# EDGAR Filing Document

**Accession Number:** 0000832566
**File Stem:** 0001193125-26-170403
**Filing Date:** 2026-4
**Character Count:** 732253
**Document Hash:** 26e0ecd2f2bcde98e268f936a5f64208
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-170403.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001193125-26-170403

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 117

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000832566

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05550
- **FILM NUMBER:** 26883891

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8800

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALGER PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000832566

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-21722
- **FILM NUMBER:** 26883890

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8800

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

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

## Series and Classes Contracts Data

### Alger Large Cap Growth Portfolio (Series ID: S000009214)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000025024 | Alger Large Cap Growth Portfolio Class I-2 | AAGOX           |

### Alger Small Cap Growth Portfolio (Series ID: S000009215)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000025026 | Alger Small Cap Growth Portfolio Class I-2 | AASOX           |

### Alger Growth & Income Portfolio (Series ID: S000009216)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000025028 | Alger Growth & Income Portfolio Class I-2 | AIGOX           |

### Alger Balanced Portfolio (Series ID: S000009217)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000025030 | Alger Balanced Portfolio Class I-2 | ABLOX           |

### Alger Mid Cap Growth Portfolio (Series ID: S000009218)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000025032 | Alger Mid Cap Growth Portfolio Class I-2 | AMGOX           |

### Alger Capital Appreciation Portfolio (Series ID: S000009219)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000025033 | Alger Capital Appreciation Portfolio Class S   |  |
| C000025034 | Alger Capital Appreciation Portfolio Class I-2 | ALVOX           |

?xml version='1.0' encoding='ASCII'? 485BPOS

**As filed with the Securities and Exchange Commission on April 22, 2026**

**Securities Act File No. 33-21722**

**Investment Company Act File No. 811-5550**

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

------

**FORM N-1A** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| **Pre-Effective Amendment No.**  | ☐ |
| **Post-Effective Amendment No. 70** | ☒ |
| **and/or** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| **Amendment No. 67** | ☒ |
| (Check appropriate box or boxes) |  |

---

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**THE ALGER PORTFOLIOS**

(Exact Name of Registrant as Specified in Charter)

---

| | |
|:---|:---|
| **100 Pearl Street, 27th Floor, New York, New York** | **10004** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, including Area Code: **212-806-8800**

------

---

| | |
|:---|:---|
| **Tina Payne, Esq.**<br> **Fred Alger Management, LLC**<br> **100 Pearl Street, 27th Floor**<br> **New York, NY 10004**<br> (Name and Address of Agent for Service)<br>| *Copy to:*<br> **Nicole M. Runyan, Esq.**<br> **Kirkland & Ellis LLP**<br> **601 Lexington Avenue**<br> **New York, NY 10022**<br>|

---

Approximate Date of Proposed Public Offering:

------

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on April 30, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of beneficial interest, par value $0.001 per share.

------

![](g269788imge9d123031.gif)

**April 30, 2026**

![](g269788img3366c0ed2.gif)

**This is not part of the prospectus.** 

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![](g269788img6b68e3723.jpg)

**Prospectus** April 30, 2026

---

| | | |
|:---|:---|:---|
|  | **Class** | &nbsp;&nbsp;&nbsp;&nbsp; **Ticker**<br> **Symbol**<br>|
| **Alger Capital Appreciation Portfolio** | I-2 | ALVOX |
| **Alger Large Cap Growth Portfolio** | I-2 | AAGOX |
| **Alger Mid Cap Growth Portfolio** | I-2 | AMGOX |
| **Alger Small Cap Growth Portfolio** | I-2 | AASOX |
| **Alger Growth & Income Portfolio** | I-2 | AIGOX |
| **Alger Balanced Portfolio** | I-2 | ABLOX |

---

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

---

| | |
|:---|:---|
| **A pooled funding vehicle for:** | **●qualified pension plans** |
| **A pooled funding vehicle for:** | **●qualified retirement plans** |
| **A pooled funding vehicle for:** | **●variable annuity contracts** |
| **A pooled funding vehicle for:** | **●variable life insurance policies** |

---

The Securities and Exchange Commission has not determined if the information in this Prospectus is accurate or complete, nor has it approved or disapproved these securities. It is a criminal offense to represent otherwise.

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**Table of Contents** 

---

| | | |
|:---|:---|:---|
| **[THE ALGER PORTFOLIOS](#xx_12c42b81-3ef1-4c4d-b7f8-83ee71d21cdc_1)** | **[THE ALGER PORTFOLIOS](#xx_12c42b81-3ef1-4c4d-b7f8-83ee71d21cdc_1)** | **[THE ALGER PORTFOLIOS](#xx_12c42b81-3ef1-4c4d-b7f8-83ee71d21cdc_1)** |
| **1** | **[Summary Sections](#xx_12c42b81-3ef1-4c4d-b7f8-83ee71d21cdc_1)** | **[Summary Sections](#xx_12c42b81-3ef1-4c4d-b7f8-83ee71d21cdc_1)** |
|  | 1 | [Alger Capital Appreciation Portfolio](#xx_12c42b81-3ef1-4c4d-b7f8-83ee71d21cdc_1) |
|  | 6 | [Alger Large Cap Growth Portfolio](#xx_603e7e2a-a983-48d2-8ff5-04286a7f1a9a_1) |
|  | 11 | [Alger Mid Cap Growth Portfolio](#xx_1d8877ba-fb8f-40f4-a2e1-60e1e1646e85_1) |
|  | 16 | [Alger Small Cap Growth Portfolio](#xx_e153ec64-6516-4ad1-aec1-693cb9d9b829_1) |
|  | 21 | [Alger Growth & Income Portfolio](#xx_b84f12c5-d4cb-4777-8863-410d2d07ba59_1) |
|  | 25 | [Alger Balanced Portfolio](#xx_844d2aba-39ff-4e64-9391-4ccf0a314e6e_1) |
| **30** | **[Investment Objectives, Principal Investment Strategies and Related Risks](#xx_ae7de434-43bc-42df-a477-e936e5185f62_1)** | **[Investment Objectives, Principal Investment Strategies and Related Risks](#xx_ae7de434-43bc-42df-a477-e936e5185f62_1)** |
|  | 30 | [Investment Objectives](#xx_ae7de434-43bc-42df-a477-e936e5185f62_1) |
|  | 30 | [Principal Investment Strategies](#xx_ae7de434-43bc-42df-a477-e936e5185f62_1) |
|  | 31 | [Principal Risks](#xx_ae7de434-43bc-42df-a477-e936e5185f62_2) |
| **37** | **[Management and Organization](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_1)** | **[Management and Organization](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_1)** |
|  | 37 | [Manager](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_1) |
|  | 37 | [Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Portfolios](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_1) |
|  | 38 | [Administrator](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_2) |
| **38** | **[Shareholder Information](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_2)** | **[Shareholder Information](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_2)** |
|  | 38 | [Distributor](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_2) |
|  | 39 | [Transfer Agent](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_3) |
|  | 39 | [Net Asset Value](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_3) |
|  | 39 | [Dividends and Distributions and Tax Consequences](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_3) |
|  | 40 | [Classes of Shares](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_4) |
|  | 40 | [Purchasing and Redeeming Shares](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_4) |
|  | 41 | [Limitations on Excessive Trading](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_5) |
|  | 42 | [Disclosure of Portfolio Holdings](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_6) |
|  | 42 | [Other Information](#xx_72bc8ebe-6a99-49c7-80dd-129338a7520b_6) |
| **44** | **[Hypothetical Investment and Expense Information](#xx_ff9f2aa2-a29c-4e74-a54f-6553ca0af7eb_1)** | **[Hypothetical Investment and Expense Information](#xx_ff9f2aa2-a29c-4e74-a54f-6553ca0af7eb_1)** |
| **46** | **[Financial Highlights](#xx_f7dff30b-ce8b-41d8-bb53-e207a79300d7_1)** | **[Financial Highlights](#xx_f7dff30b-ce8b-41d8-bb53-e207a79300d7_1)** |
| **Back Cover:[For Information](#xx_e1577ddc-2771-4bbb-8dd4-73dcdce39655_1)** | **Back Cover:[For Information](#xx_e1577ddc-2771-4bbb-8dd4-73dcdce39655_1)** | **Back Cover:[For Information](#xx_e1577ddc-2771-4bbb-8dd4-73dcdce39655_1)** |

---

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Prospectus 1/51

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**Summary Sections**

**Alger Capital Appreciation Portfolio**

**Investment Objective**

Alger Capital Appreciation Portfolio seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class I-2**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class I-2** |
| Advisory Fees\* | 0.81% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.94% |

---

\*

The Portfolio and Fred Alger Management, LLC (the "Manager") have adopted fee breakpoints for the Portfolio. The advisory fee for assets up to $2 billion is .81%, for assets between $2 billion and $3 billion is .65%, for assets between $3 billion and $4 billion is .60%, for assets between $4 billion and $5 billion is .55%, and for assets in excess of $5 billion is .45%. The actual rate paid as a percentage of average daily net assets for the year ended December 31, 2025 was .81%.

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp;&nbsp; $300 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $1155 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 75.67% of the average value of its portfolio.

**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

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Prospectus 2/51

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Under normal market circumstances, the Portfolio invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that the Manager believes demonstrate promising growth potential. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, consumer discretionary, and communication services sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

The Portfolio can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is not a readily available market.

The Portfolio can invest in foreign securities.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Portfolio's net assets.

The Portfolio is classified as diversified within the meaning of the Investment Company Act of 1940, as amended. The diversification of the Portfolio's holdings is measured at the time the Portfolio purchases a security. Because of its long-term approach, the Portfolio could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Portfolio's investment.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to

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Prospectus 3/51

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be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Consumer Discretionary Sector Risk – The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

**Privately Placed Securities Risk** – A private placement is an offering of a company's securities that is not registered with the Securities and Exchange Commission (the "SEC") and is not offered to the public. The issuers of privately placed securities are not typically subject to the same oversight and regulatory requirements, including disclosure and other investor protection requirements, to which public issuers are subject, and there may be very little public information available about the issuers and their performancewhich can make it more difficult to value the securities and assess the risks of investment. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid. Privately placed securities are generally fair valued as they are not traded frequently. The price that the Portfolio could receive upon the sale (or other disposition) of the security may differ from the Portfolio's valuation of the security and the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the security. The Portfolio may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Portfolio to be less liquid. As a result, investments in private placements can result in substantial or complete losses.

**Foreign Securities Risk –** The Portfolio's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of comprehensive company information, political instability, differing audit, regulatory, and legal standards and lack of financial reporting standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

**Cash Position Risk –** At times, the Portfolio may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market and a more narrowly based index that reflects the market sectors in which the Portfolio invests. Performance in the bar chart does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

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Prospectus 4/51

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**Annual Total Return for Class I-2 Shares** *as of December 31 (%)*

![](g269788img3fef722b4.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2025 | 29.01% | **Worst Quarter:** | Q2 2022 | -24.83% |

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**Average Annual Total Return as of December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; 32.87% | &nbsp;&nbsp;&nbsp;&nbsp; 16.33% | &nbsp;&nbsp;&nbsp;&nbsp; 18.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/1995 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |
| **Russell 1000 Growth Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 18.56% | &nbsp;&nbsp;&nbsp;&nbsp; 15.32% | &nbsp;&nbsp;&nbsp;&nbsp; 18.13% |  |

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**Management** 

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| | |
|:---|:---|
| **Investment Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of** <br> **the Portfolio**<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Dan C. Chung, CFA**<br> Chief Executive Officer, Chief Investment Officer and Portfolio Manager<br> Since February 2021<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Patrick Kelly, CFA**<br> Executive Vice President, Head of Alger Capital Appreciation and Spectra Strategies and <br> Portfolio Manager<br> Since September 2004<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Ankur Crawford, Ph.D.**<br> Executive Vice President and Portfolio Manager<br> From June 2015 to February 2021; and<br> From March 2021 to Present<br>|

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**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000.

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Prospectus 5/51

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**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Prospectus 6/51

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**Alger Large Cap Growth Portfolio**

**Investment Objective**

Alger Large Cap Growth Portfolio seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class I-2**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class I-2** |
| Advisory Fees\* | 0.71% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.14% |
| Acquired Fund Fees and Expenses\*\* | 0.04% |
| Total Annual Fund Operating Expenses\*\* | 0.89% |
| Fee Waiver\*\*\* | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.85% |

---

\*

The Alger Portfolios (the "Trust") and Fred Alger Management, LLC (the "Manager") have adopted fee breakpoints for the Portfolio. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%.

\*\*

Total Annual Fund Operating Expenses do not correlate to the ratio of gross expenses to average net assets given in the Portfolio's most recent annual report, which does not include Acquired Fund Fees and Expenses.

\*\*\*

The Manager has contractually agreed to waive fees owed to it by, or to reimburse expenses of, the Portfolio in an amount corresponding to the management fee borne by the Portfolio as an investor in any underlying Manager-sponsored fund. This commitment will remain in effect for the life of any such investment, can only be amended or terminated by agreement of the Trust's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Trust, on behalf of the Portfolio, and the Manager. As a result of this waiver, the actual advisory fee rate paid as a percentage of average daily net assets for the year ended December 31, 2025 was .67%.

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The expense example is based on net operating expenses, which reflect the contractual fee waiver agreed to by the Manager. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; $87 | &nbsp;&nbsp;&nbsp;&nbsp; $271 | &nbsp;&nbsp;&nbsp;&nbsp; $471 | &nbsp;&nbsp;&nbsp;&nbsp; $1049 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 91.00% of the average value of its portfolio.

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**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

The Portfolio focuses on growing companies that generally have broad product lines, markets, financial resources and depth of management. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have a market capitalization within the range of companies included in the Russell 1000 Growth Index. This index is designed to track the performance of large-capitalization growth stocks. At December 31, 2025, the market capitalization of the companies in this index ranged from $1.03 billion to $4.53 trillion. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Portfolio may engage in active trading of portfolio securities.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, communication services, consumer discretionary, and industrials sectors. For the purpose of categorizing companies, sectors are a broader category than industries comprise sectors.

The Portfolio can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.

The Portfolio can invest in foreign securities.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Portfolio's net assets.

The Portfolio is classified as diversified within the meaning of the Investment Company Act of 1940, as amended. The diversification of the Portfolio's holdings is measured at the time the Portfolio purchases a security. Because of its long-term approach, the Portfolio could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Portfolio's investment.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

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**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

● Consumer Discretionary Sector Risk – The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

● Industrials Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of companies in the industrials sector. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services.

**Privately Placed Securities Risk** – A private placement is an offering of a company's securities that is not registered with the Securities and Exchange Commission (the "SEC") and is not offered to the public. The issuers of privately placed securities are not typically subject to the same oversight and regulatory requirements, including disclosure and other investor protection requirements, to which public issuers are subject, and there may be very little public information available about the issuers and their performance, which can make it more difficult to value the securities and assess the risks of investment. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid. Privately placed securities are generally fair valued as they are not traded frequently. The price that the Portfolio could receive upon the sale (or other disposition) of the security may differ from the Portfolio's valuation of the security and the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the security. The Portfolio may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Portfolio to be less liquid. As a result, investments in private placements can result in substantial or complete losses.

**Foreign Securities Risk –** The Portfolio's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of comprehensive company information, political instability, differing audit, regulatory, and legal standards and lack of financial reporting standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

**Cash Position Risk –** At times, the Portfolio may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

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**Portfolio Turnover (Active Trading) Risk –** Because the Portfolio may engage in active trading of portfolio securities, it may incur increased transaction costs and brokerage commissions, both of which can lower the actual return on an investment. Active trading may also increase short-term gains and losses, which may affect the taxes a shareholder has to pay.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market and a more narrowly based index that reflects the market sectors in which the Portfolio invests. Performance in the bar chart does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

**Annual Total Return for Class I-2 Shares** *as of December 31 (%)*

![](g269788img5d46c1675.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2020 | 34.04% | **Worst Quarter:** | Q2 2022 | -24.49% |

---

**Average Annual Total Return as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; 30.27% | &nbsp;&nbsp;&nbsp;&nbsp; 11.12% | &nbsp;&nbsp;&nbsp;&nbsp; 16.73% | &nbsp;&nbsp;&nbsp;&nbsp; 1/6/1989 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |
| **Russell 1000 Growth Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 18.56% | &nbsp;&nbsp;&nbsp;&nbsp; 15.32% | &nbsp;&nbsp;&nbsp;&nbsp; 18.13% |  |

---

**Management** 

---

| | |
|:---|:---|
| **Investment Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of** <br> **the Portfolio**<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Dan C. Chung, CFA**<br> Chief Executive Officer, Chief Investment Officer and Portfolio Manager<br> Since September 2001<br>|

---

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Prospectus 10/51

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**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000.

**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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Prospectus 11/51

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**Alger Mid Cap Growth Portfolio**

**Investment Objective**

Alger Mid Cap Growth Portfolio seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class I-2**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class I-2** |
| Advisory Fees\* | 0.76% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.16% |
| Acquired Fund Fees and Expenses\*\* | 0.02% |
| Total Annual Fund Operating Expenses\*\* | 0.94% |
| Fee Waiver\*\*\* | (0.02)% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.92% |

---

\*

The Portfolio and Fred Alger Management, LLC (the "Manager") have adopted fee breakpoints for the Portfolio. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%.

\*\*

Total Annual Fund Operating Expenses do not correlate to the ratio of gross expenses to average net assets given in the Portfolio's most recent annual report, which does not include Acquired Fund Fees and Expenses.

\*\*\*

The Manager has contractually agreed to waive fees owed to it by, or to reimburse expenses of, the Portfolio in an amount corresponding to the management fee borne by the Portfolio as an investor in any underlying Manager-sponsored fund. This commitment will remain in effect for the life of any such investment, can only be amended or terminated by agreement of the Trust's Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement between the Trust, on behalf of the Portfolio, and the Manager. As a result of this waiver, the actual advisory fee rate paid as a percentage of average daily net assets for the year ended December 31, 2025 was .74%.

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The expense example is based on net operating expenses, which reflect the contractual fee waiver agreed to by the Manager. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; $94 | &nbsp;&nbsp;&nbsp;&nbsp; $293 | &nbsp;&nbsp;&nbsp;&nbsp; $509 | &nbsp;&nbsp;&nbsp;&nbsp; $1131 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 87.86% of the average value of its portfolio.

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**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

The Portfolio focuses on mid-sized companies that the Manager believes demonstrate promising growth potential. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell Midcap Growth Index or the S&P MidCap 400 Index. Both indexes are designed to track the performance of medium-capitalization stocks. At December 31, 2025, the market capitalization of the companies in these indexes ranged from $1.03 billion to $101.64 billion. Because of the Portfolio's long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that have appreciated beyond the market capitalization thresholds noted. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, health care, consumer discretionary, financials, and industrials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Portfolio may engage in active trading of portfolio securities.

The Portfolio can invest in foreign securities.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Portfolio's net assets.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Mid Cap Securities Risk –** There may be greater risk in investing in medium-capitalization companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources. It may also be difficult or impossible to liquidate a security position at a time and price acceptable to the Portfolio because of the potentially less frequent trading of stocks of smaller market capitalization. Often, medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

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**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Health Care Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.

● Financials Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of financial services companies, which means the Portfolio may be more affected by the performance of the financials sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses.

● Consumer Discretionary Sector Risk – The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

● Industrials Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of companies in the industrials sector. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services.

**Foreign Securities Risk –** The Portfolio's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of comprehensive company information, political instability, differing audit, regulatory, and legal standards and lack of financial reporting standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

**Cash Position Risk –** At times, the Portfolio may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market and a more narrowly based index that reflects the market sectors in which the Portfolio invests. Performance in the bar chart does not reflect fees, expenses,

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Prospectus 14/51

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or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

**Annual Total Return for Class I-2 Shares** *as of December 31 (%)*

![](g269788img0ecc834b6.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2020 | 34.34% | **Worst Quarter:** | Q2 2022 | -24.23% |

---

**Average Annual Total Return as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; 16.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp;&nbsp; 11.68% | &nbsp;&nbsp;&nbsp;&nbsp; 5/3/1993 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |
| **Russell Midcap Growth Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 8.66% | &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | &nbsp;&nbsp;&nbsp;&nbsp; 12.49% |  |

---

**Management** 

---

| | |
|:---|:---|
| **Investment Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of** <br> **the Portfolio**<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Dan C. Chung, CFA**<br> Chief Executive Officer, Chief Investment Officer and Portfolio Manager<br> Since January 2018<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Brandon A. Geisler**<br> Senior Vice President and Portfolio Manager<br> Since August 2022<br>|

---

**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000.

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Prospectus 15/51

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**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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**Alger Small Cap Growth Portfolio**

**Investment Objective**

Alger Small Cap Growth Portfolio seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class I-2**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class I-2** |
| Advisory Fees\* | 0.81% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.16% |
| Total Annual Fund Operating Expenses | 0.97% |

---

\*

The Portfolio and Fred Alger Management, LLC (the "Manager") have adopted fee breakpoints for the Portfolio. The advisory fee for assets up to $1 billion is .81%, and for assets in excess of $1 billion is .75%. The actual rate paid as a percentage of average daily net assets for the year ended December 31, 2025 was .81%.

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $309 | &nbsp;&nbsp;&nbsp;&nbsp; $536 | &nbsp;&nbsp;&nbsp;&nbsp; $1190 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 40.64% of the average value of its portfolio.

**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

The Portfolio focuses on small, fast-growing companies that the Manager believes offer innovative products, services or technologies to a rapidly-expanding marketplace. Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that, at the time of purchase of the securities, have a total market capitalization within the range of companies in the Russell 2000 Growth Index. The Russell 2000 Growth Index is an

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index of small capitalization stocks. At December 31, 2025, the market capitalization of the companies in the Russell 2000 Growth Index ranged from $12.47 million to $25.69 billion. Because of the Portfolio's long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that have appreciated beyond the market capitalization threshold noted. Equity securities include common or preferred stocks that are listed on U.S. exchanges.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Portfolio may engage in active trading of portfolio securities.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, health care, consumer discretionary, and industrials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

The Portfolio can invest in foreign securities.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Portfolio's net assets.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Small Cap Securities Risk –** There may be greater risk in investing in companies with small market capitalizations rather than larger, more established companies owing to such factors as more limited product lines or financial resources or lack of management depth. It may also be difficult or impossible to liquidate a security position at a time and price acceptable to the Portfolio because of the potentially less frequent trading of stocks of smaller market capitalization.

**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental

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regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Health Care Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.

● Consumer Discretionary Sector Risk – The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

● Industrials Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of companies in the industrials sector. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services.

**Foreign Securities Risk –** The Portfolio's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of comprehensive company information, political instability, differing audit, regulatory, and legal standards and lack of financial reporting standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

**Cash Position Risk –** At times, the Portfolio may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market and a more narrowly based index that reflects the market sectors in which the Portfolio invests. Performance in the bar chart does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

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**Annual Total Return for Class I-2 Shares** *as of December 31 (%)*

![](g269788img4ddaedeb7.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2020 | 41.25% | **Worst Quarter:** | Q2 2022 | -24.62% |

---

**Average Annual Total Return as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; 5.91% | &nbsp;&nbsp;&nbsp;&nbsp; -4.93% | &nbsp;&nbsp;&nbsp;&nbsp; 8.83% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/1988 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |
| **Russell 2000 Growth Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 13.01% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp;&nbsp; 9.57% |  |

---

**Management** 

---

| | |
|:---|:---|
| **Investment Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of** <br> **the Portfolio**<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Dan C. Chung, CFA**<br> Chief Executive Officer, Chief Investment Officer and Portfolio Manager<br> Since January 2016<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Amy Y. Zhang, CFA**<br> Executive Vice President and Portfolio Manager<br> Since February 2015<br>|

---

**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000.

**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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**Alger Growth & Income Portfolio**

**Investment Objective**

Alger Growth & Income Portfolio seeks to provide capital appreciation and current income.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class I-2**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class I-2** |
| Advisory Fees | 0.50% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.26% |
| Total Annual Fund Operating Expenses | 0.76% |

---

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; $78 | &nbsp;&nbsp;&nbsp;&nbsp; $243 | &nbsp;&nbsp;&nbsp;&nbsp; $422 | &nbsp;&nbsp;&nbsp;&nbsp; $942 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 2.11% of the average value of its portfolio.

**Principal Investment Strategy**

Fred Alger Management, LLC (the "Manager") believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

The Portfolio invests primarily in equity securities such as common or preferred stocks which the Manager believes offer opportunities for capital appreciation and which also pay dividends. In considering such companies, the Manager classifies them into three categories: Dividend Leaders – companies that generate high dividend yields; Dividend Growers – companies that have a history of strong and consistent dividend growth; and Kings of Cash Flow – companies that have strong potential for generating capital appreciation and the ability to return significant amounts of cash to investors as a result of their free cash flow. It is a fundamental policy of the Portfolio to invest at least 65% of its total assets in dividend paying equity securities. The Portfolio may invest up to 35% of its total assets in equity securities that do not pay dividends or in money market instruments and repurchase

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agreements. The Portfolio focuses on growing companies that, at the time of purchase of the securities, have a market capitalization within the range of companies included in the S&P 500 Index. The index is designed to track the performance of large-capitalization stocks. At December 31, 2025, the market capitalization of the companies in this index ranged from $5.8 billion to $4.5 trillion.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Portfolio may engage in active trading of portfolio securities.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, communication services, and financials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 35% of the Portfolio's net assets.

The Portfolio is classified as diversified within the meaning of the Investment Company Act of 1940, as amended. The diversification of the Portfolio's holdings is measured at the time the Portfolio purchases a security. Because of its long-term approach, the Portfolio could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Portfolio's investment.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds. In addition, there are special risks associated with investing in preferred securities, including deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights and special redemption rights. The market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Income-Producing Securities Risk –** Companies may cut or fail to declare dividends due to market downturns or other reasons. Income producing securities may become generally less favored by market participants, potentially leading such securities to underperform the broader stock market.

**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in

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the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

● Financials Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of financial services companies, which means the Portfolio may be more affected by the performance of the financials sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses.

**Cash Position Risk –** At times, the Portfolio may hold up to 35% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

**Repurchase Agreements Risk –** Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time when the collateral has declined in value, or insolvency of the seller, which may affect the Portfolio's right to control the collateral and result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. government securities.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market . Performance in the bar chart does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

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**Annual Total Return for Class I-2 Shares** *as of December 31 (%)*

![](g269788img5c0f94728.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2020 | 19.31% | **Worst Quarter:** | Q1 2020 | -19.89% |

---

**Average Annual Total Return as of December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; 20.82% | &nbsp;&nbsp;&nbsp;&nbsp; 15.51% | &nbsp;&nbsp;&nbsp;&nbsp; 14.58% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/1988 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |

---

**Management** 

---

| | |
|:---|:---|
| **Investment Manager** | **Portfolio Manager Primarily Responsible for Day-to-Day Management of the Portfolio** |
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Gregory S. Adams, CFA**<br> Senior Vice President, Director of Quantitative & Risk Management and Portfolio Manager<br> Since April 2012<br>|

---

**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000.

**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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**Alger Balanced Portfolio**

**Investment Objective**

Alger Balanced Portfolio seeks current income and long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class I-2**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class I-2** |
| Advisory Fees\* | 0.71% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.23% |
| Total Annual Fund Operating Expenses | 0.94% |

---

\*

The Portfolio and Fred Alger Management, LLC (the "Manager") have adopted fee breakpoints for the Portfolio. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .55%. The actual rate paid as a percentage of average daily net assets for the year ended December 31, 2025 was .71%.

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp;&nbsp; $300 | &nbsp;&nbsp;&nbsp;&nbsp; $520 | &nbsp;&nbsp;&nbsp;&nbsp; $1155 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 10.47% of the average value of its portfolio.

**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

The Portfolio focuses on stocks of companies that the Manager believes demonstrate growth potential and on fixed-income securities, with emphasis on income-producing securities that appear to have potential for capital appreciation. Under normal circumstances, the Portfolio invests in equity securities and in fixed-income securities, which may include corporate bonds, debentures and notes, U.S. Government securities, mortgage-backed and asset-backed securities, commercial paper and other

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fixed-income securities. Most of the Portfolio's fixed-income investments will be concentrated within the four highest rating categories as determined by one of the Nationally Recognized Statistical Rating Organizations ("NRSROs") (or, if unrated, will have been determined to be of comparable quality by the Manager). Under normal circumstances, the Portfolio will invest at least 25% of its net assets in fixed-income securities and at least 25% of its net assets in equity securities.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Portfolio may engage in active trading of portfolio securities.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, financials, and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Portfolio's net assets.

The Portfolio is classified as diversified within the meaning of the Investment Company Act of 1940, as amended. The diversification of the Portfolio's holdings is measured at the time the Portfolio purchases a security. Because of its long-term approach, the Portfolio could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Portfolio's investment.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Fixed-Income Securities Risk –** Fixed-income securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.

*Interest Rate Risk*: The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Portfolio may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Portfolio investments.

To the extent the Portfolio invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Portfolio) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in

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prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Portfolio to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value and could hurt the Portfolio's performance.

*Credit Risk*: Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Portfolio's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

*Extension Risk*: When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

*Prepayment Risk*: When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Portfolio may have to invest the proceeds in securities with lower yields.

**Income-Producing Securities Risk –** Companies may cut or fail to declare dividends due to market downturns or other reasons. Income producing securities may become generally less favored by market participants, potentially leading such securities to underperform the broader stock market.

**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Financials Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of financial services companies, which means the Portfolio may be more affected by the performance of the financials sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses.

● Health Care Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.

**Cash Position Risk –** At times, the Portfolio may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an

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appropriate broad-based securities market index that represents the overall domestic equity market and an appropriate broad-based securities market index that represents the domestic government and corporate bond market. Performance in the bar chart does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

**Annual Total Return for Class I-2 Shares** *as of December 31 (%)*

![](g269788img374d87ce9.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2020 | 12.39% | **Worst Quarter:** | Q1 2020 | -12.67% |

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**Average Annual Total Return as of December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class I-2** | &nbsp;&nbsp;&nbsp;&nbsp; 16.15% | &nbsp;&nbsp;&nbsp;&nbsp; 11.02% | &nbsp;&nbsp;&nbsp;&nbsp; 10.41% | &nbsp;&nbsp;&nbsp;&nbsp; 9/5/1989 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |
| **Bloomberg U.S. Government/Credit Bond Index** (reflects no deductions for fees, expenses <br> or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | &nbsp;&nbsp;&nbsp;&nbsp; -0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 2.16% |  |

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**Management** 

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| | |
|:---|:---|
| **Investment Manager** | **Portfolio Manager Primarily Responsible for Day-to-Day Management of the Portfolio** |
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Gregory S. Adams, CFA**<br> Senior Vice President, Director of Quantitative & Risk Management and Portfolio Manager<br> Since February 2013<br>|

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**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000.

**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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**Investment Objectives, Principal Investment Strategies and Related Risks**

The investment objective, principal strategy and primary risks of each Portfolio are discussed individually in each Portfolio's Summary Section in this Prospectus. Each of Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, and Alger Small Cap Growth Portfolio has adopted a policy to invest at least 80% of its assets in specified securities appropriate to its name (as described in the Portfolio's Summary Section in this Prospectus) and to provide its shareholders with at least 60 days' prior notice of any change with respect to this policy. Each Portfolio's investment objective is a non-fundamental investment policy and may be changed by the Board of Trustees (the "Board") without shareholder approval. A Portfolio will provide its shareholders with at least 60 days' prior notice of any change to its investment objective. A Portfolio may, from time to time, take temporary defensive positions that are inconsistent with the Portfolio's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. A Portfolio may not achieve its investment objective while in a temporary defensive position.

A Portfolio's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

Each Portfolio, in the Summary Sections, compares its performance to a broad-based index that represents the overall applicable market. Certain Portfolios also use a more narrowly based index in the Summary that the Manager believes reflects the market sectors in which such Portfolio invests. No expenses, fees or taxes are reflected in the returns for the indexes, which are unmanaged. All returns for the indexes assume reinvestment of dividends and interest of the underlying securities that make up the respective index. Investors cannot invest directly in any index.

● Russell 1000 Growth Index: measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.

● Russell 2000 Growth Index: measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.

● Russell Midcap Growth Index: measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market.

● S&P 500 Index: An index of large company stocks considered to be representative of the U.S. stock market.

● Bloomberg U.S. Government/Credit Bond Index: A broad-based flagship benchmark that measures the non-securitized component of the U.S. Aggregate Index. The index includes investment grade, U.S. dollar-denominated, fixed-rate treasuries, government-related and corporate securities.

**Additional Information About the Portfolios' Investment Strategies and Investments**

**Investment Objectives**

Each of Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, and Alger Small Cap Growth Portfolio seeks long-term capital appreciation. Alger Growth & Income Portfolio seeks to provide capital appreciation and current income. Alger Balanced Portfolio seeks current income and long-term capital appreciation.

**Principal Investment Strategies**

The following are each Portfolio's investment process and principal investment strategies. Each Portfolio may invest in other securities that are not its principal strategy, and such strategies and related risks are described in more detail in the Portfolio's Statement of Additional Information ("SAI").

Each Portfolio (except for the fixed-income portion of Alger Balanced Portfolio) invests primarily in equity securities. Each Portfolio's investments in equity securities are primarily in common or preferred stocks, but its equity investments may also include securities convertible into or exchangeable for equity securities (including warrants and rights) and depositary receipts. Each Portfolio invests primarily in companies whose securities are traded on U.S. or foreign exchanges.

Each Portfolio's equity investments are primarily in "growth" stocks. The Portfolios' investment manager, Fred Alger Management, LLC ("Alger Management" or the "Manager"), believes that these companies tend to fall into one of two categories:

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

● **High Unit Volume Growth**

Vital, creative companies that offer goods or services to a rapidly expanding marketplace. They include both established and emerging firms, exercising market dominance, offering new or improved products, or simply fulfilling an increased demand for an existing product line.

● **Positive Life Cycle Change**

Companies experiencing a major change which is expected to produce advantageous results. These changes may be as varied as new management, products or technologies; restructuring or reorganization; regulatory change; or merger and acquisition.

