# EDGAR Filing Document

**Accession Number:** 0001219064
**File Stem:** 0001133228-25-014261
**Filing Date:** 2025-12
**Character Count:** 155870
**Document Hash:** ea2778c277cdedc88e1487f2aef7f6b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014261.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014261

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**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 GLOBAL EQUITY FUND
- **CENTRAL INDEX KEY:** 0001219064

**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:** 811-21308
- **FILM NUMBER:** 251611672

**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 GLOBAL FOCUS FUND
- **DATE OF NAME CHANGE:** 20180820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER GLOBAL GROWTH FUND
- **DATE OF NAME CHANGE:** 20130610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALGER CHINA-US GROWTH FUND
- **DATE OF NAME CHANGE:** 20080924

## Series and Classes Contracts Data

### ALGER GLOBAL EQUITY FUND (Series ID: S000009192)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000024981 | ALGER GLOBAL EQUITY FUND CLASS A | CHUSX           |
| C000060632 | ALGER GLOBAL EQUITY FUND CLASS C | CHUCX           |
| C000127110 | ALGER GLOBAL EQUITY FUND CLASS I | AFGIX           |
| C000127111 | ALGER GLOBAL EQUITY FUND CLASS Z | AFGZX           |

?xml version='1.0' encoding='ASCII'? ec582452-423d-48d3-bb30-a3b9e2b04e4f

#### 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

#### 811-21308

#### Alger Global Equity Fund
(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 Global Equity Fund

### Class A / CHUSX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Global 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 Global Equity Fund <br>(Class A / CHUSX) | $128 | 1.20% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Global Focus Fund Class A, excluding sales load, returned 13.68% for the fiscal twelve-month period ended October 31, 2025, compared to the 23.19% return of the MSCI ACWI. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Nebius Group N.V., Shopify, Inc., Broadcom Inc., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financial and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, Agilysys, Inc., Alphabet Inc., Accenture Plc, PT Bank Central Asia Tbk, and Shift4 Payments, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence proliferation also supported market sentiment. |
| Structural Policy Reforms in Europe | Positive | Governments across Europe 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 | 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 in the U.S. | Negative | U.S. 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_10920423.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Global Equity Fund Class A** | 7.72% | 7.49% | 7.97% |
| **Alger Global Equity Fund Class A—excluding sales load** | 13.68% | 8.65% | 8.55% |
| **MSCI ACWI** | 23.19% | 15.14% | 11.87% |

---

**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;$22030339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;86.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$171113 |

---

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

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

---

| | |
|:---|:---|
| Brazil | 4.8% |
| Canada | 6.2% |
| China | 1.0% |
| Denmark | 2.0% |
| Germany | 5.5% |
| Italy | 2.4% |
| Japan | 11.1% |
| Netherlands | 6.9% |
| Norway | 2.0% |
| Switzerland | 2.7% |
| Taiwan | 3.1% |
| United Kingdom | 4.8% |
| United States | 45.7% |
| Short-Term Investments and Net Other Assets | 1.8% |
|  | 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 Global Equity Fund

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

### Alger Global Equity Fund

### Class C / CHUCX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Global 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 Global Equity Fund <br>(Class C / CHUCX) | $239 | 2.25% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Global Focus Fund Class C, excluding contingent deferred sales charges, returned 12.69% for the fiscal twelve-month period ended October 31, 2025, compared to the 23.19% return of the MSCI ACWI. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Nebius Group N.V., Shopify, Inc., Broadcom Inc., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financial and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, Agilysys, Inc., Alphabet Inc., Accenture Plc, PT Bank Central Asia Tbk, and Shift4 Payments, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence proliferation also supported market sentiment. |
| Structural Policy Reforms in Europe | Positive | Governments across Europe 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 | 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 in the U.S. | Negative | U.S. 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_10920459.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Global Equity Fund Class C** | 11.74% | 7.76% | 7.90% |
| **Alger Global Equity Fund Class C—excluding contingent deferred sales charge** | 12.69% | 7.76% | 7.90% |
| **MSCI ACWI** | 23.19% | 15.14% | 11.87% |

---

**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;$22030339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;86.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$171113 |

---

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

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

---

| | |
|:---|:---|
| Brazil | 4.8% |
| Canada | 6.2% |
| China | 1.0% |
| Denmark | 2.0% |
| Germany | 5.5% |
| Italy | 2.4% |
| Japan | 11.1% |
| Netherlands | 6.9% |
| Norway | 2.0% |
| Switzerland | 2.7% |
| Taiwan | 3.1% |
| United Kingdom | 4.8% |
| United States | 45.7% |
| Short-Term Investments and Net Other Assets | 1.8% |
|  | 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 Global Equity Fund

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

### Alger Global Equity Fund

### Class I / AFGIX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Global 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 Global Equity Fund <br>(Class I / AFGIX) | $128 | 1.20% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Global Focus Fund Class I returned 13.70% for the fiscal twelve-month period ended October 31, 2025, compared to the 23.19% return of the MSCI ACWI. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Nebius Group N.V., Shopify, Inc., Broadcom Inc., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financial and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, Agilysys, Inc., Alphabet Inc., Accenture Plc, PT Bank Central Asia Tbk, and Shift4 Payments, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence proliferation also supported market sentiment. |
| Structural Policy Reforms in Europe | Positive | Governments across Europe 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 | 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 in the U.S. | Negative | U.S. 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 for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_10920495.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Global Equity Fund Class I** | 13.70% | 8.83% | 8.80% |
| **MSCI ACWI** | 23.19% | 15.14% | 11.87% |

---

**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;$22030339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;86.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$171113 |

---

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

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

---

| | |
|:---|:---|
| Brazil | 4.8% |
| Canada | 6.2% |
| China | 1.0% |
| Denmark | 2.0% |
| Germany | 5.5% |
| Italy | 2.4% |
| Japan | 11.1% |
| Netherlands | 6.9% |
| Norway | 2.0% |
| Switzerland | 2.7% |
| Taiwan | 3.1% |
| United Kingdom | 4.8% |
| United States | 45.7% |
| Short-Term Investments and Net Other Assets | 1.8% |
|  | 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 Global Equity Fund

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

### Alger Global Equity Fund

### Class Z / AFGZX

#### Annual SHAREHOLDER REPORT \| October 31, 2025
This annual shareholder report contains important information about the Alger Global 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 Global Equity Fund <br>(Class Z / AFGZX) | $106 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Global Focus Fund Class Z returned 13.93% for the fiscal twelve-month period ended October 31, 2025, compared to the 23.19% return of the MSCI ACWI. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Industrials and the largest sector underweight was Financials.

