **SYSTEMS SOFTWARE—13.7%** |
| Microsoft Corp. | 7224 | 2945803 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 15835 | 2188872 |
| ServiceNow, Inc.<sup>\*</sup>  | 9141 | 807241 |
|  |  | **5941916** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.8%** |
| Western Digital Corp. | 4788 | **2080482** |
| **TRADING COMPANIES & DISTRIBUTORS—3.5%** | **TRADING COMPANIES & DISTRIBUTORS—3.5%** | **TRADING COMPANIES & DISTRIBUTORS—3.5%** |
| QXO, Inc.<sup>\*</sup>  | 75119 | **1507638** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $26,157,373) |  | **40997731** |
| **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** |
| **APPLICATION SOFTWARE—3.0%** | **APPLICATION SOFTWARE—3.0%** | **APPLICATION SOFTWARE—3.0%** |
| Open AI Group PBC, Series C<sup>(a),\*,@</sup>  | 283 | 194615 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 30534 | 1098003 |
|  |  | **1292618** |
| **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 10403925 | **593024** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,264,404) |  | **1885642** |
| **SPECIAL PURPOSE VEHICLES—0.9%** | **SPECIAL PURPOSE VEHICLES—0.9%** | **SPECIAL PURPOSE VEHICLES—0.9%** |
| **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | **387909** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $393,148) |  | **387909** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER 35 FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.4%** | **SHORT-TERM SECURITIES—0.4%** | **SHORT-TERM SECURITIES—0.4%** |
| **MONEY MARKET FUNDS—0.4%** | **MONEY MARKET FUNDS—0.4%** | **MONEY MARKET FUNDS—0.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 158352 | **$158352** |
| (Cost $158,352) |  | **158352** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $27,973,277)** | 100.1% | **$43429634** |
| Affiliated Securities (Cost $393,148) |  | 387909 |
| Unaffiliated Securities (Cost $27,580,129) |  | 43041725 |
| Liabilities in Excess of Other Assets | (0.1)% | (46054) |
| **NET ASSETS** | 100.0% | **$43383580** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 13 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| 2026 VDC LP | 3/2/26, 4/1/26 | $393148 | $387909 | 0.9% |
| Anthropic PBC, Series G | 3/31/26 | 614153 | 614153 | 1.4% |
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | 544299 | 593024 | 1.3% |
| Open AI Group PBC, Series C | 3/31/26 | 194615 | 194615 | 0.5% |
| SB Technology, Inc., Series E | 10/23/24 | 525490 | 1098003 | 2.5% |
| Total |  | $2271705 | $2887704 | 6.6% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP FOCUS FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—88.3%** | **COMMON STOCKS—88.3%** | **COMMON STOCKS—88.3%** |
| **AEROSPACE & DEFENSE—11.5%** | **AEROSPACE & DEFENSE—11.5%** | **AEROSPACE & DEFENSE—11.5%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 17233 | **$** 6923530 |
| FTAI Aviation Ltd. | 32493 | 8112527 |
| HEICO Corp. | 21297 | 5748486 |
| Howmet Aerospace, Inc. | 36408 | 8848601 |
| Karman Holdings, Inc.<sup>\*</sup>  | 49046 | 3334147 |
| Rocket Lab Corp.<sup>\*</sup>  | 42831 | 3533986 |
|  |  | **36501277** |
| **APPLICATION SOFTWARE—3.3%** | **APPLICATION SOFTWARE—3.3%** | **APPLICATION SOFTWARE—3.3%** |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 23968 | 3334188 |
| Synopsys, Inc.<sup>\*</sup>  | 14831 | 7157441 |
|  |  | **10491629** |
| **AUTOMOTIVE RETAIL—1.7%** | **AUTOMOTIVE RETAIL—1.7%** | **AUTOMOTIVE RETAIL—1.7%** |
| Carvana Co.<sup>\*</sup>  | 13388 | **5298970** |
| **BIOTECHNOLOGY—16.2%** | **BIOTECHNOLOGY—16.2%** | **BIOTECHNOLOGY—16.2%** |
| Abivax SA ADR<sup>\*</sup>  | 54840 | 6437119 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 78761 | 5787358 |
| Biogen, Inc.<sup>\*</sup>  | 35346 | 6690291 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 76634 | 2742731 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 25855 | 2270069 |
| Insmed, Inc.<sup>\*</sup>  | 41775 | 5695186 |
| Natera, Inc.<sup>\*</sup>  | 41004 | 8453385 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 17473 | 2518209 |
| Twist Bioscience Corp.<sup>\*</sup>  | 113061 | 6608415 |
| Vaxcyte, Inc.<sup>\*</sup>  | 76429 | 4374796 |
|  |  | **51577559** |
| **BUILDING PRODUCTS—2.8%** | **BUILDING PRODUCTS—2.8%** | **BUILDING PRODUCTS—2.8%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 34702 | **8836170** |
| **CARGO GROUND TRANSPORTATION—1.8%** | **CARGO GROUND TRANSPORTATION—1.8%** | **CARGO GROUND TRANSPORTATION—1.8%** |
| Saia, Inc.<sup>\*</sup>  | 12646 | **5675778** |
| **COMMUNICATIONS EQUIPMENT—1.7%** | **COMMUNICATIONS EQUIPMENT—1.7%** | **COMMUNICATIONS EQUIPMENT—1.7%** |
| Lumentum Holdings, Inc.<sup>\*</sup>  | 6117 | **5519491** |
| **CONSTRUCTION & ENGINEERING—4.3%** | **CONSTRUCTION & ENGINEERING—4.3%** | **CONSTRUCTION & ENGINEERING—4.3%** |
| Comfort Systems USA, Inc. | 7512 | **13823958** |
| **CONSTRUCTION MATERIALS—1.3%** | **CONSTRUCTION MATERIALS—1.3%** | **CONSTRUCTION MATERIALS—1.3%** |
| Martin Marietta Materials, Inc. | 6540 | **4048718** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—4.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.5%** |
| Vertiv Holdings Co., Cl. A | 43702 | **14355670** |
| **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** |
| Amphenol Corp., Cl. A | 47691 | **7023454** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.8%** |
| GFL Environmental, Inc. | 138778 | **5566386** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP FOCUS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—88.3% (CONT.)** | **COMMON STOCKS—88.3% (CONT.)** | **COMMON STOCKS—88.3% (CONT.)** |
| **HEALTH CARE DISTRIBUTORS—1.2%** | **HEALTH CARE DISTRIBUTORS—1.2%** | **HEALTH CARE DISTRIBUTORS—1.2%** |
| Cardinal Health, Inc. | 19340 | **$3730299** |
| **HEALTHCARE EQUIPMENT—1.5%** | **HEALTHCARE EQUIPMENT—1.5%** | **HEALTHCARE EQUIPMENT—1.5%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 8527 | **4781942** |
| **HEALTHCARE SERVICES—2.0%** | **HEALTHCARE SERVICES—2.0%** | **HEALTHCARE SERVICES—2.0%** |
| Guardant Health, Inc.<sup>\*</sup>  | 74166 | **6458375** |
| **HEALTHCARE TECHNOLOGY—0.9%** | **HEALTHCARE TECHNOLOGY—0.9%** | **HEALTHCARE TECHNOLOGY—0.9%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 19193 | **2993532** |
| **HOTELS RESORTS & CRUISE LINES—1.8%** | **HOTELS RESORTS & CRUISE LINES—1.8%** | **HOTELS RESORTS & CRUISE LINES—1.8%** |
| Viking Holdings Ltd.<sup>\*</sup>  | 71357 | **5844852** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** |
| Talen Energy Corp.<sup>\*</sup>  | 7066 | 2631520 |
| Vistra Corp. | 22196 | 3503416 |
|  |  | **6134936** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.2%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 16834 | **10085081** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.0%** | **INTERNET SERVICES & INFRASTRUCTURE—4.0%** | **INTERNET SERVICES & INFRASTRUCTURE—4.0%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 46984 | 9630311 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 12251 | 3072918 |
|  |  | **12703229** |
| **INVESTMENT BANKING & BROKERAGE—1.2%** | **INVESTMENT BANKING & BROKERAGE—1.2%** | **INVESTMENT BANKING & BROKERAGE—1.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 50966 | **3714912** |
| **LIFE SCIENCES TOOLS & SERVICES—2.7%** | **LIFE SCIENCES TOOLS & SERVICES—2.7%** | **LIFE SCIENCES TOOLS & SERVICES—2.7%** |
| Repligen Corp.<sup>\*</sup>  | 72429 | **8569075** |
| **MOVIES & ENTERTAINMENT—1.0%** | **MOVIES & ENTERTAINMENT—1.0%** | **MOVIES & ENTERTAINMENT—1.0%** |
| Spotify Technology SA<sup>\*</sup>  | 6866 | **3066012** |
| **SEMICONDUCTORS—5.7%** | **SEMICONDUCTORS—5.7%** | **SEMICONDUCTORS—5.7%** |
| Astera Labs, Inc.<sup>\*</sup>  | 25730 | 5010660 |
| Monolithic Power Systems, Inc. | 5580 | 9008408 |
| Silergy Corp. | 290548 | 3976387 |
|  |  | **17995455** |
| **SYSTEMS SOFTWARE—2.8%** | **SYSTEMS SOFTWARE—2.8%** | **SYSTEMS SOFTWARE—2.8%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 63898 | **8832621** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.1%** |
| Western Digital Corp. | 15186 | **6598621** |
| **TRADING COMPANIES & DISTRIBUTORS—3.2%** | **TRADING COMPANIES & DISTRIBUTORS—3.2%** | **TRADING COMPANIES & DISTRIBUTORS—3.2%** |
| QXO, Inc.<sup>\*</sup>  | 247370 | 4964716 |
| United Rentals, Inc. | 5415 | 5197533 |
|  |  | **10162249** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $210,278,378) |  | **280390251** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP FOCUS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—6.2%** | **PREFERRED STOCKS—6.2%** | **PREFERRED STOCKS—6.2%** |
| **APPLICATION SOFTWARE—6.2%** | **APPLICATION SOFTWARE—6.2%** | **APPLICATION SOFTWARE—6.2%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 54295 | **$** 9334939 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 16310 | 2804178 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 5080 | 873405 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 188526 | 6779395 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $11,678,520) |  | **19791917** |
| **SPECIAL PURPOSE VEHICLES—1.0%** | **SPECIAL PURPOSE VEHICLES—1.0%** | **SPECIAL PURPOSE VEHICLES—1.0%** |
| **APPLICATION SOFTWARE—1.0%** | **APPLICATION SOFTWARE—1.0%** | **APPLICATION SOFTWARE—1.0%** |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | **3227062** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $3,331,941) |  | **3227062** |
| **SHORT-TERM SECURITIES—4.3%** | **SHORT-TERM SECURITIES—4.3%** | **SHORT-TERM SECURITIES—4.3%** |
| **MONEY MARKET FUNDS—4.3%** | **MONEY MARKET FUNDS—4.3%** | **MONEY MARKET FUNDS—4.3%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(b)</sup>  | 13789848 | **13789848** |
| (Cost $13,789,848) |  | **13789848** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $239,078,687)** | 99.8% | **$317199078** |
| Unaffiliated Securities (Cost $239,078,687) |  | 317199078 |
| Other Assets in Excess of Liabilities | 0.2% | 507689 |
| **NET ASSETS** | 100.0% | **$317706767** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| Databricks, Inc., Series J | 12/17/24 | $5022288 | $9334939 | 2.9% |
| Databricks, Inc., Series K | 9/8/25 | 2446500 | 2804178 | 0.9% |
| Databricks, Inc., Series L | 12/16/25 | 965200 | 873405 | 0.3% |
| Disruptive Technology Solutions LI, LLC  | 4/28/26 | 3331941 | 3227062 | 1.0% |
| SB Technology, Inc., Series E | 10/23/24, 12/18/24 | 3244532 | 6779395 | 2.1% |
| Total |  | $15010461 | $23018979 | 7.2% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.9%** | **COMMON STOCKS—93.9%** | **COMMON STOCKS—93.9%** |
| **AEROSPACE & DEFENSE—7.7%** | **AEROSPACE & DEFENSE—7.7%** | **AEROSPACE & DEFENSE—7.7%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 7592 | **$** 3050162 |
| FTAI Aviation Ltd. | 20185 | 5039589 |
| HEICO Corp. | 13939 | 3762415 |
| Howmet Aerospace, Inc. | 39769 | 9665458 |
|  |  | **21517624** |
| **APPAREL RETAIL—1.8%** | **APPAREL RETAIL—1.8%** | **APPAREL RETAIL—1.8%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 15989 | **5116640** |
| **APPLICATION SOFTWARE—2.4%** | **APPLICATION SOFTWARE—2.4%** | **APPLICATION SOFTWARE—2.4%** |
| Guidewire Software, Inc.<sup>\*</sup>  | 16510 | 2284819 |
| Procore Technologies, Inc.<sup>\*</sup>  | 17742 | 1003843 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 48520 | 3500898 |
|  |  | **6789560** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.1%** |
| Ares Management Corp., Cl. A | 23852 | 2800225 |
| Blue Owl Capital, Inc., Cl. A | 25118 | 244900 |
|  |  | **3045125** |
| **AUTOMOTIVE RETAIL—4.3%** | **AUTOMOTIVE RETAIL—4.3%** | **AUTOMOTIVE RETAIL—4.3%** |
| Carvana Co.<sup>\*</sup>  | 12773 | 5055553 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 70215 | 6979371 |
|  |  | **12034924** |
| **BIOTECHNOLOGY—5.9%** | **BIOTECHNOLOGY—5.9%** | **BIOTECHNOLOGY—5.9%** |
| Abivax SA ADR<sup>\*</sup>  | 22166 | 2601845 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 45380 | 3334522 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 20697 | 740746 |
| Natera, Inc.<sup>\*</sup>  | 32647 | 6730505 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 7488 | 1079171 |
| Vaxcyte, Inc.<sup>\*</sup>  | 35911 | 2055546 |
|  |  | **16542335** |
| **CARGO GROUND TRANSPORTATION—1.2%** | **CARGO GROUND TRANSPORTATION—1.2%** | **CARGO GROUND TRANSPORTATION—1.2%** |
| Saia, Inc.<sup>\*</sup>  | 7445 | **3341465** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** |
| Rocket Cos., Inc., Cl. A<sup>\*</sup>  | 190039 | **2778370** |
| **CONSTRUCTION & ENGINEERING—3.7%** | **CONSTRUCTION & ENGINEERING—3.7%** | **CONSTRUCTION & ENGINEERING—3.7%** |
| Comfort Systems USA, Inc. | 5692 | **10474703** |
| **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** |
| Martin Marietta Materials, Inc. | 8020 | **4964941** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 28600 | **1003860** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—4.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.1%** |
| Vertiv Holdings Co., Cl. A | 34784 | **11426196** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.9% (CONT.)** | **COMMON STOCKS—93.9% (CONT.)** | **COMMON STOCKS—93.9% (CONT.)** |
| **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** |
| Amphenol Corp., Cl. A | 40979 | **$6034977** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%** |
| Novanta, Inc.<sup>\*</sup>  | 28363 | **3673859** |
| **ENVIRONMENTAL & FACILITIES SERVICES—3.0%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.0%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.0%** |
| GFL Environmental, Inc. | 211211 | **8471673** |
| **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** | **HEALTHCARE EQUIPMENT—1.4%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 6803 | **3815122** |
| **HEALTHCARE SERVICES—1.3%** | **HEALTHCARE SERVICES—1.3%** | **HEALTHCARE SERVICES—1.3%** |
| Guardant Health, Inc.<sup>\*</sup>  | 40236 | **3503751** |
| **HOMEBUILDING—0.4%** | **HOMEBUILDING—0.4%** | **HOMEBUILDING—0.4%** |
| NVR, Inc.<sup>\*</sup>  | 167 | **1054750** |
| **HOTELS RESORTS & CRUISE LINES—4.7%** | **HOTELS RESORTS & CRUISE LINES—4.7%** | **HOTELS RESORTS & CRUISE LINES—4.7%** |
| Hilton Worldwide Holdings, Inc. | 22100 | 7161947 |
| Viking Holdings Ltd.<sup>\*</sup>  | 72816 | 5964359 |
|  |  | **13126306** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.4%** |
| Talen Energy Corp.<sup>\*</sup>  | 8282 | 3084382 |
| Vistra Corp. | 23222 | 3665361 |
|  |  | **6749743** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.9%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.9%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.9%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 18217 | **10913623** |
| **INSURANCE BROKERS—0.9%** | **INSURANCE BROKERS—0.9%** | **INSURANCE BROKERS—0.9%** |
| Ryan Specialty Holdings, Inc., Cl. A | 70576 | **2453928** |
| **INTERACTIVE HOME ENTERTAINMENT—0.2%** | **INTERACTIVE HOME ENTERTAINMENT—0.2%** | **INTERACTIVE HOME ENTERTAINMENT—0.2%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 12313 | **680416** |
| **INTERNET SERVICES & INFRASTRUCTURE—5.8%** | **INTERNET SERVICES & INFRASTRUCTURE—5.8%** | **INTERNET SERVICES & INFRASTRUCTURE—5.8%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 45456 | 9317116 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 9960 | 2498267 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 28667 | 4244436 |
|  |  | **16059819** |
| **INVESTMENT BANKING & BROKERAGE—1.2%** | **INVESTMENT BANKING & BROKERAGE—1.2%** | **INVESTMENT BANKING & BROKERAGE—1.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 46217 | **3368757** |
| **LIFE & HEALTH INSURANCE—1.0%** | **LIFE & HEALTH INSURANCE—1.0%** | **LIFE & HEALTH INSURANCE—1.0%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 150174 | **2772212** |
| **LIFE SCIENCES TOOLS & SERVICES—4.4%** | **LIFE SCIENCES TOOLS & SERVICES—4.4%** | **LIFE SCIENCES TOOLS & SERVICES—4.4%** |
| Repligen Corp.<sup>\*</sup>  | 54237 | 6416779 |
| West Pharmaceutical Services, Inc. | 19744 | 5875617 |
|  |  | **12292396** |
| **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** |
| Spotify Technology SA<sup>\*</sup>  | 6048 | 2700734 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.9% (CONT.)** | **COMMON STOCKS—93.9% (CONT.)** | **COMMON STOCKS—93.9% (CONT.)** |
| **MOVIES & ENTERTAINMENT—3.7% (CONT.)** | **MOVIES & ENTERTAINMENT—3.7% (CONT.)** | **MOVIES & ENTERTAINMENT—3.7% (CONT.)** |
| TKO Group Holdings, Inc., Cl. A | 41018 | **$** 7633040 |
|  |  | **10333774** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.9%** | **OIL & GAS STORAGE & TRANSPORTATION—0.9%** | **OIL & GAS STORAGE & TRANSPORTATION—0.9%** |
| Cheniere Energy, Inc. | 8689 | **2389041** |
| **PERSONAL CARE PRODUCTS—1.0%** | **PERSONAL CARE PRODUCTS—1.0%** | **PERSONAL CARE PRODUCTS—1.0%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 42980 | **2749431** |
| **PROPERTY & CASUALTY INSURANCE—1.5%** | **PROPERTY & CASUALTY INSURANCE—1.5%** | **PROPERTY & CASUALTY INSURANCE—1.5%** |
| Intact Financial Corp. | 21868 | **4213738** |
| **REAL ESTATE SERVICES—1.4%** | **REAL ESTATE SERVICES—1.4%** | **REAL ESTATE SERVICES—1.4%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 28006 | **3997296** |
| **RESEARCH & CONSULTING SERVICES—1.8%** | **RESEARCH & CONSULTING SERVICES—1.8%** | **RESEARCH & CONSULTING SERVICES—1.8%** |
| Verisk Analytics, Inc. | 27076 | **4995251** |
| **RESTAURANTS—1.2%** | **RESTAURANTS—1.2%** | **RESTAURANTS—1.2%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 96097 | **3266337** |
| **SEMICONDUCTORS—4.9%** | **SEMICONDUCTORS—4.9%** | **SEMICONDUCTORS—4.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 31684 | 6170142 |
| Monolithic Power Systems, Inc. | 4596 | 7419829 |
|  |  | **13589971** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 133184 | **4470987** |
| **SYSTEMS SOFTWARE—1.6%** | **SYSTEMS SOFTWARE—1.6%** | **SYSTEMS SOFTWARE—1.6%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 29190 | 4034933 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 9532 | 506912 |
|  |  | **4541845** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.7%** |
| Western Digital Corp. | 10648 | **4626769** |
| **TRADING COMPANIES & DISTRIBUTORS—3.1%** | **TRADING COMPANIES & DISTRIBUTORS—3.1%** | **TRADING COMPANIES & DISTRIBUTORS—3.1%** |
| EquipmentShare.com, Inc., Cl. A<sup>\*</sup>  | 91863 | 1928664 |
| QXO, Inc.<sup>\*</sup>  | 335926 | 6742035 |
|  |  | **8670699** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $203,856,371) |  | **261852214** |
| **PREFERRED STOCKS—1.2%** | **PREFERRED STOCKS—1.2%** | **PREFERRED STOCKS—1.2%** |
| **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** | **APPLICATION SOFTWARE—0.8%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 59020 | **2122359** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 15970 | 589772 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.2% (CONT.)** | **PREFERRED STOCKS—1.2% (CONT.)** | **PREFERRED STOCKS—1.2% (CONT.)** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4% (CONT.)** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4% (CONT.)** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.4% (CONT.)** |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 3326 | **$** 646574 |
|  |  | **1236346** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,254,443) |  | **3358705** |
| **REAL ESTATE INVESTMENT TRUSTS—1.2%** | **REAL ESTATE INVESTMENT TRUSTS—1.2%** | **REAL ESTATE INVESTMENT TRUSTS—1.2%** |
| **HEALTH CARE—1.2%** | **HEALTH CARE—1.2%** | **HEALTH CARE—1.2%** |
| American Healthcare REIT, Inc. | 66610 | **3382456** |
| (Cost $3,434,456) |  | **3382456** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 590059 | **—** |
| (Cost $315,502) |  | **—** |
| **SPECIAL PURPOSE VEHICLES—1.5%** | **SPECIAL PURPOSE VEHICLES—1.5%** | **SPECIAL PURPOSE VEHICLES—1.5%** |
| **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | 1375062 |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | 2830007 |
|  |  | **4205069** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $3,276,386) |  | **4205069** |
| **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
| **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** | **APPLICATION SOFTWARE—0.0%** |
| Constellation Software, Inc., 3/31/40<sup>\*</sup>  | 2045 | **—** |
| (Cost $0) |  | **—** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER MID CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—2.2%** | **SHORT-TERM SECURITIES—2.2%** | **SHORT-TERM SECURITIES—2.2%** |
| **MONEY MARKET FUNDS—2.2%** | **MONEY MARKET FUNDS—2.2%** | **MONEY MARKET FUNDS—2.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 6143694 | **$6143694** |
| (Cost $6,143,694) |  | **6143694** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $219,280,852)** | 100.0% | **$278942138** |
| Affiliated Securities (Cost $1,393,634) |  | 1375062 |
| Unaffiliated Securities (Cost $217,887,218) |  | 277567076 |
| Liabilities in Excess of Other Assets | (0.0)% | (86796) |
| **NET ASSETS** | 100.0% | **$278855342** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 13 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| 2026 VDC LP  | 3/2/26, 4/1/26 | $1393634 | $1375062 | 0.5% |
| Apptronik, Inc., Series A-X1 | 1/29/26 | 590366 | 589772 | 0.2% |
| Disruptive Technology Solutions LI, LLC | 11/4/25, 4/28/26 | 1882752 | 2830007 | 1.0% |
| Figure AI, Inc., Series C | 11/18/25 | 648343 | 646574 | 0.2% |
| SB Technology, Inc., Series E | 10/23/24 | 1015734 | 2122359 | 0.8% |
| Tolero CDR | 2/6/17 | 315502 |  | 0.0% |
| Total |  | $5846331 | $7563774 | 2.7% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.0%** | **COMMON STOCKS—96.0%** | **COMMON STOCKS—96.0%** |
| **AEROSPACE & DEFENSE—7.9%** | **AEROSPACE & DEFENSE—7.9%** | **AEROSPACE & DEFENSE—7.9%** |
| AeroVironment, Inc.<sup>\*</sup>  | 6155 | **$** 1200348 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 88769 | 509534 |
| Astronics Corp.<sup>\*</sup>  | 11159 | 796753 |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 14965 | 3179959 |
| FTAI Aviation Ltd. | 15834 | 3953275 |
| Howmet Aerospace, Inc. | 5138 | 1248740 |
| Karman Holdings, Inc.<sup>\*</sup>  | 16164 | 1098829 |
| Loar Holdings, Inc.<sup>\*</sup>  | 24287 | 1362986 |
| VSE Corp. | 9434 | 1619629 |
| York Space Systems, Inc.<sup>\*</sup>  | 793 | 26296 |
|  |  | **14996349** |
| **APPAREL RETAIL—2.9%** | **APPAREL RETAIL—2.9%** | **APPAREL RETAIL—2.9%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 10345 | 882946 |
| Aritzia, Inc.<sup>\*</sup>  | 12793 | 1350265 |
| Victoria's Secret & Co.<sup>\*</sup>  | 62119 | 3219628 |
|  |  | **5452839** |
| **APPLICATION SOFTWARE—7.0%** | **APPLICATION SOFTWARE—7.0%** | **APPLICATION SOFTWARE—7.0%** |
| BlackLine, Inc.<sup>\*</sup>  | 28617 | 894281 |
| Core Scientific, Inc.<sup>\*</sup>  | 26792 | 535840 |
| Guidewire Software, Inc.<sup>\*</sup>  | 8201 | 1134936 |
| InterDigital, Inc. | 10595 | 3142053 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 712 | 98178 |
| nCino, Inc.<sup>\*</sup>  | 61433 | 1073849 |
| PAR Technology Corp.<sup>\*</sup>  | 8078 | 108568 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 32729 | 1660997 |
| Riot Platforms, Inc.<sup>\*</sup>  | 33657 | 580247 |
| SPS Commerce, Inc.<sup>\*</sup>  | 21442 | 1203325 |
| Terawulf, Inc.<sup>\*</sup>  | 107491 | 2335779 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 45896 | 567734 |
|  |  | **13335787** |
| **ASSET MANAGEMENT & CUSTODY BANKS—0.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—0.9%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 40425 | 1109262 |
| Hamilton Lane, Inc., Cl. A | 6971 | 641262 |
|  |  | **1750524** |
| **BIOTECHNOLOGY—18.1%** | **BIOTECHNOLOGY—18.1%** | **BIOTECHNOLOGY—18.1%** |
| Abivax SA ADR<sup>\*</sup>  | 27149 | 3186750 |
| Absci Corp.<sup>\*</sup>  | 664714 | 3306952 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 42435 | 3118124 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 10739 | 763650 |
| CareDx, Inc.<sup>\*</sup>  | 93866 | 1953351 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 29063 | 1040165 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 2557 | 224505 |
| Erasca, Inc.<sup>\*</sup>  | 82780 | 881607 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.0% (CONT.)** | **COMMON STOCKS—96.0% (CONT.)** | **COMMON STOCKS—96.0% (CONT.)** |
| **BIOTECHNOLOGY—18.1% (CONT.)** | **BIOTECHNOLOGY—18.1% (CONT.)** | **BIOTECHNOLOGY—18.1% (CONT.)** |
| Forte Biosciences, Inc.<sup>\*</sup>  | 157755 | **$** 4205748 |
| Insmed, Inc.<sup>\*</sup>  | 23881 | 3255697 |
| Natera, Inc.<sup>\*</sup>  | 21533 | 4439243 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 39117 | 3922653 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 8035 | 1031051 |
| Twist Bioscience Corp.<sup>\*</sup>  | 52305 | 3057227 |
| uniQure NV<sup>\*</sup>  | 9001 | 179570 |
|  |  | **34566293** |
| **BUILDING PRODUCTS—3.6%** | **BUILDING PRODUCTS—3.6%** | **BUILDING PRODUCTS—3.6%** |
| CSW Industrials, Inc. | 14932 | 4348199 |
| Modine Manufacturing Co.<sup>\*</sup>  | 9856 | 2509633 |
|  |  | **6857832** |
| **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** | **CARGO GROUND TRANSPORTATION—0.6%** |
| Saia, Inc.<sup>\*</sup>  | 2595 | **1164688** |
| **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 8672 | 1072380 |
| Tutor Perini Corp. | 71282 | 6623523 |
|  |  | **7695903** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.5%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.5%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.5%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 9391 | **881721** |
| **EDUCATION SERVICES—1.1%** | **EDUCATION SERVICES—1.1%** | **EDUCATION SERVICES—1.1%** |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 56034 | **2102956** |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
| IDACORP, Inc. | 7478 | **1104800** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** |
| Enovix Corp.<sup>\*</sup>  | 187417 | **1250071** |
| **ELECTRONIC MANUFACTURING SERVICES—2.7%** | **ELECTRONIC MANUFACTURING SERVICES—2.7%** | **ELECTRONIC MANUFACTURING SERVICES—2.7%** |
| Fabrinet<sup>\*</sup>  | 7565 | **5170451** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 7687 | **609195** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| Gemini Space Station, Inc., Cl. A<sup>\*</sup>  | 1166 | 5177 |
| MarketAxess Holdings, Inc. | 6395 | 1005230 |
|  |  | **1010407** |
| **HEALTHCARE EQUIPMENT—2.8%** | **HEALTHCARE EQUIPMENT—2.8%** | **HEALTHCARE EQUIPMENT—2.8%** |
| Glaukos Corp.<sup>\*</sup>  | 8768 | 1259699 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3646998 | 138586 |
| Integer Holdings Corp.<sup>\*</sup>  | 7710 | 682412 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 14308 | 1848021 |
| TransMedics Group, Inc.<sup>\*</sup>  | 13287 | 1339197 |
|  |  | **5267915** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.0% (CONT.)** | **COMMON STOCKS—96.0% (CONT.)** | **COMMON STOCKS—96.0% (CONT.)** |
| **HEALTHCARE SERVICES—2.6%** | **HEALTHCARE SERVICES—2.6%** | **HEALTHCARE SERVICES—2.6%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 24212 | **$** 1522693 |
| Guardant Health, Inc.<sup>\*</sup>  | 39943 | 3478236 |
|  |  | **5000929** |
| **HEALTHCARE SUPPLIES—1.0%** | **HEALTHCARE SUPPLIES—1.0%** | **HEALTHCARE SUPPLIES—1.0%** |
| Lantheus Holdings, Inc.<sup>\*</sup>  | 12822 | 1084998 |
| Neogen Corp.<sup>\*</sup>  | 92459 | 869114 |
|  |  | **1954112** |
| **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** |
| HeartFlow, Inc.<sup>\*</sup>  | 32701 | **973182** |
| **HEAVY ELECTRICAL EQUIPMENT—2.5%** | **HEAVY ELECTRICAL EQUIPMENT—2.5%** | **HEAVY ELECTRICAL EQUIPMENT—2.5%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 16536 | **4685641** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—6.5%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 150633 | 3857711 |
| RBC Bearings, Inc.<sup>\*</sup>  | 14098 | 8445971 |
|  |  | **12303682** |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 10583 | **1558135** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** | **INTERNET SERVICES & INFRASTRUCTURE—1.5%** |
| DigitalOcean Holdings, Inc.<sup>\*</sup>  | 12100 | 1166803 |
| Whitefiber, Inc.<sup>\*</sup>  | 34979 | 535528 |
| Wix.com Ltd.<sup>\*</sup>  | 14804 | 1105711 |
|  |  | **2808042** |
| **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** | **INVESTMENT BANKING & BROKERAGE—0.6%** |
| Moelis & Co., Cl. A | 16610 | **1081643** |
| **LEISURE FACILITIES—1.6%** | **LEISURE FACILITIES—1.6%** | **LEISURE FACILITIES—1.6%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 34655 | 929100 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 31819 | 2121373 |
|  |  | **3050473** |
| **LIFE SCIENCES TOOLS & SERVICES—7.1%** | **LIFE SCIENCES TOOLS & SERVICES—7.1%** | **LIFE SCIENCES TOOLS & SERVICES—7.1%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 60128 | 1325823 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 230283 | 3246990 |
| Alamar Biosciences, Inc.<sup>\*</sup>  | 6229 | 155974 |
| Bio-Techne Corp. | 50403 | 2788294 |
| CryoPort, Inc.<sup>\*</sup>  | 253082 | 2596621 |
| MaxCyte, Inc.<sup>\*</sup>  | 188744 | 166095 |
| Repligen Corp.<sup>\*</sup>  | 17791 | 2104853 |
| Tempus AI, Inc., Cl. A<sup>\*</sup>  | 21161 | 1174012 |
|  |  | **13558662** |
| **OIL & GAS EXPLORATION & PRODUCTION—0.5%** | **OIL & GAS EXPLORATION & PRODUCTION—0.5%** | **OIL & GAS EXPLORATION & PRODUCTION—0.5%** |
| Magnolia Oil & Gas Corp., Cl. A | 33135 | **1002002** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.0% (CONT.)** | **COMMON STOCKS—96.0% (CONT.)** | **COMMON STOCKS—96.0% (CONT.)** |
| **PASSENGER AIRLINES—1.3%** | **PASSENGER AIRLINES—1.3%** | **PASSENGER AIRLINES—1.3%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 273730 | **$2515579** |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 649 | 103295 |
| Definium Therapeutics, Inc.<sup>\*</sup>  | 43009 | 941037 |
|  |  | **1044332** |
| **RESEARCH & CONSULTING SERVICES—0.5%** | **RESEARCH & CONSULTING SERVICES—0.5%** | **RESEARCH & CONSULTING SERVICES—0.5%** |
| Planet Labs PBC, Cl. A<sup>\*</sup>  | 24122 | **891790** |
| **RESTAURANTS—1.9%** | **RESTAURANTS—1.9%** | **RESTAURANTS—1.9%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 18704 | 1030029 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 25646 | 2627689 |
|  |  | **3657718** |
| **SEMICONDUCTORS—6.8%** | **SEMICONDUCTORS—6.8%** | **SEMICONDUCTORS—6.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 16367 | 3187310 |
| Credo Technology Group Holding Ltd.<sup>\*</sup>  | 9442 | 1643002 |
| Impinj, Inc.<sup>\*</sup>  | 7498 | 1086610 |
| Rambus, Inc.<sup>\*</sup>  | 32527 | 3744183 |
| SiTime Corp.<sup>\*</sup>  | 2610 | 1467212 |
| Universal Display Corp. | 21944 | 1911103 |
|  |  | **13039420** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.4%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 23944 | **803800** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Balchem Corp. | 1712 | **276693** |
| **SYSTEMS SOFTWARE—2.9%** | **SYSTEMS SOFTWARE—2.9%** | **SYSTEMS SOFTWARE—2.9%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 40372 | 5580622 |
| Netskope, Inc., Cl. A<sup>\*</sup>  | 3613 | 35985 |
|  |  | **5616607** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.7%** |
| IonQ, Inc.<sup>\*</sup>  | 27940 | **1260653** |
| **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 32007 | **1640999** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.6%** |
| Chime Financial, Inc., Cl. A<sup>\*</sup>  | 55698 | **1217558** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $131,684,435) |  | **183159383** |
| **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** |
| **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 61600 | **2215136** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.4% (CONT.)** | **PREFERRED STOCKS—1.4% (CONT.)** | **PREFERRED STOCKS—1.4% (CONT.)** |
| **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** | **HEALTHCARE EQUIPMENT—0.2%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 7467897 | **$425670** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,450,831) |  | **2640806** |
| **RIGHTS—0.1%** | **RIGHTS—0.1%** | **RIGHTS—0.1%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Mirati Therapeutics, Inc. CVR<sup>(a),\*,@</sup>  | 14432 | 16741 |
| Tolero CDR<sup>(a),\*,@</sup>  | 174782 |  |
|  |  | **16741** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 87642 | **99912** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $94,483) |  | **116653** |
| **SPECIAL PURPOSE VEHICLES—1.3%** | **SPECIAL PURPOSE VEHICLES—1.3%** | **SPECIAL PURPOSE VEHICLES—1.3%** |
| **APPLICATION SOFTWARE—1.3%** | **APPLICATION SOFTWARE—1.3%** | **APPLICATION SOFTWARE—1.3%** |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | **2445619** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $1,057,280) |  | **2445619** |
| **SHORT-TERM SECURITIES—1.4%** | **SHORT-TERM SECURITIES—1.4%** | **SHORT-TERM SECURITIES—1.4%** |
| **MONEY MARKET FUNDS—1.4%** | **MONEY MARKET FUNDS—1.4%** | **MONEY MARKET FUNDS—1.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(b)</sup>  | 2690027 | **2690027** |
| (Cost $2,690,027) |  | **2690027** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $136,977,056)** | 100.2% | **$191052488** |
| Unaffiliated Securities (Cost $136,977,056) |  | 191052488 |
| Liabilities in Excess of Other Assets | (0.2)% | (378878) |
| **NET ASSETS** | 100.0% | **$190673610** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights <br> CVR Contingent Value Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| Disruptive Technology Solutions LI, LLC  | 11/4/25 | $1057280 | $2445619 | 1.3% |
| Fusion Pharmaceuticals, Inc. CVR | 6/5/24 |  | 99912 | 0.1% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 3646998 | 138586 | 0.1% |
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | 390695 | 425670 | 0.2% |
| Mirati Therapeutics, Inc. CVR | 1/24/24 |  | 16741 | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 1060136 | 2215136 | 1.2% |
| Tolero CDR | 2/6/17 | 94483 |  | 0.0% |
| Total |  | $6249592 | $5341664 | 2.9% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP FOCUS FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.1%** | **COMMON STOCKS—96.1%** | **COMMON STOCKS—96.1%** |
| **AEROSPACE & DEFENSE—10.7%** | **AEROSPACE & DEFENSE—10.7%** | **AEROSPACE & DEFENSE—10.7%** |
| Astronics Corp.<sup>\*</sup>  | 282009 | **$** 20135442 |
| FTAI Aviation Ltd. | 60196 | 15029135 |
| Karman Holdings, Inc.<sup>\*</sup>  | 249414 | 16955164 |
| Loar Holdings, Inc.<sup>\*</sup>  | 221849 | 12450166 |
| VSE Corp. | 117279 | 20134459 |
|  |  | **84704366** |
| **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** | **APPLICATION SOFTWARE—2.0%** |
| Agilysys, Inc.<sup>\*</sup>  | 134672 | 8627088 |
| nCino, Inc.<sup>\*</sup>  | 403516 | 7053460 |
|  |  | **15680548** |
| **BIOTECHNOLOGY—16.5%** | **BIOTECHNOLOGY—16.5%** | **BIOTECHNOLOGY—16.5%** |
| Abivax SA ADR<sup>\*</sup>  | 152474 | 17897399 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 374741 | 27535969 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 99698 | 7089525 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 249955 | 8945889 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 41540 | 3647212 |
| Erasca, Inc.<sup>\*</sup>  | 604243 | 6435188 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 496062 | 13225013 |
| Natera, Inc.<sup>\*</sup>  | 123594 | 25480139 |
| Twist Bioscience Corp.<sup>\*</sup>  | 222288 | 12992733 |
| Vaxcyte, Inc.<sup>\*</sup>  | 128320 | 7345037 |
|  |  | **130594104** |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 45865 | **11678605** |
| **CARGO GROUND TRANSPORTATION—1.9%** | **CARGO GROUND TRANSPORTATION—1.9%** | **CARGO GROUND TRANSPORTATION—1.9%** |
| Saia, Inc.<sup>\*</sup>  | 33780 | **15161140** |
| **CONSTRUCTION & ENGINEERING—8.9%** | **CONSTRUCTION & ENGINEERING—8.9%** | **CONSTRUCTION & ENGINEERING—8.9%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 117028 | 14471682 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 39306 | 20266960 |
| Tutor Perini Corp. | 384769 | 35752736 |
|  |  | **70491378** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.9%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.9%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.9%** |
| Federal Signal Corp. | 119956 | **14770182** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%** |
| Cognex Corp. | 101518 | **5635264** |
| **ELECTRONIC MANUFACTURING SERVICES—1.7%** | **ELECTRONIC MANUFACTURING SERVICES—1.7%** | **ELECTRONIC MANUFACTURING SERVICES—1.7%** |
| Fabrinet<sup>\*</sup>  | 19429 | **13279139** |
| **HEALTHCARE EQUIPMENT—3.8%** | **HEALTHCARE EQUIPMENT—3.8%** | **HEALTHCARE EQUIPMENT—3.8%** |
| Artivion, Inc.<sup>\*</sup>  | 159019 | 5697651 |
| Integer Holdings Corp.<sup>\*</sup>  | 103353 | 9147774 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP FOCUS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.1% (CONT.)** | **COMMON STOCKS—96.1% (CONT.)** | **COMMON STOCKS—96.1% (CONT.)** |
| **HEALTHCARE EQUIPMENT—3.8% (CONT.)** | **HEALTHCARE EQUIPMENT—3.8% (CONT.)** | **HEALTHCARE EQUIPMENT—3.8% (CONT.)** |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 118092 | **$** 15252762 |
|  |  | **30098187** |
| **HEALTHCARE SERVICES—4.4%** | **HEALTHCARE SERVICES—4.4%** | **HEALTHCARE SERVICES—4.4%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 120628 | 7586295 |
| Guardant Health, Inc.<sup>\*</sup>  | 315086 | 27437689 |
|  |  | **35023984** |
| **HEALTHCARE SUPPLIES—1.1%** | **HEALTHCARE SUPPLIES—1.1%** | **HEALTHCARE SUPPLIES—1.1%** |
| Lantheus Holdings, Inc.<sup>\*</sup>  | 104405 | **8834751** |
| **HEALTHCARE TECHNOLOGY—2.0%** | **HEALTHCARE TECHNOLOGY—2.0%** | **HEALTHCARE TECHNOLOGY—2.0%** |
| HeartFlow, Inc.<sup>\*</sup>  | 522809 | **15558796** |
| **HEAVY ELECTRICAL EQUIPMENT—2.8%** | **HEAVY ELECTRICAL EQUIPMENT—2.8%** | **HEAVY ELECTRICAL EQUIPMENT—2.8%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 76974 | **21811353** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—10.1%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—10.1%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—10.1%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 90178 | 54024738 |
| SPX Technologies, Inc.<sup>\*</sup>  | 118603 | 25963383 |
|  |  | **79988121** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.2%** | **INTERNET SERVICES & INFRASTRUCTURE—3.2%** | **INTERNET SERVICES & INFRASTRUCTURE—3.2%** |
| DigitalOcean Holdings, Inc.<sup>\*</sup>  | 102438 | 9878096 |
| GDS Holdings Ltd. ADR<sup>\*</sup>  | 356899 | 15089690 |
|  |  | **24967786** |
| **LIFE SCIENCES TOOLS & SERVICES—10.1%** | **LIFE SCIENCES TOOLS & SERVICES—10.1%** | **LIFE SCIENCES TOOLS & SERVICES—10.1%** |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 1494214 | 21068417 |
| BioLife Solutions, Inc.<sup>\*</sup>  | 1022610 | 21556619 |
| CryoPort, Inc.<sup>\*</sup>  | 1147505 | 11773401 |
| Repligen Corp.<sup>\*</sup>  | 212354 | 25123602 |
|  |  | **79522039** |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 61867 | **9846752** |
| **RESEARCH & CONSULTING SERVICES—0.9%** | **RESEARCH & CONSULTING SERVICES—0.9%** | **RESEARCH & CONSULTING SERVICES—0.9%** |
| Planet Labs PBC, Cl. A<sup>\*</sup>  | 190950 | **7059421** |
| **RESTAURANTS—0.9%** | **RESTAURANTS—0.9%** | **RESTAURANTS—0.9%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 128017 | **7049896** |
| **SEMICONDUCTORS—4.8%** | **SEMICONDUCTORS—4.8%** | **SEMICONDUCTORS—4.8%** |
| Credo Technology Group Holding Ltd.<sup>\*</sup>  | 116461 | 20265378 |
| Impinj, Inc.<sup>\*</sup>  | 67652 | 9804128 |
| SiTime Corp.<sup>\*</sup>  | 14573 | 8192212 |
|  |  | **38261718** |
| **SYSTEMS SOFTWARE—3.0%** | **SYSTEMS SOFTWARE—3.0%** | **SYSTEMS SOFTWARE—3.0%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 173120 | **23930378** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER SMALL CAP FOCUS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—96.1% (CONT.)** | **COMMON STOCKS—96.1% (CONT.)** | **COMMON STOCKS—96.1% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 289563 | **$14845895** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $515,860,746) |  | **758793803** |
| **PREFERRED STOCKS—3.9%** | **PREFERRED STOCKS—3.9%** | **PREFERRED STOCKS—3.9%** |
| **HEALTHCARE EQUIPMENT—3.9%** | **HEALTHCARE EQUIPMENT—3.9%** | **HEALTHCARE EQUIPMENT—3.9%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),(b),\*,@</sup>  | 534288037 | **30454418** |
| (Cost $27,952,123) |  | **30454418** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(b),\*,@</sup>  | 11905 | **—** |
| (Cost $6,436) |  | **—** |
| **SHORT-TERM SECURITIES—0.2%** | **SHORT-TERM SECURITIES—0.2%** | **SHORT-TERM SECURITIES—0.2%** |
| **MONEY MARKET FUNDS—0.2%** | **MONEY MARKET FUNDS—0.2%** | **MONEY MARKET FUNDS—0.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 1504944 | **1504944** |
| (Cost $1,504,944) |  | **1504944** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $545,324,249)** | 100.2% | **$790753165** |
| Affiliated Securities (Cost $27,952,123) |  | 30454418 |
| Unaffiliated Securities (Cost $517,372,126) |  | 760298747 |
| Liabilities in Excess of Other Assets | (0.2)% | (1351884) |
| **NET ASSETS** | 100.0% | **$789401281** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 13 - Affiliated Securities.<br>|
| (b) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| Impulse Dynamics PLC, Series F-3 | 6/2/23-2/5/24 | $27952123 | $30454418 | 3.9% |
| Tolero CDR | 2/6/17 | 6436 |  | 0.0% |
| Total |  | $27958559 | $30454418 | 3.9% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** |
| **AEROSPACE & DEFENSE—9.4%** | **AEROSPACE & DEFENSE—9.4%** | **AEROSPACE & DEFENSE—9.4%** |
| AAR Corp.<sup>\*</sup>  | 100879 | **$** 11134015 |
| Cadre Holdings, Inc. | 126805 | 3759768 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup>  | 29744 | 1875359 |
| Loar Holdings, Inc.<sup>\*</sup>  | 77794 | 4365800 |
| VSE Corp. | 30231 | 5190058 |
|  |  | **26325000** |
| **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** | **APPLICATION SOFTWARE—1.5%** |
| Agilysys, Inc.<sup>\*</sup>  | 3902 | 249962 |
| nCino, Inc.<sup>\*</sup>  | 233001 | 4072858 |
|  |  | **4322820** |
| **ASSET MANAGEMENT & CUSTODY BANKS—6.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—6.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—6.9%** |
| Hamilton Lane, Inc., Cl. A | 84978 | 7817126 |
| StepStone Group, Inc., Cl. A | 218305 | 11548335 |
|  |  | **19365461** |
| **BIOTECHNOLOGY—7.4%** | **BIOTECHNOLOGY—7.4%** | **BIOTECHNOLOGY—7.4%** |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup>  | 417700 | 9377365 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 35938 | 2686725 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 104835 | 2588376 |
| Veracyte, Inc.<sup>\*</sup>  | 180059 | 5927542 |
|  |  | **20580008** |
| **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup>  | 77338 | **6690510** |
| **CARGO GROUND TRANSPORTATION—1.2%** | **CARGO GROUND TRANSPORTATION—1.2%** | **CARGO GROUND TRANSPORTATION—1.2%** |
| RXO, Inc.<sup>\*</sup>  | 174222 | **3479213** |
| **CASINOS & GAMING—0.0%** | **CASINOS & GAMING—0.0%** | **CASINOS & GAMING—0.0%** |
| Sportradar Group AG, Cl. A<sup>\*</sup>  | 9033 | **117881** |
| **CONSTRUCTION & ENGINEERING—15.1%** | **CONSTRUCTION & ENGINEERING—15.1%** | **CONSTRUCTION & ENGINEERING—15.1%** |
| Cardinal Infrastructure Group, Inc., Cl. A<sup>\*</sup>  | 274388 | 14550796 |
| Everus Construction Group, Inc.<sup>\*</sup>  | 21790 | 3212500 |
| Legence Corp., Cl. A<sup>\*</sup>  | 179035 | 15568884 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 9686 | 4994295 |
| Tutor Perini Corp. | 42771 | 3974281 |
|  |  | **42300756** |
| **CONSUMER FINANCE—2.7%** | **CONSUMER FINANCE—2.7%** | **CONSUMER FINANCE—2.7%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 235406 | **7434121** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.6%** |
| Verra Mobility Corp.<sup>\*</sup>  | 108178 | **1604280** |
| **EDUCATION SERVICES—3.7%** | **EDUCATION SERVICES—3.7%** | **EDUCATION SERVICES—3.7%** |
| Stride, Inc.<sup>\*</sup>  | 105803 | **10279820** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.4%** |
| Novanta, Inc.<sup>\*</sup>  | 31225 | **4044574** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** |
| **ELECTRONIC MANUFACTURING SERVICES—0.1%** | **ELECTRONIC MANUFACTURING SERVICES—0.1%** | **ELECTRONIC MANUFACTURING SERVICES—0.1%** |
| IPG Photonics Corp.<sup>\*</sup>  | 3136 | **$372933** |
| **ENVIRONMENTAL & FACILITIES SERVICES—4.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—4.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—4.9%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 154214 | 12221460 |
| Montrose Environmental Group, Inc.<sup>\*</sup>  | 64525 | 1358251 |
|  |  | **13579711** |
| **HEALTHCARE EQUIPMENT—7.0%** | **HEALTHCARE EQUIPMENT—7.0%** | **HEALTHCARE EQUIPMENT—7.0%** |
| Artivion, Inc.<sup>\*</sup>  | 298425 | 10692568 |
| Glaukos Corp.<sup>\*</sup>  | 27060 | 3887710 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 2986209 | 113476 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 38430 | 4963619 |
|  |  | **19657373** |
| **HEALTHCARE SERVICES—1.9%** | **HEALTHCARE SERVICES—1.9%** | **HEALTHCARE SERVICES—1.9%** |
| RadNet, Inc.<sup>\*</sup>  | 94404 | **5338546** |
| **HEALTHCARE SUPPLIES—1.4%** | **HEALTHCARE SUPPLIES—1.4%** | **HEALTHCARE SUPPLIES—1.4%** |
| Neogen Corp.<sup>\*</sup>  | 423424 | **3980186** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.3%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.3%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.3%** |
| First Advantage Corp.<sup>\*</sup>  | 275982 | **3521530** |
| **INTERNET SERVICES & INFRASTRUCTURE—3.2%** | **INTERNET SERVICES & INFRASTRUCTURE—3.2%** | **INTERNET SERVICES & INFRASTRUCTURE—3.2%** |
| DigitalOcean Holdings, Inc.<sup>\*</sup>  | 94138 | **9077727** |
| **INVESTMENT BANKING & BROKERAGE—0.7%** | **INVESTMENT BANKING & BROKERAGE—0.7%** | **INVESTMENT BANKING & BROKERAGE—0.7%** |
| Piper Sandler Cos. | 21641 | **1887095** |
| **LEISURE FACILITIES—1.6%** | **LEISURE FACILITIES—1.6%** | **LEISURE FACILITIES—1.6%** |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 67697 | **4513359** |
| **MANAGED HEALTHCARE—1.2%** | **MANAGED HEALTHCARE—1.2%** | **MANAGED HEALTHCARE—1.2%** |
| Progyny, Inc.<sup>\*</sup>  | 172856 | **3211664** |
| **OIL & GAS EQUIPMENT & SERVICES—1.0%** | **OIL & GAS EQUIPMENT & SERVICES—1.0%** | **OIL & GAS EQUIPMENT & SERVICES—1.0%** |
| Solaris Energy Infrastructure, Inc., Cl. A | 37151 | **2743230** |
| **PROPERTY & CASUALTY INSURANCE—0.8%** | **PROPERTY & CASUALTY INSURANCE—0.8%** | **PROPERTY & CASUALTY INSURANCE—0.8%** |
| Palomar Holdings, Inc.<sup>\*</sup>  | 17748 | **2136504** |
| **REAL ESTATE SERVICES—4.9%** | **REAL ESTATE SERVICES—4.9%** | **REAL ESTATE SERVICES—4.9%** |
| FirstService Corp. | 102724 | **13745498** |
| **RESTAURANTS—3.0%** | **RESTAURANTS—3.0%** | **RESTAURANTS—3.0%** |
| First Watch Restaurant Group, Inc.<sup>\*</sup>  | 326141 | 4278970 |
| Wingstop, Inc. | 25379 | 4163679 |
|  |  | **8442649** |
| **SEMICONDUCTORS—10.1%** | **SEMICONDUCTORS—10.1%** | **SEMICONDUCTORS—10.1%** |
| Impinj, Inc.<sup>\*</sup>  | 45925 | 6655451 |
| Semtech Corp.<sup>\*</sup>  | 77925 | 8186021 |
| Silicon Motion Technology Corp. ADR | 51990 | 11374372 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** |
| **SEMICONDUCTORS—10.1% (CONT.)** | **SEMICONDUCTORS—10.1% (CONT.)** | **SEMICONDUCTORS—10.1% (CONT.)** |
| SiTime Corp.<sup>\*</sup>  | 3617 | **$** 2033297 |
|  |  | **28249141** |
| **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 41182 | 5190991 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 81951 | 4201628 |
|  |  | **9392619** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $213,348,729) |  | **276394209** |
| **SHORT-TERM SECURITIES—1.7%** | **SHORT-TERM SECURITIES—1.7%** | **SHORT-TERM SECURITIES—1.7%** |
| **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(b)</sup>  | 4836000 | **4836000** |
| (Cost $4,836,000) |  | **4836000** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $218,184,729)** | 100.5% | **$281230209** |
| Unaffiliated Securities (Cost $218,184,729) |  | 281230209 |
| Liabilities in Excess of Other Assets | (0.5)% | (1350887) |
| **NET ASSETS** | 100.0% | **$279879322** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| Impulse Dynamics PLC, Series A | 2/11/22 | $2986210 | $113476 | 0.0% |
| Total |  | $2986210 | $113476 | 0.0% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.6%** | **COMMON STOCKS—97.6%** | **COMMON STOCKS—97.6%** |
| **BELGIUM—1.8%** | **BELGIUM—1.8%** | **BELGIUM—1.8%** |
| **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** |
| UCB SA | 11234 | **$3058921** |
| (Cost $2,301,646) |  |  |
| **BRAZIL—5.4%** | **BRAZIL—5.4%** | **BRAZIL—5.4%** |
| **BROADLINE RETAIL—1.3%** | **BROADLINE RETAIL—1.3%** | **BROADLINE RETAIL—1.3%** |
| MercadoLibre, Inc. \* | 1253 | 2246165 |
| **DIVERSIFIED BANKS—2.3%** | **DIVERSIFIED BANKS—2.3%** | **DIVERSIFIED BANKS—2.3%** |
| NU Holdings Ltd., Cl. A \* | 274317 | 3972110 |
| **DRUG RETAIL—1.8%** | **DRUG RETAIL—1.8%** | **DRUG RETAIL—1.8%** |
| Raia Drogasil SA | 712874 | 3147023 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $7,517,335) |  | **9365298** |
| **CANADA—6.6%** | **CANADA—6.6%** | **CANADA—6.6%** |
| **COAL & CONSUMABLE FUELS—2.9%** | **COAL & CONSUMABLE FUELS—2.9%** | **COAL & CONSUMABLE FUELS—2.9%** |
| Cameco Corp. | 40776 | 5012535 |
| **DIVERSIFIED SUPPORT SERVICES—1.3%** | **DIVERSIFIED SUPPORT SERVICES—1.3%** | **DIVERSIFIED SUPPORT SERVICES—1.3%** |
| Element Fleet Management Corp. | 91503 | 2184593 |
| **INTERNET SERVICES & INFRASTRUCTURE—2.4%** | **INTERNET SERVICES & INFRASTRUCTURE—2.4%** | **INTERNET SERVICES & INFRASTRUCTURE—2.4%** |
| Shopify, Inc., Cl. A \* | 34131 | 4142908 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $8,661,223) |  | **11340036** |
| **CHINA—2.9%** | **CHINA—2.9%** | **CHINA—2.9%** |
| **INTERACTIVE MEDIA & SERVICES—2.9%** | **INTERACTIVE MEDIA & SERVICES—2.9%** | **INTERACTIVE MEDIA & SERVICES—2.9%** |
| Tencent Holdings Ltd. | 83406 | **5065435** |
| (Cost $6,405,652) |  |  |
| **DENMARK—3.4%** | **DENMARK—3.4%** | **DENMARK—3.4%** |
| **BIOTECHNOLOGY—3.4%** | **BIOTECHNOLOGY—3.4%** | **BIOTECHNOLOGY—3.4%** |
| Ascendis Pharma A/S \* | 25598 | **5871669** |
| (Cost $5,091,263) |  |  |
| **FRANCE—1.6%** | **FRANCE—1.6%** | **FRANCE—1.6%** |
| **HEALTHCARE SUPPLIES—1.6%** | **HEALTHCARE SUPPLIES—1.6%** | **HEALTHCARE SUPPLIES—1.6%** |
| EssilorLuxottica SA | 13424 | **2841453** |
| (Cost $2,914,195) |  |  |
| **GERMANY—4.5%** | **GERMANY—4.5%** | **GERMANY—4.5%** |
| **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** |
| MTU Aero Engines AG | 12351 | 4235856 |
| Rheinmetall AG | 2157 | 3440007 |
| (Cost $8,547,501) |  | **7675863** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.6% (CONT.)** | **COMMON STOCKS—97.6% (CONT.)** | **COMMON STOCKS—97.6% (CONT.)** |
| **GREECE—2.7%** | **GREECE—2.7%** | **GREECE—2.7%** |
| **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** | **DIVERSIFIED BANKS—2.7%** |
| National Bank of Greece SA | 288477 | **$4571838** |
| (Cost $4,232,804) |  |  |
| **HUNGARY—1.4%** | **HUNGARY—1.4%** | **HUNGARY—1.4%** |
| **DIVERSIFIED BANKS—1.4%** | **DIVERSIFIED BANKS—1.4%** | **DIVERSIFIED BANKS—1.4%** |
| OTP Bank Nyrt | 17869 | **2396750** |
| (Cost $2,571,139) |  |  |
| **ITALY—4.5%** | **ITALY—4.5%** | **ITALY—4.5%** |
| **CASINOS & GAMING—1.7%** | **CASINOS & GAMING—1.7%** | **CASINOS & GAMING—1.7%** |
| Lottomatica Group SpA | 100618 | 2958350 |
| **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** |
| FinecoBank SpA | 191097 | 4744102 |
| &nbsp;&nbsp;&nbsp; **TOTAL ITALY** <br>(Cost $6,506,291) |  | **7702452** |
| **JAPAN—20.3%** | **JAPAN—20.3%** | **JAPAN—20.3%** |
| **DIVERSIFIED BANKS—4.8%** | **DIVERSIFIED BANKS—4.8%** | **DIVERSIFIED BANKS—4.8%** |
| Mizuho Financial Group, Inc. | 133459 | 5739099 |
| Rakuten Bank Ltd.<sup>\*</sup>  | 61645 | 2490759 |
|  |  | **8229858** |
| **DIVERSIFIED METALS & MINING—1.3%** | **DIVERSIFIED METALS & MINING—1.3%** | **DIVERSIFIED METALS & MINING—1.3%** |
| JX Advanced Metals Corp. | 73872 | 2291830 |
| **INDUSTRIAL CONGLOMERATES—3.3%** | **INDUSTRIAL CONGLOMERATES—3.3%** | **INDUSTRIAL CONGLOMERATES—3.3%** |
| Hitachi Ltd. | 179995 | 5723544 |
| **INDUSTRIAL GASES—2.1%** | **INDUSTRIAL GASES—2.1%** | **INDUSTRIAL GASES—2.1%** |
| Nippon Sanso Holdings Corp. | 102076 | 3598737 |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—3.3%** |
| Daifuku Co., Ltd. | 76737 | 3355069 |
| Kawasaki Heavy Industries Ltd. | 111965 | 2301823 |
|  |  | **5656892** |
| **INTERACTIVE HOME ENTERTAINMENT—0.9%** | **INTERACTIVE HOME ENTERTAINMENT—0.9%** | **INTERACTIVE HOME ENTERTAINMENT—0.9%** |
| Nintendo Co., Ltd. | 30531 | 1493543 |
| **PACKAGED FOODS & MEATS—2.2%** | **PACKAGED FOODS & MEATS—2.2%** | **PACKAGED FOODS & MEATS—2.2%** |
| Ajinomoto Co., Inc. | 119266 | 3833259 |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.4%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.4%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.4%** |
| Advantest Corp. | 22018 | 4111170 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $30,709,034) |  | **34938833** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.6% (CONT.)** | **COMMON STOCKS—97.6% (CONT.)** | **COMMON STOCKS—97.6% (CONT.)** |
| **NETHERLANDS—1.7%** | **NETHERLANDS—1.7%** | **NETHERLANDS—1.7%** |
| **SYSTEMS SOFTWARE—1.7%** | **SYSTEMS SOFTWARE—1.7%** | **SYSTEMS SOFTWARE—1.7%** |
| Nebius Group NV, Cl. A \* | 21186 | **$2928541** |
| (Cost $1,421,362) |  |  |
| **NORWAY—2.0%** | **NORWAY—2.0%** | **NORWAY—2.0%** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| Kongsberg Gruppen ASA | 105060 | **3515343** |
| (Cost $3,176,554) |  |  |
| **PERU—2.5%** | **PERU—2.5%** | **PERU—2.5%** |
| **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** |
| Credicorp Ltd. | 13555 | **4394124** |
| (Cost $4,719,489) |  |  |
| **SOUTH KOREA—8.4%** | **SOUTH KOREA—8.4%** | **SOUTH KOREA—8.4%** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| Hanwha Aerospace Co., Ltd. | 4135 | 3971875 |
| **SEMICONDUCTORS—6.1%** | **SEMICONDUCTORS—6.1%** | **SEMICONDUCTORS—6.1%** |
| SK hynix, Inc. | 11715 | 10447070 |
| &nbsp;&nbsp;&nbsp; **TOTAL SOUTH KOREA** <br>(Cost $5,160,583) |  | **14418945** |
| **SPAIN—4.6%** | **SPAIN—4.6%** | **SPAIN—4.6%** |
| **APPAREL RETAIL—1.6%** | **APPAREL RETAIL—1.6%** | **APPAREL RETAIL—1.6%** |
| Industria de Diseno Textil SA | 45810 | 2741760 |
| **DIVERSIFIED BANKS—3.0%** | **DIVERSIFIED BANKS—3.0%** | **DIVERSIFIED BANKS—3.0%** |
| CaixaBank SA | 413467 | 5262754 |
| &nbsp;&nbsp;&nbsp; **TOTAL SPAIN** <br>(Cost $5,588,574) |  | **8004514** |
| **SWEDEN—1.8%** | **SWEDEN—1.8%** | **SWEDEN—1.8%** |
| **MULTI-SECTOR HOLDINGS—1.8%** | **MULTI-SECTOR HOLDINGS—1.8%** | **MULTI-SECTOR HOLDINGS—1.8%** |
| Investor AB, Cl. B | 74527 | **3024722** |
| (Cost $3,116,210) |  |  |
| **SWITZERLAND—1.7%** | **SWITZERLAND—1.7%** | **SWITZERLAND—1.7%** |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| Galderma Group AG \* | 13967 | **2930185** |
| (Cost $2,700,914) |  |  |
| **TAIWAN—8.3%** | **TAIWAN—8.3%** | **TAIWAN—8.3%** |
| **SEMICONDUCTORS—8.3%** | **SEMICONDUCTORS—8.3%** | **SEMICONDUCTORS—8.3%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 35942 | **14235189** |
| (Cost $4,150,081) |  |  |
| **UNITED KINGDOM—7.1%** | **UNITED KINGDOM—7.1%** | **UNITED KINGDOM—7.1%** |
| **COPPER—1.2%** | **COPPER—1.2%** | **COPPER—1.2%** |
| Antofagasta PLC | 43699 | 2119303 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.6% (CONT.)** | **COMMON STOCKS—97.6% (CONT.)** | **COMMON STOCKS—97.6% (CONT.)** |
| **UNITED KINGDOM—7.1% (CONT.)** | **UNITED KINGDOM—7.1% (CONT.)** | **UNITED KINGDOM—7.1% (CONT.)** |
| **DIVERSIFIED BANKS—3.2%** | **DIVERSIFIED BANKS—3.2%** | **DIVERSIFIED BANKS—3.2%** |
| HSBC Holdings PLC | 301524 | $5547989 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.7%** |
| Coca-Cola HBC AG \* | 78598 | 4584539 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $9,442,093) |  | **12251831** |
| **UNITED STATES—4.4%** | **UNITED STATES—4.4%** | **UNITED STATES—4.4%** |
| **HEAVY ELECTRICAL EQUIPMENT—4.4%** | **HEAVY ELECTRICAL EQUIPMENT—4.4%** | **HEAVY ELECTRICAL EQUIPMENT—4.4%** |
| GE Vernova, Inc. | 6927 | **7505127** |
| (Cost $3,515,626) |  |  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $128,449,569) |  | **168037069** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—2.2%** | **MONEY MARKET FUNDS—2.2%** | **MONEY MARKET FUNDS—2.2%** |
| **UNITED STATES—2.2%** | **UNITED STATES—2.2%** | **UNITED STATES—2.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(a)</sup>  | 3756624 | **3756624** |
| (Cost $3,756,624) |  | **3756624** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $132,206,193)** | 99.8% | **$171793693** |
| Unaffiliated Securities (Cost $132,206,193) |  | 171793693 |
| Other Assets in Excess of Liabilities | 0.2% | 398601 |
| **NET ASSETS** | 100.0% | **$172192294** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Rate shown reflects 7-day effective yield as of April 30, 2026. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL SMALL CAP FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **AUSTRALIA—1.0%** | **AUSTRALIA—1.0%** | **AUSTRALIA—1.0%** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.0%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.0%** |
| Silex Systems Ltd. \* | 10265 | **$42397** |
| (Cost $45,797) |  |  |
| **AUSTRIA—2.2%** | **AUSTRIA—2.2%** | **AUSTRIA—2.2%** |
| **CONSTRUCTION MATERIALS—2.2%** | **CONSTRUCTION MATERIALS—2.2%** | **CONSTRUCTION MATERIALS—2.2%** |
| Wienerberger AG | 3122 | **90520** |
| (Cost $110,475) |  |  |
| **BELGIUM—2.5%** | **BELGIUM—2.5%** | **BELGIUM—2.5%** |
| **HEALTH CARE DISTRIBUTORS—2.5%** | **HEALTH CARE DISTRIBUTORS—2.5%** | **HEALTH CARE DISTRIBUTORS—2.5%** |
| Fagron SA | 3561 | **100456** |
| (Cost $92,552) |  |  |
| **BRAZIL—2.9%** | **BRAZIL—2.9%** | **BRAZIL—2.9%** |
| **AEROSPACE & DEFENSE—2.9%** | **AEROSPACE & DEFENSE—2.9%** | **AEROSPACE & DEFENSE—2.9%** |
| Embraer SA ADR | 1850 | **115995** |
| (Cost $114,795) |  |  |
| **CANADA—5.2%** | **CANADA—5.2%** | **CANADA—5.2%** |
| **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** |
| The Descartes Systems Group, Inc. \* | 665 | 47982 |
| **DIVERSIFIED SUPPORT SERVICES—1.3%** | **DIVERSIFIED SUPPORT SERVICES—1.3%** | **DIVERSIFIED SUPPORT SERVICES—1.3%** |
| Element Fleet Management Corp. | 2265 | 54076 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.8%** |
| Capital Power Corp. | 1532 | 73298 |
| **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** |
| BRP, Inc. | 630 | 35254 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $232,774) |  | **210610** |
| **DENMARK—3.0%** | **DENMARK—3.0%** | **DENMARK—3.0%** |
| **PHARMACEUTICALS—3.0%** | **PHARMACEUTICALS—3.0%** | **PHARMACEUTICALS—3.0%** |
| ALK-abello A/S, Cl. B | 3243 | **121469** |
| (Cost $106,272) |  |  |
| **FRANCE—4.2%** | **FRANCE—4.2%** | **FRANCE—4.2%** |
| **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** |
| Exail Technologies SA \* | 377 | 54860 |
| **OIL & GAS STORAGE & TRANSPORTATION—2.9%** | **OIL & GAS STORAGE & TRANSPORTATION—2.9%** | **OIL & GAS STORAGE & TRANSPORTATION—2.9%** |
| Gaztransport Et Technigaz SA | 477 | 116052 |
| &nbsp;&nbsp;&nbsp; **TOTAL FRANCE** <br>(Cost $142,693) |  | **170912** |
| **GERMANY—6.6%** | **GERMANY—6.6%** | **GERMANY—6.6%** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.1%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.1%** |
| RENK Group AG | 1315 | 83575 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL SMALL CAP FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **GERMANY—6.6% (CONT.)** | **GERMANY—6.6% (CONT.)** | **GERMANY—6.6% (CONT.)** |
| **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** |
| tonies SE, Cl. A \* | 3012 | $36406 |
| **OIL & GAS STORAGE & TRANSPORTATION—1.7%** | **OIL & GAS STORAGE & TRANSPORTATION—1.7%** | **OIL & GAS STORAGE & TRANSPORTATION—1.7%** |
| Friedrich Vorwerk Group SE | 819 | 70253 |
| **SPECIALTY CHEMICALS—1.9%** | **SPECIALTY CHEMICALS—1.9%** | **SPECIALTY CHEMICALS—1.9%** |
| AlzChem Group AG | 385 | 74849 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $259,166) |  | **265083** |
| **HONG KONG—4.2%** | **HONG KONG—4.2%** | **HONG KONG—4.2%** |
| **SEMICONDUCTORS—4.2%** | **SEMICONDUCTORS—4.2%** | **SEMICONDUCTORS—4.2%** |
| Silicon Motion Technology Corp. ADR | 782 | **171086** |
| (Cost $104,042) |  |  |
| **ISRAEL—4.9%** | **ISRAEL—4.9%** | **ISRAEL—4.9%** |
| **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| TAT Technologies Ltd. \* | 1951 | 71621 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%** |
| Next Vision Stabilized Systems Ltd. | 348 | 39891 |
| **FINANCIAL EXCHANGES & DATA—2.1%** | **FINANCIAL EXCHANGES & DATA—2.1%** | **FINANCIAL EXCHANGES & DATA—2.1%** |
| Tel Aviv Stock Exchange Ltd. | 1701 | 85591 |
| &nbsp;&nbsp;&nbsp; **TOTAL ISRAEL** <br>(Cost $157,873) |  | **197103** |
| **ITALY—9.5%** | **ITALY—9.5%** | **ITALY—9.5%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.0%** |
| Banca Generali SpA | 620 | 40667 |
| **CASINOS & GAMING—2.9%** | **CASINOS & GAMING—2.9%** | **CASINOS & GAMING—2.9%** |
| Lottomatica Group SpA | 3947 | 116049 |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| MAIRE SpA | 5590 | 103376 |
| **LEISURE PRODUCTS—3.0%** | **LEISURE PRODUCTS—3.0%** | **LEISURE PRODUCTS—3.0%** |
| Technogym SpA | 5229 | 123194 |
| &nbsp;&nbsp;&nbsp; **TOTAL ITALY** <br>(Cost $305,377) |  | **383286** |
| **JAPAN—31.5%** | **JAPAN—31.5%** | **JAPAN—31.5%** |
| **APPLICATION SOFTWARE—0.7%** | **APPLICATION SOFTWARE—0.7%** | **APPLICATION SOFTWARE—0.7%** |
| Rakus Co., Ltd. | 5110 | 28237 |
| **BROADLINE RETAIL—2.3%** | **BROADLINE RETAIL—2.3%** | **BROADLINE RETAIL—2.3%** |
| Ryohin Keikaku Co., Ltd. | 4067 | 93963 |
| **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** |
| MIRAIT ONE Corp. | 2409 | 62077 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL SMALL CAP FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **JAPAN—31.5% (CONT.)** | **JAPAN—31.5% (CONT.)** | **JAPAN—31.5% (CONT.)** |
| **DIVERSIFIED BANKS—2.1%** | **DIVERSIFIED BANKS—2.1%** | **DIVERSIFIED BANKS—2.1%** |
| Rakuten Bank Ltd.<sup>\*</sup>  | 2110 | $85254 |
| **DIVERSIFIED METALS & MINING—2.1%** | **DIVERSIFIED METALS & MINING—2.1%** | **DIVERSIFIED METALS & MINING—2.1%** |
| Mitsui Kinzoku Co., Ltd. | 302 | 82977 |
| **DIVERSIFIED SUPPORT SERVICES—2.4%** | **DIVERSIFIED SUPPORT SERVICES—2.4%** | **DIVERSIFIED SUPPORT SERVICES—2.4%** |
| Japan Elevator Service Holdings Co., Ltd. | 9749 | 98631 |
| **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.2%** |
| SWCC Corp. | 1243 | 127229 |
| **ELECTRONIC COMPONENTS—2.6%** | **ELECTRONIC COMPONENTS—2.6%** | **ELECTRONIC COMPONENTS—2.6%** |
| Nippon Electric Glass Co., Ltd. | 2043 | 106650 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—3.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—3.4%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—3.4%** |
| Anritsu Corp., Cl. B | 5229 | 136880 |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.3%** |
| Organo Corp. | 906 | 91554 |
| **LIFE & HEALTH INSURANCE—1.3%** | **LIFE & HEALTH INSURANCE—1.3%** | **LIFE & HEALTH INSURANCE—1.3%** |
| Lifenet Insurance Co.<sup>\*</sup>  | 4347 | 53525 |
| **PACKAGED FOODS & MEATS—2.1%** | **PACKAGED FOODS & MEATS—2.1%** | **PACKAGED FOODS & MEATS—2.1%** |
| Toyo Suisan Kaisha Ltd. | 1243 | 85372 |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| Santen Pharmaceutical Co., Ltd. | 6549 | 67491 |
| **REGIONAL BANKS—2.0%** | **REGIONAL BANKS—2.0%** | **REGIONAL BANKS—2.0%** |
| The 77 Bank Ltd. | 4281 | 82414 |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.8%** |
| Towa Corp. | 3714 | 70592 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $1,147,872) |  | **1272846** |
| **SPAIN—1.8%** | **SPAIN—1.8%** | **SPAIN—1.8%** |
| **DIVERSIFIED BANKS—1.8%** | **DIVERSIFIED BANKS—1.8%** | **DIVERSIFIED BANKS—1.8%** |
| Bankinter SA | 4423 | **73603** |
| (Cost $59,970) |  |  |
| **SWEDEN—3.7%** | **SWEDEN—3.7%** | **SWEDEN—3.7%** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—2.2%** |
| Lagercrantz Group AB, Cl. B | 3383 | 89458 |
| **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** | **INVESTMENT BANKING & BROKERAGE—1.5%** |
| Nordnet AB | 1799 | 59297 |
| &nbsp;&nbsp;&nbsp; **TOTAL SWEDEN** <br>(Cost $125,020) |  | **148755** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL SMALL CAP FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **SWITZERLAND—2.1%** | **SWITZERLAND—2.1%** | **SWITZERLAND—2.1%** |
| **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** |
| Belimo Holding AG | 91 | **$83334** |
| (Cost $92,634) |  |  |
| **UNITED KINGDOM—12.5%** | **UNITED KINGDOM—12.5%** | **UNITED KINGDOM—12.5%** |
| **CONSTRUCTION MATERIALS—2.1%** | **CONSTRUCTION MATERIALS—2.1%** | **CONSTRUCTION MATERIALS—2.1%** |
| SigmaRoc PLC \* | 49924 | 83740 |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.5%** |
| Mitie Group PLC | 42396 | 100266 |
| **INVESTMENT BANKING & BROKERAGE—2.2%** | **INVESTMENT BANKING & BROKERAGE—2.2%** | **INVESTMENT BANKING & BROKERAGE—2.2%** |
| Marex Group PLC | 1648 | 87920 |
| **PACKAGED FOODS & MEATS—2.8%** | **PACKAGED FOODS & MEATS—2.8%** | **PACKAGED FOODS & MEATS—2.8%** |
| Greencore Group PLC | 32935 | 112758 |
| **TRADING COMPANIES & DISTRIBUTORS—2.9%** | **TRADING COMPANIES & DISTRIBUTORS—2.9%** | **TRADING COMPANIES & DISTRIBUTORS—2.9%** |
| Diploma PLC | 1267 | 119908 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $428,854) |  | **504592** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,526,166) |  | **3952047** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—3.4%** | **MONEY MARKET FUNDS—3.4%** | **MONEY MARKET FUNDS—3.4%** |
| **UNITED STATES—3.4%** | **UNITED STATES—3.4%** | **UNITED STATES—3.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(a)</sup>  | 139332 | **139332** |
| (Cost $139,332) |  | **139332** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $3,665,498)** | 101.2% | **$4091379** |
| Unaffiliated Securities (Cost $3,665,498) |  | 4091379 |
| Liabilities in Excess of Other Assets | (1.2)% | (49765) |
| **NET ASSETS** | 100.0% | **$4041614** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Rate shown reflects 7-day effective yield as of April 30, 2026. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.2%** | **COMMON STOCKS—87.2%** | **COMMON STOCKS—87.2%** |
| **BIOTECHNOLOGY—41.0%** | **BIOTECHNOLOGY—41.0%** | **BIOTECHNOLOGY—41.0%** |
| Abivax SA ADR<sup>\*</sup>  | 9738 | **$** 1143046 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 33426 | 2456143 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup>  | 131478 | 1204339 |
| Biogen, Inc.<sup>\*</sup>  | 348 | 65869 |
| Celcuity, Inc.<sup>\*</sup>  | 2589 | 314175 |
| Celldex Therapeutics, Inc.<sup>\*</sup>  | 24744 | 813583 |
| Cogent Biosciences, Inc.<sup>\*</sup>  | 17100 | 612009 |
| Dianthus Therapeutics, Inc.<sup>\*</sup>  | 13845 | 1215591 |
| Erasca, Inc.<sup>\*</sup>  | 33948 | 361546 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 97650 | 2603349 |
| Gilead Sciences, Inc. | 11133 | 1456642 |
| Legend Biotech Corp. ADR<sup>\*</sup>  | 30332 | 713409 |
| Moderna, Inc.<sup>\*</sup>  | 21435 | 984724 |
| Natera, Inc.<sup>\*</sup>  | 5702 | 1175524 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 9047 | 1303854 |
| Roivant Sciences Ltd.<sup>\*</sup>  | 54281 | 1548637 |
| Spyre Therapeutics, Inc.<sup>\*</sup>  | 19000 | 1414550 |
| Summit Therapeutics, Inc.<sup>\*</sup>  | 20966 | 449930 |
| TG Therapeutics, Inc.<sup>\*</sup>  | 34256 | 1157168 |
| Twist Bioscience Corp.<sup>\*</sup>  | 30541 | 1785121 |
| United Therapeutics Corp.<sup>\*</sup>  | 2173 | 1241544 |
| Vaxcyte, Inc.<sup>\*</sup>  | 15731 | 900442 |
|  |  | **24921195** |
| **FERTILIZERS & AGRICULTURAL CHEMICALS—2.5%** | **FERTILIZERS & AGRICULTURAL CHEMICALS—2.5%** | **FERTILIZERS & AGRICULTURAL CHEMICALS—2.5%** |
| Corteva, Inc. | 19135 | **1550126** |
| **HEALTH CARE DISTRIBUTORS—3.3%** | **HEALTH CARE DISTRIBUTORS—3.3%** | **HEALTH CARE DISTRIBUTORS—3.3%** |
| Cardinal Health, Inc. | 10164 | 1960432 |
| McKesson Corp. | 73 | 59510 |
|  |  | **2019942** |
| **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** |
| Axogen, Inc.<sup>\*</sup>  | 21642 | 934934 |
| Boston Scientific Corp.<sup>\*</sup>  | 1006 | 57956 |
| Butterfly Network, Inc., Cl. A<sup>\*</sup>  | 142524 | 682690 |
| Edwards Lifesciences Corp.<sup>\*</sup>  | 736 | 61456 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 5000001 | 190000 |
| Integer Holdings Corp.<sup>\*</sup>  | 6847 | 606028 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 126 | 57659 |
|  |  | **2590723** |
| **HEALTHCARE FACILITIES—1.9%** | **HEALTHCARE FACILITIES—1.9%** | **HEALTHCARE FACILITIES—1.9%** |
| Acadia Healthcare Co., Inc.<sup>\*</sup>  | 29919 | 774753 |
| Brookdale Senior Living, Inc.<sup>\*</sup>  | 21240 | 305006 |
| HCA Healthcare, Inc. | 131 | 56913 |
|  |  | **1136672** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—87.2% (CONT.)** | **COMMON STOCKS—87.2% (CONT.)** | **COMMON STOCKS—87.2% (CONT.)** |
| **HEALTHCARE SERVICES—3.9%** | **HEALTHCARE SERVICES—3.9%** | **HEALTHCARE SERVICES—3.9%** |
| CVS Health Corp. | 16452 | **$** 1370287 |
| Guardant Health, Inc.<sup>\*</sup>  | 11557 | 1006384 |
|  |  | **2376671** |
| **HEALTHCARE SUPPLIES—0.3%** | **HEALTHCARE SUPPLIES—0.3%** | **HEALTHCARE SUPPLIES—0.3%** |
| ICU Medical, Inc.<sup>\*</sup>  | 1390 | **165688** |
| **HEALTHCARE TECHNOLOGY—1.2%** | **HEALTHCARE TECHNOLOGY—1.2%** | **HEALTHCARE TECHNOLOGY—1.2%** |
| HeartFlow, Inc.<sup>\*</sup>  | 24388 | **725787** |
| **LIFE & HEALTH INSURANCE—0.6%** | **LIFE & HEALTH INSURANCE—0.6%** | **LIFE & HEALTH INSURANCE—0.6%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 21112 | **389727** |
| **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** |
| Repligen Corp.<sup>\*</sup>  | 9358 | **1107145** |
| **MANAGED HEALTHCARE—3.0%** | **MANAGED HEALTHCARE—3.0%** | **MANAGED HEALTHCARE—3.0%** |
| Centene Corp.<sup>\*</sup>  | 20415 | 1096081 |
| UnitedHealth Group, Inc. | 1947 | 721325 |
|  |  | **1817406** |
| **PHARMACEUTICALS—23.4%** | **PHARMACEUTICALS—23.4%** | **PHARMACEUTICALS—23.4%** |
| AstraZeneca PLC | 6174 | 1156822 |
| Belite Bio, Inc. ADR<sup>\*</sup>  | 786 | 125100 |
| Eli Lilly & Co. | 684 | 639266 |
| GSK PLC ADR | 21626 | 1131256 |
| Johnson & Johnson | 7916 | 1819493 |
| Ligand Pharmaceuticals, Inc.<sup>\*</sup>  | 4494 | 1031148 |
| Merck & Co., Inc. | 16080 | 1755615 |
| Nektar Therapeutics<sup>\*</sup>  | 19035 | 1618736 |
| Royalty Pharma PLC, Cl. A | 24966 | 1250547 |
| Sandoz Group Ltd. | 11690 | 937695 |
| Teva Pharmaceutical Industries Ltd. ADR<sup>\*</sup>  | 79524 | 2788906 |
|  |  | **14254584** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $49,808,615) |  | **53055666** |
| **PREFERRED STOCKS—4.6%** | **PREFERRED STOCKS—4.6%** | **PREFERRED STOCKS—4.6%** |
| **HEALTHCARE EQUIPMENT—4.6%** | **HEALTHCARE EQUIPMENT—4.6%** | **HEALTHCARE EQUIPMENT—4.6%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 48744272 | **2778424** |
| (Cost $2,550,135) |  | **2778424** |
| **REAL ESTATE INVESTMENT TRUSTS—5.3%** | **REAL ESTATE INVESTMENT TRUSTS—5.3%** | **REAL ESTATE INVESTMENT TRUSTS—5.3%** |
| **HEALTH CARE—5.3%** | **HEALTH CARE—5.3%** | **HEALTH CARE—5.3%** |
| American Healthcare REIT, Inc. | 12303 | 624746 |
| Janus Living, Inc.<sup>\*</sup>  | 23811 | 624801 |
| Welltower, Inc. | 9032 | 1963015 |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>(Cost $2,805,123) |  | **3212562** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **RIGHTS—0.0%** | **RIGHTS—0.0%** | **RIGHTS—0.0%** |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| Tolero CDR<sup>(a),\*,@</sup>  | 1956996 | **$—** |
| (Cost $1,044,373) |  | **—** |
| **SHORT-TERM SECURITIES—3.0%** | **SHORT-TERM SECURITIES—3.0%** | **SHORT-TERM SECURITIES—3.0%** |
| **MONEY MARKET FUNDS—3.0%** | **MONEY MARKET FUNDS—3.0%** | **MONEY MARKET FUNDS—3.0%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(b)</sup>  | 1840667 | **1840667** |
| (Cost $1,840,667) |  | **1840667** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $58,048,913)** | 100.1% | **$60887319** |
| Unaffiliated Securities (Cost $58,048,913) |  | 60887319 |
| Liabilities in Excess of Other Assets | (0.1)% | (51797) |
| **NET ASSETS** | 100.0% | **$60835522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts <br> CDR Contingent Deferred Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| Impulse Dynamics PLC, Series A | 2/11/22 | $5000002 | $190000 | 0.3% |
| Impulse Dynamics PLC, Series F-3 | 6/2/23, 2/5/24 | 2550135 | 2778424 | 4.6% |
| Tolero CDR | 2/6/17 | 1044373 |  | 0.0% |
| Total |  | $8594510 | $2968424 | 4.9% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.6%** | **COMMON STOCKS—90.6%** | **COMMON STOCKS—90.6%** |
| **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** | **APPLICATION SOFTWARE—5.0%** |
| Anthropic PBC, Series G<sup>(a),\*,@</sup>  | 1013 | **$** 262505 |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 1068 | 476702 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 14 | 4614 |
| Datadog, Inc., Cl. A<sup>\*</sup>  | 693 | 91607 |
| IREN Ltd.<sup>\*</sup>  | 3525 | 160423 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 979 | 136189 |
|  |  | **1132040** |
| **AUTOMOBILE MANUFACTURERS—2.5%** | **AUTOMOBILE MANUFACTURERS—2.5%** | **AUTOMOBILE MANUFACTURERS—2.5%** |
| Tesla, Inc.<sup>\*</sup>  | 1470 | **560996** |
| **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** |
| Carvana Co.<sup>\*</sup>  | 39 | **15436** |
| **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** |
| Natera, Inc.<sup>\*</sup>  | 1317 | **271513** |
| **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** | **BROADLINE RETAIL—9.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 6087 | 1613420 |
| MercadoLibre, Inc.<sup>\*</sup>  | 101 | 181056 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 4395 | 373048 |
|  |  | **2167524** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.4%** |
| Rocket Cos., Inc., Cl. A<sup>\*</sup>  | 6761 | **98846** |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| Arista Networks, Inc.<sup>\*</sup>  | 1342 | **231777** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.5%** |
| Caterpillar, Inc. | 121 | **107703** |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 2533 | **88908** |
| **DIVERSIFIED BANKS—0.1%** | **DIVERSIFIED BANKS—0.1%** | **DIVERSIFIED BANKS—0.1%** |
| JPMorgan Chase & Co. | 63 | **19734** |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
| NRG Energy, Inc. | 934 | **145312** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—0.7%** |
| Eaton Corp. PLC | 347 | **150255** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** |
| Mirion Technologies, Inc., Cl. A<sup>\*</sup>  | 2822 | **55735** |
| **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** | **HEALTHCARE EQUIPMENT—0.6%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 315 | **144147** |
| **HEALTHCARE TECHNOLOGY—0.2%** | **HEALTHCARE TECHNOLOGY—0.2%** | **HEALTHCARE TECHNOLOGY—0.2%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 326 | **50846** |
| **HEAVY ELECTRICAL EQUIPMENT—1.4%** | **HEAVY ELECTRICAL EQUIPMENT—1.4%** | **HEAVY ELECTRICAL EQUIPMENT—1.4%** |
| GE Vernova, Inc. | 294 | **318537** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.6% (CONT.)** | **COMMON STOCKS—90.6% (CONT.)** | **COMMON STOCKS—90.6% (CONT.)** |
| **HOUSEHOLD APPLIANCES—0.4%** | **HOUSEHOLD APPLIANCES—0.4%** | **HOUSEHOLD APPLIANCES—0.4%** |
| SharkNinja, Inc.<sup>\*</sup>  | 719 | **$83066** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 672 | **250266** |
| **INTERACTIVE MEDIA & SERVICES—12.1%** | **INTERACTIVE MEDIA & SERVICES—12.1%** | **INTERACTIVE MEDIA & SERVICES—12.1%** |
| Alphabet, Inc., Cl. C | 4247 | 1622099 |
| Meta Platforms, Inc., Cl. A | 1869 | 1143660 |
|  |  | **2765759** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.7%** | **INTERNET SERVICES & INFRASTRUCTURE—2.7%** | **INTERNET SERVICES & INFRASTRUCTURE—2.7%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 373 | 76454 |
| CoreWeave, Inc., Cl. A<sup>\*</sup>  | 1044 | 116510 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 355 | 89045 |
| Okta, Inc., Cl. A<sup>\*</sup>  | 1122 | 82635 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 783 | 94845 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 1102 | 163162 |
|  |  | **622651** |
| **INVESTMENT BANKING & BROKERAGE—0.4%** | **INVESTMENT BANKING & BROKERAGE—0.4%** | **INVESTMENT BANKING & BROKERAGE—0.4%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 1235 | **90019** |
| **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** | **MANAGED HEALTHCARE—0.5%** |
| UnitedHealth Group, Inc. | 337 | **124852** |
| **MOVIES & ENTERTAINMENT—1.3%** | **MOVIES & ENTERTAINMENT—1.3%** | **MOVIES & ENTERTAINMENT—1.3%** |
| Netflix, Inc.<sup>\*</sup>  | 414 | 38754 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 2029 | 236500 |
| Spotify Technology SA<sup>\*</sup>  | 63 | 28133 |
|  |  | **303387** |
| **SEMICONDUCTORS—27.5%** | **SEMICONDUCTORS—27.5%** | **SEMICONDUCTORS—27.5%** |
| Astera Labs, Inc.<sup>\*</sup>  | 2187 | 425896 |
| Broadcom, Inc. | 2818 | 1176318 |
| GlobalFoundries, Inc.<sup>\*</sup>  | 903 | 58334 |
| Micron Technology, Inc. | 452 | 233756 |
| NVIDIA Corp. | 15664 | 3126065 |
| Rambus, Inc.<sup>\*</sup>  | 151 | 17382 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3171 | 1255906 |
|  |  | **6293657** |
| **SYSTEMS SOFTWARE—9.9%** | **SYSTEMS SOFTWARE—9.9%** | **SYSTEMS SOFTWARE—9.9%** |
| Microsoft Corp. | 3201 | 1305304 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 5990 | 827998 |
| ServiceNow, Inc.<sup>\*</sup>  | 1357 | 119836 |
|  |  | **2253138** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.3%** |
| Apple, Inc. | 2401 | 651511 |
| Dell Technologies, Inc., Cl. C | 180 | 37611 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—90.6% (CONT.)** | **COMMON STOCKS—90.6% (CONT.)** | **COMMON STOCKS—90.6% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.3% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.3% (CONT.)** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—10.3% (CONT.)** |
| Samsung Electronics Co., Ltd. | 342 | **$** 51501 |
| Sandisk Corp.<sup>\*</sup>  | 48 | 52632 |
| Seagate Technology Holdings PLC | 518 | 348946 |
| Western Digital Corp. | 2804 | 1218394 |
|  |  | **2360595** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $15,833,268) |  | **20706699** |
| **PREFERRED STOCKS—5.4%** | **PREFERRED STOCKS—5.4%** | **PREFERRED STOCKS—5.4%** |
| **APPLICATION SOFTWARE—4.7%** | **APPLICATION SOFTWARE—4.7%** | **APPLICATION SOFTWARE—4.7%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 1529 | 262881 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 1643 | 282481 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 14775 | 531309 |
|  |  | **1076671** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.7%** |
| Apptronik, Inc., Series A-X1<sup>(a),\*,@</sup>  | 1914 | 70684 |
| Figure AI, Inc., Series C<sup>(a),\*,@</sup>  | 451 | 87674 |
|  |  | **158358** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $800,829) |  | **1235029** |
| **SPECIAL PURPOSE VEHICLES—3.6%** | **SPECIAL PURPOSE VEHICLES—3.6%** | **SPECIAL PURPOSE VEHICLES—3.6%** |
| **APPLICATION SOFTWARE—3.6%** | **APPLICATION SOFTWARE—3.6%** | **APPLICATION SOFTWARE—3.6%** |
| &nbsp;&nbsp;&nbsp; 2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and <br> Series B and Series F preferred shares) <sup>(a),(b),\*,@</sup>  |  | 373452 |
| &nbsp;&nbsp;&nbsp; Disruptive Technology Solutions LI, LLC (invested in Reflection AI, <br> Inc. Series B-1, B-2, and C preferred shares) <sup>(a),\*,@</sup>  |  | 451389 |
|  |  | **824841** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLES** <br>(Cost $573,639) |  | **824841** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—1.7%** | **SHORT-TERM SECURITIES—1.7%** | **SHORT-TERM SECURITIES—1.7%** |
| **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.53%<sup>(c)</sup>  | 389834 | **$389834** |
| (Cost $389,834) |  | **389834** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $17,597,570)** | 101.3% | **$23156403** |
| Affiliated Securities (Cost $378,496) |  | 373452 |
| Unaffiliated Securities (Cost $17,219,074) |  | 22782951 |
| Liabilities in Excess of Other Assets | (1.3)% | (302043) |
| **NET ASSETS** | 100.0% | **$22854360** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees. See Note 10 - Fair Value Measurements.<br>|
| (b) | Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note <br> 13 - Affiliated Securities.<br>|
| (c) | Rate shown reflects 7-day effective yield as of April 30, 2026. |
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>4/30/2026<br>|
| 2026 VDC LP  | 3/2/26, 4/1/26 | $378496 | $373452 | 1.6% |
| Anthropic PBC, Series G | 3/31/26 | 262505 | 262505 | 1.2% |
| Apptronik, Inc., Series A-X1 | 1/29/26 | 70755 | 70684 | 0.3% |
| Databricks, Inc., Series J | 12/17/24 | 141432 | 262881 | 1.2% |
| Databricks, Inc., Series K | 9/8/25 | 246450 | 282481 | 1.2% |
| Disruptive Technology Solutions LI, LLC  | 11/4/25 | 195143 | 451389 | 2.0% |
| Figure AI, Inc., Series C | 11/18/25 | 87914 | 87674 | 0.4% |
| SB Technology, Inc., Series E | 10/23/24, 12/18/24 | 254278 | 531309 | 2.3% |
| Total |  | $1636973 | $2322375 | 10.2% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Capital** <br>**Appreciation Fund**<br>| &nbsp;&nbsp; **Alger Concentrated** <br>**Equity Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $2653629525 | &nbsp;&nbsp; $8684971 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 24246157 | &nbsp;&nbsp; 146340 |
| Receivable for investment securities sold | 6045026 | &nbsp;&nbsp; 31962 |
| Receivable for shares of beneficial interest sold | 1435680 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 187768 | &nbsp;&nbsp; 318 |
| Receivable from Investment Manager | 58996 | &nbsp;&nbsp; 11633 |
| Prepaid expenses | 91405 | &nbsp;&nbsp; 13201 |
| Total Assets | 2685694557 | &nbsp;&nbsp; 8888425 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 8106325 | &nbsp;&nbsp; 35330 |
| Payable for shares of beneficial interest redeemed | 1456991 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 1624453 | &nbsp;&nbsp; 3073 |
| Accrued distribution fees — Note 3  | 288862 | &nbsp;&nbsp; 222 |
| Accrued shareholder administrative fees | 27522 | &nbsp;&nbsp; 70 |
| Accrued administrative fees | 57599 | &nbsp;&nbsp; 188 |
| Accrued professional fees | 238783 | &nbsp;&nbsp; 25540 |
| Accrued transfer agent fees | 223111 | &nbsp;&nbsp; 445 |
| Accrued fund accounting fees | 70424 | &nbsp;&nbsp; 8256 |
| Accrued printing fees | 36129 | &nbsp;&nbsp; 1194 |
| Accrued custodian fees | 17526 | &nbsp;&nbsp; 1978 |
| Accrued trustee fees | 13237 | &nbsp;&nbsp; 39 |
| Accrued other expenses | 78969 | &nbsp;&nbsp; 208 |
| Total Liabilities | 12239931 | &nbsp;&nbsp; 76543 |
| **NET ASSETS** | **$2673454626** | &nbsp;&nbsp; **$8811882** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 872355641 | &nbsp;&nbsp; 5771436 |
| Distributable earnings | 1801098985 | &nbsp;&nbsp; 3040446 |
| **NET ASSETS** | **$2673454626** | &nbsp;&nbsp; **$8811882** |
| \* Identified cost on unaffiliated securities | $1004510429 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $5761164 <br><sup>(b)</sup><br>|
| \*\* Identified cost on affiliated securities | $24573626 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $148317 <br><sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation Fund**<br>| &nbsp;&nbsp; **Alger Concentrated**<br> **Equity Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $1229152212 | &nbsp;&nbsp; $202894 |
| Class C | $61197858 | &nbsp;&nbsp; $182268 |
| Class I | $— | &nbsp;&nbsp; $216154 |
| Class Y | $— | &nbsp;&nbsp; $184248 |
| Class Z | $1383104556 | &nbsp;&nbsp; $8026318 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 29644578 | &nbsp;&nbsp; 12160 |
| Class C | 3359950 | &nbsp;&nbsp; 11109 |
| Class I |  | &nbsp;&nbsp; 12954 |
| Class Y |  | &nbsp;&nbsp; 10981 |
| Class Z | 30021010 | &nbsp;&nbsp; 478286 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $41.46 | &nbsp;&nbsp; $16.69 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $43.76 | &nbsp;&nbsp; $17.61 |
| Class C | $18.21 | &nbsp;&nbsp; $16.41 |
| Class I | $— | &nbsp;&nbsp; $16.69 |
| Class Y | $— | &nbsp;&nbsp; $16.78 |
| Class Z | $46.07 | &nbsp;&nbsp; $16.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,058,099,909,
 amounted to $1,619,775,773, which consisted of aggregate gross unrealized appreciation of $1,666,468,229,
 and aggregate gross unrealized depreciation of $46,692,456.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $6,003,488,
 amounted to $2,827,823, which consisted of aggregate gross unrealized appreciation of $3,003,915, and aggregate
 gross unrealized depreciation of $176,092.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &** <br>**Income Fund**<br>| **Alger 35 Fund** |
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $890938806 | &nbsp;&nbsp; $43041725 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>|  | &nbsp;&nbsp; 387909 |
| Receivable for shares of beneficial interest sold | 1576303 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 705814 | &nbsp;&nbsp; 309 |
| Receivable from Investment Manager |  | &nbsp;&nbsp; 6546 |
| Prepaid expenses | 25369 | &nbsp;&nbsp; 6300 |
| Total Assets | 893246292 | &nbsp;&nbsp; 43442789 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 311257 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 346663 | &nbsp;&nbsp; 15289 |
| Accrued distribution fees — Note 3  | 75843 | &nbsp;&nbsp; — |
| Accrued shareholder administrative fees | 8365 | &nbsp;&nbsp; 340 |
| Accrued administrative fees | 19066 | &nbsp;&nbsp; 934 |
| Accrued professional fees | 101882 | &nbsp;&nbsp; 30953 |
| Accrued transfer agent fees | 45567 | &nbsp;&nbsp; 630 |
| Accrued fund accounting fees | 33643 | &nbsp;&nbsp; 7659 |
| Accrued printing fees | 32314 | &nbsp;&nbsp; 261 |
| Accrued custodian fees | 4083 | &nbsp;&nbsp; 1436 |
| Accrued trustee fees | 3424 | &nbsp;&nbsp; 260 |
| Accrued other expenses | 23941 | &nbsp;&nbsp; 1447 |
| Total Liabilities | 1006048 | &nbsp;&nbsp; 59209 |
| **NET ASSETS** | **$892240244** | &nbsp;&nbsp; **$43383580** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 456260226 | &nbsp;&nbsp; 32527396 |
| Distributable earnings | 435980018 | &nbsp;&nbsp; 10856184 |
| **NET ASSETS** | **$892240244** | &nbsp;&nbsp; **$43383580** |
| \* Identified cost on unaffiliated securities | $468198098 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $27580129 <br><sup>(d)</sup><br>|
| \*\* Identified cost on affiliated securities | $— | &nbsp;&nbsp; $393148 <br><sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &**<br> **Income Fund**<br>| **Alger 35 Fund** |
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $246233266 | &nbsp;&nbsp; $— |
| Class C | $35180751 | &nbsp;&nbsp; $— |
| Class Z | $610826227 | &nbsp;&nbsp; $43383580 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 2457920 | &nbsp;&nbsp; — |
| Class C | 357709 | &nbsp;&nbsp; — |
| Class Z | 6086452 | &nbsp;&nbsp; 2098261 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $100.18 | &nbsp;&nbsp; $— |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $105.73 | &nbsp;&nbsp; $— |
| Class C | $98.35 | &nbsp;&nbsp; $— |
| Class Z | $100.36 | &nbsp;&nbsp; $20.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $468,259,551,
 amounted to $422,679,255, which consisted of aggregate gross unrealized appreciation of $428,918,098,
 and aggregate gross unrealized depreciation of $6,238,843.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $28,195,916,
 amounted to $15,233,718, which consisted of aggregate gross unrealized appreciation of $15,791,910, and
 aggregate gross unrealized depreciation of $558,192.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap** <br>**Focus Fund**<br>| &nbsp;&nbsp; **Alger Mid Cap** <br>**Growth Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $317199078 | &nbsp;&nbsp; $277567076 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>|  | &nbsp;&nbsp; 1375062 |
| Receivable for investment securities sold | 820383 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold | 99389 | &nbsp;&nbsp; 268827 |
| Dividends and interest receivable | 25543 | &nbsp;&nbsp; 22186 |
| Receivable from Investment Manager | 337 | &nbsp;&nbsp; — |
| Prepaid expenses | 3680 | &nbsp;&nbsp; 4247 |
| Total Assets | 318148410 | &nbsp;&nbsp; 279237398 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 142004 | &nbsp;&nbsp; 38855 |
| Foreign bank overdraft † |  | &nbsp;&nbsp; 205 |
| Accrued investment advisory fees | 169080 | &nbsp;&nbsp; 169370 |
| Accrued distribution fees — Note 3  | 7216 | &nbsp;&nbsp; 43313 |
| Accrued shareholder administrative fees | 2639 | &nbsp;&nbsp; 3252 |
| Accrued administrative fees | 7039 | &nbsp;&nbsp; 6128 |
| Accrued professional fees | 54079 | &nbsp;&nbsp; 62102 |
| Accrued transfer agent fees | 9069 | &nbsp;&nbsp; 26453 |
| Accrued fund accounting fees | 15989 | &nbsp;&nbsp; 16667 |
| Accrued printing fees | 28844 | &nbsp;&nbsp; 13726 |
| Accrued custodian fees | 2629 | &nbsp;&nbsp; 101 |
| Accrued trustee fees | 1419 | &nbsp;&nbsp; 1615 |
| Accrued other expenses | 1636 | &nbsp;&nbsp; 269 |
| Total Liabilities | 441643 | &nbsp;&nbsp; 382056 |
| **NET ASSETS** | **$317706767** | &nbsp;&nbsp; **$278855342** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 336210883 | &nbsp;&nbsp; 222108776 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (18504116)<br>| &nbsp;&nbsp; 56746566 |
| **NET ASSETS** | **$317706767** | &nbsp;&nbsp; **$278855342** |
| \* Identified cost on unaffiliated securities | $239078687 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $217887218 <br><sup>(f)</sup><br>|
| \*\* Identified cost on affiliated securities | $— | &nbsp;&nbsp; $1393634 <br><sup>(f)</sup><br>|
| † Cost of foreign bank overdraft | $— | &nbsp;&nbsp; $(204)<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap**<br> **Focus Fund**<br>| &nbsp;&nbsp; **Alger Mid Cap**<br> **Growth Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $10545143 | &nbsp;&nbsp; $180101122 |
| Class B | $— | &nbsp;&nbsp; $12915490 |
| Class C | $4550292 | &nbsp;&nbsp; $3198537 |
| Class I | $7079861 | &nbsp;&nbsp; $— |
| Class Y | $4040399 | &nbsp;&nbsp; $— |
| Class Z | $291491072 | &nbsp;&nbsp; $82640193 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 516418 | &nbsp;&nbsp; 10096631 |
| Class B |  | &nbsp;&nbsp; 1159623 |
| Class C | 231370 | &nbsp;&nbsp; 314613 |
| Class I | 346245 | &nbsp;&nbsp; — |
| Class Y | 192974 | &nbsp;&nbsp; — |
| Class Z | 13973610 | &nbsp;&nbsp; 4443520 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $20.42 | &nbsp;&nbsp; $17.84 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $21.55 | &nbsp;&nbsp; $18.83 |
| Class B | $— | &nbsp;&nbsp; $11.14 |
| Class C | $19.67 | &nbsp;&nbsp; $10.17 |
| Class I | $20.45 | &nbsp;&nbsp; $— |
| Class Y | $20.94 | &nbsp;&nbsp; $— |
| Class Z | $20.86 | &nbsp;&nbsp; $18.60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $246,708,263,
 amounted to $70,490,815, which consisted of aggregate gross unrealized appreciation of $86,209,229, and
 aggregate gross unrealized depreciation of $15,718,414.

