# EDGAR Filing Document

**Accession Number:** 0000003521
**File Stem:** 0001133228-25-014263
**Filing Date:** 2025-12
**Character Count:** 953733
**Document Hash:** 432dec974b20f3efc8177dca7ac22c80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014263.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014263

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01355
- **FILM NUMBER:** 251611699

**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'? 5af00f03-d5c9-4ccd-84ac-a1d877a79887

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### 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:

#### October 31, 2025
 **Item 1. Report to Stockholders.**

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

![TSR - Fund Logo](images_30002.jpg)

### Alger Capital Appreciation Fund

### Class A / ACAAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Capital Appreciation Fund<br>(Class A / ACAAX) | $160 | 1.28% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Capital Appreciation Fund Class A, excluding sales load, returned 50.36% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Utilities and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Microsoft Corp., Nebius Group N.V., and Broadcom Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials sector was the largest detractor from relative performance. Regarding individual positions, UnitedHealth Group Inc., United Airlines Holdings, Inc., Core Scientific Inc, James Hardie Industries PLC, and AbbVie, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918643.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Fund Class A** | 42.47% | 18.35% | 17.57% |
| **Alger Capital Appreciation Fund Class A—excluding sales load** | 50.36% | 19.64% | 18.21% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 18.28% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2701045315 |
| &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;75.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17138741 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 13.1% |
| Consumer Discretionary | 13.2% |
| Consumer Staples | 0.1% |
| Energy | 0.3% |
| Financials | 4.1% |
| Health Care | 5.6% |
| Industrials | 4.8% |
| Information Technology | 54.3% |
| Materials | 0.2% |
| Utilities | 4.4% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Capital Appreciation Fund

### Class C / ALCCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Capital Appreciation Fund<br>(Class C / ALCCX) | $256 | 2.05% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Capital Appreciation Fund Class C, excluding sales load, returned 49.41% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Utilities and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Microsoft Corp., Nebius Group N.V., and Broadcom Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials sector was the largest detractor from relative performance. Regarding individual positions, UnitedHealth Group Inc., United Airlines Holdings, Inc., Core Scientific Inc, James Hardie Industries PLC, and AbbVie, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918679.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Fund Class C** | 48.41% | 18.77% | 17.50% |
| **Alger Capital Appreciation Fund Class C—excluding contingent deferred sales charges** | 49.41% | 18.77% | 17.50% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 18.28% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2701045315 |
| &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;75.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17138741 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 13.1% |
| Consumer Discretionary | 13.2% |
| Consumer Staples | 0.1% |
| Energy | 0.3% |
| Financials | 4.1% |
| Health Care | 5.6% |
| Industrials | 4.8% |
| Information Technology | 54.3% |
| Materials | 0.2% |
| Utilities | 4.4% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Capital Appreciation Fund

### Class Z / ACAZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Capital Appreciation Fund<br>(Class Z / ACAZX) | $114 | 0.91% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Capital Appreciation Fund Class Z, returned 50.97% for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Utilities and the largest sector underweight was Consumer Staples.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Microsoft Corp., Nebius Group N.V., and Broadcom Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Materials sector was the largest detractor from relative performance. Regarding individual positions, UnitedHealth Group Inc., United Airlines Holdings, Inc., Core Scientific Inc, James Hardie Industries PLC, and AbbVie, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918715.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Capital Appreciation Fund Class Z** | 50.97% | 20.08% | 18.63% |
| **Russell 1000 Growth Index** | 30.53% | 19.24% | 18.28% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2701045315 |
| &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;75.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17138741 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 13.1% |
| Consumer Discretionary | 13.2% |
| Consumer Staples | 0.1% |
| Energy | 0.3% |
| Financials | 4.1% |
| Health Care | 5.6% |
| Industrials | 4.8% |
| Information Technology | 54.3% |
| Materials | 0.2% |
| Utilities | 4.4% |
| Short-Term Investments and Other Net Assets | (0.1)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Capital Appreciation Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Concentrated Equity Fund

### Class A / CNEAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class A / CNEAX) | $103 | 0.81% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Concentrated Equity Fund Class A, excluding sales load, generated a 54.20% return for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Nebius Group N.V., Microsoft Corp., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy sector was the largest detractor from relative performance. Regarding individual positions, Eli Lilly and Co., QXO, Inc., Cameco Corp., ASML Holding N.V., and Twilio, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stock, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919435.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>4/4/24** |
| **Alger Concentrated Equity Fund Class A** | 46.05% | 41.57% |
| **Alger Concentrated Equity Fund Class A—excluding sales load** | 54.20% | 46.46% |
| **Russell 1000 Growth Index** | 30.53% | 28.54% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7953775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$27222 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.2% |
| Consumer Discretionary | 13.7% |
| Financials | 1.8% |
| Health Care | 3.2% |
| Industrials | 7.5% |
| Information Technology | 53.7% |
| Utilities | 5.8% |
| Short-Term Investments and Other Net Assets | (0.9)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Concentrated Equity Fund

### Class C / CNECX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class C / CNECX) | $197 | 1.56% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Concentrated Equity Fund Class C, excluding contingent deferred sales charges, generated a 52.99% return for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Nebius Group N.V., Microsoft Corp., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy sector was the largest detractor from relative performance. Regarding individual positions, Eli Lilly and Co., QXO, Inc., Cameco Corp., ASML Holding N.V., and Twilio, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stock, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919471.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger Concentrated Equity Fund Class C** | 51.99% | 45.34% |
| **Alger Concentrated Equity Fund Class C—excluding contingent deferred sales charges** | 52.99% | 45.34% |
| **Russell 1000 Growth Index** | 30.53% | 28.54% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7953775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$27222 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.2% |
| Consumer Discretionary | 13.7% |
| Financials | 1.8% |
| Health Care | 3.2% |
| Industrials | 7.5% |
| Information Technology | 53.7% |
| Utilities | 5.8% |
| Short-Term Investments and Other Net Assets | (0.9)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Concentrated Equity Fund

### Class I / CNEIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class I / CNEIX) | $103 | 0.81% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Concentrated Equity Fund Class I generated a 54.20% return for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Nebius Group N.V., Microsoft Corp., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy sector was the largest detractor from relative performance. Regarding individual positions, Eli Lilly and Co., QXO, Inc., Cameco Corp., ASML Holding N.V., and Twilio, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stock, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919507.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger Concentrated Equity Fund Class I** | 54.20% | 46.46% |
| **Russell 1000 Growth Index** | 30.53% | 28.54% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7953775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$27222 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.2% |
| Consumer Discretionary | 13.7% |
| Financials | 1.8% |
| Health Care | 3.2% |
| Industrials | 7.5% |
| Information Technology | 53.7% |
| Utilities | 5.8% |
| Short-Term Investments and Other Net Assets | (0.9)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Concentrated Equity Fund

### Class Y / CNEYX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class Y / CNEYX) | $71 | 0.56% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Concentrated Equity Fund Class Y generated a 54.53% return for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Nebius Group N.V., Microsoft Corp., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy sector was the largest detractor from relative performance. Regarding individual positions, Eli Lilly and Co., QXO, Inc., Cameco Corp., ASML Holding N.V., and Twilio, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stock, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919543.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>4/4/24** |
| **Alger Concentrated Equity Fund Class Y** | 54.53% | 46.82% |
| **Russell 1000 Growth Index** | 30.53% | 28.54% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7953775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$27222 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.2% |
| Consumer Discretionary | 13.7% |
| Financials | 1.8% |
| Health Care | 3.2% |
| Industrials | 7.5% |
| Information Technology | 53.7% |
| Utilities | 5.8% |
| Short-Term Investments and Other Net Assets | (0.9)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Concentrated Equity Fund

### Class Z / CNEZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Concentrated Equity Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Concentrated Equity Fund<br>(Class Z / CNEZX) | $71 | 0.56% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Concentrated Equity Fund Class Z generated a 54.53% return for the fiscal twelve-month period ended October 31, 2025, compared to the 30.53% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., AppLovin Corp., Nebius Group N.V., Microsoft Corp., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy sector was the largest detractor from relative performance. Regarding individual positions, Eli Lilly and Co., QXO, Inc., Cameco Corp., ASML Holding N.V., and Twilio, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stock, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919579.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>4/4/24** |
| **Alger Concentrated Equity Fund Class Z** | 54.53% | 46.82% |
| **Russell 1000 Growth Index** | 30.53% | 28.54% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7953775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$27222 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.2% |
| Consumer Discretionary | 13.7% |
| Financials | 1.8% |
| Health Care | 3.2% |
| Industrials | 7.5% |
| Information Technology | 53.7% |
| Utilities | 5.8% |
| Short-Term Investments and Other Net Assets | (0.9)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Concentrated Equity Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Growth & Income Fund

### Class A / ALBAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Growth & Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Growth & Income Fund<br>(Class A / ALBAX) | $104 | 0.93% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Growth & Income Fund Class A, excluding sales load, returned 22.73% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Financials. The largest sector overweight was Energy and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Financials sectors were the largest contributors to relative performance. Regarding individual positions, Broadcom Inc., Microsoft Corp., KLA Corp., Alphabet Inc., and JPMorgan Chase & Co. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, UnitedHealth Group Inc., Comcast Corp., Adobe Inc., Air Products and Chemicals, Inc., and ONEOK, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918535.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Growth & Income Fund Class A** | 16.28% | 17.02% | 13.49% |
| **Alger Growth & Income Fund Class A—excluding sales load** | 22.73% | 18.28% | 14.10% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$791245402 |
| &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;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3477600 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 11.4% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 5.1% |
| Energy | 3.9% |
| Financials | 13.8% |
| Health Care | 8.6% |
| Industrials | 5.6% |
| Information Technology | 36.2% |
| Materials | 1.4% |
| Real Estate | 2.8% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 2.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Growth & Income Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Growth & Income Fund

### Class C / ALBCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Growth & Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Growth & Income Fund<br>(Class C / ALBCX) | $186 | 1.68% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Growth & Income Fund Class C, excluding contingent deferred sales charges, returned 21.82% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Financials. The largest sector overweight was Energy and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Financials sectors were the largest contributors to relative performance. Regarding individual positions, Broadcom Inc., Microsoft Corp., KLA Corp., Alphabet Inc., and JPMorgan Chase & Co. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, UnitedHealth Group Inc., Comcast Corp., Adobe Inc., Air Products and Chemicals, Inc., and ONEOK, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918571.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Growth & Income Fund Class C** | 20.82% | 17.39% | 13.42% |
| **Alger Growth & Income Fund Class C—excluding contingent deferred sales charges** | 21.82% | 17.39% | 13.42% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$791245402 |
| &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;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3477600 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 11.4% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 5.1% |
| Energy | 3.9% |
| Financials | 13.8% |
| Health Care | 8.6% |
| Industrials | 5.6% |
| Information Technology | 36.2% |
| Materials | 1.4% |
| Real Estate | 2.8% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 2.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Growth & Income Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Growth & Income Fund

### Class Z / AGIZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Growth & Income Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Growth & Income Fund<br>(Class Z / AGIZX) | $69 | 0.62% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Growth & Income Fund Class Z returned 23.12% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Financials. The largest sector overweight was Energy and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Financials sectors were the largest contributors to relative performance. Regarding individual positions, Broadcom Inc., Microsoft Corp., KLA Corp., Alphabet Inc., and JPMorgan Chase & Co. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, UnitedHealth Group Inc., Comcast Corp., Adobe Inc., Air Products and Chemicals, Inc., and ONEOK, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918607.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Growth & Income Fund Class Z** | 23.12% | 18.65% | 14.47% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$791245402 |
| &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;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3477600 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 11.4% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 5.1% |
| Energy | 3.9% |
| Financials | 13.8% |
| Health Care | 8.6% |
| Industrials | 5.6% |
| Information Technology | 36.2% |
| Materials | 1.4% |
| Real Estate | 2.8% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 2.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Growth & Income Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger 35 Fund

### Class Z / ATVPX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger 35 Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger 35 Fund<br>(Class Z / ATVPX) | $73 | 0.56% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger 35 Fund Class Z generated a 59.22% return for the fiscal twelve-month period ended October 31, 2025, compared to the 23.60% return of the S&P 500 Index and the 31.99% return of the Russell 3000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Nebius Group N.V., Astera Labs, Inc., NVIDIA Corp., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Marvell Technology, Inc., Meta Platforms Inc., Apple Inc., Impulse Dynamics PLC, and Tesla, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919219.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since<br>Inception<br>3/29/18** |
| **Alger 35 Fund Class Z** | 59.22% | 17.92% | 20.13% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.23% |
| **Russell 3000 Growth Index** | 29.59% | 18.59% | 18.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$49484830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;189.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$172549 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 24.1% |
| Consumer Discretionary | 9.3% |
| Financials | 1.5% |
| Health Care | 15.9% |
| Industrials | 4.5% |
| Information Technology | 40.6% |
| Utilities | 5.2% |
| Short-Term Investments and Other Net Assets | (1.1)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger 35 Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Focus Fund

### Class A / ALOAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class A / ALOAX) | $132 | 1.15% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Focus Fund Class A, excluding sales load, generated a 30.26% return for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Clearwater Analytics Holdings, Inc., Repligen Corp., Strategy Inc., Blue Owl Capital, Inc., and Evercore Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919255.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>7/29/21** |
| **Alger Mid Cap Focus Fund Class A** | 23.44% | 1.90% |
| **Alger Mid Cap Focus Fund Class A—excluding sales load** | 30.26% | 3.20% |
| **Russell Midcap Growth Index** | 19.59% | 5.87% |
| **S&P 500 Index** | 21.45% | 12.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$322661515 |
| &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;265.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1911971 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 1.8% |
| Financials | 5.4% |
| Health Care | 21.7% |
| Industrials | 21.2% |
| Information Technology | 33.7% |
| Materials | 1.4% |
| Utilities | 4.1% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Focus Fund

### Class C / ALOCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class C / ALOCX) | $220 | 1.92% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Focus Fund Class C, excluding contingent deferred sales charges, generated a 29.30% return for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Clearwater Analytics Holdings, Inc., Repligen Corp., Strategy Inc., Blue Owl Capital, Inc., and Evercore Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919291.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>7/29/21** |
| **Alger Mid Cap Focus Fund Class C** | 28.30% | 2.40% |
| **Alger Mid Cap Focus Fund Class C—excluding contingent deferred sales charges** | 29.30% | 2.40% |
| **Russell Midcap Growth Index** | 19.59% | 5.87% |
| **S&P 500 Index** | 21.45% | 12.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$322661515 |
| &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;265.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1911971 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 1.8% |
| Financials | 5.4% |
| Health Care | 21.7% |
| Industrials | 21.2% |
| Information Technology | 33.7% |
| Materials | 1.4% |
| Utilities | 4.1% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Focus Fund

### Class I / AFOIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class I / AFOIX) | $132 | 1.15% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Focus Fund Class I generated a 30.29% return for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Clearwater Analytics Holdings, Inc., Repligen Corp., Strategy Inc., Blue Owl Capital, Inc., and Evercore Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919327.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since<br>Inception<br>6/14/19** |
| **Alger Mid Cap Focus Fund Class I** | 30.29% | 9.72% | 14.71% |
| **Russell Midcap Growth Index** | 19.59% | 11.17% | 12.50% |
| **S&P 500 Index** | 21.45% | 17.64% | 16.28% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$322661515 |
| &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;265.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1911971 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 1.8% |
| Financials | 5.4% |
| Health Care | 21.7% |
| Industrials | 21.2% |
| Information Technology | 33.7% |
| Materials | 1.4% |
| Utilities | 4.1% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Focus Fund

### Class Y / ALOYX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class Y / ALOYX) | $85 | 0.74% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Focus Fund Class Y generated a 30.92% return for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Clearwater Analytics Holdings, Inc., Repligen Corp., Strategy Inc., Blue Owl Capital, Inc., and Evercore Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919363.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>2/26/21** |
| **Alger Mid Cap Focus Fund Class Y** | 30.92% | 3.43% |
| **Russell Midcap Growth Index** | 19.59% | 7.61% |
| **S&P 500 Index** | 21.45% | 15.00% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$322661515 |
| &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;265.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1911971 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 1.8% |
| Financials | 5.4% |
| Health Care | 21.7% |
| Industrials | 21.2% |
| Information Technology | 33.7% |
| Materials | 1.4% |
| Utilities | 4.1% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Focus Fund

### Class Z / AFOZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Focus Fund<br>(Class Z / AFOZX) | $95 | 0.82% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Focus Fund Class Z generated a 30.74% return for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Clearwater Analytics Holdings, Inc., Repligen Corp., Strategy Inc., Blue Owl Capital, Inc., and Evercore Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919399.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since<br>Inception<br>6/14/19** |
| **Alger Mid Cap Focus Fund Class Z** | 30.74% | 10.04% | 15.03% |
| **Russell Midcap Growth Index** | 19.59% | 11.17% | 12.50% |
| **S&P 500 Index** | 21.45% | 17.64% | 16.28% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$322661515 |
| &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;265.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1911971 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 1.8% |
| Financials | 5.4% |
| Health Care | 21.7% |
| Industrials | 21.2% |
| Information Technology | 33.7% |
| Materials | 1.4% |
| Utilities | 4.1% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Growth Fund

### Class A / AMGAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class A / AMGAX) | $137 | 1.22% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Growth Fund Class A, excluding sales load, returned 25.34% for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care sector was the largest detractor from relative performance. Regarding individual positions, Globant SA, Blue Owl Capital, Inc., Clearwater Analytics Holdings, Inc., Vaxcyte, Inc., and Chipotle Mexican Grill, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918211.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Fund Class A** | 18.79% | 7.16% | 11.47% |
| **Alger Mid Cap Growth Fund Class A—excluding sales load** | 25.34% | 8.32% | 12.07% |
| **Russell Midcap Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$288672229 |
| &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;88.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1925601 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 3.9% |
| Financials | 9.0% |
| Health Care | 11.9% |
| Industrials | 23.9% |
| Information Technology | 24.3% |
| Materials | 0.9% |
| Real Estate | 4.5% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Growth Fund

### Class B / AMCGX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class B / AMCGX) | $156 | 1.39% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Growth Fund Class B returned 25.16% for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care sector was the largest detractor from relative performance. Regarding individual positions, Globant SA, Blue Owl Capital, Inc., Clearwater Analytics Holdings, Inc., Vaxcyte, Inc., and Chipotle Mexican Grill, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class B shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Fund Class B** | 21.16% | 8.15% | 11.81% |
| **Alger Mid Cap Growth Fund Class B—excluding contingent deferred sales charges** | 25.16% | 8.26% | 11.81% |
| **Russell Midcap Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$288672229 |
| &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;88.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1925601 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 3.9% |
| Financials | 9.0% |
| Health Care | 11.9% |
| Industrials | 23.9% |
| Information Technology | 24.3% |
| Materials | 0.9% |
| Real Estate | 4.5% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Growth Fund

### Class C / AMGCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class C / AMGCX) | $229 | 2.04% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Growth Fund Class C, excluding contingent deferred sales charges, returned 24.47% for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care sector was the largest detractor from relative performance. Regarding individual positions, Globant SA, Blue Owl Capital, Inc., Clearwater Analytics Holdings, Inc., Vaxcyte, Inc., and Chipotle Mexican Grill, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918283.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Fund Class C** | 23.47% | 7.47% | 11.36% |
| **Alger Mid Cap Growth Fund Class C—excluding contingent deferred sales charges** | 24.47% | 7.47% | 11.36% |
| **Russell Midcap Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$288672229 |
| &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;88.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1925601 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 3.9% |
| Financials | 9.0% |
| Health Care | 11.9% |
| Industrials | 23.9% |
| Information Technology | 24.3% |
| Materials | 0.9% |
| Real Estate | 4.5% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Mid Cap Growth Fund

### Class Z / AMCZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap Growth Fund<br>(Class Z / AMCZX) | $104 | 0.92% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap Growth Fund Class Z returned 25.81% for the fiscal twelve-month period ended October 31, 2025, compared to the 19.59% return of the Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Cloudflare Inc., Robinhood Markets, Inc., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care sector was the largest detractor from relative performance. Regarding individual positions, Globant SA, Blue Owl Capital, Inc., Clearwater Analytics Holdings, Inc., Vaxcyte, Inc., and Chipotle Mexican Grill, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918319.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Mid Cap Growth Fund Class Z** | 25.81% | 8.66% | 12.41% |
| **Russell Midcap Growth Index** | 19.59% | 11.17% | 12.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$288672229 |
| &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;88.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1925601 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 5.5% |
| Consumer Discretionary | 10.2% |
| Consumer Staples | 3.9% |
| Financials | 9.0% |
| Health Care | 11.9% |
| Industrials | 23.9% |
| Information Technology | 24.3% |
| Materials | 0.9% |
| Real Estate | 4.5% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Growth Fund

### Class A / ALSAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class A / ALSAX) | $140 | 1.32% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Growth Fund Class A,excluding sales load, returned 12.72% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Consumer Staples and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Nebius Group N.V., Joby Aviation, Inc., Tutor Perini Corp., Guardant Health, Inc., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Infrormation Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Impulse Dynamics PLC, RH, Vaxcyte, Inc., Portillo's, Inc., and Larimar Therapeutics, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Fund Class A** | 6.82% | (0.95)% | 8.49% |
| **Alger Small Cap Growth Fund Class A—excluding sales load** | 12.72% | 0.13% | 9.07% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$202992944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1718033 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 1.1% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 1.7% |
| Energy | 0.4% |
| Financials | 3.0% |
| Health Care | 34.4% |
| Industrials | 24.1% |
| Information Technology | 26.0% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Growth Fund

### Class B / ALSCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class B / ALSCX) | $114 | 1.07% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Growth Fund Class B returned 13.05% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Consumer Staples and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Nebius Group N.V., Joby Aviation, Inc., Tutor Perini Corp., Guardant Health, Inc., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Infrormation Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Impulse Dynamics PLC, RH, Vaxcyte, Inc., Portillo's, Inc., and Larimar Therapeutics, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class B shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918067.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Fund Class B** | 9.05% | 0.01% | 8.75% |
| **Alger Small Cap Growth Fund Class B—excluding contingent deferred sales charges** | 13.05% | 0.18% | 8.75% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$202992944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1718033 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 1.1% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 1.7% |
| Energy | 0.4% |
| Financials | 3.0% |
| Health Care | 34.4% |
| Industrials | 24.1% |
| Information Technology | 26.0% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Growth Fund

### Class C / AGSCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class C / AGSCX) | $225 | 2.12% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Growth Fund Class C, excluding contingent deferred sales charges, returned 11.90% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Consumer Staples and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Nebius Group N.V., Joby Aviation, Inc., Tutor Perini Corp., Guardant Health, Inc., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Infrormation Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Impulse Dynamics PLC, RH, Vaxcyte, Inc., Portillo's, Inc., and Larimar Therapeutics, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918103.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Fund Class C** | 10.90% | (0.65)% | 8.39% |
| **Alger Small Cap Growth Fund Class C—excluding contingent deferred sales charges** | 11.90% | (0.65)% | 8.39% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$202992944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1718033 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 1.1% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 1.7% |
| Energy | 0.4% |
| Financials | 3.0% |
| Health Care | 34.4% |
| Industrials | 24.1% |
| Information Technology | 26.0% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Growth Fund

### Class Y / ASCYX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class Y / ASCYX) | $91 | 0.85% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Growth Fund Class Y returned 13.34% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Consumer Staples and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Nebius Group N.V., Joby Aviation, Inc., Tutor Perini Corp., Guardant Health, Inc., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Infrormation Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Impulse Dynamics PLC, RH, Vaxcyte, Inc., Portillo's, Inc., and Larimar Therapeutics, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918139.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since<br>Inception<br>12/31/21** |
| **Alger Small Cap Growth Fund Class Y** | 13.34% | (3.22)% |
| **Russell 2000 Growth Index** | 18.81% | 3.95% |
| **S&P 500 Index** | 21.45% | 11.53% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$202992944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1718033 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 1.1% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 1.7% |
| Energy | 0.4% |
| Financials | 3.0% |
| Health Care | 34.4% |
| Industrials | 24.1% |
| Information Technology | 26.0% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Growth Fund

### Class Z / ASCZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Growth Fund<br>(Class Z / ASCZX) | $107 | 1.00% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Growth Fund Class Z returned 13.08% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Consumer Staples and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Nebius Group N.V., Joby Aviation, Inc., Tutor Perini Corp., Guardant Health, Inc., and Astera Labs, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Infrormation Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Impulse Dynamics PLC, RH, Vaxcyte, Inc., Portillo's, Inc., and Larimar Therapeutics, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918175.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Growth Fund Class Z** | 13.08% | 0.45% | 9.45% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$202992944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1718033 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 1.1% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 1.7% |
| Energy | 0.4% |
| Financials | 3.0% |
| Health Care | 34.4% |
| Industrials | 24.1% |
| Information Technology | 26.0% |
| Materials | 0.1% |
| Utilities | 0.5% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Focus Fund

### Class A / AOFAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class A / AOFAX) | $142 | 1.30% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Focus Fund Class A, excluding sales load, returned 18.33% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Industrials. The largest sector overweight was Health Care and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Tutor Perini Corp., GeneDx Holdings Corp., Nebius Group N.V., Talen Energy Corp., and RBC Bearings Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Glaukos Corp., Portillo's, Inc., Clearwater Analytics Holdings, Inc., CareDx, Inc., and Vertex, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Focus Fund Class A** | 12.60% | (3.40)% | 7.70% |
| **Alger Small Cap Focus Fund Class A—excluding sales load** | 18.83% | (2.35)% | 8.29% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$924114491 |
| &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;88.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7592747 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 5.1% |
| Financials | 5.0% |
| Health Care | 37.7% |
| Industrials | 29.1% |
| Information Technology | 17.4% |
| Utilities | 2.8% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Focus Fund

### Class C / AOFCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class C / AOFCX) | $218 | 2.00% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Focus Fund Class C, excluding contingent deferred sales charges, returned 17.98% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Industrials. The largest sector overweight was Health Care and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Tutor Perini Corp., GeneDx Holdings Corp., Nebius Group N.V., Talen Energy Corp., and RBC Bearings Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Glaukos Corp., Portillo's, Inc., Clearwater Analytics Holdings, Inc., CareDx, Inc., and Vertex, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919075.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Focus Fund Class C** | 16.98% | (3.00)% | 7.69% |
| **Alger Small Cap Focus Fund Class C—excluding contingent deferred sales charges** | 17.98% | (3.00)% | 7.69% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$924114491 |
| &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;88.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7592747 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 5.1% |
| Financials | 5.0% |
| Health Care | 37.7% |
| Industrials | 29.1% |
| Information Technology | 17.4% |
| Utilities | 2.8% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Focus Fund

### Class I / AOFIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class I / AOFIX) | $134 | 1.22% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Focus Fund Class I returned 18.94% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Industrials. The largest sector overweight was Health Care and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Tutor Perini Corp., GeneDx Holdings Corp., Nebius Group N.V., Talen Energy Corp., and RBC Bearings Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Glaukos Corp., Portillo's, Inc., Clearwater Analytics Holdings, Inc., CareDx, Inc., and Vertex, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Focus Fund Class I** | 18.94% | (2.23)% | 8.37% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$924114491 |
| &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;88.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7592747 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 5.1% |
| Financials | 5.0% |
| Health Care | 37.7% |
| Industrials | 29.1% |
| Information Technology | 17.4% |
| Utilities | 2.8% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Focus Fund

### Class Y / AOFYX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class Y / AOFYX) | $94 | 0.86% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Focus Fund Class Y returned 19.38% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Industrials. The largest sector overweight was Health Care and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Tutor Perini Corp., GeneDx Holdings Corp., Nebius Group N.V., Talen Energy Corp., and RBC Bearings Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Glaukos Corp., Portillo's, Inc., Clearwater Analytics Holdings, Inc., CareDx, Inc., and Vertex, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919147.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since<br>Inception<br>2/28/17** |
| **Alger Small Cap Focus Fund Class Y** | 19.38% | (1.91)% | 8.39% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.49% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.95% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$924114491 |
| &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;88.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7592747 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 5.1% |
| Financials | 5.0% |
| Health Care | 37.7% |
| Industrials | 29.1% |
| Information Technology | 17.4% |
| Utilities | 2.8% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Small Cap Focus Fund

### Class Z / AGOZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Small Cap Focus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Small Cap Focus Fund<br>(Class Z / AGOZX) | $97 | 0.88% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Small Cap Focus Fund Class Z returned 19.33% for the fiscal twelve-month period ended October 31, 2025, compared to the 18.81% return of the Russell 2000 Growth Index. During the reporting period, the largest sector weightings were Health Care and Industrials. The largest sector overweight was Health Care and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Industrials sectors were the largest contributors to relative performance. Regarding individual positions, Tutor Perini Corp., GeneDx Holdings Corp., Nebius Group N.V., Talen Energy Corp., and RBC Bearings Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Glaukos Corp., Portillo's, Inc., Clearwater Analytics Holdings, Inc., CareDx, Inc., and Vertex, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919183.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Small Cap Focus Fund Class Z** | 19.33% | (1.93)% | 8.70% |
| **Russell 2000 Growth Index** | 18.81% | 8.94% | 9.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$924114491 |
| &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;88.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$7592747 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 5.1% |
| Financials | 5.0% |
| Health Care | 37.7% |
| Industrials | 29.1% |
| Information Technology | 17.4% |
| Utilities | 2.8% |
| 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_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Small Cap Focus Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class A / ALMAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class A / ALMAX) | $133 | 1.30% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Weatherbie Specialized Growth Fund Class A, excluding sales load, excluding sales load, generated a 5.02% return for the fiscal twelve-month period ended October 31, 2025, compared to the 15.78% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Industrials and Health Care. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Consumer Discretionary and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, Natera, Inc., Kratos Defense & Security Solutions, Inc., Sterling Infrastructure, Inc., Artivion, Inc., and VSE Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Neogen Corp., Tandem Diabetes Care, Inc., RXO, Inc., SPS Commerce, Inc., and Hamilton Lane Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918859.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Weatherbie Specialized Growth Fund Class A** | (0.51)% | (0.67)% | 8.58% |
| **Alger Weatherbie Specialized Growth Fund Class A—excluding sales load** | 5.02% | 0.41% | 9.17% |
| **Russell 2500 Growth Index** | 15.78% | 8.05% | 10.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$329588859 |
| &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;68.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3244343 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 6.9% |
| Financials | 11.8% |
| Health Care | 27.5% |
| Industrials | 34.1% |
| Information Technology | 11.6% |
| Real Estate | 6.1% |
| Short-Term Investments and Other Net Assets | 2.0% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class C / ALMCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class C / ALMCX) | $212 | 2.08% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Weatherbie Specialized Growth Fund Class C, excluding contingent deferred sales charges, generated a 4.19% return for the fiscal twelve-month period ended October 31, 2025, compared to the 15.78% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Industrials and Health Care. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Consumer Discretionary and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, Natera, Inc., Kratos Defense & Security Solutions, Inc., Sterling Infrastructure, Inc., Artivion, Inc., and VSE Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Neogen Corp., Tandem Diabetes Care, Inc., RXO, Inc., SPS Commerce, Inc., and Hamilton Lane Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918895.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Weatherbie Specialized Growth Fund Class C** | 3.19% | (0.36)% | 8.49% |
| **Alger Weatherbie Specialized Growth Fund Class C—excluding contingent deferred sales charges** | 4.19% | (0.36)% | 8.49% |
| **Russell 2500 Growth Index** | 15.78% | 8.05% | 10.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$329588859 |
| &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;68.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3244343 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 6.9% |
| Financials | 11.8% |
| Health Care | 27.5% |
| Industrials | 34.1% |
| Information Technology | 11.6% |
| Real Estate | 6.1% |
| Short-Term Investments and Other Net Assets | 2.0% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class I / ASIMX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class I / ASIMX) | $137 | 1.34% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Weatherbie Specialized Growth Fund Class I generated a 5.00% return for the fiscal twelve-month period ended October 31, 2025, compared to the 15.78% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Industrials and Health Care. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Consumer Discretionary and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, Natera, Inc., Kratos Defense & Security Solutions, Inc., Sterling Infrastructure, Inc., Artivion, Inc., and VSE Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Neogen Corp., Tandem Diabetes Care, Inc., RXO, Inc., SPS Commerce, Inc., and Hamilton Lane Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918931.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Weatherbie Specialized Growth Fund Class I** | 5.00% | 0.40% | 9.18% |
| **Russell 2500 Growth Index** | 15.78% | 8.05% | 10.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$329588859 |
| &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;68.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3244343 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 6.9% |
| Financials | 11.8% |
| Health Care | 27.5% |
| Industrials | 34.1% |
| Information Technology | 11.6% |
| Real Estate | 6.1% |
| Short-Term Investments and Other Net Assets | 2.0% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class Y / ASYMX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class Y / ASYMX) | $90 | 0.88% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Weatherbie Specialized Growth Fund Class Y generated a 5.41% return for the fiscal twelve-month period ended October 31, 2025, compared to the 15.78% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Industrials and Health Care. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Consumer Discretionary and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, Natera, Inc., Kratos Defense & Security Solutions, Inc., Sterling Infrastructure, Inc., Artivion, Inc., and VSE Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Neogen Corp., Tandem Diabetes Care, Inc., RXO, Inc., SPS Commerce, Inc., and Hamilton Lane Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918967.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **Since<br>Inception<br>8/30/17** |
| **Alger Weatherbie Specialized Growth Fund Class Y** | 5.41% | 0.80% | 8.71% |
| **Russell 2500 Growth Index** | 15.78% | 8.05% | 10.67% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.24% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$329588859 |
| &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;68.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3244343 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 6.9% |
| Financials | 11.8% |
| Health Care | 27.5% |
| Industrials | 34.1% |
| Information Technology | 11.6% |
| Real Estate | 6.1% |
| Short-Term Investments and Other Net Assets | 2.0% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Weatherbie Specialized Growth Fund

### Class Z / ASMZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Weatherbie Specialized Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Weatherbie Specialized Growth Fund<br>(Class Z / ASMZX) | $99 | 0.96% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Weatherbie Specialized Growth Fund Class Z generated a 5.37% return for the fiscal twelve-month period ended October 31, 2025, compared to the 15.78% return of the Russell 2500 Growth Index. During the reporting period, the largest sector weightings were Industrials and Health Care. The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Consumer Discretionary and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, Natera, Inc., Kratos Defense & Security Solutions, Inc., Sterling Infrastructure, Inc., Artivion, Inc., and VSE Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Financials sectors were the largest detractors from relative performance. Regarding individual positions, Neogen Corp., Tandem Diabetes Care, Inc., RXO, Inc., SPS Commerce, Inc., and Hamilton Lane Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Weatherbie Specialized Growth Fund Class Z** | 5.37% | 0.75% | 9.53% |
| **Russell 2500 Growth Index** | 15.78% | 8.05% | 10.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$329588859 |
| &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;68.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3244343 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Consumer Discretionary | 6.9% |
| Financials | 11.8% |
| Health Care | 27.5% |
| Industrials | 34.1% |
| Information Technology | 11.6% |
| Real Estate | 6.1% |
| Short-Term Investments and Other Net Assets | 2.0% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Weatherbie Specialized Growth Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Opportunities Fund

### Class A / ALGAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class A / ALGAX) | $137 | 1.25% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Opportunities Fund Class A, excluding sales load, recorded a 18.88% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the MSCI ACWI ex USA. During the reporting period, the largest sector weightings were Financials and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd., Shopify, Inc., CaixaBank SA, and Nebius Group N.V. were the top five contributors to absolute performance

#### Detractors from Performance
The Financials and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, PT Bank Central Asia Tbk, ICG PLC, Vista Energy SAB de CV, and Nippon Sanso Holdings Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Rising AI Demand | Positive | Strong equity market performance across Asia was driven by robust artificial intelligence ("AI") and cloud computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats; the European Union and China quickly prepared counter measures, reviving fears of a wider trade war and clouding the outlook for export-oriented economies. This uncertainty also caused the U.S. dollar ("USD") to weaken against major currencies like the Euro, negatively impacting international companies earning profits in USD, as these profits became less valuable when converted to their home currencies. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI ACWI ex USA due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918355.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger International Opportunities Fund Class A** | 12.63% | 5.76% | 6.25% |
| **Alger International Opportunities Fund Class A—excluding sales load** | 18.88% | 6.91% | 6.82% |
| **MSCI ACWI ex USA** | 25.62% | 11.75% | 8.20% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174538972 |
| &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;92.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1117432 |

---

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

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

---

| | |
|:---|:---|
| Belgium | 3.0% |
| Brazil | 5.0% |
| Canada | 7.1% |
| China | 7.1% |
| Denmark | 3.0% |
| France | 2.2% |
| Germany | 9.1% |
| Greece | 2.4% |
| India | 1.8% |
| Indonesia | 2.2% |
| Italy | 2.6% |
| Japan | 17.8% |
| Netherlands | 3.9% |
| Norway | 1.5% |
| Singapore | 1.2% |
| South Korea | 3.7% |
| Spain | 3.7% |
| Switzerland | 1.5% |
| Taiwan | 6.3% |
| United Kingdom | 9.9% |
| United States | 3.9% |
| Short-Term Investments and Net Other Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Opportunities Fund

### Class B / AFGPX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class B / AFGPX) | $142 | 1.30% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Opportunities Fund Class B recorded a 18.80% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the MSCI ACWI ex USA. During the reporting period, the largest sector weightings were Financials and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd., Shopify, Inc., CaixaBank SA, and Nebius Group N.V. were the top five contributors to absolute performance

#### Detractors from Performance
The Financials and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, PT Bank Central Asia Tbk, ICG PLC, Vista Energy SAB de CV, and Nippon Sanso Holdings Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Rising AI Demand | Positive | Strong equity market performance across Asia was driven by robust artificial intelligence ("AI") and cloud computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats; the European Union and China quickly prepared counter measures, reviving fears of a wider trade war and clouding the outlook for export-oriented economies. This uncertainty also caused the U.S. dollar ("USD") to weaken against major currencies like the Euro, negatively impacting international companies earning profits in USD, as these profits became less valuable when converted to their home currencies. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI ACWI ex USA due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class B shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918391.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger International Opportunities Fund Class B** | 14.80% | 6.75% | 6.60% |
| **Alger International Opportunities Fund Class B—excluding contingent deferred sales charges** | 18.80% | 6.91% | 6.60% |
| **MSCI ACWI ex USA** | 25.62% | 11.75% | 8.20% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174538972 |
| &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;92.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1117432 |

---

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

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

---

| | |
|:---|:---|
| Belgium | 3.0% |
| Brazil | 5.0% |
| Canada | 7.1% |
| China | 7.1% |
| Denmark | 3.0% |
| France | 2.2% |
| Germany | 9.1% |
| Greece | 2.4% |
| India | 1.8% |
| Indonesia | 2.2% |
| Italy | 2.6% |
| Japan | 17.8% |
| Netherlands | 3.9% |
| Norway | 1.5% |
| Singapore | 1.2% |
| South Korea | 3.7% |
| Spain | 3.7% |
| Switzerland | 1.5% |
| Taiwan | 6.3% |
| United Kingdom | 9.9% |
| United States | 3.9% |
| Short-Term Investments and Net Other Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Opportunities Fund

### Class C / ALGCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class C / ALGCX) | $227 | 2.08% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Opportunities Fund Class C, excluding contingent deferred sales charges, recorded a 17.90% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the MSCI ACWI ex USA. During the reporting period, the largest sector weightings were Financials and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd., Shopify, Inc., CaixaBank SA, and Nebius Group N.V. were the top five contributors to absolute performance

#### Detractors from Performance
The Financials and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, PT Bank Central Asia Tbk, ICG PLC, Vista Energy SAB de CV, and Nippon Sanso Holdings Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Rising AI Demand | Positive | Strong equity market performance across Asia was driven by robust artificial intelligence ("AI") and cloud computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats; the European Union and China quickly prepared counter measures, reviving fears of a wider trade war and clouding the outlook for export-oriented economies. This uncertainty also caused the U.S. dollar ("USD") to weaken against major currencies like the Euro, negatively impacting international companies earning profits in USD, as these profits became less valuable when converted to their home currencies. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI ACWI ex USA due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918427.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger International Opportunities Fund Class C** | 16.90% | 6.08% | 6.13% |
| **Alger International Opportunities Fund Class C—excluding contingent deferred sales charges** | 17.90% | 6.08% | 6.13% |
| **MSCI ACWI ex USA** | 25.62% | 11.75% | 8.20% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174538972 |
| &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;92.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1117432 |

---

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

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

---

| | |
|:---|:---|
| Belgium | 3.0% |
| Brazil | 5.0% |
| Canada | 7.1% |
| China | 7.1% |
| Denmark | 3.0% |
| France | 2.2% |
| Germany | 9.1% |
| Greece | 2.4% |
| India | 1.8% |
| Indonesia | 2.2% |
| Italy | 2.6% |
| Japan | 17.8% |
| Netherlands | 3.9% |
| Norway | 1.5% |
| Singapore | 1.2% |
| South Korea | 3.7% |
| Spain | 3.7% |
| Switzerland | 1.5% |
| Taiwan | 6.3% |
| United Kingdom | 9.9% |
| United States | 3.9% |
| Short-Term Investments and Net Other Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Opportunities Fund

### Class I / AIGIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class I / AIGIX) | $139 | 1.27% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Opportunities Fund Class I recorded a 18.85% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the MSCI ACWI ex USA. During the reporting period, the largest sector weightings were Financials and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd., Shopify, Inc., CaixaBank SA, and Nebius Group N.V. were the top five contributors to absolute performance

#### Detractors from Performance
The Financials and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, PT Bank Central Asia Tbk, ICG PLC, Vista Energy SAB de CV, and Nippon Sanso Holdings Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Rising AI Demand | Positive | Strong equity market performance across Asia was driven by robust artificial intelligence ("AI") and cloud computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats; the European Union and China quickly prepared counter measures, reviving fears of a wider trade war and clouding the outlook for export-oriented economies. This uncertainty also caused the U.S. dollar ("USD") to weaken against major currencies like the Euro, negatively impacting international companies earning profits in USD, as these profits became less valuable when converted to their home currencies. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI ACWI ex USA due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918463.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger International Opportunities Fund Class I** | 18.85% | 6.92% | 6.94% |
| **MSCI ACWI ex USA** | 25.62% | 11.75% | 8.20% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174538972 |
| &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;92.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1117432 |

---

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

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

---

| | |
|:---|:---|
| Belgium | 3.0% |
| Brazil | 5.0% |
| Canada | 7.1% |
| China | 7.1% |
| Denmark | 3.0% |
| France | 2.2% |
| Germany | 9.1% |
| Greece | 2.4% |
| India | 1.8% |
| Indonesia | 2.2% |
| Italy | 2.6% |
| Japan | 17.8% |
| Netherlands | 3.9% |
| Norway | 1.5% |
| Singapore | 1.2% |
| South Korea | 3.7% |
| Spain | 3.7% |
| Switzerland | 1.5% |
| Taiwan | 6.3% |
| United Kingdom | 9.9% |
| United States | 3.9% |
| Short-Term Investments and Net Other Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Opportunities Fund

### Class Z / ALCZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Opportunities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Opportunities Fund<br>(Class Z / ALCZX) | $94 | 0.86% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Opportunities Fund Class Z recorded a 19.32% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the MSCI ACWI ex USA. During the reporting period, the largest sector weightings were Financials and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd., Shopify, Inc., CaixaBank SA, and Nebius Group N.V. were the top five contributors to absolute performance

#### Detractors from Performance
The Financials and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Meituan, PT Bank Central Asia Tbk, ICG PLC, Vista Energy SAB de CV, and Nippon Sanso Holdings Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Rising AI Demand | Positive | Strong equity market performance across Asia was driven by robust artificial intelligence ("AI") and cloud computing demand. Semiconductor suppliers also benefited from rising AI capital expenditure plans from major U.S. technology companies. |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Aggressive Reciprocal Tariffs | Negative | Broad reciprocal tariffs introduced by the U.S. in early April 2025 triggered retaliatory threats; the European Union and China quickly prepared counter measures, reviving fears of a wider trade war and clouding the outlook for export-oriented economies. This uncertainty also caused the U.S. dollar ("USD") to weaken against major currencies like the Euro, negatively impacting international companies earning profits in USD, as these profits became less valuable when converted to their home currencies. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI ACWI ex USA due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918499.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger International Opportunities Fund Class Z** | 19.32% | 7.34% | 7.28% |
| **MSCI ACWI ex USA** | 25.62% | 11.75% | 8.20% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174538972 |
| &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;92.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1117432 |

---

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

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

---

| | |
|:---|:---|
| Belgium | 3.0% |
| Brazil | 5.0% |
| Canada | 7.1% |
| China | 7.1% |
| Denmark | 3.0% |
| France | 2.2% |
| Germany | 9.1% |
| Greece | 2.4% |
| India | 1.8% |
| Indonesia | 2.2% |
| Italy | 2.6% |
| Japan | 17.8% |
| Netherlands | 3.9% |
| Norway | 1.5% |
| Singapore | 1.2% |
| South Korea | 3.7% |
| Spain | 3.7% |
| Switzerland | 1.5% |
| Taiwan | 6.3% |
| United Kingdom | 9.9% |
| United States | 3.9% |
| Short-Term Investments and Net Other Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Opportunities Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Small Cap Fund

### Class A / AFAIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Small Cap Fund ("Fund") for the period of June 30, 2025 (commencement of investment operations) to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs since inception?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Small Cap Fund<br>(Class A / AFAIX) $40<sup>(a)</sup> | 1.20% |

---

*(a)* **The Fund commenced investment operations on June 30, 2025. Had the Fund been in operation for a complete fiscal year, the cost of a $10,000 investment would have been higher.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Small Cap Fund Class A, excluding sales load, returned -1.70% from its June 30, 2025, inception date to October 31, 2025, compared to the 6.65% return of the MSCI World ex USA Small Cap Index. During the reporting period, the largest sector weightings were Financials and Industrials. During the reporting period, the largest sector weightings were Industrials and Financials. The largest sector overweight was Industrials and the largest sector underweight was Real Estate.

#### Contributors to Performance
The Industrials sector was the largest contributor to relative performance. Regarding individual positions, Silex Systems Ltd., JTC PLC, Technogym S.p.A., Friedrich Vorwerk Group SE, and tonies SE were the top five contributors to absolute performance.