Each Portfolio other than Alger Capital Appreciation Portfolio and Alger Balanced Portfolio must take into account a company's market capitalization when considering it for investment. The market capitalization of a company is its price per share multiplied by its number of outstanding shares.

**ESG Integration** 

Although a Portfolio does not seek to implement a specific environmental, social and governance ("ESG"), impact or sustainability strategy unless otherwise disclosed, the Manager has sought to integrate ESG considerations into its investment process through the use of both third-party ESG specific information and its own proprietary research. Specifically, with respect to no less than 75% of the Manager's assets under management, the Manager evaluates a company's ESG factors and, based on such factors, may engage with the company to (i) identify drivers of poor ESG metrics; (ii) interview management with key questions about ESG issues; and (iii) evaluate the prospect of positive ESG change within a company. Upon conclusion of this engagement, a report is published to the Manager's research database to ensure that all portfolio managers have access to the report summarizing the company's ESG issues, the results of any meeting/interview with the company, an ESG rating of the company and any other relevant factors. The author of each report will meet with portfolio managers as necessary to discuss the ESG report and the impact the report may have on the overall investment view of the company.

The Manager may change the sources for such ESG information, including by adding or modifying the information it receives from third-party firms, selecting different third-party firms, using company-provided information, or performing different or additional internal assessments. To assist with efforts to incorporate ESG considerations into the investment process, all of the Manager's investment professionals have access to company-specific ESG reports. The Manager has established an ESG steering committee comprised of executive management and senior investment professionals to oversee this process.

ESG characteristics are not the sole considerations when making investment decisions for a Portfolio. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Portfolio may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Portfolio's exposure to certain companies or industries and a Portfolio may forego certain investment opportunities. While the Manager views ESG considerations as having the potential to contribute to a Portfolio's long-term performance, there is no guarantee that such results will be achieved.

**Use of Artificial Intelligence** 

The Manager integrates artificial intelligence ("AI") into its operations through the use of certain third-party vendors and large language model platforms. Specifically, the Manager may utilize large language model platforms to perform research or provide assistance with other tasks. Additionally, the Manager utilizes vendors that use AI in their business operations, including analytical, technological or computational function, algorithm model, correlation matrices, or similar methods or processes that optimizes for, predicts, guides, forecasts, or directs business-related behaviors or outcomes. Such information is then incorporated by the Manager into its investment, sales or administrative processes.

If the content and analyses that AI applications assist the Manager in producing are or are alleged to be deficient, inaccurate, or biased, the Portfolios may be adversely affected. Additionally, AI tools used by the Manager may produce inaccurate, misleading or incomplete responses that could lead to errors in the Manager's decision-making, portfolio management or other business activities, which could have a negative impact on a Portfolio's performance. Legal and regulatory changes, particularly related to information privacy and data protection, may have an impact on AI, and may additionally impact the Portfolios. AI tools and technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is not possible to predict the full extent of future applications or regulations and the associated risks to a Portfolio.

**Principal Risks**

This section contains a discussion of the general risks of investing in the Portfolios. The "Investment Strategies and Policies" section in the SAI also includes more information about the Portfolios and their investments and the related risks. An investment in the Portfolios is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental

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agency. As with any fund, an investment in the Portfolios involves risks. Each risk noted below is applicable to each Portfolio unless the specific Portfolio or Portfolios are noted in a parenthetical.

***Investment Risk*** 

An investment in a Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

***Market Risk*** 

Your investment in Portfolio shares represents an indirect investment in the securities owned by a Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on a Portfolio and its investments.

***Equity Securities Risk*** 

As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. Each Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Because stock markets tend to move in cycles, stock prices overall may decline. A particular stock's market value may decline as a result of general market conditions that are not related to the issuing company (*e.g.*, adverse economic conditions or investor sentiment) or due to factors that affect the particular company (*e.g.*, management performance or factors affecting the industry). Also, a Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

***Growth Securities Risk*** 

Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in a Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value. Expected growth may not be realized.

***Small Cap Securities Risk (Alger Small Cap Growth Portfolio)*** 

There may be greater risk investing in small capitalization companies rather than larger, more established companies owing to such factors as more limited product lines or financial resources or lack of management depth. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. If a product fails, there are other adverse developments, or if management changes, a Portfolio's investment in a small cap company may lose substantial value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. The securities of small cap companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, it may be difficult or impossible to liquidate a security position at a time and price acceptable to a Portfolio because of the potentially less frequent trading of stocks of smaller market capitalization. Small cap securities may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap securities requires a longer term view.

***Mid Cap Securities Risk (Alger Mid Cap Growth Portfolio)*** 

There may be greater risk in investing in medium-capitalization companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources. It may also be difficult or impossible to liquidate a security position at a time and price acceptable to the Portfolio because of the potentially less frequent trading of stocks of smaller market capitalization. Often, medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

***Foreign Securities Risk (Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio)*** 

Investing in foreign securities involves risks related to the political, social and economic conditions of foreign countries, particularly emerging market countries. These risks may include political instability, exchange control regulations, expropriation, lack of comprehensive information, national policies restricting foreign investment, currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of

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comprehensive company information, political instability, differing auditing, regulatory and legal standards and lack of accounting and financial reporting standards, inflation and rapid fluctuations in inflation, withholding or other taxes, and operational risks. There may be less stringent government supervision and oversight of foreign markets than in the United States. There may be less corporate financial information publicly available, less stringent investor protection and disclosure standards, and differing auditing and legal standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

Investment in securities denominated in foreign currencies is subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by a Portfolio and denominated in those currencies. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.

Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade.

***Sector Risk*** 

A Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make a Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly a Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – A Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. Technology-related companies are generally heavily dependent on patent and intellectual property rights, which if lost or impaired could negatively impact the company's profitability. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. Technology-related companies are generally heavily dependent on patent and intellectual property rights, which if lost or impaired could negatively impact the company's profitability. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Consumer Discretionary Sector Risk – The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

● Health Care Sector Risk – A Portfolio may be more susceptible to particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. The healthcare field is subject to substantial governmental regulation and may, therefore, be adversely affected by changes in governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of healthcare companies' securities may fall or fail to rise. In addition, companies in the health care sector can be significantly affected by intense competition, aggressive pricing, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.

● Industrials Sector Risk – A Portfolio may have a significant portion of its assets invested in securities of companies in the industrials sector. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services.

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

● Financials Sector Risk – A Portfolio may have a significant portion of its assets invested in securities of financial services companies, which means the Portfolio may be more affected by the performance of the financials sector than a fund that is more diversified. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses.

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

***Privately Placed Securities Risk (Alger Capital Appreciation Portfolio and Alger Large Cap Growth Portfolio)*** 

A private placement is an offering of a company's securities that is not registered with the SEC and is not offered to the public. The issuers of privately placed securities are not typically subject to the same oversight and regulatory requirements, including disclosure and other investor protection requirements, to which public issuers are subject, and there may be very little public information available about the issuers and their performance. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid. Privately placed securities are generally fair valued as they are not traded frequently. A Portfolio may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Portfolio to be less liquid. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain privately placed securities at certain times and could make it difficult for the Portfolio to sell these securities. The price that a Portfolio could receive upon the sale (or other disposition) of the security may differ from the Portfolio's valuation of the security and the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the security. As a result of the foregoing, investments in private placements can result in substantial or complete losses.

***Illiquid Investments Risk (Alger Capital Appreciation Portfolio and Alger Large Cap Growth Portfolio)*** 

A Portfolio may not invest more than 15% of its net assets in "illiquid" investments. Illiquid investments are investments that the Manager reasonably expects cannot be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Portfolio holds illiquid investments or investments that trade infrequently or in lower volumes, it may be unable to quickly sell them or may be able to sell them only at a price below current value. As a result, a Portfolio may incur a loss upon the sale of such investment in order to timely honor redemptions or may be forced to hold such investments while their price depreciates, which may cause the net asset value of a Portfolio to decline. Illiquid investments may be more difficult to value. The price that a Portfolio could receive upon the sale or disposition of an investment may be different from the Portfolio's valuation of the investment, particularly for investments that trade in lower volumes, investments that are valued using a fair valuation methodology or a price provided by an independent pricing service, or during market turmoil or volatility. As such, a Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

Illiquid investments may include certain restricted securities (*i.e.*, securities which are subject to legal or contractual restrictions on their resale), including restricted securities governed by Rule 144A under the Securities Act of 1933, as amended, privately placed securities, and repurchase agreements with maturities of greater than seven days. Restricted securities that are determined by the Manager to be liquid are not subject to the 15% limitation.

***Portfolio Turnover (Active Trading) Risk (Alger Large Cap Growth Portfolio)*** 

If a Portfolio engages in active trading of portfolio securities, it may incur increased transaction costs and brokerage commissions, both of which can lower the actual return on an investment. Active trading may also increase short-term gains and losses, which may affect the taxes a shareholder has to pay.

***Income-Producing Securities Risk (Alger Growth & Income Portfolio, Alger Balanced Portfolio)*** 

Companies may cut or fail to declare dividends due to market downturns or other reasons. Additionally, returns from income producing securities may trail returns from the overall stock market. Specific types of securities tend to go through cycles of doing better—or worse—than the stock market in general. These periods have, in the past, lasted for as long as several years.

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***Fixed Income Securities Risk (Alger Balanced Portfolio)*** 

Fixed income securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.

*Interest Rate Risk*: The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Portfolio may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Portfolio investments.

To the extent the Portfolio invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Portfolio) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Portfolio to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value and could hurt the Portfolio's performance.

*Credit Risk*: Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Portfolio's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

*Extension Risk*: When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

*Prepayment Risk*: When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Portfolio may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

***Repurchase Agreements Risk (Alger Growth & Income Portfolio)*** 

Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time when the collateral has declined in value, or insolvency of the seller, which may affect the Portfolio's right to control the collateral and result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. government securities.

***Cash Position Risk*** 

A Portfolio may hold up to 15% (35% for Alger Growth & Income Portfolio) of its net assets in cash (or cash equivalents) at any time or for an extended time and may hold a significant portion of its assets in cash (or cash equivalents) when taking a temporary defensive position, as described under "Temporary Defensive Investments." The Manager will determine the amount of a Portfolio's assets to be held in cash (or cash equivalents) at its sole discretion, based on such factors as it may consider appropriate under the circumstances. To the extent a Portfolio holds assets in cash and is otherwise uninvested, the ability of a Portfolio to meet its objective may be limited. If a Portfolio holds a large cash position, a Portfolio may under-perform relative to equity securities.

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***Temporary Defensive Investments*** 

In times of adverse or unstable market, economic or political conditions, a Portfolio may invest up to 100% of its assets in cash, cash equivalents, money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income securities for temporary defensive reasons. This is to attempt to protect the Portfolio's assets from a temporary, unacceptable risk of loss, rather than directly to promote the Portfolio's investment objective. A Portfolio may also hold these types of securities in an amount up to 15% of net assets (35% of net assets, in the case of Alger Growth & Income Portfolio), pending the investment of proceeds from the sale of Portfolio shares or portfolio securities or to meet anticipated redemptions of Portfolio shares. A Portfolio may not achieve its investment objective while in a temporary defensive position.

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**Management and Organization**

**Manager**

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

The Manager has been an investment adviser since 1964, and manages investments totaling (at December 31, 2025) approximately $31.2 billion. The Manager has managed each Portfolio since its inception. The Manager is responsible for providing a continuous investment program for the Portfolios, making decisions with respect to all purchases and sales of assets, and placing orders for the investment and reinvestment of Portfolio assets. These advisory responsibilities are subject to the supervision of the Board. A discussion of the Trustees' basis for the approval of the investment advisory agreement between the Trust, on behalf of each Portfolio, and the Manager is available in each Portfolio's annual report to shareholders for its most recent December 31 fiscal year end. The Portfolios pay the Manager advisory fees at the below annual rates based on a percentage of average daily net assets. The actual rate paid as a percentage of average daily net assets, for the fiscal year ended December 31, 2025, is set forth below under the heading "Actual Rate."

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| | | |
|:---|:---|:---|
| **Portfolio** | **Annual Fee as a Percentage of Average Daily Net Assets** | **Actual Rate** |
| Alger Capital Appreciation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81% for assets up to $2 billion;<br> .65% for assets between $2 billion and $3 billion;<br> .60% for assets between $3 billion and $4 billion;<br> .55% for assets between $4 billion and $5 billion;<br> .45% for assets in excess of $5 billion<br>| .81% |
| Alger Large Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .71% for assets up to $1 billion;<br> .60% for assets in excess of $1 billion<br>| .71% |
| Alger Mid Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .76% for assets up to $1 billion;<br> .70% for assets in excess of $1 billion<br>| .76% |
| Alger Small Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81% for assets up to $1 billion;<br> .75% for assets in excess of $1 billion<br>| .81% |
| Alger Growth & Income Portfolio | .50% | .50% |
| Alger Balanced Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .71% for assets up to $1 billion;<br> .55% for assets in excess of $1 billion<br>| .71% |

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With respect to each of Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio, the Manager has contractually agreed to waive fees owed to it, or to reimburse expenses of, the Portfolio in an amount corresponding to the management fee borne by the Portfolio as an investor in any underlying investment in an affiliated investment company. These agreements will remain in effect for the life of any such investment.

**Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Portfolios** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **Portfolio Manager(s)** | **Since** |
| **Alger Capital Appreciation Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dan C. Chung, CFA<br> Patrick Kelly, CFA<br> Ankur Crawford, Ph.D.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 2021<br> September 2004<br> June 2015 to February 2021; and March 2021 to Present<br>|
| **Alger Large Cap Growth Portfolio** | Dan C. Chung, CFA | September 2001 |
| **Alger Mid Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dan C. Chung, CFA<br> Brandon A. Geisler<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 2018<br> August 2022<br>|
| **Alger Small Cap Growth Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amy Y. Zhang, CFA<br> Dan C. Chung, CFA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 2015<br> January 2016<br>|
| **Alger Growth & Income Portfolio** | Gregory S. Adams, CFA | April 2012 |
| **Alger Balanced Portfolio** | Gregory S. Adams, CFA | February 2013 |

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● Mr. Adams has been employed by the Manager since 2006. He became a Senior Vice President and the Director of Quantitative & Risk Management in 2006, and a portfolio manager in 2012. From 2006 through 2012, Mr. Adams was a Senior Analyst.

● Mr. Chung has been employed by the Manager since 1994. He became a portfolio manager in 2000, Chief Investment Officer in 2001, President in 2003, and Chief Executive Officer in 2006.

● Dr. Crawford has been employed by the Manager since 2004. She became a portfolio manager and a Senior Vice President in

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2010 and an Executive Vice President in 2019. She served as a Vice President and an Analyst from 2007 to 2010, and a Senior Analyst from 2010 to 2016.

● Mr. Geisler has been employed by the Manager since 2022. Prior to joining the Manager, Mr. Geisler was a Partner, Managing Director of Research, Portfolio Manager and Senior Securities Analyst at Marsico Capital Management from 2006 to 2022.

● Mr. Kelly has been employed by the Manager since 1999. He became a portfolio manager in 2004, an Executive Vice President in 2008, and the Head of Alger Capital Appreciation and Spectra Strategies in 2015.

● Ms. Zhang has been employed by the Manager since 2015 as a portfolio manager. She became an Executive Vice President in 2020 and was previously Senior Vice President. Prior to joining the Manager, she was a Managing Director and Senior Portfolio Manager at Brown Capital Management, Inc. from 2002 to 2015.

The SAI provides additional information about the portfolio managers' compensation, other accounts that they manage, and their ownership of securities of the Portfolio(s) that they manage.

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

**Administrator**

Pursuant to a separate Fund Administration Agreement, the Manager also provides administrative services to each Portfolio, including, but not limited to: providing office space, telephone, office equipment and supplies; paying compensation of the Portfolio's officers for services rendered as such; authorizing expenditures and approving bills for payment on behalf of the Portfolio; preparation of the periodic updating of the Portfolio's Registration Statement, including Prospectus and SAI, for the purpose of filings with the Securities and Exchange Commission and monitoring and maintaining the effectiveness of such filings, as appropriate; supervising preparation of periodic shareholder reports, notices and other shareholder communications; supervising the daily pricing of the Portfolio's investment portfolio and the publication of the net asset value of the Portfolio's shares, earnings reports and other financial data; monitoring relationships with organizations providing services to each Portfolio, including the Portfolio's custodian, transfer agent, blue sky agent and printers; providing trading desk facilities for the Portfolio; supervising compliance by the Portfolio with recordkeeping and periodic reporting requirements under the Investment Company Act of 1940, as amended (the "1940 Act"); preparation of materials for meetings of the Portfolio's Board of Trustees and preparation of minutes of such meetings; oversight of service providers who file claims for class action lawsuits with respect to securities in the Portfolio; arranging for the Portfolio the required fidelity bond and other insurance, if applicable; and providing executive, clerical and secretarial help needed to carry out these responsibilities. Each Portfolio pays the Manager an administrative fee at the annual rate of 0.0275% of the Portfolio's average daily net assets.

Pursuant to a separate Shareholder Administrative Services Agreement, the Manager also supervises the Portfolios' transfer agent, UMB Fund Services, Inc. (the "Transfer Agent"), and provides certain shareholder administrative services to the Portfolios. Each Portfolio pays the Manager a shareholder administrative services fee at the annual rate of 0.01% of net assets with respect to Class I-2 Shares.

**Shareholder Information**

**Distributor** 

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

Although Fred Alger & Company, LLC (the "Distributor") is the broker-of-record on certain direct shareholder accounts, the Distributor does not interact directly with such shareholders and therefore, does not believe it makes recommendations to such shareholders regarding the holdings in their accounts.

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**Transfer Agent** 

Alger Family of Funds

c/o UMB Fund Services, Inc.

P.O. Box 2175

Milwaukee, WI 53201-2175

**Net Asset Value**

The value of one share is its net asset value, or "NAV." Each Portfolio values its financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments held by a Portfolio 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).

**NAV of a class of shares is computed by adding together the value allocable to the class of a Portfolio's investments plus cash and other assets, subtracting applicable liabilities and then dividing the result by the number of outstanding shares of the class.**

The Board has designated, pursuant to Rule 2a-5 under the 1940 Act ("Rule 2a-5"), the 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 ("Valuation Committee") comprised of representatives of the Manager and officers of the Trust to assist in performing the duties and responsibilities of the Valuation Designee. The Valuation Designee has established valuation processes, including but not limited to: making fair value determinations when market quotations for a financial instrument are not readily available in accordance with valuation policies and procedures adopted by the Board; assessing and managing material risks associated with fair valuation determinations; selecting, applying and testing fair valuation methodologies; and overseeing and evaluating pricing services used by a Portfolio. The Valuation Designee reports its fair valuation determinations and related valuation information to the Board. The Valuation Committee meets on an as-needed basis and generally meets quarterly to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in money market funds and short-term securities held by a Portfolio having a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value.

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 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.

Foreign securities are usually valued on the basis of the most recent closing price of the foreign markets on which such securities principally trade. Securities in which a Portfolio may invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, with assistance from the Valuation Committee, believes to be the fair value of these securities as of the close of the NYSE. The Valuation Designee may also fair value securities in other situations, for example, when a particular foreign market is closed but a Portfolio is open.

Securities for which market quotations are not readily available are valued at fair value, as determined in good faith pursuant to policies and procedures approved by the Board. The Valuation Designee's valuation techniques for such securities 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. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Valuation Designee may significantly differ from the valuations that would have been assigned by the Valuation Designee had there been an active market for such securities.

**Dividends and Distributions and Tax Consequences**

Except as noted below, each Portfolio declares and pays dividends and distributions annually. Each Portfolio expects that these annual payments to shareholders will consist of both capital gains and net investment income.

Alger Growth & Income Portfolio declares and pays dividends from net investment income quarterly. Distributions from net realized gains are declared and paid annually after the end of the fiscal year in which they were earned.

Federal income taxation of separate accounts of insurance companies, variable annuity contracts and variable life insurance contracts is discussed in the prospectuses of participating insurance companies. Generally, distributions by a Portfolio will not be

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taxable to holders of variable annuity contracts or variable life insurance policies if the insurance company separate accounts to which those distributions are made meet certain requirements, including certain diversification requirements that the Portfolio has undertaken to meet, under the Internal Revenue Code. Participants in qualified pension and retirement plans ordinarily will not be subject to taxation on dividends from net investment income and distributions from net realized capital gains until they receive a distribution from their plan account. Generally, distributions from plan accounts are taxable as ordinary income at the rate applicable to each participant at the time of distribution. In certain cases, distributions made to a participant prior to the participant's reaching age 59-1/2 are subject to a penalty tax equivalent to 10% of the distributed amount, in addition to the ordinary income tax payable on such amount.

Because everyone's tax situation is unique, you should see a tax advisor about federal, state and local tax consequences of investing in a Portfolio.

**Classes of Shares**

Each Portfolio offers Class I-2 Shares. Alger Capital Appreciation Portfolio also offers a second class of shares, Class S Shares. Only Class I-2 Shares are offered in this Prospectus. The classes differ primarily in that Class S Shares are subject to a distribution and shareholder servicing fee, while Class I-2 Shares are not. Both classes are offered only to separate accounts of insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies and to qualified pension and retirement plans.

Such qualified pension and retirement plans include those under the following sections of the Internal Revenue Code:

● A plan described in § 401(a) that includes a trust exempt from tax under § 501(a);

● An annuity plan described in § 403(a);

● An annuity contract described in § 403(b), including a custodial account described in § 403(b)(7);

● An individual retirement account described in § 408(a);

● An individual retirement annuity described in § 408(b);

● A governmental plan within the meaning of plan § 414(d) or an eligible deferred compensation plan within the meaning of § 457(b);

● A simplified employee pension of an employer that satisfies the requirements of § 408(k);

● A plan described in § 501(c)(18);

● A simple retirement account described in § 408(p);

● A deemed IRA described in § 408A;

● A § 415(m) plan that is also a "governmental plan" within the meaning of § 414(d);

● A § 457(f) plan that has as its sponsor either (i) a charitable organization described in § 818(a)(4), or (ii) a governmental organization described in § 818(a)(4), whose employees are described in § 403(b)(1)(A)(ii); and

● Any other trust, plan, account, contract, or annuity that the IRS has determined in a letter ruling to be within the scope of Regs. § 1.817-5(f)(3)(iii).

Investors with non-U.S. addresses and intermediary or insurance company controlled accounts designated as foreign accounts ("Restricted Accounts") are restricted from investing in the Portfolios. Existing Restricted Accounts may remain in the Portfolios, but are prohibited from making further investments. U.S. Armed Forces and Diplomatic post office addresses abroad are treated as U.S. addresses and can invest in the Portfolios. Addresses in U.S. territories, such as Guam and Puerto Rico, are also treated as U.S. addresses and can invest in the Portfolios, provided eligibility requirements are met .

**Purchasing and Redeeming Shares** 

Because each Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension and retirement plans, an individual cannot invest in a Portfolio directly, but may do so only through one of these sources. A Portfolio's shares are held in the names of the separate accounts and plans. The minimum initial investment for the separate accounts and plans is generally $500,000. The Distributor, in its sole discretion, may waive minimum initial investment requirements. Minimum initial investment and related requirements may be modified at any time, without prior notice.

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Shares of a Portfolio can be purchased or redeemed on any day the NYSE is open. Orders will be processed at the NAV next calculated after the purchase or redemption request is received in good order by the Transfer Agent or other agent appointed by the Distributor. Typically, a Portfolio will issue a redemption check within one business day after the Transfer Agent receives a redemption request in good order, but in any event no later than seven days. "In good order" means that all necessary information and documentation related to the redemption request have been provided to a Portfolio's transfer agent or authorized intermediary, if applicable. If your request is not in good order, a Portfolio's transfer agent may require additional documentation in order to redeem your shares. Payment may be postponed in cases where the SEC declares an emergency or normal trading is halted. The Transfer Agent or a Portfolio may reject any purchase order. Share certificates are not issued for shares of a Portfolio.

Under normal circumstances, each Portfolio expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or by selling portfolio assets to generate cash. As discussed in each Portfolio's SAI, a Portfolio also may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time.

Each Portfolio may pay all or a portion of your redemption proceeds in securities rather than cash (*i.e.*, "redeem in kind") if, for example, the redemption request is during stressed market conditions or a Portfolio believes that a cash redemption may have a substantial impact on the Portfolio and its remaining shareholders. Securities will generally be selected on a pro rata basis pursuant to each Portfolio's procedures. However, in certain circumstances, and in accordance with a Portfolio's procedures, the Manager may instead select securities for in kind redemptions on a non-pro rata basis. A shareholder who receives a redemption in kind bears the market risk of the securities until they are converted into cash, in transactions conducted at the shareholder's expense.

**Limitations on Excessive Trading**

Each of the Portfolios invests predominantly in U.S.-traded, highly liquid securities for which current NYSE closing prices are readily available on a daily basis. Each Portfolio will determine a fair value for portfolio securities for which current market closing prices are not readily available or otherwise require fair valuation in the circumstances discussed under "Net Asset Value." As a result, the Manager believes that there is little incentive for investors to engage in frequent and/or short-term trading (often referred to as market-timing) to benefit from "stale" pricing. Nonetheless, the presence of small capitalization and medium capitalization securities and/or foreign securities in a Portfolio and other circumstances may invite frequent and/or short-term trading by Portfolio shareholders. If carried out on a large scale, active trading will impose burdens on the Portfolio's portfolio managers, interfere with the efficient management of the Portfolio, increase a Portfolio's transaction costs, administrative costs or tax liability or otherwise be detrimental to the interests of the Portfolio and its other shareholders. The Portfolios therefore discourage market timing, and to the extent possible monitor for market timing patterns.

The Board has adopted policies and procedures that seek to discourage frequent and/or short-term trading of Portfolio shares. These policies and procedures allow, among other things, a Portfolio to reject purchase or exchange orders, on a temporary or permanent basis, or redeem all Portfolio shares from investors that the Manager believes, in its reasonable business judgment, are engaging in frequent and/or short-term trading in Portfolio shares or shares of other funds sponsored by the Manager that is detrimental to the Portfolio involved. If a Portfolio rejects your purchase or exchange order or redeems your investment, you will not be able to execute that transaction, and neither the Portfolio nor the Manager will be responsible for any losses you may suffer as a result.

In an effort to detect significant market timing, the Manager, in accordance with policies and procedures approved by the Board, seeks to, among other things, monitor overall subscription, redemption and exchange activity, and isolate significant daily activity to determine if there appears to be market timing activity in an individual portfolio.

Under these policies and procedures, each Portfolio generally seeks to prohibit more than two purchases and sales or exchanges of its shares within a 90-day calendar period. The following transactions are excluded when making such a determination: (i) transactions associated with systematic investment and withdrawal plans; (ii) transactions through firm-sponsored, discretionary asset allocation or wrap programs; (iii) transactions subject to the trading policy of an intermediary that is unable to implement the Portfolio's policy; and (iv) investments in a Portfolio by ReFlow in connection with the ReFlow liquidity program (as discussed in the SAI).

If, based on a Portfolio's policies and procedures, the Manager determines or believes that a shareholder is (or may be) engaged in, or has engaged in, market timing or excessive trading, the Manager, on behalf of the Portfolio, may place a temporary or permanent block on all further purchases or exchanges of Portfolio shares or may redeem all of such shareholder's Portfolio shares. Multiple accounts under common ownership or control may be considered one account for the purpose of determining a pattern of excessive trading, short-term market timing or other abusive trading practices. A Portfolio will also utilize fair value pricing in an effort to reduce arbitrage opportunities available to short-term traders.

Due to the complexity involved in identifying excessive trading and market timing activity, there can be no guarantee that a Portfolio will be able to identify and restrict such activity in all cases. Additionally, it is more difficult for a Portfolio to monitor the trading activity of beneficial owners of Portfolio shares who hold those shares through third-party 401(k) and other group

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retirement plans and other omnibus arrangements maintained by broker/dealers and other intermediaries. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and purchase, redeem and exchange Portfolio shares in a single account.

As noted above, in certain circumstances a Portfolio may be subject to frequent trading restrictions of intermediaries that differ from the Portfolio's policies and procedures. Such frequent trading restrictions of intermediaries may be more or less restrictive than a Portfolio's policies and procedures. Since such intermediaries execute or administer transactions with many fund families, it may be impractical for them to enforce a particular fund's frequent trading or exchange policy. The Portfolios do not monitor intermediaries' frequent trading restrictions. A Portfolio reserves the right to prohibit any purchase, sale or exchange of its shares that the Portfolio believes may be disruptive to the Portfolio or its long-term investors.

**Disclosure of Portfolio Holdings**

For a discussion of each Portfolio's policies and procedures regarding the selective disclosure of its portfolio holdings, please see the SAI. Each Portfolio 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.

**Other Information**

**In Kind Redemptions.** A Portfolio may redeem some of your shares "in kind," which means that some of the proceeds will be paid with securities the Portfolio owns instead of cash. The Portfolio has elected to be governed by Rule 18f-1 under the 1940 Act, pursuant to which the Portfolio is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net assets of the Portfolio during any 90-day period for any one shareholder. If you receive securities, you should expect to incur brokerage or other charges in converting the securities to cash. If a Portfolio pays large redemptions in cash, these transactions may increase the Portfolio's transaction costs and detract from the Portfolio's performance. Large purchases pose similar risks.

Shares may be worth more or less when you redeem them than they were at the time you bought them.

The Portfolio and Transfer Agent have reasonable procedures in place to determine that instructions submitted by telephone are genuine. They include requesting personal identification and recording calls. If the Portfolio and the Transfer Agent follow these procedures, they are not liable for acting in good faith on telephone instructions. If you are a participant in a retirement plan, such as a 401(k) plan, and you purchase shares in a Portfolio through an administrator or trustee that maintains a master or "omnibus" account with the Portfolio for trading on behalf of retirement plans and their participants, the administrator may apply limitations of its own on participant transactions. These limitations may be more or less restrictive than the limitations imposed by the Portfolio. Consult with your administrator to determine what purchase and redemption limitations may be applicable to your transactions in Portfolio shares through your retirement plan.

From time to time the Distributor, at its expense from its legitimate profits, may compensate brokers, dealers, investment advisers or others ("Financial Intermediaries") who are instrumental in effecting investments by their clients or customers in a Portfolio, in an amount up to 1% of the value of those investments. The Distributor may also from time to time, at its expense from its own resources, make payments to Financial Intermediaries that provide shareholder servicing, or transaction processing, with such payments structured as a percentage of gross sales, a percentage of net assets, and/or as a fixed dollar amount (the latter as a per account fee or as reimbursement for transactions processing and transmission charges). Payments under these other arrangements may vary but generally will not exceed 0.50% annually of Portfolio assets or 0.50% annually of Portfolio sales attributable to that Financial Intermediary. The Distributor determines whether to make any additional cash payments and the amount of any such payments in response to requests from Financial Intermediaries, based on factors the Distributor deems relevant. Factors considered by the Distributor generally include the Financial Intermediary's reputation, ability to attract and retain assets for a Portfolio, expertise in distributing a particular class of shares of the Portfolio, entry into target markets, and/or quality of service. In addition, the Distributor may make payments to dealer firms in the form of payments for marketing support, seminar support, training meetings, or comparable expenses in the discretion of the Distributor. Please contact your Financial Intermediary for details about revenue sharing payments it may receive. Any payments described above will not change the price paid by investors for the purchase of shares of a Portfolio or the amount of proceeds received by a Portfolio on the sale of shares.

**Redemptions by the Portfolios.** If your account, excluding asset-based fee program accounts and accounts held with certain intermediaries, falls below the minimum initial investment amount of the share class in which you are invested, a Portfolio may redeem all the Portfolio shares within your account after giving you 60 days' prior written notice. You may avoid having your account redeemed during the notice period by investing additional amounts up to the minimum initial investment amount.

The Portfolios and their agents reserve the right at any time to reject or cancel all or any part of any purchase or exchange order and to redeem all Portfolio shares if it suspects the shareholder is engaged in, or has engaged in, abusive trading practices and/or violations of any applicable securities laws. When an exchange request in respect of Portfolio shares is rejected, such shares may be redeemed from the Portfolio on request of the shareholder. In addition, the Portfolio reserves the right to modify any terms or conditions of purchase of shares of the Portfolio or suspend, change or withdraw all or any part of the offering made by this

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prospectus. If the Portfolio rejects your purchase or exchange order, you may not be able to execute that transaction, and the Portfolios and their agents will not be responsible for any losses you may suffer as a result.

**Lost Shareholders, Inactive Accounts and Unclaimed Property.** It is important that each Portfolio maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to a Portfolio. Based upon statutory requirements for returned mail, the Portfolio will attempt to locate the shareholder or rightful owner of the account. If the Portfolio is unable to locate the shareholder, then it will determine whether the shareholder's account would legally be considered abandoned. Your account may be transferred to the state government of your state of residence if no shareholder initiated activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. Each Portfolio is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction.

**If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.** 

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**Hypothetical Investment and Expense Information**

Hypothetical investment and expense information, which is not required to be included in this Prospectus by the SEC, is presented in the chart below. This information is intended to reflect the annual and cumulative effect of a Portfolio's expenses, including advisory fees and other Portfolio costs, on each Portfolio's total return based on NAV over a 10-year period. The example assumes the following:

● You invest $10,000 in the Portfolio and hold it for the entire 10-year period; and

● Your investment has a 5% return before expenses each year.

There is no assurance that the stated annual expense ratio will be the expense ratio for the Portfolio classes for any of the years shown. To the extent that the Manager and any of its affiliates alter any fee waivers and/or expense reimbursements pursuant to a voluntary or contractual arrangement, your actual expenses may be higher or lower. This is only a hypothetical presentation made to illustrate what expenses would be under the above scenarios. Your actual expenses are likely to differ (higher or lower) from those shown below.