&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $222,838,648,
 amounted to $56,103,490, which consisted of aggregate gross unrealized appreciation of $72,420,373, and
 aggregate gross unrealized depreciation of $16,316,883.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap** <br>**Growth Fund**<br>| &nbsp;&nbsp; **Alger Small Cap** <br>**Focus Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $191052488 | &nbsp;&nbsp; $760298747 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>|  | &nbsp;&nbsp; 30454418 |
| Receivable for shares of beneficial interest sold | 15862 | &nbsp;&nbsp; 342518 |
| Dividends and interest receivable | 11327 | &nbsp;&nbsp; 35505 |
| Receivable from Investment Manager | 496 | &nbsp;&nbsp; 576 |
| Prepaid expenses | 20590 | &nbsp;&nbsp; 28413 |
| Total Assets | 191100763 | &nbsp;&nbsp; 791160177 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 123692 | &nbsp;&nbsp; 697568 |
| Accrued investment advisory fees | 123491 | &nbsp;&nbsp; 481380 |
| Accrued distribution fees — Note 3  | 32584 | &nbsp;&nbsp; 52956 |
| Accrued shareholder administrative fees | 2196 | &nbsp;&nbsp; 7195 |
| Accrued administrative fees | 4193 | &nbsp;&nbsp; 17651 |
| Accrued professional fees | 58170 | &nbsp;&nbsp; 134849 |
| Accrued transfer agent fees | 28896 | &nbsp;&nbsp; 116944 |
| Accrued fund accounting fees | 15048 | &nbsp;&nbsp; 41397 |
| Accrued printing fees | 34176 | &nbsp;&nbsp; 179658 |
| Accrued custodian fees | 1568 | &nbsp;&nbsp; 16018 |
| Accrued trustee fees | 1214 | &nbsp;&nbsp; 5587 |
| Accrued other expenses | 1925 | &nbsp;&nbsp; 7693 |
| Total Liabilities | 427153 | &nbsp;&nbsp; 1758896 |
| **NET ASSETS** | **$190673610** | &nbsp;&nbsp; **$789401281** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 188563420 | &nbsp;&nbsp; 1078360695 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 2110190 | &nbsp;&nbsp; (288959414)<br>|
| **NET ASSETS** | **$190673610** | &nbsp;&nbsp; **$789401281** |
| \* Identified cost on unaffiliated securities | $136977056 <br><sup>(g)</sup><br>| &nbsp;&nbsp; $517372126 <br><sup>(h)</sup><br>|
| \*\* Identified cost on affiliated securities | $— <br><sup>(g)</sup><br>| &nbsp;&nbsp; $27952123 <br><sup>(h)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Alger Small Cap**<br> **Focus Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $115845824 | &nbsp;&nbsp; $117172775 |
| Class B | $1719110 | &nbsp;&nbsp; $— |
| Class C | $11713433 | &nbsp;&nbsp; $30064740 |
| Class I | $— | &nbsp;&nbsp; $22261385 |
| Class Y | $50875 | &nbsp;&nbsp; $24935518 |
| Class Z | $61344368 | &nbsp;&nbsp; $594966863 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 9918306 | &nbsp;&nbsp; 5552214 |
| Class B | 217773 | &nbsp;&nbsp; — |
| Class C | 1653184 | &nbsp;&nbsp; 1671555 |
| Class I |  | &nbsp;&nbsp; 1018550 |
| Class Y | 4090 | &nbsp;&nbsp; 1098933 |
| Class Z | 4952246 | &nbsp;&nbsp; 26254313 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $11.68 | &nbsp;&nbsp; $21.10 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $12.33 | &nbsp;&nbsp; $22.27 |
| Class B | $7.89 | &nbsp;&nbsp; $— |
| Class C | $7.09 | &nbsp;&nbsp; $17.99 |
| Class I | $— | &nbsp;&nbsp; $21.86 |
| Class Y | $12.44 | &nbsp;&nbsp; $22.69 |
| Class Z | $12.39 | &nbsp;&nbsp; $22.66 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $137,349,796,
 amounted to $53,702,692, which consisted of aggregate gross unrealized appreciation of $76,949,727, and
 aggregate gross unrealized depreciation of $23,247,035.