#### Detractors from Performance
The Communication Services and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Oddity Tech Ltd., CTS Eventim AG & Co. KGaA, Round One Corp., Baltic Classifieds Group PLC, and Wienerberger AG were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **INTERNATIONAL FACTOR** | **IMPACT** | **SUMMARY** |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI World ex USA Small Cap due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal period of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_11072579.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **Since <br>Inception<br>6/30/25** |
| **Alger International Small Cap Fund Class A** | (6.82)% |
| **Alger International Small Cap Fund Class A—excluding sales load** | (1.70)% |
| **MSCI WORLD ex USA Small Cap** | 6.64% |
| **MSCI ACWI ex USA** | 9.21% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal period ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2173058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5223 |

---

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

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

---

| | |
|:---|:---|
| Australia | 3.2% |
| Austria | 2.4% |
| Belgium | 2.2% |
| Brazil | 3.2% |
| Canada | 5.7% |
| Denmark | 2.8% |
| France | 2.5% |
| Germany | 10.3% |
| Hong Kong | 1.6% |
| Israel | 2.9% |
| Italy | 9.6% |
| Japan | 25.9% |
| Spain | 2.8% |
| Sweden | 3.9% |
| Switzerland | 2.5% |
| United Kingdom | 15.9% |
| Short-Term Investments and Net Other Assets | 2.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Small Cap Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger International Small Cap Fund

### Class Z / AZISX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger International Small Cap Fund ("Fund") for the period of June 30, 2025 (commencement of investment operations) to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

#### What were the Fund costs since inception?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class/Ticker)** | **Costs paid as a percentage of a $10,000 investment** |
| Alger International Small Cap Fund<br>(Class Z / AZISX) $29<sup>(a)</sup> | 0.85% |

---

*(a)* **The Fund commenced investment operations on June 30, 2025. Had the Fund been in operation for a complete fiscal year, the cost of a $10,000 investment would have been higher.** 

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger International Small Cap Fund Class Z returned -1.60% from its June 30, 2025, inception date to October 31, 2025, compared to the 6.65% return of the MSCI World ex USA Small Cap Index. During the reporting period, the largest sector weightings were Financials and Industrials. During the reporting period, the largest sector weightings were Industrials and Financials. The largest sector overweight was Industrials and the largest sector underweight was Real Estate.

#### Contributors to Performance
The Industrials sector was the largest contributor to relative performance. Regarding individual positions, Silex Systems Ltd., JTC PLC, Technogym S.p.A., Friedrich Vorwerk Group SE, and tonies SE were the top five contributors to absolute performance.

#### Detractors from Performance
The Communication Services and Materials sectors were the largest detractors from relative performance. Regarding individual positions, Oddity Tech Ltd., CTS Eventim AG & Co. KGaA, Round One Corp., Baltic Classifieds Group PLC, and Wienerberger AG were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **INTERNATIONAL FACTOR** | **IMPACT** | **SUMMARY** |
| Structural Policy Reforms in Europe & Asia | Positive | Governments across Europe and Asia shifted from austerity to pro-growth policies following several elections. These policy initiatives included fiscal stimulus and streamlined regulations. These measures improved corporate profitability prospects and signaled a more capital-friendly environment for international equities generally. |
| Headwinds for Health Care Stocks | Negative | Non-U.S. Health Care stocks underperformed the MSCI World ex USA Small Cap due to regulatory pressures, pricing challenges, and weaker growth expectations in key international markets. Additionally, the sector faced headwinds from currency volatility and trade uncertainties, which dampened investor sentiment. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal period of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_11072615.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **Since <br>Inception<br>6/30/25** |
| **Alger International Small Cap Fund Class Z** | (1.60)% |
| **MSCI WORLD ex USA Small Cap** | 6.64% |
| **MSCI ACWI ex USA** | 9.21% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal period ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2173058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5223 |

---

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

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

---

| | |
|:---|:---|
| Australia | 3.2% |
| Austria | 2.4% |
| Belgium | 2.2% |
| Brazil | 3.2% |
| Canada | 5.7% |
| Denmark | 2.8% |
| France | 2.5% |
| Germany | 10.3% |
| Hong Kong | 1.6% |
| Israel | 2.9% |
| Italy | 9.6% |
| Japan | 25.9% |
| Spain | 2.8% |
| Sweden | 3.9% |
| Switzerland | 2.5% |
| United Kingdom | 15.9% |
| Short-Term Investments and Net Other Assets | 2.6% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger International Small Cap Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Health Sciences Fund

### Class A / AHSAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Health Sciences Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Health Sciences Fund<br>(Class A / AHSAX) | $116 | 1.17% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Health Sciences Fund Class A, excluding sales load, returned -2.31% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index and the 0.41% return of the Russell 3000 Health Care Index.

#### Contributors to Performance
Regarding individual positions, Nektar Therapeutics, Cardinal Health, Inc., Cidara Therapeutics, Inc., Insmed Inc., and Sandoz Group Ltd. were the top five contributors to absolute performance.

#### Detractors from Performance
Regarding individual positions, Impulse Dynamics PLC, UnitedHealth Group Inc., Eli Lilly and Co., Amgen Inc., and CorVel Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Greater Clarity on Drug Pricing | Positive | Earlier in the period, fears around aggressive pricing reforms—such as Most favored nation ("MFN") rules—created risk that future revenues for biopharmaceutical companies could be negatively impacted. When policy direction became clearer and less disruptive than expected, investors gained more earnings visibility. This shift lowered perceived regulatory risk, supported more predictable cash flows, and allowed valuations to normalize, which helped drive a rebound in biopharmaceutical equities. |
| Higher Managed Care Utilization | Negative | Managed care companies saw rising utilization rates, as more patients were using services under cost-controlled plans. This pressured margins for providers and drugmakers as managed care typically negotiates aggressively on pricing. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918751.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Health Sciences Fund Class A** | (7.44)% | (2.05)% | 6.21% |
| **Alger Health Sciences Fund Class A—excluding sales load** | (2.31)% | (0.99)% | 6.79% |
| **Russell 3000 Healthcare Index** | 0.41% | 7.44% | 8.95% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$64008752 |
| &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;289.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$409486 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Financials | 0.4% |
| Health Care | 95.1% |
| Real Estate | 4.3% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Health Sciences Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Health Sciences Fund

### Class C / AHSCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Health Sciences Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Health Sciences Fund<br>(Class C / AHSCX) | $193 | 1.96% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Health Sciences Fund Class C, excluding contingent deferred sales charges, returned -3.07% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index and the 0.41% return of the Russell 3000 Health Care Index.

#### Contributors to Performance
Regarding individual positions, Nektar Therapeutics, Cardinal Health, Inc., Cidara Therapeutics, Inc., Insmed Inc., and Sandoz Group Ltd. were the top five contributors to absolute performance.

#### Detractors from Performance
Regarding individual positions, Impulse Dynamics PLC, UnitedHealth Group Inc., Eli Lilly and Co., Amgen Inc., and CorVel Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Greater Clarity on Drug Pricing | Positive | Earlier in the period, fears around aggressive pricing reforms—such as Most favored nation ("MFN") rules—created risk that future revenues for biopharmaceutical companies could be negatively impacted. When policy direction became clearer and less disruptive than expected, investors gained more earnings visibility. This shift lowered perceived regulatory risk, supported more predictable cash flows, and allowed valuations to normalize, which helped drive a rebound in biopharmaceutical equities. |
| Higher Managed Care Utilization | Negative | Managed care companies saw rising utilization rates, as more patients were using services under cost-controlled plans. This pressured margins for providers and drugmakers as managed care typically negotiates aggressively on pricing. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10918787.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Health Sciences Fund Class C** | (4.04)% | (1.74)% | 6.12% |
| **Alger Health Sciences Fund Class C—excluding contingent deferred sales charges** | (3.07)% | (1.74)% | 6.12% |
| **Russell 3000 Healthcare Index** | 0.41% | 7.44% | 8.95% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$64008752 |
| &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;289.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$409486 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Financials | 0.4% |
| Health Care | 95.1% |
| Real Estate | 4.3% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Health Sciences Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger Health Sciences Fund

### Class Z / AHSZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Health Sciences Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Health Sciences Fund<br>(Class Z / AHSZX) | $75 | 0.76% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Health Sciences Fund Class Z returned -1.89% for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index and the 0.41% return of the Russell 3000 Health Care Index.

#### Contributors to Performance
Regarding individual positions, Nektar Therapeutics, Cardinal Health, Inc., Cidara Therapeutics, Inc., Insmed Inc., and Sandoz Group Ltd. were the top five contributors to absolute performance.

#### Detractors from Performance
Regarding individual positions, Impulse Dynamics PLC, UnitedHealth Group Inc., Eli Lilly and Co., Amgen Inc., and CorVel Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Greater Clarity on Drug Pricing | Positive | Earlier in the period, fears around aggressive pricing reforms—such as Most favored nation ("MFN") rules—created risk that future revenues for biopharmaceutical companies could be negatively impacted. When policy direction became clearer and less disruptive than expected, investors gained more earnings visibility. This shift lowered perceived regulatory risk, supported more predictable cash flows, and allowed valuations to normalize, which helped drive a rebound in biopharmaceutical equities. |
| Higher Managed Care Utilization | Negative | Managed care companies saw rising utilization rates, as more patients were using services under cost-controlled plans. This pressured margins for providers and drugmakers as managed care typically negotiates aggressively on pricing. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed ten fiscal years of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at the beginning of the first semi-annual period in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10918823.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Health Sciences Fund Class Z** | (1.89)% | (0.62)% | 7.19% |
| **Russell 3000 Healthcare Index** | 0.41% | 7.44% | 8.95% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$64008752 |
| &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;289.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$409486 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Financials | 0.4% |
| Health Care | 95.1% |
| Real Estate | 4.3% |
| Short-Term Investments and Other Net Assets | 0.2% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Health Sciences Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger AI Enablers & Adopters Fund

### Class A / AIFAX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class A / AIFAX) | $112 | 0.85% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger AI Enablers & Adopters Fund Class A, excluding sales load, generated a 64.27% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Nebius Group N.V., Talen Energy Corp., and Robinhood Markets, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, Core Scientific Inc., UnitedHealth Group Inc., DoorDash, Inc., Coherent Corp., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class A shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919615.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger AI Enablers & Adopters Fund Class A** | 55.64% | 48.00% |
| **Alger AI Enablers & Adopters Fund Class A—excluding sales load** | 64.27% | 53.12% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19565270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;173.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37075 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.8% |
| Consumer Discretionary | 14.7% |
| Financials | 3.1% |
| Health Care | 1.5% |
| Industrials | 2.5% |
| Information Technology | 57.0% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger AI Enablers & Adopters Fund

### Class C / AAICX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class C / AAICX) | $212 | 1.61% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger AI Enablers & Adopters Fund Class C, excluding contingent deferred sales charges, generated a 63.00% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Nebius Group N.V., Talen Energy Corp., and Robinhood Markets, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, Core Scientific Inc., UnitedHealth Group Inc., DoorDash, Inc., Coherent Corp., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class C shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919651.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger AI Enablers & Adopters Fund Class C** | 62.00% | 51.96% |
| **Alger AI Enablers & Adopters Fund Class C—excluding contingent deferred sales charges** | 63.00% | 51.96% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19565270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;173.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37075 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.8% |
| Consumer Discretionary | 14.7% |
| Financials | 3.1% |
| Health Care | 1.5% |
| Industrials | 2.5% |
| Information Technology | 57.0% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger AI Enablers & Adopters Fund

### Class I / AIFIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class I / AIFIX) | $111 | 0.84% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger AI Enablers & Adopters Fund Class I generated a 64.10% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Nebius Group N.V., Talen Energy Corp., and Robinhood Markets, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, Core Scientific Inc., UnitedHealth Group Inc., DoorDash, Inc., Coherent Corp., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class I shares of the Fund. The graph assumes a $10,000 initial investment at the beginning of the first annual period in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10919687.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger AI Enablers & Adopters Fund Class I** | 64.10% | 53.01% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19565270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;173.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37075 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.8% |
| Consumer Discretionary | 14.7% |
| Financials | 3.1% |
| Health Care | 1.5% |
| Industrials | 2.5% |
| Information Technology | 57.0% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger AI Enablers & Adopters Fund

### Class Y / AAIYX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class Y / AAIYX) | $81 | 0.61% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger AI Enablers & Adopters Fund Class Y generated a 64.67% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Nebius Group N.V., Talen Energy Corp., and Robinhood Markets, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, Core Scientific Inc., UnitedHealth Group Inc., DoorDash, Inc., Coherent Corp., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class Y shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919723.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger AI Enablers & Adopters Fund Class Y** | 64.67% | 53.52% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19565270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;173.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37075 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.8% |
| Consumer Discretionary | 14.7% |
| Financials | 3.1% |
| Health Care | 1.5% |
| Industrials | 2.5% |
| Information Technology | 57.0% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger AI Enablers & Adopters Fund

![TSR - Fund Logo](images_30002.jpg)

### Alger AI Enablers & Adopters Fund

### Class Z / AAIZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger AI Enablers & Adopters Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 992-3863.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger AI Enablers & Adopters Fund<br>(Class Z / AAIZX) | $81 | 0.61% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger AI Enablers & Adopters Fund Class Z generated a 64.76% return for the fiscal twelve-month period ended October 31, 2025, compared to the 21.45% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., NVIDIA Corp., Nebius Group N.V., Talen Energy Corp., and Robinhood Markets, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Energy and Consumer Staples sectors were the largest detractors from relative performance. Regarding individual positions, Core Scientific Inc., UnitedHealth Group Inc., DoorDash, Inc., Coherent Corp., and United Airlines Holdings, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in information technology ("IT") equipment and software—driven by artificial intelligence adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding the IT-related investment sector, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment sector included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supported equity valuations. |
| Federal Reserve Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates 25 basis points in September and late October, totaling 50 basis points of cuts in 2025, as of October 31, 2025. This eased financial conditions and helped broaden market leadership beyond large cap stocks, with small-cap stocks getting relief from lower discount rates. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, U.S. President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline U.S. consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of the most recently completed annual periods for the life of Class Z shares of the Fund. The graph assumes a $500,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $500,000
![Fund Performance - Growth of 10K](chartimages_10919759.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **Since <br>Inception<br>4/4/24** |
| **Alger AI Enablers & Adopters Fund Class Z** | 64.76% | 53.57% |
| **S&P 500 Index** | 21.45% | 21.35% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of dividends and distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19565270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;173.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$37075 |

---

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

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.8% |
| Consumer Discretionary | 14.7% |
| Financials | 3.1% |
| Health Care | 1.5% |
| Industrials | 2.5% |
| Information Technology | 57.0% |
| Utilities | 4.3% |
| Short-Term Investments and Other Net Assets | 1.1% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_30001.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.

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger AI Enablers & Adopters Fund

------

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code
 of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting
 officer or controller, or persons performing similar functions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended its
 Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted a
 waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item
 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics
 is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant determined that Jay C. Nadel is an audit committee financial expert (within the meaning of that phrase specified in the instructions to Form N-CSR) on the Registrant's audit committee. Mr. Nadel is an "independent" trustee – i.e., he is not an interested person of the Registrant as defined in the 1940 Act, nor has he accepted directly or indirectly any consulting, advisory or other compensatory fee from the Registrant, other than in his capacity as Trustee

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Audit Fees:

---

| | |
|:---|:---|
| October 31, 2025 | $361750 |
| October 31, 2024 | $327790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Audit-Related Fees: NONE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Tax Fees for tax advice, tax compliance and tax planning:

---

| | |
|:---|:---|
| October 31, 2025 | $70879 |
| October 31, 2024 | $67719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees:

---

| | |
|:---|:---|
| October 31, 2025 | $40660 |
| October 31, 2024 | $70500 |

---

Other fees include a review and consent for Registrants registration statement filing and a review of the semi-annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) 1) Audit Committee Pre-Approval Policies And Procedures:

Audit and non-audit services provided by the Registrant's independent registered public accounting firm (the "Auditors") on behalf the Registrant must be pre-approved by the Audit Committee. Non-audit services provided by the Auditors on behalf of the Registrant's Investment Adviser or any entity controlling, controlled by, or under common control with the Investment Adviser must be pre-approved by the Audit Committee if such non-audit services directly relate to the operations or financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;2) All fees in item 4(b) through 4(d) above were approved by the Registrants' Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-Audit Fees:

---

| | | |
|:---|:---|:---|
| October 31, 2025 | $282038, | €103,125 |
| October 31, 2024 | $351512, | €106,362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the board of trustees has considered whether the provision of the non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control, with the adviser that provides ongoing services to the registrant that were not approved pursuant to (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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**

![](imgfddb21d01.gif)

THE ALGER FUNDS

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**October 31, 2025**![](imgf1d6c28c2.gif)

------

**Table of Contents**

------

**THE ALGER FUNDS**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_15964fa0-b250-478d-bfc1-0406b568128d_SOI1-Continued-4563_1) | 2 |
| [Statements of Assets and Liabilities](#xx_15964fa0-b250-478d-bfc1-0406b568128d_SAL1-Continued_1) | 51 |
| [Statements of Operations](#xx_15964fa0-b250-478d-bfc1-0406b568128d_SOP1-Continued_1) | 65 |
| [Statements of Changes in Net Assets](#xx_15964fa0-b250-478d-bfc1-0406b568128d_SOC1-Continued-4563_1) | 78 |
| [Financial Highlights](#xx_15964fa0-b250-478d-bfc1-0406b568128d_FIHI-Continued-4563_1) | 91 |
| [Notes to Financial Statements](#xx_15964fa0-b250-478d-bfc1-0406b568128d_NTF-Continued_1) | 142 |
| [Report of Independent Registered Public Accounting Firm](#xx_15964fa0-b250-478d-bfc1-0406b568128d_AUD-Continued-4563_1) | 202 |
| [Other Information (Unaudited)](#xx_15964fa0-b250-478d-bfc1-0406b568128d_AI-Continued-4563_1) | 204 |

---

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** |
| HEICO Corp. | 25817 | **$** 8203868 |
| HEICO Corp., Cl. A | 54225 | 13433159 |
| TransDigm Group, Inc. | 5055 | 6614518 |
|  |  | **28251545** |
| **APPLICATION SOFTWARE—5.2%** | **APPLICATION SOFTWARE—5.2%** | **APPLICATION SOFTWARE—5.2%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 207071 | 131972560 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 10166 | 3443123 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 19836 | 3976523 |
|  |  | **139392206** |
| **AUTOMOBILE MANUFACTURERS—3.2%** | **AUTOMOBILE MANUFACTURERS—3.2%** | **AUTOMOBILE MANUFACTURERS—3.2%** |
| Tesla, Inc.<sup>\*</sup>  | 189482 | **86509902** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 17726 | **5433728** |
| **BIOTECHNOLOGY—3.0%** | **BIOTECHNOLOGY—3.0%** | **BIOTECHNOLOGY—3.0%** |
| Abivax SA ADR<sup>\*</sup>  | 128898 | 13201733 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 31143 | 6278429 |
| Biogen, Inc.<sup>\*</sup>  | 63229 | 9754338 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 50806 | 5550047 |
| Natera, Inc.<sup>\*</sup>  | 190284 | 37853196 |
| uniQure NV<sup>\*</sup>  | 128823 | 8720029 |
|  |  | **81357772** |
| **BROADLINE RETAIL—9.7%** | **BROADLINE RETAIL—9.7%** | **BROADLINE RETAIL—9.7%** |
| Amazon.com, Inc.<sup>\*</sup>  | 809715 | 197748598 |
| MercadoLibre, Inc.<sup>\*</sup>  | 9447 | 21985625 |
| Sea Ltd. , Cl. A ADR<sup>\*</sup>  | 261257 | 40821406 |
|  |  | **260555629** |
| **COAL & CONSUMABLE FUELS—0.3%** | **COAL & CONSUMABLE FUELS—0.3%** | **COAL & CONSUMABLE FUELS—0.3%** |
| Cameco Corp. | 80163 | **8193460** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.6%** |
| Rocket Cos., Inc., Cl. A | 982666 | **16371216** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.2%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.2%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.2%** |
| Caterpillar, Inc. | 11071 | **6390845** |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| Martin Marietta Materials, Inc. | 6989 | **4284956** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.1%** |
| Walmart, Inc. | 28021 | **2835165** |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
| Constellation Energy Corp. | 25036 | 9438572 |
| NRG Energy, Inc. | 38411 | 6601315 |
|  |  | **16039887** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.9%** |
| Eaton Corp. PLC | 22516 | **$** 8591205 |
| Vertiv Holdings Co., Cl. A | 214979 | 41460850 |
|  |  | **50052055** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.8%** |
| GFL Environmental, Inc. | 505500 | **22085295** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| S&P Global, Inc. | 35836 | **17459658** |
| **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** | **HEALTH CARE DISTRIBUTORS—0.3%** |
| Cardinal Health, Inc. | 38246 | **7296189** |
| **HEALTHCARE EQUIPMENT—1.5%** | **HEALTHCARE EQUIPMENT—1.5%** | **HEALTHCARE EQUIPMENT—1.5%** |
| Boston Scientific Corp.<sup>\*</sup>  | 205038 | 20651427 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 39438 | 21070935 |
|  |  | **41722362** |
| **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** | **HEALTHCARE FACILITIES—0.2%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 19228 | **3970390** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 191883 | 76710986 |
| Vistra Corp. | 143252 | 26974351 |
|  |  | **103685337** |
| **INTERACTIVE HOME ENTERTAINMENT—0.6%** | **INTERACTIVE HOME ENTERTAINMENT—0.6%** | **INTERACTIVE HOME ENTERTAINMENT—0.6%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 143439 | **16311883** |
| **INTERACTIVE MEDIA & SERVICES—8.9%** | **INTERACTIVE MEDIA & SERVICES—8.9%** | **INTERACTIVE MEDIA & SERVICES—8.9%** |
| Alphabet, Inc., Cl. C | 289827 | 81679045 |
| Meta Platforms, Inc., Cl. A | 238856 | 154862287 |
| Tencent Holdings, Ltd. ADR | 39945 | 3250325 |
|  |  | **239791657** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.6%** | **INTERNET SERVICES & INFRASTRUCTURE—1.6%** | **INTERNET SERVICES & INFRASTRUCTURE—1.6%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 49336 | 12496809 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 54996 | 19788661 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 14017 | 2436995 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 30294 | 8327215 |
|  |  | **43049680** |
| **INVESTMENT BANKING & BROKERAGE—1.7%** | **INVESTMENT BANKING & BROKERAGE—1.7%** | **INVESTMENT BANKING & BROKERAGE—1.7%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 307230 | **45095219** |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| Danaher Corp. | 4930 | 1061823 |
| Repligen Corp.<sup>\*</sup>  | 18441 | 2748816 |
|  |  | **3810639** |
| **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 73732 | 7362140 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** | **COMMON STOCKS—98.6% (CONT.)** |
| **MOVIES & ENTERTAINMENT—3.7% (CONT.)** | **MOVIES & ENTERTAINMENT—3.7% (CONT.)** | **MOVIES & ENTERTAINMENT—3.7% (CONT.)** |
| Netflix, Inc.<sup>\*</sup>  | 43795 | **$** 49000474 |
| Roku Inc., Cl. A<sup>\*</sup>  | 67553 | 7169400 |
| Spotify Technology SA<sup>\*</sup>  | 50695 | 33221447 |
| TKO Group Holdings, Inc., Cl. A | 12717 | 2395883 |
|  |  | **99149344** |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 46248 | **4349162** |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| Eli Lilly & Co. | 15044 | **12980866** |
| **RESTAURANTS—0.1%** | **RESTAURANTS—0.1%** | **RESTAURANTS—0.1%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 11587 | **2947385** |
| **SEMICONDUCTORS—22.6%** | **SEMICONDUCTORS—22.6%** | **SEMICONDUCTORS—22.6%** |
| Advanced Micro Devices, Inc.<sup>\*</sup>  | 34093 | 8731899 |
| Astera Labs, Inc.<sup>\*</sup>  | 154924 | 28921212 |
| Broadcom, Inc. | 271912 | 100506832 |
| NVIDIA Corp. | 1876667 | 380006301 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 309406 | 92954845 |
|  |  | **611121089** |
| **SYSTEMS SOFTWARE—16.2%** | **SYSTEMS SOFTWARE—16.2%** | **SYSTEMS SOFTWARE—16.2%** |
| Microsoft Corp. | 601055 | 311232289 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 858241 | 112275088 |
| Oracle Corp. | 55098 | 14469286 |
|  |  | **437976663** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.2%** |
| Apple, Inc. | 547830 | 148116797 |
| Western Digital Corp. | 311312 | 46762176 |
|  |  | **194878973** |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| QXO, Inc.<sup>\*</sup>  | 729732 | 12894365 |
| United Rentals, Inc. | 6840 | 5958871 |
|  |  | **18853236** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.1%** |
| Visa, Inc., Cl. A | 89457 | **30481578** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $830,668,749) |  | **2662684971** |
| **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** | **PREFERRED STOCKS—1.4%** |
| **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** | **APPLICATION SOFTWARE—1.4%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 217533 | 32629950 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 331992 | 5713582 |
|  |  | **38343532** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—1.4% (CONT.)** | **PREFERRED STOCKS—1.4% (CONT.)** | **PREFERRED STOCKS—1.4% (CONT.)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—0.0%** |
| Chime Financial, Inc., Series G<sup>\*,@</sup>  | 27841 | **$478030** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $27,758,357) |  | **38821562** |
| **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** | **SPECIAL PURPOSE VEHICLE—0.1%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.1%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | **1162174** |
| (Cost $2,775,000) |  | **1162174** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $861,202,106)** | 100.1% | **$2702668707** |
| Affiliated Securities (Cost $2,775,000) |  | 1162174 |
| Unaffiliated Securities (Cost $858,427,106) |  | 2701506533 |
| Liabilities in Excess of Other Assets | (0.1)% | (1623392) |
| **NET ASSETS** | 100.0% | **$2701045315** |

---

&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.<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>|
| \* | 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>10/31/2025<br>|
| Chime Financial, Inc., Series G | 8/24/21 | $1922972 | $478030 | 0.0% |
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | 2775000 | 1162174 | 0.1% |
| Databricks, Inc., Series J | 12/17/24 | 20121803 | 32629950 | 1.2% |
| SB Technology, Inc., Series E | 10/23/24 | 5713582 | 5713582 | 0.2% |
| Total |  | $30533357 | $39983736 | 1.5% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.9%** | **COMMON STOCKS—100.9%** | **COMMON STOCKS—100.9%** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| HEICO Corp., Cl. A | 702 | **$173907** |
| **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 505 | **321852** |
| **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** |
| Tesla, Inc.<sup>\*</sup>  | 645 | **294481** |
| **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** |
| Natera, Inc.<sup>\*</sup>  | 470 | **93497** |
| **BROADLINE RETAIL—10.0%** | **BROADLINE RETAIL—10.0%** | **BROADLINE RETAIL—10.0%** |
| Amazon.com, Inc.<sup>\*</sup>  | 2407 | 587838 |
| MercadoLibre, Inc.<sup>\*</sup>  | 34 | 79127 |
| Sea Ltd. , Cl. A ADR<sup>\*</sup>  | 801 | 125156 |
|  |  | **792121** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—0.8%** |
| Rocket Cos., Inc., Cl. A | 3683 | **61359** |
| **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** |
| Constellation Energy Corp. | 579 | **218283** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.3%** |
| GFL Environmental, Inc. | 4206 | **183760** |
| **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 165 | **88156** |
| **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** | **HEAVY ELECTRICAL EQUIPMENT—1.0%** |
| GE Vernova, Inc. | 139 | **81334** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 614 | **245465** |
| **INTERACTIVE HOME ENTERTAINMENT—1.3%** | **INTERACTIVE HOME ENTERTAINMENT—1.3%** | **INTERACTIVE HOME ENTERTAINMENT—1.3%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 938 | **106669** |
| **INTERACTIVE MEDIA & SERVICES—9.1%** | **INTERACTIVE MEDIA & SERVICES—9.1%** | **INTERACTIVE MEDIA & SERVICES—9.1%** |
| Alphabet, Inc., Cl. C | 1227 | 345793 |
| Meta Platforms, Inc., Cl. A | 578 | 374746 |
|  |  | **720539** |
| **INVESTMENT BANKING & BROKERAGE—1.0%** | **INVESTMENT BANKING & BROKERAGE—1.0%** | **INVESTMENT BANKING & BROKERAGE—1.0%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 544 | **79848** |
| **MOVIES & ENTERTAINMENT—4.8%** | **MOVIES & ENTERTAINMENT—4.8%** | **MOVIES & ENTERTAINMENT—4.8%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 1393 | 139091 |
| Netflix, Inc.<sup>\*</sup>  | 139 | 155521 |
| Spotify Technology SA<sup>\*</sup>  | 133 | 87158 |
|  |  | **381770** |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| Eli Lilly & Co. | 87 | **75069** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.9% (CONT.)** | **COMMON STOCKS—100.9% (CONT.)** | **COMMON STOCKS—100.9% (CONT.)** |
| **SEMICONDUCTORS—27.8%** | **SEMICONDUCTORS—27.8%** | **SEMICONDUCTORS—27.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 827 | **$** 154384 |
| Broadcom, Inc. | 1174 | 433946 |
| NVIDIA Corp. | 6115 | 1238226 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1278 | 383950 |
|  |  | **2210506** |
| **SYSTEMS SOFTWARE—15.8%** | **SYSTEMS SOFTWARE—15.8%** | **SYSTEMS SOFTWARE—15.8%** |
| Microsoft Corp. | 1679 | 869403 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 2932 | 383564 |
|  |  | **1252967** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%** |
| Apple, Inc. | 1452 | 392577 |
| Western Digital Corp. | 621 | 93281 |
|  |  | **485858** |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| QXO, Inc.<sup>\*</sup>  | 9095 | **160709** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,074,241) |  | **8028150** |
| **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** |
| **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(a)</sup>  | 40783 | **40783** |
| (Cost $40,783) |  | **40783** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $5,115,024)** | 101.4% | **$8068933** |
| Unaffiliated Securities (Cost $5,115,024) |  | 8068933 |
| Liabilities in Excess of Other Assets | (1.4)% | (115158) |
| **NET ASSETS** | 100.0% | **$7953775** |

---

&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 October 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.6%** | **COMMON STOCKS—94.6%** | **COMMON STOCKS—94.6%** |
| **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** |
| TransDigm Group, Inc. | 4017 | **$5256285** |
| **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** | **APPAREL RETAIL—0.2%** |
| The Gap, Inc. | 85684 | **1957879** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| Adobe, Inc.<sup>\*</sup>  | 10341 | **3519146** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.7%** |
| Blackrock, Inc. | 10069 | 10902814 |
| Blackstone, Inc. | 54731 | 8025754 |
| Blue Owl Capital, Inc., Cl. A | 149626 | 2359602 |
|  |  | **21288170** |
| **AUTOMOBILE MANUFACTURERS—0.4%** | **AUTOMOBILE MANUFACTURERS—0.4%** | **AUTOMOBILE MANUFACTURERS—0.4%** |
| Ferrari NV | 7779 | **3142327** |
| **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** |
| AbbVie, Inc. | 54000 | 11774160 |
| Amgen, Inc. | 11723 | 3498495 |
| Gilead Sciences, Inc. | 21201 | 2539668 |
|  |  | **17812323** |
| **BROADLINE RETAIL—3.1%** | **BROADLINE RETAIL—3.1%** | **BROADLINE RETAIL—3.1%** |
| Amazon.com, Inc.<sup>\*</sup>  | 100519 | **24548750** |
| **BUILDING PRODUCTS—0.6%** | **BUILDING PRODUCTS—0.6%** | **BUILDING PRODUCTS—0.6%** |
| Johnson Controls International PLC | 44736 | **5117351** |
| **CABLE & SATELLITE—0.4%** | **CABLE & SATELLITE—0.4%** | **CABLE & SATELLITE—0.4%** |
| Comcast Corp., Cl. A | 121494 | **3381785** |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| Cisco Systems, Inc. | 99179 | **7250977** |
| **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** | **COMPUTER & ELECTRONICS RETAIL—0.3%** |
| Best Buy Co., Inc. | 30662 | **2518577** |
| **CONSUMER ELECTRONICS—0.6%** | **CONSUMER ELECTRONICS—0.6%** | **CONSUMER ELECTRONICS—0.6%** |
| Garmin, Ltd. | 20480 | **4381491** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.0%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.0%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.0%** |
| Walmart, Inc. | 80927 | **8188194** |
| **COPPER—0.7%** | **COPPER—0.7%** | **COPPER—0.7%** |
| Southern Copper Corp. | 39626 | **5500089** |
| **DIVERSIFIED BANKS—5.6%** | **DIVERSIFIED BANKS—5.6%** | **DIVERSIFIED BANKS—5.6%** |
| Bank of America Corp. | 186183 | 9951481 |
| Fifth Third Bancorp | 85058 | 3540114 |
| JPMorgan Chase & Co. | 98851 | 30754523 |
|  |  | **44246118** |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| NextEra Energy, Inc. | 42622 | **3469431** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.6% (CONT.)** | **COMMON STOCKS—94.6% (CONT.)** | **COMMON STOCKS—94.6% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.0%** |
| Eaton Corp. PLC | 40393 | **$15412353** |
| **ELECTRONIC COMPONENTS—0.8%** | **ELECTRONIC COMPONENTS—0.8%** | **ELECTRONIC COMPONENTS—0.8%** |
| Corning, Inc. | 69210 | **6165227** |
| **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** | **FINANCIAL EXCHANGES & DATA—0.8%** |
| CME Group, Inc., Cl. A | 24887 | **6607250** |
| **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** | **FOOD DISTRIBUTORS—0.3%** |
| Sysco Corp. | 36038 | **2676903** |
| **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** | **HEALTH CARE DISTRIBUTORS—0.8%** |
| Cardinal Health, Inc. | 31763 | **6059427** |
| **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** | **HEALTHCARE EQUIPMENT—1.1%** |
| Abbott Laboratories | 46094 | 5698141 |
| Medtronic PLC | 35903 | 3256402 |
|  |  | **8954543** |
| **HOME IMPROVEMENT RETAIL—1.6%** | **HOME IMPROVEMENT RETAIL—1.6%** | **HOME IMPROVEMENT RETAIL—1.6%** |
| The Home Depot, Inc. | 33793 | **12827485** |
| **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** |
| The Procter & Gamble Co. | 52665 | **7919236** |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| Honeywell International, Inc. | 40692 | **8192520** |
| **INDUSTRIAL GASES—0.6%** | **INDUSTRIAL GASES—0.6%** | **INDUSTRIAL GASES—0.6%** |
| Air Products & Chemicals, Inc. | 20973 | **5087840** |
| **INTEGRATED OIL & GAS—3.2%** | **INTEGRATED OIL & GAS—3.2%** | **INTEGRATED OIL & GAS—3.2%** |
| Chevron Corp. | 59275 | 9348853 |
| Exxon Mobil Corp. | 104026 | 11896413 |
| TotalEnergies SE ADR | 70891 | 4412256 |
|  |  | **25657522** |
| **INTEGRATED TELECOMMUNICATION SERVICES—0.6%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.6%** | **INTEGRATED TELECOMMUNICATION SERVICES—0.6%** |
| Verizon Communications, Inc. | 120905 | **4804765** |
| **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** |
| Alphabet, Inc., Cl. A | 126942 | 35694821 |
| Alphabet, Inc., Cl. C | 99640 | 28080545 |
| Meta Platforms, Inc., Cl. A | 27996 | 18151206 |
|  |  | **81926572** |
| **INVESTMENT BANKING & BROKERAGE—2.7%** | **INVESTMENT BANKING & BROKERAGE—2.7%** | **INVESTMENT BANKING & BROKERAGE—2.7%** |
| Morgan Stanley | 129596 | **21253744** |
| **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** | **IT CONSULTING & OTHER SERVICES—0.4%** |
| International Business Machines Corp. | 9977 | **3067030** |
| **MANAGED HEALTHCARE—0.6%** | **MANAGED HEALTHCARE—0.6%** | **MANAGED HEALTHCARE—0.6%** |
| UnitedHealth Group, Inc. | 14789 | **5051331** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.6% (CONT.)** | **COMMON STOCKS—94.6% (CONT.)** | **COMMON STOCKS—94.6% (CONT.)** |
| **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** |
| Consolidated Edison, Inc. | 32131 | **$** 3129881 |
| Sempra | 45544 | 4187315 |
|  |  | **7317196** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** | **OIL & GAS STORAGE & TRANSPORTATION—0.4%** |
| ONEOK, Inc. | 41222 | **2761874** |
| **OTHER SPECIALTY RETAIL—0.3%** | **OTHER SPECIALTY RETAIL—0.3%** | **OTHER SPECIALTY RETAIL—0.3%** |
| Dick's Sporting Goods, Inc. | 9080 | **2010766** |
| **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** |
| AstraZeneca PLC ADR | 49030 | 4040072 |
| Bristol-Myers Squibb Co. | 63010 | 2902871 |
| Eli Lilly & Co. | 8087 | 6977949 |
| Johnson & Johnson | 42435 | 8014698 |
| Merck & Co., Inc. | 30726 | 2641821 |
| Novartis AG ADR | 26696 | 3304698 |
| Pfizer, Inc. | 108194 | 2666982 |
|  |  | **30549091** |
| **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** | **PROPERTY & CASUALTY INSURANCE—0.5%** |
| The Hartford Insurance Group, Inc. | 33695 | **4184245** |
| **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** | **RAIL TRANSPORTATION—0.7%** |
| Union Pacific Corp. | 23818 | **5248773** |
| **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** | **RESTAURANTS—1.0%** |
| McDonald's Corp. | 16779 | 5007357 |
| Starbucks Corp. | 34621 | 2799800 |
|  |  | **7807157** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—4.5%** |
| KLA Corp. | 29687 | **35883864** |
| **SEMICONDUCTORS—10.9%** | **SEMICONDUCTORS—10.9%** | **SEMICONDUCTORS—10.9%** |
| Broadcom, Inc. | 177770 | 65709125 |
| QUALCOMM, Inc. | 56991 | 10309672 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 34726 | 10432732 |
|  |  | **86451529** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.6%** |
| PepsiCo, Inc. | 41970 | 6131397 |
| The Coca-Cola Co. | 92507 | 6373733 |
|  |  | **12505130** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Solstice Advanced Materials, Inc.<sup>\*</sup>  | 10173 | **458497** |
| **SYSTEMS SOFTWARE—10.0%** | **SYSTEMS SOFTWARE—10.0%** | **SYSTEMS SOFTWARE—10.0%** |
| Microsoft Corp. | 141399 | 73217816 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—94.6% (CONT.)** | **COMMON STOCKS—94.6% (CONT.)** | **COMMON STOCKS—94.6% (CONT.)** |
| **SYSTEMS SOFTWARE—10.0% (CONT.)** | **SYSTEMS SOFTWARE—10.0% (CONT.)** | **SYSTEMS SOFTWARE—10.0% (CONT.)** |
| Oracle Corp. | 21105 | **$** 5542384 |
|  |  | **78760200** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.3%** |
| Apple, Inc. | 220063 | 59498433 |
| Dell Technologies, Inc., Cl. C | 37086 | 6008303 |
|  |  | **65506736** |
| **TOBACCO—1.2%** | **TOBACCO—1.2%** | **TOBACCO—1.2%** |
| Altria Group, Inc. | 77624 | 4376441 |
| Philip Morris International, Inc. | 32854 | 4741818 |
|  |  | **9118259** |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| Ferguson Enterprises, Inc. | 20423 | **5075115** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** |
| Visa, Inc., Cl. A | 34971 | **11916019** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $390,528,755) |  | **748797092** |
| **MASTER LIMITED PARTNERSHIP—0.3%** | **MASTER LIMITED PARTNERSHIP—0.3%** | **MASTER LIMITED PARTNERSHIP—0.3%** |
| **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** | **OIL & GAS STORAGE & TRANSPORTATION—0.3%** |
| Cheniere Energy Partners LP | 46569 | **2429505** |
| (Cost $1,861,726) |  | **2429505** |
| **REAL ESTATE INVESTMENT TRUST—2.8%** | **REAL ESTATE INVESTMENT TRUST—2.8%** | **REAL ESTATE INVESTMENT TRUST—2.8%** |
| **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** | **HEALTH CARE—1.0%** |
| Welltower, Inc. | 43048 | **7793410** |
| **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** | **INDUSTRIAL—0.3%** |
| Prologis, Inc. | 17881 | **2218853** |
| **RETAIL—0.6%** | **RETAIL—0.6%** | **RETAIL—0.6%** |
| Simon Property Group, Inc. | 29337 | **5156271** |
| **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** | **SPECIALIZED—0.5%** |
| Lamar Advertising Co., Cl. A | 30628 | **3632175** |
| **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** | **TELECOM TOWER—0.4%** |
| Crown Castle, Inc. | 37642 | **3396061** |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUST** <br>(Cost $16,515,193) |  | **22196770** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.9%** | **SHORT-TERM SECURITIES—0.9%** | **SHORT-TERM SECURITIES—0.9%** |
| **MONEY MARKET FUNDS—0.9%** | **MONEY MARKET FUNDS—0.9%** | **MONEY MARKET FUNDS—0.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(a)</sup>  | 6734243 | **$6734243** |
| (Cost $6,734,243) |  | **6734243** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $415,639,917)** | 98.6% | **$780157610** |
| Unaffiliated Securities (Cost $415,639,917) |  | 780157610 |
| Other Assets in Excess of Liabilities | 1.4% | 11087792 |
| **NET ASSETS** | 100.0% | **$791245402** |

---

&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 October 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** |
| **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** |
| HEICO Corp., Cl. A | 2811 | **$696369** |
| **APPLICATION SOFTWARE—4.3%** | **APPLICATION SOFTWARE—4.3%** | **APPLICATION SOFTWARE—4.3%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 3314 | **2112112** |
| **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** |
| Forte Biosciences, Inc.<sup>\*</sup>  | 45035 | 582753 |
| Natera, Inc.<sup>\*</sup>  | 7394 | 1470888 |
|  |  | **2053641** |
| **BROADLINE RETAIL—9.3%** | **BROADLINE RETAIL—9.3%** | **BROADLINE RETAIL—9.3%** |
| Amazon.com, Inc.<sup>\*</sup>  | 9762 | 2384076 |
| MercadoLibre, Inc.<sup>\*</sup>  | 357 | 830832 |
| Sea Ltd. , Cl. A ADR<sup>\*</sup>  | 8810 | 1376562 |
|  |  | **4591470** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** |
| Enovix Corp.<sup>\*</sup>  | 71262 | **854431** |
| **FINANCIAL EXCHANGES & DATA—1.5%** | **FINANCIAL EXCHANGES & DATA—1.5%** | **FINANCIAL EXCHANGES & DATA—1.5%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 2116 | **727438** |
| **HEALTH CARE DISTRIBUTORS—3.5%** | **HEALTH CARE DISTRIBUTORS—3.5%** | **HEALTH CARE DISTRIBUTORS—3.5%** |
| McKesson Corp. | 2158 | **1750872** |
| **HEALTHCARE EQUIPMENT—2.3%** | **HEALTHCARE EQUIPMENT—2.3%** | **HEALTHCARE EQUIPMENT—2.3%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 2109 | **1126797** |
| **HEALTHCARE FACILITIES—2.7%** | **HEALTHCARE FACILITIES—2.7%** | **HEALTHCARE FACILITIES—2.7%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 6449 | **1331654** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 6425 | **2568587** |
| **INTERACTIVE HOME ENTERTAINMENT—3.8%** | **INTERACTIVE HOME ENTERTAINMENT—3.8%** | **INTERACTIVE HOME ENTERTAINMENT—3.8%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 10393 | 1181892 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 2821 | 723220 |
|  |  | **1905112** |
| **INTERACTIVE MEDIA & SERVICES—12.0%** | **INTERACTIVE MEDIA & SERVICES—12.0%** | **INTERACTIVE MEDIA & SERVICES—12.0%** |
| Alphabet, Inc., Cl. A | 11756 | 3305670 |
| Meta Platforms, Inc., Cl. A | 4086 | 2649158 |
|  |  | **5954828** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.7%** | **INTERNET SERVICES & INFRASTRUCTURE—1.7%** | **INTERNET SERVICES & INFRASTRUCTURE—1.7%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 2301 | **827946** |
| **LIFE SCIENCES TOOLS & SERVICES—1.0%** | **LIFE SCIENCES TOOLS & SERVICES—1.0%** | **LIFE SCIENCES TOOLS & SERVICES—1.0%** |
| Repligen Corp.<sup>\*</sup>  | 3306 | **492792** |
| **MOVIES & ENTERTAINMENT—8.2%** | **MOVIES & ENTERTAINMENT—8.2%** | **MOVIES & ENTERTAINMENT—8.2%** |
| Netflix, Inc.<sup>\*</sup>  | 1589 | 1777868 |
| Roku Inc., Cl. A<sup>\*</sup>  | 4606 | 488835 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** | **COMMON STOCKS—98.8% (CONT.)** |
| **MOVIES & ENTERTAINMENT—8.2% (CONT.)** | **MOVIES & ENTERTAINMENT—8.2% (CONT.)** | **MOVIES & ENTERTAINMENT—8.2% (CONT.)** |
| Spotify Technology SA<sup>\*</sup>  | 2730 | **$** 1789024 |
|  |  | **4055727** |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| AstraZeneca PLC ADR | 6206 | **511374** |
| **SEMICONDUCTORS—20.4%** | **SEMICONDUCTORS—20.4%** | **SEMICONDUCTORS—20.4%** |
| Astera Labs, Inc.<sup>\*</sup>  | 6156 | 1149202 |
| Broadcom, Inc. | 4330 | 1600498 |
| NVIDIA Corp. | 29208 | 5914328 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 4690 | 1409017 |
|  |  | **10073045** |
| **SYSTEMS SOFTWARE—11.7%** | **SYSTEMS SOFTWARE—11.7%** | **SYSTEMS SOFTWARE—11.7%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 1160 | 629891 |
| Microsoft Corp. | 4585 | 2374159 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 21213 | 2775085 |
|  |  | **5779135** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** |
| Western Digital Corp. | 5354 | **804224** |
| **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** |
| QXO, Inc.<sup>\*</sup>  | 38238 | **675665** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $30,023,768) |  | **48893219** |
| **PREFERRED STOCKS—2.3%** | **PREFERRED STOCKS—2.3%** | **PREFERRED STOCKS—2.3%** |
| **APPLICATION SOFTWARE—1.1%** | **APPLICATION SOFTWARE—1.1%** | **APPLICATION SOFTWARE—1.1%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 30534 | **525490** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 10403925 | **593024** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,069,789) |  | **1118514** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $31,093,557)** | 101.1% | **$50011733** |
| Unaffiliated Securities (Cost $31,093,557) |  | 50011733 |
| Liabilities in Excess of Other Assets | (1.1)% | (526903) |
| **NET ASSETS** | 100.0% | **$49484830** |

---

&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.<br>|
| \* | 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 35 FUND**