**Alger Capital Appreciation Portfolio** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I-2 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 8.28% | &nbsp;&nbsp; 12.68% | &nbsp;&nbsp; 17.26% | &nbsp;&nbsp; 22.02% | &nbsp;&nbsp; 26.97% | &nbsp;&nbsp; 32.13% | &nbsp;&nbsp; 37.49% | &nbsp;&nbsp; 43.07% | &nbsp;&nbsp; 48.88% |
| **End Investment Balance** | &nbsp;&nbsp; $10406 | &nbsp;&nbsp; $10828 | &nbsp;&nbsp; $11268 | &nbsp;&nbsp; $11726 | &nbsp;&nbsp; $12202 | &nbsp;&nbsp; $12697 | &nbsp;&nbsp; $13213 | &nbsp;&nbsp; $13749 | &nbsp;&nbsp; $14307 | &nbsp;&nbsp; $14888 |
| **Annual Expense** | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $108 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $117 | &nbsp;&nbsp; $122 | &nbsp;&nbsp; $127 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $137 |

---

**Alger Large Cap Growth Portfolio** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I-2 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 8.47% | &nbsp;&nbsp; 12.97% | &nbsp;&nbsp; 17.66% | &nbsp;&nbsp; 22.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 32.93% | &nbsp;&nbsp; 38.44% | &nbsp;&nbsp; 44.19% | &nbsp;&nbsp; 50.17% |
| **End Investment Balance** | &nbsp;&nbsp; $10415 | &nbsp;&nbsp; $10847 | &nbsp;&nbsp; $11297 | &nbsp;&nbsp; $11766 | &nbsp;&nbsp; $12255 | &nbsp;&nbsp; $12763 | &nbsp;&nbsp; $13293 | &nbsp;&nbsp; $13844 | &nbsp;&nbsp; $14419 | &nbsp;&nbsp; $15017 |
| **Annual Expense** | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $98 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $106 | &nbsp;&nbsp; $111 | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $120 | &nbsp;&nbsp; $125 |

---

**Alger Mid Cap Growth Portfolio** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I-2 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 8.33% | &nbsp;&nbsp; 12.75% | &nbsp;&nbsp; 17.35% | &nbsp;&nbsp; 22.13% | &nbsp;&nbsp; 27.12% | &nbsp;&nbsp; 32.30% | &nbsp;&nbsp; 37.70% | &nbsp;&nbsp; 43.32% | &nbsp;&nbsp; 49.17% |
| **End Investment Balance** | &nbsp;&nbsp; $10408 | &nbsp;&nbsp; $10833 | &nbsp;&nbsp; $11275 | &nbsp;&nbsp; $11735 | &nbsp;&nbsp; $12213 | &nbsp;&nbsp; $12712 | &nbsp;&nbsp; $13230 | &nbsp;&nbsp; $13770 | &nbsp;&nbsp; $14332 | &nbsp;&nbsp; $14917 |
| **Annual Expense** | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $98 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $106 | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $119 | &nbsp;&nbsp; $124 | &nbsp;&nbsp; $129 | &nbsp;&nbsp; $135 |

---

**Alger Small Cap Growth Portfolio** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I-2 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 8.22% | &nbsp;&nbsp; 12.58% | &nbsp;&nbsp; 17.12% | &nbsp;&nbsp; 21.84% | &nbsp;&nbsp; 26.75% | &nbsp;&nbsp; 31.86% | &nbsp;&nbsp; 37.17% | &nbsp;&nbsp; 42.70% | &nbsp;&nbsp; 48.45% |
| **End Investment Balance** | &nbsp;&nbsp; $10403 | &nbsp;&nbsp; $10822 | &nbsp;&nbsp; $11258 | &nbsp;&nbsp; $11712 | &nbsp;&nbsp; $12184 | &nbsp;&nbsp; $12675 | &nbsp;&nbsp; $13186 | &nbsp;&nbsp; $13717 | &nbsp;&nbsp; $14270 | &nbsp;&nbsp; $14845 |
| **Annual Expense** | &nbsp;&nbsp; $99 | &nbsp;&nbsp; $103 | &nbsp;&nbsp; $107 | &nbsp;&nbsp; $111 | &nbsp;&nbsp; $116 | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $125 | &nbsp;&nbsp; $130 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $141 |

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**Alger Growth & Income Portfolio** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I-2 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 8.66% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; 18.07% | &nbsp;&nbsp; 23.08% | &nbsp;&nbsp; 28.29% | &nbsp;&nbsp; 33.73% | &nbsp;&nbsp; 39.40% | &nbsp;&nbsp; 45.31% | &nbsp;&nbsp; 51.48% |
| **End Investment Balance** | &nbsp;&nbsp; $10424 | &nbsp;&nbsp; $10866 | &nbsp;&nbsp; $11327 | &nbsp;&nbsp; $11807 | &nbsp;&nbsp; $12308 | &nbsp;&nbsp; $12829 | &nbsp;&nbsp; $13373 | &nbsp;&nbsp; $13940 | &nbsp;&nbsp; $14531 | &nbsp;&nbsp; $15148 |
| **Annual Expense** | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $108 | &nbsp;&nbsp; $113 |

---

**Alger Balanced Portfolio** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I-2 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 8.28% | &nbsp;&nbsp; 12.68% | &nbsp;&nbsp; 17.26% | &nbsp;&nbsp; 22.02% | &nbsp;&nbsp; 26.97% | &nbsp;&nbsp; 32.13% | &nbsp;&nbsp; 37.49% | &nbsp;&nbsp; 43.07% | &nbsp;&nbsp; 48.88% |
| **End Investment Balance** | &nbsp;&nbsp; $10406 | &nbsp;&nbsp; $10828 | &nbsp;&nbsp; $11268 | &nbsp;&nbsp; $11726 | &nbsp;&nbsp; $12202 | &nbsp;&nbsp; $12697 | &nbsp;&nbsp; $13213 | &nbsp;&nbsp; $13749 | &nbsp;&nbsp; $14307 | &nbsp;&nbsp; $14888 |
| **Annual Expense** | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $100 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $108 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $117 | &nbsp;&nbsp; $122 | &nbsp;&nbsp; $127 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $137 |

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**Financial Highlights**

The financial highlights tables are intended to help you understand each Portfolio's financial performance for the periods shown. Certain information reflects financial results for a single Portfolio share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the Portfolio (assuming reinvestment of all dividends and distributions). The information in the tables for the fiscal years ended December 31 has been audited by Deloitte & Touche LLP, whose report, along with each Portfolio's financial statements, is included in each Portfolio's annual report on Form N-CSR, which is available upon request.

Note that the Portfolios' financial highlights do not reflect charges and deductions which are, or may be, imposed under variable annuity contracts, variable life insurance policies, or pension or retirement plans. Such charges and deductions are described in the prospectus for the contract or policy accompanying this Prospectus or in the plan documents.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $115.87 | &nbsp;&nbsp; $78.22 | &nbsp;&nbsp; $54.65 | &nbsp;&nbsp; $94.33 | &nbsp;&nbsp; $99.96 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.52) |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;38.02 | &nbsp;&nbsp;&nbsp;&nbsp;38.07 | &nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp; (34.22) | &nbsp;&nbsp;&nbsp;&nbsp;19.51 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;37.18 | &nbsp;&nbsp;&nbsp;&nbsp;37.65 | &nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp; (34.30) | &nbsp;&nbsp;&nbsp;&nbsp;18.99 |
| Distributions from net realized gains | &nbsp;&nbsp; (24.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.38) | &nbsp;&nbsp; (24.62) |
| Net asset value, end of period | &nbsp;&nbsp; $128.85 | &nbsp;&nbsp; $115.87 | &nbsp;&nbsp; $78.22 | &nbsp;&nbsp; $54.65 | &nbsp;&nbsp; $94.33 |
| **Total return**<sup>(b)</sup> | &nbsp;&nbsp; **32.87%** | &nbsp;&nbsp; **48.13%** | &nbsp;&nbsp; **43.13%** | &nbsp;&nbsp; **(36.52)%** | &nbsp;&nbsp; **19.13%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $705117 | &nbsp;&nbsp; $600471 | &nbsp;&nbsp; $392988 | &nbsp;&nbsp; $317119 | &nbsp;&nbsp; $584908 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.43)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.11)% | &nbsp;&nbsp; (0.47)% |
| Portfolio turnover rate | &nbsp;&nbsp; 75.67% | &nbsp;&nbsp; 66.83%<sup>(c)</sup> | &nbsp;&nbsp; 79.29% | &nbsp;&nbsp; 107.04% | &nbsp;&nbsp; 89.50% |

---

&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) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Large Cap Growth Portfolio** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<sup>(a)</sup><br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $89.20 | &nbsp;&nbsp; $62.42 | &nbsp;&nbsp; $47.05 | &nbsp;&nbsp; $81.08 | &nbsp;&nbsp; $93.41 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;27.05 | &nbsp;&nbsp;&nbsp;&nbsp;27.00 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp; (31.11) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;26.47 | &nbsp;&nbsp;&nbsp;&nbsp;26.78 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp; (31.25) | &nbsp;&nbsp;&nbsp;&nbsp;10.97 |
| Distributions from net realized gains | &nbsp;&nbsp; (12.50) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (23.30) |
| Net asset value, end of period | &nbsp;&nbsp; $103.17 | &nbsp;&nbsp; $89.20 | &nbsp;&nbsp; $62.42 | &nbsp;&nbsp; $47.05 | &nbsp;&nbsp; $81.08 |
| **Total return**<sup>(c)</sup> | &nbsp;&nbsp; **30.27%** | &nbsp;&nbsp; **42.89%** | &nbsp;&nbsp; **32.67%** | &nbsp;&nbsp; **(38.65)%** | &nbsp;&nbsp; **11.84%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $431436 | &nbsp;&nbsp; $371400 | &nbsp;&nbsp; $294334 | &nbsp;&nbsp; $241356 | &nbsp;&nbsp; $420951 |
| Ratio of gross expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.82% |
| Ratio of expense reimbursements to average net assets | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.02)% |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.80% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.58)% | &nbsp;&nbsp; (0.29)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.10)% |
| Portfolio turnover rate | &nbsp;&nbsp; 91.00% | &nbsp;&nbsp; 68.97% | &nbsp;&nbsp; 103.22% | &nbsp;&nbsp; 78.40% | &nbsp;&nbsp; 69.92% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class S Shares were converted into Class I-2 Shares after the close of business on June 3, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of gross expenses to average net assets does not reflect acquired fund fees and expenses.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap Growth Portfolio** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<sup>(a)</sup><br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $20.40 | &nbsp;&nbsp; $16.85 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $22.18 | &nbsp;&nbsp; $33.25 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.17) |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp; (7.94) | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp; (7.99) | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (12.23) |
| Net asset value, end of period | &nbsp;&nbsp; $23.82 | &nbsp;&nbsp; $20.40 | &nbsp;&nbsp; $16.85 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $22.18 |
| **Total return**<sup>(c)</sup> | &nbsp;&nbsp; **16.77%** | &nbsp;&nbsp; **21.07%** | &nbsp;&nbsp; **23.17%** | &nbsp;&nbsp; **(36.07)%** | &nbsp;&nbsp; **4.20%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $156140 | &nbsp;&nbsp; $147698 | &nbsp;&nbsp; $133905 | &nbsp;&nbsp; $117234 | &nbsp;&nbsp; $190131 |
| Ratio of gross expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.92% |
| Ratio of expense reimbursements to average net assets | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.02)% |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.64)% | &nbsp;&nbsp; (0.35)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.31)% | &nbsp;&nbsp; (0.50)% |
| Portfolio turnover rate | &nbsp;&nbsp; 87.86% | &nbsp;&nbsp; 61.95% | &nbsp;&nbsp; 71.82% | &nbsp;&nbsp; 156.64% | &nbsp;&nbsp; 194.35% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class S Shares were converted into Class I-2 Shares after the close of business on June 3, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio of gross expenses to average net assets does not reflect acquired fund fees and expenses.

------

Prospectus 49/51

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Small Cap Growth Portfolio** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $17.81 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.19 | &nbsp;&nbsp; $27.88 | &nbsp;&nbsp; $44.78 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.38) |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (10.38) | &nbsp;&nbsp; (2.65) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp; (10.51) | &nbsp;&nbsp; (3.03) |
| Dividends from net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized gains | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.18) | &nbsp;&nbsp; (13.87) |
| Return of capital | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $18.64 | &nbsp;&nbsp; $17.81 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.19 | &nbsp;&nbsp; $27.88 |
| **Total return**<sup>(b)</sup> | &nbsp;&nbsp; **5.91%** | &nbsp;&nbsp; **8.13%** | &nbsp;&nbsp; **16.49%** | &nbsp;&nbsp; **(38.01)%** | &nbsp;&nbsp; **(6.06)%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $145107 | &nbsp;&nbsp; $150208 | &nbsp;&nbsp; $158925 | &nbsp;&nbsp; $149271 | &nbsp;&nbsp; $261268 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; (0.61)% | &nbsp;&nbsp; (0.63)% | &nbsp;&nbsp; (0.85)% |
| Portfolio turnover rate | &nbsp;&nbsp; 40.64% | &nbsp;&nbsp; 51.26% | &nbsp;&nbsp; 34.48% | &nbsp;&nbsp; 12.97% | &nbsp;&nbsp; 34.38% |

---

&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) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

------

Prospectus 50/51

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Growth & Income Portfolio** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $33.31 | &nbsp;&nbsp; $27.41 | &nbsp;&nbsp; $23.11 | &nbsp;&nbsp; $29.53 | &nbsp;&nbsp; $24.34 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp; (4.78) | &nbsp;&nbsp;&nbsp;&nbsp;7.29 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp;&nbsp;&nbsp;7.64 |
| Dividends from net investment income | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.32) |
| Distributions from net realized gains | &nbsp;&nbsp; (4.41) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (2.13) |
| Net asset value, end of period | &nbsp;&nbsp; $35.12 | &nbsp;&nbsp; $33.31 | &nbsp;&nbsp; $27.41 | &nbsp;&nbsp; $23.11 | &nbsp;&nbsp; $29.53 |
| **Total return**<sup>(b)</sup> | &nbsp;&nbsp; **20.82%** | &nbsp;&nbsp; **22.66%** | &nbsp;&nbsp; **23.93%** | &nbsp;&nbsp; **(14.98)%** | &nbsp;&nbsp; **31.66%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $47401 | &nbsp;&nbsp; $42522 | &nbsp;&nbsp; $37821 | &nbsp;&nbsp; $32577 | &nbsp;&nbsp; $41056 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.86% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover rate | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 3.34% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 5.19% |

---

&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) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

------

Prospectus 51/51

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Balanced Portfolio** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** | **Class I-2** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $22.12 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $16.40 | &nbsp;&nbsp; $19.59 | &nbsp;&nbsp; $17.05 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp; (2.41) | &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| Dividends from net investment income | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.16) |
| Distributions from net realized gains | &nbsp;&nbsp; (2.42) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.55) |
| Net asset value, end of period | &nbsp;&nbsp; $22.56 | &nbsp;&nbsp; $22.12 | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp; $16.40 | &nbsp;&nbsp; $19.59 |
| **Total return**<sup>(b)</sup> | &nbsp;&nbsp; **16.15%** | &nbsp;&nbsp; **17.07%** | &nbsp;&nbsp; **17.43%** | &nbsp;&nbsp; **(11.31)%** | &nbsp;&nbsp; **19.12%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $65536 | &nbsp;&nbsp; $61285 | &nbsp;&nbsp; $55996 | &nbsp;&nbsp; $51917 | &nbsp;&nbsp; $62321 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.88% |
| Portfolio turnover rate | &nbsp;&nbsp; 10.47% | &nbsp;&nbsp; 12.82% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 9.47% | &nbsp;&nbsp; 11.10% |

---

&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) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

------

**For Information:** 

---

| | |
|:---|:---|
| **By Telephone:** | (800) 992-3863 |
| **By Mail:** | &nbsp;&nbsp; Alger Family of Funds<br> c/o UMB Fund Services, Inc.<br> P.O. Box 2175<br> Milwaukee, WI 53212-2175<br>|
| **Online** | Text versions of Portfolio documents can be downloaded from the following sources: |
|  | ●The Portfolio: http://www.alger.com/fundliterature |
|  | ●SEC (EDGAR data base): www.sec.gov |

---

**Statement of Additional Information** 

For more detailed information about each Portfolio and its policies, please read each Portfolio's SAI, which is incorporated by reference into (is legally made a part of) this Prospectus. You can get a free copy of the SAI by calling the Portfolios' toll-free number, at the Portfolios' website at www.alger.com/fundliterature or by writing to the address above. The SAI is on file with the SEC.

**Annual and Semi-Annual Reports and Form N-CSR** 

Additional information about a Portfolio's investments is available in the Portfolio's annual and semi-annual reports to shareholders and in Form N-CSR. In each Portfolio's annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Portfolio's performance during the period covered by the report. In Form N-CSR, you will find a Portfolio's annual and semi-annual financial statements. You can receive free copies of these reports by calling the Portfolios' toll-free number, at the Portfolios' website at www.alger.com/fundliterature or by writing to the address above. Copies can also be obtained for a duplicating fee by E-mail request to publicinfo@sec.gov. Portfolio documents are also available on the EDGAR database on the SEC's Internet site at www.sec.gov.

**Distributor: Fred Alger & Company, LLC** 

The Alger Portfolios SEC File #811-5550

------

![](g269788img80824e4510.jpg)

**This is not part of the prospectus.**

![](g269788img7e3cc35b11.gif)

------

![](g269788img786cecbc1.gif)

**April 30, 2026**

![](g269788imgcca395b92.gif)

**This is not part of the prospectus.** 

------

![](g269788imgef7b95483.jpg)

**Prospectus** April 30, 2026

---

| |
|:---|
| **Class S Shares** |
| **Alger Capital Appreciation Portfolio** |

---

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

---

| | |
|:---|:---|
| **A pooled funding vehicle for:** | **●qualified pension plans** |
| **A pooled funding vehicle for:** | **●qualified retirement plans** |
| **A pooled funding vehicle for:** | **●variable annuity contracts** |
| **A pooled funding vehicle for:** | **●variable life insurance policies** |

---

The Securities and Exchange Commission has not determined if the information in this Prospectus is accurate or complete, nor has it approved or disapproved these securities. It is a criminal offense to represent otherwise.

------

**Table of Contents** 

---

| | | |
|:---|:---|:---|
| **[THE ALGER PORTFOLIOS](#xx_447306af-27d7-4c7b-991e-ef7649a90b7f_1)** | **[THE ALGER PORTFOLIOS](#xx_447306af-27d7-4c7b-991e-ef7649a90b7f_1)** | **[THE ALGER PORTFOLIOS](#xx_447306af-27d7-4c7b-991e-ef7649a90b7f_1)** |
| **1** | **[Summary Section](#xx_447306af-27d7-4c7b-991e-ef7649a90b7f_1)** | **[Summary Section](#xx_447306af-27d7-4c7b-991e-ef7649a90b7f_1)** |
|  | 1 | [Alger Capital Appreciation Portfolio](#xx_447306af-27d7-4c7b-991e-ef7649a90b7f_1) |
| **6** | **[Investment Objective, Principal Investment Strategies and Related Risks](#xx_924d1672-7db4-4dbd-bc6e-3c309df1e2c0_1)** | **[Investment Objective, Principal Investment Strategies and Related Risks](#xx_924d1672-7db4-4dbd-bc6e-3c309df1e2c0_1)** |
|  | 6 | [Investment Objective](#xx_924d1672-7db4-4dbd-bc6e-3c309df1e2c0_1) |
|  | 6 | [Principal Investment Strategies](#xx_924d1672-7db4-4dbd-bc6e-3c309df1e2c0_1) |
|  | 7 | [Principal Risks](#xx_924d1672-7db4-4dbd-bc6e-3c309df1e2c0_2) |
| **10** | **[Management and Organization](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_1)** | **[Management and Organization](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_1)** |
|  | 10 | [Manager](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_1) |
|  | 10 | [Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Portfolio](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_1) |
|  | 10 | [Administrator](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_1) |
| **11** | **[Shareholder Information](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_2)** | **[Shareholder Information](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_2)** |
|  | 11 | [Distributor](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_2) |
|  | 11 | [Transfer Agent](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_2) |
|  | 11 | [Net Asset Value](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_2) |
|  | 12 | [Dividends and Distributions and Tax Consequences](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_3) |
|  | 12 | [Classes of Shares](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_3) |
|  | 13 | [Purchasing and Redeeming Shares](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_4) |
|  | 13 | [Limitations on Excessive Trading](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_4) |
|  | 14 | [Disclosure of Portfolio Holdings](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_5) |
|  | 14 | [Other Information](#xx_8247ed51-2b34-47c4-a74a-1514ce6ba07c_5) |
| **16** | **[Hypothetical Investment and Expense Information](#xx_ea9cb82c-439b-420d-a276-b105f5e795e9_1)** | **[Hypothetical Investment and Expense Information](#xx_ea9cb82c-439b-420d-a276-b105f5e795e9_1)** |
| **17** | **[Financial Highlights](#xx_9ff7f2e2-a736-43a8-9207-807c7313d7c7_1)** | **[Financial Highlights](#xx_9ff7f2e2-a736-43a8-9207-807c7313d7c7_1)** |
| **Back Cover:[For Information](#xx_757daa7e-f0b4-477e-9271-ed273cfac13f_1)** | **Back Cover:[For Information](#xx_757daa7e-f0b4-477e-9271-ed273cfac13f_1)** | **Back Cover:[For Information](#xx_757daa7e-f0b4-477e-9271-ed273cfac13f_1)** |

---

------

Prospectus 1/17

------

**Summary Section**

**Alger Capital Appreciation Portfolio**

**Investment Objective**

Alger Capital Appreciation Portfolio seeks long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. The table does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If it did, the fees would be higher. Please refer to your variable annuity contract or your variable life insurance policy (the "Contract") prospectus for information on these fees associated with your Contract.

**Shareholder Fees**

(fees paid directly from your investment)

**Class S**<br>

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
|  | **Class S** |
| Advisory Fees\* | 0.81% |
| Distribution and/or Service (12b-1) Fees | 0.25% |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 1.19% |

---

\*

The Portfolio and Fred Alger Management, LLC (the "Manager") have adopted fee breakpoints for the Portfolio. The advisory fee for assets up to $2 billion is .81%, for assets between $2 billion and $3 billion is .65%, for assets between $3 billion and $4 billion is .60%, for assets between $4 billion and $5 billion is .55%, and for assets in excess of $5 billion is .45%. The actual rate paid as a percentage of average daily net assets for the year ended December 31, 2025 was .81%.

**Example**

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other funds. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The example does not reflect fees, expenses, or charges that may be imposed by the separate accounts of life insurance companies or qualified pension or retirement plans. If it did, the expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class S** | &nbsp;&nbsp;&nbsp;&nbsp; $121 | &nbsp;&nbsp;&nbsp;&nbsp; $378 | &nbsp;&nbsp;&nbsp;&nbsp; $654 | &nbsp;&nbsp;&nbsp;&nbsp; $1443 |

---

**Portfolio Turnover**

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's turnover rate was 75.67% of the average value of its portfolio.

**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

------

Prospectus 2/17

------

Under normal market circumstances, the Portfolio invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that the Manager believes demonstrate promising growth potential. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges.

The Portfolio may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive.

The Portfolio may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, consumer discretionary, and communication services sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

The Portfolio can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.

The Portfolio can invest in foreign securities.

The Portfolio may invest in cash (and cash equivalents) when the Portfolio is unable to find enough attractive long-term investments to meet its investment objective, to meet redemptions and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Portfolio's net assets.

The Portfolio is classified as diversified within the meaning of the Investment Company Act of 1940, as amended. The diversification of the Portfolio's holdings is measured at the time the Portfolio purchases a security. Because of its long-term approach, the Portfolio could have a significant percentage of its assets invested in securities that have appreciated beyond their market capitalizations at the time of the Portfolio's investment.

**Principal Risks**

An investment in the Portfolio involves risks. The Portfolio's share price may go down, which means you could lose money. An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Portfolio.

**Investment Risk –** An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Also, the Portfolio's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Sector Risk –** The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to

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be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Consumer Discretionary Sector Risk – The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

**Privately Placed Securities Risk** – A private placement is an offering of a company's securities that is not registered with the Securities and Exchange Commission (the "SEC") and is not offered to the public. The issuers of privately placed securities are not typically subject to the same oversight and regulatory requirements, including disclosure and other investor protection requirements, to which public issuers are subject, and there may be very little public information available about the issuers and their performance, which can make it more difficult to value the securities and assess the risks of investment. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid. Privately placed securities are generally fair valued as they are not traded frequently. The price that the Portfolio could receive upon the sale (or other disposition) of the security may differ from the Portfolio's valuation of the security and, therefore, the price received upon the sale of an investment may be less than the value ascribed by the Portfolio and the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Portfolio may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Portfolio to be less liquid. As a result, investments in private placements can result in substantial or complete losses.

**Foreign Securities Risk –** The Portfolio's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of comprehensive company information, political instability, differing audit, regulatory, and legal standards and lack of financial reporting standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

**Cash Position Risk –** At times, the Portfolio may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's performance from year to year. The bar chart shows how the Portfolio's average annual returns have varied over the indicated periods. The table shows how the Portfolio's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market and a more narrowly based index that reflects the market sectors in which the Portfolio invests. The Portfolio's additional index, the Russell 1000 Growth Index, is an index of common stocks designed to track performance of large capitalization companies with greater than average growth orientation. Performance in the bar chart does not reflect fees, expenses, or charges that may be imposed by qualified pension or retirement plans or under variable annuity contracts or variable life insurance policies. If the bar chart reflected the applicable fees, expenses, or charges, returns would be less than those shown. The Portfolio's past performance is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Portfolio's website www.alger.com.

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**Annual Total Return for Class S Shares** *as of December 31 (%)*

![](g269788img32acc5544.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2025 | 28.94% | **Worst Quarter:** | Q2 2022 | -24.88% |

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**Average Annual Total Return as of December 31, 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Class S** | &nbsp;&nbsp;&nbsp;&nbsp; 32.51% | &nbsp;&nbsp;&nbsp;&nbsp; 16.04% | &nbsp;&nbsp;&nbsp;&nbsp; 17.86% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/2002 |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.42% | &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |  |
| **Russell 1000 Growth Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 18.56% | &nbsp;&nbsp;&nbsp;&nbsp; 15.32% | &nbsp;&nbsp;&nbsp;&nbsp; 18.13% |  |

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**Management** 

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| | |
|:---|:---|
| **Investment Manager** | &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of** <br> **the Portfolio**<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Dan C. Chung, CFA**<br> Chief Executive Officer, Chief Investment Officer and Portfolio Manager<br> Since February 2021<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Patrick Kelly, CFA**<br> Executive Vice President, Head of Alger Capital Appreciation and Spectra Strategies and <br> Portfolio Manager<br> Since September 2004<br>|
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Ankur Crawford, Ph.D.**<br> Executive Vice President and Portfolio Manager<br> From June 2015 to February 2021; and<br> From March 2021 to Present<br>|

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**Shareholder Information**

**Purchasing and Redeeming Shares**

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension or retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio shares are held in the names of the separate accounts and plans.

Effective April 30, 2021, the Board of Trustees authorized a partial closing of Class S shares of the Portfolio. Existing investors that hold Class S shares who had an open account with the Portfolio on April 30, 2021 may continue to invest in additional Class S

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shares of the Portfolio through exchanges, dividend reinvestment and additional purchases as provided herein. The Portfolio may resume sales to all investors (or further suspend sales) at a future date.

**Tax Information**

If you have invested through the separate account of a life insurance company or through a qualified pension or retirement plan, please consult the Prospectus or other information provided to you by your participating life insurance company or qualified pension or retirement plan regarding the federal income taxation of your policy or plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and/or the Manager or the Portfolio's distributor may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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**Investment Objective, Principal Investment Strategies and Related Risks**

The investment objective, principal strategy and primary risks of the Portfolio are discussed individually in the Portfolio's Summary Section in this Prospectus. The Portfolio's investment objective is a non-fundamental investment policy and may be changed by the Board of Trustees (the "Board") without shareholder approval. The Portfolio will provide its shareholders with at least 60 days' prior notice of any change to its investment objective. The Portfolio may, from time to time, take temporary defensive positions that are inconsistent with the Portfolio's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. The Portfolio may not achieve its investment objective while in a temporary defensive position.

The Portfolio's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

The Portfolio, in the Summary Section, compares its performance to a broad-based index that represents the overall applicable market. The Portfolio also uses a more narrowly based index in the Summary that the Manager believes reflects the market sectors in which the Portfolio invests. No expenses, fees or taxes are reflected in the returns for the index, which is unmanaged. All returns for the index assume reinvestment of dividends and interest of the underlying securities that make up the index. Investors cannot invest directly in the index.

● Russell 1000 Growth Index: measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.

● S&P 500 Index: An index of large company stocks considered to be representative of the U.S. stock market.

**Additional Information About the Portfolio's Investment Strategies and Investments**

**Investment Objective**

Alger Capital Appreciation Portfolio seeks long-term capital appreciation.

**Principal Investment Strategies**

The following are the Portfolio's investment process and principal investment strategies. The Portfolio may invest in other securities that are not its principal strategy, and such strategies and related risks are described in more detail in the Portfolio's Statement of Additional Information ("SAI").

The Portfolio invests primarily in equity securities. The Portfolio's investments in equity securities are primarily in common or preferred stocks, but its equity investments may also include securities convertible into or exchangeable for equity securities (including warrants and rights) and depositary receipts. The Portfolio invests primarily in companies whose securities are traded on U.S. or foreign exchanges.

The Portfolio's equity investments are primarily in "growth" stocks. The Portfolio's investment manager, Fred Alger Management, LLC ("Alger Management" or the "Manager"), believes that these companies tend to fall into one of two categories:

● **High Unit Volume Growth**

Vital, creative companies that offer goods or services to a rapidly expanding marketplace. They include both established and emerging firms, exercising market dominance, offering new or improved products, or simply fulfilling an increased demand for an existing product line.

● **Positive Life Cycle Change**

Companies experiencing a major change which is expected to produce advantageous results. These changes may be as varied as new management, products or technologies; restructuring or reorganization; regulatory change; or merger and acquisition.

**ESG Integration** 

Although the Portfolio does not seek to implement a specific environmental, social and governance ("ESG"), impact or sustainability strategy unless otherwise disclosed, the Manager has sought to integrate ESG considerations into its investment process through the use of both third-party ESG specific information and its own proprietary research. Specifically, with respect to no less than 75% of the Manager's assets under management, the Manager evaluates a company's ESG factors and, based on such factors, may engage with the company to (i) identify drivers of poor ESG metrics; (ii) interview management with key questions about ESG issues; and (iii) evaluate the prospect of positive ESG change within a company. Upon conclusion of this engagement, a report is published to the Manager's research database to ensure that all portfolio managers have access to the report summarizing the company's ESG issues, the results of any meeting/interview with the company, an ESG rating of the

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company and any other relevant factors. The author of each report will meet with portfolio managers as necessary to discuss the ESG report and the impact the report may have on the overall investment view of the company.

The Manager may change the sources for such ESG information, including by adding or modifying the information it receives from third-party firms, selecting different third-party firms, using company-provided information, or performing different or additional internal assessments. To assist with efforts to incorporate ESG considerations into the investment process, all of the Manager's investment professionals have access to company-specific ESG reports. The Manager has established an ESG steering committee comprised of executive management and senior investment professionals to oversee this process.

ESG characteristics are not the sole considerations when making investment decisions for the Portfolio. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Portfolio may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect the Portfolio's exposure to certain companies or industries and the Portfolio may forego certain investment opportunities. While the Manager views ESG considerations as having the potential to contribute to the Portfolio's long-term performance, there is no guarantee that such results will be achieved.

**Use of Artificial Intelligence** 

The Manager integrates artificial intelligence ("AI") into its operations through the use of certain third-party vendors and large language model platforms. Specifically, the Manager may utilize large language model platforms to perform research or provide assistance with other tasks. Additionally, the Manager utilizes vendors that use AI in their business operations, including analytical, technological or computational function, algorithm model, correlation matrices, or similar methods or processes that optimizes for, predicts, guides, forecasts, or directs business-related behaviors or outcomes. Such information is then incorporated by the Manager into its investment, sales or administrative processes.

If the content and analyses that AI applications assist the Manager in producing are or are alleged to be deficient, inaccurate, or biased, the Portfolio may be adversely affected. Additionally, AI tools used by the Manager may produce inaccurate, misleading or incomplete responses that could lead to errors in the Manager's decision-making, portfolio management or other business activities, which could have a negative impact on the Portfolio's performance. Legal and regulatory changes, particularly related to information privacy and data protection, may have an impact on AI, and may additionally impact the Portfolio. AI tools and technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is not possible to predict the full extent of future applications or regulations and the associated risks to the Portfolio.

**Principal Risks**

This section contains a discussion of the general risks of investing in the Portfolio. The "Investment Strategies and Policies" section in the SAI also includes more information about the Portfolio and its investments and the related risks. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. As with any fund, an investment in the Portfolio involves risks.

***Investment Risk*** 

An investment in the Portfolio is subject to investment risk, including the possible loss of the entire principal amount that you invest.

***Market Risk*** 

Your investment in Portfolio shares represents an indirect investment in the securities owned by the Portfolio. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Portfolio shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Portfolio dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Portfolio and its investments.

***Equity Securities Risk*** 

As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Portfolio's price per share will fluctuate due to changes in the market prices of its investments. Because stock markets tend to move in cycles, stock prices overall may decline. A particular stock's market value may decline as a result of general market conditions that are not related to the issuing company (*e.g.*, adverse economic conditions or investor sentiment) or due to factors that affect the particular company (*e.g.*, management performance or factors affecting the industry). Also, the Portfolio's

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investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

***Growth Securities Risk*** 

Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Portfolio may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value. Expected growth may not be realized.