&nbsp;&nbsp;&nbsp;&nbsp;(h) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $558,895,943,
 amounted to $231,857,222, which consisted of aggregate gross unrealized appreciation of $269,085,533,
 and aggregate gross unrealized depreciation of $37,228,311.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie** <br>**Specialized Growth** <br>**Fund**<br>| &nbsp;&nbsp; **Alger International** <br>**Opportunities Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $281230209 | &nbsp;&nbsp; $171793693 |
| Foreign cash † |  | &nbsp;&nbsp; 136637 |
| Receivable for shares of beneficial interest sold | 100577 | &nbsp;&nbsp; 398 |
| Dividends and interest receivable | 28203 | &nbsp;&nbsp; 490678 |
| Receivable from Investment Manager | 2660 | &nbsp;&nbsp; 2144 |
| Prepaid expenses | 4215 | &nbsp;&nbsp; 22090 |
| Total Assets | 281365864 | &nbsp;&nbsp; 172445640 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 492894 | &nbsp;&nbsp; — |
| Payable for shares of beneficial interest redeemed | 566298 | &nbsp;&nbsp; 1770 |
| Accrued investment advisory fees | 181309 | &nbsp;&nbsp; 99024 |
| Accrued distribution fees — Note 3  | 23433 | &nbsp;&nbsp; 31582 |
| Accrued shareholder administrative fees | 2621 | &nbsp;&nbsp; 2157 |
| Accrued administrative fees | 6156 | &nbsp;&nbsp; 3835 |
| Accrued professional fees | 78649 | &nbsp;&nbsp; 56212 |
| Accrued transfer agent fees | 46171 | &nbsp;&nbsp; 18922 |
| Accrued fund accounting fees | 22612 | &nbsp;&nbsp; 16582 |
| Accrued printing fees | 56081 | &nbsp;&nbsp; 13370 |
| Accrued custodian fees | 5120 | &nbsp;&nbsp; 7386 |
| Accrued trustee fees | 2842 | &nbsp;&nbsp; 1091 |
| Accrued other expenses | 2356 | &nbsp;&nbsp; 1415 |
| Total Liabilities | 1486542 | &nbsp;&nbsp; 253346 |
| **NET ASSETS** | **$279879322** | &nbsp;&nbsp; **$172192294** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 484720563 | &nbsp;&nbsp; 130005975 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (204841241)<br>| &nbsp;&nbsp; 42186319 |
| **NET ASSETS** | **$279879322** | &nbsp;&nbsp; **$172192294** |
| \* Identified cost on unaffiliated securities | $218184729 <br><sup>(i)</sup><br>| &nbsp;&nbsp; $132206193 <br><sup>(j)</sup><br>|
| † Cost of foreign cash | $— | &nbsp;&nbsp; $136446 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie**<br> **Specialized Growth**<br> **Fund**<br>| &nbsp;&nbsp; **Alger International**<br> **Opportunities Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $60325132 | &nbsp;&nbsp; $129023481 |
| Class B | $— | &nbsp;&nbsp; $14620756 |
| Class C | $13047147 | &nbsp;&nbsp; $1218351 |
| Class I | $4244019 | &nbsp;&nbsp; $2368027 |
| Class Y | $38183032 | &nbsp;&nbsp; $— |
| Class Z | $164079992 | &nbsp;&nbsp; $24961679 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 4369026 | &nbsp;&nbsp; 6167864 |
| Class B |  | &nbsp;&nbsp; 841350 |
| Class C | 1786532 | &nbsp;&nbsp; 76654 |
| Class I | 297154 | &nbsp;&nbsp; 112747 |
| Class Y | 2565633 | &nbsp;&nbsp; — |
| Class Z | 10677913 | &nbsp;&nbsp; 1150435 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $13.81 | &nbsp;&nbsp; $20.92 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $14.58 | &nbsp;&nbsp; $22.08 |
| Class B | $— | &nbsp;&nbsp; $17.38 |
| Class C | $7.30 | &nbsp;&nbsp; $15.89 |
| Class I | $14.28 | &nbsp;&nbsp; $21.00 |
| Class Y | $14.88 | &nbsp;&nbsp; $— |
| Class Z | $15.37 | &nbsp;&nbsp; $21.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $228,864,832,
 amounted to $52,365,377, which consisted of aggregate gross unrealized appreciation of $77,230,498, and
 aggregate gross unrealized depreciation of $24,865,121.

(j) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $132,558,333,
 amounted to $39,235,360, which consisted of aggregate gross unrealized appreciation of $45,837,004, and
 aggregate gross unrealized depreciation of $6,601,644.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger International** <br> **Small Cap Fund**<br>| &nbsp;&nbsp; **Alger Health** <br>**Sciences Fund**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $4091379 | &nbsp;&nbsp; $60887319 |
| Foreign cash † | 584 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold |  | &nbsp;&nbsp; 1879 |
| Dividends and interest receivable | 14304 | &nbsp;&nbsp; 93187 |
| Receivable from Investment Manager | 10696 | &nbsp;&nbsp; 1229 |
| Prepaid expenses | 7476 | &nbsp;&nbsp; 173 |
| Total Assets | 4124439 | &nbsp;&nbsp; 60983787 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed |  | &nbsp;&nbsp; 23339 |
| Accrued investment advisory fees | 2361 | &nbsp;&nbsp; 27580 |
| Accrued distribution fees — Note 3  | 73 | &nbsp;&nbsp; 10372 |
| Accrued shareholder administrative fees | 34 | &nbsp;&nbsp; 743 |
| Accrued administrative fees | 87 | &nbsp;&nbsp; 1379 |
| Accrued professional fees | 27032 | &nbsp;&nbsp; 42303 |
| Accrued transfer agent fees | 187 | &nbsp;&nbsp; 15592 |
| Accrued fund accounting fees | 8533 | &nbsp;&nbsp; 10123 |
| Accrued printing fees | 40840 | &nbsp;&nbsp; 13450 |
| Accrued custodian fees | 3375 | &nbsp;&nbsp; 2529 |
| Accrued trustee fees | 103 | &nbsp;&nbsp; 401 |
| Accrued other expenses | 200 | &nbsp;&nbsp; 454 |
| Total Liabilities | 82825 | &nbsp;&nbsp; 148265 |
| **NET ASSETS** | **$4041614** | &nbsp;&nbsp; **$60835522** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 3724983 | &nbsp;&nbsp; 80548317 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 316631 | &nbsp;&nbsp; (19712795)<br>|
| **NET ASSETS** | **$4041614** | &nbsp;&nbsp; **$60835522** |
| \* Identified cost on unaffiliated securities | $3665498 <br><sup>(k)</sup><br>| &nbsp;&nbsp; $58048913 <br><sup>(l)</sup><br>|
| † Cost of foreign cash | $580 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger International** <br> **Small Cap Fund**<br>| &nbsp;&nbsp; **Alger Health**<br> **Sciences Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $397663 | &nbsp;&nbsp; $43333926 |
| Class C | $— | &nbsp;&nbsp; $1718518 |
| Class Z | $3643951 | &nbsp;&nbsp; $15783078 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 37335 | &nbsp;&nbsp; 1911722 |
| Class C |  | &nbsp;&nbsp; 124120 |
| Class Z | 341217 | &nbsp;&nbsp; 673996 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $10.65 | &nbsp;&nbsp; $22.67 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $11.24 | &nbsp;&nbsp; $23.93 |
| Class C | $— | &nbsp;&nbsp; $13.85 |
| Class Z | $10.68 | &nbsp;&nbsp; $23.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(k) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $3,665,498,
 amounted to $425,881, which consisted of aggregate gross unrealized appreciation of $582,092, and aggregate
 gross unrealized depreciation of $156,211.