**Schedule of Investments October 31, 2025 (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>10/31/2025<br>|
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | $544299 | $593024 | 1.2% |
| SB Technology, Inc., Series E | 10/23/24 | 525490 | 525490 | 1.1% |
| Total |  | $1069789 | $1118514 | 2.3% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.7%** | **COMMON STOCKS—95.7%** | **COMMON STOCKS—95.7%** |
| **AEROSPACE & DEFENSE—6.0%** | **AEROSPACE & DEFENSE—6.0%** | **AEROSPACE & DEFENSE—6.0%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 10523 | **$** 7705256 |
| HEICO Corp. | 21297 | 6767548 |
| Howmet Aerospace, Inc. | 24361 | 5017148 |
|  |  | **19489952** |
| **APPLICATION SOFTWARE—8.9%** | **APPLICATION SOFTWARE—8.9%** | **APPLICATION SOFTWARE—8.9%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 17097 | 10896431 |
| Cipher Mining, Inc.<sup>\*</sup>  | 271134 | 5056649 |
| Datadog, Inc., Cl. A<sup>\*</sup>  | 20260 | 3298531 |
| Fair Isaac Corp.<sup>\*</sup>  | 2108 | 3498289 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 30321 | 6078451 |
|  |  | **28828351** |
| **AUTOMOTIVE RETAIL—1.9%** | **AUTOMOTIVE RETAIL—1.9%** | **AUTOMOTIVE RETAIL—1.9%** |
| Carvana Co.<sup>\*</sup>  | 19982 | **6125282** |
| **BIOTECHNOLOGY—12.5%** | **BIOTECHNOLOGY—12.5%** | **BIOTECHNOLOGY—12.5%** |
| Abivax SA ADR<sup>\*</sup>  | 44159 | 4522764 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 26213 | 5284541 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 29980 | 3275015 |
| Exact Sciences Corp.<sup>\*</sup>  | 140041 | 9059252 |
| Insmed, Inc.<sup>\*</sup>  | 21135 | 4007196 |
| Natera, Inc.<sup>\*</sup>  | 44106 | 8774007 |
| uniQure NV<sup>\*</sup>  | 81392 | 5509425 |
|  |  | **40432200** |
| **BROADLINE RETAIL—1.4%** | **BROADLINE RETAIL—1.4%** | **BROADLINE RETAIL—1.4%** |
| Sea Ltd. , Cl. A ADR<sup>\*</sup>  | 29162 | **4556562** |
| **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** |
| Comfort Systems USA, Inc. | 13420 | **12958084** |
| **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** |
| Martin Marietta Materials, Inc. | 7290 | **4469499** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.8%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.8%** |
| Vertiv Holdings Co., Cl. A | 47568 | **9173964** |
| **ELECTRONIC COMPONENTS—3.2%** | **ELECTRONIC COMPONENTS—3.2%** | **ELECTRONIC COMPONENTS—3.2%** |
| Amphenol Corp., Cl. A | 73450 | **10234523** |
| **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 8527 | **5367832** |
| **HEALTHCARE SERVICES—2.0%** | **HEALTHCARE SERVICES—2.0%** | **HEALTHCARE SERVICES—2.0%** |
| Guardant Health, Inc.<sup>\*</sup>  | 70998 | **6604234** |
| **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 30588 | **4042510** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 20853 | 8336612 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.7% (CONT.)** | **COMMON STOCKS—95.7% (CONT.)** | **COMMON STOCKS—95.7% (CONT.)** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.1% (CONT.)** |
| Vistra Corp. | 25953 | **$** 4886950 |
|  |  | **13223562** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.7%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.7%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 12429 | **5326199** |
| **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 61910 | **7040405** |
| **INTERNET SERVICES & INFRASTRUCTURE—7.3%** | **INTERNET SERVICES & INFRASTRUCTURE—7.3%** | **INTERNET SERVICES & INFRASTRUCTURE—7.3%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 51842 | 13131579 |
| CoreWeave, Inc., Cl. A<sup>\*</sup>  | 49767 | 6654345 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 28551 | 3850959 |
|  |  | **23636883** |
| **INVESTMENT BANKING & BROKERAGE—4.6%** | **INVESTMENT BANKING & BROKERAGE—4.6%** | **INVESTMENT BANKING & BROKERAGE—4.6%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 100126 | **14696494** |
| **LIFE & HEALTH INSURANCE—0.8%** | **LIFE & HEALTH INSURANCE—0.8%** | **LIFE & HEALTH INSURANCE—0.8%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 149427 | **2689686** |
| **LIFE SCIENCES TOOLS & SERVICES—5.5%** | **LIFE SCIENCES TOOLS & SERVICES—5.5%** | **LIFE SCIENCES TOOLS & SERVICES—5.5%** |
| Repligen Corp.<sup>\*</sup>  | 66738 | 9947966 |
| West Pharmaceutical Services, Inc. | 14453 | 4076758 |
| WuXi AppTec Co., Ltd., Cl. H | 262357 | 3665946 |
|  |  | **17690670** |
| **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** |
| Spotify Technology SA<sup>\*</sup>  | 8408 | 5509930 |
| TKO Group Holdings, Inc., Cl. A | 28074 | 5289142 |
|  |  | **10799072** |
| **PERSONAL CARE PRODUCTS—1.8%** | **PERSONAL CARE PRODUCTS—1.8%** | **PERSONAL CARE PRODUCTS—1.8%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 47556 | **5808490** |
| **RESTAURANTS—1.9%** | **RESTAURANTS—1.9%** | **RESTAURANTS—1.9%** |
| Wingstop, Inc. | 28036 | **6073439** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—1.2%** |
| Onto Innovation, Inc.<sup>\*</sup>  | 28069 | **3788192** |
| **SEMICONDUCTORS—4.1%** | **SEMICONDUCTORS—4.1%** | **SEMICONDUCTORS—4.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 32867 | 6135612 |
| Monolithic Power Systems, Inc. | 6983 | 7017915 |
|  |  | **13153527** |
| **SYSTEMS SOFTWARE—3.4%** | **SYSTEMS SOFTWARE—3.4%** | **SYSTEMS SOFTWARE—3.4%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 84716 | **11082547** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.3%** |
| IonQ, Inc.<sup>\*</sup>  | 65644 | **4094873** |
| **TRADING COMPANIES & DISTRIBUTORS—5.4%** | **TRADING COMPANIES & DISTRIBUTORS—5.4%** | **TRADING COMPANIES & DISTRIBUTORS—5.4%** |
| FTAI Aviation Ltd. | 57877 | 10006933 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.7% (CONT.)** | **COMMON STOCKS—95.7% (CONT.)** | **COMMON STOCKS—95.7% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—5.4% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—5.4% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—5.4% (CONT.)** |
| QXO, Inc.<sup>\*</sup>  | 140403 | **$** 2480921 |
| United Rentals, Inc. | 5513 | 4802816 |
|  |  | **17290670** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $218,931,655) |  | **308677702** |
| **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** |
| **APPLICATION SOFTWARE—4.3%** | **APPLICATION SOFTWARE—4.3%** | **APPLICATION SOFTWARE—4.3%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 54295 | 8144250 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 16310 | 2446500 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 188526 | 3244532 |
|  |  | **13835282** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $10,713,320) |  | **13835282** |
| **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, 3.95%<sup>(b)</sup>  | 770459 | **770459** |
| (Cost $770,459) |  | **770459** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $230,415,434)** | 100.2% | **$323283443** |
| Unaffiliated Securities (Cost $230,415,434) |  | 323283443 |
| Liabilities in Excess of Other Assets | (0.2)% | (621928) |
| **NET ASSETS** | 100.0% | **$322661515** |

---

&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.<br>|
| (b) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | 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>10/31/2025<br>|
| Databricks, Inc., Series J | 12/17/24 | $5022288 | $8144250 | 2.5% |
| Databricks, Inc., Series K | 9/8/25 | 2446500 | 2446500 | 0.8% |
| SB Technology, Inc., Series E | 10/23/24-12/18/24 | 3244532 | 3244532 | 1.0% |
| Total |  | $10713320 | $13835282 | 4.3% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **AEROSPACE & DEFENSE—5.6%** | **AEROSPACE & DEFENSE—5.6%** | **AEROSPACE & DEFENSE—5.6%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 7088 | **$** 5190046 |
| HEICO Corp. | 13973 | 4440200 |
| Howmet Aerospace, Inc. | 32372 | 6667014 |
|  |  | **16297260** |
| **APPAREL RETAIL—1.0%** | **APPAREL RETAIL—1.0%** | **APPAREL RETAIL—1.0%** |
| Burlington Stores, Inc.<sup>\*</sup>  | 10446 | **2857921** |
| **APPLICATION SOFTWARE—9.8%** | **APPLICATION SOFTWARE—9.8%** | **APPLICATION SOFTWARE—9.8%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 12833 | 8178856 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 300889 | 5539366 |
| Constellation Software, Inc. | 747 | 1965874 |
| Fair Isaac Corp.<sup>\*</sup>  | 1575 | 2613760 |
| Guidewire Software, Inc.<sup>\*</sup>  | 17402 | 4065803 |
| Procore Technologies, Inc.<sup>\*</sup>  | 18723 | 1382132 |
| The Descartes Systems Group, Inc.<sup>\*</sup>  | 51193 | 4521248 |
|  |  | **28267039** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.6%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.6%** |
| Ares Management Corp., Cl. A | 15213 | 2262325 |
| Blue Owl Capital, Inc., Cl. A | 327009 | 5156932 |
|  |  | **7419257** |
| **AUTOMOTIVE RETAIL—3.9%** | **AUTOMOTIVE RETAIL—3.9%** | **AUTOMOTIVE RETAIL—3.9%** |
| Carvana Co.<sup>\*</sup>  | 15468 | 4741561 |
| O'Reilly Automotive, Inc.<sup>\*</sup>  | 70025 | 6613161 |
|  |  | **11354722** |
| **BIOTECHNOLOGY—5.2%** | **BIOTECHNOLOGY—5.2%** | **BIOTECHNOLOGY—5.2%** |
| Abivax SA ADR<sup>\*</sup>  | 29912 | 3063587 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 18568 | 2028368 |
| Natera, Inc.<sup>\*</sup>  | 31755 | 6317022 |
| uniQure NV<sup>\*</sup>  | 29582 | 2002406 |
| Vaxcyte, Inc.<sup>\*</sup>  | 33862 | 1533271 |
|  |  | **14944654** |
| **BUILDING PRODUCTS—0.9%** | **BUILDING PRODUCTS—0.9%** | **BUILDING PRODUCTS—0.9%** |
| Builders FirstSource, Inc.<sup>\*</sup>  | 22435 | **2606274** |
| **CARGO GROUND TRANSPORTATION—0.5%** | **CARGO GROUND TRANSPORTATION—0.5%** | **CARGO GROUND TRANSPORTATION—0.5%** |
| Saia, Inc.<sup>\*</sup>  | 5242 | **1533285** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.0%** |
| Rocket Cos., Inc., Cl. A | 170539 | **2841180** |
| **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** |
| Comfort Systems USA, Inc. | 6998 | **6757129** |
| **CONSTRUCTION MATERIALS—0.9%** | **CONSTRUCTION MATERIALS—0.9%** | **CONSTRUCTION MATERIALS—0.9%** |
| Martin Marietta Materials, Inc. | 4178 | **2561532** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** |
| Vertiv Holdings Co., Cl. A | 39431 | **$7604663** |
| **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** | **ELECTRONIC COMPONENTS—2.2%** |
| Amphenol Corp., Cl. A | 44998 | **6270021** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.9%** |
| GFL Environmental, Inc. | 188543 | **8237444** |
| **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** | **HEALTHCARE EQUIPMENT—1.6%** |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 7179 | **4519252** |
| **HEALTHCARE FACILITIES—0.5%** | **HEALTHCARE FACILITIES—0.5%** | **HEALTHCARE FACILITIES—0.5%** |
| Encompass Health Corp. | 12000 | **1366200** |
| **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** | **HEALTHCARE TECHNOLOGY—0.5%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 5054 | **1471725** |
| **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** | **HOME IMPROVEMENT RETAIL—0.2%** |
| Floor & Decor Holdings, Inc., Cl. A<sup>\*</sup>  | 10573 | **660601** |
| **HOMEBUILDING—1.0%** | **HOMEBUILDING—1.0%** | **HOMEBUILDING—1.0%** |
| NVR, Inc.<sup>\*</sup>  | 396 | **2855485** |
| **HOMEFURNISHING RETAIL—1.0%** | **HOMEFURNISHING RETAIL—1.0%** | **HOMEFURNISHING RETAIL—1.0%** |
| Wayfair, Inc., Cl. A<sup>\*</sup>  | 26562 | **2749433** |
| **HOTELS RESORTS & CRUISE LINES—1.9%** | **HOTELS RESORTS & CRUISE LINES—1.9%** | **HOTELS RESORTS & CRUISE LINES—1.9%** |
| Hilton Worldwide Holdings, Inc. | 21447 | **5511021** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.3%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.3%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.3%** |
| Talen Energy Corp.<sup>\*</sup>  | 18258 | 7299183 |
| Vistra Corp. | 26422 | 4975263 |
|  |  | **12274446** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.2%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 14653 | **6279250** |
| **INSURANCE BROKERS—1.3%** | **INSURANCE BROKERS—1.3%** | **INSURANCE BROKERS—1.3%** |
| Ryan Specialty Holdings, Inc., Cl. A | 69381 | **3802079** |
| **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 56555 | **6431434** |
| **INTERNET SERVICES & INFRASTRUCTURE—6.5%** | **INTERNET SERVICES & INFRASTRUCTURE—6.5%** | **INTERNET SERVICES & INFRASTRUCTURE—6.5%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 42593 | 10788807 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 10759 | 3871303 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 31280 | 4219047 |
|  |  | **18879157** |
| **INVESTMENT BANKING & BROKERAGE—2.4%** | **INVESTMENT BANKING & BROKERAGE—2.4%** | **INVESTMENT BANKING & BROKERAGE—2.4%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 47464 | **6966766** |
| **LIFE & HEALTH INSURANCE—0.5%** | **LIFE & HEALTH INSURANCE—0.5%** | **LIFE & HEALTH INSURANCE—0.5%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 74495 | **1340910** |
| **LIFE SCIENCES TOOLS & SERVICES—4.1%** | **LIFE SCIENCES TOOLS & SERVICES—4.1%** | **LIFE SCIENCES TOOLS & SERVICES—4.1%** |
| Repligen Corp.<sup>\*</sup>  | 50308 | 7498911 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** | **COMMON STOCKS—97.8% (CONT.)** |
| **LIFE SCIENCES TOOLS & SERVICES—4.1% (CONT.)** | **LIFE SCIENCES TOOLS & SERVICES—4.1% (CONT.)** | **LIFE SCIENCES TOOLS & SERVICES—4.1% (CONT.)** |
| West Pharmaceutical Services, Inc. | 15718 | **$** 4433576 |
|  |  | **11932487** |
| **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** |
| Spotify Technology SA<sup>\*</sup>  | 5966 | 3909639 |
| TKO Group Holdings, Inc., Cl. A | 29425 | 5543670 |
|  |  | **9453309** |
| **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** |
| e.l.f. Beauty, Inc.<sup>\*</sup>  | 44776 | **5468941** |
| **PROPERTY & CASUALTY INSURANCE—1.3%** | **PROPERTY & CASUALTY INSURANCE—1.3%** | **PROPERTY & CASUALTY INSURANCE—1.3%** |
| Intact Financial Corp. | 19880 | **3708391** |
| **REAL ESTATE SERVICES—4.5%** | **REAL ESTATE SERVICES—4.5%** | **REAL ESTATE SERVICES—4.5%** |
| CBRE Group, Inc., Cl. A<sup>\*</sup>  | 49204 | 7500166 |
| CoStar Group, Inc.<sup>\*</sup>  | 79934 | 5500258 |
|  |  | **13000424** |
| **RESEARCH & CONSULTING SERVICES—1.8%** | **RESEARCH & CONSULTING SERVICES—1.8%** | **RESEARCH & CONSULTING SERVICES—1.8%** |
| Verisk Analytics, Inc. | 23843 | **5215895** |
| **RESTAURANTS—1.2%** | **RESTAURANTS—1.2%** | **RESTAURANTS—1.2%** |
| Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 65513 | 2076107 |
| Wingstop, Inc. | 6462 | 1399863 |
|  |  | **3475970** |
| **SEMICONDUCTORS—2.7%** | **SEMICONDUCTORS—2.7%** | **SEMICONDUCTORS—2.7%** |
| Astera Labs, Inc.<sup>\*</sup>  | 14298 | 2669151 |
| Marvell Technology, Inc. | 12307 | 1153658 |
| Monolithic Power Systems, Inc. | 3938 | 3957690 |
|  |  | **7780499** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.0%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 97813 | **5891277** |
| **SYSTEMS SOFTWARE—2.5%** | **SYSTEMS SOFTWARE—2.5%** | **SYSTEMS SOFTWARE—2.5%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 55904 | **7313361** |
| **TRADING COMPANIES & DISTRIBUTORS—5.0%** | **TRADING COMPANIES & DISTRIBUTORS—5.0%** | **TRADING COMPANIES & DISTRIBUTORS—5.0%** |
| FTAI Aviation Ltd. | 49027 | 8476768 |
| QXO, Inc.<sup>\*</sup>  | 124915 | 2207248 |
| United Rentals, Inc. | 4401 | 3834063 |
|  |  | **14518079** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $203,714,278) |  | **282418773** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** | **PREFERRED STOCKS—0.4%** |
| **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** | **APPLICATION SOFTWARE—0.4%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 59020 | **$1015734** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,015,734) |  | **1015734** |
| **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 VEHICLE—0.2%** | **SPECIAL PURPOSE VEHICLE—0.2%** | **SPECIAL PURPOSE VEHICLE—0.2%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.2%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.2%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.2%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 502561 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 200705 |
|  |  | **703266** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $1,675,000) |  | **703266** |
| **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) |  | **—** |
| **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, 3.95%<sup>(c)</sup>  | 4931050 | **4931050** |
| (Cost $4,931,050) |  | **4931050** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $211,651,564)** | 100.1% | **$289068823** |
| Affiliated Securities (Cost $1,675,000) |  | 703266 |
| Unaffiliated Securities (Cost $209,976,564) |  | 288365557 |
| Liabilities in Excess of Other Assets | (0.1)% | (396594) |
| **NET ASSETS** | 100.0% | **$288672229** |

---

&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.<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 October 31, 2025. |
| \* | 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 MID CAP GROWTH FUND**

**Schedule of Investments October 31, 2025 (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>10/31/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1200000 | $502561 | 0.2% |
| Crosslink Ventures C, LLC, Cl. B | 2/16/20 | 475000 | 200705 | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 1015734 | 1015734 | 0.4% |
| Tolero CDR | 2/6/17 | 315502 |  | 0.0% |
| Total |  | $3006236 | $1719000 | 0.6% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5%** | **COMMON STOCKS—98.5%** | **COMMON STOCKS—98.5%** |
| **AEROSPACE & DEFENSE—7.1%** | **AEROSPACE & DEFENSE—7.1%** | **AEROSPACE & DEFENSE—7.1%** |
| AeroVironment, Inc.<sup>\*</sup>  | 7353 | **$** 2719948 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 88769 | 995988 |
| Bombardier, Inc., Cl. B<sup>\*</sup>  | 33150 | 4631853 |
| Howmet Aerospace, Inc. | 5138 | 1058171 |
| Karman Holdings, Inc.<sup>\*</sup>  | 16164 | 1361656 |
| Loar Holdings, Inc.<sup>\*</sup>  | 24287 | 1921830 |
| VSE Corp. | 9434 | 1704535 |
|  |  | **14393981** |
| **APPAREL RETAIL—2.6%** | **APPAREL RETAIL—2.6%** | **APPAREL RETAIL—2.6%** |
| Abercrombie & Fitch Co., Cl. A<sup>\*</sup>  | 10345 | 750530 |
| Aritzia, Inc.<sup>\*</sup>  | 33437 | 2335619 |
| Victoria's Secret & Co.<sup>\*</sup>  | 62119 | 2189695 |
|  |  | **5275844** |
| **APPLICATION SOFTWARE—11.0%** | **APPLICATION SOFTWARE—11.0%** | **APPLICATION SOFTWARE—11.0%** |
| Blackbaud, Inc.<sup>\*</sup>  | 31115 | 1992605 |
| BlackLine, Inc.<sup>\*</sup>  | 28617 | 1638323 |
| Clearwater Analytics Holdings, Inc., Cl. A<sup>\*</sup>  | 47146 | 867958 |
| Guidewire Software, Inc.<sup>\*</sup>  | 12543 | 2930547 |
| InterDigital, Inc. | 13197 | 4776786 |
| Manhattan Associates, Inc.<sup>\*</sup>  | 712 | 129634 |
| nCino, Inc.<sup>\*</sup>  | 61433 | 1639032 |
| PAR Technology Corp.<sup>\*</sup>  | 8078 | 285477 |
| Q2 Holdings, Inc.<sup>\*</sup>  | 48616 | 3002524 |
| Riot Platforms, Inc.<sup>\*</sup>  | 33657 | 665735 |
| SPS Commerce, Inc.<sup>\*</sup>  | 21442 | 1763390 |
| Terawulf, Inc.<sup>\*</sup>  | 107491 | 1666111 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 45896 | 1051018 |
|  |  | **22409140** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.8%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 78477 | 2747480 |
| Hamilton Lane, Inc., Cl. A | 6971 | 794415 |
|  |  | **3541895** |
| **AUTOMOTIVE PARTS & EQUIPMENT—0.7%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.7%** | **AUTOMOTIVE PARTS & EQUIPMENT—0.7%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 9856 | **1510038** |
| **BIOTECHNOLOGY—19.0%** | **BIOTECHNOLOGY—19.0%** | **BIOTECHNOLOGY—19.0%** |
| Abivax SA ADR<sup>\*</sup>  | 22360 | 2290111 |
| Absci Corp.<sup>\*</sup>  | 664714 | 2844976 |
| Akero Therapeutics, Inc.<sup>\*</sup>  | 63421 | 3437418 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 42435 | 1798820 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 14514 | 909157 |
| CareDx, Inc.<sup>\*</sup>  | 114238 | 1713570 |
| Centessa Pharmaceuticals PLC ADR<sup>\*</sup>  | 55271 | 1376248 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** |
| **BIOTECHNOLOGY—19.0% (CONT.)** | **BIOTECHNOLOGY—19.0% (CONT.)** | **BIOTECHNOLOGY—19.0% (CONT.)** |
| Exact Sciences Corp.<sup>\*</sup>  | 36594 | **$** 2367266 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 157755 | 2041350 |
| Insmed, Inc.<sup>\*</sup>  | 27219 | 5160722 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 14148 | 1051196 |
| Natera, Inc.<sup>\*</sup>  | 21533 | 4283560 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 44863 | 4455793 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 8035 | 641514 |
| Rezolute, Inc.<sup>\*</sup>  | 107757 | 1004295 |
| Soleno Therapeutics, Inc.<sup>\*</sup>  | 14002 | 940374 |
| Twist Bioscience Corp.<sup>\*</sup>  | 52305 | 1720312 |
| uniQure NV<sup>\*</sup>  | 9001 | 609278 |
|  |  | **38645960** |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| CSW Industrials, Inc. | 14932 | **3739271** |
| **CONSTRUCTION & ENGINEERING—3.4%** | **CONSTRUCTION & ENGINEERING—3.4%** | **CONSTRUCTION & ENGINEERING—3.4%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 16934 | 1936403 |
| Tutor Perini Corp.<sup>\*</sup>  | 73479 | 4949545 |
|  |  | **6885948** |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 9436 | **448399** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.4%** |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 9391 | **828850** |
| **EDUCATION SERVICES—0.8%** | **EDUCATION SERVICES—0.8%** | **EDUCATION SERVICES—0.8%** |
| Universal Technical Institute, Inc.<sup>\*</sup>  | 56034 | **1665330** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| IDACORP, Inc. | 7478 | **964812** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.1%** |
| Enovix Corp.<sup>\*</sup>  | 187417 | **2247130** |
| **ELECTRONIC MANUFACTURING SERVICES—2.1%** | **ELECTRONIC MANUFACTURING SERVICES—2.1%** | **ELECTRONIC MANUFACTURING SERVICES—2.1%** |
| Fabrinet<sup>\*</sup>  | 9551 | **4207884** |
| **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—0.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 7687 | **680838** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| Gemini Space Station, Inc., Cl. A<sup>\*</sup>  | 1166 | 21396 |
| MarketAxess Holdings, Inc. | 6395 | 1023584 |
|  |  | **1044980** |
| **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** |
| Glaukos Corp.<sup>\*</sup>  | 11212 | 987441 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 3646998 | 131292 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 14308 | 2679888 |
| Penumbra, Inc.<sup>\*</sup>  | 5148 | 1170501 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** |
| **HEALTHCARE EQUIPMENT—3.3% (CONT.)** | **HEALTHCARE EQUIPMENT—3.3% (CONT.)** | **HEALTHCARE EQUIPMENT—3.3% (CONT.)** |
| TransMedics Group, Inc.<sup>\*</sup>  | 13287 | **$** 1747772 |
|  |  | **6716894** |
| **HEALTHCARE SERVICES—3.4%** | **HEALTHCARE SERVICES—3.4%** | **HEALTHCARE SERVICES—3.4%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 24212 | 3314865 |
| Guardant Health, Inc.<sup>\*</sup>  | 37958 | 3530853 |
|  |  | **6845718** |
| **HEALTHCARE SUPPLIES—0.3%** | **HEALTHCARE SUPPLIES—0.3%** | **HEALTHCARE SUPPLIES—0.3%** |
| Neogen Corp.<sup>\*</sup>  | 92459 | **570472** |
| **HEALTHCARE TECHNOLOGY—0.8%** | **HEALTHCARE TECHNOLOGY—0.8%** | **HEALTHCARE TECHNOLOGY—0.8%** |
| Certara, Inc.<sup>\*</sup>  | 40846 | 475039 |
| HeartFlow, Inc.<sup>\*</sup>  | 32701 | 1215169 |
|  |  | **1690208** |
| **HEAVY ELECTRICAL EQUIPMENT—1.1%** | **HEAVY ELECTRICAL EQUIPMENT—1.1%** | **HEAVY ELECTRICAL EQUIPMENT—1.1%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 16536 | **2185398** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.1%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.1%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—5.1%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 194148 | 4286788 |
| RBC Bearings, Inc.<sup>\*</sup>  | 14098 | 6041416 |
|  |  | **10328204** |
| **INTERACTIVE MEDIA & SERVICES—1.1%** | **INTERACTIVE MEDIA & SERVICES—1.1%** | **INTERACTIVE MEDIA & SERVICES—1.1%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 10583 | **2211318** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.7%** | **INTERNET SERVICES & INFRASTRUCTURE—1.7%** | **INTERNET SERVICES & INFRASTRUCTURE—1.7%** |
| Whitefiber, Inc.<sup>\*</sup>  | 34979 | 1188936 |
| Wix.com Ltd.<sup>\*</sup>  | 14804 | 2154574 |
|  |  | **3343510** |
| **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** | **INVESTMENT BANKING & BROKERAGE—0.5%** |
| Moelis & Co., Cl. A | 16610 | **1051911** |
| **LEISURE FACILITIES—1.8%** | **LEISURE FACILITIES—1.8%** | **LEISURE FACILITIES—1.8%** |
| Life Time Group Holdings, Inc.<sup>\*</sup>  | 34655 | 857018 |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 31819 | 2885665 |
|  |  | **3742683** |
| **LIFE SCIENCES TOOLS & SERVICES—7.3%** | **LIFE SCIENCES TOOLS & SERVICES—7.3%** | **LIFE SCIENCES TOOLS & SERVICES—7.3%** |
| 10X Genomics, Inc., Cl. A<sup>\*</sup>  | 38365 | 523298 |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 230283 | 3997713 |
| Bio-Techne Corp. | 50403 | 3153716 |
| CryoPort, Inc.<sup>\*</sup>  | 253082 | 2338478 |
| MaxCyte, Inc.<sup>\*</sup>  | 188744 | 290666 |
| Repligen Corp.<sup>\*</sup>  | 17791 | 2651926 |
| Tempus AI, Inc.<sup>\*</sup>  | 21161 | 1901316 |
|  |  | **14857113** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** | **COMMON STOCKS—98.5% (CONT.)** |
| **OIL & GAS EXPLORATION & PRODUCTION—0.4%** | **OIL & GAS EXPLORATION & PRODUCTION—0.4%** | **OIL & GAS EXPLORATION & PRODUCTION—0.4%** |
| Magnolia Oil & Gas Corp., Cl. A | 33135 | **$744212** |
| **PASSENGER AIRLINES—2.0%** | **PASSENGER AIRLINES—2.0%** | **PASSENGER AIRLINES—2.0%** |
| Joby Aviation, Inc.<sup>\*</sup>  | 236514 | **4101153** |
| **PERSONAL CARE PRODUCTS—0.6%** | **PERSONAL CARE PRODUCTS—0.6%** | **PERSONAL CARE PRODUCTS—0.6%** |
| Oddity Tech, Ltd., Cl. A<sup>\*</sup>  | 25636 | **1160029** |
| **RESTAURANTS—2.5%** | **RESTAURANTS—2.5%** | **RESTAURANTS—2.5%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 18473 | 1051668 |
| Shake Shack, Inc., Cl. A<sup>\*</sup>  | 25646 | 2475096 |
| Wingstop, Inc. | 7032 | 1523342 |
|  |  | **5050106** |
| **SEMICONDUCTORS—6.1%** | **SEMICONDUCTORS—6.1%** | **SEMICONDUCTORS—6.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 21243 | 3965643 |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 9442 | 1771508 |
| Rambus, Inc.<sup>\*</sup>  | 32527 | 3345077 |
| Universal Display Corp. | 21944 | 3231912 |
|  |  | **12314140** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—0.7%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 23944 | **1442147** |
| **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** | **SPECIALTY CHEMICALS—0.1%** |
| Balchem Corp. | 1712 | **262604** |
| **SYSTEMS SOFTWARE—3.3%** | **SYSTEMS SOFTWARE—3.3%** | **SYSTEMS SOFTWARE—3.3%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 40372 | 5281465 |
| Netskope, Inc., Cl. A<sup>\*</sup>  | 3613 | 85411 |
| Varonis Systems, Inc.<sup>\*</sup>  | 38804 | 1367065 |
|  |  | **6733941** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%** |
| IonQ, Inc.<sup>\*</sup>  | 27940 | **1742897** |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| FTAI Aviation Ltd. | 15834 | 2737699 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 34095 | 1660085 |
|  |  | **4397784** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $140,979,220) |  | **199982742** |
| **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** | **PREFERRED STOCKS—0.7%** |
| **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** | **APPLICATION SOFTWARE—0.5%** |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 61600 | **1060136** |
| **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) |  | **1485806** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **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 | **$** 16886 |
| Tolero CDR<sup>(a),\*,@</sup>  | 174782 |  |
|  |  | **16886** |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| Fusion Pharmaceuticals, Inc. CVR<sup>(a),\*,@</sup>  | 87642 | **100788** |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>(Cost $94,483) |  | **117674** |
| **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** | **SPECIAL PURPOSE VEHICLE—0.5%** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.5%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.5%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.5%** |
| Crosslink Ventures C, LLC, Cl. A<sup>(b),\*,@</sup>  |  | 753842 |
| Crosslink Ventures C, LLC, Cl. B<sup>(b),\*,@</sup>  |  | 200705 |
|  |  | **954547** |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE VEHICLE** <br>(Cost $2,275,000) |  | **954547** |
| **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** |
| **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(c)</sup>  | 1070797 | **1070797** |
| (Cost $1,070,797) |  | **1070797** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $145,870,331)** | 100.3% | **$203611566** |
| Affiliated Securities (Cost $2,275,000) |  | 954547 |
| Unaffiliated Securities (Cost $143,595,331) |  | 202657019 |
| Liabilities in Excess of Other Assets | (0.3)% | (618622) |
| **NET ASSETS** | 100.0% | **$202992944** |

---

&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.<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 October 31, 2025. |
| \* | 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 October 31, 2025 (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>10/31/2025<br>|
| Crosslink Ventures C, LLC, Cl. A | 10/2/20 | $1800000 | $753842 | 0.4% |
| Crosslink Ventures C, LLC, Cl. B | 12/16/20 | 475000 | 200705 | 0.1% |
| Fusion Pharmaceuticals, Inc. CVR | 6/5/24 |  | 100788 | 0.1% |
| Impulse Dynamics PLC, Series A | 2/11/22 | 3646998 | 131292 | 0.1% |
| Impulse Dynamics PLC, Series F-3 | 2/5/24 | 390695 | 425670 | 0.2% |
| Mirati Therapeutics, Inc. CVR | 1/24/24 |  | 16886 | 0.0% |
| SB Technology, Inc., Series E | 10/23/24 | 1060136 | 1060136 | 0.5% |
| Tolero CDR | 2/6/17 | 94483 |  | 0.0% |
| Total |  | $7467312 | $2689319 | 1.4% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.8%** | **COMMON STOCKS—93.8%** | **COMMON STOCKS—93.8%** |
| **AEROSPACE & DEFENSE—7.8%** | **AEROSPACE & DEFENSE—7.8%** | **AEROSPACE & DEFENSE—7.8%** |
| AeroVironment, Inc.<sup>\*</sup>  | 43435 | **$** 16067041 |
| Archer Aviation, Inc., Cl. A<sup>\*</sup>  | 467834 | 5249098 |
| Karman Holdings, Inc.<sup>\*</sup>  | 111288 | 9374901 |
| Loar Holdings, Inc.<sup>\*</sup>  | 235695 | 18650545 |
| VSE Corp. | 128552 | 23226775 |
|  |  | **72568360** |
| **APPLICATION SOFTWARE—7.2%** | **APPLICATION SOFTWARE—7.2%** | **APPLICATION SOFTWARE—7.2%** |
| Agilysys, Inc.<sup>\*</sup>  | 131983 | 16558587 |
| Guidewire Software, Inc.<sup>\*</sup>  | 75004 | 17523935 |
| nCino, Inc.<sup>\*</sup>  | 403516 | 10765807 |
| Riot Platforms, Inc.<sup>\*</sup>  | 465734 | 9212219 |
| Terawulf, Inc.<sup>\*</sup>  | 822783 | 12753136 |
|  |  | **66813684** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.5%** |
| Galaxy Digital, Inc., Cl. A<sup>\*</sup>  | 923832 | **32328027** |
| **AUTOMOTIVE PARTS & EQUIPMENT—2.3%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.3%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.3%** |
| Modine Manufacturing Co.<sup>\*</sup>  | 137096 | **21004478** |
| **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** |
| Abivax SA ADR<sup>\*</sup>  | 154768 | 15851339 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 215196 | 9122159 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 140997 | 8832052 |
| CareDx, Inc.<sup>\*</sup>  | 527308 | 7909620 |
| Exact Sciences Corp.<sup>\*</sup>  | 272699 | 17640898 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 496062 | 6419042 |
| Natera, Inc.<sup>\*</sup>  | 142263 | 28300379 |
| Palvella Therapeutics, Inc.<sup>\*</sup>  | 86562 | 6911110 |
| uniQure NV<sup>\*</sup>  | 148341 | 10041202 |
|  |  | **111027801** |
| **CONSTRUCTION & ENGINEERING—7.3%** | **CONSTRUCTION & ENGINEERING—7.3%** | **CONSTRUCTION & ENGINEERING—7.3%** |
| Construction Partners, Inc., Cl. A<sup>\*</sup>  | 154169 | 17629225 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 36969 | 13970585 |
| Tutor Perini Corp.<sup>\*</sup>  | 525927 | 35426443 |
|  |  | **67026253** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—1.5%** |
| Federal Signal Corp. | 119956 | **14158407** |
| **CONSUMER FINANCE—1.5%** | **CONSUMER FINANCE—1.5%** | **CONSUMER FINANCE—1.5%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 291233 | **13839392** |
| **ELECTRONIC MANUFACTURING SERVICES—1.1%** | **ELECTRONIC MANUFACTURING SERVICES—1.1%** | **ELECTRONIC MANUFACTURING SERVICES—1.1%** |
| Fabrinet<sup>\*</sup>  | 22997 | **10131788** |
| **HEALTHCARE EQUIPMENT—2.9%** | **HEALTHCARE EQUIPMENT—2.9%** | **HEALTHCARE EQUIPMENT—2.9%** |
| Glaukos Corp.<sup>\*</sup>  | 70758 | 6231657 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.8% (CONT.)** | **COMMON STOCKS—93.8% (CONT.)** | **COMMON STOCKS—93.8% (CONT.)** |
| **HEALTHCARE EQUIPMENT—2.9% (CONT.)** | **HEALTHCARE EQUIPMENT—2.9% (CONT.)** | **HEALTHCARE EQUIPMENT—2.9% (CONT.)** |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 110580 | **$** 20711634 |
|  |  | **26943291** |
| **HEALTHCARE SERVICES—6.2%** | **HEALTHCARE SERVICES—6.2%** | **HEALTHCARE SERVICES—6.2%** |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 184442 | 25251954 |
| Guardant Health, Inc.<sup>\*</sup>  | 343911 | 31990601 |
|  |  | **57242555** |
| **HEALTHCARE TECHNOLOGY—0.6%** | **HEALTHCARE TECHNOLOGY—0.6%** | **HEALTHCARE TECHNOLOGY—0.6%** |
| HeartFlow, Inc.<sup>\*</sup>  | 146476 | **5443048** |
| **HEAVY ELECTRICAL EQUIPMENT—1.5%** | **HEAVY ELECTRICAL EQUIPMENT—1.5%** | **HEAVY ELECTRICAL EQUIPMENT—1.5%** |
| Bloom Energy Corp., Cl. A<sup>\*</sup>  | 102262 | **13514946** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.8%** |
| Talen Energy Corp.<sup>\*</sup>  | 63945 | **25563932** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—7.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—7.3%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—7.3%** |
| RBC Bearings, Inc.<sup>\*</sup>  | 93319 | 39989991 |
| SPX Technologies, Inc.<sup>\*</sup>  | 123009 | 27540485 |
|  |  | **67530476** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.2%** | **INTERNET SERVICES & INFRASTRUCTURE—1.2%** | **INTERNET SERVICES & INFRASTRUCTURE—1.2%** |
| GDS Holdings, Ltd. ADR<sup>\*</sup>  | 300387 | **10723816** |
| **LIFE SCIENCES TOOLS & SERVICES—12.7%** | **LIFE SCIENCES TOOLS & SERVICES—12.7%** | **LIFE SCIENCES TOOLS & SERVICES—12.7%** |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 1664096 | 28888706 |
| BioLife Solutions, Inc.<sup>\*</sup>  | 1022610 | 28500141 |
| CryoPort, Inc.<sup>\*</sup>  | 1189762 | 10993401 |
| Repligen Corp.<sup>\*</sup>  | 198015 | 29516116 |
| Stevanato Group SpA | 778054 | 19622522 |
|  |  | **117520886** |
| **RESTAURANTS—2.8%** | **RESTAURANTS—2.8%** | **RESTAURANTS—2.8%** |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 179455 | 10216373 |
| Wingstop, Inc. | 72348 | 15672747 |
|  |  | **25889120** |
| **SEMICONDUCTORS—2.2%** | **SEMICONDUCTORS—2.2%** | **SEMICONDUCTORS—2.2%** |
| Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 110605 | **20751710** |
| **SYSTEMS SOFTWARE—4.1%** | **SYSTEMS SOFTWARE—4.1%** | **SYSTEMS SOFTWARE—4.1%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 288551 | **37748242** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.6%** |
| IonQ, Inc.<sup>\*</sup>  | 238810 | **14896968** |
| **TRADING COMPANIES & DISTRIBUTORS—3.7%** | **TRADING COMPANIES & DISTRIBUTORS—3.7%** | **TRADING COMPANIES & DISTRIBUTORS—3.7%** |
| FTAI Aviation Ltd. | 98517 | 17033589 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.8% (CONT.)** | **COMMON STOCKS—93.8% (CONT.)** | **COMMON STOCKS—93.8% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—3.7% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—3.7% (CONT.)** | **TRADING COMPANIES & DISTRIBUTORS—3.7% (CONT.)** |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 355686 | **$** 17318352 |
|  |  | **34351941** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $559,704,717) |  | **867019121** |
| **PREFERRED STOCKS—3.3%** | **PREFERRED STOCKS—3.3%** | **PREFERRED STOCKS—3.3%** |
| **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** |
| 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 $6,435) |  | **—** |
| **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, 3.95%<sup>(c)</sup>  | 19969503 | **19969503** |
| (Cost $19,969,503) |  | **19969503** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $607,632,778)** | 99.3% | **$917443042** |
| Affiliated Securities (Cost $27,952,123) |  | 30454418 |
| Unaffiliated Securities (Cost $579,680,655) |  | 886988624 |
| Other Assets in Excess of Liabilities | 0.7% | 6671449 |
| **NET ASSETS** | 100.0% | **$924114491** |

---

&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.<br>|
| (c) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | 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>10/31/2025<br>|
| Impulse Dynamics PLC, Series F-3 | 6/2/23-2/5/24 | $27952123 | $30454418 | 3.3% |
| Tolero CDR | 2/16/17 | 6435 |  | 0.0% |
| Total |  | $27958558 | $30454418 | 3.3% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **AEROSPACE & DEFENSE—14.5%** | **AEROSPACE & DEFENSE—14.5%** | **AEROSPACE & DEFENSE—14.5%** |
| AAR Corp.<sup>\*</sup>  | 185486 | **$** 15619776 |
| Cadre Holdings, Inc. | 183999 | 7812598 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup>  | 72170 | 6538602 |
| Loar Holdings, Inc.<sup>\*</sup>  | 79556 | 6295266 |
| VSE Corp. | 64787 | 11705715 |
|  |  | **47971957** |
| **APPLICATION SOFTWARE—4.6%** | **APPLICATION SOFTWARE—4.6%** | **APPLICATION SOFTWARE—4.6%** |
| Agilysys, Inc.<sup>\*</sup>  | 38154 | 4786801 |
| nCino, Inc.<sup>\*</sup>  | 230870 | 6159612 |
| SPS Commerce, Inc.<sup>\*</sup>  | 22518 | 1851880 |
| Vertex, Inc., Cl. A<sup>\*</sup>  | 98560 | 2257024 |
|  |  | **15055317** |
| **ASSET MANAGEMENT & CUSTODY BANKS—5.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—5.0%** | **ASSET MANAGEMENT & CUSTODY BANKS—5.0%** |
| Hamilton Lane, Inc., Cl. A | 40418 | 4606035 |
| StepStone Group, Inc., Cl. A | 196039 | 11934855 |
|  |  | **16540890** |
| **BIOTECHNOLOGY—12.7%** | **BIOTECHNOLOGY—12.7%** | **BIOTECHNOLOGY—12.7%** |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup>  | 476434 | 10815052 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 3424 | 254403 |
| Natera, Inc.<sup>\*</sup>  | 96699 | 19236332 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 125568 | 4344653 |
| Veracyte, Inc.<sup>\*</sup>  | 196868 | 7102997 |
|  |  | **41753437** |
| **BROADLINE RETAIL—1.9%** | **BROADLINE RETAIL—1.9%** | **BROADLINE RETAIL—1.9%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup>  | 52496 | **6342042** |
| **CARGO GROUND TRANSPORTATION—1.4%** | **CARGO GROUND TRANSPORTATION—1.4%** | **CARGO GROUND TRANSPORTATION—1.4%** |
| RXO, Inc.<sup>\*</sup>  | 254179 | **4506594** |
| **CONSTRUCTION & ENGINEERING—5.8%** | **CONSTRUCTION & ENGINEERING—5.8%** | **CONSTRUCTION & ENGINEERING—5.8%** |
| Legence Corp., Cl. A<sup>\*</sup>  | 145060 | 6001132 |
| Sterling Infrastructure, Inc.<sup>\*</sup>  | 16544 | 6251978 |
| Tutor Perini Corp.<sup>\*</sup>  | 101136 | 6812521 |
|  |  | **19065631** |
| **CONSUMER FINANCE—2.9%** | **CONSUMER FINANCE—2.9%** | **CONSUMER FINANCE—2.9%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 200398 | **9522913** |
| **DATA PROCESSING & OUTSOURCED SERVICES—0.9%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.9%** | **DATA PROCESSING & OUTSOURCED SERVICES—0.9%** |
| Verra Mobility Corp.<sup>\*</sup>  | 127719 | **2964358** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** |
| Novanta, Inc.<sup>\*</sup>  | 49581 | **6297283** |
| **ENVIRONMENTAL & FACILITIES SERVICES—5.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—5.3%** | **ENVIRONMENTAL & FACILITIES SERVICES—5.3%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 111937 | 9914260 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **ENVIRONMENTAL & FACILITIES SERVICES—5.3% (CONT.)** | **ENVIRONMENTAL & FACILITIES SERVICES—5.3% (CONT.)** | **ENVIRONMENTAL & FACILITIES SERVICES—5.3% (CONT.)** |
| Montrose Environmental Group, Inc.<sup>\*</sup>  | 286625 | **$** 7417855 |
|  |  | **17332115** |
| **HEALTHCARE EQUIPMENT—8.6%** | **HEALTHCARE EQUIPMENT—8.6%** | **HEALTHCARE EQUIPMENT—8.6%** |
| Artivion, Inc.<sup>\*</sup>  | 297299 | 13488455 |
| Glaukos Corp.<sup>\*</sup>  | 58925 | 5189525 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 2986209 | 107503 |
| Inmode, Ltd.<sup>\*</sup>  | 109719 | 1620550 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 42379 | 7937587 |
|  |  | **28343620** |
| **HEALTHCARE SERVICES—3.1%** | **HEALTHCARE SERVICES—3.1%** | **HEALTHCARE SERVICES—3.1%** |
| RadNet, Inc.<sup>\*</sup>  | 132948 | **10102718** |
| **HEALTHCARE SUPPLIES—0.6%** | **HEALTHCARE SUPPLIES—0.6%** | **HEALTHCARE SUPPLIES—0.6%** |
| Neogen Corp.<sup>\*</sup>  | 327405 | **2020089** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.7%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.7%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—1.7%** |
| First Advantage Corp.<sup>\*</sup>  | 457051 | **5772554** |
| **INSURANCE BROKERS—0.4%** | **INSURANCE BROKERS—0.4%** | **INSURANCE BROKERS—0.4%** |
| Accelerant Holdings, Cl. A<sup>\*</sup>  | 129674 | **1506812** |
| **INVESTMENT BANKING & BROKERAGE—1.3%** | **INVESTMENT BANKING & BROKERAGE—1.3%** | **INVESTMENT BANKING & BROKERAGE—1.3%** |
| Piper Sandler Cos. | 13892 | **4435160** |
| **LEISURE FACILITIES—2.8%** | **LEISURE FACILITIES—2.8%** | **LEISURE FACILITIES—2.8%** |
| Planet Fitness, Inc., Cl. A<sup>\*</sup>  | 101074 | **9166401** |
| **MANAGED HEALTHCARE—2.6%** | **MANAGED HEALTHCARE—2.6%** | **MANAGED HEALTHCARE—2.6%** |
| Progyny, Inc.<sup>\*</sup>  | 452638 | **8468857** |
| **PROPERTY & CASUALTY INSURANCE—2.1%** | **PROPERTY & CASUALTY INSURANCE—2.1%** | **PROPERTY & CASUALTY INSURANCE—2.1%** |
| Neptune Insurance Holdings, Inc., Cl. A<sup>\*</sup>  | 32162 | 825920 |
| Palomar Holdings, Inc.<sup>\*</sup>  | 52788 | 6018360 |
|  |  | **6844280** |
| **REAL ESTATE SERVICES—6.1%** | **REAL ESTATE SERVICES—6.1%** | **REAL ESTATE SERVICES—6.1%** |
| Compass, Inc., Cl. A<sup>\*</sup>  | 533690 | 4114750 |
| FirstService Corp. | 100403 | 16005242 |
|  |  | **20119992** |
| **RESTAURANTS—2.2%** | **RESTAURANTS—2.2%** | **RESTAURANTS—2.2%** |
| First Watch Restaurant Group, Inc.<sup>\*</sup>  | 164402 | 2710989 |
| Wingstop, Inc. | 21048 | 4559628 |
|  |  | **7270617** |
| **SEMICONDUCTORS—5.1%** | **SEMICONDUCTORS—5.1%** | **SEMICONDUCTORS—5.1%** |
| Impinj, Inc.<sup>\*</sup>  | 12685 | 2564400 |
| Semtech Corp.<sup>\*</sup>  | 190178 | 12905479 |
| SiTime Corp.<sup>\*</sup>  | 4310 | 1248348 |
|  |  | **16718227** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER WEATHERBIE SPECIALIZED GROWTH FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** | **COMMON STOCKS—98.0% (CONT.)** |
| **TRADING COMPANIES & DISTRIBUTORS—4.5%** | **TRADING COMPANIES & DISTRIBUTORS—4.5%** | **TRADING COMPANIES & DISTRIBUTORS—4.5%** |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 59479 | **$** 7718590 |
| Transcat, Inc.<sup>\*</sup>  | 62156 | 4515633 |
| Xometry, Inc., Cl. A<sup>\*</sup>  | 54125 | 2635346 |
|  |  | **14869569** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $238,624,037) |  | **322991433** |
| **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, 3.95%<sup>(b)</sup>  | 7351742 | **7351742** |
| (Cost $7,351,742) |  | **7351742** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $245,975,779)** | 100.2% | **$330343175** |
| Unaffiliated Securities (Cost $245,975,779) |  | 330343175 |
| Liabilities in Excess of Other Assets | (0.2)% | (754316) |
| **NET ASSETS** | 100.0% | **$329588859** |