#### Contributors to Performance
The Industrials and Health Care sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Nebius Group N.V., Shopify, Inc., Broadcom Inc., and Amazon.com, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financial and Information Technology sectors were the largest detractors from relative performance. Regarding individual positions, Agilysys, Inc., Alphabet Inc., Accenture Plc, PT Bank Central Asia Tbk, and Shift4 Payments, Inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Resilient Corporate Earnings | Positive | Strong corporate earnings were driven by profit margin improvement and robust consumer spending. Themes such as cloud-based computing growth and artificial intelligence proliferation also supported market sentiment. |
| Structural Policy Reforms in Europe | Positive | Governments across Europe 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 | 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 in the U.S. | Negative | U.S. 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 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_10920531.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (As of October 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Alger Global Equity Fund Class Z** | 13.93% | 9.09% | 9.01% |
| **MSCI ACWI** | 23.19% | 15.14% | 11.87% |

---

**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;$22030339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;86.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$171113 |

---

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

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

---

| | |
|:---|:---|
| Brazil | 4.8% |
| Canada | 6.2% |
| China | 1.0% |
| Denmark | 2.0% |
| Germany | 5.5% |
| Italy | 2.4% |
| Japan | 11.1% |
| Netherlands | 6.9% |
| Norway | 2.0% |
| Switzerland | 2.7% |
| Taiwan | 3.1% |
| United Kingdom | 4.8% |
| United States | 45.7% |
| Short-Term Investments and Net Other Assets | 1.8% |
|  | 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 Global Equity 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 | $30900 |
| October 31, 2024 | $29710 |

---

&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 | $6204 |
| October 31, 2024 | $6094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees:

---

| | |
|:---|:---|
| October 31, 2025 | $1092 |
| October 31, 2024 | $2428 |

---

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**

![](img11d9e9761.gif)

ALGER GLOBAL EQUITY FUND

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**October 31, 2025**![](img937266d22.gif)

------

**Table of Contents**

------

**ALGER GLOBAL EQUITY FUND**

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_SOI1-Continued-4585_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_SAL1-Continued_1) | 6 |
| [Statement of Operations](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_SOP1-Continued_1) | 8 |
| [Statements of Changes in Net Assets](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_SOC1-Continued-4585_1) | 9 |
| [Financial Highlights](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_FIHI-Continued-4585_1) | 10 |
| [Notes to Financial Statements](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_NTF-Continued-4585_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_AUD-Continued-4585_1) | 28 |
| [Other Information (Unaudited)](#xx_2769c5b3-99cb-4d72-b1ac-93d04bbd548b_AI-Continued-4585_1) | 30 |

---

------

**ALGER GLOBAL EQUITY FUND** 

**Schedule of Investments October 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** |
| **BRAZIL—4.8%** | **BRAZIL—4.8%** | **BRAZIL—4.8%** |
| **BROADLINE RETAIL—2.5%** | **BROADLINE RETAIL—2.5%** | **BROADLINE RETAIL—2.5%** |
| MercadoLibre, Inc. \* | 233 | $542251 |
| **DIVERSIFIED BANKS—2.3%** | **DIVERSIFIED BANKS—2.3%** | **DIVERSIFIED BANKS—2.3%** |
| NU Holdings, Ltd., Cl. A \* | 32054 | 516390 |
| &nbsp;&nbsp;&nbsp; **TOTAL BRAZIL** <br>(Cost $732,848) |  | **1058641** |
| **CANADA—6.2%** | **CANADA—6.2%** | **CANADA—6.2%** |
| **APPLICATION SOFTWARE—1.0%** | **APPLICATION SOFTWARE—1.0%** | **APPLICATION SOFTWARE—1.0%** |
| The Descartes Systems Group, Inc. \* | 2453 | 216379 |
| **DIVERSIFIED SUPPORT SERVICES—1.2%** | **DIVERSIFIED SUPPORT SERVICES—1.2%** | **DIVERSIFIED SUPPORT SERVICES—1.2%** |
| Element Fleet Management Corp. | 9623 | 259554 |
| **INTERNET SERVICES & INFRASTRUCTURE—4.0%** | **INTERNET SERVICES & INFRASTRUCTURE—4.0%** | **INTERNET SERVICES & INFRASTRUCTURE—4.0%** |
| Shopify, Inc., Cl. A \* | 5157 | 896643 |
| &nbsp;&nbsp;&nbsp; **TOTAL CANADA** <br>(Cost $958,745) |  | **1372576** |
| **CHINA—1.0%** | **CHINA—1.0%** | **CHINA—1.0%** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.0%** |
| Xiaomi Corp., Cl. B \* | 39741 | **220480** |
| (Cost $245,290) |  |  |
| **DENMARK—2.0%** | **DENMARK—2.0%** | **DENMARK—2.0%** |
| **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** | **BIOTECHNOLOGY—2.0%** |
| Ascendis Pharma A/S ADR\* | 2204 | **444326** |
| (Cost $462,782) |  |  |
| **GERMANY—5.5%** | **GERMANY—5.5%** | **GERMANY—5.5%** |
| **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** |
| MTU Aero Engines AG | 900 | 393323 |
| Rheinmetall AG | 173 | 340080 |
|  |  | **733403** |
| **INDUSTRIAL CONGLOMERATES—2.2%** | **INDUSTRIAL CONGLOMERATES—2.2%** | **INDUSTRIAL CONGLOMERATES—2.2%** |
| Siemens AG | 1736 | 491978 |
| &nbsp;&nbsp;&nbsp; **TOTAL GERMANY** <br>(Cost $1,137,398) |  | **1225381** |
| **ITALY—2.4%** | **ITALY—2.4%** | **ITALY—2.4%** |
| **DIVERSIFIED BANKS—2.4%** | **DIVERSIFIED BANKS—2.4%** | **DIVERSIFIED BANKS—2.4%** |
| FinecoBank SpA | 23115 | **528875** |
| (Cost $476,064) |  |  |
| **JAPAN—11.1%** | **JAPAN—11.1%** | **JAPAN—11.1%** |
| **DIVERSIFIED BANKS—4.5%** | **DIVERSIFIED BANKS—4.5%** | **DIVERSIFIED BANKS—4.5%** |
| Mizuho Financial Group, Inc. | 16456 | 551202 |