&nbsp;&nbsp;&nbsp;&nbsp;(l) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $58,452,430,
 amounted to $2,434,889, which consisted of aggregate gross unrealized appreciation of $9,913,186, and
 aggregate gross unrealized depreciation of $7,478,297.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Alger AI Enablers &** <br>**Adopters Fund**<br>|
| **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified cost below)\* see <br> accompanying schedules of investments<br>| $22782951 |
| Investments in affiliated securities, at value (Identified cost below)\*\* see <br> accompanying schedules of investments<br>| 373452 |
| Receivable for investment securities sold | 210832 |
| Receivable for shares of beneficial interest sold | 64534 |
| Dividends and interest receivable | 1095 |
| Receivable from Investment Manager | 15440 |
| Prepaid expenses | 13094 |
| Total Assets | 23461398 |
| **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 449525 |
| Payable for shares of beneficial interest redeemed | 55952 |
| Bank overdraft | 48225 |
| Accrued investment advisory fees | 7883 |
| Accrued distribution fees — Note 3  | 3280 |
| Accrued shareholder administrative fees | 246 |
| Accrued administrative fees | 482 |
| Accrued professional fees | 25395 |
| Accrued transfer agent fees | 406 |
| Accrued fund accounting fees | 8305 |
| Accrued printing fees | 1013 |
| Accrued custodian fees | 4032 |
| Accrued trustee fees | 102 |
| Accrued other expenses | 2192 |
| Total Liabilities | 607038 |
| **NET ASSETS** | **$22854360** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 17974725 |
| Distributable earnings | 4879635 |
| **NET ASSETS** | **$22854360** |
| \* Identified cost on unaffiliated securities | $17219074 <br><sup>(m)</sup><br>|
| \*\* Identified cost on affiliated securities | $378496 <br><sup>(m)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities April 30, 2026 (Unaudited) (Continued)**

------

---

| | |
|:---|:---|
|  | **Alger AI Enablers &**<br> **Adopters Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $13638831 |
| Class C | $705767 |
| Class I | $676882 |
| Class Y | $254027 |
| Class Z | $7578853 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 724703 |
| Class C | 38131 |
| Class I | 36017 |
| Class Y | 13432 |
| Class Z | 400315 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $18.82 |
| Class A - Offering Price Per Share (includes a 5.25% sales charge) | $19.86 |
| Class C | $18.51 |
| Class I | $18.79 |
| Class Y | $18.91 |
| Class Z | $18.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(m) At
 April 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $18,061,839,
 amounted to $5,094,564, which consisted of aggregate gross unrealized appreciation of $5,960,400, and
 aggregate gross unrealized depreciation of $865,836.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Capital** <br>**Appreciation Fund**<br>| &nbsp;&nbsp; **Alger Concentrated** <br>**Equity Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $3158838 | &nbsp;&nbsp; $9385 |
| Interest | 79221 | &nbsp;&nbsp; 2217 |
| Total Income | 3238059 | &nbsp;&nbsp; 11602 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 9697818 | &nbsp;&nbsp; 16907 |
| Distribution fees — Note 3  |  |  |
| Class A | 1458909 | &nbsp;&nbsp; 232 |
| Class C | 302450 | &nbsp;&nbsp; 862 |
| Class I |  | &nbsp;&nbsp; 217 |
| Shareholder administrative fees — Note 3  | 164682 | &nbsp;&nbsp; 388 |
| Administration fees — Note 3  | 343156 | &nbsp;&nbsp; 1033 |
| Transfer agent fees — Note 3  | 443091 | &nbsp;&nbsp; 579 |
| Interest expense — Note 3  | 426281 | &nbsp;&nbsp; 489 |
| Professional fees | 158229 | &nbsp;&nbsp; 15560 |
| Fund accounting fees — Note 3  | 149721 | &nbsp;&nbsp; 12244 |
| Registration fees | 88539 | &nbsp;&nbsp; 35025 |
| Printing fees | 72584 | &nbsp;&nbsp; 1417 |
| Trustee fees — Note 3  | 71706 | &nbsp;&nbsp; 211 |
| Custodian fees | 30274 | &nbsp;&nbsp; 1870 |
| Other expenses | 145316 | &nbsp;&nbsp; 4423 |
| Total Expenses | 13552756 | &nbsp;&nbsp; 91457 |
| Less, expense reimbursements/waivers — Note 3  | (329422)<br>| &nbsp;&nbsp; (68997)<br>|
| Net Expenses | 13223334 | &nbsp;&nbsp; 22460 |
| **NET INVESTMENT (LOSS)** | **(9985275)**<br>| &nbsp;&nbsp; **(10858)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 152139126 | &nbsp;&nbsp; 223546 |
| Net realized gain on in-kind transactions | 42326556 | &nbsp;&nbsp; — |
| Net realized gain on foreign currency transactions | 6398 | &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 194472080 | &nbsp;&nbsp; 223546 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation Fund**<br>| &nbsp;&nbsp; **Alger Concentrated**<br> **Equity Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(193960331)<br>| &nbsp;&nbsp; $(30102)<br>|
| Net change in unrealized appreciation (depreciation) on <br> affiliated investments<br>| 1285357 | &nbsp;&nbsp; (1977)<br>|
| Net change in unrealized appreciation on foreign <br> currency<br>| 2425 | &nbsp;&nbsp; — |
| Net change in unrealized (depreciation) on investments <br> and foreign currency<br>| (192672549)<br>| &nbsp;&nbsp; (32079)<br>|
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 1799531 | &nbsp;&nbsp; 191467 |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| **$(8185744)**<br>| &nbsp;&nbsp; **$180609** |
| \* Foreign withholding taxes | $133563 | &nbsp;&nbsp; $483 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &** <br>**Income Fund**<br>| **Alger 35 Fund** |
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $5947337 | &nbsp;&nbsp; $46061 |
| Interest | 495363 | &nbsp;&nbsp; 2962 |
| Total Income | 6442700 | &nbsp;&nbsp; 49023 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 2015316 | &nbsp;&nbsp; 96019 |
| Distribution fees — Note 3  |  |  |
| Class A | 282839 | &nbsp;&nbsp; — |
| Class C | 167623 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 48750 | &nbsp;&nbsp; 2134 |
| Administration fees — Note 3  | 110842 | &nbsp;&nbsp; 5868 |
| Transfer agent fees — Note 3  | 97264 | &nbsp;&nbsp; 1976 |
| Interest expense — Note 3  | 230 | &nbsp;&nbsp; 5292 |
| Professional fees | 61891 | &nbsp;&nbsp; 19227 |
| Fund accounting fees — Note 3  | 54076 | &nbsp;&nbsp; 12101 |
| Registration fees | 45204 | &nbsp;&nbsp; 12260 |
| Printing fees | 36748 | &nbsp;&nbsp; 938 |
| Trustee fees — Note 3  | 21833 | &nbsp;&nbsp; 1308 |
| Custodian fees | 7346 | &nbsp;&nbsp; 2476 |
| Other expenses | 35485 | &nbsp;&nbsp; 10574 |
| Total Expenses | 2985447 | &nbsp;&nbsp; 170173 |
| Less, expense reimbursements/waivers — Note 3  |  | &nbsp;&nbsp; (40951)<br>|
| Net Expenses | 2985447 | &nbsp;&nbsp; 129222 |
| **NET INVESTMENT INCOME (LOSS)** | **3457253** | &nbsp;&nbsp; **(80199)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 3869025 | &nbsp;&nbsp; 2593074 |
| Net realized gain on in-kind transactions | 13743668 | &nbsp;&nbsp; 1481636 |
| Net realized gain on foreign currency transactions | 847 | &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 17613540 | &nbsp;&nbsp; 4074710 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &**<br> **Income Fund**<br>| **Alger 35 Fund** |
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| $58223015 | &nbsp;&nbsp; $(3456580)<br>|
| Net change in unrealized (depreciation) on affiliated <br> investments<br>|  | &nbsp;&nbsp; (5239)<br>|
| Net change in unrealized appreciation (depreciation) on <br> foreign currency<br>| (83)<br>| &nbsp;&nbsp; 5 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| 58222932 | &nbsp;&nbsp; (3461814)<br>|
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 75836472 | &nbsp;&nbsp; 612896 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$79293725** | &nbsp;&nbsp; **$532697** |
| \* Foreign withholding taxes | $104327 | &nbsp;&nbsp; $1991 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap** <br>**Focus Fund**<br>| &nbsp;&nbsp; **Alger Mid Cap** <br>**Growth Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $106334 | &nbsp;&nbsp; $62453 |
| Interest | 218766 | &nbsp;&nbsp; 87141 |
| Total Income | 325100 | &nbsp;&nbsp; 149594 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 1027998 | &nbsp;&nbsp; 1041763 |
| Distribution fees — Note 3  |  |  |
| Class A | 12811 | &nbsp;&nbsp; 225443 |
| Class B |  | &nbsp;&nbsp; 64880 |
| Class C | 21612 | &nbsp;&nbsp; 16283 |
| Class I | 8706 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 16075 | &nbsp;&nbsp; 20096 |
| Administration fees — Note 3  | 42903 | &nbsp;&nbsp; 37695 |
| Transfer agent fees — Note 3  | 22108 | &nbsp;&nbsp; 55560 |
| Interest expense — Note 3  | 1378 | &nbsp;&nbsp; 216 |
| Professional fees | 33659 | &nbsp;&nbsp; 39296 |
| Fund accounting fees — Note 3  | 28520 | &nbsp;&nbsp; 27226 |
| Registration fees | 38468 | &nbsp;&nbsp; 33823 |
| Printing fees | 22519 | &nbsp;&nbsp; 18498 |
| Trustee fees — Note 3  | 8632 | &nbsp;&nbsp; 7994 |
| Custodian fees | 5225 | &nbsp;&nbsp; 6432 |
| Other expenses | 8703 | &nbsp;&nbsp; 8693 |
| Total Expenses | 1299317 | &nbsp;&nbsp; 1603898 |
| Less, expense reimbursements/waivers — Note 3  | (1517)<br>| &nbsp;&nbsp; (34495)<br>|
| Net Expenses | 1297800 | &nbsp;&nbsp; 1569403 |
| **NET INVESTMENT (LOSS)** | **(972700)**<br>| &nbsp;&nbsp; **(1419809)**<br>|
| **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 2686032 | &nbsp;&nbsp; 10416445 |
| Net realized gain on foreign currency transactions | 10814 | &nbsp;&nbsp; 1012 |
| Net realized gain on investments and foreign currency | 2696846 | &nbsp;&nbsp; 10417457 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap**<br> **Focus Fund**<br>| &nbsp;&nbsp; **Alger Mid Cap**<br> **Growth Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(14747618)<br>| &nbsp;&nbsp; $(18709135)<br>|
| Net change in unrealized appreciation on affiliated <br> investments<br>|  | &nbsp;&nbsp; 953162 |
| Net change in unrealized appreciation on foreign <br> currency<br>|  | &nbsp;&nbsp; 47 |
| Net change in unrealized (depreciation) on investments <br> and foreign currency<br>| (14747618)<br>| &nbsp;&nbsp; (17755926)<br>|
| Net realized and unrealized (loss) on investments and <br> foreign currency<br>| (12050772)<br>| &nbsp;&nbsp; (7338469)<br>|
| **NET (DECREASE) IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$(13023472)**<br>| &nbsp;&nbsp; **$(8758278)**<br>|
| \* Foreign withholding taxes | $352 | &nbsp;&nbsp; $9085 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap** <br>**Growth Fund**<br>| &nbsp;&nbsp; **Alger Small Cap** <br>**Focus Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $125905 | &nbsp;&nbsp; $192398 |
| Interest | 31444 | &nbsp;&nbsp; 177414 |
| Total Income | 157349 | &nbsp;&nbsp; 369812 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 764486 | &nbsp;&nbsp; 3128865 |
| Distribution fees — Note 3  |  |  |
| Class A | 141633 | &nbsp;&nbsp; 147711 |
| Class B | 8463 | &nbsp;&nbsp; — |
| Class C | 58549 | &nbsp;&nbsp; 168235 |
| Class I |  | &nbsp;&nbsp; 27947 |
| Shareholder administrative fees — Note 3  | 13556 | &nbsp;&nbsp; 46653 |
| Administration fees — Note 3  | 25955 | &nbsp;&nbsp; 114725 |
| Transfer agent fees — Note 3  | 52974 | &nbsp;&nbsp; 174187 |
| Interest expense — Note 3  | 234 | &nbsp;&nbsp; 3295 |
| Professional fees | 36085 | &nbsp;&nbsp; 80721 |
| Fund accounting fees — Note 3  | 23182 | &nbsp;&nbsp; 65588 |
| Registration fees | 32002 | &nbsp;&nbsp; 74934 |
| Printing fees | 26270 | &nbsp;&nbsp; 107877 |
| Trustee fees — Note 3  | 5635 | &nbsp;&nbsp; 25482 |
| Custodian fees | 3936 | &nbsp;&nbsp; 34292 |
| Other expenses | 8623 | &nbsp;&nbsp; 16805 |
| Total Expenses | 1201583 | &nbsp;&nbsp; 4217317 |
| Less, expense reimbursements/waivers — Note 3  | (12199)<br>| &nbsp;&nbsp; (5097)<br>|
| Net Expenses | 1189384 | &nbsp;&nbsp; 4212220 |
| **NET INVESTMENT (LOSS)** | **(1032035)**<br>| &nbsp;&nbsp; **(3842408)**<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 8616025 | &nbsp;&nbsp; 43078676 |
| Net realized (loss) on foreign currency transactions | (4433)<br>| &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 8611592 | &nbsp;&nbsp; 43078676 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Alger Small Cap**<br> **Focus Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(4986256)<br>| &nbsp;&nbsp; $(64381348)<br>|
| Net change in unrealized appreciation on affiliated <br> investments<br>| 1320453 | &nbsp;&nbsp; — |
| Net change in unrealized (depreciation) on investments <br> and foreign currency<br>| (3665803)<br>| &nbsp;&nbsp; (64381348)<br>|
| Net realized and unrealized gain (loss) investments and <br> foreign currency<br>| 4945789 | &nbsp;&nbsp; (21302672)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| **$3913754** | &nbsp;&nbsp; **$(25145080)**<br>|
| \* Foreign withholding taxes | $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie** <br>**Specialized Growth** <br>**Fund**<br>| &nbsp;&nbsp; **Alger International** <br>**Opportunities Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $373590 | &nbsp;&nbsp; $1727776 |
| Interest | 115952 | &nbsp;&nbsp; 52771 |
| Total Income | 489542 | &nbsp;&nbsp; 1780547 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 1214002 | &nbsp;&nbsp; 595423 |
| Distribution fees — Note 3  |  |  |
| Class A | 80640 | &nbsp;&nbsp; 155464 |
| Class B |  | &nbsp;&nbsp; 72117 |
| Class C | 74888 | &nbsp;&nbsp; 6704 |
| Class I | 6039 | &nbsp;&nbsp; 2581 |
| Shareholder administrative fees — Note 3  | 17571 | &nbsp;&nbsp; 12941 |
| Administration fees — Note 3  | 41216 | &nbsp;&nbsp; 23062 |
| Transfer agent fees — Note 3  | 67477 | &nbsp;&nbsp; 41855 |
| Interest expense — Note 3  | 49 | &nbsp;&nbsp; 176 |
| Professional fees | 47132 | &nbsp;&nbsp; 34591 |
| Fund accounting fees — Note 3  | 31849 | &nbsp;&nbsp; 26900 |
| Registration fees | 45180 | &nbsp;&nbsp; 33015 |
| Printing fees | 35721 | &nbsp;&nbsp; 15569 |
| Trustee fees — Note 3  | 9908 | &nbsp;&nbsp; 4913 |
| Custodian fees | 7853 | &nbsp;&nbsp; 11400 |
| Other expenses | 8316 | &nbsp;&nbsp; 13176 |
| Total Expenses | 1687841 | &nbsp;&nbsp; 1049887 |
| Less, expense reimbursements/waivers — Note 3  | (17829)<br>| &nbsp;&nbsp; (56400)<br>|
| Net Expenses | 1670012 | &nbsp;&nbsp; 993487 |
| **NET INVESTMENT INCOME (LOSS)** | **(1180470)**<br>| &nbsp;&nbsp; **787060** |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 27623068 | &nbsp;&nbsp; 3814428 |
| Net realized (loss) on foreign currency transactions |  | &nbsp;&nbsp; (2114)<br>|
| Net realized gain on investments and foreign currency | 27623068 | &nbsp;&nbsp; 3812314 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie**<br> **Specialized Growth**<br> **Fund**<br>| &nbsp;&nbsp; **Alger International**<br> **Opportunities Fund**<br>|
| Net change in unrealized (depreciation) on unaffiliated <br> investments<br>| $(21321916)<br>| &nbsp;&nbsp; $(460512 )<sup>(a)</sup><br>|
| Net change in unrealized appreciation on foreign <br> currency<br>|  | &nbsp;&nbsp; 10470 |
| Net change in unrealized (depreciation) on investments <br> and foreign currency<br>| (21321916)<br>| &nbsp;&nbsp; (450042)<br>|
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 6301152 | &nbsp;&nbsp; 3362272 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$5120682** | &nbsp;&nbsp; **$4149332** |
| \* Foreign withholding taxes | $9396 | &nbsp;&nbsp; $125397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes
 net change in unrealized appreciation of net foreign capital gains taxes of $46,218.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger International** <br> **Small Cap Fund**<br>| &nbsp;&nbsp; **Alger Health** <br>**Sciences Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $25538 | &nbsp;&nbsp; $144162 |
| Interest | 3174 | &nbsp;&nbsp; 18772 |
| Total Income | 28712 | &nbsp;&nbsp; 162934 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 12552 | &nbsp;&nbsp; 175229 |
| Distribution fees — Note 3  |  |  |
| Class A | 430 | &nbsp;&nbsp; 55903 |
| Class C |  | &nbsp;&nbsp; 10209 |
| Shareholder administrative fees — Note 3  | 178 | &nbsp;&nbsp; 4706 |
| Administration fees — Note 3  | 460 | &nbsp;&nbsp; 8762 |
| Transfer agent fees — Note 3  | 280 | &nbsp;&nbsp; 23826 |
| Interest expense — Note 3  | 9 | &nbsp;&nbsp; 278 |
| Professional fees | 17172 | &nbsp;&nbsp; 26755 |
| Fund accounting fees — Note 3  | 5335 | &nbsp;&nbsp; 15414 |
| Registration fees | 10 | &nbsp;&nbsp; 21499 |
| Printing fees | 25130 | &nbsp;&nbsp; 9266 |
| Trustee fees — Note 3  | 174 | &nbsp;&nbsp; 1878 |
| Custodian fees | 1211 | &nbsp;&nbsp; 5353 |
| Other expenses | 5751 | &nbsp;&nbsp; 4541 |
| Total Expenses | 68692 | &nbsp;&nbsp; 363619 |
| Less, expense reimbursements/waivers — Note 3  | (53856)<br>| &nbsp;&nbsp; (8504)<br>|
| Net Expenses | 14836 | &nbsp;&nbsp; 355115 |
| **NET INVESTMENT INCOME (LOSS)** | **13876** | &nbsp;&nbsp; **(192181)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain (loss) on unaffiliated investments | (79502)<br>| &nbsp;&nbsp; 7774498 |
| Net realized (loss) on foreign currency transactions | (1133)<br>| &nbsp;&nbsp; (1750)<br>|
| Net realized gain (loss) on investments and foreign <br> currency<br>| (80635)<br>| &nbsp;&nbsp; 7772748 |
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| 411534 | &nbsp;&nbsp; (2974527)<br>|
| Net change in unrealized appreciation on foreign <br> currency<br>| 222 | &nbsp;&nbsp; 1349 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| 411756 | &nbsp;&nbsp; (2973178)<br>|
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 331121 | &nbsp;&nbsp; 4799570 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$344997** | &nbsp;&nbsp; **$4607389** |
| \* Foreign withholding taxes | $3990 | &nbsp;&nbsp; $1778 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the six months ended April 30, 2026 (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Alger AI Enablers &** <br>**Adopters Fund**<br>|
| **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $24901 |
| Interest | 5564 |
| Total Income | 30465 |
| **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 43776 |
| Distribution fees — Note 3  |  |
| Class A | 13751 |
| Class C | 3404 |
| Class I | 1177 |
| Shareholder administrative fees — Note 3  | 1352 |
| Administration fees — Note 3  | 2675 |
| Transfer agent fees — Note 3  | 3742 |
| Interest expense — Note 3  | 1516 |
| Professional fees | 15713 |
| Fund accounting fees — Note 3  | 12792 |
| Registration fees | 36399 |
| Printing fees | 1729 |
| Trustee fees — Note 3  | 578 |
| Custodian fees | 8546 |
| Other expenses | 7389 |
| Total Expenses | 154539 |
| Less, expense reimbursements/waivers — Note 3  | (80003)<br>|
| Net Expenses | 74536 |
| **NET INVESTMENT (LOSS)** | **(44071)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized (loss) on unaffiliated investments | (300162)<br>|
| Net realized gain on in-kind transactions | 129679 |
| Net realized (loss) on foreign currency transactions | (329)<br>|
| Net realized (loss) on investments and foreign currency | (170812)<br>|
| Net change in unrealized appreciation on unaffiliated investments | 1363326 |
| Net change in unrealized (depreciation) on affiliated investments | (5044)<br>|
| Net change in unrealized appreciation on investments and foreign currency | 1358282 |
| Net realized and unrealized gain on investments and foreign currency | 1187470 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | **$1143399** |
| \* Foreign withholding taxes | $1147 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(9985275)<br>| &nbsp;&nbsp; $(17752828)<br>|
| Net realized gain on investments and foreign currency | 194472080 | &nbsp;&nbsp; 301587846 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (192672549)<br>| &nbsp;&nbsp; 629176603 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (8185744)<br>| &nbsp;&nbsp; 913011621 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (108909858)<br>| &nbsp;&nbsp; (121556811)<br>|
| Class C | (11631499)<br>| &nbsp;&nbsp; (13091369)<br>|
| Class Z | (105241856)<br>| &nbsp;&nbsp; (102763355)<br>|
| Total dividends and distributions to shareholders | (225783213)<br>| &nbsp;&nbsp; (237411535)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | 57816403 | &nbsp;&nbsp; (19349747)<br>|
| Class C | 5687800 | &nbsp;&nbsp; (3761273)<br>|
| Class Z | 142874065 | &nbsp;&nbsp; 119734009 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 206378268 | &nbsp;&nbsp; 96622989 |
| Total increase (decrease) | (27590689)<br>| &nbsp;&nbsp; 772223075 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 2701045315 | &nbsp;&nbsp; 1928822240 |
| **END OF PERIOD** | **$2673454626** | &nbsp;&nbsp; **$2701045315** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(10858)<br>| &nbsp;&nbsp; $(16253)<br>|
| Net realized gain on investments and foreign currency | 223546 | &nbsp;&nbsp; 589398 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (32079)<br>| &nbsp;&nbsp; 2199835 |
| Net increase in net assets resulting from operations | 180609 | &nbsp;&nbsp; 2772980 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (16022)<br>| &nbsp;&nbsp; (455)<br>|
| Class C | (16348)<br>| &nbsp;&nbsp; (455)<br>|
| Class I | (14947)<br>| &nbsp;&nbsp; (455)<br>|
| Class Y | (14947)<br>| &nbsp;&nbsp; (455)<br>|
| Class Z | (590170)<br>| &nbsp;&nbsp; (17398)<br>|
| Total dividends and distributions to shareholders | (652434)<br>| &nbsp;&nbsp; (19218)<br>|
| Increase from shares of beneficial interest transactions: | Increase from shares of beneficial interest transactions: | Increase from shares of beneficial interest transactions: |
| Class A | 22270 | &nbsp;&nbsp; 10357 |
| Class C | 3593 | &nbsp;&nbsp; 15053 |
| Class I | 45391 | &nbsp;&nbsp; — |
| Class Y | 14947 | &nbsp;&nbsp; — |
| Class Z | 1243731 | &nbsp;&nbsp; 170924 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 1329932 | &nbsp;&nbsp; 196334 |
| Total increase | 858107 | &nbsp;&nbsp; 2950096 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 7953775 | &nbsp;&nbsp; 5003679 |
| **END OF PERIOD** | **$8811882** | &nbsp;&nbsp; **$7953775** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Growth & Income Fund** | **Alger Growth & Income Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment income | $3457253 | &nbsp;&nbsp; $8046632 |
| Net realized gain (loss) on investments and foreign currency | 17613540 | &nbsp;&nbsp; (4428668)<br>|
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 58222932 | &nbsp;&nbsp; 145668173 |
| Net increase in net assets resulting from operations | 79293725 | &nbsp;&nbsp; 149286137 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (1093144)<br>| &nbsp;&nbsp; (2081293)<br>|
| Class C | (52998)<br>| &nbsp;&nbsp; (110117)<br>|
| Class Z | (3351886)<br>| &nbsp;&nbsp; (6412144)<br>|
| Total dividends and distributions to shareholders | (4498028)<br>| &nbsp;&nbsp; (8603554)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | 2327994 | &nbsp;&nbsp; 2110026 |
| Class C | (2422034)<br>| &nbsp;&nbsp; (5061081)<br>|
| Class Z | 26293185 | &nbsp;&nbsp; 17506222 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 26199145 | &nbsp;&nbsp; 14555167 |
| Total increase | 100994842 | &nbsp;&nbsp; 155237750 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 791245402 | &nbsp;&nbsp; 636007652 |
| **END OF PERIOD** | **$892240244** | &nbsp;&nbsp; **$791245402** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger 35 Fund** | **Alger 35 Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(80199)<br>| &nbsp;&nbsp; $(114780)<br>|
| Net realized gain on investments and foreign currency | 4074710 | &nbsp;&nbsp; 9034240 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (3461814)<br>| &nbsp;&nbsp; 9530124 |
| Net increase in net assets resulting from operations | 532697 | &nbsp;&nbsp; 18449584 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class Z | (8248650)<br>| &nbsp;&nbsp; (111237)<br>|
| Total dividends and distributions to shareholders | (8248650)<br>| &nbsp;&nbsp; (111237)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class Z | 1614703 | &nbsp;&nbsp; (201489)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 8 <br>| 1614703 | &nbsp;&nbsp; (201489)<br>|
| Total increase (decrease) | (6101250)<br>| &nbsp;&nbsp; 18136858 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 49484830 | &nbsp;&nbsp; 31347972 |
| **END OF PERIOD** | **$43383580** | &nbsp;&nbsp; **$49484830** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(972700)<br>| &nbsp;&nbsp; $(1762211)<br>|
| Net realized gain on investments and foreign currency | 2696846 | &nbsp;&nbsp; 47814452 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (14747618)<br>| &nbsp;&nbsp; 24857603 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (13023472)<br>| &nbsp;&nbsp; 70909844 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; — |
| Class Y |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | 529976 | &nbsp;&nbsp; 2939467 |
| Class C | 586162 | &nbsp;&nbsp; 80671 |
| Class I | 62040 | &nbsp;&nbsp; (4090464)<br>|
| Class Y | 123808 | &nbsp;&nbsp; 2080846 |
| Class Z | 6766738 | &nbsp;&nbsp; (10857193)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 8 <br>| 8068724 | &nbsp;&nbsp; (9846673)<br>|
| Total increase (decrease) | (4954748)<br>| &nbsp;&nbsp; 61063171 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 322661515 | &nbsp;&nbsp; 261598344 |
| **END OF PERIOD** | **$317706767** | &nbsp;&nbsp; **$322661515** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(1419809)<br>| &nbsp;&nbsp; $(2224182)<br>|
| Net realized gain on investments and foreign currency | 10417457 | &nbsp;&nbsp; 45467916 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (17755926)<br>| &nbsp;&nbsp; 15964271 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (8758278)<br>| &nbsp;&nbsp; 59208005 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class B |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | (5744851)<br>| &nbsp;&nbsp; (13219797)<br>|
| Class B | (653295)<br>| &nbsp;&nbsp; (930781)<br>|
| Class C | (90917)<br>| &nbsp;&nbsp; (1052893)<br>|
| Class Z | 5430454 | &nbsp;&nbsp; 3015074 |
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (1058609)<br>| &nbsp;&nbsp; (12188397)<br>|
| Total increase (decrease) | (9816887)<br>| &nbsp;&nbsp; 47019608 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 288672229 | &nbsp;&nbsp; 241652621 |
| **END OF PERIOD** | **$278855342** | &nbsp;&nbsp; **$288672229** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(1032035)<br>| &nbsp;&nbsp; $(2192688)<br>|
| Net realized gain on investments and foreign currency | 8611592 | &nbsp;&nbsp; 7006989 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (3665803)<br>| &nbsp;&nbsp; 16028156 |
| Net increase in net assets resulting from operations | 3913754 | &nbsp;&nbsp; 20842457 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class B |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class Y |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class A | (5406910)<br>| &nbsp;&nbsp; (14485666)<br>|
| Class B | (132450)<br>| &nbsp;&nbsp; (235141)<br>|
| Class C | (709556)<br>| &nbsp;&nbsp; (3640514)<br>|
| Class Y | (35449)<br>| &nbsp;&nbsp; (134794)<br>|
| Class Z | (9948723)<br>| &nbsp;&nbsp; (43797076)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (16233088)<br>| &nbsp;&nbsp; (62293191)<br>|
| Total decrease | (12319334)<br>| &nbsp;&nbsp; (41450734)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 202992944 | &nbsp;&nbsp; 244443678 |
| **END OF PERIOD** | **$190673610** | &nbsp;&nbsp; **$202992944** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(3842408)<br>| &nbsp;&nbsp; $(8333317)<br>|
| Net realized gain on investments and foreign currency | 43078676 | &nbsp;&nbsp; 118019433 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (64381348)<br>| &nbsp;&nbsp; 42928404 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (25145080)<br>| &nbsp;&nbsp; 152614520 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; — |
| Class Y |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class A | (4827288)<br>| &nbsp;&nbsp; (22942282)<br>|
| Class C | (7768897)<br>| &nbsp;&nbsp; (19938941)<br>|
| Class I | (1823594)<br>| &nbsp;&nbsp; (21602141)<br>|
| Class Y | (5390370)<br>| &nbsp;&nbsp; (50581039)<br>|
| Class Z | (89757981)<br>| &nbsp;&nbsp; (328348081)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (109568130)<br>| &nbsp;&nbsp; (443412484)<br>|
| Total decrease | (134713210)<br>| &nbsp;&nbsp; (290797964)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 924114491 | &nbsp;&nbsp; 1214912455 |
| **END OF PERIOD** | **$789401281** | &nbsp;&nbsp; **$924114491** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(1180470)<br>| &nbsp;&nbsp; $(3045732)<br>|
| Net realized gain on investments and foreign currency | 27623068 | &nbsp;&nbsp; 37645996 |
| Net change in unrealized (depreciation) on investments and <br> foreign currency<br>| (21321916)<br>| &nbsp;&nbsp; (15380861)<br>|
| Net increase in net assets resulting from operations | 5120682 | &nbsp;&nbsp; 19219403 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; — |
| Class Y |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | (9262841)<br>| &nbsp;&nbsp; (20732863)<br>|
| Class C | (4856159)<br>| &nbsp;&nbsp; (7943368)<br>|
| Class I | (4560343)<br>| &nbsp;&nbsp; (2726322)<br>|
| Class Y | 1402672 | &nbsp;&nbsp; (19522302)<br>|
| Class Z | (37553548)<br>| &nbsp;&nbsp; (115748619)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (54830219)<br>| &nbsp;&nbsp; (166673474)<br>|
| Total decrease | (49709537)<br>| &nbsp;&nbsp; (147454071)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 329588859 | &nbsp;&nbsp; 477042930 |
| **END OF PERIOD** | **$279879322** | &nbsp;&nbsp; **$329588859** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger International Opportunities Fund** | **Alger International Opportunities Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment income | $787060 | &nbsp;&nbsp; $413886 |
| Net realized gain on investments and foreign currency | 3812314 | &nbsp;&nbsp; 16439254 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (450042)<br>| &nbsp;&nbsp; 10574446 |
| Net increase in net assets resulting from operations | 4149332 | &nbsp;&nbsp; 27427586 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (12693619)<br>| &nbsp;&nbsp; (5634018)<br>|
| Class B | (1770762)<br>| &nbsp;&nbsp; (816597)<br>|
| Class C | (165777)<br>| &nbsp;&nbsp; (54580)<br>|
| Class I | (189006)<br>| &nbsp;&nbsp; (68617)<br>|
| Class Z | (2749925)<br>| &nbsp;&nbsp; (866706)<br>|
| Total dividends and distributions to shareholders | (17569089)<br>| &nbsp;&nbsp; (7440518)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | 10417571 | &nbsp;&nbsp; (2180148)<br>|
| Class B | 527678 | &nbsp;&nbsp; (771976)<br>|
| Class C | 15717 | &nbsp;&nbsp; 332182 |
| Class I | 736455 | &nbsp;&nbsp; 224130 |
| Class Z | (624342)<br>| &nbsp;&nbsp; 4738210 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 11073079 | &nbsp;&nbsp; 2342398 |
| Total increase (decrease) | (2346678)<br>| &nbsp;&nbsp; 22329466 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 174538972 | &nbsp;&nbsp; 152209506 |
| **END OF PERIOD** | **$172192294** | &nbsp;&nbsp; **$174538972** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger International Small Cap Fund** | **Alger International Small Cap Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; From June 30, 2025 <br>(commencement of <br>operations) to <br>October 31, 2025<br>|
| Net investment income | $13876 | &nbsp;&nbsp; $414 |
| Net realized (loss) on investments and foreign currency | (80635)<br>| &nbsp;&nbsp; (45615)<br>|
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 411756 | &nbsp;&nbsp; 14259 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 344997 | &nbsp;&nbsp; (30942)<br>|
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Increase from shares of beneficial interest transactions: | Increase from shares of beneficial interest transactions: | Increase from shares of beneficial interest transactions: |
| Class A | 69110 | &nbsp;&nbsp; 304000 |
| Class Z | 1454449 | &nbsp;&nbsp; 1900000 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 1523559 | &nbsp;&nbsp; 2204000 |
| Total increase | 1868556 | &nbsp;&nbsp; 2173058 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 2173058 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$4041614** | &nbsp;&nbsp; **$2173058** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(192181)<br>| &nbsp;&nbsp; $(131350)<br>|
| Net realized gain (loss) on investments and foreign currency | 7772748 | &nbsp;&nbsp; (1554894)<br>|
| Net change in unrealized (depreciation) on investments and <br> foreign currency<br>| (2973178)<br>| &nbsp;&nbsp; (2488786)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 4607389 | &nbsp;&nbsp; (4175030)<br>|
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class Z |  | &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class A | (3872594)<br>| &nbsp;&nbsp; (14688652)<br>|
| Class C | (644801)<br>| &nbsp;&nbsp; (1253597)<br>|
| Class Z | (3263224)<br>| &nbsp;&nbsp; (13610375)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (7780619)<br>| &nbsp;&nbsp; (29552624)<br>|
| Total decrease | (3173230)<br>| &nbsp;&nbsp; (33727654)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 64008752 | &nbsp;&nbsp; 97736406 |
| **END OF PERIOD** | **$60835522** | &nbsp;&nbsp; **$64008752** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** |
|  | For the <br>Six Months Ended <br>April 30, 2026<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2025<br>|
| Net investment (loss) | $(44071)<br>| &nbsp;&nbsp; $(33615)<br>|
| Net realized gain (loss) on investments and foreign currency | (170812)<br>| &nbsp;&nbsp; 1018438 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 1358282 | &nbsp;&nbsp; 3583752 |
| Net increase in net assets resulting from operations | 1143399 | &nbsp;&nbsp; 4568575 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (635906)<br>| &nbsp;&nbsp; (6324)<br>|
| Class C | (39180)<br>| &nbsp;&nbsp; (2913)<br>|
| Class I | (69389)<br>| &nbsp;&nbsp; (3025)<br>|
| Class Y | (11127)<br>| &nbsp;&nbsp; (2892)<br>|
| Class Z | (398912)<br>| &nbsp;&nbsp; (93571)<br>|
| Total dividends and distributions to shareholders | (1154514)<br>| &nbsp;&nbsp; (108725)<br>|
| Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: | Increase (decrease) from shares of beneficial interest transactions: |
| Class A | 3205112 | &nbsp;&nbsp; 8862799 |
| Class C | (273687)<br>| &nbsp;&nbsp; 615713 |
| Class I | (367419)<br>| &nbsp;&nbsp; 653122 |
| Class Y | 63112 | &nbsp;&nbsp; (16162)<br>|
| Class Z | 673087 | &nbsp;&nbsp; 558049 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 3300205 | &nbsp;&nbsp; 10673521 |
| Total increase | 3289090 | &nbsp;&nbsp; 15133371 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 19565270 | &nbsp;&nbsp; 4431899 |
| **END OF PERIOD** | **$22854360** | &nbsp;&nbsp; **$19565270** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $45.82 | $34.30 | $23.29 | $20.77 | $39.48 | $33.76 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.19) | (0.36) | (0.20) | (0.14) | (0.13) | (0.24) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.25) | 16.23 | 13.03 | 3.50 | (11.17) | 11.11 |
| Total from investment operations | (0.44) | 15.87 | 12.83 | 3.36 | (11.30) | 10.87 |
| Distributions from net realized gains | (3.92) | (4.35) | (1.82) | (0.84) | (7.41) | (5.15) |
| Net asset value, end of period | $41.46 | $45.82 | $34.30 | $23.29 | $20.77 | $39.48 |
| Total return<sup>(c)</sup> <br>| (0.30)<br> %<br>| 50.36<br> %<br>| 58.06<br> %<br>| 16.95<br> %<br>| (34.88)<br> %<br>| 35.41<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1229152 | $1287543 | $983691 | $737324 | $774249 | $1523572 |
| Ratio of net expenses to average net <br> assets<br>| 1.23<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>| 1.20<br> %<br>| 1.15<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.97)<br> %<br>| (0.98)<br> %<br>| (0.68)<br> %<br>| (0.64)<br> %<br>| (0.49)<br> %<br>| (0.67)<br> %<br>|
| Portfolio turnover rate | 33.20 %<sup>(d)</sup><br>| 75.90 %<sup>(d)</sup><br>| 60.48<br> %<br>| 85.55<br> %<br>| 108.26<br> %<br>| 78.77<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $22.57 | $18.94 | $13.66 | $12.63 | $27.13 | $24.79 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.16) | (0.32) | (0.22) | (0.18) | (0.20) | (0.35) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.28) | 8.30 | 7.32 | 2.05 | (6.89) | 7.84 |
| Total from investment operations | (0.44) | 7.98 | 7.10 | 1.87 | (7.09) | 7.49 |
| Distributions from net realized gains | (3.92) | (4.35) | (1.82) | (0.84) | (7.41) | (5.15) |
| Net asset value, end of period | $18.21 | $22.57 | $18.94 | $13.66 | $12.63 | $27.13 |
| Total return<sup>(c)</sup> <br>| (0.72)<br> %<br>| 49.41<br> %<br>| 56.92<br> %<br>| 16.03<br> %<br>| (35.36)<br> %<br>| 34.43<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $61198 | $68133 | $60522 | $67776 | $91815 | $211972 |
| Ratio of net expenses to average net <br> assets<br>| 1.99<br> %<br>| 2.05<br> %<br>| 1.97<br> %<br>| 2.05<br> %<br>| 1.95<br> %<br>| 1.90<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.73)<br> %<br>| (1.74)<br> %<br>| (1.38)<br> %<br>| (1.40)<br> %<br>| (1.24)<br> %<br>| (1.42)<br> %<br>|
| Portfolio turnover rate | 33.20 %<sup>(d)</sup><br>| 75.90 %<sup>(d)</sup><br>| 60.48<br> %<br>| 85.55<br> %<br>| 108.26<br> %<br>| 78.77<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $50.36 | $37.18 | $25.02 | $22.16 | $41.50 | $35.15 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.13) | (0.24) | (0.09) | (0.05) | (0.04) | (0.13) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.24) | 17.77 | 14.07 | 3.75 | (11.89) | 11.63 |
| Total from investment operations | (0.37) | 17.53 | 13.98 | 3.70 | (11.93) | 11.50 |
| Distributions from net realized gains | (3.92) | (4.35) | (1.82) | (0.84) | (7.41) | (5.15) |
| Net asset value, end of period | $46.07 | $50.36 | $37.18 | $25.02 | $22.16 | $41.50 |
| Total return<sup>(c)</sup> <br>| (0.13)<br> %<br>| 50.97<br> %<br>| 58.67<br> %<br>| 17.44<br> %<br>| (34.67)<br> %<br>| 35.85<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1383105 | $1345369 | $884609 | $778215 | $949473 | $1687179 |
| Ratio of gross expenses to average net <br> assets<br>| 0.91<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>| 0.93<br> %<br>| 0.86<br> %<br>| 0.83<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.05)<br> %<br>| (0.06)<br> %<br>| (0.07)<br> %<br>| (0.07)<br> %<br>| (0.01)<br> %<br>|  |
| Ratio of net expenses to average net <br> assets<br>| 0.86<br> %<br>| 0.91<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.60)<br> %<br>| (0.61)<br> %<br>| (0.29)<br> %<br>| (0.21)<br> %<br>| (0.14)<br> %<br>| (0.34)<br> %<br>|
| Portfolio turnover rate | 33.20 %<sup>(d)</sup><br>| 75.90 %<sup>(d)</sup><br>| 60.48<br> %<br>| 85.55<br> %<br>| 108.26<br> %<br>| 78.77<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.17 | $11.83 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | (0.07) | (0.02) |
| Net realized and unrealized gain on investments | 0.05 | 6.46 | 1.85 |
| Total from investment operations | 0.01 | 6.39 | 1.83 |
| Distributions from net realized gains | (1.49) | (0.05) |  |
| Net asset value, end of period | $16.69 | $18.17 | $11.83 |
| Total return<sup>(c)</sup> <br>| 0.79<br> %<br>| 54.20<br> %<br>| 18.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $203 | $195 | $118 |
| Ratio of gross expenses to average net assets | 2.79<br> %<br>| 2.83<br> %<br>| 6.91<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.98)<br> %<br>| (2.02)<br> %<br>| (6.00)<br> %<br>|
| Ratio of net expenses to average net assets | 0.81<br> %<br>| 0.81<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.50)<br> %<br>| (0.49)<br> %<br>| (0.40)<br> %<br>|
| Portfolio turnover rate | 29.34<br> %<br>| 67.58<br> %<br>| 33.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $17.95 | $11.78 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.10) | (0.17) | (0.07) |
| Net realized and unrealized gain on investments | 0.05 | 6.39 | 1.85 |
| Total from investment operations | (0.05) | 6.22 | 1.78 |
| Distributions from net realized gains | (1.49) | (0.05) |  |
| Net asset value, end of period | $16.41 | $17.95 | $11.78 |
| Total return<sup>(c)</sup> <br>| 0.50<br> %<br>| 52.99<br> %<br>| 17.80<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $182 | $195 | $118 |
| Ratio of gross expenses to average net assets | 3.53<br> %<br>| 3.58<br> %<br>| 7.66<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.97)<br> %<br>| (2.02)<br> %<br>| (6.00)<br> %<br>|
| Ratio of net expenses to average net assets | 1.56<br> %<br>| 1.56<br> %<br>| 1.66<br> %<br>|
| Ratio of net investment loss to average net assets | (1.25)<br> %<br>| (1.23)<br> %<br>| (1.14)<br> %<br>|
| Portfolio turnover rate | 29.34<br> %<br>| 67.58<br> %<br>| 33.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.17 | $11.83 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | (0.07) | (0.02) |
| Net realized and unrealized gain on investments | 0.05 | 6.46 | 1.85 |
| Total from investment operations | 0.01 | 6.39 | 1.83 |
| Distributions from net realized gains | (1.49) | (0.05) |  |
| Net asset value, end of period | $16.69 | $18.17 | $11.83 |
| Total return<sup>(c)</sup> <br>| 0.79<br> %<br>| 54.20<br> %<br>| 18.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $216 | $182 | $118 |
| Ratio of gross expenses to average net assets | 2.79<br> %<br>| 2.83<br> %<br>| 6.92<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.98)<br> %<br>| (2.02)<br> %<br>| (6.01)<br> %<br>|
| Ratio of net expenses to average net assets | 0.81<br> %<br>| 0.81<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.51)<br> %<br>| (0.48)<br> %<br>| (0.39)<br> %<br>|
| Portfolio turnover rate | 29.34<br> %<br>| 67.58<br> %<br>| 33.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.24 | $11.85 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.02) | (0.03) | (0.01) |
| Net realized and unrealized gain on investments | 0.05 | 6.47 | 1.86 |
| Total from investment operations | 0.03 | 6.44 | 1.85 |
| Distributions from net realized gains | (1.49) | (0.05) |  |
| Net asset value, end of period | $16.78 | $18.24 | $11.85 |
| Total return<sup>(c)</sup> <br>| 0.96<br> %<br>| 54.53<br> %<br>| 18.50<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $184 | $182 | $118 |
| Ratio of gross expenses to average net assets | 2.50<br> %<br>| 2.59<br> %<br>| 6.65<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.94)<br> %<br>| (2.03)<br> %<br>| (5.98)<br> %<br>|
| Ratio of net expenses to average net assets | 0.56<br> %<br>| 0.56<br> %<br>| 0.67<br> %<br>|
| Ratio of net investment loss to average net assets | (0.24)<br> %<br>| (0.23)<br> %<br>| (0.15)<br> %<br>|
| Portfolio turnover rate | 29.34<br> %<br>| 67.58<br> %<br>| 33.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.24 | $11.85 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.02) | (0.03) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain on investments | 0.05 | 6.47 | 1.85 |
| Total from investment operations | 0.03 | 6.44 | 1.85 |
| Distributions from net realized gains | (1.49) | (0.05) |  |
| Net asset value, end of period | $16.78 | $18.24 | $11.85 |
| Total return<sup>(d)</sup> <br>| 0.96<br> %<br>| 54.53<br> %<br>| 18.50<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $8026 | $7200 | $4531 |
| Ratio of gross expenses to average net assets | 2.39<br> %<br>| 2.57<br> %<br>| 6.54<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.83)<br> %<br>| (2.01)<br> %<br>| (5.99)<br> %<br>|
| Ratio of net expenses to average net assets | 0.56<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment loss to average net assets | (0.25)<br> %<br>| (0.23)<br> %<br>| (0.06)<br> %<br>|
| Portfolio turnover rate | 29.34<br> %<br>| 67.58<br> %<br>| 33.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $91.67 | $75.50 | $57.50 | $52.35 | $61.76 | $43.88 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income<sup>(b)</sup> <br>| 0.32 | 0.79 | 0.91 | 0.85 | 0.71 | 0.63 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 8.64 | 16.23 | 17.89 | 5.09 | (7.49) | 18.47 |
| Total from investment operations | 8.96 | 17.02 | 18.80 | 5.94 | (6.78) | 19.10 |
| Dividends from net investment income | (0.45) | (0.85) | (0.80) | (0.79) | (0.56) | (0.55) |
| Distributions from net realized gains |  |  |  |  | (2.07) | (0.67) |
| Net asset value, end of period | $100.18 | $91.67 | $75.50 | $57.50 | $52.35 | $61.76 |
| Total return<sup>(c)</sup> <br>| 9.83<br> %<br>| 22.73<br> %<br>| 32.85<br> %<br>| 11.39<br> %<br>| (11.53)<br> %<br>| 44.12<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $246233 | $223141 | $181762 | $128090 | $108039 | $106439 |
| Ratio of net expenses to average net <br> assets<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.95<br> %<br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>|
| Ratio of net investment income to <br> average net assets<br>| 0.69<br> %<br>| 0.98<br> %<br>| 1.31<br> %<br>| 1.51<br> %<br>| 1.24<br> %<br>| 1.15<br> %<br>|
| Portfolio turnover rate | 1.80 %<sup>(d)</sup><br>| 4.83<br> %<br>| 1.53<br> %<br>| 4.29<br> %<br>| 1.96<br> %<br>| 8.40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $90.03 | $74.15 | $56.51 | $51.46 | $60.77 | $43.22 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.03) | 0.19 | 0.38 | 0.43 | 0.28 | 0.21 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 8.49 | 15.95 | 17.57 | 5.00 | (7.38) | 18.18 |
| Total from investment operations | 8.46 | 16.14 | 17.95 | 5.43 | (7.10) | 18.39 |
| Dividends from net investment income | (0.14) | (0.26) | (0.31) | (0.38) | (0.14) | (0.17) |
| Distributions from net realized gains |  |  |  |  | (2.07) | (0.67) |
| Net asset value, end of period | $98.35 | $90.03 | $74.15 | $56.51 | $51.46 | $60.77 |
| Total return<sup>(c)</sup> <br>| 9.41<br> %<br>| 21.82<br> %<br>| 31.84<br> %<br>| 10.56<br> %<br>| (12.18)<br> %<br>| 43.01<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $35181 | $34595 | $33206 | $24149 | $21111 | $18194 |
| Ratio of net expenses to average net <br> assets<br>| 1.67<br> %<br>| 1.68<br> %<br>| 1.70<br> %<br>| 1.71<br> %<br>| 1.73<br> %<br>| 1.73<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.06)<br> %<br>| 0.24<br> %<br>| 0.56<br> %<br>| 0.77<br> %<br>| 0.49<br> %<br>| 0.40<br> %<br>|
| Portfolio turnover rate | 1.80 %<sup>(d)</sup><br>| 4.83<br> %<br>| 1.53<br> %<br>| 4.29<br> %<br>| 1.96<br> %<br>| 8.40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $91.82 | $75.63 | $57.58 | $52.42 | $61.84 | $43.94 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| 0.46 | 1.04 | 1.12 | 1.03 | 0.90 | 0.80 |
| Net realized and unrealized gain (loss) <br> on investments<br>| 8.65 | 16.26 | 17.92 | 5.10 | (7.51) | 18.49 |
| Total from investment operations | 9.11 | 17.30 | 19.04 | 6.13 | (6.61) | 19.29 |
| Dividends from net investment income | (0.57) | (1.11) | (0.99) | (0.97) | (0.74) | (0.72) |
| Distributions from net realized gains |  |  |  |  | (2.07) | (0.67) |
| Net asset value, end of period | $100.36 | $91.82 | $75.63 | $57.58 | $52.42 | $61.84 |
| Total return<sup>(c)</sup> <br>| 10.00<br> %<br>| 23.12<br> %<br>| 33.26<br> %<br>| 11.75<br> %<br>| (11.25)<br> %<br>| 44.54<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $610826 | $533510 | $421040 | $168445 | $115251 | $38021 |
| Ratio of gross expenses to average net <br> assets<br>| 0.61<br> %<br>| 0.62<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  |  |  |  |  | — <br><sup>(d)</sup><br>|
| Ratio of net expenses to average net <br> assets<br>| 0.61<br> %<br>| 0.62<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>|
| Ratio of net investment income to <br> average net assets<br>| 0.98<br> %<br>| 1.29<br> %<br>| 1.59<br> %<br>| 1.82<br> %<br>| 1.62<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate | 1.80 %<sup>(e)</sup><br>| 4.83<br> %<br>| 1.53<br> %<br>| 4.29<br> %<br>| 1.96<br> %<br>| 8.40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 was less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<sup>(b)</sup> <br>|
| Net asset value, beginning of period | $24.70 | $15.56 | $9.68 | $9.55 | $21.33 | $17.41 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(c)</sup> <br>| (0.04) | (0.06) | (0.02) | (0.01) | — <br><sup>(d)</sup><br>| (0.01) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.16 | 9.26 | 5.90 | 0.14 | (6.68) | 6.95 |
| Total from investment operations | 0.12 | 9.20 | 5.88 | 0.13 | (6.68) | 6.94 |
| Dividends from net investment income |  | (0.06) |  | — <br><sup>(d)</sup><br>|  | — <br><sup>(e)</sup><br>|
| Distributions from net realized gains | (4.14) |  |  |  | (5.10) | (3.02) |
| Net asset value, end of period | $20.68 | $24.70 | $15.56 | $9.68 | $9.55 | $21.33 |
| Total return<sup>(f)</sup> <br>| 2.33<br> %<br>| 59.22<br> %<br>| 60.74<br> %<br>| 1.38<br> %<br>| (39.09)<br> %<br>| 44.27<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $43384 | $49485 | $31348 | $25640 | $25976 | $44159 |
| Ratio of gross expenses to average net <br> assets<br>| 0.79<br> %<br>| 0.74<br> %<br>| 0.89<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.19)<br> %<br>| (0.18)<br> %<br>| (0.33)<br> %<br>| (0.40)<br> %<br>| (0.39)<br> %<br>| (0.52)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 0.60<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.57<br> %<br>| 0.55<br> %<br>| 0.40<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.38)<br> %<br>| (0.30)<br> %<br>| (0.18)<br> %<br>| (0.12)<br> %<br>| 0.01<br> %<br>| (0.07)<br> %<br>|
| Portfolio turnover rate | 99.45 %<sup>(g)</sup><br>| 189.43 %<sup>(g)</sup><br>| 254.89<br> %<br>| 412.77<br> %<br>| 202.40<br> %<br>| 136.61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class
 P Shares were reclassified as Class Z Shares on May 7, 2021 and after the close of business on October 29, 2021,
 Class P-2 Shares were converted to Class Z Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount
 was more than $(0.001) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| From 7/29/2021 <br>(commencement <br>of operations) to <br>10/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp; $21.23 | &nbsp;&nbsp; $16.29 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $23.43 | &nbsp;&nbsp; $20.67 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized <br> gain (loss) on investments<br>| &nbsp;&nbsp; (0.72) | 5.11 | 5.06 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (9.14) | 2.80 |
| Total from investment <br> operations<br>| &nbsp;&nbsp; (0.81) | 4.94 | 4.96 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (9.23) | 2.76 |
| Distributions from net realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $20.42 | &nbsp;&nbsp; $21.23 | &nbsp;&nbsp; $16.29 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $23.43 |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp; (3.77)<br> %<br>| 30.26<br> %<br>| 43.78<br> %<br>| &nbsp;&nbsp; (6.67)<br> %<br>| &nbsp;&nbsp; (42.27)<br> %<br>| 13.35<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period <br> (000's omitted)<br>| &nbsp;&nbsp; $10545 | &nbsp;&nbsp; $10420 | &nbsp;&nbsp; $5972 | &nbsp;&nbsp; $3307 | &nbsp;&nbsp; $5083 | &nbsp;&nbsp; $1669 |
| Ratio of net expenses to <br> average net assets<br>| 1.11<br> %<br>| 1.15<br> %<br>| 1.19<br> %<br>| 1.14<br> %<br>| 1.05<br> %<br>| 0.96<br> %<br>|
| Ratio of net investment loss <br> to average net assets<br>| &nbsp;&nbsp; (0.90)<br> %<br>| &nbsp;&nbsp; (0.91)<br> %<br>| &nbsp;&nbsp; (0.69)<br> %<br>| &nbsp;&nbsp; (0.80)<br> %<br>| &nbsp;&nbsp; (0.66)<br> %<br>| &nbsp;&nbsp; (0.72)<br> %<br>|
| Portfolio turnover rate | 96.30<br> %<br>| 265.15<br> %<br>| 94.67<br> %<br>| 121.07<br> %<br>| 267.86<br> %<br>| 250.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| From 7/29/2021 <br>(commencement <br>of operations) to <br>10/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp; $20.52 | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $23.38 | &nbsp;&nbsp; $20.67 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.09) |
| Net realized and unrealized <br> gain (loss) on investments<br>| &nbsp;&nbsp; (0.69) | 4.95 | 4.95 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (9.10) | 2.80 |
| Total from investment <br> operations<br>| &nbsp;&nbsp; (0.85) | 4.65 | 4.74 | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (9.31) | 2.71 |
| Distributions from net realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $19.67 | &nbsp;&nbsp; $20.52 | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $12.01 | &nbsp;&nbsp; $23.38 |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp; (4.14)<br> %<br>| 29.30<br> %<br>| 42.59<br> %<br>| &nbsp;&nbsp; (7.33)<br> %<br>| &nbsp;&nbsp; (42.78)<br> %<br>| 13.16<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period <br> (000's omitted)<br>| &nbsp;&nbsp; $4550 | &nbsp;&nbsp; $4126 | &nbsp;&nbsp; $3139 | &nbsp;&nbsp; $2070 | &nbsp;&nbsp; $2433 | &nbsp;&nbsp; $2317 |
| Ratio of gross expenses to <br> average net assets<br>| 1.88<br> %<br>| 1.92<br> %<br>| 1.97<br> %<br>| 1.96<br> %<br>| 1.85<br> %<br>| 1.76<br> %<br>|
| Ratio of expense <br> reimbursements to <br> average net assets<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net expenses to <br> average net assets<br>| 1.88<br> %<br>| 1.92<br> %<br>| 1.97<br> %<br>| 1.94<br> %<br>| 1.85<br> %<br>| 1.76<br> %<br>|
| Ratio of net investment loss <br> to average net assets<br>| &nbsp;&nbsp; (1.67)<br> %<br>| &nbsp;&nbsp; (1.69)<br> %<br>| &nbsp;&nbsp; (1.47)<br> %<br>| &nbsp;&nbsp; (1.60)<br> %<br>| &nbsp;&nbsp; (1.46)<br> %<br>| &nbsp;&nbsp; (1.50)<br> %<br>|
| Portfolio turnover rate | 96.30<br> %<br>| 265.15<br> %<br>| 94.67<br> %<br>| 121.07<br> %<br>| 267.86<br> %<br>| 250.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp; $21.26 | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $23.43 | &nbsp;&nbsp; $15.10 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.17) |
| Net realized and unrealized <br> gain (loss) on investments<br>| &nbsp;&nbsp; (0.72) | 5.11 | 5.06 | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (9.13) | 8.76 |
| Total from investment <br> operations<br>| &nbsp;&nbsp; (0.81) | 4.95 | 4.97 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (9.23) | 8.59 |
| Distributions from net realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; (0.26) |
| Net asset value, end of period | &nbsp;&nbsp; $20.45 | &nbsp;&nbsp; $21.26 | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $23.43 |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp; (3.76)<br> %<br>| 30.29<br> %<br>| 43.83<br> %<br>| &nbsp;&nbsp; (6.59)<br> %<br>| &nbsp;&nbsp; (42.28)<br> %<br>| 57.36<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period <br> (000's omitted)<br>| &nbsp;&nbsp; $7080 | &nbsp;&nbsp; $7309 | &nbsp;&nbsp; $8915 | &nbsp;&nbsp; $11512 | &nbsp;&nbsp; $62499 | &nbsp;&nbsp; $145539 |
| Ratio of net expenses to <br> average net assets<br>| 1.14<br> %<br>| 1.15<br> %<br>| 1.11<br> %<br>| 1.12<br> %<br>| 1.01<br> %<br>| 0.95<br> %<br>|
| Ratio of net investment loss <br> to average net assets<br>| &nbsp;&nbsp; (0.93)<br> %<br>| &nbsp;&nbsp; (0.90)<br> %<br>| &nbsp;&nbsp; (0.62)<br> %<br>| &nbsp;&nbsp; (0.67)<br> %<br>| &nbsp;&nbsp; (0.63)<br> %<br>| &nbsp;&nbsp; (0.85)<br> %<br>|
| Portfolio turnover rate | 96.30<br> %<br>| 265.15<br> %<br>| 94.67<br> %<br>| 121.07<br> %<br>| 267.86<br> %<br>| 250.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class Y | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| From 2/26/2021 <br>(commencement <br>of operations) to <br>10/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp; $21.72 | &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $20.65 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized <br> gain (loss) on investments<br>| &nbsp;&nbsp; (0.73) | 5.23 | 5.16 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (9.18) | 2.99 |
| Total from investment <br> operations<br>| &nbsp;&nbsp; (0.78) | 5.13 | 5.10 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (9.24) | 2.91 |
| Distributions from net realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $20.94 | &nbsp;&nbsp; $21.72 | &nbsp;&nbsp; $16.59 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $23.56 |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp; (3.59)<br> %<br>| 30.92<br> %<br>| 44.39<br> %<br>| &nbsp;&nbsp; (6.28)<br> %<br>| &nbsp;&nbsp; (42.07)<br> %<br>| 14.09<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period <br> (000's omitted)<br>| &nbsp;&nbsp; $4040 | &nbsp;&nbsp; $4083 | &nbsp;&nbsp; $1827 | &nbsp;&nbsp; $189 | &nbsp;&nbsp; $443 | &nbsp;&nbsp; $137 |
| Ratio of gross expenses to <br> average net assets<br>| 0.80<br> %<br>| 0.83<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.74<br> %<br>| 0.72<br> %<br>|
| Ratio of expense <br> reimbursements to <br> average net assets<br>| &nbsp;&nbsp; (0.08)<br> %<br>| &nbsp;&nbsp; (0.09)<br> %<br>| &nbsp;&nbsp; (0.09)<br> %<br>| &nbsp;&nbsp; (0.12)<br> %<br>| &nbsp;&nbsp; (0.05)<br> %<br>| &nbsp;&nbsp; (0.02)<br> %<br>|
| Ratio of net expenses to <br> average net assets<br>| 0.72<br> %<br>| 0.74<br> %<br>| 0.78<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>| 0.70<br> %<br>|
| Ratio of net investment loss <br> to average net assets<br>| &nbsp;&nbsp; (0.52)<br> %<br>| &nbsp;&nbsp; (0.54)<br> %<br>| &nbsp;&nbsp; (0.37)<br> %<br>| &nbsp;&nbsp; (0.32)<br> %<br>| &nbsp;&nbsp; (0.44)<br> %<br>| &nbsp;&nbsp; (0.57)<br> %<br>|
| Portfolio turnover rate | 96.30<br> %<br>| 265.15<br> %<br>| 94.67<br> %<br>| 121.07<br> %<br>| 267.86<br> %<br>| 250.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp; $21.65 | &nbsp;&nbsp; $16.56 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $23.57 | &nbsp;&nbsp; $15.15 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.12) |
| Net realized and unrealized <br> gain (loss) on investments<br>| &nbsp;&nbsp; (0.73) | 5.20 | 5.12 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (9.20) | 8.80 |
| Total from investment <br> operations<br>| &nbsp;&nbsp; (0.79) | 5.09 | 5.07 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (9.25) | 8.68 |
| Distributions from net realized <br> gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; (0.26) |
| Net asset value, end of period | &nbsp;&nbsp; $20.86 | &nbsp;&nbsp; $21.65 | &nbsp;&nbsp; $16.56 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $23.57 |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp; (3.65)<br> %<br>| 30.74<br> %<br>| 44.13<br> %<br>| &nbsp;&nbsp; (6.28)<br> %<br>| &nbsp;&nbsp; (42.10)<br> %<br>| 57.77<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period <br> (000's omitted)<br>| &nbsp;&nbsp; $291491 | &nbsp;&nbsp; $296724 | &nbsp;&nbsp; $241746 | &nbsp;&nbsp; $217843 | &nbsp;&nbsp; $365976 | &nbsp;&nbsp; $795479 |
| Ratio of net expenses to <br> average net assets<br>| 0.80<br> %<br>| 0.82<br> %<br>| 0.87<br> %<br>| 0.83<br> %<br>| 0.71<br> %<br>| 0.68<br> %<br>|
| Ratio of net investment loss <br> to average net assets<br>| &nbsp;&nbsp; (0.59)<br> %<br>| &nbsp;&nbsp; (0.59)<br> %<br>| &nbsp;&nbsp; (0.36)<br> %<br>| &nbsp;&nbsp; (0.48)<br> %<br>| &nbsp;&nbsp; (0.33)<br> %<br>| &nbsp;&nbsp; (0.58)<br> %<br>|
| Portfolio turnover rate | 96.30<br> %<br>| 265.15<br> %<br>| 94.67<br> %<br>| 121.07<br> %<br>| 267.86<br> %<br>| 250.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $18.40 | $14.68 | $10.84 | $10.82 | $25.20 | $19.29 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.10) | (0.15) | (0.08) | (0.08) | (0.09) | 0.48 |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.46) | 3.87 | 3.92 | 0.10 | (7.71) | 7.58 |
| Total from investment operations | (0.56) | 3.72 | 3.84 | 0.02 | (7.80) | 8.06 |
| Dividends from net investment income |  |  |  |  | (0.45) |  |
| Distributions from net realized gains |  |  |  |  | (6.13) | (2.15) |
| Net asset value, end of period | $17.84 | $18.40 | $14.68 | $10.84 | $10.82 | $25.20 |
| Total return<sup>(c)</sup> <br>| (3.04)<br> %<br>| 25.34<br> %<br>| 35.42<br> %<br>| 0.18<br> %<br>| (39.13)<br> %<br>| 44.05 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $180101 | $191757 | $165133 | $134439 | $146648 | $259895 |
| Ratio of net expenses to average net <br> assets<br>| 1.21<br> %<br>| 1.22<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.24<br> %<br>| 1.21<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (1.10)<br> %<br>| (0.93)<br> %<br>| (0.57)<br> %<br>| (0.69)<br> %<br>| (0.68)<br> %<br>| 2.15<br> %<br>|
| Portfolio turnover rate | 43.28<br> %<br>| 88.64<br> %<br>| 55.90<br> %<br>| 78.35<br> %<br>| 204.79<br> %<br>| 170.96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Mid
 Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual
 return