---

&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.<br>|
| (b) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | 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>10/31/2025<br>|
| Impulse Dynamics PLC, Series A | 2/11/22 | $2986210 | $107503 | 0.0% |
| Total |  | $2986210 | $107503 | 0.0% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** |
| **BELGIUM—3.0%** | **BELGIUM—3.0%** | **BELGIUM—3.0%** |
| **PHARMACEUTICALS—3.0%** | **PHARMACEUTICALS—3.0%** | **PHARMACEUTICALS—3.0%** |
| UCB SA | 20288 | **$5216897** |
| (Cost $3,523,494) |  |  |
| **BRAZIL—5.0%** | **BRAZIL—5.0%** | **BRAZIL—5.0%** |
| **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** |
| MercadoLibre, Inc. \* | 1853 | 4312413 |
| **DIVERSIFIED BANKS—2.6%** | **DIVERSIFIED BANKS—2.6%** | **DIVERSIFIED BANKS—2.6%** |
| NU Holdings, Ltd., Cl. A \* | 279542 | 4503421 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $5,454,794) |  | **8815834** |
| **CANADA—7.1%** | **CANADA—7.1%** | **CANADA—7.1%** |
| **COAL & CONSUMABLE FUELS—1.9%** | **COAL & CONSUMABLE FUELS—1.9%** | **COAL & CONSUMABLE FUELS—1.9%** |
| Cameco Corp. | 32068 | 3277336 |
| **DIVERSIFIED SUPPORT SERVICES—1.8%** | **DIVERSIFIED SUPPORT SERVICES—1.8%** | **DIVERSIFIED SUPPORT SERVICES—1.8%** |
| Element Fleet Management Corp. | 114661 | 3092671 |
| **INTERNET SERVICES & INFRASTRUCTURE—3.4%** | **INTERNET SERVICES & INFRASTRUCTURE—3.4%** | **INTERNET SERVICES & INFRASTRUCTURE—3.4%** |
| Shopify, Inc., Cl. A \* | 34782 | 6047512 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $8,356,031) |  | **12417519** |
| **CHINA—7.1%** | **CHINA—7.1%** | **CHINA—7.1%** |
| **INTERACTIVE MEDIA & SERVICES—3.9%** | **INTERACTIVE MEDIA & SERVICES—3.9%** | **INTERACTIVE MEDIA & SERVICES—3.9%** |
| Tencent Holdings, Ltd. | 83406 | 6774883 |
| **PHARMACEUTICALS—1.9%** | **PHARMACEUTICALS—1.9%** | **PHARMACEUTICALS—1.9%** |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd., Cl. H \* | 353895 | 3429866 |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.3%** |
| Xiaomi Corp., Cl. B \* | 399233 | 2214910 |
| &nbsp;&nbsp;&nbsp; **TOTAL CHINA** <br>(Cost $12,437,674) |  | **12419659** |
| **DENMARK—3.0%** | **DENMARK—3.0%** | **DENMARK—3.0%** |
| **BIOTECHNOLOGY—3.0%** | **BIOTECHNOLOGY—3.0%** | **BIOTECHNOLOGY—3.0%** |
| Ascendis Pharma A/S ADR\* | 26087 | **5259139** |
| (Cost $5,188,542) |  |  |
| **FRANCE—2.2%** | **FRANCE—2.2%** | **FRANCE—2.2%** |
| **HEALTHCARE SUPPLIES—2.2%** | **HEALTHCARE SUPPLIES—2.2%** | **HEALTHCARE SUPPLIES—2.2%** |
| EssilorLuxottica SA | 10572 | **3871665** |
| (Cost $1,997,999) |  |  |
| **GERMANY—9.1%** | **GERMANY—9.1%** | **GERMANY—9.1%** |
| **AEROSPACE & DEFENSE—5.1%** | **AEROSPACE & DEFENSE—5.1%** | **AEROSPACE & DEFENSE—5.1%** |
| MTU Aero Engines AG | 12587 | 5500838 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.9% (CONT.)** | **COMMON STOCKS—98.9% (CONT.)** | **COMMON STOCKS—98.9% (CONT.)** |
| **GERMANY—9.1% (CONT.)** | **GERMANY—9.1% (CONT.)** | **GERMANY—9.1% (CONT.)** |
| **AEROSPACE & DEFENSE—5.1% (CONT.)** | **AEROSPACE & DEFENSE—5.1% (CONT.)** | **AEROSPACE & DEFENSE—5.1% (CONT.)** |
| Rheinmetall AG | 1741 | **$** 3422430 |
|  |  | **8923268** |
| **CONSTRUCTION MATERIALS—3.2%** | **CONSTRUCTION MATERIALS—3.2%** | **CONSTRUCTION MATERIALS—3.2%** |
| Heidelberg Materials AG | 23752 | 5572307 |
| **MOVIES & ENTERTAINMENT—0.8%** | **MOVIES & ENTERTAINMENT—0.8%** | **MOVIES & ENTERTAINMENT—0.8%** |
| CTS Eventim AG & Co. KGaA | 14592 | 1307317 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $11,941,295) |  | **15802892** |
| **GREECE—2.4%** | **GREECE—2.4%** | **GREECE—2.4%** |
| **DIVERSIFIED BANKS—2.4%** | **DIVERSIFIED BANKS—2.4%** | **DIVERSIFIED BANKS—2.4%** |
| National Bank of Greece SA | 288477 | **4240185** |
| (Cost $4,232,804) |  |  |
| **INDIA—1.8%** | **INDIA—1.8%** | **INDIA—1.8%** |
| **REAL ESTATE DEVELOPMENT—1.8%** | **REAL ESTATE DEVELOPMENT—1.8%** | **REAL ESTATE DEVELOPMENT—1.8%** |
| Godrej Properties, Ltd. \* | 120104 | **3092449** |
| (Cost $3,041,456) |  |  |
| **INDONESIA—2.2%** | **INDONESIA—2.2%** | **INDONESIA—2.2%** |
| **DIVERSIFIED BANKS—2.2%** | **DIVERSIFIED BANKS—2.2%** | **DIVERSIFIED BANKS—2.2%** |
| PT Bank Central Asia Tbk | 7347302 | **3761760** |
| (Cost $4,382,132) |  |  |
| **ITALY—2.6%** | **ITALY—2.6%** | **ITALY—2.6%** |
| **DIVERSIFIED BANKS—2.6%** | **DIVERSIFIED BANKS—2.6%** | **DIVERSIFIED BANKS—2.6%** |
| FinecoBank SpA | 194737 | **4455611** |
| (Cost $4,064,176) |  |  |
| **JAPAN—17.8%** | **JAPAN—17.8%** | **JAPAN—17.8%** |
| **BROADLINE RETAIL—2.6%** | **BROADLINE RETAIL—2.6%** | **BROADLINE RETAIL—2.6%** |
| Pan Pacific International Holdings Corp. | 757443 | 4505732 |
| **DIVERSIFIED BANKS—4.6%** | **DIVERSIFIED BANKS—4.6%** | **DIVERSIFIED BANKS—4.6%** |
| Mizuho Financial Group, Inc. | 136002 | 4555452 |
| Rakuten Bank, Ltd.\* | 62820 | 3448024 |
|  |  | **8003476** |
| **INDUSTRIAL CONGLOMERATES—3.6%** | **INDUSTRIAL CONGLOMERATES—3.6%** | **INDUSTRIAL CONGLOMERATES—3.6%** |
| Hitachi, Ltd. | 183424 | 6265578 |
| **INDUSTRIAL GASES—2.0%** | **INDUSTRIAL GASES—2.0%** | **INDUSTRIAL GASES—2.0%** |
| Nippon Sanso Holdings Corp. | 104021 | 3454729 |
| **INTERACTIVE HOME ENTERTAINMENT—3.1%** | **INTERACTIVE HOME ENTERTAINMENT—3.1%** | **INTERACTIVE HOME ENTERTAINMENT—3.1%** |
| Nintendo Co., Ltd. | 63673 | 5430663 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.9% (CONT.)** | **COMMON STOCKS—98.9% (CONT.)** | **COMMON STOCKS—98.9% (CONT.)** |
| **JAPAN—17.8% (CONT.)** | **JAPAN—17.8% (CONT.)** | **JAPAN—17.8% (CONT.)** |
| **PACKAGED FOODS & MEATS—1.9%** | **PACKAGED FOODS & MEATS—1.9%** | **PACKAGED FOODS & MEATS—1.9%** |
| Ajinomoto Co., Inc. | 121538 | $3447099 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $24,614,331) |  | **31107277** |
| **NETHERLANDS—3.9%** | **NETHERLANDS—3.9%** | **NETHERLANDS—3.9%** |
| **SYSTEMS SOFTWARE—3.9%** | **SYSTEMS SOFTWARE—3.9%** | **SYSTEMS SOFTWARE—3.9%** |
| Nebius Group NV, Cl. A \* | 52359 | **6849604** |
| (Cost $3,512,750) |  |  |
| **NORWAY—1.5%** | **NORWAY—1.5%** | **NORWAY—1.5%** |
| **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** |
| Kongsberg Gruppen ASA | 105249 | **2683143** |
| (Cost $3,182,671) |  |  |
| **SINGAPORE—1.2%** | **SINGAPORE—1.2%** | **SINGAPORE—1.2%** |
| **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** |
| Sea Ltd. , Cl. A ADR\* | 13403 | **2094219** |
| (Cost $2,639,130) |  |  |
| **SOUTH KOREA—3.7%** | **SOUTH KOREA—3.7%** | **SOUTH KOREA—3.7%** |
| **SEMICONDUCTORS—3.7%** | **SEMICONDUCTORS—3.7%** | **SEMICONDUCTORS—3.7%** |
| SK hynix, Inc. | 16401 | **6381523** |
| (Cost $2,181,601) |  |  |
| **SPAIN—3.7%** | **SPAIN—3.7%** | **SPAIN—3.7%** |
| **DIVERSIFIED BANKS—3.7%** | **DIVERSIFIED BANKS—3.7%** | **DIVERSIFIED BANKS—3.7%** |
| CaixaBank SA | 608206 | **6428584** |
| (Cost $3,629,976) |  |  |
| **SWITZERLAND—1.5%** | **SWITZERLAND—1.5%** | **SWITZERLAND—1.5%** |
| **LIFE SCIENCES TOOLS & SERVICES—1.5%** | **LIFE SCIENCES TOOLS & SERVICES—1.5%** | **LIFE SCIENCES TOOLS & SERVICES—1.5%** |
| Lonza Group AG | 3871 | **2673049** |
| (Cost $2,373,021) |  |  |
| **TAIWAN—6.3%** | **TAIWAN—6.3%** | **TAIWAN—6.3%** |
| **SEMICONDUCTORS—6.3%** | **SEMICONDUCTORS—6.3%** | **SEMICONDUCTORS—6.3%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 36627 | **11003850** |
| (Cost $4,227,719) |  |  |
| **UNITED KINGDOM—9.9%** | **UNITED KINGDOM—9.9%** | **UNITED KINGDOM—9.9%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.9%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.9%** |
| 3i Group PLC | 58286 | 3373047 |
| **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** |
| HSBC Holdings PLC | 307266 | 4301556 |
| **RESEARCH & CONSULTING SERVICES—1.9%** | **RESEARCH & CONSULTING SERVICES—1.9%** | **RESEARCH & CONSULTING SERVICES—1.9%** |
| RELX PLC | 76651 | 3387698 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER INTERNATIONAL OPPORTUNITIES FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.9% (CONT.)** | **COMMON STOCKS—98.9% (CONT.)** | **COMMON STOCKS—98.9% (CONT.)** |
| **UNITED KINGDOM—9.9% (CONT.)** | **UNITED KINGDOM—9.9% (CONT.)** | **UNITED KINGDOM—9.9% (CONT.)** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.1%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.1%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.1%** |
| Coca-Cola HBC AG | 80095 | $3634556 |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.5%** |
| Wise PLC, Cl. A \* | 199764 | 2540207 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $14,765,624) |  | **17237064** |
| **UNITED STATES—3.9%** | **UNITED STATES—3.9%** | **UNITED STATES—3.9%** |
| **CASINOS & GAMING—1.3%** | **CASINOS & GAMING—1.3%** | **CASINOS & GAMING—1.3%** |
| Flutter Entertainment PLC \* | 9745 | 2266590 |
| **HEAVY ELECTRICAL EQUIPMENT—2.6%** | **HEAVY ELECTRICAL EQUIPMENT—2.6%** | **HEAVY ELECTRICAL EQUIPMENT—2.6%** |
| GE Vernova, Inc. | 7774 | 4548878 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $6,785,941) |  | **6815468** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $132,533,161) |  | **172627391** |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—1.1%** | **MONEY MARKET FUNDS—1.1%** | **MONEY MARKET FUNDS—1.1%** |
| **UNITED STATES—1.1%** | **UNITED STATES—1.1%** | **UNITED STATES—1.1%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(a)</sup>  | 1889773 | **1889773** |
| (Cost $1,889,773) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $134,422,934)** | 100.0% | **$174517164** |
| Unaffiliated Securities (Cost $134,422,934) |  | 174517164 |
| Other Assets in Excess of Liabilities | 0.0% | 21808 |
| **NET ASSETS** | 100.0% | **$174538972** |

---

&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 October 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** |
| **AUSTRALIA—3.3%** | **AUSTRALIA—3.3%** | **AUSTRALIA—3.3%** |
| **AEROSPACE & DEFENSE—1.2%** | **AEROSPACE & DEFENSE—1.2%** | **AEROSPACE & DEFENSE—1.2%** |
| DroneShield, Ltd. \* | 9950 | $24848 |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.1%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.1%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—2.1%** |
| Silex Systems, Ltd. \* | 6865 | 46276 |
| &nbsp;&nbsp;&nbsp; **TOTAL AUSTRALIA** <br>(Cost $53,348) |  | **71124** |
| **AUSTRIA—2.4%** | **AUSTRIA—2.4%** | **AUSTRIA—2.4%** |
| **CONSTRUCTION MATERIALS—2.4%** | **CONSTRUCTION MATERIALS—2.4%** | **CONSTRUCTION MATERIALS—2.4%** |
| Wienerberger AG | 1778 | **52779** |
| (Cost $64,720) |  |  |
| **BELGIUM—2.2%** | **BELGIUM—2.2%** | **BELGIUM—2.2%** |
| **HEALTH CARE DISTRIBUTORS—2.2%** | **HEALTH CARE DISTRIBUTORS—2.2%** | **HEALTH CARE DISTRIBUTORS—2.2%** |
| Fagron SA | 2028 | **48190** |
| (Cost $53,939) |  |  |
| **BRAZIL—3.1%** | **BRAZIL—3.1%** | **BRAZIL—3.1%** |
| **AEROSPACE & DEFENSE—3.1%** | **AEROSPACE & DEFENSE—3.1%** | **AEROSPACE & DEFENSE—3.1%** |
| Embraer SA ADR | 1061 | **68413** |
| (Cost $62,546) |  |  |
| **CANADA—5.8%** | **CANADA—5.8%** | **CANADA—5.8%** |
| **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** | **APPLICATION SOFTWARE—0.9%** |
| The Descartes Systems Group, Inc. \* | 213 | 18812 |
| **DIVERSIFIED SUPPORT SERVICES—2.9%** | **DIVERSIFIED SUPPORT SERVICES—2.9%** | **DIVERSIFIED SUPPORT SERVICES—2.9%** |
| Element Fleet Management Corp. | 2388 | 64410 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** |
| Capital Power Corp. | 862 | 43636 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $119,582) |  | **126858** |
| **DENMARK—2.8%** | **DENMARK—2.8%** | **DENMARK—2.8%** |
| **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** |
| ALK-abello A/S, Cl. B \* | 1848 | **60963** |
| (Cost $56,518) |  |  |
| **FRANCE—2.5%** | **FRANCE—2.5%** | **FRANCE—2.5%** |
| **OIL & GAS STORAGE & TRANSPORTATION—2.5%** | **OIL & GAS STORAGE & TRANSPORTATION—2.5%** | **OIL & GAS STORAGE & TRANSPORTATION—2.5%** |
| Gaztransport Et Technigaz SA | 273 | **54062** |
| (Cost $53,370) |  |  |
| **GERMANY—10.3%** | **GERMANY—10.3%** | **GERMANY—10.3%** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—2.7%** |
| RENK Group AG | 779 | 59310 |
| **DRUG RETAIL—1.9%** | **DRUG RETAIL—1.9%** | **DRUG RETAIL—1.9%** |
| Redcare Pharmacy NV \* | 498 | 40882 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** |
| **GERMANY—10.3% (CONT.)** | **GERMANY—10.3% (CONT.)** | **GERMANY—10.3% (CONT.)** |
| **LEISURE PRODUCTS—1.4%** | **LEISURE PRODUCTS—1.4%** | **LEISURE PRODUCTS—1.4%** |
| tonies SE, Cl. A \* | 2913 | $29475 |
| **OIL & GAS STORAGE & TRANSPORTATION—2.4%** | **OIL & GAS STORAGE & TRANSPORTATION—2.4%** | **OIL & GAS STORAGE & TRANSPORTATION—2.4%** |
| Friedrich Vorwerk Group SE | 485 | 52219 |
| **SPECIALTY CHEMICALS—1.9%** | **SPECIALTY CHEMICALS—1.9%** | **SPECIALTY CHEMICALS—1.9%** |
| AlzChem Group AG | 215 | 41420 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $213,096) |  | **223306** |
| **HONG KONG—1.7%** | **HONG KONG—1.7%** | **HONG KONG—1.7%** |
| **CASINOS & GAMING—1.7%** | **CASINOS & GAMING—1.7%** | **CASINOS & GAMING—1.7%** |
| MGM China Holdings, Ltd. | 18795 | **36001** |
| (Cost $34,756) |  |  |
| **ISRAEL—3.0%** | **ISRAEL—3.0%** | **ISRAEL—3.0%** |
| **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| TAT Technologies, Ltd. \* | 897 | 37674 |
| **PERSONAL CARE PRODUCTS—1.2%** | **PERSONAL CARE PRODUCTS—1.2%** | **PERSONAL CARE PRODUCTS—1.2%** |
| Oddity Tech, Ltd., Cl. A \* | 585 | 26471 |
| &nbsp;&nbsp;&nbsp; **TOTAL ISRAEL** <br>(Cost $76,274) |  | **64145** |
| **ITALY—9.5%** | **ITALY—9.5%** | **ITALY—9.5%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—2.2%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.2%** | **ASSET MANAGEMENT & CUSTODY BANKS—2.2%** |
| Banca Generali SpA | 870 | 49273 |
| **CASINOS & GAMING—2.6%** | **CASINOS & GAMING—2.6%** | **CASINOS & GAMING—2.6%** |
| Lottomatica Group SpA | 2267 | 55900 |
| **CONSTRUCTION & ENGINEERING—2.2%** | **CONSTRUCTION & ENGINEERING—2.2%** | **CONSTRUCTION & ENGINEERING—2.2%** |
| MAIRE SpA | 3184 | 48343 |
| **LEISURE PRODUCTS—2.5%** | **LEISURE PRODUCTS—2.5%** | **LEISURE PRODUCTS—2.5%** |
| Technogym SpA | 2980 | 53977 |
| &nbsp;&nbsp;&nbsp; **TOTAL ITALY** <br>(Cost $196,820) |  | **207493** |
| **JAPAN—25.7%** | **JAPAN—25.7%** | **JAPAN—25.7%** |
| **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** | **APPLICATION SOFTWARE—4.0%** |
| OBIC Business Consultants Co., Ltd. | 637 | 36456 |
| Rakus Co., Ltd. | 6392 | 51601 |
|  |  | **88057** |
| **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** |
| Ryohin Keikaku Co., Ltd. | 2336 | 48036 |
| **DIVERSIFIED BANKS—3.1%** | **DIVERSIFIED BANKS—3.1%** | **DIVERSIFIED BANKS—3.1%** |
| Rakuten Bank, Ltd. \* | 1212 | 66524 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** |
| **JAPAN—25.7% (CONT.)** | **JAPAN—25.7% (CONT.)** | **JAPAN—25.7% (CONT.)** |
| **DIVERSIFIED SUPPORT SERVICES—3.1%** | **DIVERSIFIED SUPPORT SERVICES—3.1%** | **DIVERSIFIED SUPPORT SERVICES—3.1%** |
| Japan Elevator Service Holdings Co., Ltd. | 5657 | $66595 |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.3%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.3%** |
| SWCC Corp. | 1020 | 49558 |
| **ELECTRONIC COMPONENTS—1.8%** | **ELECTRONIC COMPONENTS—1.8%** | **ELECTRONIC COMPONENTS—1.8%** |
| Nippon Electric Glass Co., Ltd. | 1179 | 39693 |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.5%** |
| Anritsu Corp., Cl. B | 2223 | 32873 |
| **INTERACTIVE MEDIA & SERVICES—2.2%** | **INTERACTIVE MEDIA & SERVICES—2.2%** | **INTERACTIVE MEDIA & SERVICES—2.2%** |
| Kakaku.com, Inc. | 2753 | 48941 |
| **LIFE & HEALTH INSURANCE—1.4%** | **LIFE & HEALTH INSURANCE—1.4%** | **LIFE & HEALTH INSURANCE—1.4%** |
| Lifenet Insurance Co. \* | 2473 | 30157 |
| **PACKAGED FOODS & MEATS—2.4%** | **PACKAGED FOODS & MEATS—2.4%** | **PACKAGED FOODS & MEATS—2.4%** |
| Toyo Suisan Kaisha, Ltd. | 710 | 51464 |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| Santen Pharmaceutical Co., Ltd. | 3726 | 36506 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $580,483) |  | **558404** |
| **SPAIN—2.8%** | **SPAIN—2.8%** | **SPAIN—2.8%** |
| **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** | **DIVERSIFIED BANKS—2.8%** |
| Bankinter SA | 4038 | **60870** |
| (Cost $53,715) |  |  |
| **SWEDEN—3.8%** | **SWEDEN—3.8%** | **SWEDEN—3.8%** |
| **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** | **INVESTMENT BANKING & BROKERAGE—2.6%** |
| Nordnet AB | 1986 | 57346 |
| **SECURITY & ALARM SERVICES—1.2%** | **SECURITY & ALARM SERVICES—1.2%** | **SECURITY & ALARM SERVICES—1.2%** |
| Loomis AB | 617 | 24856 |
| &nbsp;&nbsp;&nbsp; **TOTAL SWEDEN** <br>(Cost $79,926) |  | **82202** |
| **SWITZERLAND—2.5%** | **SWITZERLAND—2.5%** | **SWITZERLAND—2.5%** |
| **BUILDING PRODUCTS—2.5%** | **BUILDING PRODUCTS—2.5%** | **BUILDING PRODUCTS—2.5%** |
| Belimo Holding AG | 51 | **55026** |
| (Cost $51,744) |  |  |
| **UNITED KINGDOM—16.0%** | **UNITED KINGDOM—16.0%** | **UNITED KINGDOM—16.0%** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** |
| JTC PLC | 1851 | 31681 |
| **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** |
| SigmaRoc PLC \* | 22853 | 34703 |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** |
| Mitie Group PLC | 24147 | 52229 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** | **COMMON STOCKS—97.4% (CONT.)** |
| **UNITED KINGDOM—16.0% (CONT.)** | **UNITED KINGDOM—16.0% (CONT.)** | **UNITED KINGDOM—16.0% (CONT.)** |
| **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** | **HEALTHCARE TECHNOLOGY—1.3%** |
| Craneware PLC | 936 | $27667 |
| **INTERACTIVE MEDIA & SERVICES—2.1%** | **INTERACTIVE MEDIA & SERVICES—2.1%** | **INTERACTIVE MEDIA & SERVICES—2.1%** |
| Baltic Classifieds Group PLC | 11714 | 45397 |
| **INVESTMENT BANKING & BROKERAGE—1.3%** | **INVESTMENT BANKING & BROKERAGE—1.3%** | **INVESTMENT BANKING & BROKERAGE—1.3%** |
| Marex Group PLC | 939 | 28499 |
| **PACKAGED FOODS & MEATS—2.7%** | **PACKAGED FOODS & MEATS—2.7%** | **PACKAGED FOODS & MEATS—2.7%** |
| Greencore Group PLC | 18760 | 58778 |
| **TRADING COMPANIES & DISTRIBUTORS—3.1%** | **TRADING COMPANIES & DISTRIBUTORS—3.1%** | **TRADING COMPANIES & DISTRIBUTORS—3.1%** |
| Diploma PLC | 921 | 67945 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $351,551) |  | **346899** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $2,102,388) |  | **2116735** |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—4.2%** | **MONEY MARKET FUNDS—4.2%** | **MONEY MARKET FUNDS—4.2%** |
| **UNITED STATES—4.2%** | **UNITED STATES—4.2%** | **UNITED STATES—4.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(a)</sup>  | 90149 | **90149** |
| (Cost $90,149) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $2,192,537)** | 101.6% | **$2206884** |
| Unaffiliated Securities (Cost $2,192,537) |  | 2206884 |
| Liabilities in Excess of Other Assets | (1.6)% | (33826) |
| **NET ASSETS** | 100.0% | **$2173058** |

---

&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 October 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.2%** | **COMMON STOCKS—91.2%** | **COMMON STOCKS—91.2%** |
| **BIOTECHNOLOGY—34.7%** | **BIOTECHNOLOGY—34.7%** | **BIOTECHNOLOGY—34.7%** |
| AbbVie, Inc. | 5824 | **$** 1269865 |
| Abivax SA ADR<sup>\*</sup>  | 13729 | 1406125 |
| Arcellx, Inc.<sup>\*</sup>  | 7568 | 683012 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup>  | 51072 | 1292632 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup>  | 31867 | 1350842 |
| Ascendis Pharma A/S ADR<sup>\*</sup>  | 4373 | 881597 |
| BeOne Medicines, Ltd. ADR<sup>\*</sup>  | 2064 | 640831 |
| Biogen, Inc.<sup>\*</sup>  | 8451 | 1303736 |
| BioNTech SE ADR<sup>\*</sup>  | 3322 | 345189 |
| Bridgebio Pharma, Inc.<sup>\*</sup>  | 16186 | 1013891 |
| Cidara Therapeutics, Inc.<sup>\*</sup>  | 16837 | 1839274 |
| Cytokinetics, Inc.<sup>\*</sup>  | 15791 | 1004150 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 134574 | 1741388 |
| Insmed, Inc.<sup>\*</sup>  | 789 | 149594 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 18304 | 1359987 |
| Natera, Inc.<sup>\*</sup>  | 6456 | 1284292 |
| Nuvalent, Inc., Cl. A<sup>\*</sup>  | 9338 | 927450 |
| Revolution Medicines, Inc.<sup>\*</sup>  | 16250 | 956150 |
| Travere Therapeutics, Inc.<sup>\*</sup>  | 36467 | 1282180 |
| uniQure NV<sup>\*</sup>  | 12034 | 814581 |
| United Therapeutics Corp.<sup>\*</sup>  | 1517 | 675717 |
|  |  | **22222483** |
| **HEALTH CARE DISTRIBUTORS—7.5%** | **HEALTH CARE DISTRIBUTORS—7.5%** | **HEALTH CARE DISTRIBUTORS—7.5%** |
| Cardinal Health, Inc. | 13548 | 2584552 |
| McKesson Corp. | 2741 | 2223883 |
|  |  | **4808435** |
| **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** | **HEALTHCARE EQUIPMENT—3.3%** |
| Boston Scientific Corp.<sup>\*</sup>  | 12121 | 1220827 |
| Impulse Dynamics PLC, Series A<sup>(a),\*,@</sup>  | 5000001 | 180000 |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 151 | 80676 |
| iRhythm Technologies, Inc.<sup>\*</sup>  | 3449 | 645998 |
|  |  | **2127501** |
| **HEALTHCARE FACILITIES—3.1%** | **HEALTHCARE FACILITIES—3.1%** | **HEALTHCARE FACILITIES—3.1%** |
| Encompass Health Corp. | 9315 | 1060513 |
| Tenet Healthcare Corp.<sup>\*</sup>  | 4393 | 907110 |
|  |  | **1967623** |
| **HEALTHCARE SERVICES—9.5%** | **HEALTHCARE SERVICES—9.5%** | **HEALTHCARE SERVICES—9.5%** |
| CVS Health Corp. | 39387 | 3078094 |
| Fresenius SE & Co. KGaA | 12107 | 696673 |
| GeneDx Holdings Corp., Cl. A<sup>\*</sup>  | 4584 | 627595 |
| Guardant Health, Inc.<sup>\*</sup>  | 18128 | 1686267 |
|  |  | **6088629** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—91.2% (CONT.)** | **COMMON STOCKS—91.2% (CONT.)** | **COMMON STOCKS—91.2% (CONT.)** |
| **HEALTHCARE TECHNOLOGY—2.9%** | **HEALTHCARE TECHNOLOGY—2.9%** | **HEALTHCARE TECHNOLOGY—2.9%** |
| HeartFlow, Inc.<sup>\*</sup>  | 22864 | **$** 849626 |
| Waystar Holding Corp.<sup>\*</sup>  | 26866 | 963146 |
|  |  | **1812772** |
| **LIFE & HEALTH INSURANCE—0.4%** | **LIFE & HEALTH INSURANCE—0.4%** | **LIFE & HEALTH INSURANCE—0.4%** |
| Oscar Health, Inc., Cl. A<sup>\*</sup>  | 14710 | **264780** |
| **LIFE SCIENCES TOOLS & SERVICES—9.6%** | **LIFE SCIENCES TOOLS & SERVICES—9.6%** | **LIFE SCIENCES TOOLS & SERVICES—9.6%** |
| Adaptive Biotechnologies Corp.<sup>\*</sup>  | 69200 | 1201312 |
| Pacific Biosciences of California, Inc.<sup>\*</sup>  | 328021 | 767569 |
| Repligen Corp.<sup>\*</sup>  | 17229 | 2568155 |
| WuXi AppTec Co., Ltd., Cl. H | 114533 | 1600383 |
|  |  | **6137419** |
| **PHARMACEUTICALS—20.2%** | **PHARMACEUTICALS—20.2%** | **PHARMACEUTICALS—20.2%** |
| AstraZeneca PLC ADR | 19070 | 1571368 |
| Eli Lilly & Co. | 2388 | 2060510 |
| Ligand Pharmaceuticals, Inc.<sup>\*</sup>  | 5205 | 995769 |
| Nektar Therapeutics<sup>\*</sup>  | 32895 | 2135872 |
| Novartis AG ADR | 10211 | 1264020 |
| Royalty Pharma PLC, Cl. A | 45525 | 1709008 |
| Sandoz Group Ltd. | 15071 | 1004887 |
| Teva Pharmaceutical Industries, Ltd. ADR<sup>\*</sup>  | 55458 | 1135780 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup>  | 108936 | 1056679 |
|  |  | **12933893** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $52,503,337) |  | **58363535** |
| **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** | **PREFERRED STOCKS—4.3%** |
| **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** | **HEALTHCARE EQUIPMENT—4.3%** |
| Impulse Dynamics PLC, Series F-3<sup>(a),\*,@</sup>  | 48744272 | **2778424** |
| (Cost $2,550,135) |  | **2778424** |
| **REAL ESTATE INVESTMENT TRUST—4.3%** | **REAL ESTATE INVESTMENT TRUST—4.3%** | **REAL ESTATE INVESTMENT TRUST—4.3%** |
| **HEALTH CARE—4.3%** | **HEALTH CARE—4.3%** | **HEALTH CARE—4.3%** |
| Welltower, Inc. | 15283 | **2766834** |
| (Cost $1,998,015) |  | **2766834** |
| **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) |  | **—** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER HEALTH SCIENCES FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—0.6%** | **SHORT-TERM SECURITIES—0.6%** | **SHORT-TERM SECURITIES—0.6%** |
| **MONEY MARKET FUNDS—0.6%** | **MONEY MARKET FUNDS—0.6%** | **MONEY MARKET FUNDS—0.6%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(b)</sup>  | 385595 | **$385595** |
| (Cost $385,595) |  | **385595** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $58,481,455)** | 100.4% | **$64294388** |
| Unaffiliated Securities (Cost $58,481,455) |  | 64294388 |
| Liabilities in Excess of Other Assets | (0.4)% | (285636) |
| **NET ASSETS** | 100.0% | **$64008752** |

---

&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.<br>|
| (b) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | 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>10/31/2025<br>|
| Impulse Dynamics PLC, Series A | 2/11/22 | $5000002 | $180000 | 0.3% |
| Impulse Dynamics PLC, Series F-3 | 6/2/23-2/5/24 | 2550135 | 2778424 | 4.3% |
| Tolero CDR | 2/6/17 | 1044373 |  | 0.0% |
| Total |  | $8594510 | $2958424 | 4.6% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2%** | **COMMON STOCKS—95.2%** | **COMMON STOCKS—95.2%** |
| **APPLICATION SOFTWARE—3.3%** | **APPLICATION SOFTWARE—3.3%** | **APPLICATION SOFTWARE—3.3%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 652 | **$** 415539 |
| Atlassian Corp., Cl. A<sup>\*</sup>  | 282 | 47777 |
| BitMine Immersion Technologies, Inc.<sup>\*</sup>  | 1636 | 76319 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 82 | 27773 |
| MARA Holdings, Inc.<sup>\*</sup>  | 4689 | 85668 |
|  |  | **653076** |
| **AUTOMOBILE MANUFACTURERS—3.6%** | **AUTOMOBILE MANUFACTURERS—3.6%** | **AUTOMOBILE MANUFACTURERS—3.6%** |
| Tesla, Inc.<sup>\*</sup>  | 1547 | **706298** |
| **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** | **AUTOMOTIVE RETAIL—0.2%** |
| Carvana Co.<sup>\*</sup>  | 139 | **42609** |
| **BIOTECHNOLOGY—1.0%** | **BIOTECHNOLOGY—1.0%** | **BIOTECHNOLOGY—1.0%** |
| Natera, Inc.<sup>\*</sup>  | 964 | **191769** |
| **BROADLINE RETAIL—10.4%** | **BROADLINE RETAIL—10.4%** | **BROADLINE RETAIL—10.4%** |
| Alibaba Group Holding Ltd. ADR | 493 | 84022 |
| Amazon.com, Inc.<sup>\*</sup>  | 5210 | 1272386 |
| Global-e Online Ltd.<sup>\*</sup>  | 3596 | 131002 |
| MercadoLibre, Inc.<sup>\*</sup>  | 88 | 204799 |
| Sea Ltd. , Cl. A ADR<sup>\*</sup>  | 2192 | 342500 |
|  |  | **2034709** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.4%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.4%** |
| Rocket Cos., Inc., Cl. A | 16576 | **276156** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.7%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.7%** |
| Caterpillar, Inc. | 224 | **129306** |
| **DIVERSIFIED BANKS—0.5%** | **DIVERSIFIED BANKS—0.5%** | **DIVERSIFIED BANKS—0.5%** |
| JPMorgan Chase & Co. | 335 | **104225** |
| **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** |
| Constellation Energy Corp. | 304 | 114608 |
| NRG Energy, Inc. | 511 | 87820 |
|  |  | **202428** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.2%** |
| Eaton Corp. PLC | 334 | 127441 |
| Vertiv Holdings Co., Cl. A | 547 | 105494 |
|  |  | **232935** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.2%** |
| Itron, Inc.<sup>\*</sup>  | 431 | **43242** |
| **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** | **FINANCIAL EXCHANGES & DATA—0.5%** |
| S&P Global, Inc. | 186 | **90621** |
| **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 194 | **103650** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** |
| **HEAVY ELECTRICAL EQUIPMENT—0.2%** | **HEAVY ELECTRICAL EQUIPMENT—0.2%** | **HEAVY ELECTRICAL EQUIPMENT—0.2%** |
| GE Vernova, Inc. | 68 | **$39790** |
| **HOTELS RESORTS & CRUISE LINES—0.3%** | **HOTELS RESORTS & CRUISE LINES—0.3%** | **HOTELS RESORTS & CRUISE LINES—0.3%** |
| Trip.com Group Ltd. ADR | 755 | **53341** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—3.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 1105 | 441757 |
| Vistra Corp. | 1009 | 189995 |
|  |  | **631752** |
| **INTERACTIVE HOME ENTERTAINMENT—1.2%** | **INTERACTIVE HOME ENTERTAINMENT—1.2%** | **INTERACTIVE HOME ENTERTAINMENT—1.2%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 2051 | **233240** |
| **INTERACTIVE MEDIA & SERVICES—10.1%** | **INTERACTIVE MEDIA & SERVICES—10.1%** | **INTERACTIVE MEDIA & SERVICES—10.1%** |
| Alphabet, Inc., Cl. C | 2818 | 794169 |
| Meta Platforms, Inc., Cl. A | 1663 | 1078206 |
| Tencent Holdings, Ltd. ADR | 1338 | 108873 |
|  |  | **1981248** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.5%** | **INTERNET SERVICES & INFRASTRUCTURE—2.5%** | **INTERNET SERVICES & INFRASTRUCTURE—2.5%** |
| CoreWeave, Inc., Cl. A<sup>\*</sup>  | 629 | 84104 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 459 | 165158 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 371 | 64502 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 273 | 75042 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 740 | 99811 |
|  |  | **488617** |
| **INVESTMENT BANKING & BROKERAGE—0.8%** | **INVESTMENT BANKING & BROKERAGE—0.8%** | **INVESTMENT BANKING & BROKERAGE—0.8%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 986 | **144725** |
| **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** |
| Netflix, Inc.<sup>\*</sup>  | 338 | 378175 |
| Roku Inc., Cl. A<sup>\*</sup>  | 1387 | 147202 |
| Spotify Technology SA<sup>\*</sup>  | 522 | 342077 |
|  |  | **867454** |
| **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 1028 | **96673** |
| **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** | **RESTAURANTS—0.2%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 169 | **42989** |
| **SEMICONDUCTORS—24.8%** | **SEMICONDUCTORS—24.8%** | **SEMICONDUCTORS—24.8%** |
| Advanced Micro Devices, Inc.<sup>\*</sup>  | 510 | 130621 |
| Astera Labs, Inc.<sup>\*</sup>  | 2038 | 380454 |
| Broadcom, Inc. | 1960 | 724475 |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup>  | 12085 | 65017 |
| NVIDIA Corp. | 12738 | 2579318 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3205 | 962878 |
|  |  | **4842763** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS \| ALGER AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** | **COMMON STOCKS—95.2% (CONT.)** |
| **SYSTEMS SOFTWARE—14.8%** | **SYSTEMS SOFTWARE—14.8%** | **SYSTEMS SOFTWARE—14.8%** |
| CyberArk Software Ltd.<sup>\*</sup>  | 79 | **$** 41142 |
| Microsoft Corp. | 3730 | 1931431 |
| monday.com Ltd.<sup>\*</sup>  | 367 | 75323 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 5725 | 748944 |
| Oracle Corp. | 344 | 90338 |
|  |  | **2887178** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.7%** |
| Apple, Inc. | 2850 | 770555 |
| Dell Technologies, Inc., Cl. C | 710 | 115027 |
| Seagate Technology Holdings PLC | 564 | 144316 |
| Western Digital Corp. | 3154 | 473762 |
|  |  | **1503660** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $14,511,821) |  | **18624454** |
| **PREFERRED STOCKS—3.7%** | **PREFERRED STOCKS—3.7%** | **PREFERRED STOCKS—3.7%** |
| **APPLICATION SOFTWARE—3.7%** | **APPLICATION SOFTWARE—3.7%** | **APPLICATION SOFTWARE—3.7%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 1529 | 229350 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 1643 | 246450 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 14775 | 254278 |
|  |  | **730078** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $642,160) |  | **730078** |
| **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, 3.95%<sup>(b)</sup>  | 329037 | **329037** |
| (Cost $329,037) |  | **329037** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $15,483,018)** | 100.6% | **$19683569** |
| Unaffiliated Securities (Cost $15,483,018) |  | 19683569 |
| Liabilities in Excess of Other Assets | (0.6)% | (118299) |
| **NET ASSETS** | 100.0% | **$19565270** |

---

&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.<br>|
| (b) | Rate shown reflects 7-day effective yield as of October 31, 2025. |
| \* | 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 AI ENABLERS & ADOPTERS FUND**

**Schedule of Investments October 31, 2025 (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>10/31/2025<br>|
| Databricks, Inc., Series J | 12/17/24 | $141432 | $229350 | 1.2% |
| Databricks, Inc., Series K | 9/8/25 | 246450 | 246450 | 1.2% |
| SB Technology, Inc., Series E | 10/23/24-12/18/24 | 254278 | 254278 | 1.3% |
| Total |  | $642160 | $730078 | 3.7% |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025** 

------

&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>| $2701506533 | &nbsp;&nbsp; $8068933 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 1162174 | &nbsp;&nbsp; — |
| Cash |  | &nbsp;&nbsp; 85 |
| Receivable for investment securities sold | 36409725 | &nbsp;&nbsp; 106782 |
| Receivable for shares of beneficial interest sold | 3631778 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 225484 | &nbsp;&nbsp; 78 |
| Receivable from Investment Manager | 167622 | &nbsp;&nbsp; — |
| Prepaid expenses | 2136 | &nbsp;&nbsp; 6 |
| Total Assets | 2743105452 | &nbsp;&nbsp; 8175884 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 1953979 | &nbsp;&nbsp; 168730 |
| Payable for shares of beneficial interest redeemed | 3324141 | &nbsp;&nbsp; — |
| Bank overdraft | 34077115 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 1713587 | &nbsp;&nbsp; 16590 |
| Accrued distribution fees — Note 3  | 322688 | &nbsp;&nbsp; 231 |
| Accrued shareholder administrative fees | 29459 | &nbsp;&nbsp; 68 |
| Accrued administrative fees | 60999 | &nbsp;&nbsp; 181 |
| Accrued transfer agent fees | 229944 | &nbsp;&nbsp; 21 |
| Accrued professional fees | 179197 | &nbsp;&nbsp; 25817 |
| Accrued fund accounting fees | 87658 | &nbsp;&nbsp; 8299 |
| Accrued custodian fees | 18801 | &nbsp;&nbsp; 1595 |
| Accrued printing fees | 18403 | &nbsp;&nbsp; 352 |
| Accrued trustee fees | 12100 | &nbsp;&nbsp; 36 |
| Accrued other expenses | 32066 | &nbsp;&nbsp; 189 |
| Total Liabilities | 42060137 | &nbsp;&nbsp; 222109 |
| **NET ASSETS** | **$2701045315** | &nbsp;&nbsp; **$7953775** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 665977373 | &nbsp;&nbsp; 4441504 |
| Distributable earnings | 2035067942 | &nbsp;&nbsp; 3512271 |
| **NET ASSETS** | **$2701045315** | &nbsp;&nbsp; **$7953775** |
| \* Identified cost | $858427106 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $5115024 <br><sup>(b)</sup><br>|
| \*\* Identified cost | $2775000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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 | $1287543484 | &nbsp;&nbsp; $194669 |
| Class C | $68132580 | &nbsp;&nbsp; $195320 |
| Class I | $— | &nbsp;&nbsp; $181659 |
| Class Y | $— | &nbsp;&nbsp; $182375 |
| Class Z | $1345369251 | &nbsp;&nbsp; $7199752 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 28099219 | &nbsp;&nbsp; 10716 |
| Class C | 3018169 | &nbsp;&nbsp; 10880 |
| Class I |  | &nbsp;&nbsp; 10000 |
| Class Y |  | &nbsp;&nbsp; 10000 |
| Class Z | 26716884 | &nbsp;&nbsp; 394711 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $45.82 | &nbsp;&nbsp; $18.17 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $48.36 | &nbsp;&nbsp; $19.18 |
| Class C | $22.57 | &nbsp;&nbsp; $17.95 |
| Class I | $— | &nbsp;&nbsp; $18.17 |
| Class Y | $— | &nbsp;&nbsp; $18.24 |
| Class Z | $50.36 | &nbsp;&nbsp; $18.24 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $891,969,530, amounted to $1,810,664,123, which consisted of aggregate gross unrealized appreciation of $1,847,275,603,
 and aggregate gross unrealized depreciation of $36,611,480.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $5,209,031, amounted to $2,859,902, which consisted of aggregate gross unrealized appreciation of $2,984,527, and
 aggregate gross unrealized depreciation of $124,625.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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>| $780157610 | &nbsp;&nbsp; $50011733 |
| Receivable for interfund loans | 11480572 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold | 582528 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 546457 | &nbsp;&nbsp; 677 |
| Receivable from Investment Manager |  | &nbsp;&nbsp; 4413 |
| Prepaid expenses | 704 | &nbsp;&nbsp; 34 |
| Total Assets | 792767871 | &nbsp;&nbsp; 50016857 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for shares of beneficial interest redeemed | 904308 | &nbsp;&nbsp; — |
| Bank overdraft |  | &nbsp;&nbsp; 471104 |
| Accrued investment advisory fees | 328022 | &nbsp;&nbsp; 18421 |
| Accrued distribution fees — Note 3  | 75509 | &nbsp;&nbsp; — |
| Accrued shareholder administrative fees | 7959 | &nbsp;&nbsp; 409 |
| Accrued administrative fees | 18041 | &nbsp;&nbsp; 1126 |
| Accrued transfer agent fees | 46299 | &nbsp;&nbsp; 501 |
| Accrued professional fees | 75837 | &nbsp;&nbsp; 30539 |
| Accrued fund accounting fees | 34899 | &nbsp;&nbsp; 7980 |
| Accrued custodian fees | 4510 | &nbsp;&nbsp; 1385 |
| Accrued printing fees | 18187 | &nbsp;&nbsp; 45 |
| Accrued trustee fees | 3674 | &nbsp;&nbsp; 220 |
| Accrued other expenses | 5224 | &nbsp;&nbsp; 297 |
| Total Liabilities | 1522469 | &nbsp;&nbsp; 532027 |
| **NET ASSETS** | **$791245402** | &nbsp;&nbsp; **$49484830** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 430061081 | &nbsp;&nbsp; 30912693 |
| Distributable earnings | 361184321 | &nbsp;&nbsp; 18572137 |
| **NET ASSETS** | **$791245402** | &nbsp;&nbsp; **$49484830** |
| \* Identified cost | $415639917 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $31093557 <br><sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &**<br> **Income Fund**<br>| **Alger 35 Fund** |
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $223140715 | &nbsp;&nbsp; $— |
| Class C | $34594751 | &nbsp;&nbsp; $— |
| Class Z | $533509936 | &nbsp;&nbsp; $49484830 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 2434235 | &nbsp;&nbsp; — |
| Class C | 384263 | &nbsp;&nbsp; — |
| Class Z | 5810597 | &nbsp;&nbsp; 2003734 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $91.67 | &nbsp;&nbsp; $— |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $96.75 | &nbsp;&nbsp; $— |
| Class C | $90.03 | &nbsp;&nbsp; $— |
| Class Z | $91.82 | &nbsp;&nbsp; $24.70 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $415,137,734, amounted to $365,018,035, which consisted of aggregate gross unrealized appreciation of $370,643,426,
 and aggregate gross unrealized depreciation of $5,625,391.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $31,316,196, amounted to $10,329,376, which consisted of aggregate gross unrealized appreciation of $19,041,234,
 and aggregate gross unrealized depreciation of $8,711,858.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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>| $323283443 | &nbsp;&nbsp; $288365557 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>|  | &nbsp;&nbsp; 703266 |
| Receivable for investment securities sold | 2954867 | &nbsp;&nbsp; — |
| Receivable for shares of beneficial interest sold | 160026 | &nbsp;&nbsp; 20499 |
| Dividends and interest receivable | 27646 | &nbsp;&nbsp; 21401 |
| Receivable from Investment Manager | 1002 | &nbsp;&nbsp; — |
| Prepaid expenses | 289 | &nbsp;&nbsp; 267 |
| Total Assets | 326427273 | &nbsp;&nbsp; 289110990 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 3268917 | &nbsp;&nbsp; — |
| Payable for shares of beneficial interest redeemed | 204663 | &nbsp;&nbsp; 80892 |
| Foreign bank overdraft † |  | &nbsp;&nbsp; 199 |
| Accrued investment advisory fees | 178585 | &nbsp;&nbsp; 185685 |
| Accrued distribution fees — Note 3  | 7102 | &nbsp;&nbsp; 49747 |
| Accrued shareholder administrative fees | 2801 | &nbsp;&nbsp; 3602 |
| Accrued administrative fees | 7487 | &nbsp;&nbsp; 6719 |
| Accrued transfer agent fees | 8425 | &nbsp;&nbsp; 25546 |
| Accrued professional fees | 45366 | &nbsp;&nbsp; 55587 |
| Accrued fund accounting fees | 17833 | &nbsp;&nbsp; 17610 |
| Accrued custodian fees | 3183 | &nbsp;&nbsp; 1437 |
| Accrued printing fees | 16645 | &nbsp;&nbsp; 8634 |
| Accrued trustee fees | 1470 | &nbsp;&nbsp; 1393 |
| Accrued other expenses | 3281 | &nbsp;&nbsp; 1710 |
| Total Liabilities | 3765758 | &nbsp;&nbsp; 438761 |
| **NET ASSETS** | **$322661515** | &nbsp;&nbsp; **$288672229** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 328142159 | &nbsp;&nbsp; 223167385 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (5480644)<br>| &nbsp;&nbsp; 65504844 |
| **NET ASSETS** | **$322661515** | &nbsp;&nbsp; **$288672229** |
| \* Identified cost | $230415434 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $209976564 <br><sup>(f)</sup><br>|
| \*\* Identified cost | $— | &nbsp;&nbsp; $1675000 <br><sup>(f)</sup><br>|
| † Cost of foreign bank overdraft | $— | &nbsp;&nbsp; $(199)<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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 | $10420298 | &nbsp;&nbsp; $191757198 |
| Class B | $— | &nbsp;&nbsp; $14004209 |
| Class C | $4125953 | &nbsp;&nbsp; $3413168 |
| Class I | $7308669 | &nbsp;&nbsp; $— |
| Class Y | $4082850 | &nbsp;&nbsp; $— |
| Class Z | $296723745 | &nbsp;&nbsp; $79497654 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 490935 | &nbsp;&nbsp; 10420660 |
| Class B |  | &nbsp;&nbsp; 1218360 |
| Class C | 201066 | &nbsp;&nbsp; 324283 |
| Class I | 343821 | &nbsp;&nbsp; — |
| Class Y | 187951 | &nbsp;&nbsp; — |
| Class Z | 13705401 | &nbsp;&nbsp; 4149940 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $21.23 | &nbsp;&nbsp; $18.40 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $22.41 | &nbsp;&nbsp; $19.42 |
| Class B | $— | &nbsp;&nbsp; $11.49 |
| Class C | $20.52 | &nbsp;&nbsp; $10.53 |
| Class I | $21.26 | &nbsp;&nbsp; $— |
| Class Y | $21.72 | &nbsp;&nbsp; $— |
| Class Z | $21.65 | &nbsp;&nbsp; $19.16 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $239,412,912, amounted to $83,870,531, which consisted of aggregate gross unrealized appreciation of $95,671,789,
 and aggregate gross unrealized depreciation of $11,801,258.