---

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND** 

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** |
| **JAPAN—11.1% (CONT.)** | **JAPAN—11.1% (CONT.)** | **JAPAN—11.1% (CONT.)** |
| **DIVERSIFIED BANKS—4.5% (CONT.)** | **DIVERSIFIED BANKS—4.5% (CONT.)** | **DIVERSIFIED BANKS—4.5% (CONT.)** |
| Rakuten Bank, Ltd.\* | 7864 | **$** 431634 |
|  |  | **982836** |
| **INDUSTRIAL CONGLOMERATES—3.8%** | **INDUSTRIAL CONGLOMERATES—3.8%** | **INDUSTRIAL CONGLOMERATES—3.8%** |
| Hitachi, Ltd. | 24832 | 848236 |
| **INTERACTIVE HOME ENTERTAINMENT—2.8%** | **INTERACTIVE HOME ENTERTAINMENT—2.8%** | **INTERACTIVE HOME ENTERTAINMENT—2.8%** |
| Nintendo Co., Ltd. | 7176 | 612040 |
| &nbsp;&nbsp;&nbsp; **TOTAL JAPAN** <br>(Cost $1,752,315) |  | **2443112** |
| **NETHERLANDS—6.9%** | **NETHERLANDS—6.9%** | **NETHERLANDS—6.9%** |
| **BROADLINE RETAIL—2.9%** | **BROADLINE RETAIL—2.9%** | **BROADLINE RETAIL—2.9%** |
| Prosus NV | 9222 | 637410 |
| **SYSTEMS SOFTWARE—4.0%** | **SYSTEMS SOFTWARE—4.0%** | **SYSTEMS SOFTWARE—4.0%** |
| Nebius Group NV, Cl. A \* | 6724 | 879634 |
| &nbsp;&nbsp;&nbsp; **TOTAL NETHERLANDS** <br>(Cost $1,120,176) |  | **1517044** |
| **NORWAY—2.0%** | **NORWAY—2.0%** | **NORWAY—2.0%** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| Kongsberg Gruppen ASA | 17103 | **436012** |
| (Cost $528,856) |  |  |
| **SWITZERLAND—2.7%** | **SWITZERLAND—2.7%** | **SWITZERLAND—2.7%** |
| **LIFE SCIENCES TOOLS & SERVICES—2.7%** | **LIFE SCIENCES TOOLS & SERVICES—2.7%** | **LIFE SCIENCES TOOLS & SERVICES—2.7%** |
| Lonza Group AG | 870 | **600763** |
| (Cost $546,807) |  |  |
| **TAIWAN—3.1%** | **TAIWAN—3.1%** | **TAIWAN—3.1%** |
| **SEMICONDUCTORS—3.1%** | **SEMICONDUCTORS—3.1%** | **SEMICONDUCTORS—3.1%** |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2249 | **675667** |
| (Cost $257,704) |  |  |
| **UNITED KINGDOM—4.8%** | **UNITED KINGDOM—4.8%** | **UNITED KINGDOM—4.8%** |
| **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** | **DIVERSIFIED BANKS—2.5%** |
| HSBC Holdings PLC | 38960 | 545419 |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—2.3%** |
| Coca-Cola HBC AG | 11121 | 504649 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED KINGDOM** <br>(Cost $909,767) |  | **1050068** |
| **UNITED STATES—45.7%** | **UNITED STATES—45.7%** | **UNITED STATES—45.7%** |
| **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** |
| BWX Technologies, Inc. | 2434 | 519927 |
| **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** |
| Roper Technologies, Inc. | 573 | 255644 |

---

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND** 

**Schedule of Investments October 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** | **COMMON STOCKS—98.2% (CONT.)** |
| **UNITED STATES—45.7% (CONT.)** | **UNITED STATES—45.7% (CONT.)** | **UNITED STATES—45.7% (CONT.)** |
| **BROADLINE RETAIL—6.0%** | **BROADLINE RETAIL—6.0%** | **BROADLINE RETAIL—6.0%** |
| Amazon.com, Inc. \* | 5432 | $1326603 |
| **CONSTRUCTION MATERIALS—3.4%** | **CONSTRUCTION MATERIALS—3.4%** | **CONSTRUCTION MATERIALS—3.4%** |
| CRH PLC | 6263 | 745923 |
| **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** | **CONSUMER STAPLES MERCHANDISE RETAIL—1.6%** |
| Walmart, Inc. | 3530 | 357165 |
| **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** | **HEALTHCARE EQUIPMENT—1.7%** |
| Stryker Corp. | 1060 | 377614 |
| **HEALTHCARE FACILITIES—1.9%** | **HEALTHCARE FACILITIES—1.9%** | **HEALTHCARE FACILITIES—1.9%** |
| The Ensign Group, Inc. | 2311 | 416211 |
| **HEAVY ELECTRICAL EQUIPMENT—1.9%** | **HEAVY ELECTRICAL EQUIPMENT—1.9%** | **HEAVY ELECTRICAL EQUIPMENT—1.9%** |
| GE Vernova, Inc. | 722 | 422471 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—1.9%** |
| Vistra Corp. | 2191 | 412565 |
| **INTERACTIVE HOME ENTERTAINMENT—1.8%** | **INTERACTIVE HOME ENTERTAINMENT—1.8%** | **INTERACTIVE HOME ENTERTAINMENT—1.8%** |
| Take-Two Interactive Software, Inc. \* | 1533 | 393015 |
| **INTERACTIVE MEDIA & SERVICES—4.2%** | **INTERACTIVE MEDIA & SERVICES—4.2%** | **INTERACTIVE MEDIA & SERVICES—4.2%** |
| Meta Platforms, Inc., Cl. A | 1428 | 925844 |
| **REGIONAL BANKS—2.4%** | **REGIONAL BANKS—2.4%** | **REGIONAL BANKS—2.4%** |
| Axos Financial, Inc. \* | 6925 | 540012 |
| **SEMICONDUCTORS—12.7%** | **SEMICONDUCTORS—12.7%** | **SEMICONDUCTORS—12.7%** |
| Astera Labs, Inc.\* | 1178 | 219909 |
| Broadcom, Inc. | 3506 | 1295923 |
| NVIDIA Corp. | 6327 | 1281154 |
|  |  | **2796986** |
| **TRADING COMPANIES & DISTRIBUTORS—2.6%** | **TRADING COMPANIES & DISTRIBUTORS—2.6%** | **TRADING COMPANIES & DISTRIBUTORS—2.6%** |
| FTAI Aviation Ltd. | 3353 | 579734 |
| &nbsp;&nbsp;&nbsp; **TOTAL UNITED STATES** <br>(Cost $7,061,626) |  | **10069714** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $16,190,378) |  | **21642659** |

---

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND** 

**Schedule of Investments October 31, 2025 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** | **MONEY MARKET FUNDS—1.7%** |
| **UNITED STATES—1.7%** | **UNITED STATES—1.7%** | **UNITED STATES—1.7%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br>Institutional Shares, 3.95%<sup>(a)</sup>  | 368347 | **$368347** |
| (Cost $368,347) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $16,558,725)** | 99.9% | **$22011006** |
| Unaffiliated Securities (Cost $16,558,725) |  | 22011006 |
| Other Assets in Excess of Liabilities | 0.1% | 19333 |
| **NET ASSETS** | 100.0% | **$22030339** |

---

&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.