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class B | Class B | Class B | Class B | Class B | Class B |
|  | Six Months <br> Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $11.49 | $9.18 | $6.79 | $6.78 | $18.60 | $14.70 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.07) | (0.11) | (0.06) | (0.05) | (0.06) | 0.35 |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.28) | 2.42 | 2.45 | 0.06 | (5.15) | 5.70 |
| Total from investment operations | (0.35) | 2.31 | 2.39 | 0.01 | (5.21) | 6.05 |
| Dividends from net investment income |  |  |  |  | (0.48) |  |
| Distributions from net realized gains |  |  |  |  | (6.13) | (2.15) |
| Net asset value, end of period | $11.14 | $11.49 | $9.18 | $6.79 | $6.78 | $18.60 |
| Total return<sup>(c)</sup> <br>| (3.05)<br> %<br>| 25.16<br> %<br>| 35.20<br> %<br>| 0.15<br> %<br>| (39.16)<br> %<br>| 44.24 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $12915 | $14004 | $12040 | $9563 | $10404 | $18276 |
| Ratio of gross expenses to average net <br> assets<br>| 1.93<br> %<br>| 1.94<br> %<br>| 1.99<br> %<br>| 1.98<br> %<br>| 1.95<br> %<br>| 1.93<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.53)<br> %<br>| (0.55)<br> %<br>| (0.61)<br> %<br>| (0.66)<br> %<br>| (0.67)<br> %<br>| (0.76)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.40<br> %<br>| 1.39<br> %<br>| 1.38<br> %<br>| 1.32<br> %<br>| 1.28<br> %<br>| 1.17<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (1.28)<br> %<br>| (1.09)<br> %<br>| (0.68)<br> %<br>| (0.73)<br> %<br>| (0.71)<br> %<br>| 2.08<br> %<br>|
| Portfolio turnover rate | 43.28<br> %<br>| 88.64<br> %<br>| 55.90<br> %<br>| 78.35<br> %<br>| 204.79<br> %<br>| 170.96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Mid
 Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual
 return

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $10.53 | $8.46 | $6.30 | $6.34 | $17.82 | $14.26 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.10) | (0.16) | (0.10) | (0.10) | (0.12) | 0.23 |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.26) | 2.23 | 2.26 | 0.06 | (4.88) | 5.48 |
| Total from investment operations | (0.36) | 2.07 | 2.16 | (0.04) | (5.00) | 5.71 |
| Dividends from net investment income |  |  |  |  | (0.35) |  |
| Distributions from net realized gains |  |  |  |  | (6.13) | (2.15) |
| Net asset value, end of period | $10.17 | $10.53 | $8.46 | $6.30 | $6.34 | $17.82 |
| Total return<sup>(c)</sup> <br>| (3.42)<br> %<br>| 24.47<br> %<br>| 34.29<br> %<br>| (0.63)<br> %<br>| (39.60)<br> %<br>| 42.91 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $3199 | $3413 | $3703 | $3319 | $4562 | $8244 |
| Ratio of net expenses to average net <br> assets<br>| 2.03<br> %<br>| 2.04<br> %<br>| 2.01<br> %<br>| 2.13<br> %<br>| 2.05<br> %<br>| 2.00<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (1.91)<br> %<br>| (1.73)<br> %<br>| (1.31)<br> %<br>| (1.54)<br> %<br>| (1.49)<br> %<br>| 1.41<br> %<br>|
| Portfolio turnover rate | 43.28<br> %<br>| 88.64<br> %<br>| 55.90<br> %<br>| 78.35<br> %<br>| 204.79<br> %<br>| 170.96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Mid
 Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual
 return

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $19.16 | $15.23 | $11.22 | $11.16 | $25.78 | $19.63 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.07) | (0.11) | (0.04) | (0.05) | (0.05) | 0.63 |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.49) | 4.04 | 4.05 | 0.11 | (7.92) | 7.67 |
| Total from investment operations | (0.56) | 3.93 | 4.01 | 0.06 | (7.97) | 8.30 |
| Dividends from net investment income |  |  |  |  | (0.52) |  |
| Distributions from net realized gains |  |  |  |  | (6.13) | (2.15) |
| Net asset value, end of period | $18.60 | $19.16 | $15.23 | $11.22 | $11.16 | $25.78 |
| Total return<sup>(c)</sup> <br>| (2.92)<br> %<br>| 25.81<br> %<br>| 35.74<br> %<br>| 0.54<br> %<br>| (38.95)<br> %<br>| 44.55 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $82640 | $79498 | $60776 | $42274 | $30488 | $52746 |
| Ratio of net expenses to average net <br> assets<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.81)<br> %<br>| (0.64)<br> %<br>| (0.28)<br> %<br>| (0.41)<br> %<br>| (0.37)<br> %<br>| 2.75<br> %<br>|
| Portfolio turnover rate | 43.28<br> %<br>| 88.64<br> %<br>| 55.90<br> %<br>| 78.35<br> %<br>| 204.79<br> %<br>| 170.96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Mid
 Cap Growth Fund received a Fair Fund distribution of $9,346,397, which contributed approximately 3.89% to its annual
 return