&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $215,483,825, amounted to $73,584,858, which consisted of aggregate gross unrealized appreciation of $84,400,513,
 and aggregate gross unrealized depreciation of $10,815,655.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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>| $202657019 | &nbsp;&nbsp; $886988624 |
| Investments in affiliated securities, at value (Identified <br> cost below)\*\* see accompanying schedules of <br> investments<br>| 954547 | &nbsp;&nbsp; 30454418 |
| Cash | 38 | &nbsp;&nbsp; — |
| Receivable for investment securities sold |  | &nbsp;&nbsp; 10436608 |
| Receivable for shares of beneficial interest sold | 16305 | &nbsp;&nbsp; 1089861 |
| Dividends and interest receivable | 8261 | &nbsp;&nbsp; 31772 |
| Receivable from Investment Manager |  | &nbsp;&nbsp; 693 |
| Prepaid expenses | 287 | &nbsp;&nbsp; 1391 |
| Total Assets | 203636457 | &nbsp;&nbsp; 929003367 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased |  | &nbsp;&nbsp; 1837400 |
| Payable for shares of beneficial interest redeemed | 334489 | &nbsp;&nbsp; 2006499 |
| Accrued investment advisory fees | 147809 | &nbsp;&nbsp; 573703 |
| Accrued distribution fees — Note 3  | 35563 | &nbsp;&nbsp; 64193 |
| Accrued shareholder administrative fees | 2444 | &nbsp;&nbsp; 8532 |
| Accrued administrative fees | 4721 | &nbsp;&nbsp; 21036 |
| Accrued transfer agent fees | 26983 | &nbsp;&nbsp; 102621 |
| Accrued professional fees | 52124 | &nbsp;&nbsp; 92191 |
| Accrued fund accounting fees | 15536 | &nbsp;&nbsp; 43432 |
| Accrued custodian fees | 1463 | &nbsp;&nbsp; 20085 |
| Accrued printing fees | 19516 | &nbsp;&nbsp; 105303 |
| Accrued trustee fees | 993 | &nbsp;&nbsp; 4471 |
| Accrued other expenses | 1872 | &nbsp;&nbsp; 9410 |
| Total Liabilities | 643513 | &nbsp;&nbsp; 4888876 |
| **NET ASSETS** | **$202992944** | &nbsp;&nbsp; **$924114491** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 204796508 | &nbsp;&nbsp; 1187928825 |
| Distributions in excess of earnings | (1803564)<br>| &nbsp;&nbsp; (263814334)<br>|
| **NET ASSETS** | **$202992944** | &nbsp;&nbsp; **$924114491** |
| \* Identified cost | $143595331 <br><sup>(g)</sup><br>| &nbsp;&nbsp; $579680655 <br><sup>(h)</sup><br>|
| \*\* Identified cost | $2275000 <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 October 31, 2025 (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 | $118897728 | &nbsp;&nbsp; $125463417 |
| Class B | $1812538 | &nbsp;&nbsp; $— |
| Class C | $12210291 | &nbsp;&nbsp; $39196604 |
| Class I | $— | &nbsp;&nbsp; $24744865 |
| Class Y | $87448 | &nbsp;&nbsp; $30943969 |
| Class Z | $69984939 | &nbsp;&nbsp; $703765636 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 10400076 | &nbsp;&nbsp; 5778589 |
| Class B | 235136 | &nbsp;&nbsp; — |
| Class C | 1753921 | &nbsp;&nbsp; 2110519 |
| Class I |  | &nbsp;&nbsp; 1100746 |
| Class Y | 7199 | &nbsp;&nbsp; 1328472 |
| Class Z | 5781582 | &nbsp;&nbsp; 30247378 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $11.43 | &nbsp;&nbsp; $21.71 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $12.06 | &nbsp;&nbsp; $22.91 |
| Class B | $7.71 | &nbsp;&nbsp; $— |
| Class C | $6.96 | &nbsp;&nbsp; $18.57 |
| Class I | $— | &nbsp;&nbsp; $22.48 |
| Class Y | $12.15 | &nbsp;&nbsp; $23.29 |
| Class Z | $12.10 | &nbsp;&nbsp; $23.27 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $146,878,971, amounted to $56,732,595, which consisted of aggregate gross unrealized appreciation of $73,188,200,
 and aggregate gross unrealized depreciation of $16,455,605.

&nbsp;&nbsp;&nbsp;&nbsp;(h) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $625,303,950, amounted to $292,139,093, which consisted of aggregate gross unrealized appreciation of $317,490,114,
 and aggregate gross unrealized depreciation of $25,351,021.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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>| $330343175 | &nbsp;&nbsp; $174517164 |
| Receivable for investment securities sold | 978254 | &nbsp;&nbsp; 1456564 |
| Receivable for shares of beneficial interest sold | 160560 | &nbsp;&nbsp; 40815 |
| Dividends and interest receivable | 52683 | &nbsp;&nbsp; 449825 |
| Receivable from Investment Manager | 7056 | &nbsp;&nbsp; 4079 |
| Prepaid expenses | 172 | &nbsp;&nbsp; 108 |
| Total Assets | 331541900 | &nbsp;&nbsp; 176468555 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 1075978 | &nbsp;&nbsp; 1594801 |
| Payable for shares of beneficial interest redeemed | 435301 | &nbsp;&nbsp; 22154 |
| Foreign bank overdraft † |  | &nbsp;&nbsp; 18703 |
| Accrued investment advisory fees | 229092 | &nbsp;&nbsp; 104635 |
| Accrued distribution fees — Note 3  | 31971 | &nbsp;&nbsp; 33559 |
| Accrued shareholder administrative fees | 3311 | &nbsp;&nbsp; 2271 |
| Accrued administrative fees | 7778 | &nbsp;&nbsp; 4053 |
| Accrued transfer agent fees | 39906 | &nbsp;&nbsp; 17722 |
| Accrued professional fees | 64180 | &nbsp;&nbsp; 52330 |
| Accrued fund accounting fees | 22411 | &nbsp;&nbsp; 17924 |
| Accrued custodian fees | 5227 | &nbsp;&nbsp; 5842 |
| Accrued printing fees | 32647 | &nbsp;&nbsp; 7705 |
| Accrued trustee fees | 1816 | &nbsp;&nbsp; 863 |
| Foreign capital gain tax payable |  | &nbsp;&nbsp; 46218 |
| Accrued other expenses | 3423 | &nbsp;&nbsp; 803 |
| Total Liabilities | 1953041 | &nbsp;&nbsp; 1929583 |
| **NET ASSETS** | **$329588859** | &nbsp;&nbsp; **$174538972** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 539550782 | &nbsp;&nbsp; 118932896 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| (209961923)<br>| &nbsp;&nbsp; 55606076 |
| **NET ASSETS** | **$329588859** | &nbsp;&nbsp; **$174538972** |
| \* Identified cost | $245975779 <br><sup>(i)</sup><br>| &nbsp;&nbsp; $134422934 <br><sup>(j)</sup><br>|
| † Cost of foreign bank overdraft | $— | &nbsp;&nbsp; $(19008)<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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 | $68634730 | &nbsp;&nbsp; $128231786 |
| Class B | $— | &nbsp;&nbsp; $15514782 |
| Class C | $17736488 | &nbsp;&nbsp; $1356420 |
| Class I | $8745727 | &nbsp;&nbsp; $1761946 |
| Class Y | $36175629 | &nbsp;&nbsp; $— |
| Class Z | $198296285 | &nbsp;&nbsp; $27674038 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 5047494 | &nbsp;&nbsp; 5619177 |
| Class B |  | &nbsp;&nbsp; 801341 |
| Class C | 2456297 | &nbsp;&nbsp; 75882 |
| Class I | 621267 | &nbsp;&nbsp; 76925 |
| Class Y | 2473811 | &nbsp;&nbsp; — |
| Class Z | 13126467 | &nbsp;&nbsp; 1172123 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $13.60 | &nbsp;&nbsp; $22.82 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $14.35 | &nbsp;&nbsp; $24.08 |
| Class B | $— | &nbsp;&nbsp; $19.36 |
| Class C | $7.22 | &nbsp;&nbsp; $17.88 |
| Class I | $14.08 | &nbsp;&nbsp; $22.90 |
| Class Y | $14.62 | &nbsp;&nbsp; $— |
| Class Z | $15.11 | &nbsp;&nbsp; $23.61 |

---

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

(i) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $256,655,882,
 amounted to $73,687,292, which consisted of aggregate gross unrealized appreciation of $100,482,223,
 and aggregate gross unrealized depreciation of $26,794,931.

(j) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $136,336,591,
 amounted to $38,154,488, which consisted of aggregate gross unrealized appreciation of $43,177,830, and
 aggregate gross unrealized depreciation of $5,023,342.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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>| $2206884 | &nbsp;&nbsp; $64294388 |
| Foreign cash † | 311 | &nbsp;&nbsp; 2601 |
| Receivable for investment securities sold |  | &nbsp;&nbsp; 958606 |
| Receivable for shares of beneficial interest sold |  | &nbsp;&nbsp; 5479 |
| Dividends and interest receivable | 2898 | &nbsp;&nbsp; 121560 |
| Receivable from Investment Manager |  | &nbsp;&nbsp; 6656 |
| Prepaid expenses | 33072 | &nbsp;&nbsp; 110 |
| Total Assets | 2243165 | &nbsp;&nbsp; 65389400 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased |  | &nbsp;&nbsp; 1254602 |
| Payable for shares of beneficial interest redeemed |  | &nbsp;&nbsp; 7449 |
| Accrued investment advisory fees | 14320 | &nbsp;&nbsp; 29853 |
| Accrued distribution fees — Note 3  | 55 | &nbsp;&nbsp; 11006 |
| Accrued shareholder administrative fees | 19 | &nbsp;&nbsp; 793 |
| Accrued administrative fees | 50 | &nbsp;&nbsp; 1493 |
| Accrued transfer agent fees | 7 | &nbsp;&nbsp; 14264 |
| Accrued professional fees | 25522 | &nbsp;&nbsp; 39446 |
| Accrued fund accounting fees | 10000 | &nbsp;&nbsp; 10308 |
| Accrued custodian fees | 4000 | &nbsp;&nbsp; 3100 |
| Accrued printing fees | 15917 | &nbsp;&nbsp; 7693 |
| Accrued trustee fees | 10 | &nbsp;&nbsp; 326 |
| Accrued other expenses | 207 | &nbsp;&nbsp; 315 |
| Total Liabilities | 70107 | &nbsp;&nbsp; 1380648 |
| **NET ASSETS** | **$2173058** | &nbsp;&nbsp; **$64008752** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 2201424 | &nbsp;&nbsp; 88328936 |
| Distributions in excess of earnings | (28366)<br>| &nbsp;&nbsp; (24320184)<br>|
| **NET ASSETS** | **$2173058** | &nbsp;&nbsp; **$64008752** |
| \* Identified cost | $2192537 <br><sup>(k)</sup><br>| &nbsp;&nbsp; $58481455 <br><sup>(l)</sup><br>|
| † Cost of foreign cash | $312 | &nbsp;&nbsp; $2340 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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 | $303058 | &nbsp;&nbsp; $44055914 |
| Class C | $— | &nbsp;&nbsp; $2220262 |
| Class Z | $1870000 | &nbsp;&nbsp; $17732576 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 30823 | &nbsp;&nbsp; 2084190 |
| Class C |  | &nbsp;&nbsp; 171345 |
| Class Z | 190000 | &nbsp;&nbsp; 813815 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $9.83 | &nbsp;&nbsp; $21.14 |
| Class A - Offering Price Per Share (includes a 5.25% <br> sales charge)<br>| $10.37 | &nbsp;&nbsp; $22.31 |
| Class C | $— | &nbsp;&nbsp; $12.96 |
| Class Z | $9.84 | &nbsp;&nbsp; $21.79 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $2,192,537, amounted to $14,259, which consisted of aggregate gross unrealized appreciation of $166,526, and aggregate
 gross unrealized depreciation of $152,267.

&nbsp;&nbsp;&nbsp;&nbsp;(l) At
 October 31, 2025, the net unrealized depreciation on investments, based on cost for federal income tax purposes of
 $59,247,674, amounted to $5,052,646, which consisted of aggregate gross unrealized appreciation of $11,432,601, and
 aggregate gross unrealized depreciation of $6,379,955.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (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>| $19683569 |
| Receivable for investment securities sold | 169357 |
| Receivable for shares of beneficial interest sold | 82822 |
| Dividends and interest receivable | 1267 |
| Prepaid expenses | 5 |
| Total Assets | 19937020 |
| **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 312578 |
| Accrued investment advisory fees | 13298 |
| Accrued distribution fees — Note 3  | 2917 |
| Accrued shareholder administrative fees | 204 |
| Accrued administrative fees | 413 |
| Accrued transfer agent fees | 235 |
| Accrued professional fees | 25839 |
| Accrued fund accounting fees | 8463 |
| Accrued custodian fees | 5132 |
| Accrued printing fees | 351 |
| Accrued trustee fees | 60 |
| Accrued other expenses | 2260 |
| Total Liabilities | 371750 |
| **NET ASSETS** | **$19565270** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 14674520 |
| Distributable earnings | 4890750 |
| **NET ASSETS** | **$19565270** |
| \* Identified cost | $15483018 <br><sup>(m)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Assets and Liabilities October 31, 2025 (Continued)**

------

---

| | |
|:---|:---|
|  | **Alger AI Enablers &**<br> **Adopters Fund**<br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $10315864 |
| Class C | $1004538 |
| Class I | $1128430 |
| Class Y | $196329 |
| Class Z | $6920109 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 8:** |
| Class A | 538702 |
| Class C | 53096 |
| Class I | 58997 |
| Class Y | 10212 |
| Class Z | 359805 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $19.15 |
| Class A - Offering Price Per Share (includes a 5.25% sales charge) | $20.21 |
| Class C | $18.92 |
| Class I | $19.13 |
| Class Y | $19.23 |
| Class Z | $19.23 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(m) At
 October 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
 $15,947,287, amounted to $3,736,282, which consisted of aggregate gross unrealized appreciation of $4,272,289, and
 aggregate gross unrealized depreciation of $536,007.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025** 

------

&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\*) | $6478930 | &nbsp;&nbsp; $16970 |
| Interest | 40598 | &nbsp;&nbsp; 2323 |
| Total Income | 6519528 | &nbsp;&nbsp; 19293 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 17138741 | &nbsp;&nbsp; 27222 |
| Distribution fees — Note 3  |  |  |
| Class A | 2656774 | &nbsp;&nbsp; 369 |
| Class C | 603293 | &nbsp;&nbsp; 1410 |
| Class I |  | &nbsp;&nbsp; 352 |
| Shareholder administrative fees — Note 3  | 288445 | &nbsp;&nbsp; 624 |
| Administration fees — Note 3  | 592479 | &nbsp;&nbsp; 1663 |
| Interest expense — Note 3  | 1406556 | &nbsp;&nbsp; 144 |
| Transfer agent fees — Note 3  | 896685 | &nbsp;&nbsp; 175 |
| Professional fees | 389642 | &nbsp;&nbsp; 27338 |
| Fund accounting fees — Note 3  | 266661 | &nbsp;&nbsp; 24397 |
| Registration fees | 178514 | &nbsp;&nbsp; 64937 |
| Trustee fees — Note 3  | 145206 | &nbsp;&nbsp; 406 |
| Printing fees | 60165 | &nbsp;&nbsp; 2772 |
| Custodian fees | 56891 | &nbsp;&nbsp; 1785 |
| Other expenses | 213954 | &nbsp;&nbsp; 4155 |
| Total Expenses | 24894006 | &nbsp;&nbsp; 157749 |
| Less, expense reimbursements/waivers — Note 3  | (621650)<br>| &nbsp;&nbsp; (122203)<br>|
| Net Expenses | 24272356 | &nbsp;&nbsp; 35546 |
| **NET INVESTMENT (LOSS)** | **(17752828)**<br>| &nbsp;&nbsp; **(16253)**<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 | 242743585 | &nbsp;&nbsp; 589398 |
| Net realized gain on in-kind transactions | 58853584 | &nbsp;&nbsp; — |
| Net realized (loss) on foreign currency transactions | (9323)<br>| &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 301587846 | &nbsp;&nbsp; 589398 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Capital**<br> **Appreciation Fund**<br>| &nbsp;&nbsp; **Alger Concentrated**<br> **Equity Fund**<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $630418187 | &nbsp;&nbsp; $2199835 |
| Net change in unrealized (depreciation) on affiliated <br> investments<br>| (1249079)<br>| &nbsp;&nbsp; — |
| Net change in unrealized appreciation on foreign <br> currency<br>| 7495 | &nbsp;&nbsp; — |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 629176603 | &nbsp;&nbsp; 2199835 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 930764449 | &nbsp;&nbsp; 2789233 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$913011621** | &nbsp;&nbsp; **$2772980** |
| \* Foreign withholding taxes | $187823 | &nbsp;&nbsp; $1052 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (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\*) | $12027588 | &nbsp;&nbsp; $66657 |
| Interest | 1236821 | &nbsp;&nbsp; 33821 |
| Income from securities lending | 37296 | &nbsp;&nbsp; — |
| Total Income | 13301705 | &nbsp;&nbsp; 100478 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 3477600 | &nbsp;&nbsp; 172549 |
| Distribution fees — Note 3  |  |  |
| Class A | 488509 | &nbsp;&nbsp; — |
| Class C | 329859 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 84398 | &nbsp;&nbsp; 3834 |
| Administration fees — Note 3  | 191268 | &nbsp;&nbsp; 10545 |
| Interest expense — Note 3  | 486 | &nbsp;&nbsp; 4336 |
| Transfer agent fees — Note 3  | 203332 | &nbsp;&nbsp; 4082 |
| Professional fees | 148179 | &nbsp;&nbsp; 38728 |
| Fund accounting fees — Note 3  | 107826 | &nbsp;&nbsp; 17761 |
| Registration fees | 96016 | &nbsp;&nbsp; 20413 |
| Trustee fees — Note 3  | 47488 | &nbsp;&nbsp; 2567 |
| Printing fees | 47924 | &nbsp;&nbsp; 485 |
| Custodian fees | 12867 | &nbsp;&nbsp; 3880 |
| Other expenses | 19321 | &nbsp;&nbsp; 5871 |
| Total Expenses | 5255073 | &nbsp;&nbsp; 285051 |
| Less, expense reimbursements/waivers — Note 3  |  | &nbsp;&nbsp; (69793)<br>|
| Net Expenses | 5255073 | &nbsp;&nbsp; 215258 |
| **NET INVESTMENT INCOME (LOSS)** | **8046632** | &nbsp;&nbsp; **(114780)**<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 | (4428668)<br>| &nbsp;&nbsp; 9022551 |
| Net realized gain on in-kind transactions |  | &nbsp;&nbsp; 11805 |
| Net realized (loss) on foreign currency transactions |  | &nbsp;&nbsp; (116)<br>|
| Net realized gain (loss) on investments and foreign <br> currency<br>| (4428668)<br>| &nbsp;&nbsp; 9034240 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Growth &**<br> **Income Fund**<br>| **Alger 35 Fund** |
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $145668173 | &nbsp;&nbsp; $9530108 |
| Net change in unrealized appreciation on foreign <br> currency<br>|  | &nbsp;&nbsp; 16 |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 145668173 | &nbsp;&nbsp; 9530124 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 141239505 | &nbsp;&nbsp; 18564364 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$149286137** | &nbsp;&nbsp; **$18449584** |
| \* Foreign withholding taxes | $87377 | &nbsp;&nbsp; $3039 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (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\*) | $451624 | &nbsp;&nbsp; $530496 |
| Interest | 218888 | &nbsp;&nbsp; 203008 |
| Total Income | 670512 | &nbsp;&nbsp; 733504 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 1911971 | &nbsp;&nbsp; 1925601 |
| Distribution fees — Note 3  |  |  |
| Class A | 20629 | &nbsp;&nbsp; 435345 |
| Class B |  | &nbsp;&nbsp; 126114 |
| Class C | 36372 | &nbsp;&nbsp; 34089 |
| Class I | 20537 | &nbsp;&nbsp; — |
| Shareholder administrative fees — Note 3  | 29157 | &nbsp;&nbsp; 37697 |
| Administration fees — Note 3  | 78057 | &nbsp;&nbsp; 69676 |
| Interest expense — Note 3  | 3085 | &nbsp;&nbsp; 4496 |
| Transfer agent fees — Note 3  | 47739 | &nbsp;&nbsp; 116462 |
| Professional fees | 77227 | &nbsp;&nbsp; 90858 |
| Fund accounting fees — Note 3  | 52977 | &nbsp;&nbsp; 51166 |
| Registration fees | 75177 | &nbsp;&nbsp; 66175 |
| Trustee fees — Note 3  | 19550 | &nbsp;&nbsp; 17342 |
| Printing fees | 35711 | &nbsp;&nbsp; 26517 |
| Custodian fees | 10257 | &nbsp;&nbsp; 14334 |
| Other expenses | 16334 | &nbsp;&nbsp; 11376 |
| Total Expenses | 2434780 | &nbsp;&nbsp; 3027248 |
| Less, expense reimbursements/waivers — Note 3  | (2057)<br>| &nbsp;&nbsp; (69562)<br>|
| Net Expenses | 2432723 | &nbsp;&nbsp; 2957686 |
| **NET INVESTMENT (LOSS)** | **(1762211)**<br>| &nbsp;&nbsp; **(2224182)**<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 | 47834562 | &nbsp;&nbsp; 45469620 |
| Net realized (loss) on foreign currency transactions | (20110)<br>| &nbsp;&nbsp; (1704)<br>|
| Net realized gain on investments and foreign currency | 47814452 | &nbsp;&nbsp; 45467916 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap**<br> **Focus Fund**<br>| &nbsp;&nbsp; **Alger Mid Cap**<br> **Growth Fund**<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $24857603 | &nbsp;&nbsp; $16716346 |
| Net change in unrealized (depreciation) on affiliated <br> investments<br>|  | &nbsp;&nbsp; (752175)<br>|
| Net change in unrealized appreciation on foreign <br> currency<br>|  | &nbsp;&nbsp; 100 |
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 24857603 | &nbsp;&nbsp; 15964271 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 72672055 | &nbsp;&nbsp; 61432187 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$70909844** | &nbsp;&nbsp; **$59208005** |
| \* Foreign withholding taxes | $2051 | &nbsp;&nbsp; $18068 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (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\*) | $331776 | &nbsp;&nbsp; $1050034 |
| Interest | 95078 | &nbsp;&nbsp; 636342 |
| Total Income | 426854 | &nbsp;&nbsp; 1686376 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 1718033 | &nbsp;&nbsp; 7592747 |
| Distribution fees — Note 3  |  |  |
| Class A | 281596 | &nbsp;&nbsp; 299091 |
| Class B | 16725 | &nbsp;&nbsp; — |
| Class C | 128939 | &nbsp;&nbsp; 441621 |
| Class I |  | &nbsp;&nbsp; 82542 |
| Shareholder administrative fees — Note 3  | 29479 | &nbsp;&nbsp; 111883 |
| Administration fees — Note 3  | 58328 | &nbsp;&nbsp; 278401 |
| Interest expense — Note 3  | 650 | &nbsp;&nbsp; 40555 |
| Transfer agent fees — Note 3  | 116462 | &nbsp;&nbsp; 397113 |
| Professional fees | 81539 | &nbsp;&nbsp; 172882 |
| Fund accounting fees — Note 3  | 34558 | &nbsp;&nbsp; 125544 |
| Registration fees | 84290 | &nbsp;&nbsp; 159915 |
| Trustee fees — Note 3  | 14495 | &nbsp;&nbsp; 70715 |
| Printing fees | 44129 | &nbsp;&nbsp; 174710 |
| Custodian fees | 12938 | &nbsp;&nbsp; 46318 |
| Other expenses | 16026 | &nbsp;&nbsp; 34180 |
| Total Expenses | 2638187 | &nbsp;&nbsp; 10028217 |
| Less, expense reimbursements/waivers — Note 3  | (18645)<br>| &nbsp;&nbsp; (8524)<br>|
| Net Expenses | 2619542 | &nbsp;&nbsp; 10019693 |
| **NET INVESTMENT (LOSS)** | **(2192688)**<br>| &nbsp;&nbsp; **(8333317)**<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 | 7012769 | &nbsp;&nbsp; 118054006 |
| Net realized (loss) on foreign currency transactions | (5780)<br>| &nbsp;&nbsp; (34573)<br>|
| Net realized gain on investments and foreign currency | 7006989 | &nbsp;&nbsp; 118019433 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Alger Small Cap**<br> **Focus Fund**<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| $17050402 | &nbsp;&nbsp; $51432625 |
| Net change in unrealized (depreciation) on affiliated <br> investments<br>| (1022246)<br>| &nbsp;&nbsp; (8504221)<br>|
| Net change in unrealized appreciation on investments <br> and foreign currency<br>| 16028156 | &nbsp;&nbsp; 42928404 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 23035145 | &nbsp;&nbsp; 160947837 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$20842457** | &nbsp;&nbsp; **$152614520** |
| \* Foreign withholding taxes | $— | &nbsp;&nbsp; $15366 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (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\*) | $834783 | &nbsp;&nbsp; $2116180 |
| Interest | 460796 | &nbsp;&nbsp; 197853 |
| Total Income | 1295579 | &nbsp;&nbsp; 2314033 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 3244343 | &nbsp;&nbsp; 1117432 |
| Distribution fees — Note 3  |  |  |
| Class A | 189880 | &nbsp;&nbsp; 298527 |
| Class B |  | &nbsp;&nbsp; 145625 |
| Class C | 218503 | &nbsp;&nbsp; 10226 |
| Class I | 23725 | &nbsp;&nbsp; 3912 |
| Shareholder administrative fees — Note 3  | 46411 | &nbsp;&nbsp; 24513 |
| Administration fees — Note 3  | 110148 | &nbsp;&nbsp; 43281 |
| Interest expense — Note 3  | 365 | &nbsp;&nbsp; 1735 |
| Transfer agent fees — Note 3  | 158629 | &nbsp;&nbsp; 88442 |
| Professional fees | 111491 | &nbsp;&nbsp; 77803 |
| Fund accounting fees — Note 3  | 68010 | &nbsp;&nbsp; 48697 |
| Registration fees | 87359 | &nbsp;&nbsp; 75793 |
| Trustee fees — Note 3  | 28095 | &nbsp;&nbsp; 10734 |
| Printing fees | 58516 | &nbsp;&nbsp; 24287 |
| Custodian fees | 14563 | &nbsp;&nbsp; 28006 |
| Other expenses | 14926 | &nbsp;&nbsp; 13692 |
| Total Expenses | 4374964 | &nbsp;&nbsp; 2012705 |
| Less, expense reimbursements/waivers — Note 3  | (33653)<br>| &nbsp;&nbsp; (112558)<br>|
| Net Expenses | 4341311 | &nbsp;&nbsp; 1900147 |
| **NET INVESTMENT INCOME (LOSS)** | **(3045732)**<br>| &nbsp;&nbsp; **413886** |
| **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 | 37645996 | &nbsp;&nbsp; 16548147 |
| Net realized (loss) on foreign currency transactions |  | &nbsp;&nbsp; (108893)<br>|
| Net realized gain on investments and foreign currency | 37645996 | &nbsp;&nbsp; 16439254 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie**<br> **Specialized Growth**<br> **Fund**<br>| &nbsp;&nbsp; **Alger International**<br> **Opportunities Fund**<br>|
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| $(15380861)<br>| &nbsp;&nbsp; $10559175 <br><sup>(a)</sup><br>|
| Net change in unrealized appreciation on foreign <br> currency<br>|  | &nbsp;&nbsp; 15271 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (15380861)<br>| &nbsp;&nbsp; 10574446 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 22265135 | &nbsp;&nbsp; 27013700 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$19219403** | &nbsp;&nbsp; **$27427586** |
| \* Foreign withholding taxes | $19752 | &nbsp;&nbsp; $294215 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes
 net change in unrealized depreciation of net foreign capital gains taxes of $176,691.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger International** <br> **Small Cap Fund** <br>**From June 30, 2025** <br>**(commencement of** <br>**operations) to** <br>**October 31, 2025**<br>| &nbsp;&nbsp; **Alger Health** <br>**Sciences Fund**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $5688 | &nbsp;&nbsp; $601329 |
| Interest | 858 | &nbsp;&nbsp; 57798 |
| Total Income | 6546 | &nbsp;&nbsp; 659127 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 5223 | &nbsp;&nbsp; 409486 |
| Distribution fees — Note 3  |  |  |
| Class A | 148 | &nbsp;&nbsp; 118081 |
| Class C |  | &nbsp;&nbsp; 26302 |
| Shareholder administrative fees — Note 3  | 74 | &nbsp;&nbsp; 10686 |
| Administration fees — Note 3  | 192 | &nbsp;&nbsp; 20474 |
| Interest expense — Note 3  | 6 | &nbsp;&nbsp; 2102 |
| Transfer agent fees — Note 3  | 18 | &nbsp;&nbsp; 55083 |
| Professional fees | 34073 | &nbsp;&nbsp; 46299 |
| Fund accounting fees — Note 3  | 10000 | &nbsp;&nbsp; 30236 |
| Registration fees | 16809 | &nbsp;&nbsp; 46952 |
| Trustee fees — Note 3  | 41 | &nbsp;&nbsp; 5170 |
| Printing fees | 26924 | &nbsp;&nbsp; 16272 |
| Custodian fees | 4000 | &nbsp;&nbsp; 9047 |
| Other expenses | 7197 | &nbsp;&nbsp; 7243 |
| Total Expenses | 104705 | &nbsp;&nbsp; 803433 |
| Less, expense reimbursements/waivers — Note 3  | (98573)<br>| &nbsp;&nbsp; (12956)<br>|
| Net Expenses | 6132 | &nbsp;&nbsp; 790477 |
| **NET INVESTMENT INCOME (LOSS)** | **414** | &nbsp;&nbsp; **(131350)**<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 (loss) on unaffiliated investments | (41470)<br>| &nbsp;&nbsp; (1560600)<br>|
| Net realized gain (loss) on foreign currency transactions | (4145)<br>| &nbsp;&nbsp; 5706 |
| Net realized (loss) on investments and foreign currency | (45615)<br>| &nbsp;&nbsp; (1554894)<br>|

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger International** <br> **Small Cap Fund**<br> **From June 30, 2025**<br> **(commencement of**<br> **operations) to**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Alger Health**<br> **Sciences Fund**<br>|
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| $14347 | &nbsp;&nbsp; $(2493063)<br>|
| Net change in unrealized appreciation (depreciation) on <br> foreign currency<br>| (88)<br>| &nbsp;&nbsp; 4277 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| 14259 | &nbsp;&nbsp; (2488786)<br>|
| Net realized and unrealized (loss) on investments and <br> foreign currency<br>| (31356)<br>| &nbsp;&nbsp; (4043680)<br>|
| **NET (DECREASE) IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$(30942)**<br>| &nbsp;&nbsp; **$(4175030)**<br>|
| \* Foreign withholding taxes | $563 | &nbsp;&nbsp; $10513 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Operations for the year ended October 31, 2025 (Continued)**

------

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

---

| | |
|:---|:---|
|  | **Alger AI Enablers &** <br>**Adopters Fund**<br>|
| **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $23749 |
| Interest | 3933 |
| Total Income | 27682 |
| **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 37075 |
| Distribution fees — Note 3  |  |
| Class A | 5193 |
| Class C | 4489 |
| Class I | 1568 |
| Shareholder administrative fees — Note 3  | 988 |
| Administration fees — Note 3  | 2266 |
| Interest expense — Note 3  | 3359 |
| Transfer agent fees — Note 3  | 1087 |
| Professional fees | 26741 |
| Fund accounting fees — Note 3  | 24611 |
| Registration fees | 68141 |
| Trustee fees — Note 3  | 510 |
| Printing fees | 3204 |
| Custodian fees | 13961 |
| Other expenses | 17905 |
| Total Expenses | 211098 |
| Less, expense reimbursements/waivers — Note 3  | (149801)<br>|
| Net Expenses | 61297 |
| **NET INVESTMENT (LOSS)** | **(33615)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on unaffiliated investments | 767701 |
| Net realized gain on in-kind transactions | 250753 |
| Net realized (loss) on foreign currency transactions | (16)<br>|
| Net realized gain on investments and foreign currency | 1018438 |
| Net change in unrealized appreciation on unaffiliated investments | 3583752 |
| Net realized and unrealized gain on investments and foreign currency | 4602190 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | **$4568575** |
| \* Foreign withholding taxes | $1050 |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(17752828)<br>| &nbsp;&nbsp; $(9602705)<br>|
| Net realized gain on investments and foreign currency | 301587846 | &nbsp;&nbsp; 289003957 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 629176603 | &nbsp;&nbsp; 548027214 |
| Net increase in net assets resulting from operations | 913011621 | &nbsp;&nbsp; 827428466 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (121556811)<br>| &nbsp;&nbsp; (56269500)<br>|
| Class C | (13091369)<br>| &nbsp;&nbsp; (8432126)<br>|
| Class Z | (102763355)<br>| &nbsp;&nbsp; (55636745)<br>|
| Total dividends and distributions to shareholders | (237411535)<br>| &nbsp;&nbsp; (120338371)<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 | (19349747)<br>| &nbsp;&nbsp; (96334147)<br>|
| Class C | (3761273)<br>| &nbsp;&nbsp; (29422168)<br>|
| Class Z | 119734009 | &nbsp;&nbsp; (235826167)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 8 <br>| 96622989 | &nbsp;&nbsp; (361582482)<br>|
| Total increase | 772223075 | &nbsp;&nbsp; 345507613 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 1928822240 | &nbsp;&nbsp; 1583314627 |
| **END OF PERIOD** | **$2701045315** | &nbsp;&nbsp; **$1928822240** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; From April 4, 2024 <br>(commencement of <br>operations) to <br>October 31, 2024<br>|
| Net investment (loss) | $(16253)<br>| &nbsp;&nbsp; $(2579)<br>|
| Net realized gain on investments and foreign currency | 589398 | &nbsp;&nbsp; 7313 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 2199835 | &nbsp;&nbsp; 754074 |
| Net increase in net assets resulting from operations | 2772980 | &nbsp;&nbsp; 758808 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (455)<br>| &nbsp;&nbsp; — |
| Class C | (455)<br>| &nbsp;&nbsp; — |
| Class I | (455)<br>| &nbsp;&nbsp; — |
| Class Y | (455)<br>| &nbsp;&nbsp; — |
| Class Z | (17398)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (19218)<br>| &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 | 10357 | &nbsp;&nbsp; 100000 |
| Class C | 15053 | &nbsp;&nbsp; 100000 |
| Class I |  | &nbsp;&nbsp; 100000 |
| Class Y |  | &nbsp;&nbsp; 100000 |
| Class Z | 170924 | &nbsp;&nbsp; 3844871 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 196334 | &nbsp;&nbsp; 4244871 |
| Total increase | 2950096 | &nbsp;&nbsp; 5003679 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 5003679 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$7953775** | &nbsp;&nbsp; **$5003679** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Growth & Income Fund** | **Alger Growth & Income Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment income | $8046632 | &nbsp;&nbsp; $7399610 |
| Net realized (loss) on investments and foreign currency | (4428668)<br>| &nbsp;&nbsp; (355468)<br>|
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 145668173 | &nbsp;&nbsp; 122209001 |
| Net increase in net assets resulting from operations | 149286137 | &nbsp;&nbsp; 129253143 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (2081293)<br>| &nbsp;&nbsp; (1873542)<br>|
| Class C | (110117)<br>| &nbsp;&nbsp; (138502)<br>|
| Class Z | (6412144)<br>| &nbsp;&nbsp; (4363182)<br>|
| Total dividends and distributions to shareholders | (8603554)<br>| &nbsp;&nbsp; (6375226)<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 | 2110026 | &nbsp;&nbsp; 11781510 |
| Class C | (5061081)<br>| &nbsp;&nbsp; 1370330 |
| Class Z | 17506222 | &nbsp;&nbsp; 179294116 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 14555167 | &nbsp;&nbsp; 192445956 |
| Total increase | 155237750 | &nbsp;&nbsp; 315323873 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 636007652 | &nbsp;&nbsp; 320683779 |
| **END OF PERIOD** | **$791245402** | &nbsp;&nbsp; **$636007652** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 Fund** | **Alger 35 Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(114780)<br>| &nbsp;&nbsp; $(56446)<br>|
| Net realized gain on investments and foreign currency | 9034240 | &nbsp;&nbsp; 6036288 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 9530124 | &nbsp;&nbsp; 8836888 |
| Net increase in net assets resulting from operations | 18449584 | &nbsp;&nbsp; 14816730 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders | (111237)<br>| &nbsp;&nbsp; — |
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class Z | (201489)<br>| &nbsp;&nbsp; (9109281)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (201489)<br>| &nbsp;&nbsp; (9109281)<br>|
| Total increase | 18136858 | &nbsp;&nbsp; 5707449 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 31347972 | &nbsp;&nbsp; 25640523 |
| **END OF PERIOD** | **$49484830** | &nbsp;&nbsp; **$31347972** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(1762211)<br>| &nbsp;&nbsp; $(1029650)<br>|
| Net realized gain on investments and foreign currency | 47814452 | &nbsp;&nbsp; 36580484 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 24857603 | &nbsp;&nbsp; 59104847 |
| Net increase in net assets resulting from operations | 70909844 | &nbsp;&nbsp; 94655681 |
| 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 | 2939467 | &nbsp;&nbsp; 1121024 |
| Class C | 80671 | &nbsp;&nbsp; 150410 |
| Class I | (4090464)<br>| &nbsp;&nbsp; (6483957)<br>|
| Class Y | 2080846 | &nbsp;&nbsp; 1535974 |
| Class Z | (10857193)<br>| &nbsp;&nbsp; (64301687)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (9846673)<br>| &nbsp;&nbsp; (67978236)<br>|
| Total increase | 61063171 | &nbsp;&nbsp; 26677445 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 261598344 | &nbsp;&nbsp; 234920899 |
| **END OF PERIOD** | **$322661515** | &nbsp;&nbsp; **$261598344** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(2224182)<br>| &nbsp;&nbsp; $(1186978)<br>|
| Net realized gain on investments and foreign currency | 45467916 | &nbsp;&nbsp; 11078739 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 15964271 | &nbsp;&nbsp; 56057738 |
| Net increase in net assets resulting from operations | 59208005 | &nbsp;&nbsp; 65949499 |
| 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 | (13219797)<br>| &nbsp;&nbsp; (15502732)<br>|
| Class B | (930781)<br>| &nbsp;&nbsp; (828969)<br>|
| Class C | (1052893)<br>| &nbsp;&nbsp; (720189)<br>|
| Class Z | 3015074 | &nbsp;&nbsp; 3159466 |
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (12188397)<br>| &nbsp;&nbsp; (13892424)<br>|
| Total increase | 47019608 | &nbsp;&nbsp; 52057075 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 241652621 | &nbsp;&nbsp; 189595546 |
| **END OF PERIOD** | **$288672229** | &nbsp;&nbsp; **$241652621** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(2192688)<br>| &nbsp;&nbsp; $(2856880)<br>|
| Net realized gain on investments and foreign currency | 7006989 | &nbsp;&nbsp; 36168485 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 16028156 | &nbsp;&nbsp; 41340955 |
| Net increase in net assets resulting from operations | 20842457 | &nbsp;&nbsp; 74652560 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  | &nbsp;&nbsp; (41241)<br>|
| Class B |  | &nbsp;&nbsp; — |
| Class C |  | &nbsp;&nbsp; — |
| Class Y |  | &nbsp;&nbsp; (42192)<br>|
| Class Z |  | &nbsp;&nbsp; (534659)<br>|
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (618092)<br>|
| Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: | Decrease from shares of beneficial interest transactions: |
| Class A | (14485666)<br>| &nbsp;&nbsp; (20238569)<br>|
| Class B | (235141)<br>| &nbsp;&nbsp; (932507)<br>|
| Class C | (3640514)<br>| &nbsp;&nbsp; (4099109)<br>|
| Class Y | (134794)<br>| &nbsp;&nbsp; (8880904)<br>|
| Class Z | (43797076)<br>| &nbsp;&nbsp; (68303119)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (62293191)<br>| &nbsp;&nbsp; (102454208)<br>|
| Total decrease | (41450734)<br>| &nbsp;&nbsp; (28419740)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 244443678 | &nbsp;&nbsp; 272863418 |
| **END OF PERIOD** | **$202992944** | &nbsp;&nbsp; **$244443678** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(8333317)<br>| &nbsp;&nbsp; $(12861863)<br>|
| Net realized gain on investments and foreign currency | 118019433 | &nbsp;&nbsp; 175073470 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 42928404 | &nbsp;&nbsp; 258984818 |
| Net increase in net assets resulting from operations | 152614520 | &nbsp;&nbsp; 421196425 |
| 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 | (22942282)<br>| &nbsp;&nbsp; (38260202)<br>|
| Class C | (19938941)<br>| &nbsp;&nbsp; (25265745)<br>|
| Class I | (21602141)<br>| &nbsp;&nbsp; (24745779)<br>|
| Class Y | (50581039)<br>| &nbsp;&nbsp; (100547847)<br>|
| Class Z | (328348081)<br>| &nbsp;&nbsp; (521131169)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (443412484)<br>| &nbsp;&nbsp; (709950742)<br>|
| Total decrease | (290797964)<br>| &nbsp;&nbsp; (288754317)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 1214912455 | &nbsp;&nbsp; 1503666772 |
| **END OF PERIOD** | **$924114491** | &nbsp;&nbsp; **$1214912455** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(3045732)<br>| &nbsp;&nbsp; $(3649003)<br>|
| Net realized gain on investments and foreign currency | 37645996 | &nbsp;&nbsp; 10696821 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (15380861)<br>| &nbsp;&nbsp; 124004415 |
| Net increase in net assets resulting from operations | 19219403 | &nbsp;&nbsp; 131052233 |
| 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 | (20732863)<br>| &nbsp;&nbsp; (24125454)<br>|
| Class C | (7943368)<br>| &nbsp;&nbsp; (12006573)<br>|
| Class I | (2726322)<br>| &nbsp;&nbsp; (5558430)<br>|
| Class Y | (19522302)<br>| &nbsp;&nbsp; (2484309)<br>|
| Class Z | (115748619)<br>| &nbsp;&nbsp; (122230430)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (166673474)<br>| &nbsp;&nbsp; (166405196)<br>|
| Total decrease | (147454071)<br>| &nbsp;&nbsp; (35352963)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 477042930 | &nbsp;&nbsp; 512395893 |
| **END OF PERIOD** | **$329588859** | &nbsp;&nbsp; **$477042930** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger International Opportunities Fund** | **Alger International Opportunities Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment income | $413886 | &nbsp;&nbsp; $245882 |
| Net realized gain on investments and foreign currency | 16439254 | &nbsp;&nbsp; 16029127 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 10574446 | &nbsp;&nbsp; 22727248 |
| Net increase in net assets resulting from operations | 27427586 | &nbsp;&nbsp; 39002257 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (5634018)<br>| &nbsp;&nbsp; — |
| Class B | (816597)<br>| &nbsp;&nbsp; — |
| Class C | (54580)<br>| &nbsp;&nbsp; — |
| Class I | (68617)<br>| &nbsp;&nbsp; — |
| Class Z | (866706)<br>| &nbsp;&nbsp; (57254)<br>|
| Total dividends and distributions to shareholders | (7440518)<br>| &nbsp;&nbsp; (57254)<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 | (2180148)<br>| &nbsp;&nbsp; (8170337)<br>|
| Class B | (771976)<br>| &nbsp;&nbsp; (1277614)<br>|
| Class C | 332182 | &nbsp;&nbsp; (506459)<br>|
| Class I | 224130 | &nbsp;&nbsp; (82766)<br>|
| Class Z | 4738210 | &nbsp;&nbsp; (23345383)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 8 <br>| 2342398 | &nbsp;&nbsp; (33382559)<br>|
| Total increase | 22329466 | &nbsp;&nbsp; 5562444 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 152209506 | &nbsp;&nbsp; 146647062 |
| **END OF PERIOD** | **$174538972** | &nbsp;&nbsp; **$152209506** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | |
|:---|:---|
|  | **Alger International** <br> **Small Cap Fund**<br>|
|  | From June 30, 2025 <br>(commencement of <br>operations) to <br>October 31, 2025<br>|
| Net investment income | $414 |
| Net realized (loss) on investments and foreign currency | (45615)<br>|
| Net change in unrealized appreciation on investments and foreign currency | 14259 |
| Net decrease in net assets resulting from operations | (30942)<br>|
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A |  |
| Class Z |  |
| Total dividends and distributions to shareholders |  |
| Increase from shares of beneficial interest transactions: | Increase from shares of beneficial interest transactions: |
| Class A | 304000 |
| Class Z | 1900000 |
| Net increase from shares of beneficial interest transactions — Note 8  | 2204000 |
| Total increase | 2173058 |
| Net Assets: | Net Assets: |
| Beginning of period |  |
| **END OF PERIOD** | **$2173058** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>October 31, 2024<br>|
| Net investment (loss) | $(131350)<br>| &nbsp;&nbsp; $(428937)<br>|
| Net realized gain (loss) on investments and foreign currency | (1554894)<br>| &nbsp;&nbsp; 7230366 |
| Net change in unrealized appreciation (depreciation) on <br> investments and foreign currency<br>| (2488786)<br>| &nbsp;&nbsp; 12744145 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (4175030)<br>| &nbsp;&nbsp; 19545574 |
| 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 | (14688652)<br>| &nbsp;&nbsp; (16152722)<br>|
| Class C | (1253597)<br>| &nbsp;&nbsp; (1960991)<br>|
| Class Z | (13610375)<br>| &nbsp;&nbsp; (21560302)<br>|
| Net decrease from shares of beneficial interest <br> transactions — Note 8 <br>| (29552624)<br>| &nbsp;&nbsp; (39674015)<br>|
| Total decrease | (33727654)<br>| &nbsp;&nbsp; (20128441)<br>|
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 97736406 | &nbsp;&nbsp; 117864847 |
| **END OF PERIOD** | **$64008752** | &nbsp;&nbsp; **$97736406** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Statements of Changes in Net Assets (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** |
|  | For the <br>Year Ended <br>October 31, 2025<br>| &nbsp;&nbsp; From April 4, 2024 <br>(commencement of <br>operations) to <br>October 31, 2024<br>|
| Net investment (loss) | $(33615)<br>| &nbsp;&nbsp; $(3)<br>|
| Net realized gain on investments and foreign currency | 1018438 | &nbsp;&nbsp; 69857 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 3583752 | &nbsp;&nbsp; 616799 |
| Net increase in net assets resulting from operations | 4568575 | &nbsp;&nbsp; 686653 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (6324)<br>| &nbsp;&nbsp; — |
| Class C | (2913)<br>| &nbsp;&nbsp; — |
| Class I | (3025)<br>| &nbsp;&nbsp; — |
| Class Y | (2892)<br>| &nbsp;&nbsp; — |
| Class Z | (93571)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (108725)<br>| &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 | 8862799 | &nbsp;&nbsp; 191488 |
| Class C | 615713 | &nbsp;&nbsp; 100780 |
| Class I | 653122 | &nbsp;&nbsp; 103020 |
| Class Y | (16162)<br>| &nbsp;&nbsp; 100000 |
| Class Z | 558049 | &nbsp;&nbsp; 3249958 |
| Net increase from shares of beneficial interest <br> transactions — Note 8 <br>| 10673521 | &nbsp;&nbsp; 3745246 |
| Total increase | 15133371 | &nbsp;&nbsp; 4431899 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 4431899 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$19565270** | &nbsp;&nbsp; **$4431899** |