***Foreign Securities Risk*** 

Investing in foreign securities involves risks related to the political, social and economic conditions of foreign countries, particularly emerging market countries. These risks may include political instability, exchange control regulations, expropriation, lack of comprehensive information, national policies restricting foreign investment, currency fluctuations, lack of liquidity, potential for market manipulation, less developed or less efficient trading markets, limited access to reliable capital, lack of comprehensive company information, political instability, differing auditing, regulatory and legal standards and lack of accounting and financial reporting standards, inflation and rapid fluctuations in inflation, withholding or other taxes, and operational risks. There may be less stringent government supervision and oversight of foreign markets than in the United States. There may be less corporate financial information publicly available, less stringent investor protection and disclosure standards, and differing auditing and legal standards. Additionally, events and evolving conditions in certain markets or regions may alter the risk profile of investments tied to those markets or regions. This may cause investments tied to such markets or regions to become riskier or more volatile, even when investments in such markets or regions were perceived as comparatively stable historically. In addition, foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities.

Investment in securities denominated in foreign currencies is subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by the Portfolio and denominated in those currencies. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls.

Increasingly strained relations between countries, including between the U.S. and traditional allies and/or adversaries, could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade.

***Sector Risk*** 

The Portfolio may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Portfolio more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Portfolio invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Portfolio may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. Technology-related companies are generally heavily dependent on patent and intellectual property rights, which if lost or impaired could negatively impact the company's profitability. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. Technology-related companies are generally heavily dependent on patent and intellectual property rights, which if lost or impaired could negatively impact the company's profitability. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Consumer Discretionary Sector Risk – The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

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

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

***Illiquid Investments Risk*** 

The Portfolio may not invest more than 15% of its net assets in "illiquid" investments. Illiquid investments are investments that the Manager reasonably expects cannot be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Portfolio holds illiquid investments or investments that trade infrequently or in lower volumes, it may be unable to quickly sell them or may be able to sell them only at a price below current value. As a result, the Portfolio may incur a loss upon the sale of such investment in order to timely honor redemptions or may be forced to hold such investments while their price depreciates, which may cause the net asset value of the Portfolio to decline. Illiquid investments may be more difficult to value. The price that the Portfolio could receive upon the sale or disposition of an investment may be different from the Portfolio's valuation of the investment, particularly for investments that trade in lower volumes, investments that are valued using a fair valuation methodology or a price provided by an independent pricing service, or during market turmoil or volatility. As such, the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Illiquid investments may include certain restricted securities (i.e., securities which are subject to legal or contractual restrictions on their resale), including restricted securities governed by Rule 144A under the Securities Act of 1933, as amended, privately placed securities, and repurchase agreements with maturities of greater than seven days. Restricted securities that are determined by the Manager to be liquid are not subject to the 15% limitation.

***Privately Placed Securities Risk*** 

A private placement is an offering of a company's securities that is not registered with the SEC and is not offered to the public. The issuers of privately placed securities are not typically subject to the same oversight and regulatory requirements, including disclosure and other investor protection requirements, to which public issuers are subject, and there may be very little public information available about the issuers and their performance. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid. Privately placed securities are generally fair valued as they are not traded frequently. The Portfolio may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Portfolio to be less liquid. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain privately placed securities at certain times and could make it difficult for the Portfolio to sell these securities. The price that the Portfolio could receive upon the sale (or other disposition) of the security may differ from the Portfolio's valuation of the security and, therefore, the price received upon the sale of an investment may be less than the value ascribed by the Portfolio and the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. As a result of the foregoing, investments in private placements can result in substantial or complete losses.

***Cash Position Risk*** 

The Portfolio may hold up to 15% of its net assets in cash (or cash equivalents) at any time or for an extended time and may hold a significant portion of its assets in cash (or cash equivalents) when taking a temporary defensive position, as described under "Temporary Defensive Investments." The Manager will determine the amount of the Portfolio's assets to be held in cash (or cash equivalents) at its sole discretion, based on such factors as it may consider appropriate under the circumstances. To the extent the Portfolio holds assets in cash and is otherwise uninvested, the ability of the Portfolio to meet its objective may be limited. If the Portfolio holds a large cash position, the Portfolio may under-perform relative to equity securities.

***Temporary Defensive Investments*** 

In times of adverse or unstable market, economic or political conditions, the Portfolio may invest up to 100% of its assets in cash, cash equivalents, money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income securities for temporary defensive reasons. This is to attempt to protect the Portfolio's assets from a temporary, unacceptable risk of loss, rather than directly to promote the Portfolio's investment objective. The Portfolio may also hold these types of securities in an amount up to 15% of net assets, pending the investment of proceeds from the sale of Portfolio shares or portfolio securities or to meet anticipated redemptions of Portfolio shares. The Portfolio may not achieve its investment objective while in a temporary defensive position.

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**Management and Organization**

**Manager**

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

The Manager has been an investment adviser since 1964, and manages investments totaling (at December 31, 2025) approximately $31.2 billion. The Manager has managed the Portfolio since its inception. The Manager is responsible for providing a continuous investment program for the Portfolio, making decisions with respect to all purchases and sales of assets, and placing orders for the investment and reinvestment of Portfolio assets. These advisory responsibilities are subject to the supervision of the Board. A discussion of the Trustees' basis for the approval of the investment advisory agreement between the Trust, on behalf of the Portfolio, and the Manager is available in the Portfolio's annual report to shareholders for its most recent December 31 fiscal year end. The Portfolio pays the Manager advisory fees at the below annual rate based on a percentage of average daily net assets. The actual rate paid as a percentage of average daily net assets, for the fiscal year ended December 31, 2023, is set forth below under the heading "Actual Rate."

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| | | |
|:---|:---|:---|
| **Portfolio** | **Annual Fee as a Percentage of Average Daily Net Assets** | **Actual Rate** |
| Alger Capital Appreciation Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .81% for assets up to $2 billion;<br> .65% for assets between $2 billion and $3 billion;<br> .60% for assets between $3 billion and $4 billion;<br> .55% for assets between $4 billion and $5 billion;<br> .45% for assets in excess of $5 billion<br>| .81% |

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**Portfolio Managers Jointly and Primarily Responsible for Day-to-Day Management of the Portfolio** 

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| | | |
|:---|:---|:---|
| **Portfolio** | **Portfolio Manager(s)** | **Since** |
| **Alger Capital Appreciation Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dan C. Chung, CFA<br> Patrick Kelly, CFA<br> Ankur Crawford, Ph.D.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 2021<br> September 2004<br> June 2015 to February 2021; and March 2021 to Present<br>|

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● Mr. Chung has been employed by the Manager since 1994. He became a portfolio manager in 2000, Chief Investment Officer in 2001, President in 2003, and Chief Executive Officer in 2006.

● Dr. Crawford has been employed by the Manager since 2004. She became a portfolio manager and a Senior Vice President in 2010 and an Executive Vice President in 2019. She served as a Vice President and an Analyst from 2007 to 2010, and a Senior Analyst from 2010 to 2016.

● Mr. Kelly has been employed by the Manager since 1999. He became a portfolio manager in 2004, an Executive Vice President in 2008, and the Head of Alger Capital Appreciation and Spectra Strategies in 2015.

The SAI provides additional information about the portfolio managers' compensation, other accounts that they manage, and their ownership of securities of the Portfolio.

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

**Administrator**

Pursuant to a separate Fund Administration Agreement, the Manager also provides administrative services to the Portfolio, including, but not limited to: providing office space, telephone, office equipment and supplies; paying compensation of the Portfolio's officers for services rendered as such; authorizing expenditures and approving bills for payment on behalf of the Portfolio; preparation of the periodic updating of the Portfolio's Registration Statement, including Prospectus and SAI, for the purpose of filings with the Securities and Exchange Commission and monitoring and maintaining the effectiveness of such filings, as appropriate; supervising preparation of periodic shareholder reports, notices and other shareholder communications; supervising the daily pricing of the Portfolio's investment portfolio and the publication of the net asset value of the Portfolio's

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shares, earnings reports and other financial data; monitoring relationships with organizations providing services to the Portfolio, including the Portfolio's custodian, transfer agent, blue sky agent and printers; providing trading desk facilities for the Portfolio; supervising compliance by the Portfolio with recordkeeping and periodic reporting requirements under the Investment Company Act of 1940, as amended (the "1940 Act"); preparation of materials for meetings of the Portfolio's Board of Trustees and preparation of minutes of such meetings; oversight of service providers who file claims for class action lawsuits with respect to securities in the Portfolio; arranging for the Portfolio the required fidelity bond and other insurance, if applicable; and providing executive, clerical and secretarial help needed to carry out these responsibilities. The Portfolio pays the Manager an administrative fee at the annual rate of 0.0275% of the Portfolio's average daily net assets.

Pursuant to a separate Shareholder Administrative Services Agreement, the Manager also supervises the Portfolio's transfer agent, UMB Fund Services, Inc. (the "Transfer Agent"), and provides certain shareholder administrative services to the Portfolio. The Portfolio pays the Manager a shareholder administrative services fee at the annual rate of 0.01% of net assets with respect to Class S Shares.

**Shareholder Information**

**Distributor** 

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

Although Fred Alger & Company, LLC (the "Distributor") is the broker-of-record on certain direct shareholder accounts, the Distributor does not interact directly with such shareholders and therefore, does not believe it makes recommendations to such shareholders regarding the holdings in their accounts.

**Transfer Agent** 

Alger Family of Funds

c/o UMB Fund Services, Inc.

P.O. Box 2175

Milwaukee, WI 53201-2175

**Net Asset Value**

The value of one share is its net asset value, or "NAV." The Portfolio values its financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments held by the Portfolio 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).

**NAV of a class of shares is computed by adding together the value allocable to the class of the Portfolio's investments plus cash and other assets, subtracting applicable liabilities and then dividing the result by the number of outstanding shares of the class.**

The Board has designated, pursuant to Rule 2a-5 under the 1940 Act ("Rule 2a-5"), the 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 ("Valuation Committee") comprised of representatives of the Manager and officers of the Trust to assist in performing the duties and responsibilities of the Valuation Designee. The Valuation Designee has established valuation processes, including but not limited to: making fair value determinations when market quotations for a financial instrument are not readily available in accordance with valuation policies and procedures adopted by the Board; assessing and managing material risks associated with fair valuation determinations; selecting, applying and testing fair valuation methodologies; and overseeing and evaluating pricing services used by the Portfolio. The Valuation Designee reports its fair valuation determinations and related valuation information to the Board. The Valuation Committee meets on an as-needed basis and generally meets quarterly to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in money market funds and short-term securities held by the Portfolio having a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value.

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 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.

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Foreign securities are usually valued on the basis of the most recent closing price of the foreign markets on which such securities principally trade. Securities in which the Portfolio may invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, with assistance from the Valuation Committee, believes to be the fair value of these securities as of the close of the NYSE. The Valuation Designee may also fair value securities in other situations, for example, when a particular foreign market is closed but the Portfolio is open.

Securities for which market quotations are not readily available are valued at fair value, as determined in good faith pursuant to policies and procedures approved by the Board. The Valuation Designee's valuation techniques for such securities 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. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Valuation Designee may significantly differ from the valuations that would have been assigned by the Valuation Designee had there been an active market for such securities.

**Dividends and Distributions and Tax Consequences**

The Portfolio declares and pays dividends and distributions annually. The Portfolio expects that these annual payments to shareholders will consist of both capital gains and net investment income.

Federal income taxation of separate accounts of insurance companies, variable annuity contracts and variable life insurance contracts is discussed in the prospectuses of participating insurance companies. Generally, distributions by the Portfolio will not be taxable to holders of variable annuity contracts or variable life insurance policies if the insurance company separate accounts to which those distributions are made meet certain requirements, including certain diversification requirements that the Portfolio has undertaken to meet, under the Internal Revenue Code. Participants in qualified pension and retirement plans ordinarily will not be subject to taxation on dividends from net investment income and distributions from net realized capital gains until they receive a distribution from their plan account. Generally, distributions from plan accounts are taxable as ordinary income at the rate applicable to each participant at the time of distribution. In certain cases, distributions made to a participant prior to the participant's reaching age 59-1/2 are subject to a penalty tax equivalent to 10% of the distributed amount, in addition to the ordinary income tax payable on such amount.

Because everyone's tax situation is unique, you should see a tax advisor about federal, state and local tax consequences of investing in the Portfolio.

**Classes of Shares**

The Portfolio offers Class I-2 and Class S Shares. Only Class S Shares are offered in this Prospectus. The classes differ primarily in that Class S Shares are subject to a distribution and shareholder servicing fee, while Class I-2 Shares are not. Pursuant to a plan adopted under Rule 12b-1 under the 1940 Act, Class S shares pay a distribution and shareholder servicing fee of 0.25% of the Portfolio's average daily net assets attributable to those shares on an ongoing basis to compensate insurance companies and pension and retirement plan service providers for distribution assistance and shareholder services. Over time, these fees will increase the cost of an investment in Class S shares and may cost an investor more than paying other types of sales charges. Effective April 30, 2021, the Board authorized a partial closing of Class S shares of the Portfolio. Existing investors that hold Class S shares who had an open account with the Portfolio on April 30, 2021 may continue to invest in additional Class S shares of the Portfolio through exchanges, dividend reinvestment and additional purchases as provided herein. The Portfolio may resume sales to all investors (or further suspend sales) at a future date. Both classes are offered only to separate accounts of insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies and to qualified pension and retirement plans.

Such qualified pension and retirement plans include those under the following sections of the Internal Revenue Code:

● A plan described in § 401(a) that includes a trust exempt from tax under § 501(a);

● An annuity plan described in § 403(a);

● An annuity contract described in § 403(b), including a custodial account described in § 403(b)(7);

● An individual retirement account described in § 408(a);

● An individual retirement annuity described in § 408(b);

● A governmental plan within the meaning of plan § 414(d) or an eligible deferred compensation plan within the meaning of § 457(b);

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

● A simplified employee pension of an employer that satisfies the requirements of § 408(k);

● A plan described in § 501(c)(18);

● A simple retirement account described in § 408(p);

● A deemed IRA described in § 408A;

● A § 415(m) plan that is also a "governmental plan" within the meaning of § 414(d);

● A § 457(f) plan that has as its sponsor either (i) a charitable organization described in § 818(a)(4), or (ii) a governmental organization described in § 818(a)(4), whose employees are described in § 403(b)(1)(A)(ii); and

● Any other trust, plan, account, contract, or annuity that the IRS has determined in a letter ruling to be within the scope of Regs. § 1.817-5(f)(3)(iii).

Investors with non-U.S. addresses and intermediary or insurance company controlled accounts designated as foreign accounts ("Restricted Accounts") are restricted from investing in the Portfolio. Existing Restricted Accounts may remain in the Portfolio, but are prohibited from making further investments. U.S. Armed Forces and Diplomatic post office addresses abroad are treated as U.S. addresses and can invest in the Portfolio. Addresses in U.S. territories, such as Guam and Puerto Rico, are also treated as U.S. addresses and can invest in the Portfolio, provided eligibility requirements are met.

**Purchasing and Redeeming Shares** 

Because the Portfolio is an investment vehicle for variable annuity contracts and variable life insurance policies offered by the separate accounts of life insurance companies, as well as qualified pension and retirement plans, an individual cannot invest in the Portfolio directly, but may do so only through one of these sources. The Portfolio's shares are held in the names of the separate accounts and plans.

Shares of the Portfolio can be purchased or redeemed on any day the NYSE is open. Orders will be processed at the NAV next calculated after the purchase or redemption request is received in good order by the Transfer Agent or other agent appointed by the Distributor. Typically, the Portfolio will issue a redemption check within one business day after the Transfer Agent receives a redemption request in good order, but in any event no later than seven days. "In good order" means that all necessary information and documentation related to the redemption request have been provided to the Portfolio's transfer agent or authorized intermediary, if applicable. If your request is not in good order, the Portfolio's transfer agent may require additional documentation in order to redeem your shares. Payment may be postponed in cases where the SEC declares an emergency or normal trading is halted. The Transfer Agent or the Portfolio may reject any purchase order. Share certificates are not issued for shares of the Portfolio.

Under normal circumstances, the Portfolio expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or by selling portfolio assets to generate cash. As discussed in the Portfolio's SAI, the Portfolio also may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time.

The Portfolio may pay all or a portion of your redemption proceeds in securities rather than cash (*i.e.*, "redeem in kind") if, for example, the redemption request is during stressed market conditions or the Portfolio believes that a cash redemption may have a substantial impact on the Portfolio and its remaining shareholders. Securities will generally be selected on a pro rata basis pursuant to the Portfolio's procedures. However, in certain circumstances, and in accordance with the Portfolio's procedures, the Manager may instead select securities for in kind redemptions on a non-pro rata basis. A shareholder who receives a redemption in kind bears the market risk of the securities until they are converted into cash, in transactions conducted at the shareholder's expense.

**Limitations on Excessive Trading**

The Portfolio invests predominantly in U.S.-traded, highly liquid securities for which current NYSE closing prices are readily available on a daily basis. The Portfolio will determine a fair value for portfolio securities for which current market closing prices are not readily available or otherwise require fair valuation in the circumstances discussed under "Net Asset Value." As a result, the Manager believes that there is little incentive for investors to engage in frequent and/or short-term trading (often referred to as market-timing) to benefit from "stale" pricing. Nonetheless, the presence of small capitalization and medium capitalization securities and/or foreign securities in the Portfolio and other circumstances may invite frequent and/or short-term trading by Portfolio shareholders. If carried out on a large scale, active trading will impose burdens on the Portfolio's portfolio managers, interfere with the efficient management of the Portfolio, increase the Portfolio's transaction costs, administrative costs or tax liability or otherwise be detrimental to the interests of the Portfolio and its other shareholders. The Portfolio therefore discourages market timing, and to the extent possible monitor for market timing patterns.

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The Board has adopted policies and procedures that seek to discourage frequent and/or short-term trading of Portfolio shares. These policies and procedures allow, among other things, the Portfolio to reject purchase or exchange orders, on a temporary or permanent basis, or redeem all Portfolio shares from investors that the Manager believes, in its reasonable business judgment, are engaging in frequent and/or short-term trading in Portfolio shares or shares of other funds sponsored by the Manager that is detrimental to the Portfolio involved. If the Portfolio rejects your purchase or exchange order or redeems your investment, you will not be able to execute that transaction, and neither the Portfolio nor the Manager will be responsible for any losses you may suffer as a result.

In an effort to detect significant market timing, the Manager, in accordance with policies and procedures approved by the Board, seeks to, among other things, monitor overall subscription, redemption and exchange activity, and isolate significant daily activity to determine if there appears to be market timing activity in an individual portfolio.

Under these policies and procedures, the Portfolio generally seeks to prohibit more than two purchases and sales or exchanges of its shares within a 90-day calendar period. The following transactions are excluded when making such a determination: (i) transactions associated with systematic investment and withdrawal plans; (ii) transactions through firm-sponsored, discretionary asset allocation or wrap programs; (iii) transactions subject to the trading policy of an intermediary that is unable to implement the Portfolio's policy; and (iv) investments in the Portfolio by ReFlow in connection with the ReFlow liquidity program (as discussed in the SAI).

If, based on the Portfolio's policies and procedures, the Manager determines or believes that a shareholder is (or may be) engaged in, or has engaged in, market timing or excessive trading, the Manager, on behalf of the Portfolio, may place a temporary or permanent block on all further purchases or exchanges of Portfolio shares or may redeem all of such shareholder's Portfolio shares. Multiple accounts under common ownership or control may be considered one account for the purpose of determining a pattern of excessive trading, short-term market timing or other abusive trading practices. The Portfolio will also utilize fair value pricing in an effort to reduce arbitrage opportunities available to short-term traders.

Due to the complexity involved in identifying excessive trading and market timing activity, there can be no guarantee that the Portfolio will be able to identify and restrict such activity in all cases. Additionally, it is more difficult for the Portfolio to monitor the trading activity of beneficial owners of Portfolio shares who hold those shares through third-party 401(k) and other group retirement plans and other omnibus arrangements maintained by broker/dealers and other intermediaries. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and purchase, redeem and exchange Portfolio shares in a single account.

As noted above, in certain circumstances the Portfolio may be subject to frequent trading restrictions of intermediaries that differ from the Portfolio's policies and procedures. Such frequent trading restrictions of intermediaries may be more or less restrictive than the Portfolio's policies and procedures. Since such intermediaries execute or administer transactions with many fund families, it may be impractical for them to enforce a particular fund's frequent trading or exchange policy. The Portfolio does not monitor intermediaries' frequent trading restrictions. The Portfolio reserves the right to prohibit any purchase, sale or exchange of its shares that the Portfolio believes may be disruptive to the Portfolio or its long-term investors.

**Disclosure of Portfolio Holdings**

For a discussion of the Portfolio's policies and procedures regarding the selective disclosure of its portfolio holdings, please see the SAI. The Portfolio 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.

**Other Information**

**In Kind Redemptions.** The Portfolio may redeem some of your shares "in kind," which means that some of the proceeds will be paid with securities the Portfolio owns instead of cash. The Portfolio has elected to be governed by Rule 18f-1 under the 1940 Act, pursuant to which the Portfolio is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net assets of the Portfolio during any 90-day period for any one shareholder. If you receive securities, you should expect to incur brokerage or other charges in converting the securities to cash. If the Portfolio pays large redemptions in cash, these transactions may increase the Portfolio's transaction costs and detract from the Portfolio's performance. Large purchases pose similar risks.

Shares may be worth more or less when you redeem them than they were at the time you bought them.

The Portfolio and Transfer Agent have reasonable procedures in place to determine that instructions submitted by telephone are genuine. They include requesting personal identification and recording calls. If the Portfolio and the Transfer Agent follow these procedures, they are not liable for acting in good faith on telephone instructions. If you are a participant in a retirement plan, such as a 401(k) plan, and you purchase shares in the Portfolio through an administrator or trustee that maintains a master or "omnibus" account with the Portfolio for trading on behalf of retirement plans and their participants, the administrator may apply limitations of its own on participant transactions. These limitations may be more or less restrictive than the limitations imposed by

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the Portfolio. Consult with your administrator to determine what purchase and redemption limitations may be applicable to your transactions in Portfolio shares through your retirement plan.

From time to time the Distributor, at its expense from its legitimate profits, may compensate brokers, dealers, investment advisers or others ("Financial Intermediaries") who are instrumental in effecting investments by their clients or customers in the Portfolio, in an amount up to 1% of the value of those investments. The Distributor may also from time to time, at its expense from its own resources, make payments to Financial Intermediaries that provide shareholder servicing, or transaction processing, with such payments structured as a percentage of gross sales, a percentage of net assets, and/or as a fixed dollar amount (the latter as a per account fee or as reimbursement for transactions processing and transmission charges). Payments under these other arrangements may vary but generally will not exceed 0.50% annually of Portfolio assets or 0.50% annually of Portfolio sales attributable to that Financial Intermediary. The Distributor determines whether to make any additional cash payments and the amount of any such payments in response to requests from Financial Intermediaries, based on factors the Distributor deems relevant. Factors considered by the Distributor generally include the Financial Intermediary's reputation, ability to attract and retain assets for the Portfolio, expertise in distributing a particular class of shares of the Portfolio, entry into target markets, and/or quality of service. In addition, the Distributor may make payments to dealer firms in the form of payments for marketing support, seminar support, training meetings, or comparable expenses in the discretion of the Distributor. Please contact your Financial Intermediary for details about revenue sharing payments it may receive. Any payments described above will not change the price paid by investors for the purchase of shares of the Portfolio or the amount of proceeds received by the Portfolio on the sale of shares.

**Redemptions by the Portfolio.** If your account, excluding asset-based fee program accounts and accounts held with certain intermediaries, falls below the minimum initial investment amount of the share class in which you are invested, the Portfolio may redeem all the Portfolio shares within your account after giving you 60 days' prior written notice. You may avoid having your account redeemed during the notice period by investing additional amounts up to the minimum initial investment amount.

The Portfolio and its agents reserve the right at any time to reject or cancel all or any part of any purchase or exchange order and to redeem all Portfolio shares if it suspects the shareholder is engaged in, or has engaged in, abusive trading practices and/or violations of any applicable securities laws. When an exchange request in respect of Portfolio shares is rejected, such shares may be redeemed from the Portfolio on request of the shareholder. In addition, the Portfolio reserves the right to modify any terms or conditions of purchase of shares of the Portfolio or suspend, change or withdraw all or any part of the offering made by this prospectus. If the Portfolio rejects your purchase or exchange order, you may not be able to execute that transaction, and the Portfolio and its agents will not be responsible for any losses you may suffer as a result.

**Lost Shareholders, Inactive Accounts and Unclaimed Property.** It is important that the Portfolio maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Portfolio. Based upon statutory requirements for returned mail, the Portfolio will attempt to locate the shareholder or rightful owner of the account. If the Portfolio is unable to locate the shareholder, then it will determine whether the shareholder's account would legally be considered abandoned. Your account may be transferred to the state government of your state of residence if no shareholder initiated activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Portfolio is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction.

**If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.** 

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**Hypothetical Investment and Expense Information**

Hypothetical investment and expense information, which is not required to be included in this Prospectus by the SEC, is presented in the chart below. This information is intended to reflect the annual and cumulative effect of the Portfolio's expenses, including advisory fees and other Portfolio costs, on the Portfolio's total return based on NAV over a 10-year period. The example assumes the following:

● You invest $10,000 in the Portfolio and hold it for the entire 10-year period; and

● Your investment has a 5% return before expenses each year.

There is no assurance that the stated annual expense ratio will be the expense ratio for the Portfolio classes for any of the years shown. To the extent that the Manager and any of its affiliates alter any fee waivers and/or expense reimbursements pursuant to a voluntary or contractual arrangement, your actual expenses may be higher or lower. This is only a hypothetical presentation made to illustrate what expenses would be under the above scenarios. Your actual expenses are likely to differ (higher or lower) from those shown below.

**Alger Capital Appreciation Portfolio** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class S | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
| **Expense Ratio** | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% |
| **Cumulative Gross Return** | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.55% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 34.01% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 55.13% | &nbsp;&nbsp; 62.89% |
| **Cumulative Net Return** | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 7.76% | &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; 16.13% | &nbsp;&nbsp; 20.55% | &nbsp;&nbsp; 25.15% | &nbsp;&nbsp; 29.92% | &nbsp;&nbsp; 34.87% | &nbsp;&nbsp; 40.00% | &nbsp;&nbsp; 45.34% |
| **End Investment Balance** | &nbsp;&nbsp; $10381 | &nbsp;&nbsp; $10776 | &nbsp;&nbsp; $11187 | &nbsp;&nbsp; $11613 | &nbsp;&nbsp; $12055 | &nbsp;&nbsp; $12515 | &nbsp;&nbsp; $12992 | &nbsp;&nbsp; $13487 | &nbsp;&nbsp; $14000 | &nbsp;&nbsp; $14534 |
| **Annual Expense** | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $126 | &nbsp;&nbsp; $131 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; $152 | &nbsp;&nbsp; $158 | &nbsp;&nbsp; $164 | &nbsp;&nbsp; $170 |

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Prospectus 17/17

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**Financial Highlights**

The financial highlights tables are intended to help you understand the Portfolio's financial performance for the periods shown. Certain information reflects financial results for a single Portfolio share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the Portfolio (assuming reinvestment of all dividends and distributions). The information in the tables for the fiscal years ended December 31 has been audited by Deloitte & Touche LLP, whose report, along with the Portfolio's financial statements, is included in the Portfolio's annual report on Form N-CSR, which is available upon request.

Note that the Portfolio's financial highlights do not reflect charges and deductions which are, or may be, imposed under variable annuity contracts, variable life insurance policies, or pension or retirement plans. Such charges and deductions are described in the prospectus for the contract or policy accompanying this Prospectus or in the plan documents.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Capital Appreciation Portfolio** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|  | &nbsp;&nbsp; **Year Ended**<br> **12/31/2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2022**<br>| &nbsp;&nbsp; **Year Ended**<br> **12/31/2021**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $102.73 | &nbsp;&nbsp; $69.52 | &nbsp;&nbsp; $48.69 | &nbsp;&nbsp; $85.16 | &nbsp;&nbsp; $92.49 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.73) |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;33.52 | &nbsp;&nbsp;&nbsp;&nbsp;33.80 | &nbsp;&nbsp;&nbsp;&nbsp;21.12 | &nbsp;&nbsp; (30.86) | &nbsp;&nbsp;&nbsp;&nbsp;18.02 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;32.50 | &nbsp;&nbsp;&nbsp;&nbsp;33.21 | &nbsp;&nbsp;&nbsp;&nbsp;20.83 | &nbsp;&nbsp; (31.09) | &nbsp;&nbsp;&nbsp;&nbsp;17.29 |
| Distributions from net realized gains | &nbsp;&nbsp; (24.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.38) | &nbsp;&nbsp; (24.62) |
| Net asset value, end of period | &nbsp;&nbsp; $111.03 | &nbsp;&nbsp; $102.73 | &nbsp;&nbsp; $69.52 | &nbsp;&nbsp; $48.69 | &nbsp;&nbsp; $85.16 |
| **Total return**<sup>(b)</sup> | &nbsp;&nbsp; **32.51%** | &nbsp;&nbsp; **47.77%** | &nbsp;&nbsp; **42.78%** | &nbsp;&nbsp; **(36.69)%** | &nbsp;&nbsp; **18.83%** |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp; $55312 | &nbsp;&nbsp; $48963 | &nbsp;&nbsp; $42127 | &nbsp;&nbsp; $36445 | &nbsp;&nbsp; $61345 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.16% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.90)% | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.49)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.72)% |
| Portfolio turnover rate | &nbsp;&nbsp; 75.67% | &nbsp;&nbsp; 66.83%<sup>(c)</sup> | &nbsp;&nbsp; 79.29% | &nbsp;&nbsp; 107.04% | &nbsp;&nbsp; 89.50% |

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&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) Total return does not include any fees and expenses imposed by variable annuity contracts and variable life insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

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**For Information:** 

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| | |
|:---|:---|
| **By Telephone:** | (800) 992-3863 |
| **By Mail:** | &nbsp;&nbsp; Alger Family of Funds<br> c/o UMB Fund Services, Inc.<br> P.O. Box 2175<br> Milwaukee, WI 53212-2175<br>|
| **Online** | Text versions of Portfolio documents can be downloaded from the following sources: |
|  | ●The Portfolio: http://www.alger.com/fundliterature |
|  | ●SEC (EDGAR data base): www.sec.gov |

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**Statement of Additional Information** 

For more detailed information about the Portfolio and its policies, please read the Portfolio's SAI, which is incorporated by reference into (is legally made a part of) this Prospectus. You can get a free copy of the SAI by calling the Portfolio's toll-free number, at the Portfolio's website at www.alger.com/fundliterature or by writing to the address above. The SAI is on file with the SEC.

**Annual and Semi-Annual Reports and Form N-CSR** 

Additional information about the Portfolio's investments is available in the Portfolio's annual and semi-annual reports to shareholders and in Form N-CSR. In the Portfolio's annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Portfolio's performance during the period covered by the report. In Form N-CSR, you will find the Portfolio's annual and semi-annual financial statements. You can receive free copies of these reports by calling the Portfolio's toll-free number, at the Portfolio's website at www.alger.com/fundliterature or by writing to the address above. Copies can also be obtained for a duplicating fee by E-mail request to publicinfo@sec.gov. Portfolio documents are also available on the EDGAR database on the SEC's Internet site at www.sec.gov.

**Distributor: Fred Alger & Company, LLC** 

The Alger Portfolios SEC File #811-5550

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**This is not part of the prospectus.**

![](g269788img488a18236.gif)

APPS

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

**STATEMENT OF ADDITIONAL INFORMATION** 

**April 30, 2026**

The Alger Portfolios (the "Trust") is a Massachusetts business trust, registered with the Securities and Exchange Commission (the "SEC") as an investment company, that offers interests of one or two classes in the following six portfolios (the "Portfolios"):

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| | | |
|:---|:---|:---|
|  | **Class** | **Ticker Symbol** |
| **Alger Capital Appreciation Portfolio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-2<br>S<br>| ALVOX |
| **Alger Large Cap Growth Portfolio** | I-2 | AAGOX |
| **Alger Mid Cap Growth Portfolio** | I-2 | AMGOX |
| **Alger Small Cap Growth Portfolio** | I-2 | AASOX |
| **Alger Growth & Income Portfolio** | I-2 | AIGOX |
| **Alger Balanced Portfolio** | I-2 | ABLOX |

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The Trust is designed to permit insurance companies that issue variable annuity contracts ("VA contracts") and variable life insurance policies ("VLI policies") to offer VA contract and VLI policy holders the opportunity to participate in the performance of one or more of the Portfolios. The Portfolios also offer participation to qualified pension and retirement plans (the "Plans") which elect to make the Portfolios an investment option for plan participants.

Each Portfolio's financial statements and accompanying notes for the year ended December 31, 2025 are contained in Item 7 of the Portfolio's [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/832566/000113322825001965/tae-efp14689_ncsr.htm) and are incorporated by reference into this Statement of Additional Information ("SAI").

This SAI is not a prospectus. It contains additional information about the Portfolios and supplements information in the Trust's Prospectuses dated April 30, 2026. It should be read together with the applicable Prospectus. Copies of the Portfolio's Prospectus, Annual and Semi-Annual Shareholder Reports, and financial statements and accompanying notes, may be obtained free of charge by writing Alger Family of Funds, c/o UMB Fund Services, Inc., P.O. Box 2175, Milwaukee, WI 53201-2175, by calling (800) 992-3863, or by visiting http://www.alger.com/fundliterature.