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $11.43 | $10.14 | $7.90 | $8.83 | $16.21 | $12.59 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.06) | (0.11) | (0.11) | (0.08) | (0.11) | (0.07) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.31 | 1.40 | 2.35 | (0.85) | (5.93) | 3.76 |
| Total from investment operations | 0.25 | 1.29 | 2.24 | (0.93) | (6.04) | 3.69 |
| Dividends from net investment income |  |  | — <br><sup>(c)</sup><br>|  |  |  |
| Distributions from net realized gains |  |  |  |  | (1.34) | (0.07) |
| Net asset value, end of period | $11.68 | $11.43 | $10.14 | $7.90 | $8.83 | $16.21 |
| Total return<sup>(d)</sup> <br>| 2.19<br> %<br>| 12.72<br> %<br>| 28.40<br> %<br>| (10.53)<br> %<br>| (39.87)<br> %<br>| 29.27 %<sup>(e)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $115846 | $118898 | $120113 | $110041 | $142244 | $262708 |
| Ratio of net expenses to average net <br> assets<br>| 1.32<br> %<br>| 1.32<br> %<br>| 1.34<br> %<br>| 1.32<br> %<br>| 1.29<br> %<br>| 1.23<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.15)<br> %<br>| (1.12)<br> %<br>| (1.11)<br> %<br>| (0.93)<br> %<br>| (1.01)<br> %<br>| (0.46)<br> %<br>|
| Portfolio turnover rate | 8.42<br> %<br>| 37.93<br> %<br>| 49.68<br> %<br>| 30.15<br> %<br>| 15.44<br> %<br>| 34.85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Small
 Cap Growth Fund received a Fair Fund distribution of $3,738,004, which contributed approximately 0.72% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class B | Class B | Class B | Class B | Class B | Class B |
|  | Six Months <br> Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $7.71 | $6.82 | $5.31 | $5.94 | $11.41 | $8.88 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.03) | (0.06) | (0.07) | (0.06) | (0.08) | (0.05) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.21 | 0.95 | 1.58 | (0.57) | (4.05) | 2.65 |
| Total from investment operations | 0.18 | 0.89 | 1.51 | (0.63) | (4.13) | 2.60 |
| Distributions from net realized gains |  |  |  |  | (1.34) | (0.07) |
| Net asset value, end of period | $7.89 | $7.71 | $6.82 | $5.31 | $5.94 | $11.41 |
| Total return<sup>(c)</sup> <br>| 2.34<br> %<br>| 13.05<br> %<br>| 28.44<br> %<br>| (10.61)<br> %<br>| (39.91)<br> %<br>| 29.38 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1719 | $1813 | $1840 | $2212 | $3038 | $5821 |
| Ratio of gross expenses to average net <br> assets<br>| 2.05<br> %<br>| 2.05<br> %<br>| 2.04<br> %<br>| 2.05<br> %<br>| 2.00<br> %<br>| 1.96<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.96)<br> %<br>| (0.98)<br> %<br>| (0.80)<br> %<br>| (0.64)<br> %<br>| (0.64)<br> %<br>| (0.74)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.24<br> %<br>| 1.41<br> %<br>| 1.36<br> %<br>| 1.22<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.93)<br> %<br>| (0.88)<br> %<br>| (1.01)<br> %<br>| (1.02)<br> %<br>| (1.09)<br> %<br>| (0.48)<br> %<br>|
| Portfolio turnover rate | 8.42<br> %<br>| 37.93<br> %<br>| 49.68<br> %<br>| 30.15<br> %<br>| 15.44<br> %<br>| 34.85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Small
 Cap Growth Fund received a Fair Fund distribution of $3,738,004, which contributed approximately 0.72% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $6.96 | $6.22 | $4.89 | $5.51 | $10.76 | $8.44 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.07) | (0.12) | (0.11) | (0.09) | (0.12) | (0.13) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.20 | 0.86 | 1.44 | (0.53) | (3.79) | 2.52 |
| Total from investment operations | 0.13 | 0.74 | 1.33 | (0.62) | (3.91) | 2.39 |
| Distributions from net realized gains |  |  |  |  | (1.34) | (0.07) |
| Net asset value, end of period | $7.09 | $6.96 | $6.22 | $4.89 | $5.51 | $10.76 |
| Total return<sup>(c)</sup> <br>| 1.87<br> %<br>| 11.90<br> %<br>| 27.20<br> %<br>| (11.25)<br> %<br>| (40.32)<br> %<br>| 28.41 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $11713 | $12210 | $14614 | $14851 | $21105 | $39148 |
| Ratio of net expenses to average net <br> assets<br>| 2.12<br> %<br>| 2.12<br> %<br>| 2.13<br> %<br>| 2.12<br> %<br>| 2.09<br> %<br>| 2.00<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.96)<br> %<br>| (1.92)<br> %<br>| (1.90)<br> %<br>| (1.72)<br> %<br>| (1.81)<br> %<br>| (1.21)<br> %<br>|
| Portfolio turnover rate | 8.42<br> %<br>| 37.93<br> %<br>| 49.68<br> %<br>| 30.15<br> %<br>| 15.44<br> %<br>| 34.85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Small
 Cap Growth Fund received a Fair Fund distribution of $3,738,004, which contributed approximately 0.72% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| From 12/31/2021 <br>(commencement <br>of operations) to <br>10/31/2022<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $13.84 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.33 | 1.50 | 2.47 | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (4.49) |
| Total from investment operations | 0.29 | 1.43 | 2.41 | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (4.53) |
| Dividends from net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $9.31 |
| Total return<sup>(c)</sup> <br>| 2.39<br> %<br>| 13.34<br> %<br>| 28.85<br> %<br>| &nbsp;&nbsp; (10.20)<br> %<br>| &nbsp;&nbsp; (32.73)<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $203 | &nbsp;&nbsp; $7258 | &nbsp;&nbsp; $8050 |
| Ratio of gross expenses to average net <br> assets<br>| 1.06<br> %<br>| 1.06<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>|
| Ratio of expense reimbursements to average <br> net assets<br>| &nbsp;&nbsp; (0.22)<br> %<br>| &nbsp;&nbsp; (0.21)<br> %<br>| &nbsp;&nbsp; (0.16)<br> %<br>| &nbsp;&nbsp; (0.14)<br> %<br>| &nbsp;&nbsp; (0.12)<br> %<br>|
| Ratio of net expenses to average net assets | 0.84<br> %<br>| 0.85<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>|
| Ratio of net investment loss to average net <br> assets<br>| &nbsp;&nbsp; (0.68)<br> %<br>| &nbsp;&nbsp; (0.66)<br> %<br>| &nbsp;&nbsp; (0.63)<br> %<br>| &nbsp;&nbsp; (0.47)<br> %<br>| &nbsp;&nbsp; (0.44)<br> %<br>|
| Portfolio turnover rate | 8.42<br> %<br>| 37.93<br> %<br>| 49.68<br> %<br>| 30.15<br> %<br>| 15.44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $12.10 | $10.70 | $8.34 | $9.29 | $16.92 | $13.10 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.05) | (0.08) | (0.08) | (0.05) | (0.08) | (0.02) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.34 | 1.48 | 2.47 | (0.90) | (6.21) | 3.91 |
| Total from investment operations | 0.29 | 1.40 | 2.39 | (0.95) | (6.29) | 3.89 |
| Dividends from net investment income |  |  | (0.03) |  |  |  |
| Distributions from net realized gains |  |  |  |  | (1.34) | (0.07) |
| Net asset value, end of period | $12.39 | $12.10 | $10.70 | $8.34 | $9.29 | $16.92 |
| Total return<sup>(c)</sup> <br>| 2.40<br> %<br>| 13.08<br> %<br>| 28.74<br> %<br>| (10.23)<br> %<br>| (39.66)<br> %<br>| 29.66 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $61344 | $69985 | $107674 | $138502 | $214819 | $383748 |
| Ratio of gross expenses to average net <br> assets<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.03<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.93<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.02)<br> %<br>|  | (0.03)<br> %<br>|  |  |  |
| Ratio of net expenses to average net <br> assets<br>| 0.99<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.93<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.83)<br> %<br>| (0.79)<br> %<br>| (0.77)<br> %<br>| (0.59)<br> %<br>| (0.68)<br> %<br>| (0.12)<br> %<br>|
| Portfolio turnover rate | 8.42<br> %<br>| 37.93<br> %<br>| 49.68<br> %<br>| 30.15<br> %<br>| 15.44<br> %<br>| 34.85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Small
 Cap Growth Fund received a Fair Fund distribution of $3,738,004, which contributed approximately 0.72% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $21.71 | $18.27 | $13.95 | $16.91 | $31.74 | $26.22 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.13) | (0.21) | (0.20) | (0.19) | (0.19) | (0.31) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.48) | 3.65 | 4.52 | (2.77) | (12.84) | 5.83 |
| Total from investment operations | (0.61) | 3.44 | 4.32 | (2.96) | (13.03) | 5.52 |
| Distributions from net realized gains |  |  |  |  | (1.80) |  |
| Net asset value, end of period | $21.10 | $21.71 | $18.27 | $13.95 | $16.91 | $31.74 |
| Total return<sup>(c)</sup> <br>| (2.81)<br> %<br>| 18.83<br> %<br>| 30.97<br> %<br>| (17.50)<br> %<br>| (42.88)<br> %<br>| 21.05<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $117173 | $125463 | $127360 | $128366 | $226738 | $560577 |
| Ratio of net expenses to average net <br> assets<br>| 1.31<br> %<br>| 1.30<br> %<br>| 1.22<br> %<br>| 1.48<br> %<br>| 1.32<br> %<br>| 1.18<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.22)<br> %<br>| (1.13)<br> %<br>| (1.14)<br> %<br>| (1.18)<br> %<br>| (0.96)<br> %<br>| (0.98)<br> %<br>|
| Portfolio turnover rate | 44.31<br> %<br>| 88.45<br> %<br>| 60.26<br> %<br>| 68.04<br> %<br>| 37.57<br> %<br>| 56.71<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $18.57 | $15.74 | $12.11 | $14.75 | $28.12 | $23.40 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.17) | (0.30) | (0.28) | (0.24) | (0.28) | (0.47) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.41) | 3.13 | 3.91 | (2.40) | (11.29) | 5.19 |
| Total from investment operations | (0.58) | 2.83 | 3.63 | (2.64) | (11.57) | 4.72 |
| Distributions from net realized gains |  |  |  |  | (1.80) |  |
| Net asset value, end of period | $17.99 | $18.57 | $15.74 | $12.11 | $14.75 | $28.12 |
| Total return<sup>(c)</sup> <br>| (3.12)<br> %<br>| 17.98<br> %<br>| 30.08<br> %<br>| (17.97)<br> %<br>| (43.23)<br> %<br>| 20.17<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $30065 | $39197 | $53942 | $62091 | $108988 | $267800 |
| Ratio of net expenses to average net <br> assets<br>| 2.03<br> %<br>| 2.00<br> %<br>| 1.94<br> %<br>| 2.02<br> %<br>| 1.93<br> %<br>| 1.90<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.94)<br> %<br>| (1.84)<br> %<br>| (1.86)<br> %<br>| (1.72)<br> %<br>| (1.57)<br> %<br>| (1.70)<br> %<br>|
| Portfolio turnover rate | 44.31<br> %<br>| 88.45<br> %<br>| 60.26<br> %<br>| 68.04<br> %<br>| 37.57<br> %<br>| 56.71<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $22.48 | $18.90 | $14.42 | $17.44 | $32.61 | $26.93 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.13) | (0.20) | (0.19) | (0.15) | (0.18) | (0.31) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.49) | 3.78 | 4.67 | (2.87) | (13.19) | 5.99 |
| Total from investment operations | (0.62) | 3.58 | 4.48 | (3.02) | (13.37) | 5.68 |
| Distributions from net realized gains |  |  |  |  | (1.80) |  |
| Net asset value, end of period | $21.86 | $22.48 | $18.90 | $14.42 | $17.44 | $32.61 |
| Total return<sup>(c)</sup> <br>| (2.76)<br> %<br>| 18.94<br> %<br>| 31.07<br> %<br>| (17.32)<br> %<br>| (42.77)<br> %<br>| 21.09<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $22261 | $24745 | $42351 | $52678 | $144513 | $421986 |
| Ratio of net expenses to average net <br> assets<br>| 1.26<br> %<br>| 1.22<br> %<br>| 1.15<br> %<br>| 1.24<br> %<br>| 1.18<br> %<br>| 1.14<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.17)<br> %<br>| (1.05)<br> %<br>| (1.06)<br> %<br>| (0.91)<br> %<br>| (0.83)<br> %<br>| (0.95)<br> %<br>|
| Portfolio turnover rate | 44.31<br> %<br>| 88.45<br> %<br>| 60.26<br> %<br>| 68.04<br> %<br>| 37.57<br> %<br>| 56.71<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class Y | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $23.29 | $19.51 | $14.85 | $17.89 | $33.29 | $27.41 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.09) | (0.14) | (0.14) | (0.09) | (0.09) | (0.21) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.51) | 3.92 | 4.80 | (2.95) | (13.51) | 6.09 |
| Total from investment operations | (0.60) | 3.78 | 4.66 | (3.04) | (13.60) | 5.88 |
| Distributions from net realized gains |  |  |  |  | (1.80) |  |
| Net asset value, end of period | $22.69 | $23.29 | $19.51 | $14.85 | $17.89 | $33.29 |
| Total return<sup>(c)</sup> <br>| (2.58)<br> %<br>| 19.38<br> %<br>| 31.38<br> %<br>| (16.99)<br> %<br>| (42.58)<br> %<br>| 21.45<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $24936 | $30944 | $75589 | $136084 | $257064 | $394801 |
| Ratio of gross expenses to average net <br> assets<br>| 0.90<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.04)<br> %<br>| (0.02)<br> %<br>| (0.03)<br> %<br>| (0.04)<br> %<br>|  |  |
| Ratio of net expenses to average net <br> assets<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.77)<br> %<br>| (0.68)<br> %<br>| (0.77)<br> %<br>| (0.55)<br> %<br>| (0.46)<br> %<br>| (0.65)<br> %<br>|
| Portfolio turnover rate | 44.31<br> %<br>| 88.45<br> %<br>| 60.26<br> %<br>| 68.04<br> %<br>| 37.57<br> %<br>| 56.71<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $23.27 | $19.50 | $14.84 | $17.88 | $33.29 | $27.41 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.09) | (0.14) | (0.15) | (0.10) | (0.10) | (0.21) |
| Net realized and unrealized gain (loss) <br> on investments<br>| (0.52) | 3.91 | 4.81 | (2.94) | (13.51) | 6.09 |
| Total from investment operations | (0.61) | 3.77 | 4.66 | (3.04) | (13.61) | 5.88 |
| Distributions from net realized gains |  |  |  |  | (1.80) |  |
| Net asset value, end of period | $22.66 | $23.27 | $19.50 | $14.84 | $17.88 | $33.29 |
| Total return<sup>(c)</sup> <br>| (2.62)<br> %<br>| 19.33<br> %<br>| 31.40<br> %<br>| (17.00)<br> %<br>| (42.61)<br> %<br>| 21.45<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $594967 | $703766 | $915671 | $1124448 | $2192139 | $6195714 |
| Ratio of net expenses to average net <br> assets<br>| 0.90<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.88<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.81)<br> %<br>| (0.72)<br> %<br>| (0.81)<br> %<br>| (0.58)<br> %<br>| (0.49)<br> %<br>| (0.65)<br> %<br>|
| Portfolio turnover rate | 44.31<br> %<br>| 88.45<br> %<br>| 60.26<br> %<br>| 68.04<br> %<br>| 37.57<br> %<br>| 56.71<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $13.60 | $12.95 | $10.12 | $11.57 | $24.96 | $17.46 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.07) | (0.13) | (0.11) | (0.10) | (0.14) | (0.23) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.28 | 0.78 | 2.94 | (1.35) | (8.91) | 8.70 |
| Total from investment operations | 0.21 | 0.65 | 2.83 | (1.45) | (9.05) | 8.47 |
| Distributions from net realized gains |  |  |  |  | (4.34) | (0.97) |
| Net asset value, end of period | $13.81 | $13.60 | $12.95 | $10.12 | $11.57 | $24.96 |
| Total return<sup>(c)</sup> <br>| 1.54<br> %<br>| 5.02<br> %<br>| 27.96<br> %<br>| (12.53)<br> %<br>| (42.03)<br> %<br>| 49.80<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $60325 | $68635 | $85078 | $86257 | $119741 | $259394 |
| Ratio of net expenses to average net <br> assets<br>| 1.34<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>| 1.32<br> %<br>| 1.25<br> %<br>| 1.20<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.01)<br> %<br>| (0.98)<br> %<br>| (0.89)<br> %<br>| (0.90)<br> %<br>| (0.95)<br> %<br>| (1.03)<br> %<br>|
| Portfolio turnover rate | 37.29<br> %<br>| 68.65<br> %<br>| 46.68<br> %<br>| 40.32<br> %<br>| 55.97<br> %<br>| 61.53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $7.22 | $6.93 | $5.45 | $6.29 | $15.93 | $11.52 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.07) | (0.12) | (0.11) | (0.10) | (0.14) | (0.25) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.15 | 0.41 | 1.59 | (0.74) | (5.16) | 5.63 |
| Total from investment operations | 0.08 | 0.29 | 1.48 | (0.84) | (5.30) | 5.38 |
| Distributions from net realized gains |  |  |  |  | (4.34) | (0.97) |
| Net asset value, end of period | $7.30 | $7.22 | $6.93 | $5.45 | $6.29 | $15.93 |
| Total return<sup>(c)</sup> <br>| 1.11<br> %<br>| 4.19<br> %<br>| 27.16<br> %<br>| (13.35)<br> %<br>| (42.46)<br> %<br>| 48.68<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $13047 | $17736 | $24858 | $29559 | $44815 | $103331 |
| Ratio of net expenses to average net <br> assets<br>| 2.14<br> %<br>| 2.08<br> %<br>| 2.03<br> %<br>| 2.08<br> %<br>| 2.02<br> %<br>| 1.95<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.81)<br> %<br>| (1.75)<br> %<br>| (1.66)<br> %<br>| (1.67)<br> %<br>| (1.72)<br> %<br>| (1.79)<br> %<br>|
| Portfolio turnover rate | 37.29<br> %<br>| 68.65<br> %<br>| 46.68<br> %<br>| 40.32<br> %<br>| 55.97<br> %<br>| 61.53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $14.08 | $13.41 | $10.48 | $11.99 | $25.67 | $17.94 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.08) | (0.14) | (0.12) | (0.10) | (0.14) | (0.23) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.28 | 0.81 | 3.05 | (1.41) | (9.20) | 8.93 |
| Total from investment operations | 0.20 | 0.67 | 2.93 | (1.51) | (9.34) | 8.70 |
| Distributions from net realized gains |  |  |  |  | (4.34) | (0.97) |
| Net asset value, end of period | $14.28 | $14.08 | $13.41 | $10.48 | $11.99 | $25.67 |
| Total return<sup>(c)</sup> <br>| 1.42<br> %<br>| 5.00<br> %<br>| 27.96<br> %<br>| (12.59)<br> %<br>| (42.02)<br> %<br>| 49.81<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $4244 | $8746 | $10927 | $13179 | $29612 | $77214 |
| Ratio of net expenses to average net <br> assets<br>| 1.47<br> %<br>| 1.34<br> %<br>| 1.28<br> %<br>| 1.31<br> %<br>| 1.25<br> %<br>| 1.19<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.15)<br> %<br>| (1.02)<br> %<br>| (0.91)<br> %<br>| (0.88)<br> %<br>| (0.95)<br> %<br>| (1.02)<br> %<br>|
| Portfolio turnover rate | 37.29<br> %<br>| 68.65<br> %<br>| 46.68<br> %<br>| 40.32<br> %<br>| 55.97<br> %<br>| 61.53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| Class Y | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $14.62 | $13.87 | $10.79 | $12.29 | $26.12 | $18.17 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | (0.08) | (0.07) | (0.06) | (0.08) | (0.16) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.30 | 0.83 | 3.15 | (1.44) | (9.41) | 9.08 |
| Total from investment operations | 0.26 | 0.75 | 3.08 | (1.50) | (9.49) | 8.92 |
| Distributions from net realized gains |  |  |  |  | (4.34) | (0.97) |
| Net asset value, end of period | $14.88 | $14.62 | $13.87 | $10.79 | $12.29 | $26.12 |
| Total return<sup>(c)</sup> <br>| 1.78<br> %<br>| 5.41<br> %<br>| 28.54<br> %<br>| (12.21)<br> %<br>| (41.81)<br> %<br>| 50.35<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $38183 | $36176 | $53330 | $43625 | $47379 | $61163 |
| Ratio of gross expenses to average net <br> assets<br>| 0.98<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.91<br> %<br>| 0.89<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.09)<br> %<br>| (0.08)<br> %<br>| (0.07)<br> %<br>| (0.07)<br> %<br>| (0.04)<br> %<br>| (0.02)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 0.89<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.56)<br> %<br>| (0.56)<br> %<br>| (0.51)<br> %<br>| (0.47)<br> %<br>| (0.55)<br> %<br>| (0.70)<br> %<br>|
| Portfolio turnover rate | 37.29<br> %<br>| 68.65<br> %<br>| 46.68<br> %<br>| 40.32<br> %<br>| 55.97<br> %<br>| 61.53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $15.11 | $14.34 | $11.17 | $12.73 | $26.87 | $18.68 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.05) | (0.09) | (0.08) | (0.07) | (0.10) | (0.17) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.31 | 0.86 | 3.25 | (1.49) | (9.70) | 9.33 |
| Total from investment operations | 0.26 | 0.77 | 3.17 | (1.56) | (9.80) | 9.16 |
| Distributions from net realized gains |  |  |  |  | (4.34) | (0.97) |
| Net asset value, end of period | $15.37 | $15.11 | $14.34 | $11.17 | $12.73 | $26.87 |
| Total return<sup>(c)</sup> <br>| 1.72<br> %<br>| 5.37<br> %<br>| 28.38<br> %<br>| (12.25)<br> %<br>| (41.82)<br> %<br>| 50.32<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $164080 | $198296 | $302850 | $339777 | $535172 | $1277576 |
| Ratio of net expenses to average net <br> assets<br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.96<br> %<br>| 0.91<br> %<br>| 0.88<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.66)<br> %<br>| (0.63)<br> %<br>| (0.59)<br> %<br>| (0.54)<br> %<br>| (0.61)<br> %<br>| (0.72)<br> %<br>|
| Portfolio turnover rate | 37.29<br> %<br>| 68.65<br> %<br>| 46.68<br> %<br>| 40.32<br> %<br>| 55.97<br> %<br>| 61.53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $22.82 | $20.18 | $15.78 | $15.23 | $25.12 | $18.67 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income (loss)<sup>(b)</sup> <br>| 0.09 | 0.05 | 0.02 | (0.03) | (0.10) | (0.11) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.29 | 3.58 | 4.38 | 0.58 | (7.82) | 6.56 |
| Total from investment operations | 0.38 | 3.63 | 4.40 | 0.55 | (7.92) | 6.45 |
| Dividends from net investment income | (0.21) |  |  |  |  |  |
| Distributions from net realized gains | (2.07) | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $20.92 | $22.82 | $20.18 | $15.78 | $15.23 | $25.12 |
| Total return<sup>(c)</sup> <br>| 2.52<br> %<br>| 18.88<br> %<br>| 27.88<br> %<br>| 3.61<br> %<br>| (34.27)<br> %<br>| 34.87 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $129023 | $128232 | $115335 | $97018 | $100262 | $158223 |
| Ratio of net expenses to average net <br> assets<br>| 1.23<br> %<br>| 1.25<br> %<br>| 1.30<br> %<br>| 1.31<br> %<br>| 1.27<br> %<br>| 1.22<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.91<br> %<br>| 0.23<br> %<br>| 0.12<br> %<br>| (0.15)<br> %<br>| (0.53)<br> %<br>| (0.49)<br> %<br>|
| Portfolio turnover rate | 28.03<br> %<br>| 92.29<br> %<br>| 93.24<br> %<br>| 52.23<br> %<br>| 49.36<br> %<br>| 75.27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger International
 Opportunities Fund received a Fair Fund distribution of $159,091, which contributed approximately 0.11%
 to its annual return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class B | Class B | Class B | Class B | Class B | Class B |
|  | Six Months <br> Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $19.36 | $17.28 | $13.51 | $13.04 | $21.81 | $16.19 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| 0.07 | 0.03 | 0.01 | (0.02) | (0.09) | (0.08) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.22 | 3.04 | 3.76 | 0.49 | (6.71) | 5.70 |
| Total from investment operations | 0.29 | 3.07 | 3.77 | 0.47 | (6.80) | 5.62 |
| Dividends from net investment income | (0.20) |  |  |  |  |  |
| Distributions from net realized gains | (2.07) | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $17.38 | $19.36 | $17.28 | $13.51 | $13.04 | $21.81 |
| Total return<sup>(c)</sup> <br>| 2.55<br> %<br>| 18.80<br> %<br>| 27.91<br> %<br>| 3.60<br> %<br>| (34.30)<br> %<br>| 35.02 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $14621 | $15515 | $14584 | $12465 | $13200 | $22147 |
| Ratio of gross expenses to average net <br> assets<br>| 1.94<br> %<br>| 1.96<br> %<br>| 2.00<br> %<br>| 2.00<br> %<br>| 1.97<br> %<br>| 1.94<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.66)<br> %<br>| (0.66)<br> %<br>| (0.66)<br> %<br>| (0.70)<br> %<br>| (0.69)<br> %<br>| (0.82)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.28<br> %<br>| 1.30<br> %<br>| 1.34<br> %<br>| 1.30<br> %<br>| 1.28<br> %<br>| 1.12<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.83<br> %<br>| 0.18<br> %<br>| 0.08<br> %<br>| (0.15)<br> %<br>| (0.54)<br> %<br>| (0.39)<br> %<br>|
| Portfolio turnover rate | 28.03<br> %<br>| 92.29<br> %<br>| 93.24<br> %<br>| 52.23<br> %<br>| 49.36<br> %<br>| 75.27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger International
 Opportunities Fund received a Fair Fund distribution of $159,091, which contributed approximately 0.11%
 to its annual return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $17.88 | $16.15 | $12.69 | $12.37 | $20.94 | $15.68 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| — <br><sup>(c)</sup><br>| (0.10) | (0.08) | (0.15) | (0.22) | (0.24) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.19 | 2.82 | 3.54 | 0.47 | (6.38) | 5.50 |
| Total from investment operations | 0.19 | 2.72 | 3.46 | 0.32 | (6.60) | 5.26 |
| Dividends from net investment income | (0.11) |  |  |  |  |  |
| Distributions from net realized gains | (2.07) | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $15.89 | $17.88 | $16.15 | $12.69 | $12.37 | $20.94 |
| Total return<sup>(d)</sup> <br>| 2.09<br> %<br>| 17.90<br> %<br>| 27.17<br> %<br>| 2.67<br> %<br>| (34.82)<br> %<br>| 33.86 %<sup>(e)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1218 | $1356 | $899 | $1138 | $1594 | $4368 |
| Ratio of net expenses to average net <br> assets<br>| 2.04<br> %<br>| 2.08<br> %<br>| 1.92<br> %<br>| 2.21<br> %<br>| 2.09<br> %<br>| 1.97<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.02)<br> %<br>| (0.61)<br> %<br>| (0.55)<br> %<br>| (1.07)<br> %<br>| (1.40)<br> %<br>| (1.23)<br> %<br>|
| Portfolio turnover rate | 28.03<br> %<br>| 92.29<br> %<br>| 93.24<br> %<br>| 52.23<br> %<br>| 49.36<br> %<br>| 75.27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger International
 Opportunities Fund received a Fair Fund distribution of $159,091, which contributed approximately 0.11%
 to its annual return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class I | Class I | Class I | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $22.90 | $20.26 | $15.83 | $15.28 | $25.20 | $18.72 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| 0.11 | 0.05 | 0.02 | (0.02) | (0.08) | (0.10) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.27 | 3.58 | 4.41 | 0.57 | (7.87) | 6.58 |
| Total from investment operations | 0.38 | 3.63 | 4.43 | 0.55 | (7.95) | 6.48 |
| Dividends from net investment income | (0.21) |  |  |  |  |  |
| Distributions from net realized gains | (2.07) | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $21.00 | $22.90 | $20.26 | $15.83 | $15.28 | $25.20 |
| Total return<sup>(c)</sup> <br>| 2.48<br> %<br>| 18.85<br> %<br>| 27.98<br> %<br>| 3.60<br> %<br>| (34.28)<br> %<br>| 34.94 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $2368 | $1762 | $1326 | $1104 | $1061 | $591 |
| Ratio of gross expenses to average net <br> assets<br>| 1.24<br> %<br>| 1.27<br> %<br>| 1.33<br> %<br>| 1.32<br> %<br>| 1.30<br> %<br>| 1.24<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>|  |  | (0.04)<br> %<br>| (0.04)<br> %<br>| (0.05)<br> %<br>| (0.05)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 1.24<br> %<br>| 1.27<br> %<br>| 1.29<br> %<br>| 1.28<br> %<br>| 1.25<br> %<br>| 1.19<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.02<br> %<br>| 0.22<br> %<br>| 0.13<br> %<br>| (0.12)<br> %<br>| (0.44)<br> %<br>| (0.45)<br> %<br>|
| Portfolio turnover rate | 28.03<br> %<br>| 92.29<br> %<br>| 93.24<br> %<br>| 52.23<br> %<br>| 49.36<br> %<br>| 75.27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger International
 Opportunities Fund received a Fair Fund distribution of $159,091, which contributed approximately 0.11%
 to its annual return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $23.61 | $20.77 | $16.19 | $15.55 | $25.52 | $18.90 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| 0.13 | 0.12 | 0.08 | 0.04 | (0.02) | (0.03) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.30 | 3.71 | 4.53 | 0.60 | (7.98) | 6.65 |
| Total from investment operations | 0.43 | 3.83 | 4.61 | 0.64 | (8.00) | 6.62 |
| Dividends from net investment income | (0.27) |  | (0.03) |  |  |  |
| Distributions from net realized gains | (2.07) | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $21.70 | $23.61 | $20.77 | $16.19 | $15.55 | $25.52 |
| Total return<sup>(c)</sup> <br>| 2.72<br> %<br>| 19.32<br> %<br>| 28.48<br> %<br>| 4.12<br> %<br>| (34.03)<br> %<br>| 35.34 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $24962 | $27674 | $20065 | $34923 | $14528 | $28264 |
| Ratio of gross expenses to average net <br> assets<br>| 0.92<br> %<br>| 0.94<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>| 0.95<br> %<br>| 0.92<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.07)<br> %<br>| (0.08)<br> %<br>| (0.12)<br> %<br>| (0.12)<br> %<br>| (0.09)<br> %<br>| (0.03)<br> %<br>|
| Ratio of net expenses to average net <br> assets<br>| 0.85<br> %<br>| 0.86<br> %<br>| 0.87<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.89<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.21<br> %<br>| 0.57<br> %<br>| 0.40<br> %<br>| 0.21<br> %<br>| (0.13)<br> %<br>| (0.13)<br> %<br>|
| Portfolio turnover rate | 28.03<br> %<br>| 92.29<br> %<br>| 93.24<br> %<br>| 52.23<br> %<br>| 49.36<br> %<br>| 75.27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger International
 Opportunities Fund received a Fair Fund distribution of $159,091, which contributed approximately 0.11%
 to its annual return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Alger International Small Cap Fund** | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| From 6/30/2025 <br>(commencement <br>of operations) to <br>10/31/2025<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $9.83 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income<sup>(b)</sup> <br>| 0.02 | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss) on investments | 0.80 | (0.17) |
| Total from investment operations | 0.82 | (0.17) |
| Net asset value, end of period | $10.65 | $9.83 |
| Total return<sup>(d)</sup> <br>| 8.34<br> %<br>| (1.70)<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $398 | $303 |
| Ratio of gross expenses to average net assets | 4.46<br> %<br>| 16.20<br> %<br>|
| Ratio of expense reimbursements to average net assets | (3.26)<br> %<br>| (15.00)<br> %<br>|
| Ratio of net expenses to average net assets | 1.20<br> %<br>| 1.20<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 0.43<br> %<br>| (0.11)<br> %<br>|
| Portfolio turnover rate | 21.97<br> %<br>| 26.07<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Alger International Small Cap Fund** | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| From 6/30/2025 <br>(commencement <br>of operations) to <br>10/31/2025<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $9.84 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| 0.04 | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss) on investments | 0.80 | (0.16) |
| Total from investment operations | 0.84 | (0.16) |
| Net asset value, end of period | $10.68 | $9.84 |
| Total return<sup>(d)</sup> <br>| 8.54<br> %<br>| (1.60)<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $3644 | $1870 |
| Ratio of gross expenses to average net assets | 4.06<br> %<br>| 14.79<br> %<br>|
| Ratio of expense reimbursements to average net assets | (3.21)<br> %<br>| (13.94)<br> %<br>|
| Ratio of net expenses to average net assets | 0.85<br> %<br>| 0.85<br> %<br>|
| Ratio of net investment income to average net assets | 0.87<br> %<br>| 0.07<br> %<br>|
| Portfolio turnover rate | 21.97<br> %<br>| 26.07<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | Class A | Class A | Class A | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $21.14 | $21.64 | $18.22 | $20.85 | $36.66 | $31.75 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.08) | (0.05) | (0.11) | (0.12) | (0.07) | (0.21) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.61 | (0.45) | 3.53 | (2.51) | (8.74) | 8.87 |
| Total from investment operations | 1.53 | (0.50) | 3.42 | (2.63) | (8.81) | 8.66 |
| Distributions from net realized gains |  |  |  |  | (7.00) | (3.75) |
| Net asset value, end of period | $22.67 | $21.14 | $21.64 | $18.22 | $20.85 | $36.66 |
| Total return<sup>(c)</sup> <br>| 7.24<br> %<br>| (2.31)<br> %<br>| 18.77<br> %<br>| (12.61)<br> %<br>| (27.31)<br> %<br>| 29.12 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $43334 | $44056 | $60966 | $65337 | $91059 | $151514 |
| Ratio of net expenses to average net <br> assets<br>| 1.20<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>| 1.13<br> %<br>| 1.05<br> %<br>| 1.00<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (0.69)<br> %<br>| (0.28)<br> %<br>| (0.50)<br> %<br>| (0.57)<br> %<br>| (0.30)<br> %<br>| (0.63)<br> %<br>|
| Portfolio turnover rate | 163.34<br> %<br>| 289.28<br> %<br>| 233.38<br> %<br>| 305.60<br> %<br>| 240.89<br> %<br>| 152.78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Health
 Sciences Fund received a Fair Fund distribution of $179,832, which contributed approximately 0.07% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | Class C | Class C | Class C | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $12.96 | $13.37 | $11.33 | $13.08 | $26.11 | $23.74 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.10) | (0.13) | (0.16) | (0.18) | (0.16) | (0.34) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 0.99 | (0.28) | 2.20 | (1.57) | (5.87) | 6.46 |
| Total from investment operations | 0.89 | (0.41) | 2.04 | (1.75) | (6.03) | 6.12 |
| Distributions from net realized gains |  |  |  |  | (7.00) | (3.75) |
| Net asset value, end of period | $13.85 | $12.96 | $13.37 | $11.33 | $13.08 | $26.11 |
| Total return<sup>(c)</sup> <br>| 6.87<br> %<br>| (3.07)<br> %<br>| 18.01<br> %<br>| (13.38)<br> %<br>| (27.85)<br> %<br>| 28.11 %<sup>(d)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $1719 | $2220 | $3659 | $4802 | $7828 | $14334 |
| Ratio of net expenses to average net <br> assets<br>| 2.02<br> %<br>| 1.96<br> %<br>| 1.90<br> %<br>| 1.95<br> %<br>| 1.84<br> %<br>| 1.76<br> %<br>|
| Ratio of net investment loss to average <br> net assets<br>| (1.50)<br> %<br>| (1.07)<br> %<br>| (1.23)<br> %<br>| (1.39)<br> %<br>| (1.10)<br> %<br>| (1.39)<br> %<br>|
| Portfolio turnover rate | 163.34<br> %<br>| 289.28<br> %<br>| 233.38<br> %<br>| 305.60<br> %<br>| 240.89<br> %<br>| 152.78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Health
 Sciences Fund received a Fair Fund distribution of $179,832, which contributed approximately 0.07% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | Class Z | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| Year Ended <br>10/31/2024<br>| Year Ended <br>10/31/2023<br>| Year Ended <br>10/31/2022<br>| Year Ended <br>10/31/2021<br>|
| Net asset value, beginning of period | $21.79 | $22.21 | $18.63 | $21.24 | $37.09 | $31.99 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.03) | 0.02 | (0.02) | (0.04) | — <br><sup>(c)</sup><br>| (0.11) |
| Net realized and unrealized gain (loss) <br> on investments<br>| 1.66 | (0.44) | 3.60 | (2.57) | (8.85) | 8.96 |
| Total from investment operations | 1.63 | (0.42) | 3.58 | (2.61) | (8.85) | 8.85 |
| Distributions from net realized gains |  |  |  |  | (7.00) | (3.75) |
| Net asset value, end of period | $23.42 | $21.79 | $22.21 | $18.63 | $21.24 | $37.09 |
| Total return<sup>(d)</sup> <br>| 7.48<br> %<br>| (1.89)<br> %<br>| 19.22<br> %<br>| (12.29)<br> %<br>| (27.05)<br> %<br>| 29.53 %<sup>(e)</sup><br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's <br> omitted)<br>| $15783 | $17733 | $33111 | $47725 | $78928 | $184972 |
| Ratio of gross expenses to average net <br> assets<br>| 0.87<br> %<br>| 0.82<br> %<br>| 0.89<br> %<br>| 0.78<br> %<br>| 0.72<br> %<br>| 0.68<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.10)<br> %<br>| (0.06)<br> %<br>| (0.12)<br> %<br>| (0.03)<br> %<br>|  |  |
| Ratio of net expenses to average net <br> assets<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.77<br> %<br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.68<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.26)<br> %<br>| 0.11<br> %<br>| (0.09)<br> %<br>| (0.19)<br> %<br>| 0.01<br> %<br>| (0.31)<br> %<br>|
| Portfolio turnover rate | 163.34<br> %<br>| 289.28<br> %<br>| 233.38<br> %<br>| 305.60<br> %<br>| 240.89<br> %<br>| 152.78<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant
 to the U.S. Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, the Alger Health
 Sciences Fund received a Fair Fund distribution of $179,832, which contributed approximately 0.07% to its annual
 return.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class A | Class A | Class A |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $19.15 | $11.91 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | (0.09) | (0.02) |
| Net realized and unrealized gain on investments | 0.80 | 7.62 | 1.93 |
| Total from investment operations | 0.76 | 7.53 | 1.91 |
| Distributions from net realized gains | (1.09) | (0.29) |  |
| Net asset value, end of period | $18.82 | $19.15 | $11.91 |
| Total return<sup>(c)</sup> <br>| 4.75<br> %<br>| 64.27<br> %<br>| 19.10<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $13639 | $10316 | $213 |
| Ratio of gross expenses to average net assets | 1.66<br> %<br>| 2.68<br> %<br>| 8.04<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.83)<br> %<br>| (1.83)<br> %<br>| (7.14)<br> %<br>|
| Ratio of net expenses to average net assets | 0.83<br> %<br>| 0.85<br> %<br>| 0.90<br> %<br>|
| Ratio of net investment loss to average net assets | (0.51)<br> %<br>| (0.54)<br> %<br>| (0.30)<br> %<br>|
| Portfolio turnover rate | 89.63 %<sup>(d)</sup><br>| 173.58 %<sup>(d)</sup><br>| 97.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class C | Class C | Class C |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.92 | $11.85 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.11) | (0.20) | (0.07) |
| Net realized and unrealized gain on investments | 0.79 | 7.56 | 1.92 |
| Total from investment operations | 0.68 | 7.36 | 1.85 |
| Distributions from net realized gains | (1.09) | (0.29) |  |
| Net asset value, end of period | $18.51 | $18.92 | $11.85 |
| Total return<sup>(c)</sup> <br>| 4.37<br> %<br>| 63.00<br> %<br>| 18.60<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $706 | $1005 | $119 |
| Ratio of gross expenses to average net assets | 2.44<br> %<br>| 3.44<br> %<br>| 8.80<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.86)<br> %<br>| (1.83)<br> %<br>| (7.14)<br> %<br>|
| Ratio of net expenses to average net assets | 1.58<br> %<br>| 1.61<br> %<br>| 1.66<br> %<br>|
| Ratio of net investment loss to average net assets | (1.26)<br> %<br>| (1.28)<br> %<br>| (1.04)<br> %<br>|
| Portfolio turnover rate | 89.63 %<sup>(d)</sup><br>| 173.58 %<sup>(d)</sup><br>| 97.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class I | Class I | Class I |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $19.13 | $11.91 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.05) | (0.08) | (0.02) |
| Net realized and unrealized gain on investments | 0.80 | 7.59 | 1.93 |
| Total from investment operations | 0.75 | 7.51 | 1.91 |
| Distributions from net realized gains | (1.09) | (0.29) |  |
| Net asset value, end of period | $18.79 | $19.13 | $11.91 |
| Total return<sup>(c)</sup> <br>| 4.70<br> %<br>| 64.10<br> %<br>| 19.10<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $677 | $1128 | $122 |
| Ratio of gross expenses to average net assets | 1.65<br> %<br>| 2.67<br> %<br>| 8.06<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.82)<br> %<br>| (1.83)<br> %<br>| (7.15)<br> %<br>|
| Ratio of net expenses to average net assets | 0.83<br> %<br>| 0.84<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.53)<br> %<br>| (0.51)<br> %<br>| (0.29)<br> %<br>|
| Portfolio turnover rate | 89.63 %<sup>(d)</sup><br>| 173.58 %<sup>(d)</sup><br>| 97.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class Y | Class Y | Class Y |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $19.23 | $11.92 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.02) | (0.04) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain on investments | 0.79 | 7.64 | 1.92 |
| Total from investment operations | 0.77 | 7.60 | 1.92 |
| Distributions from net realized gains | (1.09) | (0.29) |  |
| Net asset value, end of period | $18.91 | $19.23 | $11.92 |
| Total return<sup>(d)</sup> <br>| 4.78<br> %<br>| 64.67<br> %<br>| 19.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $254 | $196 | $119 |
| Ratio of gross expenses to average net assets | 1.37<br> %<br>| 2.41<br> %<br>| 7.79<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.80)<br> %<br>| (1.80)<br> %<br>| (7.13)<br> %<br>|
| Ratio of net expenses to average net assets | 0.57<br> %<br>| 0.61<br> %<br>| 0.66<br> %<br>|
| Ratio of net investment loss to average net assets | (0.26)<br> %<br>| (0.25)<br> %<br>| (0.04)<br> %<br>|
| Portfolio turnover rate | 89.63 %<sup>(e)</sup><br>| 173.58 %<sup>(e)</sup><br>| 97.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class Z | Class Z | Class Z |
|  | Six Months <br>Ended <br>4/30/2026<sup>(a)</sup> <br>| Year Ended <br>10/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>10/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $19.23 | $11.93 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.02) | (0.04) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain on investments | 0.81 | 7.63 | 1.93 |
| Total from investment operations | 0.79 | 7.59 | 1.93 |
| Distributions from net realized gains | (1.09) | (0.29) |  |
| Net asset value, end of period | $18.93 | $19.23 | $11.93 |
| Total return<sup>(d)</sup> <br>| 4.83<br> %<br>| 64.76<br> %<br>| 19.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $7579 | $6920 | $3858 |
| Ratio of gross expenses to average net assets | 1.38<br> %<br>| 2.42<br> %<br>| 7.68<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.80)<br> %<br>| (1.81)<br> %<br>| (7.13)<br> %<br>|
| Ratio of net expenses to average net assets | 0.58<br> %<br>| 0.61<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment income (loss) to average net assets | (0.26)<br> %<br>| (0.26)<br> %<br>| 0.06<br> %<br>|
| Portfolio turnover rate | 89.63 %<sup>(e)</sup><br>| 173.58 %<sup>(e)</sup><br>| 97.31<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

------

**NOTE 1 — General:**

------

The Alger Funds (the "Trust") is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. The Trust operates as a series company currently offering an unlimited number of shares of beneficial interest in thirteen series — Alger Capital Appreciation Fund, Alger Concentrated Equity Fund, Alger Growth & Income Fund, Alger 35 Fund, Alger Mid Cap Focus Fund, Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger International Opportunities Fund, Alger International Small Cap Fund, Alger Health Sciences Fund and Alger AI Enablers & Adopters Fund (collectively, the "Funds" or individually, each a "Fund"). Each Fund normally invests primarily in equity securities. Each Fund, except for Alger Growth & Income Fund, has an investment objective of long-term capital appreciation. Alger Growth & Income Fund has an investment objective of both capital appreciation and current income.

Each Fund offers one or more of the following share classes: Class A, B, C, I, Y and Z. Class A shares are generally subject to an initial sales charge while Class B and C shares are generally subject to a deferred sales charge. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month in which the order to purchase was accepted. The conversion is completed without the imposition of any sales charges or other fees. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase date of a shareholder's Class C shares, without the imposition of any sales load, fee or other charge. Class B and C shares held at certain intermediaries may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class B shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I, Y and Z shares are generally sold to institutional investors and are sold without an initial or deferred sales charge. Class Y and Z shares are generally subject to a minimum initial investment of $500,000. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund's expenses other than a class expense.

**NOTE 2 — Significant Accounting Policies:**

------

(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

the Board of Trustees of the Trust (the "Board"). Investments held by the Funds are valued on each day the New York Stock Exchange (the "NYSE") is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).

The Board has designated, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), Fred Alger Management, LLC, the Funds' investment adviser ("Alger Management" or the "Investment Manager"), as its valuation designee (the "Valuation Designee") to make fair value determinations subject to the Board's oversight. The Valuation Designee has established a Valuation Committee ("Committee") comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee reports its fair valuation determinations and related valuation information to the Board, at least quarterly. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.

Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are generally valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The Funds' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, bookings multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, performance of comparable publicly traded securities, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

(b) Cash: Cash includes U.S. dollars, if applicable.

(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.

Premiums and discounts on debt securities purchased are amortized or accreted over the lives of the respective securities.

(d) Foreign Currency Transactions: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on each valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the accompanying Statements of Operations.

(e) Lending of Fund Securities: The Funds may lend their securities to financial institutions, provided that the market value of the securities loaned will not at any time exceed one third of a Fund's total assets including borrowings, as defined in its prospectuses. The Funds may earn fees on the securities loaned, which are included in income from securities lending in the accompanying Statements of Operations, if applicable. In order to protect against the risk of failure by the borrower to return the securities loaned or any delay in the delivery of such securities, the loan is collateralized by cash or securities that are maintained with the Bank of New York (the "Custodian"), in an amount equal to at least 102% of the current market value of U.S. loaned securities or 105% for non-U.S. loaned securities. The market value of the loaned securities is determined at the close of each business day of the Funds. Any required additional collateral is delivered to the Custodian each day and any excess collateral is returned to the borrower on the next business day. In the event the borrower fails to return the loaned securities when due, the Funds may take the collateral to replace the securities. If the value of the collateral is less than the purchase cost of replacement securities, the Custodian shall

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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be responsible for any shortfall, but only to the extent that the shortfall is not due to any diminution in collateral value, as defined in the securities lending agreement. Each Fund is required to maintain the collateral in a segregated account and determine its value each day until the loaned securities are returned. Cash collateral may be invested as determined by the Fund. Collateral is returned to the borrower upon settlement of the loan. At April 30, 2026, the Funds had no securities on loan.

(f) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Funds on the ex-dividend date. The Funds declare and pay dividends from net investment income, if available, annually except that Alger Growth & Income Fund declares and pays such dividends quarterly. With respect to all Funds, distributions from net realized gains, offset by any loss carryforward, are declared and paid annually after the end of the fiscal year in which earned. Each share class is treated separately in determining the amount of dividends from net investment income payable to holders of its shares.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. federal income tax rules. Therefore, the source of a Fund's distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of net operating losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at year-end and have no impact on the net asset values of the Funds and are designed to present each Fund's capital accounts on a tax basis.

(g) Federal Income Taxes and Disclosures: It is each Fund's policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Funds maintain such compliance, no U.S. federal income tax provision is required. Each Fund is treated as a separate entity for the purpose of determining such compliance.

FASB Accounting Standards Codification 740 – Income Taxes ("ASC 740") requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Funds' tax returns remains open for the tax years 2022-2025. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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The Funds adhere to FASB Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to enhance income tax disclosures by categorizing and disclosing income tax rates and income taxes paid. Alger Management has evaluated the amendment's impact to the Funds' financial statements and determined no disclosure is required.

(h) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them based on net assets. Income, realized and unrealized gains and losses, and expenses of each Fund are allocated among the Fund's classes based on relative net assets, with the exception of distribution fees, transfer agency fees, and shareholder servicing and related fees.

(i) Segment Reporting: The Funds adhere to FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses and, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance. The Principal Executive Officer of the Funds acts as the Funds' CODM. Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund, including each Fund's portfolio composition, total return, expense ratio, and changes in net assets. Each Fund's long-term strategic asset allocation is determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Investment Manager.

(j) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. These unaudited financial statements reflect all adjustments that are, in the opinion of Alger Management, necessary to present a fair statement of results of the semi-annual period. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

**NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:**

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(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Investment Advisory Agreement with the Investment Manager, are payable monthly and computed based on the following actual rates. The actual rate paid as a percentage of average daily net assets, for the six months ended April 30, 2026, is set forth below under the heading "Actual Rate":

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tier 1** | **Tier 2** | **Tier 3** | **Tier 4** | **Tier 5** | **Actual Rate** |
| Alger Capital <br> Appreciation Fund<sup>(a)</sup> <br>| 0.81<br> %<br>| 0.65<br> %<br>| 0.60<br> %<br>| 0.55<br> %<br>| 0.45<br> %<br>| 0.78<br> %<br>|
| Alger Concentrated <br> Equity Fund<sup>(b)</sup> <br>| 0.45<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.45<br> %<br>|
| Alger Growth & Income <br> Fund<sup>(b)</sup> <br>| 0.50<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.50<br> %<br>|
| Alger 35 Fund<sup>(b)</sup> <br>| 0.45<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.45<br> %<br>|
| Alger Mid Cap Focus <br> Fund<sup>(c)</sup> <br>| 0.70<br> %<br>| 0.50<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.66<br> %<br>|
| Alger Mid Cap Growth <br> Fund<sup>(d)</sup> <br>| 0.76<br> %<br>| 0.70<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.76<br> %<br>|
| Alger Small Cap <br> Growth Fund<sup>(d)</sup> <br>| 0.81<br> %<br>| 0.75<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.81<br> %<br>|
| Alger Small Cap Focus <br> Fund<sup>(b)</sup> <br>| 0.75<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.75<br> %<br>|
| Alger Weatherbie <br> Specialized Growth <br> Fund<sup>(d)</sup> <br>| 0.81<br> %<br>| 0.75<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.81<br> %<br>|
| Alger International <br> Opportunities Fund<sup>(d)</sup> <br>| 0.71<br> %<br>| 0.60<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.71<br> %<br>|
| Alger International <br> Small Cap Fund<sup>(b)</sup> <br>| 0.75<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.75<br> %<br>|
| Alger Health <br> Sciences Fund<sup>(b)</sup> <br>| 0.55<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.55<br> %<br>|
| Alger AI Enablers & <br> Adopters Fund<sup>(b)</sup> <br>| 0.45<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| 0.45<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tier
 1 rate is paid on assets up to $2 billion, Tier 2 rate is paid on assets between $2 billion and $3 billion, Tier 3 rate is
 paid on assets between $3 billion and $4 billion, Tier 4 rate is paid on assets between $4 billion and $5 billion, and Tier
 5 rate is paid on assets in excess of $5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Tier
 1 rate is paid on all assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tier
 1 rate is paid on assets up to $250 million, and Tier 2 rate is paid on assets in excess of $250 million.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Tier
 1 rate is paid on assets up to $1 billion and Tier 2 rate is paid on assets in excess of $1 billion.