------

**ALGER GLOBAL EQUITY FUND**

**Statement of Assets and Liabilities October 31, 2025** 

------

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

---

| | |
|:---|:---|
|  | **Alger Global Equity** <br>**Fund** <br>|
| **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified cost below)\* see <br> accompanying schedule of investments<br>| $22011006 |
| Cash | 32 |
| Receivable for investment securities sold | 531634 |
| Dividends and interest receivable | 42608 |
| Receivable from Investment Manager | 47023 |
| Prepaid expenses | 24 |
| Total Assets | 22632327 |
| **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 498433 |
| Foreign bank overdraft † | 3039 |
| Accrued investment advisory fees | 14883 |
| Accrued distribution fees — Note 3  | 4031 |
| Accrued shareholder administrative fees | 286 |
| Accrued administrative fees | 512 |
| Accrued professional fees | 59754 |
| Accrued fund accounting fees | 9173 |
| Accrued printing fees | 7080 |
| Accrued transfer agent fees | 3281 |
| Accrued custodian fees | 704 |
| Accrued trustee fees | 112 |
| Accrued other expenses | 700 |
| Total Liabilities | 601988 |
| **NET ASSETS** | **$22030339** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 14896241 |
| Distributable earnings | 7134098 |
| **NET ASSETS** | **$22030339** |
| \* Identified cost | $16558725 <br><sup>(a)</sup><br>|
| † Cost of foreign bank overdraft | $(3089)<br>|

---

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND**

**Statement of Assets and Liabilities October 31, 2025 (Continued)**

------

---

| | |
|:---|:---|
|  | **Alger Global Equity**<br> **Fund** <br>|
| **NET ASSETS BY CLASS:** | **NET ASSETS BY CLASS:** |
| Class A | $18109998 |
| Class C | $203318 |
| Class I | $160874 |
| Class Z | $3556149 |
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** | **SHARES OF BENEFICIAL INTEREST OUTSTANDING — Note 7:** |
| Class A | 580569 |
| Class C | 7437 |
| Class I | 5306 |
| Class Z | 108316 |
| **NET ASSET VALUE PER SHARE:** | **NET ASSET VALUE PER SHARE:** |
| Class A | $31.19 |
| Class A - Offering Price Per Share (includes a 5.25% sales charge) | $32.92 |
| Class C | $27.34 |
| Class I | $30.32 |
| Class Z | $32.83 |

---

&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
 $16,564,744, amounted to $5,448,678, which consisted of aggregate gross unrealized appreciation of $5,895,681, and
 aggregate gross unrealized depreciation of $447,003.

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND**

**Statement of Operations for the year ended October 31, 2025** 

------

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

---

| | |
|:---|:---|
|  | **Alger Global Equity** <br>**Fund** <br>|
| **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $188166 |
| Interest | 14808 |
| Total Income | 202974 |
| **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 171113 |
| Distribution fees — Note 3  |  |
| Class A | 44006 |
| Class C | 2157 |
| Class I | 393 |
| Shareholder administrative fees — Note 3  | 3297 |
| Administration fees — Note 3  | 5882 |
| Professional fees | 89010 |
| Registration fees | 69241 |
| Fund accounting fees — Note 3  | 30085 |
| Printing fees | 16628 |
| Transfer agent fees — Note 3  | 13735 |
| Custodian fees | 1721 |
| Trustee fees — Note 3  | 1471 |
| Interest expense — Note 3  | 111 |
| Other expenses | 11160 |
| Total Expenses | 460010 |
| Less, expense reimbursements/waivers — Note 3  | (208134)<br>|
| Net Expenses | 251876 |
| **NET INVESTMENT (LOSS)** | **(48902)**<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 | 1937075 |
| Net realized (loss) on foreign currency transactions | (8178)<br>|
| Net realized gain on investments and foreign currency | 1928897 |
| Net change in unrealized appreciation on unaffiliated investments | 894620 |
| Net change in unrealized appreciation on foreign currency | 1322 |
| Net change in unrealized appreciation on investments and foreign currency | 895942 |
| Net realized and unrealized gain on investments and foreign currency | 2824839 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | **$2775937** |
| \* Foreign withholding taxes | $17437 |

---

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND**

**Statements of Changes in Net Assets** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Global Equity Fund**  | **Alger Global Equity 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) | $(48902)<br>| &nbsp;&nbsp; $(76171)<br>|
| Net realized gain on investments and foreign currency | 1928897 | &nbsp;&nbsp; 3556641 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 895942 | &nbsp;&nbsp; 2783587 |
| Net increase in net assets resulting from operations | 2775937 | &nbsp;&nbsp; 6264057 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Class A | (2544458)<br>| &nbsp;&nbsp; — |
| Class C | (33927)<br>| &nbsp;&nbsp; — |
| Class I | (23800)<br>| &nbsp;&nbsp; — |
| Class Z | (478640)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (3080825)<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 | 736242 | &nbsp;&nbsp; (1121342)<br>|
| Class C | (107913)<br>| &nbsp;&nbsp; (284779)<br>|
| Class I | 1995 | &nbsp;&nbsp; (76628)<br>|
| Class Z | 120721 | &nbsp;&nbsp; (183864)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 7 <br>| 751045 | &nbsp;&nbsp; (1666613)<br>|
| Total increase | 446157 | &nbsp;&nbsp; 4597444 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 21584182 | &nbsp;&nbsp; 16986738 |
| **END OF PERIOD** | **$22030339** | &nbsp;&nbsp; **$21584182** |

---

See Notes to Financial Statements.

------

**ALGER GLOBAL EQUITY FUND**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Global Equity 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 | $31.77 | $23.02 | $22.12 | $36.67 | $26.21 |
| 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>| (0.07) | (0.12) | (0.15) | (0.26) | (0.31) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.06 | 8.87 | 1.05 | (11.10) | 10.77 |
| Total from investment operations | 3.99 | 8.75 | 0.90 | (11.36) | 10.46 |
| Distributions from net realized gains | (4.57) |  |  | (3.19) |  |
| Net asset value, end of period | $31.19 | $31.77 | $23.02 | $22.12 | $36.67 |
| Total return<sup>(b)</sup> <br>| 13.68<br> %<br>| 38.05<br> %<br>| 4.07<br> %<br>| (33.73)<br> %<br>| 39.91<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) | $18110 | $17637 | $13661 | $13900 | $22407 |
| Ratio of gross expenses to average net assets | 2.19<br> %<br>| 2.54<br> %<br>| 2.30<br> %<br>| 2.06<br> %<br>| 1.73<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.99)<br> %<br>| (1.24)<br> %<br>| (0.80)<br> %<br>| (0.56)<br> %<br>| (0.23)<br> %<br>|
| Ratio of net expenses to average net assets | 1.20<br> %<br>| 1.30<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>|
| Ratio of net investment loss to average net assets | (0.25)<br> %<br>| (0.40)<br> %<br>| (0.62)<br> %<br>| (0.99)<br> %<br>| (0.97)<br> %<br>|
| Portfolio turnover rate | 86.92<br> %<br>| 93.65<br> %<br>| 35.65<br> %<br>| 36.86<br> %<br>| 64.10<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.