![](g705092imgf126f24e1.jpg)

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**Contents**

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| | |
|:---|:---|
| [Investment Strategies and Policies](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_1) | 3 |
| [Portfolio Transactions](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_27) | 29 |
| [Net Asset Value](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_30) | 32 |
| [Purchases and Redemptions](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_31) | 33 |
| [Participating Insurance Companies and Plans](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_33) | 35 |
| [Management](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_33) | 35 |
| [Independent Registered Public Accounting Firm](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_43) | 45 |
| [Code of Ethics](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_43) | 45 |
| [Dividends](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_43) | 45 |
| [Certain U.S. Federal Income Tax Considerations](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_44) | 46 |
| [Custodian and Transfer Agent](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_45) | 47 |
| [Counsel to the Trust](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_45) | 47 |
| [Principal Holders](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_45) | 47 |
| [Organization](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_49) | 51 |
| [Proxy Voting Policies and Procedures](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_51) | 53 |
| [Investor and Shareholder Information](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_52) | 54 |
| [Financial Statements](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_52) | 54 |
| [Potential Conflicts of Interest](#xx_8b305762-17a1-4ac6-9efa-abe23432630d_52) | 54 |
| [Appendices](#xx_5dec7601-e42a-40d5-ace0-1137e9f0087f_1) | 62 |

---

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**Investment Strategies and Policies**

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The Prospectuses discuss the investment objectives of each series (each, a "Portfolio" and together, the "Portfolios") of The Alger Portfolios (the "Trust") and the principal investment strategies to be employed to achieve those objectives. The principal risks related to each Portfolio's principal investment strategies are also noted in the Prospectuses. This section of the SAI contains supplemental information concerning all types of securities and other instruments in which a Portfolio may invest, the investment policies and portfolio strategies that a Portfolio may utilize (*i.e.*, both principal and non-principal investment strategies) and certain risks attendant to those investments, policies and strategies (*i.e.*, both principal and non-principal risks of investing in the Portfolio).

The Trust is an open-end management investment company that offers a selection of six portfolios, each having distinct investment objectives and policies.

Each Portfolio other than the fixed-income portion of Alger Balanced Portfolio seeks to achieve its objectives by investing in equity securities, such as common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Portfolios will invest primarily in companies whose securities are traded on domestic stock exchanges or in the over-the-counter market. Each Portfolio may hold up to 15% of its net assets (35% of net assets, in the case of Alger Balanced Portfolio and Alger Growth & Income Portfolio) in money market instruments and repurchase agreements. This amount may be higher than that maintained by other funds with similar investment objectives.

Each of the Portfolios may purchase put and call options and sell (write) covered call and put options on securities and securities indexes to seek to increase gains and to hedge against the risk of unfavorable price movements.

The investment strategies of Fred Alger Management, LLC ("Alger Management" or the "Manager") utilize the proprietary research of its analyst and portfolio management team to continually assess the markets and sectors it follows for attractive investment opportunities. Portfolio managers, together with investment analysts, at Alger Management continually seek to optimize performance of the Portfolios' securities holdings by replacing individual stocks, or reducing or increasing their relative weighting in other Portfolios, with stocks evaluated as having better appreciation potential, or improved reward to risk opportunity, or offering the portfolio diversification or other characteristics determined to be beneficial to achieving the Portfolios' overall objectives. The Portfolios' portfolio turnover rates may vary significantly from year to year as a result of the Portfolios' investment process.

There is no guarantee that a Portfolio's investment objectives will be achieved.

The Portfolios will adjust their holdings as considered advisable in view of prevailing or anticipated market conditions, and turnover will not be a limiting factor should Alger Management deem it advisable to purchase or sell securities.

A Portfolio's turnover rate is calculated by dividing the lesser of purchases or sales of securities for the fiscal year by the monthly average of the value of the Portfolio's securities, with obligations with less than one year to maturity excluded. A 100 percent turnover rate would occur, for example, if all included securities were replaced once during the year.

**Unforeseen Market Events**

Unpredictable events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events may significantly affect the economy and the markets and issuers in which a Portfolio invests. Certain events may cause instability across global markets, including reduced liquidity, increased volatility and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others and exacerbate other preexisting political, social, and economic risks. In addition, economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country, as well as relationships between countries, will adversely affect markets or issuers in other regions or countries.

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These types of events may also cause widespread fear and uncertainty and result in, among other things: quarantines, cancellations, and travel restrictions, including border closings; disruptions to business operations, supply chains and customer activity; exchange trading suspensions and closures, and overall reduced liquidity of securities, derivatives, and commodities trading markets; and reductions in consumer demand and economic output. A Portfolio could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, the operations of a Portfolio, the Manager, and a Portfolio's service providers may be significantly impacted, or even temporarily halted, as a result of any impairment to their information technology and other operational systems, extensive employee illnesses or unavailability, government quarantine measures, and restrictions on travel or meetings and other factors related to public emergencies. Governmental and quasi-governmental authorities and regulators have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen effects.

In addition, global climate change may have an adverse effect on the value of securities and other assets. Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

**Common and Preferred Stocks**

Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis; profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company's stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. While most preferred stocks pay a dividend, each Portfolio may purchase preferred stock where the issuer has stopped, or is in danger of stopping, payment of its dividend. Such investments would be made primarily for their capital appreciation potential. Each Portfolio may purchase trust preferred securities which are preferred stocks issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent. These securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated company. Holders of the trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the parent company.

**Temporary Defensive Investments**

A Portfolio may from time to time take temporary defensive investment positions that may be inconsistent with the Portfolio's principal investment strategies in attempting to respond to adverse market, economic, political, social or other conditions. When market conditions are unstable, or the Manager believes it is otherwise appropriate to reduce holdings in stocks, the Portfolios can invest up to 100% of their assets in a variety of debt securities for defensive purposes. The Portfolios can also purchase these securities for liquidity purposes to meet cash needs due to the redemption of Portfolio shares, or to hold while waiting to reinvest cash received from the sale of other portfolio securities. The Portfolios can buy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● high-quality, short-term money market instruments, including those issued by the U.S. Treasury or other government agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● commercial paper (short-term, unsecured, promissory notes of domestic or foreign companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● short-term debt obligations of corporate issuers, certificates of deposit and bankers' acceptances of domestic and foreign banks and savings and loan associations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● repurchase agreements.

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Short-term debt securities would normally be selected for defensive or cash management purposes because they can normally be disposed of quickly and are not generally subject to significant fluctuations in principal value, and their value will be less subject to interest rate fluctuation than longer-term debt securities.

Certain money market funds must impose a mandatory liquidity fee on redemptions if daily net redemptions exceed 5% of their net assets and certain money market funds may impose a discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the money market fund. The amount of any mandatory liquidity fee imposed by a money market fund is required to represent a good faith estimate of the costs of liquidating a pro rata portion of each of the money market fund's portfolio holdings to meet the redemptions, or 1% of the value of the shares redeemed if such an amount cannot be estimated. Such fees, if imposed, will reduce the amount the Portfolio receives on redemptions.

**Convertible Securities**

Each Portfolio may invest in convertible securities, which are debt instruments or preferred stocks that make fixed dividend or interest payments and are convertible into common stock. Generally, the market prices of convertible securities tend to reflect price changes in their underlying common stocks, but also tend to respond inversely to changes in interest rates. Convertible securities typically entail less market risk than investments in the common stock of the same issuers. Declines in their market prices are typically not as pronounced as those of their underlying common stocks. Like all fixed-income securities, convertible securities are subject to the risk of default on their issuers' payment obligations.

**U.S. Government Obligations**

Each Portfolio may invest in U.S. Government securities, which include Treasury Bills, Treasury Notes and Treasury Bonds that differ in their interest rates, maturities and times of issuance. Treasury Bills have initial maturities of one year or less; Treasury Notes have initial maturities of one to ten years; and Treasury Bonds generally have initial maturities of greater than ten years. In addition to U.S. Treasury securities, each Portfolio may invest in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Treasury; others by the right of the issuer to borrow from the Treasury; others by discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others only by the credit of the agency or instrumentality. These securities bear fixed, floating or variable rates of interest. While the U.S. Government currently provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law.

**U.S. Government Agency Securities**

U.S. government agency securities are issued or guaranteed by U.S. Government-sponsored enterprises and federal agencies. These include securities issued by the Federal National Mortgage Association ("FNMA"), Government National Mortgage Association ("GNMA"), Federal Home Loan Bank, Federal Land Bank, Farmers Home Administration, Bank for Cooperatives, Federal Intermediate Credit Bank, Federal Financing Bank, Federal Farm Credit System, the Small Business Administration, Federal Housing Administration, and Maritime Administration. Some of these securities are supported by the full faith and credit of the U.S. Treasury, and the remainder are supported only by the credit of the instrumentality, which may or may not include the right of the issuer to borrow from the Treasury.

**Bank Obligations**

Bank obligations are certificates of deposit, bankers' acceptances, and other short-term debt obligations. Certificates of deposit are short-term obligations of commercial banks. A bankers' acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with international commercial transactions. Certificates of deposit may have fixed or variable rates.

The Portfolios will not invest in any debt security issued by a commercial bank unless (i) the bank has total assets of at least $1 billion, or the equivalent in other currencies, or, in the case of domestic banks which do not have total assets of at least $1 billion, the aggregate investment made in any one such bank is limited to $250,000 and the principal amount of such investment is insured in full by the Federal Deposit Insurance Corporation; and (ii) in the case of foreign banks, the security is, in the opinion of Alger Management, of an investment quality comparable to other debt securities which may be purchased by the Portfolios. These limitations do not prohibit investments in securities issued by foreign branches of U.S. banks, provided such U.S. banks meet the foregoing requirements.

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**Foreign Bank Obligations**

Investments by the Portfolios in foreign bank obligations and obligations of foreign branches of domestic banks present certain risks, including the impact of future political and economic developments, the possible imposition of withholding taxes on interest income, the possible seizure or nationalization of foreign deposits, the possible establishment of exchange controls and/or the addition of other foreign governmental restrictions that might affect adversely the payment of principal and interest on these obligations. In addition, there may be less publicly available and reliable information about a foreign bank than about domestic banks owing to different accounting, auditing, reporting and record-keeping standards.

**Financial Institution Risk**

Some instruments which a Portfolio may purchase are issued or guaranteed by financial institutions, such as banks and brokers, or are collateralized by securities issued or guaranteed by financial institutions. Changes in the creditworthiness of any of these institutions may adversely affect the values of instruments held by a Portfolio. Adverse developments in the financial industry may cause a Portfolio to underperform relative to other portfolios that invest more broadly across different industries or have a smaller exposure to financial institutions.

**Short-Term Corporate Debt Securities**

These are outstanding nonconvertible corporate debt securities (*e.g.*, bonds and debentures) which have one year or less remaining to maturity. Corporate notes may have fixed, variable, or floating rates.

**Commercial Paper**

These are short-term promissory notes issued by corporations primarily to finance short-term credit needs.

**Mortgage-Backed Securities**

**(Alger Balanced Portfolio)**

The Alger Balanced Portfolio may invest in mortgage-backed securities that are Agency Pass-Through Certificates, private mortgage pass-through securities or collateralized mortgage obligations ("CMOs"), as described below.

Agency Pass-Through Certificates are mortgage pass-through certificates representing undivided interests in pools of residential mortgage loans. Distribution of principal and interest on the mortgage loans underlying an Agency Pass-Through Certificate is an obligation of or guaranteed by GNMA, FNMA or Federal Home Loan Mortgage Commission ("FHLMC"). GNMA is a wholly-owned corporate instrumentality of the United States within the Department of Housing and Urban Development. The guarantee of GNMA with respect to GNMA certificates is backed by the full faith and credit of the United States, and GNMA is authorized to borrow from the United States Treasury in an amount which is at any time sufficient to enable GNMA, with no limitation as to amount, to perform its guarantee.

FNMA is a federally chartered and privately owned corporation organized and existing under federal law. FNMA has been placed into conservatorship of the Federal Housing Finance Agency ("FHFA"). Although the Secretary of the Treasury of the United States has discretionary authority to lend funds to FNMA, neither the United States nor any agency thereof has been obligated to finance FNMA's operation or to assist FNMA in any other manner.

FHLMC is a federally chartered corporation organized and existing under federal law. FHLMC has been placed into conservatorship of the FHFA. Neither the United States nor any agency thereof has been obligated to finance FHLMC's operations or to assist FHLMC in any other manner.

The mortgage loans underlying GNMA certificates are partially- or fully-guaranteed by the Federal Housing Administration or the Veterans Administration, while the mortgage loans underlying FNMA certificates and FHLMC certificates are conventional mortgage loans which are, in some cases, insured by private mortgage insurance companies. Agency Pass-Through Certificates may be issued in a single class with respect to a given pool of mortgage loans or in multiple classes.

The residential mortgage loans evidenced by Agency Pass-Through Certificates and upon which CMOs are based generally are secured by first mortgages on one- to four-family residential dwellings. Such mortgage loans generally have final maturities ranging from 15 to 30 years and provide for monthly payments in amounts sufficient to amortize their original principal amounts by the maturity dates. Each monthly payment on such mortgage loans generally includes both an interest component and a principal

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component, so that the holder of the mortgage loan receives both interest and a partial return of principal in each monthly payment. In general, such mortgage loans can be prepaid by the borrowers at any time without any prepayment penalty. In addition, many such mortgage loans contain a "due-on-sale" clause requiring the loans to be repaid in full upon the sale of the property securing the loans. Because residential mortgage loans generally provide for monthly amortization and may be prepaid in full at any time, the weighted average maturity of a pool of residential mortgage loans is likely to be substantially shorter than its stated final maturity date. The rate at which a pool of residential mortgage loans is prepaid may be influenced by many factors and is not predictable with precision. Private mortgage pass-through securities ("Private Pass-Throughs") are structured similarly to GNMA, FNMA and FHLMC mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including savings and loan associations, mortgage bankers, commercial banks, investment banks and special purpose subsidiaries of the foregoing. These securities usually are backed by a pool of conventional fixed rate or adjustable loans. Since Private Pass-Throughs typically are not guaranteed by an entity having the credit status of GNMA, FNMA or FHLMC, such securities generally are structured with one or more types of credit enhancement. Such credit support falls into two categories: (i) liquidity protection and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provisions of advances, generally by the entity administering the pool of assets, to ensure that the pass-through of payments due on the underlying pool occurs in a timely fashion. Protection against losses resulting from ultimate default enhances the likelihood of ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The Portfolio will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

The ratings of securities for which third-party credit enhancement provides liquidity protection or protection against losses from default are generally dependent upon the continued creditworthiness of the enhancement provider. The ratings of such securities could be subject to reduction in the event of deterioration in the credit-worthiness of the credit enhancement provider even in cases where the delinquency and loss experience on the underlying pool of assets is better than expected.

The Portfolio may invest in stripped mortgage-backed securities. Such securities are created when a U.S. government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The holder of the "principal-only" security ("PO") receives the principal payments made by the underlying mortgage-backed security, while the holder of the "interest-only" security ("IO") receives interest payments from the same underlying security. The prices of stripped mortgage-backed securities may be particularly affected by changes in interest rates. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect.

CMOs are debt obligations typically issued by a private special-purpose entity and collateralized by residential or commercial mortgage loans or Agency Pass-Through Certificates. Because CMOs are debt obligations of private entities, payments on CMOs generally are not obligations of or guaranteed by any governmental entity, and their ratings and credit-worthiness typically depend, among other factors, on the legal insulation of the issuer and transaction from the consequences of a sponsoring entity's bankruptcy.

CMOs generally are issued in multiple classes, with holders of each class entitled to receive specified portions of the principal payments and prepayments and/or of the interest payments on the underlying mortgage loans. These entitlements can be specified in a wide variety of ways, so that the payment characteristics of various classes may differ greatly from one another. For instance, holders may hold interests in CMO tranches called Z-tranches which defer interest and principal payments until one or other classes of the CMO have been paid in full. In addition, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In a sequential-pay CMO structure, one class is entitled to receive all principal payments and pre- payments on the underlying mortgage loans (and interest on unpaid principal) until the principal of the class is repaid in full, while the remaining classes receive only interest; when the first class is repaid in full, a second class becomes entitled to receive all principal payments and prepayments on the underlying mortgage loans until the class is repaid in full, and so forth.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A planned amortization class ("PAC") of CMOs is entitled to receive principal on a stated schedule to the extent that it is available from the underlying mortgage loans, thus providing a greater (but not absolute) degree of certainty as to the schedule upon which principal will be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An accrual class of CMOs provides for interest to accrue and be added to principal (but not be paid currently) until specified payments have been made on prior classes, at which time the principal of the accrual class (including the accrued interest which was added to principal) and interest thereon begins to be paid from payments on the underlying mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● As discussed above with respect to pass-through, mortgage-backed securities, an interest-only class of CMOs entitles the holder to receive all of the interest and none of the principal on the underlying mortgage loans, while a principal-only class of CMOs entitles the holder to receive all of the principal payments and prepayments and none of the interest on the underlying mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A floating rate class of CMOs entitles the holder to receive interest at a rate which changes in the same direction and magnitude as changes in a specified index rate. An inverse floating rate class of CMOs entitles the holder to receive interest at a rate which changes in the opposite direction from, and in the same magnitude as, or in a multiple of, changes in a specified index rate. Floating rate and inverse floating rate classes also may be subject to "caps" and "floors" on adjustments to the interest rates which they bear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A subordinated class of CMOs is subordinated in right of payment to one or more other classes. Such a subordinated class provides some or all of the credit support for the classes that are senior to it by absorbing losses on the underlying mortgage loans before the senior classes absorb any losses. A subordinated class which is subordinated to one or more classes but senior to one or more other classes is sometimes referred to as a "mezzanine" class. A subordinated class generally carries a lower rating than the classes that are senior to it, but may still carry an investment grade rating.

It generally is more difficult to predict the effect of changes in market interest rates on the return on mortgage-backed securities than to predict the effect of such changes on the return of a conventional fixed-rate debt instrument, and the magnitude of such effects may be greater in some cases. The return on interest-only and principal-only mortgage-backed securities is particularly sensitive to changes in interest rates and prepayment speeds. When interest rates decline and prepayment speeds increase, the holder of an interest-only mortgage-backed security may not even recover its initial investment. Similarly, the return on an inverse floating rate CMO is likely to decline more sharply in periods of increasing interest rates than that of a fixed-rate security. For these reasons, interest-only, principal-only and inverse floating rate mortgage-backed securities generally have greater risk than more conventional classes of mortgage-backed securities.

**Asset-Backed Securities**

**(Alger Balanced Portfolio)**

The Alger Balanced Portfolio may invest in types of asset-backed securities which represent forms of consumer credit such as automobile and credit card receivables, manufactured (mobile) home loans, home improvement loans and home equity loans. Asset-backed securities are generally privately issued and pass through cash flows to investors. Interest and principal payments depend upon payment of the underlying loans by individuals, although the securities may be supported by letters of credit or other credit enhancements. The value of asset-backed securities may also depend on the credit-worthiness of the servicing agent for the loan pool, the originator of the loans, or the financial institution providing the credit enhancement.

Generally, asset-backed securities include many of the risks associated with mortgage-related securities. In general, however, the collateral supporting asset-backed securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments. Asset-backed securities involve certain risks that are not posed by mortgage-backed securities, resulting mainly from the fact that asset-backed securities do not usually contain the complete benefit of a security interest in the related collateral. For example, credit card receivables generally are unsecured and the debtors are entitled to the protection

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of a number of state and federal consumer credit laws, including the bankruptcy laws, some of which may reduce the ability to obtain full payment. In the case of automobile receivables, due to various legal and economic factors, proceeds for repossessed collateral may not always be sufficient to support payments on these securities.

**Lower-Rated Securities**

**(Alger Balanced Portfolio)**

The Alger Balanced Portfolio may invest up to 10% of its net assets in fixed-income securities rated below investment grade ("high-yield securities" or "junk bonds"), provided that such securities are rated in one of the two categories just below investment grade (BB and B of S&P Global Ratings, Fitch, Inc., and Dominion Bond Rating Service Limited, Ba and B of Moody's Investors Service, Inc., bb and b of A.M. Best Company, Inc.) by at least one Nationally Recognized Statistical Rating Organization ("NRSRO") or, if unrated, are determined by Alger Management to be of equivalent quality. Such lower-rated securities may be subject to certain risks with respect to the issuer's ability to make scheduled payments of principal and interest, and to greater market fluctuations. While generally providing higher coupons or interest rates than higher-quality securities, lower-quality fixed-income securities involve greater risk of loss of principal and income, including the possibility of default or bankruptcy of their issuers, and exhibit greater price volatility, especially during periods of economic uncertainty or change. Lower-quality fixed-income securities tend to be affected by economic changes and short-term corporate and industry developments to a greater extent than higher-quality securities, which react primarily to fluctuations in the general level of interest rates. The market for lower-rated securities is generally less liquid than the market for investment-grade fixed-income securities. It may be more difficult to sell lower-rated securities in order to meet redemption requests or respond to changes in the market.

Securities ratings are based largely on the issuer's historical financial condition and the rating agencies' analysis of the issuer at the time of the rating. Therefore, the rating assigned to any particular security is not necessarily a reflection on the issuer's current financial condition or ability to make timely payments of interest and principal, which may be better or worse than the rating would indicate. In addition, the ratings by NRSROs do not necessarily reflect an assessment of the volatility of a security's market value or liquidity. To the extent that the Portfolio invests in such securities, the achievement of its investment objective may be more dependent on Alger Management's own credit analysis. If a security in which the Portfolio has invested is downgraded, so that it would no longer be eligible for purchase by the Portfolio, the Portfolio will not necessarily sell the security immediately; Alger Management will consider whether to retain or dispose of the security in the light of all the circumstances. See the Appendix to this SAI for a discussion of the rating categories.

**Variable Rate Master Demand Notes**

These are unsecured instruments that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate. Because these notes are direct lending arrangements between a Portfolio and an issuer, they are not normally traded. Although no active secondary market may exist for these notes, the Portfolio may demand payment of principal and accrued interest at any time or may resell the note to a third party. While the notes are not typically rated by credit rating agencies, issuers of variable rate master demand notes must satisfy Alger Management that the same criteria for issuers of commercial paper are met. In addition, when purchasing variable rate master demand notes, Alger Management will consider the earning power, cash flows and other liquidity ratios of the issuers of the notes and will continuously monitor their financial status and ability to meet payment on demand. In the event an issuer of a variable rate master demand note were to default on its payment obligations, the Portfolio might be unable to dispose of the note because of the absence of a secondary market and could, for this or other reasons, suffer a loss to the extent of the default.

**Repurchase Agreements**

Under the terms of a repurchase agreement, a Portfolio would acquire a high quality money market instrument for a relatively short period (usually not more than one week) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the instrument at an agreed price (including accrued interest) and time, thereby determining the yield during the Portfolio's holding period. Repurchase agreements may be seen to be loans by the Portfolio collateralized by the underlying instrument. This arrangement results in a fixed rate of return that is not subject to market fluctuations during the Portfolio's holding period and not necessarily related to the rate of return on the underlying instrument. The value of the underlying securities, including accrued interest, will be at least equal at all times to the total amount of the repurchase obligation, including interest. A Portfolio bears a risk of loss in the event

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that the other party to a repurchase agreement defaults on its obligations and the Portfolio is delayed in or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the collateral securities during the period in which the Portfolio seeks to assert these rights, the risk of incurring expenses associated with asserting these rights and the risk of losing all or part of the income from the agreement. Alger Management reviews the credit worthiness of those banks, dealers and clearing corporations with which the Portfolios enter into repurchase agreements to evaluate these risks and monitors on an ongoing basis the value of the securities subject to repurchase agreements to ensure that the value is maintained at the required level.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of a Portfolio with any direct participants of a CCA will be subject to the mandatory clearing requirement. Compliance with the clearing mandate for Treasury repo transactions will be required by June 30, 2027. A Portfolio will be required to clear all or substantially all of its Treasury repo transactions as of the compliance date. There are currently substantial regulatory and operational uncertainties associated with the implementation of these requirements which may affect the cost, terms and/or availability of cleared repo transactions.

**Warrants and Rights**

Each Portfolio may invest in warrants and rights. A warrant is a type of security that entitles the holder to buy a specified amount of common stock at a specified price, usually higher than the market price at the time of issuance, for a period of years or to perpetuity. In contrast, rights, which also represent the right to buy common shares, normally have a subscription price lower than the current market value of the common stock and a life of two to four weeks. Warrants are freely transferable and are traded on the major securities exchanges.

**Privately Placed Securities**

A private placement is an offering of a company's securities that is not registered with the SEC and is not offered to the public. The issuers of privately placed securities are not typically subject to the same oversight and regulatory requirements, including disclosure and other investor protection requirements, to which public issuers are subject, and there may be very little public information available about the issuers and their performance. The sale or transfer of privately placed securities may be limited or prohibited by contract or law and such investments are generally considered to be illiquid. Privately placed securities are generally fair valued as they are not traded frequently. A Portfolio may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Portfolio to be less liquid. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain privately placed securities at certain times and could make it difficult for the Portfolio to sell these securities. As a result, investments in private placements can result in substantial or complete losses.

**Restricted and Illiquid Securities**

Each Portfolio will not invest more than 15% of its net assets in "illiquid" investments, which are defined as securities that the Manager reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Portfolio holds illiquid investments or investments that trade infrequently or in lower volumes, it may be unable to quickly sell them or may be able to sell them only at a price below current value. As a result, the Portfolio may incur a loss upon the sale of such investment in order to timely honor redemptions or may be forced to hold such investments while their price depreciates, which may cause the net asset value of a Portfolio to decline. Illiquid investments may be more difficult to value. The price that a Portfolio could receive upon the sale or disposition of an investment may be different from the Portfolio's valuation of the investment, particularly for investments that trade in lower volumes, investments that are valued using a fair valuation methodology or a price provided by an independent pricing service, or during market turmoil or volatility. As such, the Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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Each Portfolio may invest in restricted securities; *i.e.*, securities that are subject to legal or contractual restrictions on their resale. These restrictions might prevent the sale of the securities at a time when a sale would otherwise be desirable.

Each Portfolio may invest in restricted securities governed by Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Rule 144A is designed to facilitate efficient trading of unregistered securities among institutional investors. Rule 144A permits the resale to qualified institutions of restricted securities that, when issued, were not of the same class as securities listed on a U.S. securities exchange or quoted on NASDAQ.

Restricted securities may be illiquid or less liquid. In determining the liquidity of a restricted security, the Manager will, using information obtained after reasonable inquiry, take into account relevant market, trading, and investment-specific considerations. If institutional trading in restricted securities were to decline to limited levels, the liquidity of a Portfolio could be adversely affected. Restricted securities that are determined by the Manager to be liquid are not subject to the 15% limitation.

**Lending of Portfolio Securities**

Each Portfolio may lend securities to brokers, dealers and other financial organizations. The Portfolios will not lend securities to Alger Management or its affiliates. By lending its securities, a Portfolio can increase its income by continuing to receive interest or dividends on the loaned securities as well as by either investing the cash collateral in short-term securities or by earning income in the form of interest paid by the borrower when U.S. Government securities or letters of credit are used as collateral. Each Portfolio will adhere to the following conditions whenever its securities are loaned: (a) the Portfolio must receive at least 100% cash collateral or equivalent securities from the borrower; (b) the borrower must increase this collateral whenever the market value of the loaned securities including accrued interest exceeds the value of the collateral; (c) the Portfolio must be able to terminate the loan at any time; (d) the Portfolio must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (e) the Portfolio may pay only reasonable custodian fees in connection with the loan; and (f) voting rights on the loaned securities may pass to the borrower; provided, however, that if a material event adversely affecting the investment occurs, the Board of Trustees of the Trust (the "Board") must terminate the loan and regain the right to vote the securities.

A Portfolio bears a risk of loss in the event that the other party to a securities loan transaction defaults on its obligations and the Portfolio is delayed in or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the collateral securities during the period in which the Portfolio seeks to assert these rights, the risk of incurring expenses associated with asserting these rights and the risk of losing all or a part of the income from the transaction.

**Smaller Capitalization Companies**

Investing in smaller, newer issuers generally involves greater risk than investing in larger, more established issuers. Such companies, in which Alger Small Cap Growth Portfolio is likely to invest, may have limited product lines, markets or financial resources and may lack management depth. The securities of such companies may have limited marketability and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

**Foreign Securities**

Each of Small Cap Growth Portfolio, Growth & Income Portfolio and Balanced Portfolio may invest up to 20% of the value of its total assets in foreign securities and each of Capital Appreciation Portfolio, Large Cap Growth Portfolio and Mid Cap Growth Portfolio may invest up to 100% of the value of its total assets in foreign securities. Foreign securities are securities issued by companies generally defined by a third party, or in certain circumstances by a portfolio manager, (i) that are organized under the laws of a foreign country; (ii) whose securities are primarily listed in a foreign country; or (iii) that have a majority of their assets, or derive more than 50% of their revenue or profits from business, investments, or sales, outside the United States. Foreign securities investments may be affected by changes in currency rates or exchange control regulations, changes in governmental administration or economic or monetary policy (in the United States and abroad) or changed circumstances in dealings between nations. Dividends paid by foreign issuers may be subject to withholding and other foreign taxes that may decrease the net return on these investments as compared to dividends paid to a Portfolio by domestic corporations. It should be noted that there may be less publicly available information about foreign issuers than about domestic issuers, and foreign issuers are not subject to uniform accounting, auditing and financial reporting

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standards and requirements comparable to those of domestic issuers. Securities of some foreign issuers are more volatile than securities of comparable domestic issuers and foreign brokerage commissions are generally higher than in the United States. Foreign securities markets may also be more volatile and less subject to government supervision than those in the United States. Investments in foreign countries could be affected by other factors not present in the United States, including expropriation, confiscatory taxation and potential difficulties in enforcing contractual obligations. Securities purchased on foreign exchanges may be held in custody by a foreign branch of a domestic bank.

*Executive Order on Securities Investments that Finance Communist Chinese Military Companies* 

On November 12, 2020, the President of the United States issued an Executive Order (the "CCMC Order") to prohibit, beginning January 11, 2021, U.S. persons (including the Portfolios) are prohibited from transacting in certain securities and derivatives of publicly traded securities of any companies designated as a "Communist Chinese military company" ("CCMCs" and collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, "CCMC Securities") by the U.S. Department of Defense (the "DOD") or the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") unless such transactions are for purposes of divestment. The DOD designated an initial list of CCMCs prior to January 11, 2021 and, along with OFAC, may designate additional CCMCs from time to time. With respect to newly-designated CCMCs, U.S. persons will be prohibited from transacting in CCMC Securities 60 days after such CCMC is designated by the DOD or OFAC and will have 365 days from such designation date to divest their holdings in those CCMC Securities.

The Order was amended in June 2021 when the President of the United States issued an executive order (the "CMIC Order", and, together with the CCMC Order, the "Orders") prohibiting U.S. persons (including the Portfolios) from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company ("CMIC Security"). This prohibition expands on the CCMC Order.

OFAC subsequently published, on several occasions, guidance regarding compliance with the CCMC Order, including several "Frequently Asked Questions" (FAQs)-style publications addressing the scope of, and interpretive matters regarding, compliance with the CCMC Order, as well as the CCMC Order's application to U.S. funds that hold CCMC Securities (i.e., including mutual funds that hold CCMC or CMIC Securities regardless of the size of the position relative to a fund's total assets). Certain interpretive issues related to compliance with the CCMC Order remain open, including to what extent a U.S. person could be held liable for failing to identify an unlisted entity whose name "close matches the name" of an entity designated as a CCMC.

A Portfolio's performance may be adversely impacted by restrictions on its ability to hold CCMC or CMIC Securities. To the extent that a Portfolio holds securities of a Chinese issuer and the issuer of the Portfolio portfolio holding is deemed to be a CCMC or CIMC Security, it may have a material adverse effect on the Portfolio's ability to pursue its investment objective and/or strategy. To the extent that the Portfolio currently transacts in securities of a foreign company on a U.S. exchange but is unable to do so in the future, the Portfolio will have to seek other markets in which to transact in such securities which could increase the Portfolio's costs. The extent of any impact will depend on future developments, including the Portfolio's ability to buy and sell the CCMC or CMIC Securities, valuation of the CCMC or CMIC Securities, modifications to the Orders, the issuance of additional or different interpretive guidance regarding compliance with the Orders, and the duration of the Orders, all of which are highly uncertain.

*Investing in Europe* 

Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU. A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit, and financial markets in Europe and elsewhere have experienced significant volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and outside of Europe. Responses to the financial problems by European governments, central banks and others, including

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austerity measures and reforms, may not be effective, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of outstanding debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

For example, Russia launched a large-scale invasion of Ukraine in February 2022, significantly amplifying already existing geopolitical tensions. The United States and many other countries have instituted various economic sanctions against Russian individuals and entities (including corporate and banking). The extent and duration of the military action, sanctions imposed and other punitive action taken and resulting future market disruptions in Europe and globally are impossible to predict, but could be significant and have a severe adverse effect on Russia and Europe in general, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. This conflict may expand and military attacks could occur elsewhere in Europe. The potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets. Whether or not a Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and relative liquidity of a Portfolio's investments.

It is not possible to ascertain the precise impact these events may have on a Portfolio or its investments from an economic, financial, tax or regulatory perspective but any such impact could have material consequences for a Portfolio and its investments. Whether or not a Portfolio invests in securities of issuers located in Europe or has significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Portfolio's investment.

**Emerging Markets Investments**

A Portfolio may invest in the securities of issuers domiciled in various countries with emerging capital markets. Unless otherwise provided in the Portfolio's Prospectuses, a country with an emerging capital market is any country that is (i) generally recognized to be an emerging market country by the international financial community, such as the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based index that is generally representative of emerging markets. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv) national policies that may limit a Portfolio's investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

Political and economic structures in emerging market countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristic of more developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities for a Portfolio. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a Portfolio could lose the entire value of its investments in the affected market. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of investments in these countries and the availability to a

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Portfolio of additional investments. The small size and inexperience of the securities markets in certain of these countries and the limited volume of trading in securities in these countries may make investments in the countries illiquid and more volatile than investments in Japan or most Western European countries.

Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid than, and more volatile than, those of mature markets, and company shares may be held by a limited number of persons. This may adversely affect the timing and pricing of a Portfolio's acquisition or disposal of securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a Portfolio will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer, or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Portfolio would absorb any loss resulting from such registration problems and may have no successful claim for compensation.