The sub-adviser to the Alger Weatherbie Specialized Growth Fund, Weatherbie Capital, LLC ("Weatherbie"), an affiliate of Alger Management, is paid a sub-advisory fee from the advisory fee that Alger Management receives at no additional cost to the Alger Weatherbie Specialized Growth Fund. The sub-advisory fee is equal to 70% of the net advisory fee paid by the Alger Weatherbie Specialized Growth Fund to Alger Management with respect to the assets sub-advised by Weatherbie. For the six months ended April 30, 2026, Alger Management paid a sub-advisory fee of $837,321 to Weatherbie.

The sub-adviser to the Alger International Opportunities Fund and Alger International Small Cap Fund, Redwood Investments, LLC ("Redwood"), is paid a sub-advisory fee from the advisory fee that Alger Management receives at no additional cost to either the Alger International Opportunities Fund or the Alger International Small Cap Fund. The sub-advisory fee is equal to 100% of the net

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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advisory fee paid by each Fund to Alger Management with respect to the assets sub-advised by Redwood. For the six months ended April 30, 2026, Alger Management paid a sub-advisory fee to Redwood of $539,023 from Alger International Opportunities Fund, and $0 from Alger International Small Cap Fund.

Alger Management has contractually agreed to waive and/or reimburse other expenses and any applicable share class-specific expenses (excluding custody fees (for all Funds other than Alger Concentrated Equity Fund, Alger International Opportunities Fund, Alger International Small Cap Fund and Alger AI Enablers & Adopters Fund), acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program ("ReFlow", see Note 7), extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit such expenses to the rates listed in the table below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**APRIL 30,** <br>**2026** |
|  | A | B | C | I | Y | Z | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**APRIL 30,** <br>**2026** |
| Alger Capital Appreciation Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.04<br> %<br>| &nbsp;&nbsp; $329422 |
| Alger Concentrated Equity Fund | 0.35 | &nbsp;&nbsp; — | 1.10 | 0.35 | 0.10 | 0.10 | &nbsp;&nbsp; 68997 |
| Alger Growth & Income Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 |
| Alger 35 Fund<sup>(a)</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; 40951 |
| Alger Mid Cap Focus Fund | 0.53 | &nbsp;&nbsp; — | 1.28 | 0.58 | 0.07 | 0.37 | &nbsp;&nbsp; 1517 |
| Alger Mid Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.23 | &nbsp;&nbsp; 34495 |
| Alger Small Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 | 0.18 | &nbsp;&nbsp; 12199 |
| Alger Small Cap Focus Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097 |
| Alger Weatherbie Specialized Growth <br> Fund<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17829 |
| Alger International Opportunities Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.54 | &nbsp;&nbsp; — | 0.13 | &nbsp;&nbsp; 56400 |
| Alger International Small Cap Fund | 0.45 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; 53856 |
| Alger Health Sciences Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.20 | &nbsp;&nbsp; 8504 |
| Alger AI Enablers & Adopters Fund | 0.35 | &nbsp;&nbsp; — | 1.10 | 0.35 | 0.10 | 0.10 | &nbsp;&nbsp; 80003 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Alger
 Management has agreed to limit total annual operating expenses, (excluding advisory fees, dividend expense on
 short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses), for the Alger 35 Fund, for the life
 of the Fund.

Except for the Alger 35 Fund, Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, a Fund will only make repayments to the Investment Manager if such repayment does not cause a Fund's expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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waived or reimbursed, and (ii) a Fund's current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the six months ended April 30, 2026, there were no recoupments made by any Fund.

In addition, effective April 1, 2019, Alger Management began voluntarily reducing its 12b-1 fee for Class B shares. For the six months ended April 30, 2026, Alger Management voluntarily reduced its 12b-1 fee for Class B shares of the Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund and Alger International Opportunities Fund by $34,495, $8,067 and $47,532, respectively.

(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Fund Administration Agreement with the Investment Manager, are payable monthly and computed based on the average daily net assets of each Fund at the annual rate of 0.0275%.

(c) Distribution/Shareholder Servicing Fees:

Class A Shares: The Trust has adopted a Plan of Distribution pursuant to which each Fund pays Fred Alger & Company, LLC, each Fund's distributor and an affiliate of the Investment Manager (the "Distributor" or "Alger LLC"), a fee at the annual rate of 0.25% of the respective average daily net assets of the Class A shares of the designated Fund to compensate Alger LLC for its activities and expenses incurred in distributing and/or shareholder servicing Class A shares. The fees paid may be more or less than the expenses incurred by Alger LLC.

Class B Shares: The Trust has adopted a Plan of Distribution pursuant to which Class B shares of each Fund issuing such shares reimburse Alger LLC for costs and expenses incurred by Alger LLC in connection with advertising, marketing and selling the Class B shares, and shareholder servicing, not to exceed an annual rate of 1% of the respective average daily net assets of the Class B shares of the designated Fund. If in any month, the costs incurred by Alger LLC relating to the Class B shares are in excess of the distribution fees charged to the Class B shares of the Fund, the excess may be carried forward, with interest, and sought to be reimbursed in future periods. As of April 30, 2026, such excess carried forward was $15,679,315, $24,711,769 and $24,492,839 for Class B shares of Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund and Alger International Opportunities Fund, respectively. Contingent deferred sales charges imposed on redemptions of Class B shares will reduce the amount of distribution expenses for which reimbursement may be sought. See Note 3(d) below.

Class C Shares: The Trust has adopted a Distribution Plan pursuant to which Class C shares of each Fund pays Alger LLC a fee at the annual rate of 1% of the respective average daily net assets of the Class C shares of the designated Fund to compensate Alger LLC for its activities and expenses incurred in distributing the Class C shares and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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Class I Shares: The Trust has adopted a Distribution Plan pursuant to which Class I shares of each Fund issuing such shares pays Alger LLC a fee at the annual rate of 0.25% of the average daily net assets of the Fund's Class I shares to compensate Alger LLC for its activities and expenses incurred in distributing the Class I shares and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.

(d) Sales Charges: Sales of shares of the Funds may be subject to contingent deferred sales charges. The contingent deferred sales charges are used by Alger LLC to offset distribution expenses previously incurred. Sales charges do not represent expenses of a Fund. For the six months ended April 30, 2026, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | **CONTINGENT** <br>**DEFERRED SALES** <br>**CHARGES**<br>|
| Alger Capital Appreciation Fund | $12094 |
| Alger Concentrated Equity Fund |  |
| Alger Growth & Income Fund |  |
| Alger 35 Fund |  |
| Alger Mid Cap Focus Fund | 391 |
| Alger Mid Cap Growth Fund | 162 |
| Alger Small Cap Growth Fund | 492 |
| Alger Small Cap Focus Fund | 349 |
| Alger Weatherbie Specialized Growth Fund | 394 |
| Alger International Opportunities Fund | 614 |
| Alger International Small Cap Fund |  |
| Alger Health Sciences Fund | 13 |
| Alger AI Enablers & Adopters Fund |  |

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(e) Brokerage Commissions: During the six months ended April 30, 2026, Alger Capital Appreciation Fund, Alger Concentrated Equity Fund, Alger 35 Fund, Alger Mid Cap Focus Fund, Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger Health Sciences Fund and Alger AI Enablers & Adopters Fund paid Alger LLC $91,817, $264, $9,041, $33,094, $34,106, $3,260, $89,101, $31,666, and $969, respectively, in connection with securities transactions. For the six months ended April 30, 2026, there were no brokerage commissions paid by Alger Growth & Income Fund, Alger International Opportunities Fund, Alger International Small Cap Fund and Alger Weatherbie Specialized Growth Fund to Alger LLC.

(f) Shareholder Administrative Fees: The Trust has entered into a Shareholder Administrative Services Agreement with Alger Management to compensate Alger Management for liaising with, and providing administrative oversight of, the Trust's transfer agent, and for other related services. The Funds compensate Alger Management at the annual rate of 0.0165% of their

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**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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respective average daily net assets for the Class A, Class B and Class C shares and 0.01% of their respective average daily net assets for the Class I, Class Y and Class Z shares for these services.

Alger Management makes payments to intermediaries that provide sub-accounting services to omnibus accounts invested in the Funds. A portion of the fees paid by Alger Management to intermediaries that provide sub-accounting services are charged back to the appropriate Fund, subject to certain limitations, as approved by the Board. For the six months ended April 30, 2026, Alger Management charged back to Alger Capital Appreciation Fund, Alger Concentrated Equity Fund, Alger Growth & Income Fund, Alger Mid Cap Focus Fund, Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger International Opportunities Fund, Alger International Small Cap Fund, Alger Health Sciences Fund and Alger AI Enablers & Adopters Fund, $285,812, $160, $54,058, $5,099, $23,964, $22,452, $94,996, $32,292, $12,098, $13, $12,562 and $4,292, respectively, for these services, which are included in transfer agent fees in the accompanying Statements of Operations. For the six months ended April 30, 2026, there were no charges paid by Alger 35 Fund to Alger Management for these services.

(g) Trustee Fees: Effective January 1, 2026, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives a fee of $183,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term "Alger Fund Complex" refers to the Trust, The Alger Institutional Funds, The Alger Funds II, The Alger Portfolios, Alger Global Equity Fund, The Alger ETF Trust, and Alger Next Gen Growth Fund, each of which is a registered investment company managed by Alger Management. The Alger Next Gen Growth Fund has not commenced operations and, accordingly, has not paid any trustee fees. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $27,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Certain Independent Trustees who are members of the Nominating and Governance Committee and perform certain tasks on behalf of the Nominating and Governance Committee receive $5,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex.

Prior to January 1, 2026, each Independent Trustee received a fee of $170,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings, the Chair of the Board received additional compensation of $26,000 per annum paid pro

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

rata based on net assets by each fund in the Alger Fund Complex; and each member of the Audit Committee received a fee of $10,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex; and Independent Trustees who were not members of the Audit Committee but attended Audit Committee meetings received a stipend of $10,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex.

The Board has adopted a policy requiring Independent Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.

(h) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie or Redwood. For the six months ended April 30, 2026, there were no interfund trades.

(i) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund's total assets, such Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of April 30, 2026.

For the six months ended April 30, 2026, Alger Growth & Income Fund and Alger Small Cap Focus Fund earned interfund loan interest income of $29,850 and $6,557, respectively, and Alger Capital Appreciation Fund, Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Health Sciences Fund and Alger AI Enablers & Adopters Fund incurred interfund loan interest expenses of $6,091, $161, $3,114, $206, $49, $109 and $20, respectively, which are included in interest income and interest expense, respectively, in the accompanying Statements of Operations. Alger Concentrated Equity Fund, Alger 35 Fund, Alger Mid Cap Focus Fund, Alger International Opportunities Fund, and Alger International Small Cap Fund did not incur any interfund loan interest income or expense.

(j) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At April 30, 2026, Alger Management and its affiliated entities owned the following shares:

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS | SHARE CLASS |
|  | A | B | C | I | Y | Z |
| Alger Capital Appreciation Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59450 |
| Alger Concentrated Equity Fund | 10985 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10985 | &nbsp;&nbsp; 10981 | &nbsp;&nbsp; 339709 |
| Alger Growth & Income Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33559 |
| Alger 35 Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1055330 |
| Alger Mid Cap Focus Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5070 |
| Alger Mid Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104815 |
| Alger Small Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 96797 |
| Alger Small Cap Focus Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3883 |
| Alger Weatherbie Specialized Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Alger International Opportunities Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63226 |
| Alger International Small Cap Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 190000 |
| Alger Health Sciences Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Alger AI Enablers & Adopters Fund | 10885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10986 | &nbsp;&nbsp; 10886 | &nbsp;&nbsp; 10881 | &nbsp;&nbsp; 303159 |

---

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by each Fund, other than U.S. Government securities, money market securities, and redemptions in-kind, for the six months ended April 30, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Capital Appreciation Fund | $849133943 | &nbsp;&nbsp; $843000539 |
| Alger Concentrated Equity Fund | 2664569 | &nbsp;&nbsp; 2221836 |
| Alger Growth & Income Fund | 26297919 | &nbsp;&nbsp; 14238270 |
| Alger 35 Fund | 43098034 | &nbsp;&nbsp; 47236152 |
| Alger Mid Cap Focus Fund | 289904216 | &nbsp;&nbsp; 296783254 |
| Alger Mid Cap Growth Fund | 117908894 | &nbsp;&nbsp; 121525921 |
| Alger Small Cap Growth Fund | 15943349 | &nbsp;&nbsp; 35072358 |
| Alger Small Cap Focus Fund | 368097405 | &nbsp;&nbsp; 454022163 |
| Alger Weatherbie Specialized Growth Fund | 110610598 | &nbsp;&nbsp; 162683290 |
| Alger International Opportunities Fund | 46999652 | &nbsp;&nbsp; 54914670 |
| Alger International Small Cap Fund | 2233988 | &nbsp;&nbsp; 730540 |
| Alger Health Sciences Fund | 103409215 | &nbsp;&nbsp; 113029855 |
| Alger AI Enablers & Adopters Fund | 19991261 | &nbsp;&nbsp; 17512950 |

---

**NOTE 5 — Securities Lending:**

------

Foe the six months ended April 30, 2026, the Alger Growth & Income Fund had not participated in securities lending with the Custodian as the counterparty.

Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlements of securities transactions.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

The market value of any securities on loan, all of which are classified as equity securities in the Funds' Schedules of Investments, and the value of any related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. There were no securities on loan as of April 30, 2026.

**NOTE 6 — Borrowings:**

------

The Funds may borrow from the Custodian on an uncommitted basis. Each Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at April 30, 2026, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(i). For the six months ended April 30, 2026, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger Capital Appreciation Fund | $10004869 | 5.52<br> %<br>|
| Alger Concentrated Equity Fund | 11302 | 5.81 |
| Alger Growth & Income Fund | 1 | 5.64 |
| Alger 35 Fund | 124008 | 5.65 |
| Alger Mid Cap Focus Fund | 23680 | 5.83 |
| Alger Mid Cap Growth Fund | 9032 | 5.44 |
| Alger Small Cap Growth Fund | 6621 | 5.37 |
| Alger Small Cap Focus Fund | 88541 | 4.82 |
| Alger Weatherbie Specialized Growth Fund | 1022 | 4.86 |
| Alger International Opportunities Fund | 7062 | 6.18 |
| Alger International Small Cap Fund | 321 | 5.13 |
| Alger Health Sciences Fund | 8985 | 5.58 |
| Alger AI Enablers & Adopters Fund | 38673 | 5.72 |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the six months ended April 30, 2026 by each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Capital Appreciation Fund | $73866396 |
| Alger Concentrated Equity Fund | 157141 |
| Alger Growth & Income Fund | 207 |
| Alger 35 Fund | 3586277 |
| Alger Mid Cap Focus Fund | 1675701 |
| Alger Mid Cap Growth Fund | 1269202 |
| Alger Small Cap Growth Fund | 407319 |
| Alger Small Cap Focus Fund | 4001407 |
| Alger Weatherbie Specialized Growth Fund | 185000 |
| Alger International Opportunities Fund | 1582152 |
| Alger International Small Cap Fund | 79828 |
| Alger Health Sciences Fund | 984159 |
| Alger AI Enablers & Adopters Fund | 529659 |

---

**NOTE 7 — Liquidity:**

------

The Funds may participate in the ReFlow liquidity program. Pursuant to the program and subject to certain conditions, ReFlow provides participating Funds with a source of cash to meet net shareholder redemptions by purchasing fund shares at NAV in an amount up to the value of the net shares redeemed from a Fund. Following the purchase of fund shares, ReFlow then generally redeems those shares when a Fund experiences net sales, or at the end of a maximum holding period determined by ReFlow (currently at eight days), or at other times at a Fund's or ReFlow's discretion.

While ReFlow holds a Fund's shares, it has the same rights and privileges with respect to those shares as any other shareholder. However, investments in a Fund by ReFlow in connection with the ReFlow program are not subject to the Funds' purchase and sale limitations. In the event a Fund uses the ReFlow liquidity program, the Fund will pay a fee to ReFlow each time ReFlow purchases fund shares. The fee is calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow. ReFlow's purchases of a Fund's shares through the liquidity program are made on an investment-blind basis without regard to a Fund's investment objective, policies or anticipated performance. In accordance with U.S. federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow purchases a Fund's lowest-cost share class at NAV and will not be subject to any investment minimum applicable to such shares. ReFlow will periodically redeem its entire share position in a Fund. When ReFlow redeems all or part of

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

a position in a Fund, the Fund may pay all or a portion of such redemption in kind, as discussed in Note 8. ReFlow fees that were incurred by the Funds during the period ended April 30, 2026 are recorded within the Statements of Operations as other expenses. ReFlow fees for the six-month period ended April 30, 2026, were $112,364 for Alger Capital Appreciation Fund, $6,573 for Alger 35 Fund, $23,617 for Alger Growth & Income Fund, and $1,183 for Alger AI Enablers & Adopters Fund. No other Fund participated in the ReFlow liquidity program during the six month period ended April 30, 2026.

**NOTE 8 — Share Capital:** 

------

The Trust has an unlimited number of authorized shares of beneficial interest of $.001 par value which are presently divided into twelve series. Each series is divided into separate classes. During the six months ended April 30, 2026 and the year ended October 31, 2025, as applicable, transactions of shares of beneficial interest were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 2247662 | &nbsp;&nbsp; $89287246 | &nbsp;&nbsp; 2913380 | &nbsp;&nbsp; $106082984 |
| Shares converted from Class C | 38571 | &nbsp;&nbsp; 1400152 | &nbsp;&nbsp; 46323 | &nbsp;&nbsp; 1701063 |
| Dividends reinvested | 2363567 | &nbsp;&nbsp; 90997338 | &nbsp;&nbsp; 2959693 | &nbsp;&nbsp; 102446205 |
| Shares redeemed | (3104441)<br>| &nbsp;&nbsp; (123868333)<br>| &nbsp;&nbsp; (6503356)<br>| &nbsp;&nbsp; (229579999)<br>|
| **Net increase (decrease)** | **1545359** | &nbsp;&nbsp; **$57816403** | &nbsp;&nbsp; **(583960)**<br>| &nbsp;&nbsp; **$(19349747)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 362241 | &nbsp;&nbsp; $6363452 | &nbsp;&nbsp; 419446 | &nbsp;&nbsp; $7523611 |
| Shares converted to Class A | (77951)<br>| &nbsp;&nbsp; (1400152)<br>| &nbsp;&nbsp; (92080)<br>| &nbsp;&nbsp; (1701063)<br>|
| Dividends reinvested | 650000 | &nbsp;&nbsp; 11023993 | &nbsp;&nbsp; 723564 | &nbsp;&nbsp; 12385394 |
| Shares redeemed | (592509)<br>| &nbsp;&nbsp; (10299493)<br>| &nbsp;&nbsp; (1227452)<br>| &nbsp;&nbsp; (21969215)<br>|
| **Net increase (decrease)** | **341781** | &nbsp;&nbsp; **$5687800** | &nbsp;&nbsp; **(176522)**<br>| &nbsp;&nbsp; **$(3761273)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 6991919 | &nbsp;&nbsp; $310274641 | &nbsp;&nbsp; 9758200 | &nbsp;&nbsp; $393508724 |
| Dividends reinvested | 2198432 | &nbsp;&nbsp; 93917003 | &nbsp;&nbsp; 2405531 | &nbsp;&nbsp; 91193661 |
| Redemptions in kind\* | (1153225)<br>| &nbsp;&nbsp; (51012368)<br>| &nbsp;&nbsp; (2033813)<br>| &nbsp;&nbsp; (77728439)<br>|
| Shares redeemed | (4733000)<br>| &nbsp;&nbsp; (210305211)<br>| &nbsp;&nbsp; (7204210)<br>| &nbsp;&nbsp; (287239937)<br>|
| **Net increase** | **3304126** | &nbsp;&nbsp; **$142874065** | &nbsp;&nbsp; **2925708** | &nbsp;&nbsp; **$119734009** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 388 | &nbsp;&nbsp; $6248 | &nbsp;&nbsp; 716 | &nbsp;&nbsp; $10357 |
| Dividends reinvested | 1056 | &nbsp;&nbsp; 16022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **1444** | &nbsp;&nbsp; **$22270** | &nbsp;&nbsp; **716** | &nbsp;&nbsp; **$10357** |
| **Class C**: |  |  |  |  |
| Shares sold | 136 | &nbsp;&nbsp; $2192 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; $15053 |
| Dividends reinvested | 93 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **229** | &nbsp;&nbsp; **$3593** | &nbsp;&nbsp; **880** | &nbsp;&nbsp; **$15053** |
| **Class I**: |  |  |  |  |
| Shares sold | 1969 | &nbsp;&nbsp; $30444 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Dividends reinvested | 985 | &nbsp;&nbsp; 14947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **2954** | &nbsp;&nbsp; **$45391** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$—** |
| **Class Y**: |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Dividends reinvested | 981 | &nbsp;&nbsp; 14947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **981** | &nbsp;&nbsp; **$14947** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$—** |
| **Class Z**: |  |  |  |  |
| Shares sold | 54099 | &nbsp;&nbsp; $798663 | &nbsp;&nbsp; 13160 | &nbsp;&nbsp; $186523 |
| Dividends reinvested | 32484 | &nbsp;&nbsp; 495068 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 2301 |
| Shares redeemed | (3008)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (1000)<br>| &nbsp;&nbsp; (17900)<br>|
| **Net increase** | **83575** | &nbsp;&nbsp; **$1243731** | &nbsp;&nbsp; **12332** | &nbsp;&nbsp; **$170924** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Growth & Income Fund** | **Alger Growth & Income Fund** | **Alger Growth & Income Fund** | **Alger Growth & Income Fund** | **Alger Growth & Income Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 244205 | &nbsp;&nbsp; $22986600 | &nbsp;&nbsp; 337633 | &nbsp;&nbsp; $26882301 |
| Shares converted from Class C | 6718 | &nbsp;&nbsp; 544234 | &nbsp;&nbsp; 5928 | &nbsp;&nbsp; 470595 |
| Dividends reinvested | 11371 | &nbsp;&nbsp; 1034597 | &nbsp;&nbsp; 24836 | &nbsp;&nbsp; 1972666 |
| Shares redeemed | (238609)<br>| &nbsp;&nbsp; (22237437)<br>| &nbsp;&nbsp; (341636)<br>| &nbsp;&nbsp; (27215536)<br>|
| **Net increase** | **23685** | &nbsp;&nbsp; **$2327994** | &nbsp;&nbsp; **26761** | &nbsp;&nbsp; **$2110026** |
| **Class C**: |  |  |  |  |
| Shares sold | 17481 | &nbsp;&nbsp; $1592745 | &nbsp;&nbsp; 53571 | &nbsp;&nbsp; $4115703 |
| Shares converted to Class A | (6838)<br>| &nbsp;&nbsp; (544234)<br>| &nbsp;&nbsp; (6033)<br>| &nbsp;&nbsp; (470595)<br>|
| Dividends reinvested | 582 | &nbsp;&nbsp; 51908 | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 108862 |
| Shares redeemed | (37779)<br>| &nbsp;&nbsp; (3522453)<br>| &nbsp;&nbsp; (112486)<br>| &nbsp;&nbsp; (8815051)<br>|
| **Net decrease** | **(26554)**<br>| &nbsp;&nbsp; **$(2422034)**<br>| &nbsp;&nbsp; **(63532)**<br>| &nbsp;&nbsp; **$(5061081)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1310071 | &nbsp;&nbsp; $123127310 | &nbsp;&nbsp; 2167507 | &nbsp;&nbsp; $171277011 |
| Dividends reinvested | 35765 | &nbsp;&nbsp; 3259090 | &nbsp;&nbsp; 78723 | &nbsp;&nbsp; 6271357 |
| Redemptions in kind | (168783)<br>| &nbsp;&nbsp; (15762640)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (901198)<br>| &nbsp;&nbsp; (84330575)<br>| &nbsp;&nbsp; (2002903)<br>| &nbsp;&nbsp; (160042146)<br>|
| **Net increase** | **275855** | &nbsp;&nbsp; **$26293185** | &nbsp;&nbsp; **243327** | &nbsp;&nbsp; **$17506222** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** |
| **Class Z**: |  |  |  |  |
| Shares sold | 506481 | &nbsp;&nbsp; $9659651 | &nbsp;&nbsp; 11691 | &nbsp;&nbsp; $264666 |
| Dividends reinvested | 318381 | &nbsp;&nbsp; 5925065 | &nbsp;&nbsp; 4379 | &nbsp;&nbsp; 80224 |
| Redemptions in kind\* | (167216)<br>| &nbsp;&nbsp; (3208822)<br>| &nbsp;&nbsp; (830)<br>| &nbsp;&nbsp; (19718)<br>|
| Shares redeemed | (563119)<br>| &nbsp;&nbsp; (10761191)<br>| &nbsp;&nbsp; (26096)<br>| &nbsp;&nbsp; (526661)<br>|
| **Net increase (decrease)** | **94527** | &nbsp;&nbsp; **$1614703** | &nbsp;&nbsp; **(10856)**<br>| &nbsp;&nbsp; **$(201489)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 77846 | &nbsp;&nbsp; $1594145 | &nbsp;&nbsp; 365417 | &nbsp;&nbsp; $6838350 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (52363)<br>| &nbsp;&nbsp; (1064169)<br>| &nbsp;&nbsp; (241155)<br>| &nbsp;&nbsp; (3898883)<br>|
| **Net increase** | **25483** | &nbsp;&nbsp; **$529976** | &nbsp;&nbsp; **124262** | &nbsp;&nbsp; **$2939467** |
| **Class C**: |  |  |  |  |
| Shares sold | 54055 | &nbsp;&nbsp; $1048047 | &nbsp;&nbsp; 73953 | &nbsp;&nbsp; $1274493 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (23751)<br>| &nbsp;&nbsp; (461885)<br>| &nbsp;&nbsp; (70652)<br>| &nbsp;&nbsp; (1193822)<br>|
| **Net increase** | **30304** | &nbsp;&nbsp; **$586162** | &nbsp;&nbsp; **3301** | &nbsp;&nbsp; **$80671** |
| **Class I**: |  |  |  |  |
| Shares sold | 40326 | &nbsp;&nbsp; $827734 | &nbsp;&nbsp; 212363 | &nbsp;&nbsp; $3555621 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (37902)<br>| &nbsp;&nbsp; (765694)<br>| &nbsp;&nbsp; (415002)<br>| &nbsp;&nbsp; (7646085)<br>|
| **Net increase (decrease)** | **2424** | &nbsp;&nbsp; **$62040** | &nbsp;&nbsp; **(202639)**<br>| &nbsp;&nbsp; **$(4090464)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 28971 | &nbsp;&nbsp; $610277 | &nbsp;&nbsp; 236441 | &nbsp;&nbsp; $4600833 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (23948)<br>| &nbsp;&nbsp; (486469)<br>| &nbsp;&nbsp; (158593)<br>| &nbsp;&nbsp; (2519987)<br>|
| **Net increase** | **5023** | &nbsp;&nbsp; **$123808** | &nbsp;&nbsp; **77848** | &nbsp;&nbsp; **$2080846** |
| **Class Z**: |  |  |  |  |
| Shares sold | 2197953 | &nbsp;&nbsp; $46689831 | &nbsp;&nbsp; 4644536 | &nbsp;&nbsp; $85337735 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1929744)<br>| &nbsp;&nbsp; (39923093)<br>| &nbsp;&nbsp; (5536953)<br>| &nbsp;&nbsp; (96194928)<br>|
| **Net increase (decrease)** | **268209** | &nbsp;&nbsp; **$6766738** | &nbsp;&nbsp; **(892417)**<br>| &nbsp;&nbsp; **$(10857193)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 178759 | &nbsp;&nbsp; $3152167 | &nbsp;&nbsp; 390281 | &nbsp;&nbsp; $6457048 |
| Shares Converted from Class B | 7933 | &nbsp;&nbsp; 131882 | &nbsp;&nbsp; 4291 | &nbsp;&nbsp; 66905 |
| Shares converted from Class C | 2230 | &nbsp;&nbsp; 36274 | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 28253 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (512951)<br>| &nbsp;&nbsp; (9065174)<br>| &nbsp;&nbsp; (1226159)<br>| &nbsp;&nbsp; (19772003)<br>|
| **Net decrease** | **(324029)**<br>| &nbsp;&nbsp; **$(5744851)**<br>| &nbsp;&nbsp; **(829808)**<br>| &nbsp;&nbsp; **$(13219797)**<br>|
| **Class B**: |  |  |  |  |
| Shares sold | 12014 | &nbsp;&nbsp; $125187 | &nbsp;&nbsp; 32706 | &nbsp;&nbsp; $312943 |
| Shares converted to Class A | (12694)<br>| &nbsp;&nbsp; (131882)<br>| &nbsp;&nbsp; (6863)<br>| &nbsp;&nbsp; (66905)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (58057)<br>| &nbsp;&nbsp; (646600)<br>| &nbsp;&nbsp; (118697)<br>| &nbsp;&nbsp; (1176819)<br>|
| **Net decrease** | **(58737)**<br>| &nbsp;&nbsp; **$(653295)**<br>| &nbsp;&nbsp; **(92854)**<br>| &nbsp;&nbsp; **$(930781)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 32806 | &nbsp;&nbsp; $335005 | &nbsp;&nbsp; 27867 | &nbsp;&nbsp; $262361 |
| Shares converted to Class A | (3885)<br>| &nbsp;&nbsp; (36274)<br>| &nbsp;&nbsp; (3095)<br>| &nbsp;&nbsp; (28253)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (38591)<br>| &nbsp;&nbsp; (389648)<br>| &nbsp;&nbsp; (138156)<br>| &nbsp;&nbsp; (1287001)<br>|
| **Net decrease** | **(9670)**<br>| &nbsp;&nbsp; **$(90917)**<br>| &nbsp;&nbsp; **(113384)**<br>| &nbsp;&nbsp; **$(1052893)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 747187 | &nbsp;&nbsp; $13723555 | &nbsp;&nbsp; 1547929 | &nbsp;&nbsp; $25972969 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (453607)<br>| &nbsp;&nbsp; (8293101)<br>| &nbsp;&nbsp; (1387885)<br>| &nbsp;&nbsp; (22957895)<br>|
| **Net increase** | **293580** | &nbsp;&nbsp; **$5430454** | &nbsp;&nbsp; **160044** | &nbsp;&nbsp; **$3015074** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 134536 | &nbsp;&nbsp; $1537003 | &nbsp;&nbsp; 537426 | &nbsp;&nbsp; $5456209 |
| Shares Converted from Class B | 5586 | &nbsp;&nbsp; 57479 | &nbsp;&nbsp; 4740 | &nbsp;&nbsp; 47901 |
| Shares converted from Class C | 4075 | &nbsp;&nbsp; 41652 | &nbsp;&nbsp; 3916 | &nbsp;&nbsp; 39900 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (625967)<br>| &nbsp;&nbsp; (7043044)<br>| &nbsp;&nbsp; (1991045)<br>| &nbsp;&nbsp; (20029676)<br>|
| **Net decrease** | **(481770)**<br>| &nbsp;&nbsp; **$(5406910)**<br>| &nbsp;&nbsp; **(1444963)**<br>| &nbsp;&nbsp; **$(14485666)**<br>|
| **Class B**: |  |  |  |  |
| Shares sold | 989 | &nbsp;&nbsp; $7517 | &nbsp;&nbsp; 5864 | &nbsp;&nbsp; $40505 |
| Shares converted to Class A | (8300)<br>| &nbsp;&nbsp; (57479)<br>| &nbsp;&nbsp; (7047)<br>| &nbsp;&nbsp; (47901)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (10052)<br>| &nbsp;&nbsp; (82488)<br>| &nbsp;&nbsp; (33523)<br>| &nbsp;&nbsp; (227745)<br>|
| **Net decrease** | **(17363)**<br>| &nbsp;&nbsp; **$(132450)**<br>| &nbsp;&nbsp; **(34706)**<br>| &nbsp;&nbsp; **$(235141)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 81655 | &nbsp;&nbsp; $547698 | &nbsp;&nbsp; 139718 | &nbsp;&nbsp; $854635 |
| Shares converted to Class A | (6652)<br>| &nbsp;&nbsp; (41652)<br>| &nbsp;&nbsp; (6390)<br>| &nbsp;&nbsp; (39900)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (175740)<br>| &nbsp;&nbsp; (1215602)<br>| &nbsp;&nbsp; (727590)<br>| &nbsp;&nbsp; (4455249)<br>|
| **Net decrease** | **(100737)**<br>| &nbsp;&nbsp; **$(709556)**<br>| &nbsp;&nbsp; **(594262)**<br>| &nbsp;&nbsp; **$(3640514)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 1967 | &nbsp;&nbsp; $24512 | &nbsp;&nbsp; 18100 | &nbsp;&nbsp; $187417 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (5076)<br>| &nbsp;&nbsp; (59961)<br>| &nbsp;&nbsp; (29810)<br>| &nbsp;&nbsp; (322211)<br>|
| **Net decrease** | **(3109)**<br>| &nbsp;&nbsp; **$(35449)**<br>| &nbsp;&nbsp; **(11710)**<br>| &nbsp;&nbsp; **$(134794)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 257160 | &nbsp;&nbsp; $3085966 | &nbsp;&nbsp; 1235741 | &nbsp;&nbsp; $12707500 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1086496)<br>| &nbsp;&nbsp; (13034689)<br>| &nbsp;&nbsp; (5514856)<br>| &nbsp;&nbsp; (56504576)<br>|
| **Net decrease** | **(829336)**<br>| &nbsp;&nbsp; **$(9948723)**<br>| &nbsp;&nbsp; **(4279115)**<br>| &nbsp;&nbsp; **$(43797076)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 363164 | &nbsp;&nbsp; $7767790 | &nbsp;&nbsp; 990367 | &nbsp;&nbsp; $17553793 |
| Shares converted from Class C | 58379 | &nbsp;&nbsp; 1074630 | &nbsp;&nbsp; 52373 | &nbsp;&nbsp; 951546 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (647918)<br>| &nbsp;&nbsp; (13669708)<br>| &nbsp;&nbsp; (2233750)<br>| &nbsp;&nbsp; (41447621)<br>|
| **Net decrease** | **(226375)**<br>| &nbsp;&nbsp; **$(4827288)**<br>| &nbsp;&nbsp; **(1191010)**<br>| &nbsp;&nbsp; **$(22942282)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 70106 | &nbsp;&nbsp; $1281089 | &nbsp;&nbsp; 137828 | &nbsp;&nbsp; $2266829 |
| Shares converted to Class A | (68074)<br>| &nbsp;&nbsp; (1074630)<br>| &nbsp;&nbsp; (61037)<br>| &nbsp;&nbsp; (951546)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (440996)<br>| &nbsp;&nbsp; (7975356)<br>| &nbsp;&nbsp; (1393172)<br>| &nbsp;&nbsp; (21254224)<br>|
| **Net decrease** | **(438964)**<br>| &nbsp;&nbsp; **$(7768897)**<br>| &nbsp;&nbsp; **(1316381)**<br>| &nbsp;&nbsp; **$(19938941)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 118230 | &nbsp;&nbsp; $2549261 | &nbsp;&nbsp; 236316 | &nbsp;&nbsp; $4508608 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (200426)<br>| &nbsp;&nbsp; (4372855)<br>| &nbsp;&nbsp; (1375788)<br>| &nbsp;&nbsp; (26110749)<br>|
| **Net decrease** | **(82196)**<br>| &nbsp;&nbsp; **$(1823594)**<br>| &nbsp;&nbsp; **(1139472)**<br>| &nbsp;&nbsp; **$(21602141)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 109140 | &nbsp;&nbsp; $2421428 | &nbsp;&nbsp; 719465 | &nbsp;&nbsp; $14839484 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (338679)<br>| &nbsp;&nbsp; (7811798)<br>| &nbsp;&nbsp; (3264598)<br>| &nbsp;&nbsp; (65420523)<br>|
| **Net decrease** | **(229539)**<br>| &nbsp;&nbsp; **$(5390370)**<br>| &nbsp;&nbsp; **(2545133)**<br>| &nbsp;&nbsp; **$(50581039)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1266069 | &nbsp;&nbsp; $28604324 | &nbsp;&nbsp; 4678867 | &nbsp;&nbsp; $93111023 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (5259134)<br>| &nbsp;&nbsp; (118362305)<br>| &nbsp;&nbsp; (21386282)<br>| &nbsp;&nbsp; (421459104)<br>|
| **Net decrease** | **(3993065)**<br>| &nbsp;&nbsp; **$(89757981)**<br>| &nbsp;&nbsp; **(16707415)**<br>| &nbsp;&nbsp; **$(328348081)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 213303 | &nbsp;&nbsp; $2903818 | &nbsp;&nbsp; 401699 | &nbsp;&nbsp; $5438391 |
| Shares converted from Class C | 9558 | &nbsp;&nbsp; 128793 | &nbsp;&nbsp; 7794 | &nbsp;&nbsp; 104731 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (901329)<br>| &nbsp;&nbsp; (12295452)<br>| &nbsp;&nbsp; (1931361)<br>| &nbsp;&nbsp; (26275985)<br>|
| **Net decrease** | **(678468)**<br>| &nbsp;&nbsp; **$(9262841)**<br>| &nbsp;&nbsp; **(1521868)**<br>| &nbsp;&nbsp; **$(20732863)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 32722 | &nbsp;&nbsp; $236186 | &nbsp;&nbsp; 160111 | &nbsp;&nbsp; $1169295 |
| Shares converted to Class A | (17965)<br>| &nbsp;&nbsp; (128793)<br>| &nbsp;&nbsp; (14642)<br>| &nbsp;&nbsp; (104731)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (684522)<br>| &nbsp;&nbsp; (4963552)<br>| &nbsp;&nbsp; (1276136)<br>| &nbsp;&nbsp; (9007932)<br>|
| **Net decrease** | **(669765)**<br>| &nbsp;&nbsp; **$(4856159)**<br>| &nbsp;&nbsp; **(1130667)**<br>| &nbsp;&nbsp; **$(7943368)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 11939 | &nbsp;&nbsp; $168472 | &nbsp;&nbsp; 25866 | &nbsp;&nbsp; $357451 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (336052)<br>| &nbsp;&nbsp; (4728815)<br>| &nbsp;&nbsp; (219303)<br>| &nbsp;&nbsp; (3083773)<br>|
| **Net decrease** | **(324113)**<br>| &nbsp;&nbsp; **$(4560343)**<br>| &nbsp;&nbsp; **(193437)**<br>| &nbsp;&nbsp; **$(2726322)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 268372 | &nbsp;&nbsp; $3971275 | &nbsp;&nbsp; 457994 | &nbsp;&nbsp; $6321166 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (176550)<br>| &nbsp;&nbsp; (2568603)<br>| &nbsp;&nbsp; (1829542)<br>| &nbsp;&nbsp; (25843468)<br>|
| **Net increase (decrease)** | **91822** | &nbsp;&nbsp; **$1402672** | &nbsp;&nbsp; **(1371548)**<br>| &nbsp;&nbsp; **$(19522302)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 500718 | &nbsp;&nbsp; $7599619 | &nbsp;&nbsp; 2904977 | &nbsp;&nbsp; $43633669 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (2949272)<br>| &nbsp;&nbsp; (45153167)<br>| &nbsp;&nbsp; (10900556)<br>| &nbsp;&nbsp; (159382288)<br>|
| **Net decrease** | **(2448554)**<br>| &nbsp;&nbsp; **$(37553548)**<br>| &nbsp;&nbsp; **(7995579)**<br>| &nbsp;&nbsp; **$(115748619)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger International Opportunities Fund** | **Alger International Opportunities Fund** | **Alger International Opportunities Fund** | **Alger International Opportunities Fund** | **Alger International Opportunities Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 99625 | &nbsp;&nbsp; $2068662 | &nbsp;&nbsp; 101029 | &nbsp;&nbsp; $2208977 |
| Shares Converted from Class B | 6647 | &nbsp;&nbsp; 136696 | &nbsp;&nbsp; 4417 | &nbsp;&nbsp; 89873 |
| Shares converted from Class C | 1490 | &nbsp;&nbsp; 31809 | &nbsp;&nbsp; 1346 | &nbsp;&nbsp; 28666 |
| Dividends reinvested | 630560 | &nbsp;&nbsp; 12100451 | &nbsp;&nbsp; 277734 | &nbsp;&nbsp; 5382480 |
| Shares redeemed | (189635)<br>| &nbsp;&nbsp; (3920047)<br>| &nbsp;&nbsp; (480389)<br>| &nbsp;&nbsp; (9890144)<br>|
| **Net increase (decrease)** | **548687** | &nbsp;&nbsp; **$10417571** | &nbsp;&nbsp; **(95863)**<br>| &nbsp;&nbsp; **$(2180148)**<br>|
| **Class B**: |  |  |  |  |
| Shares sold | 948 | &nbsp;&nbsp; $16335 | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; $53988 |
| Shares converted to Class A | (7862)<br>| &nbsp;&nbsp; (136696)<br>| &nbsp;&nbsp; (5196)<br>| &nbsp;&nbsp; (89873)<br>|
| Dividends reinvested | 109579 | &nbsp;&nbsp; 1747783 | &nbsp;&nbsp; 49641 | &nbsp;&nbsp; 816597 |
| Shares redeemed | (62656)<br>| &nbsp;&nbsp; (1099744)<br>| &nbsp;&nbsp; (90363)<br>| &nbsp;&nbsp; (1552688)<br>|
| **Net increase (decrease)** | **40009** | &nbsp;&nbsp; **$527678** | &nbsp;&nbsp; **(42750)**<br>| &nbsp;&nbsp; **$(771976)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 20191 | &nbsp;&nbsp; $326899 | &nbsp;&nbsp; 33993 | &nbsp;&nbsp; $563842 |
| Shares converted to Class A | (1901)<br>| &nbsp;&nbsp; (31809)<br>| &nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp; (28666)<br>|
| Dividends reinvested | 11184 | &nbsp;&nbsp; 163619 | &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 54588 |
| Shares redeemed | (28702)<br>| &nbsp;&nbsp; (442992)<br>| &nbsp;&nbsp; (15669)<br>| &nbsp;&nbsp; (257582)<br>|
| **Net increase** | **772** | &nbsp;&nbsp; **$15717** | &nbsp;&nbsp; **20184** | &nbsp;&nbsp; **$332182** |
| **Class I**: |  |  |  |  |
| Shares sold | 31304 | &nbsp;&nbsp; $654336 | &nbsp;&nbsp; 11625 | &nbsp;&nbsp; $230539 |
| Dividends reinvested | 9797 | &nbsp;&nbsp; 188780 | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; 68512 |
| Shares redeemed | (5279)<br>| &nbsp;&nbsp; (106661)<br>| &nbsp;&nbsp; (3678)<br>| &nbsp;&nbsp; (74921)<br>|
| **Net increase** | **35822** | &nbsp;&nbsp; **$736455** | &nbsp;&nbsp; **11469** | &nbsp;&nbsp; **$224130** |
| **Class Z**: |  |  |  |  |
| Shares sold | 188255 | &nbsp;&nbsp; $4046910 | &nbsp;&nbsp; 392096 | &nbsp;&nbsp; $8715368 |
| Dividends reinvested | 130198 | &nbsp;&nbsp; 2588336 | &nbsp;&nbsp; 39784 | &nbsp;&nbsp; 794882 |
| Shares redeemed | (340141)<br>| &nbsp;&nbsp; (7259588)<br>| &nbsp;&nbsp; (225945)<br>| &nbsp;&nbsp; (4772040)<br>|
| **Net (decrease) increase**  | **(21688)**<br>| &nbsp;&nbsp; **$(624342)**<br>| &nbsp;&nbsp; **205935** | &nbsp;&nbsp; **$4738210** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **For the period June 30,** <br> **2025 (commencement of** <br> **operations) to** <br>**October 31, 2025** | **For the period June 30,** <br> **2025 (commencement of** <br> **operations) to** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger International Small Cap Fund** | **Alger International Small Cap Fund** | **Alger International Small Cap Fund** | **Alger International Small Cap Fund** | **Alger International Small Cap Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 18633 | &nbsp;&nbsp; $189259 | &nbsp;&nbsp; 30823 | &nbsp;&nbsp; $304000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (12121)<br>| &nbsp;&nbsp; (120149)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **6512** | &nbsp;&nbsp; **$69110** | &nbsp;&nbsp; **30823** | &nbsp;&nbsp; **$304000** |
| **Class Z**: |  |  |  |  |
| Shares sold | 151217 | &nbsp;&nbsp; $1454449 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; $1900000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **151217** | &nbsp;&nbsp; **$1454449** | &nbsp;&nbsp; **190000** | &nbsp;&nbsp; **$1900000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 26894 | &nbsp;&nbsp; $613365 | &nbsp;&nbsp; 53740 | &nbsp;&nbsp; $1021186 |
| Shares converted from Class C | 2158 | &nbsp;&nbsp; 45618 | &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 34373 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (201520)<br>| &nbsp;&nbsp; (4531577)<br>| &nbsp;&nbsp; (788880)<br>| &nbsp;&nbsp; (15744211)<br>|
| **Net decrease** | **(172468)**<br>| &nbsp;&nbsp; **$(3872594)**<br>| &nbsp;&nbsp; **(733479)**<br>| &nbsp;&nbsp; **$(14688652)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 1682 | &nbsp;&nbsp; $23579 | &nbsp;&nbsp; 12577 | &nbsp;&nbsp; $151931 |
| Shares converted to Class A | (3504)<br>| &nbsp;&nbsp; (45618)<br>| &nbsp;&nbsp; (2693)<br>| &nbsp;&nbsp; (34373)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (45403)<br>| &nbsp;&nbsp; (622762)<br>| &nbsp;&nbsp; (112253)<br>| &nbsp;&nbsp; (1371155)<br>|
| **Net decrease** | **(47225)**<br>| &nbsp;&nbsp; **$(644801)**<br>| &nbsp;&nbsp; **(102369)**<br>| &nbsp;&nbsp; **$(1253597)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 28476 | &nbsp;&nbsp; $665773 | &nbsp;&nbsp; 132055 | &nbsp;&nbsp; $2691090 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (168295)<br>| &nbsp;&nbsp; (3928997)<br>| &nbsp;&nbsp; (808788)<br>| &nbsp;&nbsp; (16301465)<br>|
| **Net decrease** | **(139819)**<br>| &nbsp;&nbsp; **$(3263224)**<br>| &nbsp;&nbsp; **(676733)**<br>| &nbsp;&nbsp; **$(13610375)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE SIX MONTHS ENDED** <br>**April 30, 2026** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** |
| **Class A**: |  |  |  |  |
| Shares sold | 173973 | &nbsp;&nbsp; $3014959 | &nbsp;&nbsp; 535634 | &nbsp;&nbsp; $9106599 |
| Dividends reinvested | 38423 | &nbsp;&nbsp; 635906 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 3432 |
| Shares redeemed | (26395)<br>| &nbsp;&nbsp; (445753)<br>| &nbsp;&nbsp; (15104)<br>| &nbsp;&nbsp; (247232)<br>|
| **Net increase** | **186001** | &nbsp;&nbsp; **$3205112** | &nbsp;&nbsp; **520787** | &nbsp;&nbsp; **$8862799** |
| **Class C**: |  |  |  |  |
| Shares sold | 1132 | &nbsp;&nbsp; $19961 | &nbsp;&nbsp; 73403 | &nbsp;&nbsp; $1094780 |
| Dividends reinvested | 2401 | &nbsp;&nbsp; 39180 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 21 |
| Shares redeemed | (18498)<br>| &nbsp;&nbsp; (332828)<br>| &nbsp;&nbsp; (30382)<br>| &nbsp;&nbsp; (479088)<br>|
| **Net (decrease) increase**  | **(14965)**<br>| &nbsp;&nbsp; **$(273687)**<br>| &nbsp;&nbsp; **43023** | &nbsp;&nbsp; **$615713** |
| **Class I**: |  |  |  |  |
| Shares sold | 28935 | &nbsp;&nbsp; $502104 | &nbsp;&nbsp; 151976 | &nbsp;&nbsp; $2171806 |
| Dividends reinvested | 4198 | &nbsp;&nbsp; 69390 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 133 |
| Shares redeemed | (56113)<br>| &nbsp;&nbsp; (938913)<br>| &nbsp;&nbsp; (103255)<br>| &nbsp;&nbsp; (1518817)<br>|
| **Net (decrease) increase**  | **(22980)**<br>| &nbsp;&nbsp; **$(367419)**<br>| &nbsp;&nbsp; **48731** | &nbsp;&nbsp; **$653122** |
| **Class Y**: |  |  |  |  |
| Shares sold | 55643 | &nbsp;&nbsp; $950642 | &nbsp;&nbsp; 63225 | &nbsp;&nbsp; $983991 |
| Dividends reinvested | 669 | &nbsp;&nbsp; 11127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redemptions in kind\* | (14920)<br>| &nbsp;&nbsp; (254073)<br>| &nbsp;&nbsp; (23928)<br>| &nbsp;&nbsp; (370649)<br>|
| Shares redeemed | (38172)<br>| &nbsp;&nbsp; (644584)<br>| &nbsp;&nbsp; (39085)<br>| &nbsp;&nbsp; (629504)<br>|
| **Net increase (decrease)** | **3220** | &nbsp;&nbsp; **$63112** | &nbsp;&nbsp; **212** | &nbsp;&nbsp; **$(16162)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 25816 | &nbsp;&nbsp; $430352 | &nbsp;&nbsp; 38305 | &nbsp;&nbsp; $578785 |
| Dividends reinvested | 23973 | &nbsp;&nbsp; 398912 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 16000 |
| Shares redeemed | (9279)<br>| &nbsp;&nbsp; (156177)<br>| &nbsp;&nbsp; (3060)<br>| &nbsp;&nbsp; (36736)<br>|
| **Net increase** | **40510** | &nbsp;&nbsp; **$673087** | &nbsp;&nbsp; **36440** | &nbsp;&nbsp; **$558049** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Certain shareholders of the Fund redeemed shares in-kind.