------

**ALGER GLOBAL EQUITY FUND**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Global Equity 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 | $28.60 | $20.93 | $20.26 | $34.09 | $24.54 |
| 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>| (0.33) | (0.36) | (0.30) | (0.43) | (0.50) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.64 | 8.03 | 0.97 | (10.21) | 10.05 |
| Total from investment operations | 3.31 | 7.67 | 0.67 | (10.64) | 9.55 |
| Distributions from net realized gains | (4.57) |  |  | (3.19) |  |
| Net asset value, end of period | $27.34 | $28.60 | $20.93 | $20.26 | $34.09 |
| Total return<sup>(b)</sup> <br>| 12.69<br> %<br>| 36.65<br> %<br>| 3.31<br> %<br>| (34.21)<br> %<br>| 38.86<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) | $203 | $317 | $476 | $831 | $1922 |
| Ratio of gross expenses to average net assets | 3.01<br> %<br>| 2.87<br> %<br>| 3.19<br> %<br>| 2.78<br> %<br>| 2.43<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.76)<br> %<br>| (0.59)<br> %<br>| (0.94)<br> %<br>| (0.53)<br> %<br>| (0.24)<br> %<br>|
| Ratio of net expenses to average net assets | 2.25<br> %<br>| 2.28<br> %<br>| 2.25<br> %<br>| 2.25<br> %<br>| 2.19<br> %<br>|
| Ratio of net investment loss to average net assets | (1.30)<br> %<br>| (1.39)<br> %<br>| (1.37)<br> %<br>| (1.73)<br> %<br>| (1.66)<br> %<br>|
| Portfolio turnover rate | 86.92<br> %<br>| 93.65<br> %<br>| 35.65<br> %<br>| 36.86<br> %<br>| 64.10<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.

------

**ALGER GLOBAL EQUITY FUND**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Global Equity 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 | $31.00 | $22.44 | $21.51 | $35.66 | $25.42 |
| 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>| (0.07) | (0.11) | (0.09) | (0.19) | (0.21) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 3.96 | 8.67 | 1.02 | (10.77) | 10.45 |
| Total from investment operations | 3.89 | 8.56 | 0.93 | (10.96) | 10.24 |
| Distributions from net realized gains | (4.57) |  |  | (3.19) |  |
| Net asset value, end of period | $30.32 | $31.00 | $22.44 | $21.51 | $35.66 |
| Total return<sup>(b)</sup> <br>| 13.70<br> %<br>| 38.15<br> %<br>| 4.32<br> %<br>| (33.55)<br> %<br>| 40.23<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) | $161 | $162 | $182 | $286 | $376 |
| Ratio of gross expenses to average net assets | 2.23<br> %<br>| 2.32<br> %<br>| 2.40<br> %<br>| 2.03<br> %<br>| 1.70<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (1.03)<br> %<br>| (1.09)<br> %<br>| (1.15)<br> %<br>| (0.78)<br> %<br>| (0.49)<br> %<br>|
| Ratio of net expenses to average net assets | 1.20<br> %<br>| 1.23<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>|
| Ratio of net investment loss to average net assets | (0.25)<br> %<br>| (0.38)<br> %<br>| (0.39)<br> %<br>| (0.73)<br> %<br>| (0.68)<br> %<br>|
| Portfolio turnover rate | 86.92<br> %<br>| 93.65<br> %<br>| 35.65<br> %<br>| 36.86<br> %<br>| 64.10<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.

------

**ALGER GLOBAL EQUITY FUND**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Global Equity 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 | $33.15 | $23.95 | $22.89 | $37.65 | $26.78 |
| 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>| (0.01) | (0.03) | (0.03) | (0.15) | (0.15) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.26 | 9.23 | 1.09 | (11.42) | 11.02 |
| Total from investment operations | 4.25 | 9.20 | 1.06 | (11.57) | 10.87 |
| Distributions from net realized gains | (4.57) |  |  | (3.19) |  |
| Net asset value, end of period | $32.83 | $33.15 | $23.95 | $22.89 | $37.65 |
| Total return<sup>(b)</sup> <br>| 13.93<br> %<br>| 38.42<br> %<br>| 4.63<br> %<br>| (33.38)<br> %<br>| 40.54<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) | $3556 | $3469 | $2668 | $2828 | $10860 |
| Ratio of gross expenses to average net assets | 1.88<br> %<br>| 2.26<br> %<br>| 1.97<br> %<br>| 1.65<br> %<br>| 1.42<br> %<br>|
| Ratio of expense reimbursements to average net <br> assets<br>| (0.89)<br> %<br>| (1.26)<br> %<br>| (0.98)<br> %<br>| (0.66)<br> %<br>| (0.43)<br> %<br>|
| Ratio of net expenses to average net assets | 0.99<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>|
| Ratio of net investment loss to average net assets | (0.04)<br> %<br>| (0.10)<br> %<br>| (0.11)<br> %<br>| (0.53)<br> %<br>| (0.44)<br> %<br>|
| Portfolio turnover rate | 86.92<br> %<br>| 93.65<br> %<br>| 35.65<br> %<br>| 36.86<br> %<br>| 64.10<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.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS** 

------

**NOTE 1 — General:**

------

Alger Global Equity Fund (the "Fund") is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of Massachusetts. The Fund qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. The Fund's investment objective is long-term capital appreciation. It seeks to achieve its objective by investing in equity securities of both U.S. and foreign companies. The Fund's foreign investments will include securities of companies in both developed and emerging market countries.

The Fund offers Class A, C, I and Z shares. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. 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 C shares held at certain dealers 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 C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I shares are generally sold to institutional investors and are sold without an initial or deferred sales charge. Class 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).

**NOTE 2 — Significant Accounting Policies:**

------

(a) Investment Valuation: The Fund values its financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees of the Fund (the "Board"). Investments held by the Fund 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 Fund's 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

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

representatives of the Investment Manager and officers of the Fund 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 Fund. 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 Fund 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 Fund invests may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Fund 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 Fund. Unobservable inputs are inputs that reflect the Fund's 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. The Fund's quantitative summary by Level can be found in Note 9.

&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 Fund's own assumptions in determining the fair value of investments)

The Fund's 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 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 Fund may significantly differ from the

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

valuations that would have been assigned by the Fund 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 Fund 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 Statement of Operations.