---

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $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>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.36) | (0.20) | (0.14) | (0.13) | (0.24) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 16.23 | 13.03 | 3.50 | (11.17) | 11.11 |
| Total from investment operations | 15.87 | 12.83 | 3.36 | (11.30) | 10.87 |
| Distributions from net realized gains | (4.35) | (1.82) | (0.84) | (7.41) | (5.15) |
| Net asset value, end of period | $45.82 | $34.30 | $23.29 | $20.77 | $39.48 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $1287543 | $983691 | $737324 | $774249 | $1523572 |
| Ratio of net expenses to average net assets | 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 net assets | (0.98)<br> %<br>| (0.68)<br> %<br>| (0.64)<br> %<br>| (0.49)<br> %<br>| (0.67)<br> %<br>|
| Portfolio turnover rate | 75.90 %<sup>(c)</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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $18.94 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.32) | (0.22) | (0.18) | (0.20) | (0.35) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 8.30 | 7.32 | 2.05 | (6.89) | 7.84 |
| Total from investment operations | 7.98 | 7.10 | 1.87 | (7.09) | 7.49 |
| Distributions from net realized gains | (4.35) | (1.82) | (0.84) | (7.41) | (5.15) |
| Net asset value, end of period | $22.57 | $18.94 | $13.66 | $12.63 | $27.13 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $68133 | $60522 | $67776 | $91815 | $211972 |
| Ratio of net expenses to average net assets | 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 net assets | (1.74)<br> %<br>| (1.38)<br> %<br>| (1.40)<br> %<br>| (1.24)<br> %<br>| (1.42)<br> %<br>|
| Portfolio turnover rate | 75.90 %<sup>(c)</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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.24) | (0.09) | (0.05) | (0.04) | (0.13) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 17.77 | 14.07 | 3.75 | (11.89) | 11.63 |
| Total from investment operations | 17.53 | 13.98 | 3.70 | (11.93) | 11.50 |
| Distributions from net realized gains | (4.35) | (1.82) | (0.84) | (7.41) | (5.15) |
| Net asset value, end of period | $50.36 | $37.18 | $25.02 | $22.16 | $41.50 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $1345369 | $884609 | $778215 | $949473 | $1687179 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<br>| (0.06)<br> %<br>| (0.07)<br> %<br>| (0.07)<br> %<br>| (0.01)<br> %<br>|  |
| Ratio of net expenses to average net assets | 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 net assets | (0.61)<br> %<br>| (0.29)<br> %<br>| (0.21)<br> %<br>| (0.14)<br> %<br>| (0.34)<br> %<br>|
| Portfolio turnover rate | 75.90 %<sup>(c)</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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class A | Class A |
|  | 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 | $11.83 | $10.00 |
| 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) | (0.02) |
| Net realized and unrealized gain on investments | 6.46 | 1.85 |
| Total from investment operations | 6.39 | 1.83 |
| Distributions from net realized gains | (0.05) |  |
| Net asset value, end of period | $18.17 | $11.83 |
| Total return<sup>(c)</sup> <br>| 54.20<br> %<br>| 18.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $195 | $118 |
| Ratio of gross expenses to average net assets | 2.83<br> %<br>| 6.91<br> %<br>|
| Ratio of expense reimbursements to average net assets | (2.02)<br> %<br>| (6.00)<br> %<br>|
| Ratio of net expenses to average net assets | 0.81<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.49)<br> %<br>| (0.40)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class C | Class C |
|  | 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 | $11.78 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.17) | (0.07) |
| Net realized and unrealized gain on investments | 6.39 | 1.85 |
| Total from investment operations | 6.22 | 1.78 |
| Distributions from net realized gains | (0.05) |  |
| Net asset value, end of period | $17.95 | $11.78 |
| Total return<sup>(c)</sup> <br>| 52.99<br> %<br>| 17.80<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $195 | $118 |
| Ratio of gross expenses to average net assets | 3.58<br> %<br>| 7.66<br> %<br>|
| Ratio of expense reimbursements to average net assets | (2.02)<br> %<br>| (6.00)<br> %<br>|
| Ratio of net expenses to average net assets | 1.56<br> %<br>| 1.66<br> %<br>|
| Ratio of net investment loss to average net assets | (1.23)<br> %<br>| (1.14)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class I | Class I |
|  | 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 | $11.83 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.07) | (0.02) |
| Net realized and unrealized gain on investments | 6.46 | 1.85 |
| Total from investment operations | 6.39 | 1.83 |
| Distributions from net realized gains | (0.05) |  |
| Net asset value, end of period | $18.17 | $11.83 |
| Total return<sup>(c)</sup> <br>| 54.20<br> %<br>| 18.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $182 | $118 |
| Ratio of gross expenses to average net assets | 2.83<br> %<br>| 6.92<br> %<br>|
| Ratio of expense reimbursements to average net assets | (2.02)<br> %<br>| (6.01)<br> %<br>|
| Ratio of net expenses to average net assets | 0.81<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.48)<br> %<br>| (0.39)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class Y | Class Y |
|  | 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 | $11.85 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.03) | (0.01) |
| Net realized and unrealized gain on investments | 6.47 | 1.86 |
| Total from investment operations | 6.44 | 1.85 |
| Distributions from net realized gains | (0.05) |  |
| Net asset value, end of period | $18.24 | $11.85 |
| Total return<sup>(c)</sup> <br>| 54.53<br> %<br>| 18.50<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $182 | $118 |
| Ratio of gross expenses to average net assets | 2.59<br> %<br>| 6.65<br> %<br>|
| Ratio of expense reimbursements to average net assets | (2.03)<br> %<br>| (5.98)<br> %<br>|
| Ratio of net expenses to average net assets | 0.56<br> %<br>| 0.67<br> %<br>|
| Ratio of net investment loss to average net assets | (0.23)<br> %<br>| (0.15)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity Fund** | Class Z | Class Z |
|  | 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 | $11.85 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.03) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain on investments | 6.47 | 1.85 |
| Total from investment operations | 6.44 | 1.85 |
| Distributions from net realized gains | (0.05) |  |
| Net asset value, end of period | $18.24 | $11.85 |
| Total return<sup>(d)</sup> <br>| 54.53<br> %<br>| 18.50<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $7200 | $4531 |
| Ratio of gross expenses to average net assets | 2.57<br> %<br>| 6.54<br> %<br>|
| Ratio of expense reimbursements to average net assets | (2.01)<br> %<br>| (5.99)<br> %<br>|
| Ratio of net expenses to average net assets | 0.56<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment loss to average net assets | (0.23)<br> %<br>| (0.06)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $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>  |
| Net investment income<sup>(a)</sup> <br>| 0.79 | 0.91 | 0.85 | 0.71 | 0.63 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 16.23 | 17.89 | 5.09 | (7.49) | 18.47 |
| Total from investment operations | 17.02 | 18.80 | 5.94 | (6.78) | 19.10 |
| Dividends from net investment income | (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 | $91.67 | $75.50 | $57.50 | $52.35 | $61.76 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $223141 | $181762 | $128090 | $108039 | $106439 |
| Ratio of net expenses to average net assets | 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 average net assets | 0.98<br> %<br>| 1.31<br> %<br>| 1.51<br> %<br>| 1.24<br> %<br>| 1.15<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $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: |
| Net investment income<sup>(a)</sup> <br>| 0.19 | 0.38 | 0.43 | 0.28 | 0.21 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 15.95 | 17.57 | 5.00 | (7.38) | 18.18 |
| Total from investment operations | 16.14 | 17.95 | 5.43 | (7.10) | 18.39 |
| Dividends from net investment income | (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 | $90.03 | $74.15 | $56.51 | $51.46 | $60.77 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $34595 | $33206 | $24149 | $21111 | $18194 |
| Ratio of net expenses to average net assets | 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 to average net assets | 0.24<br> %<br>| 0.56<br> %<br>| 0.77<br> %<br>| 0.49<br> %<br>| 0.40<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $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: |
| Net investment income<sup>(a)</sup> <br>| 1.04 | 1.12 | 1.03 | 0.90 | 0.80 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 16.26 | 17.92 | 5.10 | (7.51) | 18.49 |
| Total from investment operations | 17.30 | 19.04 | 6.13 | (6.61) | 19.29 |
| Dividends from net investment income | (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 | $91.82 | $75.63 | $57.58 | $52.42 | $61.84 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $533510 | $421040 | $168445 | $115251 | $38021 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<br>|  |  |  |  | — <br><sup>(c)</sup><br>|
| Ratio of net expenses to average net assets | 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 average net assets | 1.29<br> %<br>| 1.59<br> %<br>| 1.82<br> %<br>| 1.62<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than 0.005%.

See Notes to Financial Statements.

------

**THE ALGER FUNDS**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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>(a)</sup> <br>|
| Net asset value, beginning of period | $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: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.06) | (0.02) | (0.01) | — <br><sup>(c)</sup><br>| (0.01) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 9.26 | 5.90 | 0.14 | (6.68) | 6.95 |
| Total from investment operations | 9.20 | 5.88 | 0.13 | (6.68) | 6.94 |
| Dividends from net investment income | (0.06) |  | — <br><sup>(c)</sup><br>|  | — <br><sup>(d)</sup><br>|
| Distributions from net realized gains |  |  |  | (5.10) | (3.02) |
| Net asset value, end of period | $24.70 | $15.56 | $9.68 | $9.55 | $21.33 |
| Total return<sup>(e)</sup> <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: |
| Net assets, end of period (000's omitted) | $49485 | $31348 | $25640 | $25976 | $44159 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<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 assets | 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 average net <br> assets<br>| (0.30)<br> %<br>| (0.18)<br> %<br>| (0.12)<br> %<br>| 0.01<br> %<br>| (0.07)<br> %<br>|
| Portfolio turnover rate | 189.43 %<sup>(f)</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) 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;(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) Amount
 was more than $(0.001) per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 period | &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>  |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.11 | 5.06 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (9.14) | 2.80 |
| Total from investment operations | 4.94 | 4.96 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (9.23) | 2.76 |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; — |
| Net asset value, end of period | &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>| 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: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $10420 | &nbsp;&nbsp; $5972 | &nbsp;&nbsp; $3307 | &nbsp;&nbsp; $5083 | &nbsp;&nbsp; $1669 |
| Ratio of net expenses to average net assets | 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 to average net <br> assets<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 | 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 period | &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: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.09) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.95 | 4.95 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (9.10) | 2.80 |
| Total from investment operations | 4.65 | 4.74 | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (9.31) | 2.71 |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; — |
| Net asset value, end of period | &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>| 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: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $4126 | &nbsp;&nbsp; $3139 | &nbsp;&nbsp; $2070 | &nbsp;&nbsp; $2433 | &nbsp;&nbsp; $2317 |
| Ratio of gross expenses to average net <br> assets<br>| 1.92<br> %<br>| 1.97<br> %<br>| 1.96<br> %<br>| 1.85<br> %<br>| 1.76<br> %<br>|
| Ratio of expense reimbursements to average <br> net assets<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net expenses to average net assets | 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 to average net <br> assets<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 | 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class I | Class I | Class I | Class I | Class I |
|  | 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 | &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: |
| Net investment (loss)<sup>(a)</sup> <br>| &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.17) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.11 | 5.06 | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (9.13) | 8.76 |
| Total from investment operations | 4.95 | 4.97 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (9.23) | 8.59 |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; (0.26) |
| Net asset value, end of period | &nbsp;&nbsp; $21.26 | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $23.43 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $7309 | &nbsp;&nbsp; $8915 | &nbsp;&nbsp; $11512 | &nbsp;&nbsp; $62499 | &nbsp;&nbsp; $145539 |
| Ratio of net expenses to average net assets | 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 to average net <br> assets<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 | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | 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 period | &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: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.23 | 5.16 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (9.18) | 2.99 |
| Total from investment operations | 5.13 | 5.10 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (9.24) | 2.91 |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; — |
| Net asset value, end of period | &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>| 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: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $4083 | &nbsp;&nbsp; $1827 | &nbsp;&nbsp; $189 | &nbsp;&nbsp; $443 | &nbsp;&nbsp; $137 |
| Ratio of gross expenses to average net <br> assets<br>| 0.83<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.74<br> %<br>| 0.72<br> %<br>|
| Ratio of expense reimbursements to average <br> net assets<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 average net assets | 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 to average net <br> assets<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 | 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | &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: |
| Net investment (loss)<sup>(a)</sup> <br>| &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.12) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 5.20 | 5.12 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (9.20) | 8.80 |
| Total from investment operations | 5.09 | 5.07 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (9.25) | 8.68 |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; (0.26) |
| Net asset value, end of period | &nbsp;&nbsp; $21.65 | &nbsp;&nbsp; $16.56 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $23.57 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $296724 | &nbsp;&nbsp; $241746 | &nbsp;&nbsp; $217843 | &nbsp;&nbsp; $365976 | &nbsp;&nbsp; $795479 |
| Ratio of net expenses to average net assets | 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 to average net <br> assets<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 | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $14.68 | $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>  |
| Net investment income (loss)<sup>(a)</sup> <br>| (0.15) | (0.08) | (0.08) | (0.09) | 0.48 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.87 | 3.92 | 0.10 | (7.71) | 7.58 |
| Total from investment operations | 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 | $18.40 | $14.68 | $10.84 | $10.82 | $25.20 |
| Total return<sup>(b)</sup> <br>| 25.34<br> %<br>| 35.42<br> %<br>| 0.18<br> %<br>| (39.13)<br> %<br>| 44.05 %<sup>(c)</sup><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) | $191757 | $165133 | $134439 | $146648 | $259895 |
| Ratio of net expenses to average net assets | 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 average net <br> assets<br>| (0.93)<br> %<br>| (0.57)<br> %<br>| (0.69)<br> %<br>| (0.68)<br> %<br>| 2.15<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class B | Class B | Class B | Class B | Class B |
|  | 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 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| (0.11) | (0.06) | (0.05) | (0.06) | 0.35 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.42 | 2.45 | 0.06 | (5.15) | 5.70 |
| Total from investment operations | 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 | $11.49 | $9.18 | $6.79 | $6.78 | $18.60 |
| Total return<sup>(b)</sup> <br>| 25.16<br> %<br>| 35.20<br> %<br>| 0.15<br> %<br>| (39.16)<br> %<br>| 44.24 %<sup>(c)</sup><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) | $14004 | $12040 | $9563 | $10404 | $18276 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<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 assets | 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 average net <br> assets<br>| (1.09)<br> %<br>| (0.68)<br> %<br>| (0.73)<br> %<br>| (0.71)<br> %<br>| 2.08<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| (0.16) | (0.10) | (0.10) | (0.12) | 0.23 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.23 | 2.26 | 0.06 | (4.88) | 5.48 |
| Total from investment operations | 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 | $10.53 | $8.46 | $6.30 | $6.34 | $17.82 |
| Total return<sup>(b)</sup> <br>| 24.47<br> %<br>| 34.29<br> %<br>| (0.63)<br> %<br>| (39.60)<br> %<br>| 42.91 %<sup>(c)</sup><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) | $3413 | $3703 | $3319 | $4562 | $8244 |
| Ratio of net expenses to average net assets | 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 average net <br> assets<br>| (1.73)<br> %<br>| (1.31)<br> %<br>| (1.54)<br> %<br>| (1.49)<br> %<br>| 1.41<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $15.23 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| (0.11) | (0.04) | (0.05) | (0.05) | 0.63 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.04 | 4.05 | 0.11 | (7.92) | 7.67 |
| Total from investment operations | 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 | $19.16 | $15.23 | $11.22 | $11.16 | $25.78 |
| Total return<sup>(b)</sup> <br>| 25.81<br> %<br>| 35.74<br> %<br>| 0.54<br> %<br>| (38.95)<br> %<br>| 44.55 %<sup>(c)</sup><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) | $79498 | $60776 | $42274 | $30488 | $52746 |
| Ratio of net expenses to average net assets | 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 average net <br> assets<br>| (0.64)<br> %<br>| (0.28)<br> %<br>| (0.41)<br> %<br>| (0.37)<br> %<br>| 2.75<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $10.14 | $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>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.11) | (0.11) | (0.08) | (0.11) | (0.07) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.40 | 2.35 | (0.85) | (5.93) | 3.76 |
| Total from investment operations | 1.29 | 2.24 | (0.93) | (6.04) | 3.69 |
| Dividends from net investment income |  | — <br><sup>(b)</sup><br>|  |  |  |
| Distributions from net realized gains |  |  |  | (1.34) | (0.07) |
| Net asset value, end of period | $11.43 | $10.14 | $7.90 | $8.83 | $16.21 |
| Total return<sup>(c)</sup> <br>| 12.72<br> %<br>| 28.40<br> %<br>| (10.53)<br> %<br>| (39.87)<br> %<br>| 29.27 %<sup>(d)</sup><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) | $118898 | $120113 | $110041 | $142244 | $262708 |
| Ratio of net expenses to average net assets | 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 net assets | (1.12)<br> %<br>| (1.11)<br> %<br>| (0.93)<br> %<br>| (1.01)<br> %<br>| (0.46)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was less than $0.005 per share.

&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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class B | Class B | Class B | Class B | Class B |
|  | 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 | $6.82 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.06) | (0.07) | (0.06) | (0.08) | (0.05) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.95 | 1.58 | (0.57) | (4.05) | 2.65 |
| Total from investment operations | 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 | $7.71 | $6.82 | $5.31 | $5.94 | $11.41 |
| Total return<sup>(b)</sup> <br>| 13.05<br> %<br>| 28.44<br> %<br>| (10.61)<br> %<br>| (39.91)<br> %<br>| 29.38 %<sup>(c)</sup><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) | $1813 | $1840 | $2212 | $3038 | $5821 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<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 assets | 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 net assets | (0.88)<br> %<br>| (1.01)<br> %<br>| (1.02)<br> %<br>| (1.09)<br> %<br>| (0.48)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $6.22 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.12) | (0.11) | (0.09) | (0.12) | (0.13) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.86 | 1.44 | (0.53) | (3.79) | 2.52 |
| Total from investment operations | 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 | $6.96 | $6.22 | $4.89 | $5.51 | $10.76 |
| Total return<sup>(b)</sup> <br>| 11.90<br> %<br>| 27.20<br> %<br>| (11.25)<br> %<br>| (40.32)<br> %<br>| 28.41 %<sup>(c)</sup><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) | $12210 | $14614 | $14851 | $21105 | $39148 |
| Ratio of net expenses to average net assets | 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 net assets | (1.92)<br> %<br>| (1.90)<br> %<br>| (1.72)<br> %<br>| (1.81)<br> %<br>| (1.21)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class Y | Class Y | Class Y | Class Y |
|  | 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; $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: |
| Net investment (loss)<sup>(b)</sup> <br>| &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain (loss) on investments | 1.50 | 2.47 | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (4.49) |
| Total from investment operations | 1.43 | 2.41 | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (4.53) |
| Dividends from net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $9.31 |
| Total return<sup>(c)</sup> <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: |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $203 | &nbsp;&nbsp; $7258 | &nbsp;&nbsp; $8050 |
| Ratio of gross expenses to average net assets | 1.06<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>|
| Ratio of expense reimbursements to average net assets | &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 | 0.85<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>|
| Ratio of net investment loss to average net assets | &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 | 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $10.70 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.08) | (0.08) | (0.05) | (0.08) | (0.02) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.48 | 2.47 | (0.90) | (6.21) | 3.91 |
| Total from investment operations | 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 | $12.10 | $10.70 | $8.34 | $9.29 | $16.92 |
| Total return<sup>(b)</sup> <br>| 13.08<br> %<br>| 28.74<br> %<br>| (10.23)<br> %<br>| (39.66)<br> %<br>| 29.66 %<sup>(c)</sup><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) | $69985 | $107674 | $138502 | $214819 | $383748 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<br>|  | (0.03)<br> %<br>|  |  |  |
| Ratio of net expenses to average net assets | 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 net assets | (0.79)<br> %<br>| (0.77)<br> %<br>| (0.59)<br> %<br>| (0.68)<br> %<br>| (0.12)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $18.27 | $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>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.21) | (0.20) | (0.19) | (0.19) | (0.31) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.65 | 4.52 | (2.77) | (12.84) | 5.83 |
| Total from investment operations | 3.44 | 4.32 | (2.96) | (13.03) | 5.52 |
| Distributions from net realized gains |  |  |  | (1.80) |  |
| Net asset value, end of period | $21.71 | $18.27 | $13.95 | $16.91 | $31.74 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $125463 | $127360 | $128366 | $226738 | $560577 |
| Ratio of net expenses to average net assets | 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 net assets | (1.13)<br> %<br>| (1.14)<br> %<br>| (1.18)<br> %<br>| (0.96)<br> %<br>| (0.98)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $15.74 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.30) | (0.28) | (0.24) | (0.28) | (0.47) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.13 | 3.91 | (2.40) | (11.29) | 5.19 |
| Total from investment operations | 2.83 | 3.63 | (2.64) | (11.57) | 4.72 |
| Distributions from net realized gains |  |  |  | (1.80) |  |
| Net asset value, end of period | $18.57 | $15.74 | $12.11 | $14.75 | $28.12 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $39197 | $53942 | $62091 | $108988 | $267800 |
| Ratio of net expenses to average net assets | 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 net assets | (1.84)<br> %<br>| (1.86)<br> %<br>| (1.72)<br> %<br>| (1.57)<br> %<br>| (1.70)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class I | Class I | Class I | Class I | Class I |
|  | 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 | $18.90 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.20) | (0.19) | (0.15) | (0.18) | (0.31) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.78 | 4.67 | (2.87) | (13.19) | 5.99 |
| Total from investment operations | 3.58 | 4.48 | (3.02) | (13.37) | 5.68 |
| Distributions from net realized gains |  |  |  | (1.80) |  |
| Net asset value, end of period | $22.48 | $18.90 | $14.42 | $17.44 | $32.61 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $24745 | $42351 | $52678 | $144513 | $421986 |
| Ratio of net expenses to average net assets | 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 net assets | (1.05)<br> %<br>| (1.06)<br> %<br>| (0.91)<br> %<br>| (0.83)<br> %<br>| (0.95)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | 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 | $19.51 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.14) | (0.14) | (0.09) | (0.09) | (0.21) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.92 | 4.80 | (2.95) | (13.51) | 6.09 |
| Total from investment operations | 3.78 | 4.66 | (3.04) | (13.60) | 5.88 |
| Distributions from net realized gains |  |  |  | (1.80) |  |
| Net asset value, end of period | $23.29 | $19.51 | $14.85 | $17.89 | $33.29 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $30944 | $75589 | $136084 | $257064 | $394801 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<br>| (0.02)<br> %<br>| (0.03)<br> %<br>| (0.04)<br> %<br>|  |  |
| Ratio of net expenses to average net assets | 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 net assets | (0.68)<br> %<br>| (0.77)<br> %<br>| (0.55)<br> %<br>| (0.46)<br> %<br>| (0.65)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $19.50 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.14) | (0.15) | (0.10) | (0.10) | (0.21) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.91 | 4.81 | (2.94) | (13.51) | 6.09 |
| Total from investment operations | 3.77 | 4.66 | (3.04) | (13.61) | 5.88 |
| Distributions from net realized gains |  |  |  | (1.80) |  |
| Net asset value, end of period | $23.27 | $19.50 | $14.84 | $17.88 | $33.29 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $703766 | $915671 | $1124448 | $2192139 | $6195714 |
| Ratio of net expenses to average net assets | 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 net assets | (0.72)<br> %<br>| (0.81)<br> %<br>| (0.58)<br> %<br>| (0.49)<br> %<br>| (0.65)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $12.95 | $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>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.13) | (0.11) | (0.10) | (0.14) | (0.23) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.78 | 2.94 | (1.35) | (8.91) | 8.70 |
| Total from investment operations | 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 | $13.60 | $12.95 | $10.12 | $11.57 | $24.96 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $68635 | $85078 | $86257 | $119741 | $259394 |
| Ratio of net expenses to average net assets | 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 net assets | (0.98)<br> %<br>| (0.89)<br> %<br>| (0.90)<br> %<br>| (0.95)<br> %<br>| (1.03)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $6.93 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.12) | (0.11) | (0.10) | (0.14) | (0.25) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.41 | 1.59 | (0.74) | (5.16) | 5.63 |
| Total from investment operations | 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 | $7.22 | $6.93 | $5.45 | $6.29 | $15.93 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $17736 | $24858 | $29559 | $44815 | $103331 |
| Ratio of net expenses to average net assets | 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 net assets | (1.75)<br> %<br>| (1.66)<br> %<br>| (1.67)<br> %<br>| (1.72)<br> %<br>| (1.79)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** | Class I | Class I | Class I | Class I | Class I |
|  | 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 | $13.41 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.14) | (0.12) | (0.10) | (0.14) | (0.23) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.81 | 3.05 | (1.41) | (9.20) | 8.93 |
| Total from investment operations | 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 | $14.08 | $13.41 | $10.48 | $11.99 | $25.67 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $8746 | $10927 | $13179 | $29612 | $77214 |
| Ratio of net expenses to average net assets | 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 net assets | (1.02)<br> %<br>| (0.91)<br> %<br>| (0.88)<br> %<br>| (0.95)<br> %<br>| (1.02)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** | Class Y | Class Y | Class Y | Class Y | Class Y |
|  | 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 | $13.87 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.08) | (0.07) | (0.06) | (0.08) | (0.16) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.83 | 3.15 | (1.44) | (9.41) | 9.08 |
| Total from investment operations | 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 | $14.62 | $13.87 | $10.79 | $12.29 | $26.12 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $36176 | $53330 | $43625 | $47379 | $61163 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<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 assets | 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 net assets | (0.56)<br> %<br>| (0.51)<br> %<br>| (0.47)<br> %<br>| (0.55)<br> %<br>| (0.70)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $14.34 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.09) | (0.08) | (0.07) | (0.10) | (0.17) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.86 | 3.25 | (1.49) | (9.70) | 9.33 |
| Total from investment operations | 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 | $15.11 | $14.34 | $11.17 | $12.73 | $26.87 |
| Total return<sup>(b)</sup> <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: |
| Net assets, end of period (000's omitted) | $198296 | $302850 | $339777 | $535172 | $1277576 |
| Ratio of net expenses to average net assets | 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 net assets | (0.63)<br> %<br>| (0.59)<br> %<br>| (0.54)<br> %<br>| (0.61)<br> %<br>| (0.72)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $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>  |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.05 | 0.02 | (0.03) | (0.10) | (0.11) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.58 | 4.38 | 0.58 | (7.82) | 6.56 |
| Total from investment operations | 3.63 | 4.40 | 0.55 | (7.92) | 6.45 |
| Distributions from net realized gains | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $22.82 | $20.18 | $15.78 | $15.23 | $25.12 |
| Total return<sup>(b)</sup> <br>| 18.88<br> %<br>| 27.88<br> %<br>| 3.61<br> %<br>| (34.27)<br> %<br>| 34.87 %<sup>(c)</sup><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) | $128232 | $115335 | $97018 | $100262 | $158223 |
| Ratio of net expenses to average net assets | 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 average net <br> assets<br>| 0.23<br> %<br>| 0.12<br> %<br>| (0.15)<br> %<br>| (0.53)<br> %<br>| (0.49)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class B | Class B | Class B | Class B | Class B |
|  | 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 | $17.28 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.03 | 0.01 | (0.02) | (0.09) | (0.08) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.04 | 3.76 | 0.49 | (6.71) | 5.70 |
| Total from investment operations | 3.07 | 3.77 | 0.47 | (6.80) | 5.62 |
| Distributions from net realized gains | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $19.36 | $17.28 | $13.51 | $13.04 | $21.81 |
| Total return<sup>(b)</sup> <br>| 18.80<br> %<br>| 27.91<br> %<br>| 3.60<br> %<br>| (34.30)<br> %<br>| 35.02 %<sup>(c)</sup><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) | $15515 | $14584 | $12465 | $13200 | $22147 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<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 assets | 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 average net <br> assets<br>| 0.18<br> %<br>| 0.08<br> %<br>| (0.15)<br> %<br>| (0.54)<br> %<br>| (0.39)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.10) | (0.08) | (0.15) | (0.22) | (0.24) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.82 | 3.54 | 0.47 | (6.38) | 5.50 |
| Total from investment operations | 2.72 | 3.46 | 0.32 | (6.60) | 5.26 |
| Distributions from net realized gains | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $17.88 | $16.15 | $12.69 | $12.37 | $20.94 |
| Total return<sup>(b)</sup> <br>| 17.90<br> %<br>| 27.17<br> %<br>| 2.67<br> %<br>| (34.82)<br> %<br>| 33.86 %<sup>(c)</sup><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) | $1356 | $899 | $1138 | $1594 | $4368 |
| Ratio of net expenses to average net assets | 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 net assets | (0.61)<br> %<br>| (0.55)<br> %<br>| (1.07)<br> %<br>| (1.40)<br> %<br>| (1.23)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class I | Class I | Class I | Class I | Class I |
|  | 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 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.05 | 0.02 | (0.02) | (0.08) | (0.10) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.58 | 4.41 | 0.57 | (7.87) | 6.58 |
| Total from investment operations | 3.63 | 4.43 | 0.55 | (7.95) | 6.48 |
| Distributions from net realized gains | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $22.90 | $20.26 | $15.83 | $15.28 | $25.20 |
| Total return<sup>(b)</sup> <br>| 18.85<br> %<br>| 27.98<br> %<br>| 3.60<br> %<br>| (34.28)<br> %<br>| 34.94 %<sup>(c)</sup><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) | $1762 | $1326 | $1104 | $1061 | $591 |
| Ratio of gross expenses to average net assets | 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 average net <br> 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 assets | 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 average net <br> assets<br>| 0.22<br> %<br>| 0.13<br> %<br>| (0.12)<br> %<br>| (0.44)<br> %<br>| (0.45)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger International Opportunities Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.12 | 0.08 | 0.04 | (0.02) | (0.03) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.71 | 4.53 | 0.60 | (7.98) | 6.65 |
| Total from investment operations | 3.83 | 4.61 | 0.64 | (8.00) | 6.62 |
| Dividends from net investment income |  | (0.03) |  |  |  |
| Distributions from net realized gains | (0.99) |  |  | (1.97) |  |
| Net asset value, end of period | $23.61 | $20.77 | $16.19 | $15.55 | $25.52 |
| Total return<sup>(b)</sup> <br>| 19.32<br> %<br>| 28.48<br> %<br>| 4.12<br> %<br>| (34.03)<br> %<br>| 35.34 %<sup>(c)</sup><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) | $27674 | $20065 | $34923 | $14528 | $28264 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<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 assets | 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 average net <br> assets<br>| 0.57<br> %<br>| 0.40<br> %<br>| 0.21<br> %<br>| (0.13)<br> %<br>| (0.13)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | |
|:---|:---|
| **Alger International Small Cap Fund** | Class A |
|  | From 6/30/2025 <br>(commencement <br>of operations) to <br>10/31/2025<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  | INCOME FROM INVESTMENT OPERATIONS<sup>:</sup>  |
| Net investment income<sup>(b)</sup> <br>| — <br><sup>(c)</sup><br>|
| Net realized and unrealized loss on investments | (0.17) |
| Total from investment operations | (0.17) |
| Net asset value, end of period | $9.83 |
| Total return<sup>(d)</sup> <br>| (1.70)<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $303 |
| Ratio of gross expenses to average net assets | 16.20<br> %<br>|
| Ratio of expense reimbursements to average net assets | (15.00)<br> %<br>|
| Ratio of net expenses to average net assets | 1.20<br> %<br>|
| Ratio of net investment loss to average net assets | (0.11)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | |
|:---|:---|
| **Alger International Small Cap Fund** | Class Z |
|  | From 6/30/2025 <br>(commencement <br>of operations) to <br>10/31/2025<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| — <br><sup>(c)</sup><br>|
| Net realized and unrealized loss on investments | (0.16) |
| Total from investment operations | (0.16) |
| Net asset value, end of period | $9.84 |
| Total return<sup>(d)</sup> <br>| (1.60)<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $1870 |
| Ratio of gross expenses to average net assets | 14.79<br> %<br>|
| Ratio of expense reimbursements to average net assets | (13.94)<br> %<br>|
| Ratio of net expenses to average net assets | 0.85<br> %<br>|
| Ratio of net investment income to average net assets | 0.07<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | Class A | Class A | Class A | Class A | Class A |
|  | 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 | $21.64 | $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>  |
| Net investment (loss)<sup>(a)</sup> <br>| (0.05) | (0.11) | (0.12) | (0.07) | (0.21) |
| Net realized and unrealized gain (loss) on <br> investments<br>| (0.45) | 3.53 | (2.51) | (8.74) | 8.87 |
| Total from investment operations | (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 | $21.14 | $21.64 | $18.22 | $20.85 | $36.66 |
| Total return<sup>(b)</sup> <br>| (2.31)<br> %<br>| 18.77<br> %<br>| (12.61)<br> %<br>| (27.31)<br> %<br>| 29.12 %<sup>(c)</sup><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) | $44056 | $60966 | $65337 | $91059 | $151514 |
| Ratio of net expenses to average net assets | 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 net assets | (0.28)<br> %<br>| (0.50)<br> %<br>| (0.57)<br> %<br>| (0.30)<br> %<br>| (0.63)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | Class C | Class C | Class C | Class C | Class C |
|  | 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 | $13.37 | $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: |
| Net investment (loss)<sup>(a)</sup> <br>| (0.13) | (0.16) | (0.18) | (0.16) | (0.34) |
| Net realized and unrealized gain (loss) on <br> investments<br>| (0.28) | 2.20 | (1.57) | (5.87) | 6.46 |
| Total from investment operations | (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 | $12.96 | $13.37 | $11.33 | $13.08 | $26.11 |
| Total return<sup>(b)</sup> <br>| (3.07)<br> %<br>| 18.01<br> %<br>| (13.38)<br> %<br>| (27.85)<br> %<br>| 28.11 %<sup>(c)</sup><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) | $2220 | $3659 | $4802 | $7828 | $14334 |
| Ratio of net expenses to average net assets | 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 net assets | (1.07)<br> %<br>| (1.23)<br> %<br>| (1.39)<br> %<br>| (1.10)<br> %<br>| (1.39)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 not reflect the effect of sales charges, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | Class Z | Class Z | Class Z | Class Z | Class Z |
|  | 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 | $22.21 | $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: |
| Net investment income (loss)<sup>(a)</sup> <br>| 0.02 | (0.02) | (0.04) | — <br><sup>(b)</sup><br>| (0.11) |
| Net realized and unrealized gain (loss) on <br> investments<br>| (0.44) | 3.60 | (2.57) | (8.85) | 8.96 |
| Total from investment operations | (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 | $21.79 | $22.21 | $18.63 | $21.24 | $37.09 |
| Total return<sup>(c)</sup> <br>| (1.89)<br> %<br>| 19.22<br> %<br>| (12.29)<br> %<br>| (27.05)<br> %<br>| 29.53 %<sup>(d)</sup><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) | $17733 | $33111 | $47725 | $78928 | $184972 |
| Ratio of gross expenses to average net assets | 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 average net <br> assets<br>| (0.06)<br> %<br>| (0.12)<br> %<br>| (0.03)<br> %<br>|  |  |
| Ratio of net expenses to average net assets | 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 average net <br> assets<br>| 0.11<br> %<br>| (0.09)<br> %<br>| (0.19)<br> %<br>| 0.01<br> %<br>| (0.31)<br> %<br>|
| Portfolio turnover rate | 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) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was less than $0.005 per share.

&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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class A | Class A |
|  | 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 | $11.91 | $10.00 |
| 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>| (0.09) | (0.02) |
| Net realized and unrealized gain on investments | 7.62 | 1.93 |
| Total from investment operations | 7.53 | 1.91 |
| Distributions from net realized gains | (0.29) |  |
| Net asset value, end of period | $19.15 | $11.91 |
| Total return<sup>(c)</sup> <br>| 64.27<br> %<br>| 19.10<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $10316 | $213 |
| Ratio of gross expenses to average net assets | 2.68<br> %<br>| 8.04<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.83)<br> %<br>| (7.14)<br> %<br>|
| Ratio of net expenses to average net assets | 0.85<br> %<br>| 0.90<br> %<br>|
| Ratio of net investment loss to average net assets | (0.54)<br> %<br>| (0.30)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class C | Class C |
|  | 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 | $11.85 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.20) | (0.07) |
| Net realized and unrealized gain on investments | 7.56 | 1.92 |
| Total from investment operations | 7.36 | 1.85 |
| Distributions from net realized gains | (0.29) |  |
| Net asset value, end of period | $18.92 | $11.85 |
| Total return<sup>(c)</sup> <br>| 63.00<br> %<br>| 18.60<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $1005 | $119 |
| Ratio of gross expenses to average net assets | 3.44<br> %<br>| 8.80<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.83)<br> %<br>| (7.14)<br> %<br>|
| Ratio of net expenses to average net assets | 1.61<br> %<br>| 1.66<br> %<br>|
| Ratio of net investment loss to average net assets | (1.28)<br> %<br>| (1.04)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class I | Class I |
|  | 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 | $11.91 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.08) | (0.02) |
| Net realized and unrealized gain on investments | 7.59 | 1.93 |
| Total from investment operations | 7.51 | 1.91 |
| Distributions from net realized gains | (0.29) |  |
| Net asset value, end of period | $19.13 | $11.91 |
| Total return<sup>(c)</sup> <br>| 64.10<br> %<br>| 19.10<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $1128 | $122 |
| Ratio of gross expenses to average net assets | 2.67<br> %<br>| 8.06<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.83)<br> %<br>| (7.15)<br> %<br>|
| Ratio of net expenses to average net assets | 0.84<br> %<br>| 0.91<br> %<br>|
| Ratio of net investment loss to average net assets | (0.51)<br> %<br>| (0.29)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class Y | Class Y |
|  | 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 | $11.92 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain on investments | 7.64 | 1.92 |
| Total from investment operations | 7.60 | 1.92 |
| Distributions from net realized gains | (0.29) |  |
| Net asset value, end of period | $19.23 | $11.92 |
| Total return<sup>(d)</sup> <br>| 64.67<br> %<br>| 19.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $196 | $119 |
| Ratio of gross expenses to average net assets | 2.41<br> %<br>| 7.79<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.80)<br> %<br>| (7.13)<br> %<br>|
| Ratio of net expenses to average net assets | 0.61<br> %<br>| 0.66<br> %<br>|
| Ratio of net investment loss to average net assets | (0.25)<br> %<br>| (0.04)<br> %<br>|
| Portfolio turnover rate | 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** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | Class Z | Class Z |
|  | 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 | $11.93 | $10.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.04) | — <br><sup>(c)</sup><br>|
| Net realized and unrealized gain on investments | 7.63 | 1.93 |
| Total from investment operations | 7.59 | 1.93 |
| Distributions from net realized gains | (0.29) |  |
| Net asset value, end of period | $19.23 | $11.93 |
| Total return<sup>(d)</sup> <br>| 64.76<br> %<br>| 19.30<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $6920 | $3858 |
| Ratio of gross expenses to average net assets | 2.42<br> %<br>| 7.68<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.83)<br> %<br>| (7.13)<br> %<br>|
| Ratio of net expenses to average net assets | 0.61<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment income (loss) to average net assets | (0.26)<br> %<br>| 0.06<br> %<br>|
| Portfolio turnover rate | 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** 

------

**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 (not including advisory or custodial fees or other expenses related to the management of the Fund's assets).

Alger International Small Cap Fund commenced operations on June 30, 2025.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**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 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 review and 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 regularly reports its fair valuation determinations and related valuation information to the Board. 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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.

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, 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such 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 the 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 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 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 October 31, 2025, 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: 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

limitations on the Funds' tax returns remains open for the tax years 2021-2024. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

(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: During the year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, the Funds adopted 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. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

(k) Recent Accounting Pronouncement: In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, to enhance income tax disclosures. The main provisions are the categorization and disclosure of income tax rates and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. At this time, Alger Management is currently evaluating the amendment's impact to the Funds' financial statements.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:**

------

(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 annual rates. The actual rate paid as a percentage of average daily net assets, for the year ended October 31, 2025, is set forth below under the heading "Actual Rate":

&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>| 0.80<br> %<br>|
| Alger Concentrated <br> Equity Fund<sup>(b)</sup> <br>| 0.45 |  |  |  |  | 0.45 |
| Alger Growth & Income <br> Fund<sup>(b)</sup> <br>| 0.50 |  |  |  |  | 0.50 |
| Alger 35 Fund<sup>(b)</sup> <br>| 0.45 |  |  |  |  | 0.45 |
| Alger Mid Cap Focus <br> Fund<sup>(c)</sup> <br>| 0.70 | 0.50 |  |  |  | 0.67 |
| Alger Mid Cap Growth <br> Fund<sup>(d)</sup> <br>| 0.76 | 0.70 |  |  |  | 0.76 |
| Alger Small Cap <br> Growth Fund<sup>(d)</sup> <br>| 0.81 | 0.75 |  |  |  | 0.81 |
| Alger Small Cap Focus <br> Fund<sup>(b)</sup> <br>| 0.75 |  |  |  |  | 0.75 |
| Alger Weatherbie <br> Specialized Growth <br> Fund<sup>(d)</sup> <br>| 0.81 | 0.75 |  |  |  | 0.81 |
| Alger International <br> Opportunities Fund<sup>(d)</sup> <br>| 0.71 | 0.60 |  |  |  | 0.71 |
| Alger International <br> Small Cap Fund<sup>(b)</sup> <br>| 0.75 |  |  |  |  | 0.75(e)<br>|
| Alger Health <br> Sciences Fund<sup>(b)</sup> <br>| 0.55 |  |  |  |  | 0.55 |
| Alger AI Enablers & <br> Adopters Fund<sup>(b)</sup> <br>| 0.45 |  |  |  |  | 0.45 |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Actual
 rate is annualized is for the period June 30, 2025 (Fund's commencement of operations) through October 31, 2025.