Redemptions In-Kind: A Fund may make payment for Fund shares redeemed wholly or in part by transferring portfolio securities to shareholders. For the six months ended April 30, 2026, the Alger Capital Appreciation Fund, Alger Growth & Income Fund, Alger 35 Fund and Alger AI Enablers & Adopters Fund had redemptions in-kind with total proceeds in the amount of $51,012,368, $15,762,640, $3,208,822, and $254,073, respectively. The net realized gains on these redemptions in-kind amounted to $42,326,556, $13,743,668, $1,481,636 and $129,679, respectively, which are not considered taxable for federal income tax purposes. For the year ended October 31, 2025, the Alger Capital Appreciation Fund, Alger 35 Fund and Alger AI Enablers & Adopters Fund had redemptions in-kind with total proceeds in the amount of $77,728,439, $19,718, and $370,649, respectively. The net realized gains on

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

these redemptions in-kind amounted to $58,853,584, $11,805 and $250,753, respectively, which are not considered taxable for federal income tax purposes. For the six months ended April 30, 2026, and for the year ended October 31, 2025, all redemptions in-kind were related to the Funds participation in the ReFlow liquidity program.

**NOTE 9 — Income Tax Information:**

------

At October 31, 2025, the Alger Growth & Income Fund, the Alger Mid Cap Focus Fund, the Alger Mid Cap Growth Fund, the Alger Small Cap Growth Fund, the Alger Small Cap Focus Fund, the Alger Weatherbie Specialized Growth Fund, the Alger International Small Cap Fund, and the Alger Health Sciences Fund, for federal income tax purposes, had capital loss carryforwards of $5,376,067, $87,917,380, $6,099,771, $57,138,272, $551,922,062, $281,166,584, $42,625, and $29,323,816, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and these amounts may be applied against future net realized gains until its utilization.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, the realization of unrealized appreciation of passive foreign investment companies, and the return of capital from real estate investment trust investments.

The Funds accrue tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax, if applicable.

**NOTE 10 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of April 30, 2026 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, Alger Management has determined that presenting them by security type and sector is appropriate.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $329386212 | &nbsp;&nbsp; $329386212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 323394090 | &nbsp;&nbsp; 323394090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 6444912 | &nbsp;&nbsp; 6444912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 18597198 | &nbsp;&nbsp; 18597198 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 50030937 | &nbsp;&nbsp; 50030937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 184758619 | &nbsp;&nbsp; 184758619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 135111620 | &nbsp;&nbsp; 131823120 | &nbsp;&nbsp; 3288500 | &nbsp;&nbsp; — |
| Information Technology | 1387111785 | &nbsp;&nbsp; 1379340025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7771760 |
| Materials | 4111957 | &nbsp;&nbsp; 4111957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 55754137 | &nbsp;&nbsp; 55754137 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$2494701467** | &nbsp;&nbsp; **$2483641207** | &nbsp;&nbsp; **$3288500** | &nbsp;&nbsp; **$7771760** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 17857490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17857490 |
| Information Technology | 57344542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57344542 |
| **TOTAL PREFERRED STOCKS** | **$75202032** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$75202032** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 18265036 | &nbsp;&nbsp; 18265036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 69729098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69729098 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 19978049 | &nbsp;&nbsp; 19978049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2677875682** | &nbsp;&nbsp; **$2521884292** | &nbsp;&nbsp; **$3288500** | &nbsp;&nbsp; **$152702890** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $998057 | &nbsp;&nbsp; $998057 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 1107745 | &nbsp;&nbsp; 1107745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 131961 | &nbsp;&nbsp; 131961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 379067 | &nbsp;&nbsp; 379067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 913394 | &nbsp;&nbsp; 913394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 4745872 | &nbsp;&nbsp; 4549447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 196425 |
| Utilities | 239913 | &nbsp;&nbsp; 239913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$8516009** | &nbsp;&nbsp; **$8319584** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$196425** |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 146340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 146340 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 168962 | &nbsp;&nbsp; 168962 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$8831311** | &nbsp;&nbsp; **$8488546** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$342765** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $113913629 | &nbsp;&nbsp; $113913629 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 61875736 | &nbsp;&nbsp; 61875736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 45703186 | &nbsp;&nbsp; 45703186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 37036033 | &nbsp;&nbsp; 37036033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 111060694 | &nbsp;&nbsp; 111060694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 75838987 | &nbsp;&nbsp; 75838987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 45589872 | &nbsp;&nbsp; 45589872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 294776152 | &nbsp;&nbsp; 294776152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 18781252 | &nbsp;&nbsp; 18781252 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 12086272 | &nbsp;&nbsp; 12086272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$816661813** | &nbsp;&nbsp; **$816661813** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIPS**<br>|  |  |  |  |
| Energy | 3121055 | &nbsp;&nbsp; 3121055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 25023513 | &nbsp;&nbsp; 25023513 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 46132425 | &nbsp;&nbsp; 46132425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$890938806** | &nbsp;&nbsp; **$890938806** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $6706938 | &nbsp;&nbsp; $6706938 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 4178617 | &nbsp;&nbsp; 4178617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 988883 | &nbsp;&nbsp; 988883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 3411250 | &nbsp;&nbsp; 3411250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 3427387 | &nbsp;&nbsp; 3427387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 21235921 | &nbsp;&nbsp; 20621768 | &nbsp;&nbsp; — | &nbsp;&nbsp; 614153 |
| Utilities | 1048735 | &nbsp;&nbsp; 1048735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$40997731** | &nbsp;&nbsp; **$40383578** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$614153** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 593024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 593024 |
| Information Technology | 1292618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1292618 |
| **TOTAL PREFERRED STOCKS** | **$1885642** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1885642** |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 387909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 387909 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 158352 | &nbsp;&nbsp; 158352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$43429634** | &nbsp;&nbsp; **$40541930** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2887704** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $3066012 | &nbsp;&nbsp; $3066012 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 11143822 | &nbsp;&nbsp; 11143822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 3714912 | &nbsp;&nbsp; 3714912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 78110782 | &nbsp;&nbsp; 78110782 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 105006569 | &nbsp;&nbsp; 105006569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 69164500 | &nbsp;&nbsp; 65188113 | &nbsp;&nbsp; 3976387 | &nbsp;&nbsp; — |
| Materials | 4048718 | &nbsp;&nbsp; 4048718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 6134936 | &nbsp;&nbsp; 6134936 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$280390251** | &nbsp;&nbsp; **$276413864** | &nbsp;&nbsp; **$3976387** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 19791917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19791917 |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 3227062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3227062 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 13789848 | &nbsp;&nbsp; 13789848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$317199078** | &nbsp;&nbsp; **$290203712** | &nbsp;&nbsp; **$3976387** | &nbsp;&nbsp; **$23018979** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $11014190 | &nbsp;&nbsp; $11014190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 34598957 | &nbsp;&nbsp; 34598957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 7220418 | &nbsp;&nbsp; 7220418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 2389041 | &nbsp;&nbsp; 2389041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 19635990 | &nbsp;&nbsp; 19635990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 36153604 | &nbsp;&nbsp; 36153604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 79811234 | &nbsp;&nbsp; 79811234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 55316800 | &nbsp;&nbsp; 55316800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 4964941 | &nbsp;&nbsp; 4964941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 3997296 | &nbsp;&nbsp; 3997296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 6749743 | &nbsp;&nbsp; 6749743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$261852214** | &nbsp;&nbsp; **$261852214** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 1236346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1236346 |
| Information Technology | 2122359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2122359 |
| **TOTAL PREFERRED STOCKS** | **$3358705** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3358705** |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 3382456 | &nbsp;&nbsp; 3382456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 4205069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4205069 |
| **WARRANTS** |  |  |  |  |
| Information Technology | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $6143694 | &nbsp;&nbsp; $6143694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$278942138** | &nbsp;&nbsp; **$271378364** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7563774** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1558135 | &nbsp;&nbsp; $1558135 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 14263986 | &nbsp;&nbsp; 14263986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 1685521 | &nbsp;&nbsp; 1685521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 1002002 | &nbsp;&nbsp; 1002002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 5060132 | &nbsp;&nbsp; 5060132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 62365425 | &nbsp;&nbsp; 62226839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138586 |
| Industrials | 54611729 | &nbsp;&nbsp; 54611729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 41230960 | &nbsp;&nbsp; 41230960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 276693 | &nbsp;&nbsp; 276693 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 1104800 | &nbsp;&nbsp; 1104800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$183159383** | &nbsp;&nbsp; **$183020797** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$138586** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 425670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425670 |
| Information Technology | 2215136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2215136 |
| **TOTAL PREFERRED STOCKS** | **$2640806** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2640806** |
| **RIGHTS** |  |  |  |  |
| Health Care | 116653 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116653 <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 2445619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2445619 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 2690027 | &nbsp;&nbsp; 2690027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$191052488** | &nbsp;&nbsp; **$185710824** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5341664** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Consumer Discretionary | $7049896 | &nbsp;&nbsp; $7049896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Health Care | 309478613 | &nbsp;&nbsp; 309478613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 320510461 | &nbsp;&nbsp; 320510461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 121754833 | &nbsp;&nbsp; 121754833 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$758793803** | &nbsp;&nbsp; **$758793803** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 30454418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30454418 |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1504944 | &nbsp;&nbsp; 1504944 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$790753165** | &nbsp;&nbsp; **$760298747** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$30454418** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Consumer Discretionary | $30044219 | &nbsp;&nbsp; $30044219 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Energy | 2743230 | &nbsp;&nbsp; 2743230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 30823181 | &nbsp;&nbsp; 30823181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 52767777 | &nbsp;&nbsp; 52654301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113476 |
| Industrials | 100203109 | &nbsp;&nbsp; 100203109 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 46067195 | &nbsp;&nbsp; 46067195 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 13745498 | &nbsp;&nbsp; 13745498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$276394209** | &nbsp;&nbsp; **$276280733** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$113476** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 4836000 | &nbsp;&nbsp; 4836000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$281230209** | &nbsp;&nbsp; **$281116733** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$113476** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Opportunities** <br> **Fund**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $6558978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6558978 | &nbsp;&nbsp; $— |
| Consumer Discretionary | 7946275 | &nbsp;&nbsp; 2246165 | &nbsp;&nbsp; 5700110 | &nbsp;&nbsp; — |
| Consumer Staples | 11564821 | &nbsp;&nbsp; 3147023 | &nbsp;&nbsp; 8417798 | &nbsp;&nbsp; — |
| Energy | 5012535 | &nbsp;&nbsp; 5012535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 42144247 | &nbsp;&nbsp; 8366234 | &nbsp;&nbsp; 33778013 | &nbsp;&nbsp; — |
| Health Care | 14702228 | &nbsp;&nbsp; 5871669 | &nbsp;&nbsp; 8830559 | &nbsp;&nbsp; — |
| Industrials | 36233237 | &nbsp;&nbsp; 13205063 | &nbsp;&nbsp; 23028174 | &nbsp;&nbsp; — |
| Information Technology | 35864878 | &nbsp;&nbsp; 21306638 | &nbsp;&nbsp; 14558240 | &nbsp;&nbsp; — |
| Materials | 8009870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8009870 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$168037069** | &nbsp;&nbsp; **$59155327** | &nbsp;&nbsp; **$108881742** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 3756624 | &nbsp;&nbsp; 3756624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$171793693** | &nbsp;&nbsp; **$62911951** | &nbsp;&nbsp; **$108881742** | &nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Small Cap Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Consumer Discretionary | $404866 | &nbsp;&nbsp; $129216 | &nbsp;&nbsp; $275650 | &nbsp;&nbsp; $— |
| Consumer Staples | 198130 | &nbsp;&nbsp; 112758 | &nbsp;&nbsp; 85372 | &nbsp;&nbsp; — |
| Energy | 186304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 186304 | &nbsp;&nbsp; — |
| Financials | 568272 | &nbsp;&nbsp; 87921 | &nbsp;&nbsp; 480351 | &nbsp;&nbsp; — |
| Health Care | 289415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289415 | &nbsp;&nbsp; — |
| Industrials | 1208898 | &nbsp;&nbsp; 341958 | &nbsp;&nbsp; 866940 | &nbsp;&nbsp; — |
| Information Technology | 690778 | &nbsp;&nbsp; 258959 | &nbsp;&nbsp; 431819 | &nbsp;&nbsp; — |
| Materials | 332086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 332086 | &nbsp;&nbsp; — |
| Utilities | 73298 | &nbsp;&nbsp; 73298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$3952047** | &nbsp;&nbsp; **$1004110** | &nbsp;&nbsp; **$2947937** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Small Cap Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $139332 | &nbsp;&nbsp; $139332 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$4091379** | &nbsp;&nbsp; **$1143442** | &nbsp;&nbsp; **$2947937** | &nbsp;&nbsp; **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Financials | $389727 | &nbsp;&nbsp; $389727 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Health Care | 51115813 | &nbsp;&nbsp; 49988118 | &nbsp;&nbsp; 937695 | &nbsp;&nbsp; 190000 |
| Materials | 1550126 | &nbsp;&nbsp; 1550126 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$53055666** | &nbsp;&nbsp; **$51927971** | &nbsp;&nbsp; **$937695** | &nbsp;&nbsp; **$190000** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 2778424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2778424 |
| **REAL ESTATE INVESTMENT** <br> **TRUSTS**<br>|  |  |  |  |
| Real Estate | 3212562 | &nbsp;&nbsp; 3212562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1840667 | &nbsp;&nbsp; 1840667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$60887319** | &nbsp;&nbsp; **$56981200** | &nbsp;&nbsp; **$937695** | &nbsp;&nbsp; **$2968424** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $3069146 | &nbsp;&nbsp; $3069146 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 2827022 | &nbsp;&nbsp; 2827022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 297507 | &nbsp;&nbsp; 297507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 591358 | &nbsp;&nbsp; 591358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 576495 | &nbsp;&nbsp; 576495 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 12949593 | &nbsp;&nbsp; 12635587 | &nbsp;&nbsp; 51501 | &nbsp;&nbsp; 262505 |
| Utilities | 395578 | &nbsp;&nbsp; 395578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$20706699** | &nbsp;&nbsp; **$20392693** | &nbsp;&nbsp; **$51501** | &nbsp;&nbsp; **$262505** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 158358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158358 |
| Information Technology | 1076671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1076671 |
| **TOTAL PREFERRED STOCKS** | **$1235029** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1235029** |
| **SPECIAL PURPOSE VEHICLES** |  |  |  |  |
| Information Technology | 824841 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 824841 |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $389834 | &nbsp;&nbsp; $389834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$23156403** | &nbsp;&nbsp; **$20782527** | &nbsp;&nbsp; **$51501** | &nbsp;&nbsp; **$2322375** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Each of Alger Mid Cap Growth Fund's, Alger Small Cap Growth Fund's, Alger Small Cap Focus Fund's and Alger Health Sciences Fund's holdings of Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of April 30, 2026. 

<sup>2</sup> Alger Mid Cap Growth Fund's holdings of Constellation Software, Inc. warrants expiring March 31, 2040, are classified as a Level 2 investment and are fair valued at zero as of April 30, 2026. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 7771760 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 7771760 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $38343532 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 10683041 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 26175459 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 75202032 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$10683041** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Capital Appreciation Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 12899789 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 56829309 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 69729098 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$12899789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Concentrated Equity Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 196425 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 196425 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Concentrated Equity Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1977)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 148317 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 146340 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$(1977)** <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger 35 Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 614153 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 614153 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger 35 Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $1118514 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 572513 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 194615 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 1885642 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$572513** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger 35 Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (5239)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 393148 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 387909 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$(5239)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $13835282 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 4991435 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 965200 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 19791917 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$4991435** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Focus Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (104879)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 3331941 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 3227062 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$(104879)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $1015734 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1104262 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 1238709 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 3358705 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$1104262**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 928683 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 3276386 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 4205069 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$928683** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $131292 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 7294 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 138586 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$7294** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $1485806 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1155000 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 2640806 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$1155000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $117,674\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1021)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 116,653\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$(1021)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1388339 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 1057280 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 2445619 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$1388339** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $30454418 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 30454418 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Focus Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Weatherbie Specialized Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $107503 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 5973 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 113476 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$5973** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $180000 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 10000 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 190000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$10000**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $2778424 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 2778424 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**  |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Rights** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $—\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters Fund** | **Common Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; — |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 262505 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 262505 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $730078 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 346282 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 158669 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 1235029 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$346282** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters Fund** | **Special Purpose** <br> **Vehicles**<br>|
| Opening balance at November 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 251202 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 573639 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at April 30, 2026 | &nbsp;&nbsp; 824841 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at April 30, 2026\*\***<br>| &nbsp;&nbsp; **$251202** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Includes securities that are fair valued at zero. |
| <sup>\*\*</sup> | Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation <br>(depreciation) on investments in the accompanying Statements of Operations.<br>|

---

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of April 30, 2026. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements at April 30, 2026.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**April 30,** <br>**2026**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund | Alger Capital Appreciation Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; $7771760 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 40021522 | Market <br>Approach<br>| Revenue Multiple | 24.0x | 24.0x |
|  | &nbsp;&nbsp; 5384588 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 29795922 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>80.00%-90.00% <br>4.02%<br>| 0% <br>5 years <br>84.01% <br>4.02%<br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| &nbsp;&nbsp; 24246157 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 45482941 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger Concentrated Equity Fund | Alger Concentrated Equity Fund | Alger Concentrated Equity Fund | Alger Concentrated Equity Fund | Alger Concentrated Equity Fund | Alger Concentrated Equity Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; 196425 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| &nbsp;&nbsp; 146340 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; 614153 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 194615 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 1691027 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1-5 years <br>80.00%-90.00% <br>3.72%-4.02%<br>| 0% <br>3.64 years <br>86.61% <br>3.92%<br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| &nbsp;&nbsp; 387909 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund | Alger Mid Cap Focus Fund |
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 13012522 | Market <br>Approach<br>| Revenue Multiple | 24.0x | 24.0x |
|  | &nbsp;&nbsp; 6779395 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **April 30,**<br> **2026**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| &nbsp;&nbsp; $3227062 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund | Alger Mid Cap Growth Fund |
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 3358705 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>80.00%-90.00% <br>4.02%<br>| 0% <br>5 years <br>86.32% <br>4.02%<br>|
| **Rights** | &nbsp;&nbsp; —<br> \*<br>| Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| &nbsp;&nbsp; 1375062 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 2830007 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund | Alger Small Cap Growth Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; 138586 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>80.00% <br>3.72%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Preferred** <br>**Stocks**<br>| 2640806 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1-5 years <br>80.00%-90.00% <br>3.72%-4.02%<br>| 0% <br>4.36 years <br>88.39% <br>3.97%<br>|
| **Rights** | 116,653\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 0.00%-4.84% <br>0.00%-40.00%<br>| 4.84% <br>39.41%<br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| 2445619 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund | Alger Small Cap Focus Fund |
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 30454418 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>80.00% <br>3.72%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Rights** | &nbsp;&nbsp; —<br> \*<br>| Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund | Alger Weatherbie Specialized Growth Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; 113476 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>80.00% <br>3.72%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|

---

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **April 30,**<br> **2026**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<br>|
| Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund | Alger Health Sciences Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; $190000 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>80.00% <br>3.72%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 2778424 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>80.00% <br>3.72%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| **Rights** | &nbsp;&nbsp; —<br> \*<br>| Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|
| Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund | Alger AI Enablers & Adopters Fund |
| **Common** <br>**Stocks**<br>| &nbsp;&nbsp; 262505 | Market <br>Approach<br>| Transaction Price <sup>(b)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
| **Preferred** <br>**Stocks**<br>| &nbsp;&nbsp; 545362 | Market <br>Approach<br>| Revenue Multiple | 24.0x | 24.0x |
|  | &nbsp;&nbsp; 689667 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>5 years <br>80.00-90.00%% <br>4.02%<br>| 0% <br>5 years <br>87.70% <br>4.02%<br>|
| **Special** <br>**Purpose** <br>**Vehicles**<br>| &nbsp;&nbsp; 373452 | Market <br>Approach<br>| Transaction Price <sup>(c)</sup> <br>| 0% | N/A <sup>(a)</sup> <br>|
|  | &nbsp;&nbsp; 451389 | Market Approach <br>Option Pricing Method<br>| Transaction Price <br>Term <br>Volatility <br>Risk-Free Rate<br>| 0% <br>1 year <br>90.00% <br>4.02%<br>| N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>N/A <sup>(a)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of April 30, 2026.

<sup>(a)</sup> Each security type listed and respective valuation methodology and unobservable input, represents only one investment. 

<sup>(b)</sup> Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value with no material changes in valuation assumptions since the acquisition date of March 31, 2026. 

<sup>(c)</sup> Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value with no material changes in valuation assumptions since the acquisition date of March 2, 2026 and April 1, 2026. 

The significant unobservable inputs used in the fair value measurement of each Fund's securities include revenue multiples, bookings multiples, EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue, bookings, and EBITDA multiples, decreases in discount rates, and increases in

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

the probability of success result in higher fair value measurements, whereas decreases in revenue, bookings, and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the six months ended April 30, 2026, Alger Management updated the valuation methodology used to value Impulse Dynamics PLC, Series A, Impulse Dynamics PLC, Series F-3, and SB Technology Inc., Series E to include the option pricing method which considers a wide range of exit values to calculate the valuation of these investments. There were no other changes in valuation methodology for any other Level 3 investments.

**NOTE 11 — Derivatives:**

------

FASB Accounting Standards Codification 815 – Derivatives and Hedging ("ASC 815") requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

There were no derivative instruments held by the Funds throughout the six months or as of April 30, 2026.

**NOTE 12 — Principal Risks:**

------

**<u>Alger Capital Appreciation Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities. The Fund is classified as diversified within the meaning of the 1940 Act, as amended. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. Because of its long-term approach, the Fund could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund's investment.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**<u>Alger Concentrated Equity Fund</u>** - Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**<u>Alger Growth & Income Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Income-producing securities may cut or fail to declare dividends due to market downturns or for other reasons. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities. The Fund is classified as diversified within the meaning of the 1940 Act, as amended. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. Because of its long-term approach, the Fund could have a significant

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Fund's investment.

**<u>Alger 35 Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Certain shareholders, including other funds advised by the Investment Manager or an affiliate of the Investment Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

**<u>Alger Mid Cap Focus Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. A significant portion of assets may be invested in securities of companies in related

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

sectors or industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector or industry developments. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

**<u>Alger Mid Cap Growth Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

**<u>Alger Small Cap Growth Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**<u>Alger Small Cap Focus Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors or industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector or industry developments. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

**<u>Alger Weatherbie Specialized Growth Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**<u>Alger International Opportunities Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities, Frontier Markets, and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

**<u>Alger International Small Cap Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. ADRs and GDRs may be subject to international trade, currency, political, regulatory and diplomatic risks. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

impact on the Fund. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**<u>Alger Health Sciences Fund</u>** — Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in healthcare companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. A significant portion of assets may be invested in securities of companies in related industries, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable industry developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, the Fund may hold a large cash or cash equivalent position, which may underperform relative to equity securities.

**<u>Alger AI Enablers & Adopters Fund</u>** - Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Fund shares at any point in time may be worth less than what was invested, even after taking into account the reinvestment of Fund dividends and distributions. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel as they face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing their consumer base. These companies may be substantially exposed to the market and business risks of other industries or sectors, and may be adversely affected by negative developments impacting those companies,

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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industries or sectors, as well as by loss or impairment of intellectual property rights or misappropriation of their technology. Companies that utilize AI could face reputational harm, competitive harm, and legal liability, and/or an adverse effects on business operations as content, analyses, or recommendations that AI applications produce may be deficient, inaccurate, biased, misleading or incomplete, may lead to errors, and may be used in negligent or criminal ways. AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the future growth. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. ADRs and global depositary receipts (GDRs) may be subject to international trade, currency, political, regulatory and diplomatic risks. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**NOTE 13 — Affiliated Securities:**

------

During the six months ended April 30, 2026, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the six months ended April 30, 2026 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(327469)<br>| &nbsp;&nbsp; $24246157 |
| Crosslink Ventures C, LLC, <br> Cl. A<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1612826 | &nbsp;&nbsp; — |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1285357 | &nbsp;&nbsp; $24246157 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1977)<br>| &nbsp;&nbsp; $146340 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1977)<br>| &nbsp;&nbsp; $146340 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5239)<br>| &nbsp;&nbsp; $387909 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5239)<br>| &nbsp;&nbsp; $387909 |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18572)<br>| &nbsp;&nbsp; $1375062 |
| Crosslink <br> Ventures C, LLC, Cl. A<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 697439 | &nbsp;&nbsp; — |
| Crosslink <br> Ventures C, LLC, Cl. <br> B<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 274295 | &nbsp;&nbsp; — |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $953162 | &nbsp;&nbsp; $1375062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| Crosslink Ventures C, LLC, <br> Cl. A<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1046158 | &nbsp;&nbsp; $— |
| Crosslink Ventures C, <br> LLC, Cl. B<sup>2</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 274295 | &nbsp;&nbsp; — |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1320453 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| Impulse Dynamics <br> PLC, <br> Series F-3<br>| 534288037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30454418 |
| **Total** | 534288037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30454418 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**April 30,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**April 30,** <br>**2026**<br>|
| **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** |
| **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** | **Special Purpose Vehicles** |
| 2026 VDC LP<sup>1</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5044)<br>| &nbsp;&nbsp; $373452 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5044)<br>| &nbsp;&nbsp; $373452 |

---

<sup>1</sup>The Alger Fund Complex and other entities managed by Alger Management owned greater than 25% of 2026 VDC LP.

<sup>2</sup> Crosslink Ventures C, LLC liquidated and distributed shares of Chime Financial, Inc. Class A during the period, and is no longer deemed an affiliate of the Fund. Prior to the distribution of shares, the Alger Fund Complex and other entities managed by Alger Management fully owned Crosslink Ventures C, LLC, Class A and Crosslink Ventures C, LLC, Class B.

**NOTE 14 — Subsequent Events:**

------

Alger Management has evaluated events that have occurred subsequent to April 30, 2026, through the issuance date of the Financial Statements.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

On May 19, 2026, the Board approved the conversion of all Class B shares into Class A shares of the Alger Small Cap Growth Fund effective on or about the close of business on August 1, 2026.

Effective May 20, 2026, Alger Management has contractually agreed to waive fees or to reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit other expenses and any other applicable share class-specific expenses of the Class Z Shares of the Alger Mid Cap Growth Fund to 0.02% of the class's average daily net assets.This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between Alger Management and the Board, and will terminate automatically in the event of termination of the Fund's Investment Advisory Agreement. Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, Alger Mid Cap Growth Fund will only make repayments to Alger Management if such repayment does not cause the expense ratio for Alger Mid Cap Growth Class Z, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the current expense cap of Alger Mid Cap Growth Fund Class Z. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed.

No other material events have been identified which require recognition and/or disclosure.

------

**THE ALGER FUNDS**

**OTHER INFORMATION (Unaudited)**

------

**Proxy Voting Policies**

------

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities and the proxy voting record is available, without charge, by calling (800) 992-3863 or online on the Funds' website at http://www.alger.com or on the SEC's website at http://www.sec.gov.

**Fund Holdings**

------

The Board has adopted policies and procedures relating to disclosure of the Funds' portfolio securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Funds.

Generally, the policies prohibit the release of information concerning portfolio holdings, which have not previously been made public, to individual investors, institutional investors, intermediaries that distribute the Funds' shares and other parties which are not employed by the Investment Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Funds) are acceptable.

The Funds file their complete schedules of portfolio holdings with the SEC semi-annually in financial statements on Form N-CSR and after the first and third fiscal quarters as an exhibit to its reports on Form N-PORT. The Funds' Forms N-CSR and N-PORT are available online on the SEC's website at www.sec.gov.

In addition, the Funds make publicly available their month-end top 10 holdings, with the exception of Alger 35 Fund and Alger Concentrated Equity Fund which makes available their month-end top 5 holdings, with a 10 day lag and their month-end full portfolio with a 60 day lag on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

In accordance with the foregoing, the Funds provide portfolio holdings information to third parties including financial intermediaries and service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Funds will communicate with these third parties to confirm that they understand the Funds' policies and procedures regarding such disclosure. These agreements must be approved by the Trust's Chief Compliance Officer.

------

**THE ALGER FUNDS**

**OTHER INFORMATION (Unaudited) (Continued)**

------

The Board periodically reviews a report disclosing the third parties to whom each Fund's holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Funds and its shareholders.

In addition to material the Funds routinely provide to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds.

Such information may include, but not be limited to, relative weightings and characteristics of a Fund versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Funds at (800) 992-3863 to obtain such information.

------

**THE ALGER FUNDS**

------

100 Pearl Street, 27th Floor

New York, NY 10004

(800) 992-3863

www.alger.com

**Investment Manager**

------

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Sub-Advisers**

------

Weatherbie Capital, LLC

265 Franklin Street, Suite 1603

Boston, MA 02110Redwood Investments, LLC

265 Franklin Street, Suite 1603

Boston, MA 02110

**Distributor**

------

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

------

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

**Custodian**

------

The Bank of New York

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm**

------

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112

This report is submitted for the general information of the shareholders of the series of The Alger Funds. It is not authorized for distribution to prospective investors unless accompanied by an effective Prospectus for the Fund, which contains information concerning the Fund's investment policies, fees and expenses as well as other pertinent information.

------

![](img95053c8e3.gif)

**AFSAR**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items "Trustee fees" and "Investment advisory fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Not Applicable.

------

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to these procedures.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer
 and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the
 filing date of this document.

(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this Form N-CSR, that have materially
 affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable. <br> (a)(2) Not applicable. <br> (a)(3) [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](af-efp25652_ex99cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Alger Funds

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | June 18, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | June 18, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | June 18, 2026 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Rule 30a-2(a) CERTIFICATIONS**

I, Hal Liebes, certify that:

1. I have reviewed this report on Form N-CSR of The Alger Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | June 18, 2026 |

---

**Rule 30a-2(a) CERTIFICATIONS**

I, Michael D. Martins, certify that:

1. I have reviewed this report on Form N-CSR of The Alger Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | June 18, 2026 |

---