(e) Forward Foreign Exchange Contracts: The Fund may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency.

These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the base currency.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(f) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Fund on the ex-dividend date. The Fund declares and pays dividends from net investment income, if available, annually. 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 the 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 value of the Fund and are designed to present the Fund's capital accounts on a tax basis.

(g) Federal Income Taxes: It is the 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 Fund maintains such compliance, no U.S. federal income tax provision is required.

FASB Accounting Standards Codification 740 – Income Taxes ("ASC 740") requires the Fund to measure and recognize in its 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 Fund files income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Fund's 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: Income, realized and unrealized gains and losses, and expenses of the 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, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 Fund acts as the Fund's CODM. The Fund represents a single operating segment. The CODM monitors the operating results of the Fund, including the Fund's portfolio composition, total return, expense ratio, and changes in net assets. The Fund's long-term strategic asset allocation is determined in accordance with the terms of the 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 Fund's financial statements.

**NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:**

------

(a) Investment Advisory Fees: Fees incurred by the Fund, pursuant to the provisions of the Fund'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** | **Actual Rate** |
| Alger Global Equity <br> Fund <sup>(a)</sup> <br>| 0.80<br> %<br>| 0.70<br> %<br>| 0.80<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tier
 1 rate is paid on assets up to $500 million, Tier 2 rate is paid on assets in excess of $500 million.

The sub-adviser to the Fund, Redwood Investments, LLC ("Redwood"), 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 Fund. The sub-advisory fee is equal to 100% of the net advisory fee paid by the Fund to Alger Management with respect to the assets sub-advised by Redwood. For the year

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

ended October 31, 2025, Alger Management paid a sub-advisory fee of $0 to Redwood, given that expense reimbursement exceeded advisory fees.

Alger Management has contractually agreed to waive and/or reimburse other expenses and any other applicable share class-specific expenses (excluding 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 6), 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 agreement does not include advisory fees. On October 22, 2024, the Board approved exclusion of all cost related to the August 16, 2024 joint special meeting of shareholders from the expense reimbursement with Alger Management. Costs associated with this joint special meeting of shareholders can be found in Other expenses in the Statement of Operations.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS** | **CLASS** | **CLASS** | **CLASS** | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**OCTOBER 31,** <br>**2025** |
|  | A | C | I | Z | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**OCTOBER 31,** <br>**2025** |
| Alger Global Equity Fund | 0.40<br> %<br>| 1.45<br> %<br>| 0.40<br> %<br>| 0.19<br> %<br>| &nbsp;&nbsp; $208134 |

---

Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Investment Manager if such repayment does not cause the 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) the 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, the Fund did not make any recoupments to the Investment Manager.

(b) Administration Fees: Fees incurred by the Fund, pursuant to the provisions of the Fund's Fund Administration Agreement with the Investment Manager, are payable monthly and computed based on the average daily net assets of the Fund at the annual rate of 0.0275%.

(c) Distribution/Shareholder Servicing Fees:

Class A Shares: The Fund has adopted a Plan of Distribution pursuant to which Class A shares of the Fund pays Fred Alger & Company, LLC, the Fund's distributor (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 Fund to compensate Alger LLC for its activities and expenses incurred in distributing

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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 C Shares: The Fund has adopted a Distribution Plan pursuant to which Class C shares of the 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 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 Fund has adopted a Distribution Plan pursuant to which Class I shares of the 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 Fund 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 the Fund. For the year ended October 31, 2025, 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 Global Equity Fund | $14 |

---

(e) Brokerage Commissions: During the year ended October 31, 2025, the Fund did not pay Alger LLC in connection with securities transactions.

(f) Shareholder Administrative Fees: The Fund has entered into a Shareholder Administrative Services Agreement with Alger Management to compensate Alger Management for liaising with, and providing administrative oversight of, the Fund's transfer agent, and for other related services. The Fund compensates Alger Management at the annual rate of 0.0165% of the respective average daily net assets of Class A and Class C shares and 0.01% of the respective average daily net assets for the Class I and Class Z shares for these services.

Alger Management makes payments to intermediaries that provide sub-accounting services to omnibus accounts invested in the Fund. A portion of the fees paid by Alger Management to intermediaries that provide sub-accounting services are charged back to the Fund, subject to certain limitations, as approved by the Board. For the year ended October 31, 2025, Alger Management charged back $6,997 to the Fund for these services, which are included in transfer agent fees in the accompanying Statement of Operations.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

(g) Trustee Fees: Effective January 1, 2025, each trustee who is not an "interested person" of the Fund, 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 Fund, The Alger Institutional Funds, The Alger Funds, The Alger Portfolios, The Alger Funds II 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 Fund may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie Capital, LLC or Redwood, affiliates of Alger Management. For the year ended October 31, 2025, there were no interfund trades.

(i) Interfund Loans: The Fund, 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, the Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If the 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, the Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of October 31, 2025.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

During the year ended October 31, 2025, the Fund did not incur any interfund loan interest expense.

(j) Other Transactions with Affiliates: Certain officers and one Trustee of the Fund 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:

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

<u> SHARE CLASS</u> <br>   <u> A </u> <u> C </u> <u> I </u> <u> Z </u> <br> Alger Global Equity Fund — — — 16,199

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by the Fund, other than U.S. Government securities and money market securities, for the year ended October 31, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger Global Equity Fund | $18310213 | &nbsp;&nbsp; $20764953 |

---

**NOTE 5 — Borrowings:**

------

The Fund may borrow from Bank of New York (the "Custodian") on an uncommitted basis. The 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 Statement of Assets and Liabilities. The Fund 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 Fund 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 Global Equity Fund | $1640 | 6.77<br> %<br>|

---

The highest amount borrowed by the Fund from the Custodian and other funds in the Alger Fund Complex during the year ended October 31, 2025 was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger Global Equity Fund | $480765 |

---

**NOTE 6 — Liquidity:**

------

The Fund has entered into an agreement with ReFlow to participate in ReFlow's liquidity program. For the year ended October 31, 2025, the Fund did not participate in the ReFlow program.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 7 — Share Capital:** 