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-

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 year ended October 31, 2025, Alger Management paid a sub-advisory fee of $2,247,483 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 advisory fee paid by each Fund to Alger Management with respect to the assets sub-advised by Redwood. For the year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, Alger Management paid a sub-advisory fee of $1,004,874 to Redwood.

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 AI Enablers & Adopters Fund, and Alger International Small Cap 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. On October 22, 2024, the Board approved exclusion of all costs related to the August 16, 2024 special meeting of shareholders from the expense reimbursement with Alger Management. Costs associated with this special meeting of shareholders can be found in Other expenses in the Statements of Operations.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**OCTOBER 31,** <br>**2025** |
|  | A | B | C | I | Y | Z | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**OCTOBER 31,** <br>**2025** |
| 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; $621650 |
| Alger Concentrated Equity Fund | 0.35 | &nbsp;&nbsp; — | 1.10 | 0.35 | 0.10 | 0.10 | &nbsp;&nbsp; 122203 |
| 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; 69793 |
| Alger Mid Cap Focus Fund | 0.53 | &nbsp;&nbsp; — | 1.28 | 0.58 | 0.07 | 0.37 | &nbsp;&nbsp; 2057 |
| Alger Mid Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.23 | &nbsp;&nbsp; 69562 |
| Alger Small Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 | 0.18 | &nbsp;&nbsp; 18645 |
| Alger Small Cap Focus Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8524 |
| Alger Weatherbie Specialized <br> Growth Fund<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33653 |
| Alger International Opportunities <br> Fund<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.54 | &nbsp;&nbsp; — | 0.13 | &nbsp;&nbsp; 112558 |
| Alger International Small Cap <br> Fund<sup>(b)</sup> <br>| 0.45 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; 98573 |
| Alger Health Sciences Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.20 | &nbsp;&nbsp; 12956 |
| Alger AI Enablers & Adopters <br> Fund<br>| 0.35 | &nbsp;&nbsp; — | 1.10 | 0.35 | 0.10 | 0.10 | &nbsp;&nbsp; 149801 |

---

&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, for the Alger 35
 Fund, for the life of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fund
 commenced operations on June 30, 2025.

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 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 year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, 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 year ended October 31, 2025, 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 $69,562, $16,268 and $95,853, 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%.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(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 administering the Class A shares and/or shareholder servicing. 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 October 31, 2025, such excess carried forward was $15,265,234, $24,056,616 and $23,839,100 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.

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 year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

Alger International Small Cap Fund, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:

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

---

| | |
|:---|:---|
|  | **CONTINGENT** <br>**DEFERRED SALES** <br>**CHARGES**<br>|
| Alger Capital Appreciation Fund | $4867 |
| Alger Concentrated Equity Fund |  |
| Alger Growth & Income Fund |  |
| Alger 35 Fund |  |
| Alger Mid Cap Focus Fund | 17268 |
| Alger Mid Cap Growth Fund | 470 |
| Alger Small Cap Growth Fund | 757 |
| Alger Small Cap Focus Fund | 3722 |
| Alger Weatherbie Specialized Growth Fund | 1086 |
| Alger International Opportunities Fund | 251 |
| Alger International Small Cap Fund |  |
| Alger Health Sciences Fund | 116 |
| Alger AI Enablers & Adopters Fund | 4847 |

---

(e) Brokerage Commissions: During the year ended October 31, 2025, 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 Health Sciences Fund and Alger AI Enablers & Adopters Fund paid Alger LLC $178,521, $169, $421, $13,929, $83,581, $45,389, $35,890, $274,290, $47,263, and $1,314, respectively, in connection with securities transactions. For the year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, there were no brokerage commissions paid by Alger International Opportunities Fund, Alger International Small Cap Fund or 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 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 year ended October 31, 2025, Alger

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 Health Sciences Fund and Alger AI Enablers & Adopters Fund, $522,175, $6, $90,752, $9,879, $45,521, $47,626, $228,994, $81,464, $23,929, $29,683 and $1,023, respectively, for these services, which are included in transfer agent fees in the accompanying Statements of Operations. For the year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, there were no charges paid by Alger 35 Fund and Alger International Small Cap Fund, to Alger Management for these services.

(g) Trustee Fees: Effective January 1, 2025, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives 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 term "Alger Fund Complex" refers to the Trust, The Alger Institutional Funds, The Alger Funds II, The Alger Portfolios, Alger Global Equity Fund and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $26,000 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. Independent Trustees who are not members of the Audit Committee but attend Audit Committee meetings will receive a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

Prior to January 1, 2025, each Independent Trustee received a fee of $165,400 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 $22,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex; and each member of the Audit Committee received a fee of $13,000 per annum, paid pro rata based on 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 year ended October 31, 2025, these purchases and sales were as follows:

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **PURCHASES** | **SALES** | **REALIZED** <br> **GAIN/(LOSS)**<br>|
| Alger 35 Fund | $— | &nbsp;&nbsp; $729747 | &nbsp;&nbsp; $59061 |
| Alger Mid Cap Focus Fund |  | &nbsp;&nbsp; 384073 | &nbsp;&nbsp; (51755)<br>|
| Alger Small Cap Growth Fund | 508706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Alger Small Cap Focus Fund | 363643 | &nbsp;&nbsp; 925407 | &nbsp;&nbsp; (2870377)<br>|

---

(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. As of October 31, 2025, Alger Growth & Income Fund had loaned $11,239,540, including interest, to Alger Capital Appreciation Institutional Fund and $241,032 to Alger Capital Appreciation Portfolio, both affiliated funds, at a rate of 5.00%, which was payable November 3, 2025.

For the year ended October 31, 2025, Alger Growth & Income Fund, Alger Small Cap Focus Fund, Alger Weatherbie Specialized Growth Fund and Alger Health Sciences Fund earned interfund loan interest income of $282,049, $21,296, $8,117, and $147, respectively, and Alger Capital Appreciation 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 Health Sciences Fund and Alger AI Enablers & Adopters Fund incurred interfund loan interest expenses of $117,030, $363, $148, $3,017, $3,894, $467, $32,860, $365, $118, $1,005 and $117, respectively, which are included in interest income and interest expense, respectively, in the accompanying Statements of Operations.

(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 October 31, 2025, Alger Management and its affiliated entities owned the following shares:

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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; 54423 |
| Alger Concentrated Equity Fund | 10000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 268174 |
| Alger Growth & Income Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32455 |
| Alger 35 Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1049725 |
| Alger Mid Cap Focus Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4843 | &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; 1995 | &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; 14887 |
| Alger International Opportunities Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63226 |
| Alger International Small Cap Fund | 10000 | &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 | 10212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10214 | &nbsp;&nbsp; 10212 | &nbsp;&nbsp; 10212 | &nbsp;&nbsp; 273910 |

---

**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 year ended October 31, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Capital Appreciation Fund | $1645146834 | &nbsp;&nbsp; $1727335650 |
| Alger Concentrated Equity Fund | 4428013 | &nbsp;&nbsp; 4093794 |
| Alger Growth & Income Fund | 63939234 | &nbsp;&nbsp; 32377175 |
| Alger 35 Fund | 72144947 | &nbsp;&nbsp; 71937330 |
| Alger Mid Cap Focus Fund | 739621493 | &nbsp;&nbsp; 737427826 |
| Alger Mid Cap Growth Fund | 221069132 | &nbsp;&nbsp; 236567387 |
| Alger Small Cap Growth Fund | 79869762 | &nbsp;&nbsp; 142913823 |
| Alger Small Cap Focus Fund | 879414021 | &nbsp;&nbsp; 1315145511 |
| Alger Weatherbie Specialized Growth Fund | 266835985 | &nbsp;&nbsp; 419643602 |
| Alger International Opportunities Fund | 142549008 | &nbsp;&nbsp; 141725102 |
| Alger International Small Cap Fund<sup>(a)</sup> <br>| 2675086 | &nbsp;&nbsp; 530073 |
| Alger Health Sciences Fund | 215200906 | &nbsp;&nbsp; 242445011 |
| Alger AI Enablers & Adopters Fund | 25883295 | &nbsp;&nbsp; 14914528 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on June 30, 2025.

**NOTE 5 — Securities Lending:**

------

At October 31, 2025, the Alger Growth & Income Fund had not participated in securities lending with Bank of New York (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 (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 October 31, 2025.

**NOTE 6 — Borrowings:**

------

The Funds may borrow from Bank of New York 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 October 31, 2025, 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 year ended October 31, 2025, 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 | $22578452 | 6.23<br> %<br>|
| Alger Concentrated Equity Fund | 2241 | 6.43 |
| Alger Growth & Income Fund | 8837 | 5.50 |
| Alger 35 Fund | 71946 | 6.03 |
| Alger Mid Cap Focus Fund | 58309 | 5.29 |
| Alger Mid Cap Growth Fund | 77523 | 5.80 |
| Alger Small Cap Growth Fund | 13322 | 4.88 |
| Alger Small Cap Focus Fund | 711025 | 5.70 |
| Alger Weatherbie Specialized Growth Fund | 6896 | 5.29 |
| Alger International Opportunities Fund | 27855 | 6.23 |
| Alger International Small Cap Fund<sup>(a)</sup> <br>| 297 | 5.94 |
| Alger Health Sciences Fund | 33663 | 6.24 |
| Alger AI Enablers & Adopters Fund | 53874 | 6.23 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on June 30, 2025.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the year ended October 31, 2025 by each Fund was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Capital Appreciation Fund | $66538658 |
| Alger Concentrated Equity Fund | 100807 |
| Alger Growth & Income Fund | 2522000 |
| Alger 35 Fund | 1946887 |
| Alger Mid Cap Focus Fund | 10946000 |
| Alger Mid Cap Growth Fund | 5682000 |
| Alger Small Cap Growth Fund | 1748925 |
| Alger Small Cap Focus Fund | 19058000 |
| Alger Weatherbie Specialized Growth Fund | 839000 |
| Alger International Opportunities Fund | 1767788 |
| Alger International Small Cap Fund<sup>(a)</sup> <br>| 6808 |
| Alger Health Sciences Fund | 1663000 |
| Alger AI Enablers & Adopters Fund | 664471 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on June 30, 2025.

**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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

redeems all or part of 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 October 31, 2025 are recorded within the Statements of Operations as other expenses. ReFlow fees for the year ended October 31, 2025, were $141,031 for Alger Capital Appreciation Fund, $29 for Alger 35 Fund, and $1,374 for Alger AI Enablers & Adopters Fund. No other Fund participated in the ReFlow liquidity program during the year ended October 31, 2025.

**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 year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, and the year ended October 31, 2024, as applicable, transactions of shares of beneficial interest were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 2913380 | &nbsp;&nbsp; $106082984 | &nbsp;&nbsp; 3432052 | &nbsp;&nbsp; $98624123 |
| Shares converted from Class C | 46323 | &nbsp;&nbsp; 1701063 | &nbsp;&nbsp; 111886 | &nbsp;&nbsp; 3254796 |
| Dividends reinvested | 2959693 | &nbsp;&nbsp; 102446205 | &nbsp;&nbsp; 1840568 | &nbsp;&nbsp; 45664511 |
| Shares redeemed | (6503356)<br>| &nbsp;&nbsp; (229579999)<br>| &nbsp;&nbsp; (8362249)<br>| &nbsp;&nbsp; (243877577)<br>|
| **Net decrease** | **(583960)**<br>| &nbsp;&nbsp; **$(19349747)**<br>| &nbsp;&nbsp; **(2977743)**<br>| &nbsp;&nbsp; **$(96334147)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 419446 | &nbsp;&nbsp; $7523611 | &nbsp;&nbsp; 357874 | &nbsp;&nbsp; $5782898 |
| Shares converted to Class A | (92080)<br>| &nbsp;&nbsp; (1701063)<br>| &nbsp;&nbsp; (201122)<br>| &nbsp;&nbsp; (3254796)<br>|
| Dividends reinvested | 723564 | &nbsp;&nbsp; 12385394 | &nbsp;&nbsp; 577198 | &nbsp;&nbsp; 7959555 |
| Shares redeemed | (1227452)<br>| &nbsp;&nbsp; (21969215)<br>| &nbsp;&nbsp; (2500533)<br>| &nbsp;&nbsp; (39909825)<br>|
| **Net decrease** | **(176522)**<br>| &nbsp;&nbsp; **$(3761273)**<br>| &nbsp;&nbsp; **(1766583)**<br>| &nbsp;&nbsp; **$(29422168)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 9758200 | &nbsp;&nbsp; $393508724 | &nbsp;&nbsp; 3659768 | &nbsp;&nbsp; $116171517 |
| Dividends reinvested | 2405531 | &nbsp;&nbsp; 91193661 | &nbsp;&nbsp; 1653907 | &nbsp;&nbsp; 44341262 |
| Redemptions in kind\* | (2033813)<br>| &nbsp;&nbsp; (77728439)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (7204210)<br>| &nbsp;&nbsp; (287239937)<br>| &nbsp;&nbsp; (12620291)<br>| &nbsp;&nbsp; (396338946)<br>|
| **Net increase (decrease)** | **2925708** | &nbsp;&nbsp; **$119734009** | &nbsp;&nbsp; **(7306616)**<br>| &nbsp;&nbsp; **$(235826167)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**October 31, 2024** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**October 31, 2024** |
|  | **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 | 716 | &nbsp;&nbsp; $10357 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; $100000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **716** | &nbsp;&nbsp; **$10357** | &nbsp;&nbsp; **10000** | &nbsp;&nbsp; **$100000** |
| **Class C**: |  |  |  |  |
| Shares sold | 880 | &nbsp;&nbsp; $15053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; $100000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **880** | &nbsp;&nbsp; **$15053** | &nbsp;&nbsp; **10000** | &nbsp;&nbsp; **$100000** |
| **Class I**: |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; $100000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **10000** | &nbsp;&nbsp; **$100000** |
| **Class Y**: |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; $100000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **10000** | &nbsp;&nbsp; **$100000** |
| **Class Z**: |  |  |  |  |
| Shares sold | 13160 | &nbsp;&nbsp; $186523 | &nbsp;&nbsp; 382381 | &nbsp;&nbsp; $3844896 |
| Dividends reinvested | 172 | &nbsp;&nbsp; 2301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1000)<br>| &nbsp;&nbsp; (17900)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (25)<br>|
| **Net increase** | **12332** | &nbsp;&nbsp; **$170924** | &nbsp;&nbsp; **382379** | &nbsp;&nbsp; **$3844871** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 337633 | &nbsp;&nbsp; $26882301 | &nbsp;&nbsp; 493356 | &nbsp;&nbsp; $33582126 |
| Shares converted from Class C | 5928 | &nbsp;&nbsp; 470595 | &nbsp;&nbsp; 15755 | &nbsp;&nbsp; 1065272 |
| Dividends reinvested | 24836 | &nbsp;&nbsp; 1972666 | &nbsp;&nbsp; 25606 | &nbsp;&nbsp; 1752567 |
| Shares redeemed | (341636)<br>| &nbsp;&nbsp; (27215536)<br>| &nbsp;&nbsp; (354780)<br>| &nbsp;&nbsp; (24618455)<br>|
| **Net increase** | **26761** | &nbsp;&nbsp; **$2110026** | &nbsp;&nbsp; **179937** | &nbsp;&nbsp; **$11781510** |
| **Class C**: |  |  |  |  |
| Shares sold | 53571 | &nbsp;&nbsp; $4115703 | &nbsp;&nbsp; 129535 | &nbsp;&nbsp; $8651999 |
| Shares converted to Class A | (6033)<br>| &nbsp;&nbsp; (470595)<br>| &nbsp;&nbsp; (16032)<br>| &nbsp;&nbsp; (1065272)<br>|
| Dividends reinvested | 1416 | &nbsp;&nbsp; 108862 | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 136375 |
| Shares redeemed | (112486)<br>| &nbsp;&nbsp; (8815051)<br>| &nbsp;&nbsp; (95107)<br>| &nbsp;&nbsp; (6352772)<br>|
| **Net (decrease) increase**  | **(63532)**<br>| &nbsp;&nbsp; **$(5061081)**<br>| &nbsp;&nbsp; **20448** | &nbsp;&nbsp; **$1370330** |
| **Class Z**: |  |  |  |  |
| Shares sold | 2167507 | &nbsp;&nbsp; $171277011 | &nbsp;&nbsp; 3325277 | &nbsp;&nbsp; $227470272 |
| Dividends reinvested | 78723 | &nbsp;&nbsp; 6271357 | &nbsp;&nbsp; 61717 | &nbsp;&nbsp; 4273936 |
| Shares redeemed | (2002903)<br>| &nbsp;&nbsp; (160042146)<br>| &nbsp;&nbsp; (744951)<br>| &nbsp;&nbsp; (52450092)<br>|
| **Net increase** | **243327** | &nbsp;&nbsp; **$17506222** | &nbsp;&nbsp; **2642043** | &nbsp;&nbsp; **$179294116** |

---

&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 | 11691 | &nbsp;&nbsp; $264666 | &nbsp;&nbsp; 614 | &nbsp;&nbsp; $8491 |
| Dividends reinvested | 4379 | &nbsp;&nbsp; 80224 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redemptions in kind\* | (830)<br>| &nbsp;&nbsp; (19718)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (26096)<br>| &nbsp;&nbsp; (526661)<br>| &nbsp;&nbsp; (635221)<br>| &nbsp;&nbsp; (9117772)<br>|
| **Net decrease** | **(10856)**<br>| &nbsp;&nbsp; **$(201489)**<br>| &nbsp;&nbsp; **(634607)**<br>| &nbsp;&nbsp; **$(9109281)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 365417 | &nbsp;&nbsp; $6838350 | &nbsp;&nbsp; 154588 | &nbsp;&nbsp; $2310579 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (241155)<br>| &nbsp;&nbsp; (3898883)<br>| &nbsp;&nbsp; (79690)<br>| &nbsp;&nbsp; (1189555)<br>|
| **Net increase** | **124262** | &nbsp;&nbsp; **$2939467** | &nbsp;&nbsp; **74898** | &nbsp;&nbsp; **$1121024** |
| **Class C**: |  |  |  |  |
| Shares sold | 73953 | &nbsp;&nbsp; $1274493 | &nbsp;&nbsp; 76158 | &nbsp;&nbsp; $1097244 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (70652)<br>| &nbsp;&nbsp; (1193822)<br>| &nbsp;&nbsp; (64381)<br>| &nbsp;&nbsp; (946834)<br>|
| **Net increase** | **3301** | &nbsp;&nbsp; **$80671** | &nbsp;&nbsp; **11777** | &nbsp;&nbsp; **$150410** |
| **Class I**: |  |  |  |  |
| Shares sold | 212363 | &nbsp;&nbsp; $3555621 | &nbsp;&nbsp; 262682 | &nbsp;&nbsp; $4038833 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (415002)<br>| &nbsp;&nbsp; (7646085)<br>| &nbsp;&nbsp; (731561)<br>| &nbsp;&nbsp; (10522790)<br>|
| **Net decrease** | **(202639)**<br>| &nbsp;&nbsp; **$(4090464)**<br>| &nbsp;&nbsp; **(468879)**<br>| &nbsp;&nbsp; **$(6483957)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 236441 | &nbsp;&nbsp; $4600833 | &nbsp;&nbsp; 94028 | &nbsp;&nbsp; $1541594 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (158593)<br>| &nbsp;&nbsp; (2519987)<br>| &nbsp;&nbsp; (385)<br>| &nbsp;&nbsp; (5620)<br>|
| **Net increase** | **77848** | &nbsp;&nbsp; **$2080846** | &nbsp;&nbsp; **93643** | &nbsp;&nbsp; **$1535974** |
| **Class Z**: |  |  |  |  |
| Shares sold | 4644536 | &nbsp;&nbsp; $85337735 | &nbsp;&nbsp; 2623421 | &nbsp;&nbsp; $38989890 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (5536953)<br>| &nbsp;&nbsp; (96194928)<br>| &nbsp;&nbsp; (6989347)<br>| &nbsp;&nbsp; (103291577)<br>|
| **Net decrease** | **(892417)**<br>| &nbsp;&nbsp; **$(10857193)**<br>| &nbsp;&nbsp; **(4365926)**<br>| &nbsp;&nbsp; **$(64301687)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 390281 | &nbsp;&nbsp; $6457048 | &nbsp;&nbsp; 432629 | &nbsp;&nbsp; $5880060 |
| Shares Converted from Class B | 4291 | &nbsp;&nbsp; 66905 | &nbsp;&nbsp; 12352 | &nbsp;&nbsp; 166978 |
| Shares converted from Class C | 1779 | &nbsp;&nbsp; 28253 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; 62129 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1226159)<br>| &nbsp;&nbsp; (19772003)<br>| &nbsp;&nbsp; (1595586)<br>| &nbsp;&nbsp; (21611899)<br>|
| **Net decrease** | **(829808)**<br>| &nbsp;&nbsp; **$(13219797)**<br>| &nbsp;&nbsp; **(1146114)**<br>| &nbsp;&nbsp; **$(15502732)**<br>|
| **Class B**: |  |  |  |  |
| Shares sold | 32706 | &nbsp;&nbsp; $312943 | &nbsp;&nbsp; 50505 | &nbsp;&nbsp; $421662 |
| Shares converted to Class A | (6863)<br>| &nbsp;&nbsp; (66905)<br>| &nbsp;&nbsp; (19729)<br>| &nbsp;&nbsp; (166978)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (118697)<br>| &nbsp;&nbsp; (1176819)<br>| &nbsp;&nbsp; (127487)<br>| &nbsp;&nbsp; (1083653)<br>|
| **Net decrease** | **(92854)**<br>| &nbsp;&nbsp; **$(930781)**<br>| &nbsp;&nbsp; **(96711)**<br>| &nbsp;&nbsp; **$(828969)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 27867 | &nbsp;&nbsp; $262361 | &nbsp;&nbsp; 57207 | &nbsp;&nbsp; $418245 |
| Shares converted to Class A | (3095)<br>| &nbsp;&nbsp; (28253)<br>| &nbsp;&nbsp; (7760)<br>| &nbsp;&nbsp; (62129)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (138156)<br>| &nbsp;&nbsp; (1287001)<br>| &nbsp;&nbsp; (138841)<br>| &nbsp;&nbsp; (1076305)<br>|
| **Net decrease** | **(113384)**<br>| &nbsp;&nbsp; **$(1052893)**<br>| &nbsp;&nbsp; **(89394)**<br>| &nbsp;&nbsp; **$(720189)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1547929 | &nbsp;&nbsp; $25972969 | &nbsp;&nbsp; 998523 | &nbsp;&nbsp; $13975286 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1387885)<br>| &nbsp;&nbsp; (22957895)<br>| &nbsp;&nbsp; (775944)<br>| &nbsp;&nbsp; (10815820)<br>|
| **Net increase** | **160044** | &nbsp;&nbsp; **$3015074** | &nbsp;&nbsp; **222579** | &nbsp;&nbsp; **$3159466** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 537426 | &nbsp;&nbsp; $5456209 | &nbsp;&nbsp; 662749 | &nbsp;&nbsp; $6358106 |
| Shares Converted from Class B | 4740 | &nbsp;&nbsp; 47901 | &nbsp;&nbsp; 6484 | &nbsp;&nbsp; 62361 |
| Shares converted from Class C | 3916 | &nbsp;&nbsp; 39900 | &nbsp;&nbsp; 2326 | &nbsp;&nbsp; 23002 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4088 | &nbsp;&nbsp; 38231 |
| Shares redeemed | (1991045)<br>| &nbsp;&nbsp; (20029676)<br>| &nbsp;&nbsp; (2755441)<br>| &nbsp;&nbsp; (26720269)<br>|
| **Net decrease** | **(1444963)**<br>| &nbsp;&nbsp; **$(14485666)**<br>| &nbsp;&nbsp; **(2079794)**<br>| &nbsp;&nbsp; **$(20238569)**<br>|
| **Class B**: |  |  |  |  |
| Shares sold | 5864 | &nbsp;&nbsp; $40505 | &nbsp;&nbsp; 2594 | &nbsp;&nbsp; $16934 |
| Shares converted to Class A | (7047)<br>| &nbsp;&nbsp; (47901)<br>| &nbsp;&nbsp; (9653)<br>| &nbsp;&nbsp; (62361)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (33523)<br>| &nbsp;&nbsp; (227745)<br>| &nbsp;&nbsp; (139879)<br>| &nbsp;&nbsp; (887080)<br>|
| **Net decrease** | **(34706)**<br>| &nbsp;&nbsp; **$(235141)**<br>| &nbsp;&nbsp; **(146938)**<br>| &nbsp;&nbsp; **$(932507)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 139718 | &nbsp;&nbsp; $854635 | &nbsp;&nbsp; 317405 | &nbsp;&nbsp; $1837189 |
| Shares converted to Class A | (6390)<br>| &nbsp;&nbsp; (39900)<br>| &nbsp;&nbsp; (3774)<br>| &nbsp;&nbsp; (23002)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (727590)<br>| &nbsp;&nbsp; (4455249)<br>| &nbsp;&nbsp; (1004287)<br>| &nbsp;&nbsp; (5913296)<br>|
| **Net decrease** | **(594262)**<br>| &nbsp;&nbsp; **$(3640514)**<br>| &nbsp;&nbsp; **(690656)**<br>| &nbsp;&nbsp; **$(4099109)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 18100 | &nbsp;&nbsp; $187417 | &nbsp;&nbsp; 65921 | &nbsp;&nbsp; $669087 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; 42193 |
| Shares redeemed | (29810)<br>| &nbsp;&nbsp; (322211)<br>| &nbsp;&nbsp; (918942)<br>| &nbsp;&nbsp; (9592184)<br>|
| **Net decrease** | **(11710)**<br>| &nbsp;&nbsp; **$(134794)**<br>| &nbsp;&nbsp; **(848742)**<br>| &nbsp;&nbsp; **$(8880904)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 1235741 | &nbsp;&nbsp; $12707500 | &nbsp;&nbsp; 3554625 | &nbsp;&nbsp; $35734304 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 54045 | &nbsp;&nbsp; 531807 |
| Shares redeemed | (5514856)<br>| &nbsp;&nbsp; (56504576)<br>| &nbsp;&nbsp; (10158289)<br>| &nbsp;&nbsp; (104569230)<br>|
| **Net decrease** | **(4279115)**<br>| &nbsp;&nbsp; **$(43797076)**<br>| &nbsp;&nbsp; **(6549619)**<br>| &nbsp;&nbsp; **$(68303119)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 990367 | &nbsp;&nbsp; $17553793 | &nbsp;&nbsp; 1239648 | &nbsp;&nbsp; $21424152 |
| Shares converted from Class C | 52373 | &nbsp;&nbsp; 951546 | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 57790 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (2233750)<br>| &nbsp;&nbsp; (41447621)<br>| &nbsp;&nbsp; (3473841)<br>| &nbsp;&nbsp; (59742144)<br>|
| **Net decrease** | **(1191010)**<br>| &nbsp;&nbsp; **$(22942282)**<br>| &nbsp;&nbsp; **(2230946)**<br>| &nbsp;&nbsp; **$(38260202)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 137828 | &nbsp;&nbsp; $2266829 | &nbsp;&nbsp; 291542 | &nbsp;&nbsp; $4346564 |
| Shares converted to Class A | (61037)<br>| &nbsp;&nbsp; (951546)<br>| &nbsp;&nbsp; (3752)<br>| &nbsp;&nbsp; (57790)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1393172)<br>| &nbsp;&nbsp; (21254224)<br>| &nbsp;&nbsp; (1990291)<br>| &nbsp;&nbsp; (29554519)<br>|
| **Net decrease** | **(1316381)**<br>| &nbsp;&nbsp; **$(19938941)**<br>| &nbsp;&nbsp; **(1702501)**<br>| &nbsp;&nbsp; **$(25265745)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 236316 | &nbsp;&nbsp; $4508608 | &nbsp;&nbsp; 507277 | &nbsp;&nbsp; $9108811 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1375788)<br>| &nbsp;&nbsp; (26110749)<br>| &nbsp;&nbsp; (1920197)<br>| &nbsp;&nbsp; (33854590)<br>|
| **Net decrease** | **(1139472)**<br>| &nbsp;&nbsp; **$(21602141)**<br>| &nbsp;&nbsp; **(1412920)**<br>| &nbsp;&nbsp; **$(24745779)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 719465 | &nbsp;&nbsp; $14839484 | &nbsp;&nbsp; 762028 | &nbsp;&nbsp; $13771945 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (3264598)<br>| &nbsp;&nbsp; (65420523)<br>| &nbsp;&nbsp; (6052261)<br>| &nbsp;&nbsp; (114319792)<br>|
| **Net decrease** | **(2545133)**<br>| &nbsp;&nbsp; **$(50581039)**<br>| &nbsp;&nbsp; **(5290233)**<br>| &nbsp;&nbsp; **$(100547847)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 4678867 | &nbsp;&nbsp; $93111023 | &nbsp;&nbsp; 9981029 | &nbsp;&nbsp; $181791728 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (21386282)<br>| &nbsp;&nbsp; (421459104)<br>| &nbsp;&nbsp; (38782966)<br>| &nbsp;&nbsp; (702922897)<br>|
| **Net decrease** | **(16707415)**<br>| &nbsp;&nbsp; **$(328348081)**<br>| &nbsp;&nbsp; **(28801937)**<br>| &nbsp;&nbsp; **$(521131169)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 401699 | &nbsp;&nbsp; $5438391 | &nbsp;&nbsp; 904414 | &nbsp;&nbsp; $11063128 |
| Shares converted from Class C | 7794 | &nbsp;&nbsp; 104731 | &nbsp;&nbsp; 5401 | &nbsp;&nbsp; 66308 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1931361)<br>| &nbsp;&nbsp; (26275985)<br>| &nbsp;&nbsp; (2866164)<br>| &nbsp;&nbsp; (35254890)<br>|
| **Net decrease** | **(1521868)**<br>| &nbsp;&nbsp; **$(20732863)**<br>| &nbsp;&nbsp; **(1956349)**<br>| &nbsp;&nbsp; **$(24125454)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 160111 | &nbsp;&nbsp; $1169295 | &nbsp;&nbsp; 293956 | &nbsp;&nbsp; $1930199 |
| Shares converted to Class A | (14642)<br>| &nbsp;&nbsp; (104731)<br>| &nbsp;&nbsp; (10055)<br>| &nbsp;&nbsp; (66308)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1276136)<br>| &nbsp;&nbsp; (9007932)<br>| &nbsp;&nbsp; (2115770)<br>| &nbsp;&nbsp; (13870464)<br>|
| **Net decrease** | **(1130667)**<br>| &nbsp;&nbsp; **$(7943368)**<br>| &nbsp;&nbsp; **(1831869)**<br>| &nbsp;&nbsp; **$(12006573)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 25866 | &nbsp;&nbsp; $357451 | &nbsp;&nbsp; 61763 | &nbsp;&nbsp; $761423 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (219303)<br>| &nbsp;&nbsp; (3083773)<br>| &nbsp;&nbsp; (504773)<br>| &nbsp;&nbsp; (6319853)<br>|
| **Net decrease** | **(193437)**<br>| &nbsp;&nbsp; **$(2726322)**<br>| &nbsp;&nbsp; **(443010)**<br>| &nbsp;&nbsp; **$(5558430)**<br>|
| **Class Y**: |  |  |  |  |
| Shares sold | 457994 | &nbsp;&nbsp; $6321166 | &nbsp;&nbsp; 653468 | &nbsp;&nbsp; $8437917 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1829542)<br>| &nbsp;&nbsp; (25843468)<br>| &nbsp;&nbsp; (849730)<br>| &nbsp;&nbsp; (10922226)<br>|
| **Net decrease** | **(1371548)**<br>| &nbsp;&nbsp; **$(19522302)**<br>| &nbsp;&nbsp; **(196262)**<br>| &nbsp;&nbsp; **$(2484309)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 2904977 | &nbsp;&nbsp; $43633669 | &nbsp;&nbsp; 7205671 | &nbsp;&nbsp; $96273908 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (10900556)<br>| &nbsp;&nbsp; (159382288)<br>| &nbsp;&nbsp; (16508966)<br>| &nbsp;&nbsp; (218504338)<br>|
| **Net decrease** | **(7995579)**<br>| &nbsp;&nbsp; **$(115748619)**<br>| &nbsp;&nbsp; **(9303295)**<br>| &nbsp;&nbsp; **$(122230430)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 101029 | &nbsp;&nbsp; $2208977 | &nbsp;&nbsp; 145014 | &nbsp;&nbsp; $2793800 |
| Shares Converted from Class B | 4417 | &nbsp;&nbsp; 89873 | &nbsp;&nbsp; 7559 | &nbsp;&nbsp; 143541 |
| Shares converted from Class C | 1346 | &nbsp;&nbsp; 28666 | &nbsp;&nbsp; 1543 | &nbsp;&nbsp; 28500 |
| Dividends reinvested | 277734 | &nbsp;&nbsp; 5382480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (480389)<br>| &nbsp;&nbsp; (9890144)<br>| &nbsp;&nbsp; (589049)<br>| &nbsp;&nbsp; (11136178)<br>|
| **Net decrease** | **(95863)**<br>| &nbsp;&nbsp; **$(2180148)**<br>| &nbsp;&nbsp; **(434933)**<br>| &nbsp;&nbsp; **$(8170337)**<br>|
| **Class B**: |  |  |  |  |
| Shares sold | 3168 | &nbsp;&nbsp; $53988 | &nbsp;&nbsp; 9644 | &nbsp;&nbsp; $159084 |
| Shares converted to Class A | (5196)<br>| &nbsp;&nbsp; (89873)<br>| &nbsp;&nbsp; (8827)<br>| &nbsp;&nbsp; (143541)<br>|
| Dividends reinvested | 49641 | &nbsp;&nbsp; 816597 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (90363)<br>| &nbsp;&nbsp; (1552688)<br>| &nbsp;&nbsp; (79282)<br>| &nbsp;&nbsp; (1293157)<br>|
| **Net decrease** | **(42750)**<br>| &nbsp;&nbsp; **$(771976)**<br>| &nbsp;&nbsp; **(78465)**<br>| &nbsp;&nbsp; **$(1277614)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 33993 | &nbsp;&nbsp; $563842 | &nbsp;&nbsp; 12155 | &nbsp;&nbsp; $184685 |
| Shares converted to Class A | (1710)<br>| &nbsp;&nbsp; (28666)<br>| &nbsp;&nbsp; (1924)<br>| &nbsp;&nbsp; (28500)<br>|
| Dividends reinvested | 3570 | &nbsp;&nbsp; 54588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (15669)<br>| &nbsp;&nbsp; (257582)<br>| &nbsp;&nbsp; (44166)<br>| &nbsp;&nbsp; (662644)<br>|
| **Net increase (decrease)** | **20184** | &nbsp;&nbsp; **$332182** | &nbsp;&nbsp; **(33935)**<br>| &nbsp;&nbsp; **$(506459)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 11625 | &nbsp;&nbsp; $230539 | &nbsp;&nbsp; 3441 | &nbsp;&nbsp; $65909 |
| Dividends reinvested | 3522 | &nbsp;&nbsp; 68512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (3678)<br>| &nbsp;&nbsp; (74921)<br>| &nbsp;&nbsp; (7714)<br>| &nbsp;&nbsp; (148675)<br>|
| **Net increase (decrease)** | **11469** | &nbsp;&nbsp; **$224130** | &nbsp;&nbsp; **(4273)**<br>| &nbsp;&nbsp; **$(82766)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 392096 | &nbsp;&nbsp; $8715368 | &nbsp;&nbsp; 343015 | &nbsp;&nbsp; $6871255 |
| Dividends reinvested | 39784 | &nbsp;&nbsp; 794882 | &nbsp;&nbsp; 3051 | &nbsp;&nbsp; 57123 |
| Shares redeemed | (225945)<br>| &nbsp;&nbsp; (4772040)<br>| &nbsp;&nbsp; (1537479)<br>| &nbsp;&nbsp; (30273761)<br>|
| **Net increase (decrease)** | **205935** | &nbsp;&nbsp; **$4738210** | &nbsp;&nbsp; **(1191413)**<br>| &nbsp;&nbsp; **$(23345383)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **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** |
| **Alger International Small Cap Fund** | **Alger International Small Cap Fund** | **Alger International Small Cap Fund** |
| **Class A**: |  |  |
| Shares sold | 30823 | &nbsp;&nbsp; $304000 |
| Dividends reinvested |  | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — |
| **Net increase** | **30823** | &nbsp;&nbsp; **$304000** |
| **Class Z**: |  |  |
| Shares sold | 190000 | &nbsp;&nbsp; $1900000 |
| Dividends reinvested |  | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — |
| **Net increase** | **190000** | &nbsp;&nbsp; **$1900000** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2024** | **FOR THE YEAR ENDED** <br>**October 31, 2024** |
|  | **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 | 53740 | &nbsp;&nbsp; $1021186 | &nbsp;&nbsp; 132076 | &nbsp;&nbsp; $2858564 |
| Shares converted from Class C | 1661 | &nbsp;&nbsp; 34373 | &nbsp;&nbsp; 3203 | &nbsp;&nbsp; 68388 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (788880)<br>| &nbsp;&nbsp; (15744211)<br>| &nbsp;&nbsp; (903154)<br>| &nbsp;&nbsp; (19079674)<br>|
| **Net decrease** | **(733479)**<br>| &nbsp;&nbsp; **$(14688652)**<br>| &nbsp;&nbsp; **(767875)**<br>| &nbsp;&nbsp; **$(16152722)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 12577 | &nbsp;&nbsp; $151931 | &nbsp;&nbsp; 10895 | &nbsp;&nbsp; $142544 |
| Shares converted to Class A | (2693)<br>| &nbsp;&nbsp; (34373)<br>| &nbsp;&nbsp; (5168)<br>| &nbsp;&nbsp; (68388)<br>|
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (112253)<br>| &nbsp;&nbsp; (1371155)<br>| &nbsp;&nbsp; (155742)<br>| &nbsp;&nbsp; (2035147)<br>|
| **Net decrease** | **(102369)**<br>| &nbsp;&nbsp; **$(1253597)**<br>| &nbsp;&nbsp; **(150015)**<br>| &nbsp;&nbsp; **$(1960991)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 132055 | &nbsp;&nbsp; $2691090 | &nbsp;&nbsp; 225644 | &nbsp;&nbsp; $4875087 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (808788)<br>| &nbsp;&nbsp; (16301465)<br>| &nbsp;&nbsp; (1296597)<br>| &nbsp;&nbsp; (26435389)<br>|
| **Net decrease** | **(676733)**<br>| &nbsp;&nbsp; **$(13610375)**<br>| &nbsp;&nbsp; **(1070953)**<br>| &nbsp;&nbsp; **$(21560302)**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **FOR THE YEAR ENDED** <br>**October 31, 2025** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**October 31, 2024** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**October 31, 2024** |
|  | **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 | 535634 | &nbsp;&nbsp; $9106599 | &nbsp;&nbsp; 17916 | &nbsp;&nbsp; $191498 |
| Dividends reinvested | 257 | &nbsp;&nbsp; 3432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (15104)<br>| &nbsp;&nbsp; (247232)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (10)<br>|
| **Net increase** | **520787** | &nbsp;&nbsp; **$8862799** | &nbsp;&nbsp; **17915** | &nbsp;&nbsp; **$191488** |
| **Class C**: |  |  |  |  |
| Shares sold | 73403 | &nbsp;&nbsp; $1094780 | &nbsp;&nbsp; 10073 | &nbsp;&nbsp; $100780 |
| Dividends reinvested | 2 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (30382)<br>| &nbsp;&nbsp; (479088)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **43023** | &nbsp;&nbsp; **$615713** | &nbsp;&nbsp; **10073** | &nbsp;&nbsp; **$100780** |
| **Class I**: |  |  |  |  |
| Shares sold | 151976 | &nbsp;&nbsp; $2171806 | &nbsp;&nbsp; 10266 | &nbsp;&nbsp; $103020 |
| Dividends reinvested | 10 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (103255)<br>| &nbsp;&nbsp; (1518817)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **48731** | &nbsp;&nbsp; **$653122** | &nbsp;&nbsp; **10266** | &nbsp;&nbsp; **$103020** |
| **Class Y**: |  |  |  |  |
| Shares sold | 63225 | &nbsp;&nbsp; $983991 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; $100000 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redemptions in kind\* | (23928)<br>| &nbsp;&nbsp; (370649)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (39085)<br>| &nbsp;&nbsp; (629504)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase (decrease)** | **212** | &nbsp;&nbsp; **$(16162)**<br>| &nbsp;&nbsp; **10000** | &nbsp;&nbsp; **$100000** |
| **Class Z**: |  |  |  |  |
| Shares sold | 38305 | &nbsp;&nbsp; $578785 | &nbsp;&nbsp; 323365 | &nbsp;&nbsp; $3249958 |
| Dividends reinvested | 1195 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (3060)<br>| &nbsp;&nbsp; (36736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **36440** | &nbsp;&nbsp; **$558049** | &nbsp;&nbsp; **323365** | &nbsp;&nbsp; **$3249958** |

---

&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 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 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.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 9 — Income Tax Information:**

------

The tax character of distributions paid during the year ended October 31, 2025, and for the period June 30, 2025 (commencement of operations) to October 31, 2025 for the Alger International Small Cap Fund, and the year ended October 31, 2024 was as follows:

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

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**October 31, 2025**<br>| **FOR THE YEAR ENDED** <br>**October 31, 2024**<br>|
| **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** | **Alger Capital Appreciation Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | $27183318 | &nbsp;&nbsp; $— |
| Long-term capital gains | 210228217 | &nbsp;&nbsp; 120338371 |
| **Total distributions paid** | **$237411535** | &nbsp;&nbsp; **$120338371** |
| **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** | **Alger Concentrated Equity Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | 19218 | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$19218** | &nbsp;&nbsp; **$—** |
| **Alger Growth & Income Fund** | **Alger Growth & Income Fund** | **Alger Growth & Income Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | 8603554 | &nbsp;&nbsp; 6375226 |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$8603554** | &nbsp;&nbsp; **$6375226** |
| **Alger 35 Fund** | **Alger 35 Fund** | **Alger 35 Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | 111237 | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$111237** | &nbsp;&nbsp; **$—** |
| **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** | **Alger Mid Cap Focus Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |
| **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** | **Alger Mid Cap Growth Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED**<br> **October 31, 2025**<br>| **FOR THE YEAR ENDED**<br> **October 31, 2024**<br>|
| **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** | **Alger Small Cap Growth Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | $— | &nbsp;&nbsp; $618092 |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$618092** |
| **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** | **Alger Small Cap Focus Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |
| **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** | **Alger Weatherbie Specialized Growth Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |
| **Alger International Opportunities Fund** | **Alger International Opportunities Fund** | **Alger International Opportunities Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains | 7440518 | &nbsp;&nbsp; 57254 |
| **Total distributions paid** | **$7440518** | &nbsp;&nbsp; **$57254** |
| **Alger International Small Cap Fund** | **Alger International Small Cap Fund** |  |
| Distributions paid from: |  |  |
| Ordinary Income |  |  |
| Long-term capital gains |  |  |
| **Total distributions paid** | **$—** |  |
| **Alger Health Sciences Fund** | **Alger Health Sciences Fund** | **Alger Health Sciences Fund** |
| Distributions paid from: |  |  |
| Ordinary Income |  | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$—** | &nbsp;&nbsp; **$—** |
| **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** | **Alger AI Enablers & Adopters Fund** |
| Distributions paid from: |  |  |
| Ordinary Income | 108725 | &nbsp;&nbsp; — |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$108725** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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

---

| | |
|:---|:---|
| **Alger Capital Appreciation Fund** |  |
| Undistributed ordinary income | $36155170 |
| Undistributed long-term gains | 188248649 |
| Net accumulated earnings | 224403819 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 1810664123 |
| Total accumulated earnings | $2035067942 |

---

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

---

| | |
|:---|:---|
| **Alger Concentrated Equity Fund** |  |
| Undistributed ordinary income | $370284 |
| Undistributed long-term gains | 282085 |
| Net accumulated earnings | 652369 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 2859902 |
| Total accumulated earnings | $3512271 |

---

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

---

| | |
|:---|:---|
| **Alger Growth & Income Fund** |  |
| Undistributed ordinary income | $1542353 |
| Undistributed long-term gains |  |
| Net accumulated earnings | 1542353 |
| Capital loss carryforwards | (5376067)<br>|
| Late year ordinary income losses |  |
| Net unrealized appreciation | 365018035 |
| Total accumulated earnings | $361184321 |

---

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

---

| | |
|:---|:---|
| **Alger 35 Fund** |  |
| Undistributed ordinary income | $4510235 |
| Undistributed long-term gains | 3732526 |
| Net accumulated earnings | 8242761 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 10329376 |
| Total accumulated earnings | $18572137 |

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap Focus Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (87917380)<br>|
| Late year ordinary income losses | (1433795)<br>|
| Net unrealized appreciation | 83870531 |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | |
|:---|:---|
| **Alger Mid Cap Focus Fund** |  |
| Total accumulated earnings | $(5480644)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap Growth Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (6099771)<br>|
| Late year ordinary income losses | (1980243)<br>|
| Net unrealized appreciation | 73584858 |
| Total accumulated earnings | $65504844 |

---

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

---

| | |
|:---|:---|
| **Alger Small Cap Growth Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (57138272)<br>|
| Late year ordinary income losses | (1397887)<br>|
| Net unrealized appreciation | 56732595 |
| Total accumulated earnings | $(1803564)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Small Cap Focus Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (551922062)<br>|
| Late year ordinary income losses | (4031365)<br>|
| Net unrealized appreciation | 292139093 |
| Total accumulated earnings | $(263814334)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (281166584)<br>|
| Late year ordinary income losses | (2482631)<br>|
| Net unrealized appreciation | 73687292 |
| Total accumulated earnings | $(209961923)<br>|

---

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

---

| | |
|:---|:---|
| **Alger International Opportunities Fund** |  |
| Undistributed ordinary income | $1537033 |
| Undistributed long-term gains | 15914555 |
| Net accumulated earnings | 17451588 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 38154488 |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | |
|:---|:---|
| **Alger International Opportunities Fund** |  |
| Total accumulated earnings | $55606076 |

---

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

---

| | |
|:---|:---|
| **Alger International Small Cap Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (42625)<br>|
| Late year ordinary income losses |  |
| Net unrealized appreciation | 14259 |
| Total accumulated earnings | $(28366)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Health Sciences Fund** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (29323816)<br>|
| Late year ordinary income losses | (49014)<br>|
| Net unrealized appreciation | 5052646 |
| Total accumulated earnings | $(24320184)<br>|

---

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

---

| | |
|:---|:---|
| **Alger AI Enablers & Adopters Fund** |  |
| Undistributed ordinary income | $1008500 |
| Undistributed long-term gains | 145968 |
| Net accumulated earnings | 1154468 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 3736282 |
| Total accumulated earnings | $4890750 |

---

During the year ended October 31, 2025, the Alger 35 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 and the Alger Weatherbie Specialized Growth Fund, utilized capital loss carryforwards of $659,026, $54,957,097, $46,691,195, $4,512,576, $92,359,941, and $34,220,255, respectively.