In addition, some emerging markets countries may have fixed or managed currencies which are not free-floating against the U.S. dollar. Further, certain emerging markets countries' currencies may not be internationally traded. Certain of these currencies have experienced volatility relative to the U.S. dollar. If a Portfolio does not hedge the U.S. dollar value of securities it owns denominated in currencies that are devalued, the Portfolio's net asset value will be adversely affected. If a Portfolio hedges the U.S. dollar value of securities it owns denominated in currencies that increase in value, the Portfolio will not benefit from the hedge it purchased, and will lose the amount it paid for the hedge. Many emerging markets countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have adverse effects on the economies and securities markets of certain of these countries.

**Depositary Receipts**

Each Portfolio may also invest in the securities of foreign issuers in the form of American Depositary Receipts and American Depositary Shares (collectively, "ADRs") and Global Depositary Receipts and Global Depositary Shares (collectively, "GDRs") and other forms of depositary receipts. ADRs are receipts typically issued by a United States bank or trust company which evidence ownership of underlying securities issued by a foreign corporation. GDRs are receipts issued outside the United States typically by non-United States banks and trust companies that evidence ownership of either foreign or domestic securities. Generally, ADRs in registered form are designed for use in the United States securities markets and GDRs in bearer form are designed for use outside the United States. These securities may be sponsored or unsponsored.

For ADRs and GDRs, the depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs and GDRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs and GDRs do not eliminate all of the risks associated with directly investing in the securities of foreign issuers.

Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated. While the two types of depositary receipt facilities (unsponsored or sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and

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the performance of other services. The depository of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights to depositary receipt holders with respect to the underlying securities.

Sponsored facilities are created in generally the same manner as unsponsored facilities, except that sponsored ADRs and GDRs are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the ADRs and GDRs (such as dividend payment fees of the depository), although most sponsored ADRs and GDRs agree to distribute notices of shareholders meetings, voting instructions, and other shareholder communications and information to the receipt holders at the underlying issuer's request. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

**Foreign Debt Securities**

**(Alger Balanced Portfolio)**

The returns on foreign debt securities reflect interest rates and other market conditions prevailing in those countries. The relative performance of various countries' fixed-income markets historically has reflected wide variations relating to the unique characteristics of the country's economy. Year-to-year fluctuations in certain markets have been significant, and negative returns have been experienced in various markets from time to time.

The foreign government securities in which the Portfolio may invest generally consist of obligations issued or backed by national, state or provincial governments or similar political subdivisions or central banks in foreign countries. Foreign government securities also include debt obligations of supranational entities, which include international organizations designated or backed by governmental entities to promote economic reconstruction or development, international banking institutions and related government agencies. Examples include the International Bank for Reconstruction and Development (the "World Bank"), the Asian Development Bank and the Inter-American Development Bank.

Foreign government securities also include debt securities of "quasi-governmental agencies" and debt securities denominated in multinational currency units of an issuer (including supranational issuers). Debt securities of quasi-governmental agencies are issued by entities owned by either a national, state or equivalent government or are obligations of a political unit that is not backed by the national government's full faith and credit and general taxing powers.

**Derivative Transactions**

*General* 

Each Portfolio may invest in, or enter into, derivatives for a variety of reasons in accordance with its fundamental investment restrictions and investment strategies, including to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or to increase potential returns. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. Examples of derivative instruments a Portfolio may use, depending on its fundamental investment restrictions, include, but are not limited to options contracts, futures contracts, options on futures contracts and swaps. Derivatives may provide a cheaper, quicker or more specifically focused way for a Portfolio to invest than "traditional" securities would. The Manager, however, may decide not to employ some or all of these strategies for a Portfolio and there is no assurance that any derivatives strategy used by a Portfolio will succeed.

*Regulation of Derivatives* 

Rule 18f-4 ("Rule 18f-4") under the Investment Company Act of 1940, as amended (the "1940 Act"), regulates the use by registered investment companies of derivatives transactions. Under Rule 18f-4, derivatives transactions include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Portfolio is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender

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option bonds, and borrowed bonds), if a Portfolio elects to treat these transactions as derivatives transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm commitments) and non-standard settlement cycle securities, unless a Portfolio intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed Settlement Securities Provision"). Rule 18f-4 requires, among other things, that certain entities adopt a derivatives risk management program, appoint a derivatives risk manager, comply with limitations on leverage-related risk based on a "value-at-risk" test and update reporting and disclosure procedures. Rule 18f-4 excepts from some of the requirements, including establishing a derivatives risk management program and calculating value-at-risk, a "limited derivatives user," which is any fund whose derivatives exposure is limited to 10% of its net assets and which has adopted policies and procedures designed to manage derivatives risks. As of the date of this SAI, each Portfolio qualifies, and is anticipated to continue to qualify, as a limited derivatives user under Rule 18f-4.

The Commodity Futures Trading Commission ("CFTC") subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps ("CFTC Derivatives") or (ii) markets itself as providing investment exposure to such instruments. To the extent a Portfolio uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a "commodity pool" or a vehicle for trading such instruments. Accordingly, the Manager has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a "commodity pool operator" under the CEA in respect of the Portfolios.

OTC derivatives dealers are now required to register with the CFTC as "swap dealers" and with the SEC as "security-based swap dealers." Registered swap dealers are subject to various regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits, limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory requirements.

OTC derivatives trades submitted for clearing are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission merchants ("FCMs"), who act as clearing members on behalf of customers for cleared OTC derivatives and futures contracts, also have discretion to increase a Portfolio's margin requirements for these transactions beyond any regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between the FCM and the customer. These regulatory requirements may make it more difficult and costly for a Portfolio to enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or not economically feasible. If a Portfolio decides to execute and clear cleared OTC derivatives and/or futures contracts through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing member FCM or as a direct member, a Portfolio would be required to comply with the rules of the execution facility, exchange or clearinghouse and other applicable law.

With respect to cleared OTC derivatives and futures contracts and options on futures, a Portfolio will not face a clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts as a clearing member. A Portfolio may face the indirect risk of the failure of another clearing member customer to meet its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its obligations to the clearinghouse simultaneously with a customer's failure to meet its obligations to the clearing member. Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their customers' cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as was widely permitted before the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd Frank"). While an FCM may require its customer to post initial margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will

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provide for non-cleared OTC derivatives. Furthermore, customers, including a Portfolio, are subject to additional fees payable to FCMs with respect to cleared OTC derivatives, which may raise the cost a Portfolio of clearing as compared to trading non-cleared OTC derivatives bilaterally.

The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net short speculative positions that any person may hold or control in any particular futures or options contracts traded on U.S. commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of agricultural commodities (e.g., corn, oats, wheat, soybeans and cotton) and United States commodities exchanges currently impose speculative position limits on many other commodities. A Portfolio could be required to liquidate positions it holds in order to comply with position limits or may not be able to fully implement trading instructions generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation could result in substantial costs to a Portfolio.

New regulations and the resulting increased costs and regulatory oversight requirements may result in market participants being required or deciding to limit their trading activities, which could lead to decreased market liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be higher due to the increased costs of compliance with the new regulations. These consequences could adversely affect a Portfolio's returns.

*Risks of Derivative Transactions* 

Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole. Derivatives permit a Portfolio to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Portfolio can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities. However, derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large potential impact on a Portfolio's performance.

If a Portfolio invests in derivatives at inopportune times or judges market conditions incorrectly, such investments may lower the Portfolio's return or result in a loss. A Portfolio also could experience losses if its derivatives were poorly correlated with the underlying instruments or the Portfolio's other investments, or if the Portfolio were unable to liquidate its position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

*Short Sales*

Each Portfolio may sell securities "short against the box." While a short sale is the sale of a security the Portfolio does not own, it is "against the box" if at all times when the short position is open the Portfolio owns an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities sold short.

Additionally, each Portfolio may enter into short sales that are not "against the box". Short sales that are not "against the box" are also known as naked short sales, meaning a Portfolio does not own the securities against which the short sale was entered, exposing a Portfolio to unlimited risk. In order to engage in a short sale, a Portfolio arranges with a broker to borrow the security being sold short. A Portfolio must deposit collateral, consisting of cash or marketable securities, with the broker to secure a Portfolio's obligation to replace the security. In addition, a Portfolio must pay the broker any dividends or interest paid on the borrowed security during the time the short position is open. In order to close out its short position, a Portfolio will replace the security by purchasing the security at the price prevailing at the time of replacement. If the price of the security sold short has increased since the time of the short sale, a Portfolio will incur a loss in addition to the costs associated with establishing, maintaining and closing out the short position. If the price of the security sold short has decreased since the time of the short sale, a Portfolio will experience a gain to the extent the difference in price is greater than these costs.

Regulatory authorities may from time to time impose restrictions that adversely affect the ability to borrow certain securities in connection with short sale transactions. Regulations imposed by the SEC, and the potential for further interventions by the SEC or other regulators, may discourage or impede short selling practices due to the increased economic, regulatory, compliance and disclosure obligations or risks that they present. In accordance with Rule 18f-4, each Portfolio considers short sales to be derivatives.

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*Reverse Repurchase Agreements*

*(Alger Balanced Portfolio)*

Reverse repurchase agreements are the same as repurchase agreements except that, in this instance, a Portfolio would assume the role of seller/borrower in the transaction. A Portfolio will invest the proceeds in money market instruments or repurchase agreements maturing not later than the expiration of the reverse repurchase agreement. Reverse repurchase agreements involve the risk that the market value of the securities sold by a Portfolio may decline below the repurchase price of the securities. A Portfolio's use of reverse repurchase agreements is governed in accordance with the requirements of Rule 18f-4.

*Options* 

Each Portfolio may purchase put and call options and write (i.e., sell) put and call options on individual securities, baskets of securities, securities indexes, or particular measurements of value or rates, such as an index of the price of treasury securities or an index representative of short-term interest rates to increase gains or to hedge against the risk of unfavorable price movements, although the Portfolios currently do not intend to rely on these strategies extensively, if at all. A Portfolio may make such investments on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices and expiration dates and require the parties to post margin against their obligations, and the performance of the parties' obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit risk. OTC options also involve greater illiquidity risk.

A Portfolio may purchase call options on any of the types of securities or instruments in which it may invest. A call option on a security is a contract that gives the holder of the option the right, in return for a premium paid, to buy from the writer (seller) of the call option the security underlying the option at a specified exercise price during the term of the option. The writer of the call option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price during the option period. A Portfolio may purchase put options to seek to hedge against a decline in the value of its securities or to enhance its return. A put option on a security is a contract that, in return for the premium, gives the holder of the option the right to sell to the writer (seller) the underlying security at a specified price during the term of the option. The writer of the put, who receives the premium, has the obligation to buy the underlying security upon exercise at the exercise price during the option period.

A Portfolio may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to enter into closing purchase transactions with respect to certain of such options. A call option written by a Portfolio on a security is "covered" if the Portfolio owns the underlying security covered by the call or has an absolute and immediate right to acquire that security without additional cash consideration (or for additional cash consideration held in a segregated account) upon conversion or exchange of other securities held in its portfolio. A call option is also covered if a Portfolio holds a call on the same security as the call written where the exercise price of the call held is (1) equal to or less than the exercise price of the call written or (2) greater than the exercise price of the call written if the difference is maintained by the Portfolio in cash or liquid securities in a segregated account.

A Portfolio may also write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Portfolio. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, a Portfolio must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase a Portfolio's income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by a Portfolio that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Portfolio must purchase the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, a Portfolio will lose the difference.

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A Portfolio may write (i.e., sell) put options on the types of securities or instruments that may be held by the Portfolio, when such put options are covered. A put option is "covered" if a Portfolio maintains cash or liquid securities with a value equal to the exercise price in a segregated account, or else holds a put on the same security as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written.

A Portfolio may also write (i.e., sell) uncovered put options on securities or instruments in which it may invest but with respect to which the Portfolio does not currently have a corresponding short position or has not deposited cash collateral equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. A Portfolio has the obligation to buy the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below the exercise price. If the price of the securities or instruments increases during the option period, the option will expire worthless and a Portfolio will retain the premium and will not have to purchase the securities or instruments at the exercise price.

If a Portfolio has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the option previously written. However, once a Portfolio has been assigned an exercise notice, the Portfolio will be unable to effect a closing purchase transaction. Similarly, if a Portfolio is the holder of an option it may liquidate its position by effecting a closing sale transaction. This is accomplished by selling an option of the same series as the option previously purchased. There can be no assurance that either a closing purchase or sale transaction can be effected when a Portfolio so desires.

A Portfolio would realize a profit from a closing transaction if the price of the transaction were less than the premium received from writing the option or is more than the premium paid to purchase the option; the Portfolio would realize a loss from a closing transaction if the price of the transaction were more than the premium received from writing the option or less than the premium paid to purchase the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security. Other principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price and price volatility of the underlying security and the time remaining until the expiration date.

An option position may be closed out only on an exchange which provides a secondary market for an option of the same series. There is no assurance that a liquid secondary market on an exchange will exist for any particular option. In such event it might not be possible to effect closing transactions in particular options, so that a Portfolio would have to exercise its option in order to realize any profit and would incur brokerage commissions upon the exercise of the options. If a Portfolio, as a covered call option writer, were unable to effect a closing purchase transaction in a secondary market, it would not be able to sell the underlying security until the option expired or it delivered the underlying security upon exercise or otherwise covered the position.

In addition to options on securities, a Portfolio may also purchase and sell call and put options on securities indexes. A stock index reflects in a single number the market value of many different stocks. Relative values are assigned to the stocks included in an index and the index fluctuates with changes in the market values of the stocks. The options give the holder the right to receive a cash settlement during the term of the option based on the difference between the exercise price and the value of the index. By writing a put or call option on a securities index, a Portfolio is obligated, in return for the premium received, to make delivery of this amount. A Portfolio may offset its position in stock index options prior to expiration by entering into a closing transaction on an exchange or it may let the option expire unexercised.

Use of options on securities indexes entails the risk that trading in the options may be interrupted if trading in certain securities included in the index is interrupted. A Portfolio will not purchase these options unless the Manager is satisfied with the development, depth and liquidity of the market and the Manager believes the options can be closed out.

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Price movements in a Portfolio's securities may not correlate precisely with movements in the level of an index and, therefore, the use of options on indexes cannot serve as a complete hedge and would depend, in part, on the ability of the Manager to predict correctly movements in the direction of the stock market generally or of a particular industry. Because options on securities indexes require settlement in cash, the Manager might be forced to liquidate portfolio securities to meet settlement obligations.

Although the Manager will attempt to take appropriate measures to minimize the risks relating to any trading by a Portfolio in put and call options, there can be no assurance that a Portfolio will succeed in any option trading program it undertakes.

Although the Portfolios will in any event generally not purchase or write options that appear to lack an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option. A Portfolio will not purchase options if, as a result, the aggregate cost of all outstanding options exceeds 10% of the Portfolio's total assets, although no more than 5% will be committed to transactions entered into for non-hedging (speculative) purposes.

*Futures*

A Portfolio may enter into futures contracts on stock indexes and purchase and sell call and put options on these futures contracts. These practices are deemed to be speculative and may cause the net asset value of a Portfolio to be more volatile than the net asset value of a fund that does not engage in these activities.

A futures contract is an agreement between two parties to buy and sell a security for a set price on a future date. These contracts are traded on exchanges, so that, in most cases, either party can close out its position on the exchange for cash, without delivering the security. An option on a futures contract gives the holder of the option the right to buy from or sell to the writer of the option a position in a futures contract at a specified price on or before a specified expiration date.

Although some futures contracts call for making or taking delivery of the underlying securities, generally these obligations are closed out before delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing out a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument with the same delivery date. If an offsetting purchase price is less than the original sale price, a Portfolio realizes a capital gain, or if it is more, a Portfolio realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, a Portfolio realizes a capital gain, or if it is less, a Portfolio realizes a capital loss. Transaction costs also are included in these calculations.

Engaging in these transactions involves risk of loss to a Portfolio which could adversely affect the value of a Portfolio's net assets. Although each Portfolio intends to purchase or sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the fund to substantial losses.

Successful use of futures by a Portfolio also is subject to the Manager's ability to predict correctly movements in the direction of the relevant market and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the securities being hedged and the price movements of the futures contract. For example, if a Portfolio uses futures to hedge against the possibility of a decline in the market value of securities held in its portfolio and the prices of such securities instead increase, a Portfolio will lose part or all of the benefit of the increased value of securities which it has hedged because it will have offsetting losses in its futures positions. Furthermore, if in such circumstances a Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements. A Portfolio may have to sell such securities at a time when it may be disadvantageous to do so.

Futures are generally bought and sold on the commodities exchanges where they are listed with payment of initial and variation margin as described below. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets,

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however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract. In addition, any profits that a Portfolio might realize in trading could be eliminated by adverse changes in the currency exchange rate, or a Portfolio could incur losses as a result of those changes. The sale of a futures contract creates a firm obligation by a Portfolio, as seller, to deliver to the buyer the net cash amount called for in the contract at a specific future time. Put options on futures might be purchased to protect against declines in the market values of securities occasioned by a decline in stock prices and securities index futures might be sold to protect against a general decline in the value of securities of the type that comprise the index. Options on futures contracts are similar to options on securities except that an option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract and obligates the seller to deliver such position.

A stock index future obligates the seller to deliver (and the purchaser to take) an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement is made. No physical delivery of the underlying stocks in the index is made. While incidental to its securities activities, the Portfolio may use index futures as a substitute for a comparable market position in the underlying securities.

If the Portfolio uses futures, or options thereon, for hedging, the risk of imperfect correlation will increase as the composition of the Portfolio varies from the composition of the stock index. In an effort to compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the stock index futures, the Portfolio may, if it uses a hedging strategy, buy or sell stock index futures contracts in a greater or lesser dollar amount than the dollar amount of the securities being hedged if the historical volatility of the stock index futures has been less or greater than that of the securities. Such "over hedging" or "under hedging" may adversely affect the Portfolio's net investment results if market movements are not as anticipated when the hedge is established.

An option on a stock index futures contract, as contrasted with the direct investment in such a contract, gives the purchaser the right, in return for the premium paid, to assume a position in a stock index futures contract at a specified exercise price during the term of the option. A Portfolio would sell options on stock index futures contracts only as part of closing purchase transactions to terminate its options positions. No assurance can be given that such closing transactions could be effected or that there would be correlation between price movements in the options on stock index futures and price movements in a Portfolio's securities which were the subject of the hedge. In addition, any purchase by a Portfolio of such options would be based upon predictions as to anticipated market trends, which could prove to be inaccurate.

A Portfolio's use, if any, of stock index futures and options thereon will in all cases be consistent with applicable regulatory requirements and in particular the rules and regulations of the CFTC (see "Regulation of Derivatives" above) and will be entered into only, if at all, for bona fide hedging, risk management or other portfolio management purposes. Typically, maintaining a futures contract or selling an option thereon will require a Portfolio to deposit with a financial intermediary as security for its obligations an amount of cash or other specified assets (initial margin) which initially is typically 1% to 10% of the face amount of the contract (but may be higher in some circumstances). Additional cash or assets (variation margin) may be required to be deposited thereafter on a daily basis as the mark to market value of the contract fluctuates. The purchase of an option on stock index futures involves payment of a premium for the option without any further obligation on the part of a Portfolio. If a Portfolio exercises an option on a futures contract it will be obligated to post initial margin (and potential subsequent variation margin) for the resulting futures position just as it would for any position. Futures contracts and options thereon are generally settled by entering into an offsetting transaction but there can be no assurance that the position can be offset prior to settlement at an advantageous price, or that delivery will occur.

A Portfolio will not enter into a futures contract or related option (except for closing transactions) if, immediately thereafter, the sum of the amount of its initial margin and premiums on open futures contracts and options thereon would exceed 5% of the Portfolio's total assets (taken at current value); however, in the case of an option that is in-the-money at the time of the purchase, the in-the-money amount may be excluded in calculating the 5% limitation.

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*Foreign Currency Transactions* 

Each Portfolio may enter into foreign currency transactions for a variety of purposes, including: to fix in U.S. dollars, between trade and settlement date, the value of a security a Portfolio has agreed to buy or sell; to hedge the U.S. dollar value of securities a Portfolio already owns, particularly if it expects a decrease in the value of the currency in which the foreign security is denominated; or to gain or reduce exposure to the foreign currency for investment purposes. The currency exposure of a Portfolio's portfolio typically will be unhedged to the U.S. dollar.

Foreign currency transactions may involve, for example, a Portfolio's purchase of foreign currencies for U.S. dollars or the maintenance of short positions in foreign currencies. A short position would involve a Portfolio agreeing to exchange an amount of a currency it did not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the currency a Portfolio contracted to receive. A Portfolio's success in these transactions may depend on the ability of the Manager to predict accurately the future exchange rates between foreign currencies and the U.S. dollar.

Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or perceived changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad.

*Swap Transactions* 

Each Portfolio may engage in swap transactions, including currency swaps (discussed above under "Foreign Currency Transactions"), index swaps and total return swaps. A Portfolio may enter into swaps for both hedging purposes and to seek to increase total return. A Portfolio also may enter into options on swap agreements, sometimes called "swaptions."

Swap agreements are two-party OTC contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of swaps or securities representing a particular index. The "notional amount" of the swap agreement is only used as a basis upon which to calculate the obligations that the parties to a swap agreement have agreed to exchange.

Most swap agreements entered into by a Portfolio are cash settled and calculate the obligations of the parties to the agreement on a "net basis." Thus, a Portfolio's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Portfolio's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the segregation of permissible liquid assets of the Portfolio.

**Total Return Swaps**: In a total return or "equity" swap agreement, one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. The underlying reference asset of a total return swap may include an individual security, a basket of securities, an equity index, loans or bonds. Total return swaps on an individual security, basket of securities or securities indices may sometimes be referred to as "contracts for difference." Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Upon entering into a total return swap, a Portfolio is required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps may effectively add leverage to a Portfolio's portfolio because the Portfolio would be subject to investment exposure on the notional amount of the swap.

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**Options on Swaps ("Swaptions")**: A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A cash-settled option on a swap gives the purchaser the right, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. These options typically are purchased in privately negotiated transactions from financial institutions, including securities brokerage firms. Depending on the terms of the particular option agreement, a Portfolio generally will incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Portfolio purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Portfolio writes a swaption, upon exercise of the option the Portfolio will become obligated according to the terms of the underlying agreement.

With respect to uncleared swaps, swap dealers are required to collect variation margin from a Portfolio and may be required by applicable regulations to collect initial margin from a Portfolio. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations.

The use of swap agreements is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Manager is incorrect in its forecasts of applicable market factors, or a counterparty defaults, the investment performance of a Portfolio would diminish compared with what it would have been if these techniques were not used. In addition, it is possible that developments in the swap market, including potential government regulation, could adversely affect a Portfolio's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

A Portfolio will enter into swap agreements only when the Manager believe it would be in the best interests of the Portfolio to do so and the Portfolio is operationally able to do so. In addition, a Portfolio will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of a Portfolio's repurchase agreement guidelines).

*Firm Commitment Agreements and When-Issued Purchases*

Firm commitment agreements and "when-issued" purchases call for the purchase of securities at an agreed price on a specified future date and would be used, for example, when a decline in the yield of securities of a given issuer is anticipated and a more advantageous yield may be obtained by committing currently to purchase securities to be issued later. When a Portfolio purchases a security under a firm commitment agreement or on a when-issued basis it assumes the risk of any decline in value of the security occurring between the date of the agreement or purchase and the settlement date of the transaction. Rule 18f-4 permits a Portfolio to enter into firm commitment agreements and when-issued purchases, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the transaction meets the Delayed-Settlement Securities Provision. If a firm commitment agreement or when-issued purchase does not satisfy the Delayed-Settlement Securities Provision, it will be treated as a derivative transaction under Rule 18f-4.

*Combined Transactions*

A Portfolio may enter into multiple derivatives transactions, including multiple options transactions, multiple futures transactions, multiple currency transactions including forward currency contracts and multiple interest rate transactions, swaps, structured notes and any combination of futures, options, swaps, currency and interest rate transactions ("component transactions"), to the extent permissible under its fundamental investment restrictions, instead of a single transaction, as part of a single or combined strategy when, in the opinion of the Manager, it is in the best interests of a Portfolio to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on the Manager's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

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**Borrowing**

Each Portfolio may borrow from banks for temporary or emergency purposes. Additionally, large redemption requests may exceed the cash balance of a Portfolio and a Portfolio may engage in borrowing to meet redemptions. In such cases, amounts borrowed may or may not be repaid with subscriptions to a Portfolio while such borrowings are outstanding. In addition, Alger Capital Appreciation Portfolio may borrow and certain Portfolios are currently borrowing money from banks to purchase additional securities. This borrowing is known as leveraging. Leveraging increases both investment opportunity and investment risk. If the investment gains on securities purchased with borrowed money exceed the interest paid on the borrowing, the net asset value of a Portfolio's shares will rise faster than would otherwise be the case. On the other hand, if the investment gains fail to cover the cost (including interest) of borrowings, or if there are losses, the net asset value of a Portfolio's shares will decrease faster than would otherwise be the case. In accordance with the 1940 Act, a Portfolio is required to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of its borrowings. Maintaining asset coverage of 300% means that a Portfolio's liabilities may comprise up to a third of its assets. For example, if a Portfolio had $100 in total assets, and the Portfolio borrowed $50, the Portfolio's total assets would be $150, and its liabilities would be $50. A Portfolio would have 300% asset coverage. If such asset coverage should decline below 300% as a result of market fluctuations or other reasons, a Portfolio may be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time. Leveraging may exaggerate the effect on net asset value of any increase or decrease in the market value of a Portfolio's securities. Money borrowed for leveraging will be subject to interest costs which may or may not be recovered by appreciation of the securities purchased; in certain cases, interest costs may exceed the return received on the securities purchased. A Portfolio also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Interfund Loans**

The SEC has granted an exemption permitting the funds advised by Alger Management to participate in an interfund lending program. This program allows the funds to borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Portfolio may lend uninvested cash in an amount up to 15% of its net assets to other funds, and each Portfolio may borrow in an amount up to 10% of its net assets from other funds. If a Portfolio has borrowed from other funds and has aggregate borrowings from all sources that exceed 10% of the Portfolio's total assets, such Portfolio will secure all of its loans from other funds. The ability of the Portfolio to lend cash to or borrow cash from other funds is subject to certain other terms and conditions. The Board is responsible for overseeing the Trust's participation in the interfund lending program.

**Exchange-Traded Funds**

To the extent otherwise consistent with their investment policies and applicable law, each Portfolio may invest in ETFs, which are typically open-end funds or unit investment trusts whose shares are listed on a national stock exchange.

Investments in ETFs subject a Portfolio to the risks of the ETF, as well as the risks of the ETF's portfolio securities. In addition, the values of ETFs are subject to change as the values of their respective component securities or commodities fluctuate according to market volatility.

Shares of ETFs may at times be acquired at market prices representing premiums to their net asset values ("NAVs"). In addition, ETFs held by a Portfolio could trade at a discount from NAV, and such discount could increase while the Portfolio holds the shares. If the market price of shares of an ETF decreases below the price that a Portfolio paid for the shares and the Portfolio were to sell its shares of such ETF at a time when the market price is lower than the price at which it purchased the shares, the Portfolio would experience a loss.

In addition, if a Portfolio acquires shares in ETFs, including affiliated ETFs, shareholders would bear both their proportionate share of expenses in a Portfolio and, indirectly, the expenses of such ETF. Such expenses, both at the Portfolio level and acquired ETF level, would include management and advisory fees, unless such fees have been waived by the Manager. Please see your Portfolio's Prospectuses to determine whether any such management and advisory fees have been waived by the Manager.

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**Registered Funds**

The Portfolios may invest in shares of other investment companies (including ETFs, as discussed above), to the extent permitted by applicable law, subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by a Portfolio. A Portfolio's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Portfolio's expenses. Section 12(d)(1)(A) of the 1940 Act prohibits a Portfolio from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined.

In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the adoption of Rule 12d1-4 under the 1940 Act and the rescission of Rule 12d1-2 under the 1940 Act and certain exemptive relief issued by the SEC permitting such investments in excess of the limitations of Section 12(d)(1). Rule 12d1-4, which became effective on January 19, 2021, permits a Portfolio to invest in other investment companies beyond the statutory limits, subject to certain conditions. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters became effective on January 19, 2022.

To the extent a Portfolio invests in other Alger-sponsored funds in excess of the Section 12(d)(1) limits, the Portfolio will do so in reliance on Rule 12d1-4. As discussed in the "Management" section of the SAI, Alger Management waives a Portfolio's advisory fee in an amount corresponding to the advisory fee borne by the Portfolio as an investor in any underlying Alger-sponsored fund.

**Master Limited Partnerships**

Each Portfolio may invest in master limited partnerships ("MLPs"). An MLP is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for federal income tax purposes. MLPs generally have two classes of owners, the general partner and limited partners. The general partner typically controls the partnership's operations and management. The Portfolios may purchase publicly traded common units issued to limited partners of MLPs. MLPs combine the tax advantages of a partnership with the liquidity of a publicly traded stock. MLP income is generally not subject to entity-level tax; rather, its income, gain or losses pass through to common unitholders. The value of an MLP generally fluctuates predominantly based on prevailing market conditions and the success of the MLP. Investments held by MLPs may be relatively illiquid, and MLPs themselves may trade infrequently and in limited volume. MLPs involve the risks related to their underlying assets, and risks associated with pooled investment vehicles.

**Initial Public Offerings ("IPOs")**

The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and a Portfolio may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. IPOs have the potential to produce substantial gains. There is no assurance that a Portfolio will have access to profitable IPOs and therefore investors should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a Portfolio during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In addition, as a Portfolio increases in size, the impact of IPOs on its performance will generally decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods.

**Venture Capital and Private Equity Investments**

A Portfolio may identify investment opportunities that are not yet available in the public markets and that are accessible only through private equity investments, including private investments in public equities ("PIPEs"). To capitalize on such opportunities, the Portfolio may invest in venture capital or private equity funds, direct private equity investments, PIPEs, and other investments that the Manager determines to have limited liquidity ("Special Investment Opportunities"). Special Investment Opportunities involve an extraordinarily high degree of business and financial risk and can result in

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substantial or complete losses. There may be no trading market for Special Investment Opportunities, and the sale or transfer of such securities may be limited or prohibited by contract or legal requirements, or may be dependent on an exit strategy, such as an IPO or the sale of a business, which may not occur, or may be dependent on managerial assistance provided by other investors and their willingness to provide additional financial support. Some Special Investment Opportunities in which a Portfolio may invest may be operating at a loss or with substantial variations in operating results from period to period and may need substantial additional capital to support expansion or to achieve or maintain competitive positions. Such Special Investment Opportunities may face intense competition, including competition from companies with much greater financial resources, much more extensive development, production, marketing and service capabilities and a much larger number of qualified managerial and technical personnel. A Portfolio can offer no assurance that the marketing efforts of any particular Special Investment Opportunity will be successful or that its business will succeed. Positions in Special Investment Opportunities may be able to be liquidated, if at all, only at disadvantageous prices. As a result, a Portfolio that holds such positions may be required to do so for several years, if not longer, regardless of adverse price movements. Investment in Special Investment Opportunities may cause a Portfolio to be less liquid than would otherwise be the case.

With respect to PIPE transactions, PIPE investors purchase securities directly from a publicly traded company in a private placement transaction, typically at a discount to the market price of the company's common stock. Because the sale of the securities is not registered under the Securities Act, the securities are "restricted" and cannot be immediately resold by the investors into the public markets. Accordingly, the company typically agrees as part of the PIPE deal to register the restricted securities with the SEC. PIPE securities may be deemed illiquid.

**Real Estate Investment Trusts ("REITs")**

A Portfolio may invest in shares of REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor's capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types, *i.e.*, hotels, shopping malls, residential complexes and office buildings.

REITs are subject to management fees and other expenses, and a Portfolio will bear its proportionate share of the costs of the REITs' operations. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans; the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be adversely affected by several factors, including rising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties, the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain their exemptions from registration under the 1940 Act, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Portfolio from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent application of a Portfolio's investment strategy results in the Portfolio investing in REIT shares, the percentage of the Portfolio's dividend income received from REIT shares will likely exceed the percentage of the Portfolio's portfolio which is comprised of REIT shares. Ordinary REIT dividends received by a Portfolio and distributed to the Portfolio's shareholders will generally be taxable as ordinary income and will not constitute "qualified dividend income." However, a non-corporate taxpayer who is a direct REIT shareholder may claim a 20% "qualified business income" deduction for ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to the extent the regulated investment company's income is derived from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable holding period requirements.

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REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a Portfolio's REIT investments to decline. During periods when interest rates are declining, mortgages are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment under their mortgage loans and leases to generate cash to make distributions to their shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.

Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as investing in other small capitalization companies. REITs may have limited financial resources and their securities may trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.

**Cyber Security Risk**

With the increasing use of the internet and technology in connection with Portfolio operations, the Portfolios and their service providers are susceptible to greater operational and information security risks through breaches of cyber security. Cyber security breaches include stealing or corrupting data maintained online or digitally, "denial of service" attacks on websites, the unauthorized monitoring, misuse, loss, destruction or corruption of confidential information, unauthorized access to systems, compromises to networks or devices that the Portfolios and their service providers use to service Portfolio operations, and operational disruption or failures in the physical infrastructure or operating systems that support the Portfolios and their service providers. Cyber security breaches affecting a Portfolio or any of the Portfolios' intermediaries or service providers may adversely impact the Portfolio and its shareholders, potentially resulting in financial losses or the inability of Portfolio shareholders to transact business. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact a Portfolio's ability to calculate NAVs, cause the release of private shareholder information or confidential business information, impede trading, subject the Portfolios to regulatory fines or financial losses and/or cause reputational damage. The Portfolios may also incur additional costs for cyber security risk management programs designed to mitigate or prevent the risk of cyber security breaches. Such costs may be ongoing because threats of cyber attacks are constantly evolving. Issuers of securities in which the Portfolios invest are also subject to similar cyber security risks, which could result in material adverse consequences for such issuers, and may cause the Portfolios' investments in such companies to lose value. There can be no assurance that the Portfolios or their service providers, or the issuers of the securities in which the Portfolios invest, will not suffer losses relating to cyber security breaches in the future. In addition, the Portfolios have no control over the cybersecurity protections established by their service providers or third-party vendors. Despite reasonable precautions, the risk remains that such incidents could occur, and that such incidents could cause damage to individual investors due to the risk of exposing confidential personal data about investors to unintended parties. Increased geopolitical tensions may increase the risk of cyber attacks.