------

The Fund has an unlimited number of authorized shares of beneficial interest of $.001 par value. During the year ended October 31, 2025, and the year ended October 31, 2024, 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 Global Equity Fund**  | **Alger Global Equity Fund**  | **Alger Global Equity Fund**  | **Alger Global Equity Fund**  | **Alger Global Equity Fund**  |
| **Class A**: |  |  |  |  |
| Shares sold | 18517 | &nbsp;&nbsp; $579797 | &nbsp;&nbsp; 17303 | &nbsp;&nbsp; $529823 |
| Shares converted from Class C | 32 | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 127405 |
| Dividends reinvested | 82137 | &nbsp;&nbsp; 2381981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (75181)<br>| &nbsp;&nbsp; (2226467)<br>| &nbsp;&nbsp; (60343)<br>| &nbsp;&nbsp; (1778570)<br>|
| **Net increase (decrease)** | **25505** | &nbsp;&nbsp; **$736242** | &nbsp;&nbsp; **(38285)**<br>| &nbsp;&nbsp; **$(1121342)**<br>|
| **Class C**: |  |  |  |  |
| Shares sold | 637 | &nbsp;&nbsp; $16083 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; $13064 |
| Shares converted to Class A | (36)<br>| &nbsp;&nbsp; (931)<br>| &nbsp;&nbsp; (5238)<br>| &nbsp;&nbsp; (127405)<br>|
| Dividends reinvested | 1325 | &nbsp;&nbsp; 33927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (5561)<br>| &nbsp;&nbsp; (156992)<br>| &nbsp;&nbsp; (6972)<br>| &nbsp;&nbsp; (170438)<br>|
| **Net decrease** | **(3635)**<br>| &nbsp;&nbsp; **$(107913)**<br>| &nbsp;&nbsp; **(11689)**<br>| &nbsp;&nbsp; **$(284779)**<br>|
| **Class I**: |  |  |  |  |
| Shares sold | 250 | &nbsp;&nbsp; $7005 | &nbsp;&nbsp; 1623 | &nbsp;&nbsp; $49163 |
| Dividends reinvested | 844 | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (998)<br>| &nbsp;&nbsp; (28810)<br>| &nbsp;&nbsp; (4520)<br>| &nbsp;&nbsp; (125791)<br>|
| **Net increase (decrease)** | **96** | &nbsp;&nbsp; **$1995** | &nbsp;&nbsp; **(2897)**<br>| &nbsp;&nbsp; **$(76628)**<br>|
| **Class Z**: |  |  |  |  |
| Shares sold | 4822 | &nbsp;&nbsp; $152503 | &nbsp;&nbsp; 7567 | &nbsp;&nbsp; $235427 |
| Dividends reinvested | 13091 | &nbsp;&nbsp; 398756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (14252)<br>| &nbsp;&nbsp; (430538)<br>| &nbsp;&nbsp; (14326)<br>| &nbsp;&nbsp; (419291)<br>|
| **Net increase (decrease)** | **3661** | &nbsp;&nbsp; **$120721** | &nbsp;&nbsp; **(6759)**<br>| &nbsp;&nbsp; **$(183864)**<br>|

---

**NOTE 8 — Income Tax Information:**

------

The tax character of distributions paid during the year ended October 31, 2025, 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 Global Equity Fund**  | **Alger Global Equity Fund**  | **Alger Global Equity Fund**  |
| Distributions paid from: |  |  |
| Ordinary Income | $— | &nbsp;&nbsp; $— |
| Long-term capital gains | 3080825 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$3080825** | &nbsp;&nbsp; **$—** |

---

------

**ALGER GLOBAL EQUITY FUND**

**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 Global Equity Fund**  |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains | 1685420 |
| Net accumulated earnings | 1685420 |
| Capital loss carryforwards |  |
| Late year ordinary income losses |  |
| Net unrealized appreciation | 5448678 |
| Total accumulated earnings | $7134098 |

---

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 Fund accrues tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax, if applicable.

Permanent differences, primarily from net operating losses and equalization, resulted in the following reclassifications among the Fund's components of net assets at October 31, 2025:

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

---

| | |
|:---|:---|
| **Alger Global Equity Fund**  |  |
| Distributable earnings | $(158004)<br>|
| Paid-in Capital | $158004 |

---

**NOTE 9 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of October 31, 2025 in valuing the Fund's investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with its investments, Alger Management has determined that presenting them by security type and sector is appropriate.

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Global Equity Fund**  | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1930899 | &nbsp;&nbsp; $1318859 | &nbsp;&nbsp; $612040 | &nbsp;&nbsp; $— |
| Consumer Discretionary | 2506264 | &nbsp;&nbsp; 1868854 | &nbsp;&nbsp; 637410 | &nbsp;&nbsp; — |
| Consumer Staples | 861814 | &nbsp;&nbsp; 357165 | &nbsp;&nbsp; 504649 | &nbsp;&nbsp; — |
| Financials | 3113532 | &nbsp;&nbsp; 1056402 | &nbsp;&nbsp; 2057130 | &nbsp;&nbsp; — |
| Health Care | 1838914 | &nbsp;&nbsp; 1238151 | &nbsp;&nbsp; 600763 | &nbsp;&nbsp; — |
| Industrials | 4291315 | &nbsp;&nbsp; 1781686 | &nbsp;&nbsp; 2509629 | &nbsp;&nbsp; — |
| Information Technology | 5941433 | &nbsp;&nbsp; 5720953 | &nbsp;&nbsp; 220480 | &nbsp;&nbsp; — |
| Materials | 745923 | &nbsp;&nbsp; 745923 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 412565 | &nbsp;&nbsp; 412565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$21642659** | &nbsp;&nbsp; **$14500558** | &nbsp;&nbsp; **$7142101** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 368347 | &nbsp;&nbsp; 368347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$22011006** | &nbsp;&nbsp; **$14868905** | &nbsp;&nbsp; **$7142101** | &nbsp;&nbsp; **$—** |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger Global Equity Fund**  | **Preferred Stocks** |
| Opening balance at November 1, 2024 | &nbsp;&nbsp; $—\* |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; (152360)<br>|
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 152361 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; (1)<br>|
| Closing balance at October 31, 2025 | &nbsp;&nbsp; — |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at October 31, 2025\*\***<br>| &nbsp;&nbsp; **$—**  |

---

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

\* Includes securities that were fair valued at zero during the year ended October 31, 2025.

\*\* Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation (depreciation) on investments in the accompanying Statement of Operations. 

The significant unobservable inputs used in the fair value measurement of the 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. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability

------

**ALGER GLOBAL EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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.

**NOTE 10 — 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 Fund throughout the year or as of October 31, 2025.

**NOTE 11 — Principal Risks:**

------

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, cash may be a larger position in the portfolio and may underperform relative to equity securities.

**NOTE 12 — Subsequent Events:**

------

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.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

------

To the shareholders and the Board of Trustees of Alger Global Equity Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Alger Global Equity Fund (the "Fund"), including the schedule of investments, as of October 31, 2025, the related statement 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, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

------

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.

------

**ALGER GLOBAL EQUITY FUND** 

**OTHER INFORMATION (Unaudited)**

------

**Tax Information**

------

Alger Global Equity Fund designates $3,259,334 as approximate amount of capital gain dividend for the purpose of the dividends paid deduction.