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 ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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.

Permanent differences, primarily from net operating losses, real estate investment trusts and partnership investments sold by the Funds, redemptions in-kind, and equalization, resulted in the following reclassifications among the Funds' components of net assets at October 31, 2025:

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

---

| | |
|:---|:---|
| **Alger Capital Appreciation Fund** |  |
| Distributable earnings | $(76447433)<br>|
| Paid-in Capital | $76447433 |

---

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

---

| | |
|:---|:---|
| **Alger Concentrated Equity Fund** |  |
| Distributable earnings | $(790)<br>|
| Paid-in Capital | $790 |

---

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

---

| | |
|:---|:---|
| **Alger Growth & Income Fund** |  |
| Distributable earnings | $0 |
| Paid-in Capital | $0 |

---

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

---

| | |
|:---|:---|
| **Alger 35 Fund** |  |
| Distributable earnings | $(56851)<br>|
| Paid-in Capital | $56851 |

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap Focus Fund** |  |
| Distributable earnings | $0 |
| Paid-in Capital | $0 |

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap Growth Fund** |  |
| Distributable earnings | $1210189 |
| Paid-in Capital | $(1210189)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Small Cap Growth Fund** |  |
| Distributable earnings | $2451960 |
| Paid-in Capital | $(2451960)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Small Cap Focus Fund** |  |
| Distributable earnings | $8216377 |
| Paid-in Capital | $(8216377)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Weatherbie Specialized Growth Fund** |  |
| Distributable earnings | $3670580 |
| Paid-in Capital | $(3670580)<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | |
|:---|:---|
| **Alger International Opportunities Fund** |  |
| Distributable earnings | $(658302)<br>|
| Paid-in Capital | $658302 |

---

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

---

| | |
|:---|:---|
| **Alger International Small Cap Fund** |  |
| Distributable earnings | $2576 |
| Paid-in Capital | $(2576)<br>|

---

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

---

| | |
|:---|:---|
| **Alger Health Sciences Fund** |  |
| Distributable earnings | $160749 |
| Paid-in Capital | $(160749)<br>|

---

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

---

| | |
|:---|:---|
| **Alger AI Enablers & Adopters Fund** |  |
| Distributable earnings | $(256248)<br>|
| Paid-in Capital | $256248 |

---

**NOTE 10 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of October 31, 2025 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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $355252884 | &nbsp;&nbsp; $355252884 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 355446644 | &nbsp;&nbsp; 355446644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 2835165 | &nbsp;&nbsp; 2835165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 8193460 | &nbsp;&nbsp; 8193460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 109407671 | &nbsp;&nbsp; 109407671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 151138218 | &nbsp;&nbsp; 151138218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 129982138 | &nbsp;&nbsp; 129982138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 1426418611 | &nbsp;&nbsp; 1426418611 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 4284956 | &nbsp;&nbsp; 4284956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 119725224 | &nbsp;&nbsp; 119725224 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$2662684971** | &nbsp;&nbsp; **$2662684971** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Financials | 478030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 478030 | &nbsp;&nbsp; — |
| Information Technology | 38343532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38343532 |
| **TOTAL PREFERRED STOCKS** | **$38821562** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$478030** | &nbsp;&nbsp; **$38343532** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 1162174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162174 | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2702668707** | &nbsp;&nbsp; **$2662684971** | &nbsp;&nbsp; **$1640204** | &nbsp;&nbsp; **$38343532** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Concentrated Equity Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1208978 | &nbsp;&nbsp; $1208978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 1086602 | &nbsp;&nbsp; 1086602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 141207 | &nbsp;&nbsp; 141207 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 256722 | &nbsp;&nbsp; 256722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 599710 | &nbsp;&nbsp; 599710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 4271183 | &nbsp;&nbsp; 4271183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 463748 | &nbsp;&nbsp; 463748 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$8028150** | &nbsp;&nbsp; **$8028150** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 40783 | &nbsp;&nbsp; 40783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$8068933** | &nbsp;&nbsp; **$8068933** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Growth & Income Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $90113122 | &nbsp;&nbsp; $90113122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 59194432 | &nbsp;&nbsp; 59194432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 40407722 | &nbsp;&nbsp; 40407722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 28419396 | &nbsp;&nbsp; 28419396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 109495546 | &nbsp;&nbsp; 109495546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 68426715 | &nbsp;&nbsp; 68426715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 44302397 | &nbsp;&nbsp; 44302397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 286604709 | &nbsp;&nbsp; 286604709 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 11046426 | &nbsp;&nbsp; 11046426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 10786627 | &nbsp;&nbsp; 10786627 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$748797092** | &nbsp;&nbsp; **$748797092** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **MASTER LIMITED** <br> **PARTNERSHIP**<br>|  |  |  |  |
| Energy | 2429505 | &nbsp;&nbsp; 2429505 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 22196770 | &nbsp;&nbsp; 22196770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 6734243 | &nbsp;&nbsp; 6734243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$780157610** | &nbsp;&nbsp; **$780157610** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $11915667 | &nbsp;&nbsp; $11915667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 4591470 | &nbsp;&nbsp; 4591470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 727438 | &nbsp;&nbsp; 727438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 7267130 | &nbsp;&nbsp; 7267130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2226465 | &nbsp;&nbsp; 2226465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 19596462 | &nbsp;&nbsp; 19596462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 2568587 | &nbsp;&nbsp; 2568587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$48893219** | &nbsp;&nbsp; **$48893219** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 593024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 593024 |
| Information Technology | 525490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 525490 |
| **TOTAL PREFERRED STOCKS** | **$1118514** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1118514** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$50011733** | &nbsp;&nbsp; **$48893219** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1118514** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $17839477 | &nbsp;&nbsp; $17839477 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 16755283 | &nbsp;&nbsp; 16755283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 5808490 | &nbsp;&nbsp; 5808490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 17386180 | &nbsp;&nbsp; 17386180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 70094936 | &nbsp;&nbsp; 66428990 | &nbsp;&nbsp; 3665946 | &nbsp;&nbsp; — |
| Industrials | 68281379 | &nbsp;&nbsp; 68281379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 94818896 | &nbsp;&nbsp; 94818896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 4469499 | &nbsp;&nbsp; 4469499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 13223562 | &nbsp;&nbsp; 13223562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$308677702** | &nbsp;&nbsp; **$305011756** | &nbsp;&nbsp; **$3665946** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 13835282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13835282 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 770459 | &nbsp;&nbsp; 770459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$323283443** | &nbsp;&nbsp; **$305782215** | &nbsp;&nbsp; **$3665946** | &nbsp;&nbsp; **$13835282** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $15884743 | &nbsp;&nbsp; $15884743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 29465153 | &nbsp;&nbsp; 29465153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 11360218 | &nbsp;&nbsp; 11360218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 26078583 | &nbsp;&nbsp; 26078583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 34234318 | &nbsp;&nbsp; 34234318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 69049279 | &nbsp;&nbsp; 69049279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 68510077 | &nbsp;&nbsp; 68510077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 2561532 | &nbsp;&nbsp; 2561532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 13000424 | &nbsp;&nbsp; 13000424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 12274446 | &nbsp;&nbsp; 12274446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$282418773** | &nbsp;&nbsp; **$282418773** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 1015734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1015734 |
| **RIGHTS** |  |  |  |  |
| Health Care | — <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 703266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 703266 | &nbsp;&nbsp; — |
| **WARRANTS** |  |  |  |  |
| Information Technology | — <br><sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; — |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 4931050 | &nbsp;&nbsp; 4931050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$289068823** | &nbsp;&nbsp; **$287349823** | &nbsp;&nbsp; **$703266** | &nbsp;&nbsp; **$1015734** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $2211318 | &nbsp;&nbsp; $2211318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 17244001 | &nbsp;&nbsp; 17244001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 3431026 | &nbsp;&nbsp; 3431026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Energy | 744212 | &nbsp;&nbsp; 744212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6087185 | &nbsp;&nbsp; 6087185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 69326365 | &nbsp;&nbsp; 69195073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131292 |
| Industrials | 48959707 | &nbsp;&nbsp; 48959707 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 50751512 | &nbsp;&nbsp; 50751512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Materials | 262604 | &nbsp;&nbsp; 262604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 964812 | &nbsp;&nbsp; 964812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$199982742** | &nbsp;&nbsp; **$199851450** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$131292** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 425670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425670 |
| Information Technology | 1060136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1060136 |
| **TOTAL PREFERRED STOCKS** | **$1485806** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1485806** |
| **RIGHTS** |  |  |  |  |
| Health Care | 117674 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117674 <br><sup>1</sup><br>|
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | 954547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 954547 | &nbsp;&nbsp; — |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | $1070797 | &nbsp;&nbsp; $1070797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$203611566** | &nbsp;&nbsp; **$200922247** | &nbsp;&nbsp; **$954547** | &nbsp;&nbsp; **$1734772** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Small Cap Focus Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Consumer Discretionary | $46893598 | &nbsp;&nbsp; $46893598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Financials | 46167419 | &nbsp;&nbsp; 46167419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 318177581 | &nbsp;&nbsp; 318177581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 269150383 | &nbsp;&nbsp; 269150383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 161066208 | &nbsp;&nbsp; 161066208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 25563932 | &nbsp;&nbsp; 25563932 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$867019121** | &nbsp;&nbsp; **$867019121** | &nbsp;&nbsp; **$—** | &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 | 19969503 | &nbsp;&nbsp; 19969503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$917443042** | &nbsp;&nbsp; **$886988624** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$30454418** |

---

&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 | $22779060 | &nbsp;&nbsp; $22779060 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Financials | 38850055 | &nbsp;&nbsp; 38850055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 90688721 | &nbsp;&nbsp; 90581218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107503 |
| Industrials | 112482778 | &nbsp;&nbsp; 112482778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 38070827 | &nbsp;&nbsp; 38070827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 20119992 | &nbsp;&nbsp; 20119992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$322991433** | &nbsp;&nbsp; **$322883930** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$107503** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 7351742 | &nbsp;&nbsp; 7351742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$330343175** | &nbsp;&nbsp; **$330235672** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$107503** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

&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 | $13512863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13512863 | &nbsp;&nbsp; $— |
| Consumer Discretionary | 13178954 | &nbsp;&nbsp; 8673222 | &nbsp;&nbsp; 4505732 | &nbsp;&nbsp; — |
| Consumer Staples | 7081655 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7081655 | &nbsp;&nbsp; — |
| Energy | 3277336 | &nbsp;&nbsp; 3277336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 41607847 | &nbsp;&nbsp; 4503421 | &nbsp;&nbsp; 37104426 | &nbsp;&nbsp; — |
| Health Care | 20450616 | &nbsp;&nbsp; 5259139 | &nbsp;&nbsp; 15191477 | &nbsp;&nbsp; — |
| Industrials | 28901236 | &nbsp;&nbsp; 7641549 | &nbsp;&nbsp; 21259687 | &nbsp;&nbsp; — |
| Information Technology | 32497399 | &nbsp;&nbsp; 23900966 | &nbsp;&nbsp; 8596433 | &nbsp;&nbsp; — |
| Materials | 9027036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9027036 | &nbsp;&nbsp; — |
| Real Estate | 3092449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3092449 | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$172627391** | &nbsp;&nbsp; **$53255633** | &nbsp;&nbsp; **$119371758** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1889773 | &nbsp;&nbsp; 1889773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$174517164** | &nbsp;&nbsp; **$55145406** | &nbsp;&nbsp; **$119371758** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger International Small Cap Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $94338 | &nbsp;&nbsp; $45397 | &nbsp;&nbsp; $48941 | &nbsp;&nbsp; $— |
| Consumer Discretionary | 223389 | &nbsp;&nbsp; 48036 | &nbsp;&nbsp; 175353 | &nbsp;&nbsp; — |
| Consumer Staples | 177596 | &nbsp;&nbsp; 85250 | &nbsp;&nbsp; 92346 | &nbsp;&nbsp; — |
| Energy | 106281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 106281 | &nbsp;&nbsp; — |
| Financials | 324350 | &nbsp;&nbsp; 28499 | &nbsp;&nbsp; 295851 | &nbsp;&nbsp; — |
| Health Care | 173325 | &nbsp;&nbsp; 27666 | &nbsp;&nbsp; 145659 | &nbsp;&nbsp; — |
| Industrials | 665482 | &nbsp;&nbsp; 170497 | &nbsp;&nbsp; 494985 | &nbsp;&nbsp; — |
| Information Technology | 179435 | &nbsp;&nbsp; 18812 | &nbsp;&nbsp; 160623 | &nbsp;&nbsp; — |
| Materials | 128903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128903 | &nbsp;&nbsp; — |
| Utilities | 43636 | &nbsp;&nbsp; 43636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$2116735** | &nbsp;&nbsp; **$467793** | &nbsp;&nbsp; **$1648942** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 90149 | &nbsp;&nbsp; 90149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$2206884** | &nbsp;&nbsp; **$557942** | &nbsp;&nbsp; **$1648942** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Financials | $264780 | &nbsp;&nbsp; $264780 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Health Care | 58098755 | &nbsp;&nbsp; 54616812 | &nbsp;&nbsp; 3301943 | &nbsp;&nbsp; 180000 |
| **TOTAL COMMON STOCKS** | **$58363535** | &nbsp;&nbsp; **$54881592** | &nbsp;&nbsp; **$3301943** | &nbsp;&nbsp; **$180000** |
| **PREFERRED STOCKS** |  |  |  |  |
| Health Care | 2778424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2778424 |
| **REAL ESTATE INVESTMENT** <br> **TRUST**<br>|  |  |  |  |
| Real Estate | 2766834 | &nbsp;&nbsp; 2766834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Health Sciences Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **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 | 385595 | &nbsp;&nbsp; 385595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$64294388** | &nbsp;&nbsp; **$58034021** | &nbsp;&nbsp; **$3301943** | &nbsp;&nbsp; **$2958424** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters Fund** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $3081942 | &nbsp;&nbsp; $3081942 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 2879946 | &nbsp;&nbsp; 2879946 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 615727 | &nbsp;&nbsp; 615727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 295419 | &nbsp;&nbsp; 295419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 498704 | &nbsp;&nbsp; 498704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 10418536 | &nbsp;&nbsp; 10418536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 834180 | &nbsp;&nbsp; 834180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$18624454** | &nbsp;&nbsp; **$18624454** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 730078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 730078 |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 329037 | &nbsp;&nbsp; 329037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$19683569** | &nbsp;&nbsp; **$18953491** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$730078** |

---

&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 October 31, 2025. 

<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 October 31, 2025. 

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $6704443 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (478,030)\*\*\*<br>|
| 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; 11995316 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 20121803 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 38343532 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$12508147** |

---

&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> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $2411253 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (1,162,174)\*\*\*<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1249079)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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, 2024 | &nbsp;&nbsp; $1284113 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (165599)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 1118514 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(165599)** <br>|

---

&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, 2024 | &nbsp;&nbsp; $2208387 |
| 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; 3121962 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 8504933 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 13835282 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$3121962** |

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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, 2024 | &nbsp;&nbsp; $1,015,734\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (988241)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 988245 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (4)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 1015734 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Mid Cap Growth Fund** | **Rights** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $182918 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (182918)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(182918)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1455441 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (703,266)\*\*\*<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (752175)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Growth Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $3209358 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3078066)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 131292 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(3078066)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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, 2024 | &nbsp;&nbsp; $1,604,672\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (228094)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 109229 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (1)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 1485806 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025**<br>| &nbsp;&nbsp; **$(118867)** <br>|

---

&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, 2024 | &nbsp;&nbsp; $164711 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (47037)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 117,674\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(47037)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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> **Vehicle**<br>|
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $1976793 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; (954,547)\*\*\*<br>|
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1022246)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Small Cap Focus Fund** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $38958639 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (8504221)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 30454418 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(8504221)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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, 2024 | &nbsp;&nbsp; $3691 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3691)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(3,691**<br> **)\*** <br>|

---

&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, 2024 | &nbsp;&nbsp; $2627864 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (2520361)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 107503 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(2520361)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

&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** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $—\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (1041629)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1041633 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (4)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**<br>|

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Health Sciences Fund** | **Common Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $4400001 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (4220001)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 180000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(4220001)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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** | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $3,554,283\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (4038130)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 3262288 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (17)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 2778424 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(775859)** <br>|

---

&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, 2024 | &nbsp;&nbsp; $606669 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (606669)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; —\* |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$(606669)** <br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (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, 2024 | &nbsp;&nbsp; $54280 |
| 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; 87918 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 587880 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at October 31, 2025 | &nbsp;&nbsp; 730078 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$87918** |

---

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

\* Includes securities that are fair valued at zero.

\*\* Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation (depreciation) on investments in the accompanying Statements of Operations. 

\*\*\* Effective June 12, 2025, Chime Financial, Inc. filed for an initial public offering and shares began publicly trading on the NASDAQ Stock Market. It is the Alger Management's policy to recognize Level 3 transfers at the end of each reporting period, October 31, 2025. 

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of October 31, 2025. 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**October 31,** <br>**2025**<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 |
| **Preferred Stocks** | $38343532 | Market <br>Approach<br>| Revenue Multiple | 21.00x-23.02x | 21.30x |
| Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund | Alger 35 Fund |
| **Preferred Stocks** | 1118514 | Market <br>Approach<br>| Revenue Multiple | 1.99x-23.02x | 11.87x |
| 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 Stocks** | 13835282 | Market <br>Approach<br>| Revenue Multiple | 21.00x-23.02x | 21.47x |
| 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 Stocks** | 1015734 | Market <br>Approach<br>| Revenue Multiple | 23.02x | N/A\* |
| **Rights** | —\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<br>|

---

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **October 31,**<br> **2025**<br>| **Valuation**<br> **Methodology**<br>| **Unobservable**<br> **Inputs**<br>| **Inputs/Range** | **Weighted**<br> **Average Inputs**<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 Stocks** | 131292 | Market <br>Approach<br>| Revenue Multiple | 1.99x | N/A\* |
| **Preferred Stocks** | 1485806 | Market <br>Approach<br>| Revenue Multiple | 1.99x-23.02x | 17.00x |
| **Rights** | 117,674\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 4.65%-100% <br>0%-44%<br>| 4.65% <br>39.41%<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 Stocks** | 30454418 | Market <br>Approach<br>| Revenue Multiple | 1.99x | N/A\* |
| **Rights** | —\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<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 Stocks** | 107503 | Market <br>Approach<br>| Revenue Multiple | 1.99x | N/A\* |
| 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 Stocks** | 180000 | Market <br>Approach<br>| Revenue Multiple | 1.99x | N/A\* |
| **Preferred Stocks** | 2778424 | Market <br>Approach<br>| Revenue Multiple | 1.99x | N/A\* |
| **Rights** | —\*\* | Income <br>Approach<br>| Discount Rate <br>Probability of Success<br>| 100% <br>0.00%<br>| N/A\* <br>N/A\*<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 |
| **Preferred Stocks** | 730078 | Market <br>Approach<br>| Revenue Multiple | 21.00x-23.02x | 21.70x |

---

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

---

| | |
|:---|:---|
| <sup>\*</sup> <br>| Each security type listed and respective valuation methodology and unobservable input, represents only one <br>investment.<br>|
| <sup>\*\*</sup> <br>| Tolero CDRs are classified as a Level 3 investment and are fair valued at zero as of October 31, 2025. |

---

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue and 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 and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the year ended October 31, 2025, there were no changes in valuation methodology on Level 3 investments.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**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 year or as of October 31, 2025.

**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. 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 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. 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. 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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, 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.

**<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. 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. 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.

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**<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. 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 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. 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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.

**<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. 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,

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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.

**<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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 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

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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, 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 year ended October 31, 2025, 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 year ended

------

**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

October 31, 2025 with such affiliated persons are summarized below. During this year, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**October 31,** <br>**2025**<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 Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink <br> Ventures C, <br> LLC, Cl. A<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1249079)<br>| &nbsp;&nbsp; $1162174 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1249079)<br>| &nbsp;&nbsp; $1162174 |

---

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**October 31,** <br>**2025**<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 Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink <br> Ventures C, <br> LLC, Cl. A<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(540143)<br>| &nbsp;&nbsp; $502561 |
| Crosslink <br> Ventures C, <br> LLC, Cl. B<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (212032)<br>| &nbsp;&nbsp; 200705 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(752175)<br>| &nbsp;&nbsp; $703266 |

---

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**October 31,** <br>**2025**<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 Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** | **Special Purpose Vehicle** |
| Crosslink <br> Ventures C, <br> LLC, Cl. A<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(810214)<br>| &nbsp;&nbsp; $753842 |
| Crosslink <br> Ventures C, <br> LLC, Cl. B<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (212032)<br>| &nbsp;&nbsp; 200705 |
| **Total** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1022246)<br>| &nbsp;&nbsp; $954547 |

---

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**THE ALGER FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Shares** <br>**Held at** <br>**October 31,** <br>**2024**<br>| **Shares** <br>**Purchased**<br>| **Shares** <br>**Sold**<br>| **Shares** <br>**Held at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Realized** <br>**Gain (Loss)**<br>| **Net Change** <br>**in** <br>**Unrealized** <br>**App (Dep)**<br>| **Value at** <br>**October 31,** <br>**2025**<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>| 28027798 | &nbsp;&nbsp; 506260239 <br><sup>1</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8504221)<br>| &nbsp;&nbsp; $30454418 |
| **Total** | 28027798 | &nbsp;&nbsp; 506260239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 534288037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8504221)<br>| &nbsp;&nbsp; $30454418 |

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

<sup>1</sup> Represents shares received due to a recapitalization of the security during the year ended October 31, 2025.

**NOTE 14 — Subsequent Events:**

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Alger Management has evaluated events that have occurred subsequent to October 31, 2025, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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To the shareholders and the Board of Trustees of The Alger Funds:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of The Alger Funds comprising the 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"), including the schedules of investments, as of October 31, 2025; the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended for the Funds, except Alger Concentrated Equity Fund, Alger International Small Cap Fund and Alger AI Enablers & Adopters Fund; the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below for Alger Concentrated Equity Fund, Alger International Small Cap and Alger AI Enablers & Adopters Fund, and the related notes (collectively referred to as the "financial statements and financials highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting The Alger Funds as of October 31, 2025, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

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

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund** <br>**comprising The** <br>**Alger Funds**<br>| **Statement of** <br>**Operations**<br>| **Statements of** <br>**Changes in Net Assets**<br>| **Financial Highlights** |
| Alger Concentrated <br> Equity Fund<br>| For the year ended <br> October 31, 2025<br>| For the year ended October 31, 2025 and the period from <br> April 4, 2024 (commencement of operations) through <br> October 31, 2024 | For the year ended October 31, 2025 and the period from <br> April 4, 2024 (commencement of operations) through <br> October 31, 2024 |
| Alger International Small <br> Cap Fund<br>| For the period from June 30, 2025 (commencement of operations) through <br> October 31, 2025 | For the period from June 30, 2025 (commencement of operations) through <br> October 31, 2025 | For the period from June 30, 2025 (commencement of operations) through <br> October 31, 2025 |
| Alger AI Enablers & <br> Adopters Fund<br>| For the year ended <br> October 31, 2025<br>| For the year ended October 31, 2025 and the period from <br> April 4, 2024 (commencement of operations) through <br> October 31, 2024 | For the year ended October 31, 2025 and the period from <br> April 4, 2024 (commencement of operations) through <br> October 31, 2024 |

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**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

December 18, 2025

We have served as the auditor of one or more investment companies within the Alger group of investment companies since 2009.

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**THE ALGER FUNDS**

**OTHER INFORMATION (Unaudited)**

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**Tax Information**

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Alger Capital Appreciation Fund, Alger Concentrated Equity Fund, Alger 35 Fund, Alger International Opportunities Fund, and Alger AI Enablers & Adopters Fund designate $226,428,521, $282,427, $3,752,874, $16,573,328 and $148,678, respectively, as approximate amounts of capital gain dividend for the purpose of the dividends paid deduction. Per Section 853 of the Internal Revenue Code, the Alger International Opportunities Fund paid $294,215 in foreign taxes on $2,354,055 of recognized foreign source income.

In accordance with subchapter M of the Internal Revenue Code of 1986, as amended, for the year ended October 31, 2025, 13.41% of Alger Capital Appreciation Fund's, 3.51% of Alger Concentrated Equity Fund's, 100% of Alger Growth & Income Fund's, 1.19% of Alger 35 Fund's, 0.18% of Alger International Opportunities Fund's and 1.65% of Alger AI Enablers & Adopters Fund's dividends qualified for the dividends deduction for corporations, respectively. For the year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, 15.72%, 4.79%, 100%, 1.45%, 100% and 2.12% of Alger Capital Appreciation Fund, Alger Concentrated Equity Fund, Alger Growth & Income Fund, Alger 35 Fund, Alger International Opportunities Fund and Alger AI Enablers & Adopters Fund's dividends may be considered qualified dividend income, respectively.

Shareholders should not use the above information to prepare their tax returns. Since the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. Such notification, which will reflect the amount to be used by taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in January 2026. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.

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**THE ALGER FUNDS**

**OTHER INFORMATION (Unaudited) (Continued)**

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**Proxy Voting Policies**

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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**

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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.

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**THE ALGER FUNDS**

**OTHER INFORMATION (Unaudited) (Continued)**

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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.

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**THE ALGER FUNDS**

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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**

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UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

**Custodian**

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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.

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![](imgad3833b83.gif)

**AFAR**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

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Not Applicable.

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Item 9. Proxy Disclosures for Open-End Management Investment Companies

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Not Applicable.

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Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

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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.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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At a meeting held on September 18, 2025 (the "Meeting"), the Board of Trustees (the "Board") of The Alger Funds (the "Trust"), including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), reviewed and approved the continuation of (i) the investment advisory agreement between Fred Alger Management, LLC ("Alger") and the Trust, on behalf of 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 Health Sciences Fund and Alger AI Enablers & Adopters Fund (each, a "Fund"), (the "Investment Advisory Agreement"), (ii) the investment sub-advisory agreement between Alger and Weatherbie Capital, LLC ("Weatherbie"), an affiliate of Alger, on behalf of Alger Weatherbie Specialized Growth Fund (the "Weatherbie Sub-Advisory Agreement") and (iii) the investment sub-advisory agreement between Alger and Redwood Investments, LLC ("Redwood"), an affiliate of Alger, on behalf of Alger International Opportunities Fund (the "Redwood Sub-Advisory Agreement", and together with the Investment Advisory Agreement and the Weatherbie Sub-Advisory Agreement, the "Management Agreements," and each, a "Management Agreement") for an additional one-year period. Alger, Weatherbie and Redwood are collectively referred to herein as the "Manager."

In considering the continuation of each Management Agreement, the Board reviewed and considered information provided by the Manager and its representatives at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Manager provided in response to a request for information Independent Trustee counsel submitted to the Manager on behalf of the Independent Trustees in connection with the Board's annual contract consideration, as well as information provided in response to a supplemental request from Independent Trustee counsel on behalf of the Independent Trustees. The materials for the Meeting included reports from FUSE Research Network LLC ("FUSE"), an independent consulting firm, that contained extensive analyses of the Funds and the Manager's services to the Funds. The Board also received a presentation from FUSE representatives at the Meeting, and, among other things, received a description of the methodology FUSE used to select the mutual funds included in each Fund's Peer Universe and Peer Group (as described below). Moreover, at a meeting held on September 17, 2025, prior to the Meeting, the Independent Trustees met with representatives from FUSE to receive an overview of, and to discuss the methodology by which FUSE prepared, its reports.

The Independent Trustees received advice from, and met separately with, their Independent Trustee counsel in considering whether to approve the continuation of each Management Agreement. The Independent Trustees also received a memorandum from Independent Trustee counsel discussing the legal standards

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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and their duties in considering the continuation of the Management Agreements, and counsel reviewed those standards with the Independent Trustees during their separate meeting. The Independent Trustees also met separately with senior management of Alger, during which time the Independent Trustees discussed various matters related to proposed continuation of the Management Agreements.

The Board reviewed the materials provided and considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Manager; (ii) the short- and long-term investment performance of each Fund; (iii) the costs of the services the Manager provided and profits it realized; (iv) the extent to which the Manager realizes economies of scale as a Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered. The Board considered the information provided to it about the Funds together, and with respect to each Fund separately, as the Board deemed appropriate.

In the discussions that follow, reference is made to the "median" in the Peer Group and Peer Universe categories. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group (as described below). FUSE information is calculated on a share class basis. References appearing below with regard to a Fund's performance results and comparative fees and expenses relate to Class Z shares of the Fund.

In particular, in approving the continuance of each Management Agreement, the Board considered the following factors:

Nature, Extent and Quality of Services

------

The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager to the Funds. This information included, among other things, the qualifications, background and experience of the professional personnel who perform services for the Funds; the structure of investment professional compensation; oversight of third-party service providers, including a Fund's sub-adviser; short- and long-term investment performance, fee and expense information; fees and payments to affiliates and intermediaries for fund administration, transfer agency and

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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shareholder services; legal and compliance matters; risk controls; pricing and other services provided by the Manager; and the range of advisory fees the Manager charges to other funds and accounts under its management, including the Manager's explanation of differences among such funds and accounts and the Funds, where relevant. The Board noted that it received information at regular meetings throughout the year regarding the services rendered by the Manager concerning the management of each Fund's affairs, including certain portfolio manager presentations, and Alger's role in coordinating and overseeing providers of other services to the Funds. The Board also noted the work undertaken by the Manager with respect to implementing various regulatory requirements applicable to the Funds.

The Board noted Alger's history and expertise in the "growth" style of investment management, as well as Alger's consistency in applying its "growth" style investment philosophy and process. With respect to the Alger Weatherbie Specialized Growth Fund and the Alger International Opportunities Fund, the Board also considered the investment approach of each Fund's sub-adviser. The Board noted the length of time the Manager has provided services as an investment adviser (or sub-adviser, as applicable) to a Fund. The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the Alger Family of Funds. The Board noted the continuing strong financial position of the Manager and the Manager's commitment to its fund, and overall, business.

Following consideration of such information, the Trustees determined that they remain satisfied with the nature, extent and quality of services provided by the Manager to the Funds under the Management Agreements.

Fund Performance

------

The Board reviewed and considered the performance results of each Fund over various time periods ended June 30, 2025. The Board considered the performance returns for each Fund in comparison to the performance returns of a universe of mutual funds deemed comparable to the Fund based on various investment, operational, and pricing characteristics ("Peer Universe"), and a group of mutual funds from within such Peer Universe deemed comparable to the Fund based primarily on investment strategy similarity ("Peer Group"), each as selected by FUSE, as well as to the Fund's benchmark index. The Board noted the Manager's statement that long-term performance could be impacted by one period of significant outperformance or underperformance.

The Board also reviewed and considered Fund performance reports provided by management and discussions that occurred with investment personnel and Alger senior management at Board meetings throughout the year. The Board further noted that representatives of Alger review with the Trustees the recent and longer-term performance of each Fund, including contributors to, and detractors

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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from, Fund performance at every quarterly meeting of the Board throughout the year. In considering the Funds' performance generally, the Board observed the Manager's consistency in implementing its growth style investment process and philosophy for the Funds and considered how a strategy's "growthiness" as compared to peers can impact relative performance results, even among comparisons that either FUSE or the Manager already have identified as having growth characteristics. In this regard, the Board considered information provided by FUSE on a Fund's "style factor," reflecting a three-year average of Morningstar's Raw Growth-Value score to indicate a value or growth bias as compared to the Fund's Peer Group and benchmark.

The Trustees concluded that each Fund's performance was acceptable, noting their discussions with senior management of Alger related to Fund performance and the factors that impacted Fund performance, where applicable. Further discussion of the Board's considerations with respect to each Fund's performance is set forth below.

Alger Capital Appreciation Fund. The Board noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods was in the first quartile of its Peer Universe.

Alger Concentrated Equity Fund. The Board noted that the Fund's annualized total return for the one-year and since inception (April 2024) periods outperformed the median of its Peer Group and was in the first quartile of its Peer Universe.

Alger Growth & Income Fund. The Board noted that the Fund's annualized total return for the one-, three-, five- and 10-year periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and three-year periods was in the second quartile of its Peer Universe, and for the five- and 10-year periods was in the first quartile of its Peer Universe.

Alger 35 Fund. The Board noted that the Fund's annualized total return for the one-, three-, and five-year and since inception (March 2018) periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three-, and five-year and since inception periods was in the first quartile of its Peer Universe.

Alger Mid Cap Focus Fund. The Board noted that the Fund's annualized total return for the one-, three-, and five-year and since inception (June 2019) periods outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-year and since inception periods was in the first quartile of its Peer Universe, and for the three- and five-year periods was in the second quartile of its Peer Universe.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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Alger Mid Cap Growth Fund. The Board noted that the Fund's annualized total return for the one-, three-, five-year and 10-year periods was equal to or outperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and three-year periods was in the first quartile of its Peer Universe, and for the five- and 10-year periods was in the second quartile of its Peer Universe.

Alger Small Cap Growth Fund. The Board noted that the Fund's annualized total return for the one-, three-, five-, and 10-year periods underperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-year period was in the third quartile of its Peer Universe, and for the three-, five-, and 10-year periods was in the fourth quartile of its Peer Universe. The Board considered FUSE's commentary that (i) although the Fund underperformed its peers, short-term relative performance had improved, and (ii) the Fund's overweight allocation to the healthcare sector had been a drag over the mid-term. The Board further considered its discussions with senior management of Alger related to the Fund's performance and the factors that impacted the Fund's performance.

Alger Small Cap Focus Fund. The Board noted that the Fund's annualized total return for the one-year period outperformed the median of its Peer Group, and for the three-, five-, and 10-year periods underperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-year period was in the second quartile of its Peer Universe and for the three-, five-, and 10-year periods was in the fourth quartile of its Peer Universe. In this regard, the Board considered FUSE's commentary that the Fund has delivered improved performance over the last 12 months, and the impact of certain of the Fund's weightings in various sectors on performance. The Board further considered its discussions with senior management of Alger related to the Fund's performance and the factors that impacted the Fund's performance.

Alger Weatherbie Specialized Growth Fund. The Board noted that the Fund's annualized total return for the one-, three-, five-, and 10-year periods underperformed the median of its Peer Group. The Board also noted that the Fund's annualized total return for the one- and 10-year periods was in the third quartile of its Peer Universe, and the three- and five-year periods was in the fourth quartile of its Peer Universe. In this regard, the Board considered FUSE's commentary regarding the Fund's improved relative performance during the last 12 months and the Fund's weightings in certain market capitalizations and sectors and the impact such weightings had on performance. The Board further considered its discussions with senior management of Alger related to the Fund's performance and the factors that impacted the Fund's performance.

Alger International Opportunities Fund. The Board noted that the Fund's annualized total return for the one-, three-, and five-year periods outperformed the median of its Peer Group and for the 10-year period underperformed the

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

median of its Peer Group. The Board also noted that the Fund's annualized total return for the one-, three, and five- year periods was in the second quartile of its Peer Universe and for the 10-year period was in the third quartile of its Peer Universe. The Board noted that as of February 1, 2024, Redwood became the sub-adviser to the Fund and that the Fund's performance reflects that of Redwood for periods on and after February 1, 2024.

Alger Health Sciences Fund. The Board noted that the Fund's annualized total return for the one-, three-, five-, and 10-year periods underperformed the median of its Peer Group and was in the fourth quartile of its Peer Universe. In this regard, the Board considered FUSE's commentary that the Fund's larger allocation to smaller and growthier companies than funds in the Peer Universe detracted from Fund performance.

Alger AI Enablers & Adopters Fund. The Board noted that the Fund's annualized total return for the one-year and since inception (April 2024) periods outperformed the median of its Peer Group and was in the first quartile of its Peer Universe.

Comparative Fees and Expenses

------

For each Fund, the Board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Fund to Alger in light of the nature, extent and quality of the services provided by Alger pursuant to the Investment Advisory Agreement, and considered the actual fee rate (after taking any waivers and reimbursements into account) payable by the Fund (the "Actual Management Fee"). For the Alger Weatherbie Specialized Growth Fund and the Alger International Opportunities Fund, the Board also reviewed and considered the sub-advisory fee payable to Weatherbie and Redwood, respectively, by Alger out of the management fee Alger receives from each Fund in light of the nature, extent and quality of the services provided by Weatherbie and Redwood pursuant to the applicable Sub-Advisory Agreement. The Board also reviewed and considered fee waiver and/or expense reimbursement arrangements for each Fund, and specific share classes thereof, as applicable, including representations from Alger that any such waivers and/or reimbursements do not, and are not currently expected to, result in cross-subsidization by one share class of another share class of a Fund. Additionally, the Board received and considered information comparing each Fund's Contractual Management Fee, Actual Management Fee and overall expenses, including administrative fees payable to Alger, with those of the funds in the Peer Group provided by FUSE. The Board reviewed the methodology used by FUSE in calculating expense information, including that, for purposes of the comparisons below, the Contractual Management Fee used by FUSE for the Fund and peers includes the advisory fee and administrative fee (if a fund reports both). The Board considered limitations with respect to the comparative fee and expense information included

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

in the reports prepared by FUSE, including that the reports reflected information for a specific period and that historical asset levels and expenses may differ from current levels.

The Board discussed the factors that could contribute to each Fund's Contractual Management Fee, Actual Management Fee or total expenses being above or below the median of the Fund's Peer Group, including, for example, the specialized nature of a Fund's strategy. The Board concluded that the Contractual Management Fee charged to each Fund, and the sub-advisory fee payable to Weatherbie for the Alger Weatherbie Specialized Growth Fund and the sub-advisory fee payable to Redwood for the Alger International Opportunities Fund, each are reasonable in relation to the services rendered by the Manager and is the product of arm's length negotiations. Further discussion of the Board's considerations with respect to each Fund's comparative fees and expenses is set forth below.

Alger Capital Appreciation Fund. The Board noted that the Fund's Contractual Management Fee was above the median and in the fourth (most expensive) quartile of its Peer Group and that the total expenses were above the median and in the third quartile of its Peer Group. In this regard, the Board considered the Fund's top quartile performance and that the Fund's total expenses reflected an expense reimbursement from Alger.

Alger Concentrated Equity Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

Alger Growth & Income Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

Alger 35 Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

Alger Mid Cap Focus Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile of its Peer Group and total expenses were above the median and in the third quartile of its Peer Group. In this regard, the Board noted that the total expenses were 0.01% above the median of its Peer Group.

Alger Mid Cap Growth Fund. The Board noted that the Fund's Contractual Management Fee was above the median and in the fourth (most expensive) quartile of its Peer Group and total expenses were above the median and in the third quartile of its Peer Group. In this regard, the Board considered FUSE's commentary that the Fund's Peer Group had a very tight distribution of advisory fee expenses around the median of the Peer Group.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Alger Small Cap Growth Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile, and total expenses were above the median and in the third quartile of its Peer Group. In this regard, the Board noted that the Fund's total expenses reflected an expense reimbursement from Alger.

Alger Small Cap Focus Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile of its Peer Group, and total expenses were below the median and in the first quartile (least expensive) of its Peer Group.

Alger Weatherbie Specialized Growth Fund. The Board noted that the Fund's Contractual Management Fee was below the median and in the second quartile of its Peer Group and that total expenses were equal to median of its Peer Group and in the second quartile. The Board also noted that, with respect to the Fund, Weatherbie is paid by Alger out of the management fee Alger receives from the Fund.

Alger International Opportunities Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group. The Board also noted that, with respect to the Fund, Redwood is paid by Alger out of the management fee Alger receives from the Fund.

Alger Health Sciences Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

Alger AI Enablers & Adopters Fund. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

In connection with its consideration of each Fund's fees payable under the Management Agreement, the Board also received information on the range of fees charged by the Manager for funds and accounts of a similar investment strategy to each Fund that are under its management. The Board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Funds, versus those accounts and the differences in the levels of services required by the Funds as compared to those accounts.

Profitability

------

The Board reviewed and considered information regarding the profits realized by Alger in connection with the operation of each Fund. In this respect, the Board considered overall profitability, as well as the profits of Alger in providing investment management and other services to each Fund, during the year ended

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

June 30, 2025. The Board also noted management's representations that the Manager is not profitable with respect to certain Funds. The Board reviewed the methodology by which Alger's profitability is calculated, and any changes that were made since last year, noting that management maintains a generally consistent methodology year to year. The Board considered FUSE's view that Alger's expense allocation policies are reasonable and align with accepted industry practices. The Board also reviewed Alger's profitability in comparison to certain investment advisory peers, noting limitations with respect to such comparison. The Board noted that Alger compensates Weatherbie and Redwood from its fee and that Alger provided information on Alger's profitability with respect to Alger Weatherbie Specialized Growth Fund and Alger International Opportunities Fund.

The Board also considered the extent to which the Manager might derive ancillary benefits from Fund operations, including, for example, through soft dollar arrangements. Based upon its consideration of all these factors, the Trustees concluded that the level of profits realized by Alger and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

Economies of Scale

------

For each Fund, the Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of Fund shareholders. The Board noted the existence of management fee breakpoints for Alger Capital Appreciation Fund, Alger International Opportunities Fund, Alger Mid Cap Focus Fund, Alger Mid Cap Growth Fund, Alger Weatherbie Specialized Growth Fund, and Alger Small Cap Growth Fund, which are designed to share economies of scale with a Fund's shareholders by reducing the Fund's effective management fees as the Fund grows in size. The Board considered the Manager's view that the overall size of Alger allows it to realize other economies of scale, such as with office space, purchases of technology, and other general business expenses, including with respect to Funds that did not have management fee breakpoints.

The Trustees concluded that for each Fund, to the extent economies of scale may be realized by Alger, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows, including through the management fee breakpoints in place for applicable Funds.

Conclusion

------

The Board's consideration of Investment Advisory Agreement and the Weatherbie Sub-Advisory Management Agreement also benefitted from the number of years the Board had considered the continuation of the Management

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Agreements, during which lengthy discussions took place between the Board and representatives of the Manager. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the Fund's arrangements in prior years.

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including the Independent Trustees voting separately, unanimously approved the continuation of each Management Agreement for an additional one-year period.

------

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;&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, as amended) 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) | [Code of Ethics](taf-efp21605_ex99code.htm) |
| (a)(2) | Not applicable. |
| (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.](taf-efp21605_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: | December 18, 2025 |

---

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: | December 18, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | December 18, 2025 |

---

## Ex-99.Code

**Exhibit 99.CODE ETH**

![](img01.jpg)

**THE ALGER FUNDS**

**THE ALGER FUNDS II**

**THE ALGER INSTITUTIONAL FUNDS**

**THE ALGER PORTFOLIOS**

**ALGER GLOBAL EQUITY FUND**

**THE ALGER ETF TRUST**

**(Each a "Fund" and collectively, the "Funds")**

**CODE OF ETHICS FOR**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

**August 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports, documents and other public
 communications that the Funds file with, or submit to, the Securities and Exchange Commission
 ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable federal securities laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

Each Covered Officer (listed in Exhibit A) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. A conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated

persons" of the Fund. The compliance program, and policies and procedures of the Funds and the Funds' investment adviser or sub-adviser(s) (collectively, the "Adviser") are designed to reasonably prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such program, and policies and procedures, and, therefore, certain conflicts may fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or are a result of, the contractual relationship between the Funds and the Adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and the Adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Trustees (the "Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund<sup>1</sup>.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by a Fund whereby the Covered Officer would benefit personally to
 the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public information of portfolio transactions nor financial data to his or
 her personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report
 at least annually all affiliations or other relationships related to conflicts of interest
 on the Funds' Trustee and Officer Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose
 any material ownership interest in, or any consulting or employment relationship with, any
 of the Funds' service providers, other than the Adviser or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize
 himself or herself with the disclosure requirements generally applicable to the Funds;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others,
 whether within or outside the Funds, including to the Funds' trustees and auditors,
 and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to
 the extent appropriate within his or her area of responsibility, consult with other officers
 and employees of the Funds and the Adviser with the goal of promoting full, fair, accurate,
 timely and understandable disclosure in the reports and documents the Funds file with, or
 submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote
 compliance with the standards and restrictions imposed by laws, rules and regulations applicable
 to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code, or as soon thereafter as applicable, upon becoming a Covered Officer,
 affirm in writing to the Boards that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at
 least annually thereafter affirm to the Boards that he or she has complied with the requirements
 of this Code (see sample affirmations in Exhibits B and C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 retaliate against any other Covered Officer or any employee of the Funds or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify
 the General Counsel promptly if he or she knows of any violation of this Code. Failure to
 do so is itself a violation of this Code.

The General Counsel other designated senior legal officer of the Adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>2</sup> However, any approvals or waivers<sup>3</sup> also will be considered by the Audit Committee of the relevant Board (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 General Counsel or other designated senior legal officer will take all appropriate action
 to investigate any potential violations reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if,
 after such investigation, the General Counsel believes that no violation has occurred, the
 General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 matter that the General Counsel believes is a violation will be reported to the Committee;

<sup>2</sup> The General Counsel or other designated senior legal officer is authorized to consult, as appropriate, with the chair of the Audit Committee, counsel to the Funds and counsel to the independent Board members and is encouraged to do so.

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by [a Fund] of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "[a Fund's] failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the [Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures; notification to appropriate personnel
 of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Funds' and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act contain separate requirements applying to the Covered Officers and are not part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Fund and its Board, the Adviser, and each of their respective counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**EXHIBIT A**

**Covered Officers**

Principal Executive Officer Hal Liebes <br>Principal Financial Officer Michael D. Martins

**EXHIBIT B**

**Sample Principal Executive Officer Certification**

![](img01.jpg)

---

| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

---

I, Hal Liebes, Principal Executive Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

---

| | |
|:---|:---|
| By: |  |
|  | Hal Liebes, Principal Executive Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

---

**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

**EXHIBIT C**

**Sample Principal Financial Officer Certification**

![](img01.jpg)

---

| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

---

I, Michael D. Martins, Principal Financial Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

---

| | |
|:---|:---|
| By: |  |
|  | Michael D. Martins, Principal Financial Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

---

**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

## 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 Financial Officer |
| Date: | December 18, 2025 |

---

**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.

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| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | December 18, 2025 |

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