**Investment Restrictions**

The investment restrictions numbered 1 through 8 below have been adopted by each of the Portfolios as fundamental policies. Under the 1940 Act, a "fundamental" policy may not be changed without the vote of a "majority of the outstanding voting securities" of the Portfolio, which is defined in the 1940 Act as the lesser of (a) 67% or more of the shares of the Portfolio present at a Portfolio meeting if the holders of more than 50% of the outstanding shares of the Portfolio are present or represented by proxy or (b) more than 50% of the outstanding shares of the Portfolio. Each of the Portfolios' investment objectives is a non-fundamental policy, which may be changed by the Board at any time.

**For each Portfolio:**

1. Except as otherwise permitted by the 1940 Act (which currently limits borrowing to no more than 33 <sup>1</sup>∕3% of the value of the Portfolio's total assets), or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not borrow money.

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2. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not act as an underwriter of securities of other issuers, except to the extent the Portfolio may be deemed an underwriter under the Securities Act by virtue of disposing of portfolio securities.

3. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not lend any securities or make loans to others. For purposes of this investment restriction, the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) and the entry into repurchase agreements shall not constitute loans by the Portfolio.

4. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except insofar as the Portfolio may be deemed to have issued a senior security by reason of borrowing money in accordance with the Portfolio's borrowing policies. For purposes of this investment restriction, collateral, escrow, or margin or other deposits with respect to the making of short sales, the purchase or sale of futures contracts or options, purchase or sale of forward foreign currency contracts, and the writing of options on securities are not deemed to be an issuance of senior security.

5. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not purchase, hold or deal in real estate, but the Portfolio may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate or real estate investment trusts and may acquire and hold real estate or interests therein through exercising rights or remedies with regard to such securities.

6. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not invest in physical commodities or physical commodities contracts, except that the Portfolio may purchase and sell options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices and enter into swap agreements and other derivative instruments.

7. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not invest more than 25% of the value of its total assets in the securities of issuers in any single industry, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities or as otherwise permitted by the SEC.

8. Except as otherwise permitted by the 1940 Act, or interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, the Portfolio may not (a) invest more than 5% of its assets in the obligations of any single issuer, except that up to 25% of the value of the Portfolio's total assets may be invested, and securities issued or guaranteed by the U.S. Government, or its agencies or instrumentalities and securities of other investment companies may be purchased, without regard to any such limitation, nor (b) hold more than 10% of the outstanding voting securities of any single issuer (this restriction in clause (b) applies only with respect to 75% of the Portfolio's total assets).

*Notations Regarding the Investment Restrictions* 

The following notations are not considered to be part of a Portfolio's fundamental investment restrictions and are subject to change without shareholder approval.

Except in the case of the percentage limitation set forth in Investment Restriction No. 1 and as may be otherwise stated, the percentage limitations contained in the foregoing restrictions and in the Portfolio's other investment policies apply at the time of purchase of the securities and a later increase or decrease in percentage resulting from a change in the values of the securities or in the amount of the Portfolio's assets will not constitute a violation of the restriction. With respect to the percentage limitation set forth in

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Investment Restriction No. 1, however, if borrowings exceed 33 <sup>1</sup>∕3% of the value of the Portfolio's total assets as a result of a change in values or assets, the Portfolio shall take steps to reduce such borrowings within three days (not including Sundays and holidays) thereafter at least to the extent of such excess.

For purposes of Investment Restriction No. 7, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of related industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in Investment Restriction No. 7 will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: the purchase of government securities, domestic bank deposit instruments, or tax-exempt securities issued by governments or their political subdivisions (excluding private activity municipal debt securities), or as otherwise permitted by the SEC. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. With respect to each Portfolio's industry classifications, each Portfolio currently utilizes the classifications of any one or more third party sources and/or as defined by Portfolio management. The policy also will be interpreted to give broad authority to each Portfolio as to how to classify issuers within or among industries.

**Portfolio Transactions**

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Decisions to buy and sell securities and other financial instruments for a Portfolio are made by the Manager, which also is responsible for placing these transactions, subject to the overall review of the Board. Although investment requirements for each Portfolio are reviewed independently from those of the other accounts or funds managed by the Manager, investments of the type the Portfolios may make also may be made by these other accounts or funds. When a Portfolio and one or more other funds or other accounts managed by the Manager are prepared to invest in, or desire to dispose of, the same security or other financial instrument, available investments or opportunities for sales will be allocated in a manner believed by the Manager to be equitable to each. In some cases, this procedure may affect adversely the price paid or received by a Portfolio or the size of the position obtained or disposed of by a Portfolio.

Transactions in equity securities are in most cases effected on U.S. and foreign stock exchanges or in over-the-counter markets and involve the payment of negotiated brokerage commissions. Where there is no stated commission, as in the case of certain securities traded in the over-the-counter markets, the prices of those securities include undisclosed commissions or mark-ups. Purchases and sales of money market instruments and debt securities usually are principal transactions. These securities are normally purchased directly from the issuer or from an underwriter or market maker for the securities. The cost of securities purchased from underwriters includes an underwriting commission or concession and the prices at which securities are purchased from and sold to dealers include a dealer's mark-up or mark-down. U.S. Government securities are generally purchased from underwriters or dealers, although certain newly-issued U.S. Government securities may be purchased directly from the U.S. Treasury or from the issuing agency or instrumentality.

In the Manager's view, companies continuously undergo changes in response to, among other things, economic, market, environmental, technological, political and managerial factors. Generally, securities will be purchased for capital appreciation. As a result, the Portfolios may dispose of securities without regard to the time they have been held when such action, for defensive or other purposes, appears advisable. Moreover, it is Alger Management's philosophy to pursue each Portfolio's investment objective by managing these Portfolios actively, which may result in high portfolio turnover. The portfolio turnover rate for each Portfolio is included in the Portfolio's Summary Prospectus as well as the financial highlights section of the Portfolio's Prospectus. Increased portfolio turnover will have the effect of increasing a Portfolio's brokerage and custodial expenses.

To the extent consistent with applicable provisions of the 1940 Act and the rules and exemptions adopted by the SEC thereunder, as well as other regulatory requirements, the Board has determined that portfolio transactions may be executed through Fred Alger & Company, LLC ("Alger LLC" or the "Distributor"), a registered broker-dealer, if, in the judgment of the Manager, the use of Alger LLC is likely to result in price and execution at least as favorable as those of other qualified broker-dealers and if, in particular transactions, Alger LLC charges the Portfolio involved a rate consistent with that which other broker-dealers charge to comparable unaffiliated customers in similar transactions. Over-the-

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counter purchases and sales are transacted directly with principal market makers except in cases in which better prices and executions may be obtained elsewhere. Principal transactions are not entered into with affiliates of the Portfolio except pursuant to exemptive rules or orders adopted by the SEC.

In selecting brokers or dealers to execute portfolio transactions on behalf of a Portfolio, Alger Management seeks the best overall terms available. In assessing the best overall terms available for any transaction, Alger Management will consider the factors it deems relevant, including the breadth of the market in the investment, the price of the investment, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. In addition, Alger Management is authorized, in selecting parties to execute a particular transaction and in evaluating the best overall terms available, to consider the brokerage and research services, as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), provided to the Portfolio involved, the other Portfolios and/or other accounts over which Alger Management or its affiliates exercise investment discretion to the extent permitted by law. The Board periodically reviews the commissions paid by the Portfolios to determine if the commissions paid over representative periods of time are reasonable in relation to the benefits inuring to the Portfolios.

Alger LLC does not engage in principal transactions with the Portfolio and, accordingly, received no compensation in connection with securities purchased or sold in that manner, which include certain securities traded in the over-the-counter markets, money market investments and most debt securities.

During the fiscal years ended December 31, 2023, 2024, and 2025, the Portfolios paid commissions in connection with portfolio transactions as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Broker Commissions Paid for 2023** | **Broker Commissions Paid for 2023** | **Broker Commissions Paid for 2023** | **Broker Commissions Paid for 2023** |  |  |
|  |  | **Paid to Alger LLC** | **Paid to Alger LLC** | **Paid to Alger LLC** | **Soft Dollar Transactions** | **Soft Dollar Transactions** |
|  | **Total**<br> **Paid by**<br> **the Portfolio**<br>| **Dollar**<br> **Amount**<br> **Paid to**<br> **Alger LLC**<br>| **% of**<br> **Brokerage**<br> **Commissions**<br> **Paid to**<br> **Alger LLC**<br>| **% of**<br> **Dollar Amount**<br> **of Transactions**<br> **Effected through**<br> **Alger LLC**<br>| **Value of**<br> **Transactions**<br>| **Commissions** |
| Alger Capital Appreciation <br> Portfolio<br>| $230434 | $30690 | 13% | 13% | $196335550 | $88968 |
| Alger Large Cap Growth Portfolio | 241209 | 27866 | 12% | 9% | 64319220 | 37907 |
| Alger Mid Cap Growth Portfolio | 71545 | 4889 | 7% | 4% | 50523625 | 20544 |
| Alger Small Cap Growth Portfolio | 136208 | 28901 | 21% | 13% | 32328710 | 39324 |
| Alger Growth & Income Portfolio | 1498 | 56 | 4% | 4% | 895200 | 256 |
| Alger Balanced Portfolio | 1661 | 60 | 4% | 2% | 882542 | 279 |
|  | $682555 | $92462 | 14% | 11% | $345284847 | $187278 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Broker Commissions Paid for 2024** | **Broker Commissions Paid for 2024** | **Broker Commissions Paid for 2024** | **Broker Commissions Paid for 2024** |  |  |
|  |  | **Paid to Alger LLC** | **Paid to Alger LLC** | **Paid to Alger LLC** | **Soft Dollar Transactions** | **Soft Dollar Transactions** |
|  | **Total**<br> **Paid by**<br> **the Portfolio**<br>| **Dollar**<br> **Amount**<br> **Paid to**<br> **Alger LLC**<br>| **% of**<br> **Brokerage**<br> **Commissions**<br> **Paid to**<br> **Alger LLC**<br>| **% of**<br> **Dollar Amount**<br> **of Transactions**<br> **Effected through**<br> **Alger LLC**<br>| **Value of**<br> **Transactions**<br>| **Commissions** |
| Alger Capital Appreciation <br> Portfolio<br>| $254225 | $21551 | 8% | 4% | $266271849 | $113930 |
| Alger Large Cap Growth Portfolio | 131802 | 29877 | 23% | 14% | 97267474 | 42142 |
| Alger Mid Cap Growth Portfolio | 77925 | 21272 | 27% | 9% | 48266613 | 21482 |
| Alger Small Cap Growth Portfolio | 160434 | 18745 | 12% | 7% | 58672718 | 77789 |
| Alger Growth & Income Portfolio | 2689 | - | 0% | 0% | 1592817 | 1058 |
| Alger Balanced Portfolio | 3027 | 3522 | 116% | 15% | 1395848 | 1056 |
|  | $630102 | $94967 | 15% | 8% | $473467319 | $257455 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Broker Commissions Paid for 2025** | **Broker Commissions Paid for 2025** | **Broker Commissions Paid for 2025** | **Broker Commissions Paid for 2025** |  |  |
|  |  | **Paid to Alger LLC** | **Paid to Alger LLC** | **Paid to Alger LLC** | **Soft Dollar Transactions** | **Soft Dollar Transactions** |
|  | **Total**<br> **Paid by**<br> **the Portfolio**<br>| **Dollar**<br> **Amount**<br> **Paid to**<br> **Alger LLC**<br>| **% of**<br> **Brokerage**<br> **Commissions**<br> **Paid to**<br> **Alger LLC**<br>| **% of**<br> **Dollar Amount**<br> **of Transactions**<br> **Effected through**<br> **Alger LLC**<br>| **Value of**<br> **Transactions**<br>| **Commissions** |
| Alger Capital Appreciation <br> Portfolio<br>| $460637 | $42680 | 9% | 8% | $354131405 | $145344 |
| Alger Large Cap Growth Portfolio | 251866 | 54213 | 22% | 22% | 287613544 | 93934 |
| Alger Mid Cap Growth Portfolio | 124752 | 26157 | 21% | 21% | 70398770 | 26280 |
| Alger Small Cap Growth Portfolio | 127669 | 16037 | 13% | 18% | 35079558 | 41412 |
| Alger Growth & Income Portfolio | 1434 | - | 0% | 0% | 986358 | 184 |
| Alger Balanced Portfolio | 1824 | - | 0% | 0% | 1040016 | 192 |
|  | $968182 | $139087 | 14% | 15% | $749249651 | $307345 |

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The increase in brokerage commissions paid by Alger Capital Appreciation Portfolio and Alger Large Cap Growth Portfolio in the fiscal year ended December 31, 2025 when compared to the prior fiscal year was primarily the result of portfolio management.

As of December 31, 2025, Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Small Cap Growth Portfolio, and Alger Mid Cap Growth Portfolio did not hold securities of their regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act). As of December 31, 2025, Alger Growth & Income Portfolio and Alger Balanced Portfolio held securities of their regular brokers or dealers as follows:

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| | |
|:---|:---|
| **Alger Growth & Income Portfolio** | **Dollar Value of Securities Owned** |
| J.P. Morgan Chase & Co. | $1902709 |
| Morgan Stanley | $1372839 |
| Bank of America Corp. | $619575 |

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| | |
|:---|:---|
| **Alger Balanced Portfolio** | **Dollar Value of Securities Owned** |
| Bank of America Corp. | $626945 |
| J.P. Morgan Chase & Co. | $2432628 |
| Morgan Stanley | $1400712 |
| Citigroup Inc. | $502636 |

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**Portfolio Turnover**

No Portfolio experienced significant variation in portfolio turnover rate in the fiscal year ended December 31, 2025 when compared to prior fiscal years.

**Disclosure of Portfolio Holdings**

The Board has adopted policies and procedures relating to disclosure of a Portfolio's 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 Portfolios.

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 Portfolios' shares and other parties which are not employed by the Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Portfolios) are acceptable.

The Portfolios make their full holdings available on an annual and semi-annual basis in publicly available filings on Form N-CSR and after the first and third fiscal quarters as an exhibit to its regulatory filings on Form N-PORT. These regulatory filings are filed with the SEC, as required by federal securities laws, and are generally available within sixty (60) days of the end of the Portfolios' fiscal quarter.

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In addition, the Portfolios make publicly available their respective month-end top 10 holdings with a 10 day lag and their month-end full portfolios with a 60 day lag on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

In accordance with the foregoing, the Portfolios provide portfolio holdings information to third parties including financial intermediaries, Portfolio shareholders redeeming in-kind, and service providers who need access to this information in the performance of their services or in connection with an in-kind redemption by a Portfolio shareholder, 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. This agreement must be approved by the Portfolios' Chief Compliance Officer.

The Board periodically reviews a report disclosing the third parties to whom each Portfolio's holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Portfolio and its shareholders.

In addition to material the Portfolios routinely provide to shareholders, the Manager may, upon request, make additional statistical information available regarding the Alger Family of Funds. Such information may include, but not be limited to, relative weightings and characteristics of a Portfolio's portfolio versus an index (such as P/E (or price to book) ratio), EPS forecasts, alpha, beta, capture ratio, maximum drawdown, standard deviation, Sharpe ratio, information ratio, and market cap analysis), security specific impact on overall portfolio performance, return on equity statistics, geographic analysis, number of holdings, 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 Portfolios at (800) 992-3863 to obtain such information.

Each Portfolio provides its portfolio holdings on a daily basis, with no lag, to each of Abel Noser, Alpha Theory, Bloomberg, Factset, Security Class Action Services, LLC, and William O'Neil + Co. Inc. Each Portfolio has ongoing arrangements to provide its portfolio holdings to each of Callan Associates, Epiq eDiscovery Solutions, Inc., Equest, eVestment Alliance, LLC, Fascet LLC, ICE Data Services, InsiderScore, Mercer Investment Consulting, Morningstar, Oppenheimer, PSN, S&P Global Inc., RBC Capital Markets, Refinitiv US LLC, ReFlow Fund, LLC, Renaissance Macro, Seismic, Synergy Capital Management, Vantagepoint Investment Management, Inc., and Wilshire. Neither a Portfolio nor any other person is directly compensated for such disclosure, although certain persons receiving such disclosure may be investors in one or more Portfolios and may therefore be subject to fees applicable to all shareholders. Alger Management also manages accounts for individuals and institutions. Holders of these accounts may own many of the same securities as a Portfolio, and therefore may be generally aware of the portfolio holdings of a Portfolio.

**Net Asset Value**

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The price of one share of a class is based on its net asset value or "NAV." The NAV is computed by adding the value of a Portfolio's investments plus cash and other assets allocable to the class, deducting applicable liabilities and then dividing the result by the number of shares of the class outstanding. The NAV of a share of a given class may differ from that of one or more other classes of a Portfolio. NAV is calculated as of the close of business (normally 4:00 p.m. Eastern time) on each day the New York Stock Exchange ("NYSE") is open.

Purchases of shares will be based upon the next net asset value calculated for each class after your order is received and accepted by the Transfer Agent or other designated intermediary. If your purchase is made by check, wire or exchange and is received by the close of business of the NYSE (normally 4:00 p.m. Eastern time), your account will be credited on the day of receipt. If your purchase is received after such time, it will be credited the next business day.

The NYSE is generally open on each Monday through Friday, except New Year's Day, Martin Luther King, Jr. Day (the third Monday in January), Presidents' Day (the third Monday in February), Good Friday, Memorial Day (the last Monday in May), Juneteenth, Independence Day, Labor Day (the first Monday in September), Thanksgiving Day (the fourth Thursday in November) and Christmas Day.

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The assets of a Portfolio are generally valued on the basis of market quotations. Securities for which such information is readily available are valued at the last reported sales price or, in the absence of reported sales, at a price within the bid and asked price or the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the absence of a recent bid or asked price, the equivalent as obtained from one or more of the major market makers for the securities to be valued may be used. Other investments and other assets, including restricted securities and securities for which market quotations are not readily available, are valued at fair value under procedures approved by the Board. Short-term securities with maturities of 60 days or less are valued at amortized cost, as described below, which constitutes fair value as determined by Alger Management, as the Board's valuation designee.

Securities in which the Portfolios invest may be traded in markets that close before the close of the NYSE. Developments that occur between the close of these markets (generally foreign markets) and the close of the NYSE (normally 4:00 p.m. Eastern time) may result in adjustments to the closing prices to reflect what the Manager, pursuant to policies established by the Board, believes to be fair values of these securities as of the close of the NYSE. A Portfolio may also fair value securities in other situations, for example, when a particular foreign market is closed but the Portfolio is open.

The valuation of money market instruments with maturities of 60 days or less held by a Portfolio is based on their amortized cost which does not take into account unrealized capital gains or losses. Amortized cost valuation involves initially valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. Although this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price a Portfolio would receive if it sold the instrument.

**Purchases and Redemptions**

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Shares of the Portfolios are offered by the Trust on a continuous basis to separate accounts of certain life insurance companies ("Participating Insurance Companies") and to Plans. Shares are distributed by Alger LLC as principal underwriter for the Portfolios pursuant to a distribution agreement (the "Distribution Agreement") which provides that Alger LLC accepts orders for shares at net asset value and no sales commission or load is charged.

The separate accounts of the Participating Insurance Companies place orders to purchase and redeem shares of each Portfolio based on, among other things, the amount of premium payments to be invested and the amount of surrender and transfer requests (as defined in the prospectuses describing the VA contracts and VLI policies issued by the Participating Insurance Companies) to be effected on that day pursuant to VA contracts and VLI policies. Plan trustees purchase and redeem Portfolio shares. Plan participants cannot contact the Trust directly to purchase shares of the Portfolios but may invest in shares of the Portfolios only through their Plan. The Portfolios do not assess any fees, either when they sell or when they redeem their shares. Surrender charges, mortality and expense risk fees and other charges may be assessed by Participating Insurance Companies under the VA contracts or VLI policies. These fees should be described in the Participating Insurance Companies' prospectuses. Any charges assessed by the Plans should be described in the Plan documents. Participants should contact their Plan sponsor for information concerning the appropriate procedure for investing in the Portfolios.

The Trust may suspend the right of redemption of shares of any Portfolio and may postpone payment for any period: (i) during which the NYSE is closed other than customary weekend and holiday closings or during which trading on the NYSE is restricted; (ii) when the SEC determines that a state of emergency exists which may make payment or transfer not reasonably practicable; (iii) as the SEC may by order permit for the protection of the shareholders of the Portfolios; or (iv) at any other time when the Portfolios may, under applicable laws and regulations, suspend payment on the redemption of its shares.

Payment for shares tendered for redemption is ordinarily made in cash. However, the Board has adopted procedures which provide that if the Board determines that it would be detrimental to the best interest of the remaining shareholders of a Portfolio to make payment of a redemption order wholly in cash, the Portfolio may pay the redemption proceeds in whole or in part by a distribution "in kind" of securities from the Portfolio, in lieu of cash, in conformity with applicable rules of the SEC. The Trust has elected to be governed by Rule 18f-1 under the 1940 Act, pursuant to which a Portfolio is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net assets of the Portfolio during

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any 90-day period for any one shareholder. If shares are redeemed in kind, the redeeming shareholder might incur brokerage or other costs in selling the securities for cash. The method of valuing securities for the purposes of making in-kind redemptions will be the same as the method the Portfolio generally uses to value its portfolio securities and such valuation will be made as of the time the redemption price is determined. If the Portfolio pays large redemptions in cash, these transactions may increase the Portfolio's transaction costs and detract from the Portfolio's performance. Large purchases pose similar risks.

Securities for in kind redemptions will generally be selected on a pro rata basis pursuant to the Trust's procedures. However, in certain circumstances, and in accordance with the Trust's procedures, the Manager may instead select securities for in kind redemptions on a non-pro rata basis. These circumstances include managing and optimizing a Portfolio's portfolio composition and operational considerations such as restricted securities.

**Distribution Plan**

Under a distribution plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, each Portfolio that offers Class S shares may pay Alger LLC a fee, at an annual rate of up to 0.25% of the average daily net assets of the Portfolio allocable to Class S shares of the Portfolio, if any, primarily for remittance to Participating Insurance Companies and qualified plan service providers as compensation for distribution assistance and shareholder services with respect to Class S shares. The Plan is a "compensation" type plan and permits the payment at an annual rate of up to 0.25% of the average daily net assets allocable to the Class S shares of a Portfolio for recordkeeping and administrative services as well as activities that are primarily intended to result in sales of Class S shares of the Portfolio, including but not limited to preparing, printing and distributing prospectuses, SAI, shareholder reports, and educational materials to prospective and existing contract owners and plan participants; compensating agents; responding to inquiries by contract owners and plan participants; receiving and answering correspondence; contract owner and participant-level recordkeeping and administrative services; and similar activities. The Trustees unanimously approved the Plan on February 5, 2002, and it became effective on May 1, 2002. The Plan and any related agreement that is entered into by a Portfolio in connection with the Plan remains in effect from year to year, provided such continuation is approved annually by vote of a majority of the Trustees and of a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees") and who have no direct or indirect financial interest in the operation of the Plan or any related agreements (the "12b-1 Independent Trustees"). All material amendments to the Plan must be approved by a majority vote of the Trustees, including a majority of the 12b-1 Independent Trustees, at a meeting called for that purpose. The Plan may not be amended to increase materially the amount to be spent with respect to a Portfolio without the approval of the Class S shareholders of the Portfolio. In addition, the Plan may be terminated with respect to any Portfolio at any time, without penalty, by vote of a majority of the outstanding Class S shares of the Portfolio or by vote of a majority of the 12b-1 Independent Trustees.

Alger LLC's selling expenses during the fiscal year ended December 31, 2025 were as follows:

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| | |
|:---|:---|
|  | **Class S Shares** |
| Advertising & Promotion | $2579 |
| Compensation to Dealers | 112665 |
| Compensation to Sales Personnel | 7422 |
| Printing | 286 |
| Total Selling Expenses | $122952 |

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**Expenses of the Portfolios**

Subject to any expense limitations described in each Portfolio's Prospectus(es), each Portfolio will generally bear its own expenses. Operating expenses for each Portfolio generally consist of all costs not specifically borne by Alger Management, including investment management fees, fees for necessary professional and brokerage services, costs of regulatory compliance and costs associated with maintaining legal existence and shareholder relations. In addition, Class S shares of each Portfolio may pay Alger LLC for expenses incurred in distributing shares of that class and for servicing shareholder accounts. Trustwide expenses not identifiable to any particular Portfolio or class will be allocated in a manner deemed fair and equitable by the Board. From time to time, Alger Management, in its sole discretion and as it deems appropriate, may assume certain expenses of one or more of the Portfolios while retaining the ability to be

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reimbursed by the applicable Portfolio for such amounts prior to the end of the fiscal year. This will have the effect of lowering the applicable Portfolio's overall expense ratio and of increasing yield to investors, or the converse, at the time such amounts are assumed or reimbursed, as the case may be.

**ReFlow Liquidity Program**

Each Portfolio may participate from time to time in a program offered by ReFlow Fund, LLC ("ReFlow"). Pursuant to the program and subject to certain conditions, ReFlow provides participating mutual funds with a source of cash to meet net shareholder redemptions by purchasing Portfolio shares at NAV in an amount up to the value of the net shares redeemed. Following purchases of Portfolio shares, ReFlow then redeems those shares when a Portfolio experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at a Portfolio's or ReFlow's discretion. While ReFlow holds a Portfolio's shares, it has the same rights and privileges with respect to those shares as any other shareholder. However, investments in a Portfolio by ReFlow in connection with the ReFlow program are not subject to the purchase and sale limitations described in "Limitations on Excessive Trading" in your Portfolio's Prospectus.

In the event a Portfolio uses the ReFlow program, the Portfolio will pay a fee to ReFlow each time ReFlow purchases Portfolio shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds seeking liquidity that day. The current minimum fee rate is 0.14% of the value of the Portfolio shares purchased by ReFlow. ReFlow's purchases of Portfolio shares through the liquidity program are made on an investment-blind basis without regard to a Portfolio's investment objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Portfolio. ReFlow purchases a Portfolio's lowest-cost share class at NAV and will not be subject to any investment minimum applicable to such shares. ReFlow will periodically redeem its entire share position in a Portfolio. When ReFlow redeems all or part of a position in a Portfolio, the Portfolio may pay all or a portion of such redemption in kind. Each Portfolio expects that in-kind redemptions will comprise a significant portion of redemptions paid to ReFlow. Such in-kind redemptions will be made in accordance with each Portfolio's redemption-in-kind policies, described in "Purchases and Redemptions" in this SAI.

**Participating Insurance Companies and Plans**

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The Trust currently does not foresee any disadvantages to the holders of VA contracts and VLI policies arising from the fact that the interests of the holders of VA contracts and VLI policies may differ, that the Participating Insurance Companies may not be affiliated with each other or that the Portfolios may offer their shares to Plans. Nevertheless, the Board intends to monitor events in order to identify any material irreconcilable conflicts which may possibly arise due to differences of tax treatment or other considerations, and to determine what action, if any, should be taken in response to such conflicts. If such a conflict were to occur, one or more Participating Insurance Company separate accounts or Plans might withdraw their investment in a Portfolio, which might cause the Portfolio to sell portfolio securities at disadvantageous prices, and orderly portfolio management could be disrupted to the potential detriment of the VA contract and VLI policy holders or Plan participants. The VA contracts and VLI policies are described in the separate prospectuses issued by the Participating Insurance Companies, and the Plans are described in the Plan documents made available by the Plan sponsors. The Trust assumes no responsibility for such prospectuses or plan documents.

Tax qualified plans may also invest in the Portfolios. The Trust assumes no responsibility for confirming the tax status of shareholders, or their effect on the tax status of other Portfolio shareholders.

**Management**

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**Trustees and Officers of the Trust**

The Trust is governed by the Board which is responsible for protecting the interests of shareholders under Massachusetts law.

The Board has two standing committees: an Audit Committee and a Nominating Committee. The Audit Committee oversees (a) each Portfolio's accounting and financial reporting policies and practices and its internal controls and (b) the quality and objectivity of each Portfolio's financial statements and the independent audit thereof. The members of the Audit Committee are Charles F. Baird, Jr., David

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Rosenberg and Nathan E. Saint-Amand. The Audit Committee met five times during the Trust's last fiscal year. The function of the Nominating Committee is, among other things, to select and nominate all candidates for election as Independent Trustees to the Board. The Nominating Committee, which met two times during the Trust's last fiscal year, is composed of all the Independent Trustees.

While the Nominating Committee expects to be able to identify a sufficient number of qualified candidates on its own, it will consider nominations from shareholders that are submitted in writing to the Secretary of the Trust, c/o Fred Alger Management, LLC, 100 Pearl Street, 27th Floor, New York, New York 10004. Any submission should include the following information as to each individual proposed for election or re-election as Trustee: the name, age, business address, residence address and principal occupation or employment of such individual, the class, series and number of shares of stock of the Portfolios that are beneficially owned by such individual, the date such shares were acquired and the investment intent of such acquisition, whether such shareholder believes such individual is, or is not, an "interested person" (as defined in the 1940 Act) of the Trust, and information regarding such individual that is sufficient, in the discretion of the Nominating Committee, to make such determination, and all other information relating to such individual that is required to be disclosed in a solicitation of proxies for election of Trustees of a registered investment company in an election contest pursuant to Regulation 14A under the Securities Exchange Act (including such individual's written consent to being named in a proxy statement as a nominee and to serving as a Trustee (if elected)). Any such submission must also be submitted by such date and contain such information as may be specified in the Trust's By-laws.

**Board's Risk Oversight Role**

Risk oversight is part of the Board's general oversight of the Trust. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Manager, have responsibility for the day-to-day management of the Portfolios, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, liquidity risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings, regularly interacts with and receives reports from senior personnel of service providers, including the Manager's Chief Investment Officer (or a senior representative of his office) and portfolio management personnel, which include reports on the investment performance of the Portfolios.

The Board receives regular compliance reports prepared by the Trust's and the Manager's Chief Compliance Officer and meets regularly with the Chief Compliance Officer to discuss various compliance matters, including compliance risks. In accordance with SEC rules, the Independent Trustees meet regularly in executive session with the Trust's and the Manager's Chief Compliance Officer, and the Chief Compliance Officer prepares and presents an annual written compliance report to the Board. The Board's Audit Committee meets during its scheduled meetings, and between meetings the Audit Committee chair maintains contact with the Trust's independent registered public accounting firm and the Trust's Principal Financial Officer.

With respect to liquidity risk, the Board reviews, no less frequently than annually, a written report prepared by the Manager as the administrator of the Trust's liquidity risk management program that addresses the operation of the program and assesses its adequacy and effectiveness of implementation. The Board also receives regular liquidity reports. With respect to valuation risk, the Board oversees the Manager in its role as valuation designee and reviews periodic reporting addressing valuation matters with respect to each Portfolio, including the Manager's annual assessment of the adequacy and effectiveness of its process for determining the fair value of each Portfolio's portfolio securities.

The Board also receives periodic presentations from senior personnel of the Manager regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas. The Board also may receive special reports or presentations on a variety of matters, either upon the Board's request or upon the initiative of the Manager. The Board receives reports from counsel to the Trust or counsel to the Manager and the Board's own independent legal counsel regarding regulatory compliance and governance matters. The Board's oversight role does not make the Board a guarantor of the Portfolios' investment activities.

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**Board Composition and Leadership Structure**

The 1940 Act requires that at least 40% of the Trust's trustees be Independent Trustees and as such not be affiliated with the Manager. To rely on certain exemptive rules under the 1940 Act, a majority of the Trust's trustees must be Independent Trustees, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent Trustees. Currently, 86% of the Trust's Trustees, including the Chair of the Board, are Independent Trustees. The Chair of the Board chairs Board meetings and executive sessions of the Independent Trustees, reviews and comments on Board meeting agendas, represents the views of the Independent Trustees to management and facilitates communication among the Independent Trustees and their counsel. The Board has determined that its leadership structure, in which the Chair of the Board is not affiliated with the Manager, is appropriate in light of the services that the Manager provides to the Trust and potential conflicts of interest that could arise from this relationship.