Shareholders should not use the above information to prepare their tax returns. Since the Fund's 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 the Fund.

------

**ALGER GLOBAL EQUITY FUND** 

**OTHER INFORMATION (Unaudited) (Continued)**

------

**Proxy Voting Policies**

------

A description of the policies and procedures the Fund uses 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 Fund's website at http://www.alger.com or on the SEC's website at http://www.sec.gov.

**Fund Holdings**

------

The Board has adopted policies and procedures relating to disclosure of the Fund's 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 Fund.

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 Fund's 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 Fund) are acceptable.

The Fund files its complete schedule 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 Fund's Forms N-CSR and N-PORT are available online on the SEC's website at www.sec.gov.

In addition, the Fund makes publicly available its month-end top 10 holdings with a 10 day lag and its month-end full portfolio with a 60 day lag on its 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 Fund provides 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 Fund will communicate with these third parties to confirm that they understand the Fund's policies and procedures regarding such disclosure. These agreements must be approved by the Fund's Chief Compliance Officer.

The Board periodically reviews a report disclosing the third parties to whom the Fund's holdings information has been disclosed and the purpose for such

------

**ALGER GLOBAL EQUITY FUND** 

**OTHER INFORMATION (Unaudited) (Continued)**

------

disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Fund and its shareholders.

In addition to material the Fund routinely provides 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 the 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 Fund at (800) 992-3863 to obtain such information.

------

**ALGER GLOBAL EQUITY FUND**

------

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-Adviser**

------

Redwood Investments, LLC

265 Franklin Street, Suite 1603

Boston, MA 02110

**Distributor**

------

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

------

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

**Custodian**

------

The Bank of New York

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm**

------

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112

This report is submitted for the general information of the shareholders of Alger Global Equity Fund. 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.

------

![](imgd7502ba53.gif)

**AGAR**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items "Trustee fees" and "Investment advisory fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

At a meeting held on September 18, 2025 (the "Meeting"), the Board of Trustees (the "Board") of the Fund, including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Fund (the "Independent Trustees"), reviewed and approved the continuation of (i) the investment advisory agreement between Fred Alger Management, LLC ("Alger") and the Fund (the "Investment Advisory Agreement") and (ii) the investment sub-advisory agreement between Alger and Redwood Investments, LLC ("Redwood"), an affiliate of Alger, on behalf of the Fund (the "Sub-Advisory Agreement," and together with the Investment Advisory Agreement, the "Management Agreements," and each, a "Management Agreement") for an additional one-year period. Alger 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 Fund and the Manager's services to the Fund. 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 the 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 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,

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

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 the 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 the 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.

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 the 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 Fund. This information included, among other things, the qualifications, background and experience of the professional personnel who perform services for the Fund; the structure of investment professional compensation; oversight of third-party service providers, including the 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 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 Fund, 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 the Fund's affairs, including certain portfolio manager presentations, and Alger's role in coordinating and overseeing providers of other services to the Fund. The Board also noted the work undertaken by the Manager with respect to implementing various regulatory requirements applicable to the Fund.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

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. The Board also considered the investment approach of the 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 the 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 Fund under the Management Agreements.

Fund Performance

------

The Board reviewed and considered the performance results of the Fund over various time periods ended June 30, 2025. The Board considered the performance returns for the 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 the Fund, including contributors to, and detractors from, Fund performance at every quarterly meeting of the Board throughout the year. In considering the Fund's performance generally, the Board observed the Manager's consistency in implementing its growth style investment process and philosophy for the Fund 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 the 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 the Fund's performance was acceptable. The Board noted that the Fund's annualized total return for the one- and three-year periods

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

outperformed the median of its Peer Group, and for the five- and 10-year periods underperformed the median of its Peer Group. The Board also noted the Fund's annualized total return for the one-year period was in the second quartile of its Peer Universe, for the three- and five-year periods was in the third quartile of its Peer Universe, and for the 10-year period was in the fourth quartile of its Peer Universe. The Board considered FUSE's commentary regarding (i) the Fund's improved performance over the short term and (ii) the negative impact on Fund performance of the Fund's higher exposure to emerging markets as compared to peers. The Board also 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.

Comparative Fees and Expenses

------

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 Management Agreement, and considered the actual fee rate (after taking any waivers and reimbursements into account) payable by the Fund (the "Actual Management Fee"). The Board also reviewed and considered the sub-advisory fee payable to Redwood by Alger out of the management fee Alger receives from the Fund in light of the nature, extent and quality of the services provided by Redwood pursuant to the Sub-Advisory Agreement. The Board also reviewed and considered fee waiver and/or expense reimbursement arrangements for the 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 the Fund. Additionally, the Board received and considered information comparing the 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 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 the Fund's Contractual Management Fee, Actual Management Fee or total expenses being above or below the median of the Fund's Peer Group and the Board concluded that the Contractual Management Fee charged to the Fund and the sub-advisory fee

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

payable to Redwood for the Fund each are reasonable in relation to the services rendered by the Manager and is the product of arm's length negotiations.

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 above the median and in the third quartile of its Peer Group. The Board considered FUSE's remarks that the Fund has yet to reach critical scale, which contributes to its slightly higher total net expenses versus peers. 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.

In connection with its consideration of the 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 the 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 Fund, versus those accounts and the differences in the levels of services required by the Fund as compared to those accounts.

Profitability

------

The Board reviewed and considered information regarding the profits realized by Alger in connection with the operation of the Fund. In this respect, the Board considered overall profitability, as well as the profits of Alger in providing investment management and other services to the Fund, during the year ended June 30, 2025. The Board also noted management's representations that the Manager is not profitable with respect to the Fund. 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 Redwood from its fee and that Alger provided information on Alger's profitability with respect to the 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 the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Economies of Scale

------

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 a management fee breakpoint for the Fund, which is designed to share economies of scale with the 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.

The Trustees concluded that for the 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 breakpoint in place for the Fund.

Conclusion

------

The Board's consideration of the Investment Advisory Agreement also benefitted from the number of years the Board had considered the continuation of the Investment Advisory Agreement, 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) 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](agef-efp21608_ex99code.htm)<br>|
| (a)(2) | Not applicable.<br>|
| (a)(3) | [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](agef-efp21608_ex99cert.htm)<br>|

---

**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 Global Equity Fund

---

| | |
|:---|:---|
| 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)

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| | |
|:---|:---|
| **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 |

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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.

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| | |
|:---|:---|
| 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 |

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**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)

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| | |
|:---|:---|
| **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 |

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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 Alger Global Equity Fund;

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/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Financial Officer |
| Date: | December 18, 2025 |

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**Rule 30a-2(a) CERTIFICATIONS**

I, Michael D. Martins, certify that:

1. I have reviewed this report on Form N-CSR of Alger Global Equity Fund;

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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