Trustees of the Trust, together with information as to their positions with the Trust, and principal occupations, are shown below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, (Year of Birth), and** <br> **Address**<sup>(1)</sup><br>| **Position(s)**<br> **Held with**<br> **the Trust**<br> **and Length**<br> **of Time**<br> **Served**<br>| **Principal Occupation(s) During**<br> **Past Five Years**<br>| **Number of**<br> **Portfolios**<br> **in the Alger**<br> **Fund**<br> **Complex**<sup>(3)</sup><br> **which are**<br> **Overseen**<br> **by Trustee**<br>| **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During Past**<br> **Five Years**<br>|
| **Interested Trustee**<sup>(2)</sup>**:** |  |  |  |  |
| Hilary M. Alger (1961) | Trustee<br> since<br> 2007<br>| Non-profit Fundraising Consultant from <br> 2015 to 2024, Schultz & Williams; Non-<br> profit Fundraising Consultant since 2014, <br> Hilary Alger Consulting; Emeritus Trustee <br> since 2020 and Trustee from 2013 to <br> 2020, Philadelphia Ballet; School <br> Committee Member from 2017 to 2023, <br> Germantown Friends School; Trustee from <br> 1995 to 2023, Target Margin Theater.<br>| 35 | Board of Directors, Alger <br> Associates, Inc.<br>|
| **Non-Interested Trustees:** |  |  |  |  |
| Charles F. Baird, Jr. (1953) | Trustee<br> since<br> 2007<br>| Managing Partner of North Castle Partners <br> (private equity securities group).<br>| 35 |  |
| Jean Brownhill (1977) | Trustee<br> since<br> 2024<br>| CEO and Founder since 2011, Sweeten <br> Inc. (home renovation referral company).<br>| 35 | Board Member, The New <br> Home Company Inc.; <br> Board Member, HELP <br> USA.<br>|
| Susan L. Moffet (1966) | Trustee<br> since<br> 2024<br>| Managing Director and Partner since <br> 2014, and various other roles since 1993, <br> Boston Consulting Group ("BCG").<br>| 35 | Board Member, Sequoia <br> Parks Conservancy.<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, (Year of Birth), and** <br> **Address**<sup>(1)</sup><br>| **Position(s)**<br> **Held with**<br> **the Trust**<br> **and Length**<br> **of Time**<br> **Served**<br>| **Principal Occupation(s) During**<br> **Past Five Years**<br>| **Number of**<br> **Portfolios**<br> **in the Alger**<br> **Fund**<br> **Complex**<sup>(3)</sup><br> **which are**<br> **Overseen**<br> **by Trustee**<br>| **Other**<br> **Directorships**<br> **Held by Trustee**<br> **During Past**<br> **Five Years**<br>|
| Jay C. Nadel (1958) | Trustee<br> since<br> 2024<br>| Consultant since 2004. | 35 | Chairman of the Board of <br> Trustees, City National <br> Rochdale Funds (5 <br> funds); Trustee, The <br> Advisors' Inner Circle <br> Fund III (56 funds), <br> Symmetry Panoramic <br> Trust (8 funds), Gallery <br> Trust (4 funds), Wilshire <br> Private Assets Master <br> Fund, and Wilshire <br> Private Assets Fund; <br> Director, Chiron Capital <br> Allocation Fund Ltd., FS <br> Alternatives Fund <br> (Cayman), FS Managed <br> Futures Fund (Cayman), <br> FS Real Asset Fund <br> (Cayman), and Legal & <br> General Commodity <br> Strategy Fund Offshore <br> Ltd.<br> Former Directorships: <br> Trustee, Schroder Global <br> Series Trust to 2021 (3 <br> funds); Trustee, Schroder <br> Series Trust to 2022 (2 <br> funds); Wilshire Private <br> Assets Tender Fund to <br> 2024.<br>|
| David Rosenberg (1962) | Trustee<br> since<br> 2007<br>| Associate Professor of Law since August <br> 2000, and Director of Robert Zicklin <br> Center for Corporate Integrity since 2012, <br> Zicklin School of Business, Baruch College, <br> City University of New York.<br>| 35 |  |
| Nathan E. Saint-Amand M.D. <br> (1938)<br>| Trustee<br> since<br> 1988<br>| Medical doctor in private practice since <br> 1970; Member of the Board of the <br> Manhattan Institute (non-profit policy <br> research) since 1988.<br>| 35 |  |

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<sup>(1)</sup>

The address of each Trustee is c/o Fred Alger Management, LLC, 100 Pearl Street, 27th Floor, New York, NY 10004.

<sup>(2)</sup>

Ms. Alger is an "interested person" (as defined in the 1940 Act) of the Trust by virtue of her ownership control of Alger Associates, Inc. ("Alger Associates"), which controls Alger Management and its affiliates.

<sup>(3)</sup>

"Alger Fund Complex" refers to the Trust and the six other registered investment companies managed by Alger Management. Each Trustee serves until an event of termination, such as death or resignation, or until his or her successor is duly elected. Each of the Trustees serves on the board of trustees of the other six registered investment companies in the Alger Fund Complex.

**Information About Each Trustee's Experience, Qualifications, Attributes or Skills**

The Board believes that the significance of each Trustee's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the board level, with no single Trustee, or particular factor, being indicative of board effectiveness. However, the Board believes that Trustees need to have the skills, experience and judgment necessary to address the issues directors of investment companies confront in fulfilling their duties to fund shareholders. These skills include the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the Board believes that its members satisfy this standard. Experience

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relevant to having this ability may be achieved through a Trustee's educational background; business, professional training or practice (*e.g.*, medicine or law), public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. To assist them in evaluating matters under federal and state law, the Trustees are counseled by their own independent legal counsel, who participates in Board meetings and interacts with the Manager, and also may benefit from information provided by the Trust's or the Manager's counsel; both Board and Trust counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.

The following are among some of the specific experiences, qualifications, attributes or skills that each Trustee possesses (this supplements information provided in the table above), which the Board believes help the Trustees to exercise effective business judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Hilary M. Alger — In addition to her tenure as a Board member of all of the Alger Fund Complex funds (some since 2003), Ms. Alger has over 25 years experience in development for non- profit entities, and prior to that, worked as a securities analyst at Alger Management. Ms. Alger owns securities issued by, and serves on the Board of Directors of, Alger Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Charles F. Baird, Jr. — In addition to his tenure as a Board member of all of the Alger Fund Complex funds (some since 2000), Chair of the Board of all of the Alger Fund Complex funds since January 2024, and his service as member and, since 2023, Chair of the Audit Committee of the Trust, Mr. Baird has over 35 years experience as a business entrepreneur, primarily focusing on private equity securities. His extensive experience in the investment business provides in-depth knowledge of industry practices and standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Jean Brownhill — Ms. Brownhill has over 20 years of leadership experience. As the founder and chief executive officer ("CEO") of her company, Sweeten Inc., she led the development of a transformative marketplace in the construction industry, growing the platform from inception to managing nearly $3 billion in projects. Ms. Brownhill's leadership focuses on integrating technology innovations and improving operational efficiencies, which have driven sustained, substantial growth. Additionally, she serves on public company, private company, and non-profit organization boards, applying her expertise in technology transformations and corporate governance to provide effective strategic oversights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Susan L. Moffet — Ms. Moffet is an executive with over 20 years of operator, business strategy and deep functional experience. She brings strengths in building and scaling a tech organization at speed, building high performance teams, and driving organizational change. Ms. Moffet has broad experience in operations, financial planning, profit and loss oversight, talent strategy and risk management. She has had full accountability across the talent life cycle for BCG DV's digital team including talent acquisition, compensation strategy and career development, as well as for assessing, purchasing and implementing technology and tools to support the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Jay C. Nadel — Mr. Nadel is a senior executive with a strong track record in overseeing and/or implementing process improvement and change management across a number of varied and diverse companies and industries. He has over 40 years of experience and knowledge of the financial services industry gained in a variety of leadership roles with an audit firm and various financial services firms. In addition, Mr. Nadel has served on numerous other fund and operating company boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● David Rosenberg — In addition to his tenure as a Board member of all of the Alger Fund Complex funds since 2007, and his service on the Audit Committee of the Trust, Prof. Rosenberg has 20 years of experience as a professor of business law. He has written numerous law review articles on the fiduciary duties of corporate directors and other areas of corporate governance. Since 2012, Professor Rosenberg has served as the Director of the Robert Zicklin Center for Corporate Integrity at Baruch College. The Center is a forum for the discussion and exploration of ethical issues in finance and the broader business world.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Nathan E. Saint-Amand, M.D. — In addition to his tenure as a Board member of all of the Alger Fund Complex funds (some since 1986), and his service on the Audit Committee of the Trust, Dr. Saint-Amand has been a medical doctor for over 45 years and has served on the boards of several non-profit entities.

The officers of the Trust, their principal occupations, and other information, are shown below.

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| | | |
|:---|:---|:---|
| **Name (Year of Birth),**<br> **Position with**<br> **Trust and**<br> **Address**<sup>(1)</sup><br>| **Principal Occupations** | **Officer**<br> **Since**<br>|
| **Officers**<sup>(2)</sup>**:** |  |  |
| Hal Liebes (1964)<br> President,<br> Principal Executive Officer<br>| Executive Vice President, Chief Operating Officer ("COO"), and Secretary, Alger <br> Management; COO and Secretary, Alger Associates, Inc. and Weatherbie Capital, LLC; <br> COO, Vice President, Secretary and Manager, Alger Group Holdings, LLC and Alger <br> Capital, LLC; Director, Alger SICAV; Executive Director and Chairman, Alger <br> Management, Ltd.; Manager and Secretary, Alger Apple Real Estate LLC; Manager, Alger <br> Partners Investors I, LLC, Alger Partners Investors II, LLC, Alger Partners Investors KEIGF, <br> Alger Partners Investors-Crossbay LLC and Redwood Investments, LLC; Secretary, Alger <br> Boulder I LLC.<br>| 2005 |
| Tina Payne (1974)<br> Secretary,<br> Chief Compliance Officer, <br> Chief Legal Officer<br>| Senior Vice President, General Counsel, Chief Compliance Officer ("CCO") and Assistant <br> Secretary, Alger Management; Senior Vice President, General Counsel and Secretary, Alger <br> LLC; CCO, Alger Management, Ltd. and Redwood Investments, LLC; Assistant Secretary, <br> Weatherbie Capital, LLC; Vice President and Assistant Secretary, Alger Group Holdings, <br> LLC.<br>| 2017 |
| Michael D. Martins (1965)<br> Treasurer,<br> Principal Financial Officer<br>| Senior Vice President, Alger Management. | 2005 |
| Sergio M. Pavone (1961)<br> Assistant Treasurer<br>| Vice President, Alger Management. | 2007 |
| Christopher Hine (1978)<br> Assistant Treasurer<br>| Vice President, Alger Management since 2021. Formerly, Director of Accounting & <br> Operations for International Value Advisers, LLC.<br>| 2025 |
| Sushmita Sahu (1981)<br> AML Compliance Officer<br>| Vice President, Alger Management. | 2021 |

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<sup>(1)</sup>

The address of each officer is c/o Fred Alger Management, LLC, 100 Pearl Street, 27th Floor, New York, NY 10004.

<sup>(2)</sup>

Each officer's term of office is one year. Each officer serves in the same capacity for the other funds in the Alger Fund Complex.

No director, officer or employee of Alger Management or its affiliates receives any compensation from the Trust for serving as an officer or Trustee of the Trust. Effective January 1, 2026, each Independent Trustee receives a fee of $183,000 per annum, paid pro rata based on net assets by each portfolio in the Alger Fund Complex, plus travel expenses incurred for attending meetings. The Independent Trustee appointed as Chair of the Board receives an additional compensation of $27,000 per annum paid pro rata based on net assets by each portfolio 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 portfolio in the Alger Fund Complex. Certain Independent Trustees who are members of the Nominating and Governance Committee and perform certain tasks on behalf of the Committee receive $5,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Effective January 1, 2022, the Trustees adopted a policy requiring Trustees to receive a minimum of 10% of their annual compensation in shares of the portfolios in the Alger Fund Complex.

Prior to January 1, 2026, each Independent Trustee received a fee of $170,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending meetings; the Chair of the Board received an additional compensation of $26,000 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 $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Independent Trustees who were not members of the Audit Committee but attended Audit Committee meetings received a stipend of $10,000 per annum, paid pro rata based on net assets by each portfolio in the Alger Fund Complex.

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The Trust did not offer its Trustees any pension or retirement benefits during or prior to the fiscal year ended December 31, 2025. The following table provides compensation amounts paid to current Independent Trustees for the fiscal year ended December 31, 2025.

**Compensation Table** 

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| | | |
|:---|:---|:---|
| **Name of Person** | **Aggregate Compensation**<br> **from The Alger Portfolios**<br>| **Total Compensation**<br> **Paid to Trustee from**<br> **The Alger Fund Complex**<br>|
| Charles F. Baird, Jr | $17888 | $206000 |
| Jean Brownhill | $15630 | $180000 |
| Susan L. Moffet | $15630 | $180000 |
| Jay C. Nadel | $15630 | $180000 |
| David Rosenberg | $15630 | $180000 |
| Nathan E. Saint-Amand | $15630 | $180000 |

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The following table shows each current Trustee's beneficial ownership as of December 31, 2025, by dollar range, of equity securities of the Portfolio and of all of the funds in the Alger Fund Complex overseen by that Trustee. The ranges are as follows: A = none; B = $1 — $10,000; C = $10,001 — $50,000; D = $50,001 — $100,000; E = over $100,000.

None of the Independent Trustees and none of their immediate family members owns any securities issued by Alger Management, Alger LLC, or any company (other than a registered investment company) controlling, controlled by or under common control with Alger Management or Alger LLC. The table reflects Ms. Alger's beneficial ownership of shares of the Portfolios, and of all funds in the Alger Fund Complex overseen by Ms. Alger as a Trustee, that are owned by various entities that may be deemed to be controlled by Ms. Alger. As of the fiscal year ended December 31, 2025, no Trustee beneficially owned any equity securities of any Portfolio because no Trustee had invested in the type of insurance contract through which the Portfolios must be purchased.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Alger**<br> **Capital**<br> **Appreciation**<br>| **Alger**<br> **Large Cap**<br> **Growth**<br>| **Alger**<br> **Mid Cap**<br> **Growth**<br>| **Alger**<br> **Small Cap**<br> **Growth**<br>| **Alger**<br> **Growth &**<br> **Income**<br>| **Alger**<br> **Balanced**<br>| **Aggregate Dollar**<br> **Range of Equity**<br> **Securities of Funds**<br> **Overseen by Trustee in**<br> **Alger Fund Complex**<br>|
| **Interested Trustee:** |  |  |  |  |  |  |  |
| Hilary M. Alger | A | A | A | A | A | A | E |
| **Independent Trustees:** |  |  |  |  |  |  |  |
| Charles F. Baird, Jr. | A | A | A | A | A | A | E |
| Jean Brownhill | A | A | A | A | A | A | C |
| Susan L. Moffet | A | A | A | A | A | A | C |
| Jay C. Nadel | A | A | A | A | A | A | C |
| David Rosenberg | A | A | A | A | A | A | E |
| Nathan E. Saint-Amand | A | A | A | A | A | A | E |

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**Investment Manager**

Alger Management has been in the business of providing investment advisory services since 1964 and, as of December 31, 2025, Alger Management and its affiliates had approximately $33.7 billion in assets under management. Alger Management is directly owned by Alger Group Holdings, LLC, a financial services holding company. Alger Group Holdings and Alger Management are indirectly controlled by Hilary M. Alger, Nicole D. Alger and Alexandra D. Alger, who own approximately 99% of the voting rights of Alger Associates, the parent company of Alger Group Holdings.

Alger Management serves as investment adviser to the Portfolios pursuant to a written agreement between the Trust, on behalf of the Portfolios, and Alger Management (the "Advisory Agreement"), and under the supervision of the Board. The services provided by Alger Management under the Advisory Agreement include: making investment decisions for the Portfolios, placing orders to purchase and sell securities on behalf of the Portfolios, and selecting broker-dealers that, in its judgment, provide prompt and reliable execution at favorable prices and reasonable commission rates. Alger LLC may serve as each Portfolio's broker in effecting most portfolio transactions on securities exchanges and can retain

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commissions in accordance with certain regulations of the SEC. Alger Management employs professional securities analysts who provide research services exclusively to the Portfolios and other accounts for which Alger Management or its affiliates serve as investment adviser or subadviser. Alger Management pays the salaries of all officers of the Trust who are employed by the Trust and Alger Management. Alger Management bears all expenses in connection with the performance of its services under the Advisory Agreement.

As compensation for its services, the Trust has agreed to pay Alger Management an investment advisory fee, accrued daily and payable monthly, at the annual rates set forth below as a percentage of the average daily net asset value of the applicable Portfolio:

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| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp; **Annual Fee as a Percentage**<br> **of Average Daily Net Assets**<br>|
| Alger Capital Appreciation Portfolio | &nbsp;&nbsp; .81% for assets up to $2 billion;<br> .65% for assets between $2 billion and $3 billion;<br> .60% for assets between $3 billion and $4 billion;<br> .55% for assets between $4 billion and $5 billion;<br> .45% for assets in excess of $5 billion<br>|
| Alger Large Cap Growth Portfolio | &nbsp;&nbsp; .71% for assets up to $1 billion;<br> .60% for assets in excess of $1 billion<br>|
| Alger Mid Cap Growth Portfolio | &nbsp;&nbsp; .76% for assets up to $1 billion;<br> .70% for assets in excess of $1 billion<br>|
| Alger Small Cap Growth Portfolio | &nbsp;&nbsp; .81% for assets up to $1 billion;<br> .75% for assets in excess of $1 billion<br>|
| Alger Growth & Income Portfolio | .50% |
| Alger Balanced Portfolio | &nbsp;&nbsp; .71% for assets up to $1 billion;<br> .55% for assets in excess of $1 billion<br>|

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With respect to each of Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio, the Manager has contractually agreed to waive fees owed to it, or to reimburse expenses of, the Portfolio in an amount corresponding to the management fee borne by the Portfolio as an investor in any underlying investment in an affiliated investment company. These agreements will remain in effect for the life of any such investment.

During the fiscal years ended December 31, 2023, 2024, and 2025, respectively, Alger Management earned the following amounts under the terms of the Advisory Agreement:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2025** | **2024** | **2023** |
| Alger Capital Appreciation Portfolio | $5539059 | $4412832 | $3267845 |
| Alger Large Cap Growth Portfolio | $2796986 | $2374810 | $1948443 |
| Alger Mid Cap Growth Portfolio | $1146800 | $1075764 | $966888 |
| Alger Small Cap Growth Portfolio | $1127061 | $1241647 | $1229408 |
| Alger Growth & Income Portfolio | $217203 | $205111 | $174594 |
| Alger Balanced Portfolio | $441968 | $425091 | $379720 |

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During the fiscal years ended December 31, 2023, 2024, and 2025, respectively, Alger Management waived and/or reimbursed the following Portfolios the respective amounts set forth in the table below, pursuant to contractual agreements to limit expenses that were substantially the same as those described above:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2025** | **2024** | **2023** |
| Alger Capital Appreciation Portfolio | $— | $— | $— |
| Alger Large Cap Growth Portfolio | $152773 | $111368 | $78511 |
| Alger Mid Cap Growth Portfolio | $36395 | $36790 | $30812 |
| Alger Small Cap Growth Portfolio | $— | $— | $— |
| Alger Growth & Income Portfolio | $— | $— | $— |

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**Administrative Services** 

From time to time Alger Management or its affiliates may compensate insurance companies or their affiliates whose customers hold shares of the Portfolios for providing a variety of record-keeping, administrative, marketing and/or shareholder support services. This compensation, which may be paid at a rate of up to .45% of the net asset value of shares held by those customers, will be paid from Alger Management's or its affiliates' resources, and not from the assets of the Portfolios.

Pursuant to a separate administration agreement between the Trust, on behalf of the Portfolios, and Alger Management (the "Fund Administration Agreement"), Alger Management also provides administrative services to the Portfolios, including, but not limited to: providing office space, telephone, office equipment and supplies; authorizing expenditures and approving bills for payment on behalf of the Portfolios; supervising preparation of periodic shareholder reports, notices and other shareholder communications; supervising the daily pricing of each Portfolio's investment portfolio and the publication of the net asset value of each Portfolio's shares, earnings reports and other financial data; monitoring relationships with organizations providing services to the Portfolios, including the Portfolios' Custodian, Transfer Agent and printers; providing trading desk facilities for the Portfolios; and supervising compliance by the Portfolios with recordkeeping and periodic reporting requirements under the 1940 Act.

Alger Management's administrative fee is .0275% of average daily net assets, and pursuant to a Fund Administration and Accounting Agreement between The Bank of New York Mellon ("BNY") and the Portfolios, for a fee of 0.013% of the Portfolios' average daily net assets for the first $10 billion in assets, 0.01% for assets between $10 billion and $20 billion, 0.0075% for assets between $20 billion and $30 billion, and 0.005% for assets over $30 billion, BNY provides accounting and bookkeeping services and calculation of the net asset value of the Portfolios' shares.

During the fiscal years ended December 31, 2023, 2024, and 2025, respectively, Alger Management earned under the terms of the Fund Administration Agreement, approximately:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2025** | **2024** | **2023** |
| Alger Capital Appreciation Portfolio | $188054 | $149818 | $110945 |
| Alger Large Cap Growth Portfolio | $108334 | $91982 | $75468 |
| Alger Mid Cap Growth Portfolio | $41496 | $38926 | $34986 |
| Alger Small Cap Growth Portfolio | $38264 | $42155 | $41739 |
| Alger Growth & Income Portfolio | $11946 | $11281 | $9603 |
| Alger Balanced Portfolio | $17118 | $16465 | $14707 |

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Alger Management has also entered into a Shareholder Administrative Services Agreement with the Trust. The services provided and the fees paid pursuant to that agreement are discussed in the "Transfer Agent" section below.

**Securities Lending**

Growth & Income Portfolio participates in the BNY securities lending program. As securities lending agent, the responsibilities of BNY include lending the securities, receipt of collateral, holding and administration of collateral, maintenance of collateral margin, return of collateral, provision of statements, and adherence to operational procedures. All loans are collateralized by cash invested in a money market fund. The total fees are split between the Portfolio (80%) and BNY (20%) as lending agent.

For the fiscal year ended December 31, 2025, Growth & Income Portfolio earned $4,326.95 in gross income from securities lending activities, including income from cash collateral reinvestment. The borrowers paid premiums of $2,678.72, and were paid rebates of $0. The Portfolio paid an agency fee of $865.36 to BNY. The Portfolio's net income from securities lending activities was $3,461.59.

**Description of Portfolio Manager Compensation Structure**

An Alger portfolio manager's compensation generally consists of salary and an annual bonus. In addition, portfolio managers are eligible for health and retirement benefits available to all Alger employees, including a 401(k) plan sponsored by Alger Management. A portfolio manager's base salary is typically a function of the portfolio manager's experience (with consideration given to type, investment

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style and size of investment portfolios previously managed), education, industry knowledge and the individual's performance in his or her role. Base salaries will grow over time for Alger's superior employees, rewarding their performance and contributions to the firm.

Cash bonus may be a significant portion of an individual's compensation and can vary from year to year. The annual bonus considers various factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the firm's overall financial results and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the firm's collective investment management performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an individual's adherence to Alger's investment process, generating investment ideas and overall performance of our clients' portfolios (both relative and absolute);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● qualitative assessment of an individual's performance with respect to Alger's standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the individual's leadership contribution within the firm.

While the benchmarks and peer groups used in determining a portfolio manager's compensation may change from time to time, Alger Management may refer to benchmarks, such as those provided by Russell Investments and S&P Global Ratings, and peer groups, such as those provided by Lipper Inc. and Morningstar Inc., that are widely-recognized by the investment industry.

Alger Management has implemented a profit participation plan ("PPP") that gives key personnel the opportunity to have equity-like participation in the long-term growth and profitability of the firm. Members of the firm are eligible to receive awards annually in the PPP. The PPP reinforces the portfolio managers' commitment to generating superior investment performance for the firm's clients. The awards are invested in Alger mutual funds and have a four-year vesting schedule. The total award earned can increase or decrease with the firm's investment and earnings results over the four-year period.

Additionally, the Alger Partners Plan provides key investment and non-investment executives with phantom equity that allows participants pro-rata rights to growth in the firm's book value, dividend payments and participation in any significant corporate transactions (*e.g.* partial sale, initial public offering, merger, etc.). The firm does not have a limit on the overall percentage of the firm's value it will convey through this program. Participation in this program is determined annually.

**Other Accounts Managed by Portfolio Managers**

The numbers and assets of other accounts managed by the portfolio managers of the Portfolios as of December 31, 2025 are as follows.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered**<br> **Investment**<br> **Companies** | **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** | **Other**<br> **Accounts** |
| Gregory S. Adams\* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $1163253812 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $106702999 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $25442483 |
| Dan C. Chung\*<sup>#</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $11074791374 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $920203364 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; $3246181310 |
| Ankur Crawford<sup>#</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $15087924950 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $1109109909 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; $4141310427 |
| Brandon A. Geisler | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $337459083 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $3450961 |
| Patrick Kelly<sup>#</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $15170906548 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $1109109909 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; $4135230889 |
| Amy Y. Zhang | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $1567720765 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $54335499 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $15031158 |

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\*

The portfolio manager also manages Alger Dynamic Return Fund, a private fund included in "Other Pooled Investment Vehicles". The advisory fee of Alger Dynamic Return Fund is based on the performance of the account, which had assets of approximately $56 million as of December 31, 2025.

#

The portfolio manager also manages a separate account, included in "Other Accounts," with an advisory fee based on the performance of the account. The account had assets of approximately $310 million as of December 31, 2025.

**Securities Owned by the Portfolio Managers**

As of the fiscal year ended December 31, 2025, no portfolio manager beneficially owned any equity securities of any Portfolio because no portfolio manager had invested in the type of insurance contract through which the Portfolios must be purchased.

**Distributor**

Alger LLC, the principal underwriter for the Portfolios, is located at 100 Pearl Street, 27th Floor, New York, NY 10004. It is an affiliate of Alger Management.

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From time to time Alger LLC, at its expense from its own resources, may compensate brokers, dealers, investment advisers or others ("financial intermediaries") who are instrumental in effecting investments by their clients or customers in the Trust, in an amount up to 1% of the value of those investments. Alger LLC may also from time to time, at its expense from its legitimate profits, make payments to other financial intermediaries that provide shareholder servicing, or transaction processing, with such payments structured as a percentage of gross sales, a percentage of net assets, and/or as a fixed dollar amount (the latter as a per account fee or as reimbursement for transactions processing and transmission charges). Payments under these other arrangements may vary but generally will not exceed 0.50% annually of the value of Trust assets or 0.50% annually of the value of Trust sales attributable to that financial intermediary. Alger LLC determines whether to make any additional cash payments and the amount of any such payments in response to requests from financial intermediaries, based on factors Alger LLC deems relevant. Factors considered by Alger LLC generally include the financial intermediary's reputation, ability to attract and retain assets for the Trust, expertise in distributing a particular class of shares of the Trust, entry into target markets, and/or quality of service.

Financial intermediaries with whom Alger LLC has its most significant arrangements to make additional cash compensation payments are Ameriprise Financial Services, Inc., Charles Schwab & Co., Empower Financial Services, Inc., John Hancock Trust Company, JP Morgan Clearing Corp., Lincoln Benefit Life, LPL Financial Corporation, Midland National Life Insurance Company, Merrill Lynch, Pierce, Fenner & Smith, Morgan Stanley Smith Barney LLC, MSCS Financial Services LLC, National Financial Services Co., Nationwide Investment Services Corp., Noramco, Oneamerica Securities, Inc., Pershing LLC, Protective Life Insurance Company, Raymond James & Associates, Inc., RBC Global Markets LLC, State Street Bank & Trust Co., Talcott Resolution Life Insurance Co., UBS Financial Services Inc., Voya Institutional Plan Services LLC, and Wells Fargo Clearing Services LLC. In addition, Alger LLC may make payments to dealer firms in the form of payments for marketing support, seminar support, training meetings, or comparable expenses in the discretion of Alger LLC. Please contact your financial intermediary for details about revenue sharing payments it may receive. Any payments described above will not change the price paid by investors for the purchase of shares of a Portfolio or the amount of proceeds received by a Portfolio on the sale of shares.

**Independent Registered Public Accounting Firm**

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Deloitte & Touche LLP serves as the Trust's independent registered public accounting firm.

**Code of Ethics**

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The Manager, Alger LLC and the Trust have adopted a joint Code of Ethics pursuant to Rule 17j-1 under the 1940 Act.

Alger Management personnel ("Access Persons") are permitted to engage in personal securities transactions, including transactions in securities that may be purchased or held by the Portfolios, subject to the restrictions and procedures of the Code of Ethics. Pursuant to the Code of Ethics, Access Persons generally must pre-clear all personal securities transactions prior to trading and are subject to certain prohibitions on personal trading. You can obtain a copy of the Code of Ethics by calling the Trust toll-free at (800) 992-3863.

**Dividends**

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Each share class will be treated separately in determining the amounts of dividends or investment income and distributions of capital gains payable to holders of its shares. Dividends and distributions will be automatically reinvested at net asset value on the payment date for each shareholder's account in additional shares of the Portfolio that paid the dividend or distribution or, in the case of VA contracts and VLI policies, will be paid in cash at the election of the Participating Insurance Company. With respect to each Portfolio other than Alger Growth & Income Portfolio, any dividends of the Portfolios will be declared and paid annually. Alger Growth & Income Portfolio declares and pays dividends from net investment income quarterly. Distributions of any net realized capital gains earned by a Portfolio usually will be made annually. Participating Insurance Companies and Plans will be informed about the amount and character of dividends and distributions from the relevant Portfolio for federal income tax purposes.

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The classes of a Portfolio may have different dividend and distribution rates. Class I-2 dividends generally will be greater than those of Class S due primarily to the 12b-1 fees associated with Class S shares. However, dividends paid to each class of shares in a Portfolio will be declared and paid at the same time and will be determined in the same manner as those paid to the other class.

**Certain U.S. Federal Income Tax Considerations**

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The following is a summary of selected federal income tax considerations that may affect the Trust and its shareholders. The summary is not intended to substitute for individual tax advice and investors are urged to consult their own tax advisers as to the federal, state and local tax consequences of investing in the Portfolios.

Each Portfolio will be treated as a separate taxpayer with the result that, for federal income tax purposes, the amounts of net investment income and capital gains earned will be determined on a Portfolio-by-Portfolio (rather than on a Trust-wide) basis.

If, in any taxable year, a Portfolio fails to qualify as a regulated investment company under the Code or fails to meet the distribution requirement, it would be taxed in the same manner as an ordinary corporation and distributions to its shareholders would not be deductible by the Portfolio in computing its taxable income. In addition, in the event of a failure to qualify, the Portfolio's distributions, to the extent derived from the Portfolio's current or accumulated earnings and profits, would constitute dividends (eligible for the corporate dividends-received deduction) which are taxable to shareholders as ordinary income, even though those distributions might otherwise (at least in part) have been treated in the shareholders' hands as long-term capital gains. If a Portfolio fails to qualify as a regulated investment company in any year, it must pay out its earnings and profits accumulated in that year in order to qualify again as a regulated investment company. In addition, if a Portfolio failed to qualify as a regulated investment company for a period greater than one taxable year, the Portfolio may be required to recognize any net built-in gains (the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized if it had been liquidated) in order to qualify as a regulated investment company in a subsequent year.

Each Portfolio has been structured so that each qualifies separately as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). To so qualify, a Portfolio must, among other things: (a) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stock or securities; and (b) meet certain quarterly diversification tests.

As a regulated investment company, a Portfolio will not be subject to federal income tax on its net investment income and net realized capital gains that it distributes to its shareholders, provided that at least 90% of its net investment income and net realized short-term capital gains for the taxable year is distributed. All net investment income and net realized capital gains distributed by a Portfolio will be reinvested automatically in additional shares of the Portfolio or paid in cash. Amounts reinvested in additional shares will be considered to have been distributed to shareholders.

The Trust distributes shares in the Portfolios to Participating Insurance Companies which will hold those shares, directly or indirectly, in a "segregated asset account" within the meaning of the Code. To qualify as a segregated asset account, the Portfolio in which such an account holds shares must meet the diversification requirements of Section 817(h) of the Code and the regulations promulgated thereunder.

The Trust has undertaken to meet the diversification requirements of Section 817(h) of the Code. However, no assurance can be provided that the Trust will be able to meet the requirements. This undertaking may limit the ability of a particular Portfolio to make certain otherwise permitted investments.

Income on assets of a segregated asset account will not be taxable currently to VA contracts or VLI policy holders if that account has met the diversification requirements under Section 817(h) of the Code. In the event an account is not so qualified, all VA contracts or VLI policies allocating any amount of premiums to such account will not qualify as "annuity contracts" or "life insurance" for federal income tax purposes. In that event, the holder of the VA contract or VLI policy would be taxed as though he owned a proportionate amount of the assets held by such account during and after all periods for which the account failed to be qualified.

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Generally, distributions from a Plan will be taxable as ordinary income at the rate applicable to the participant at the time of distribution. In certain cases, distributions made to a participant from a Plan prior to the date on which the participant reaches age 59½ are subject to a penalty tax equivalent to 10% of the amount so distributed, in addition to the ordinary income tax payable on such amount for the year in which it is distributed.

**Custodian and Transfer Agent**

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The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, serves as custodian for the Trust's pursuant to a custody agreement under which it holds each Portfolio's assets. Prior to January 2024, Brown Brothers Harriman & Co., 50 Post Office Square, Boston, Massachusetts 02110 served as custodian for the Trust's pursuant to a custodian agreement under which it held each Portfolio's assets. UMB Fund Services, Inc. ("UMB"), 235 W. Galena Street, Milwaukee, WI 53212 serves as transfer agent for the Portfolios. Under the transfer agency agreement, UMB processes purchases and redemptions of shares of the Portfolios, maintains the shareholder account records for each Portfolio, handles certain communications between shareholders and the Trust's, and distributes any dividends and distributions payable by the Portfolios. The Trust's, Alger LLC (or its affiliates) and non-affiliated third-party service providers may enter into agreements for recordkeeping services.

Pursuant to the transfer agency agreement, UMB is compensated on a per-account basis, subject to a minimum total fee amount across the fund complex. These fees will be allocated across the Portfolios on a pro-rata basis by assets. The Trust has entered into a Shareholder Administrative Services Agreement with Alger Management to act as a liaison and to provide administrative oversight of UMB and related services. Alger Management is paid on an asset-based basis for these services. During the fiscal years ended December 31, 2023, 2024, and 2025, the Portfolios paid to Alger Management under the Shareholder Administrative Services Agreement:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **2025** | **2024** | **2023** |
| Alger Capital Appreciation Portfolio | $68384 | $54480 | $40344 |
| Alger Large Cap Growth Portfolio | $39394 | $33448 | $27443 |
| Alger Mid Cap Growth Portfolio | $15089 | $14155 | $12722 |
| Alger Small Cap Growth Portfolio | $13914 | $15329 | $15178 |
| Alger Growth & Income Portfolio | $4344 | $4102 | $3492 |
| Alger Balanced Portfolio | $6225 | $5987 | $5348 |

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**Counsel to the Trust**

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The law firm Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, acts as counsel to the Trust.

**Principal Holders**

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A principal shareholder is any person who owns (either of record or beneficially) 5% or more of any class of outstanding shares of a Portfolio. A person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a Portfolio or acknowledges the existence of such control may be presumed to control the Portfolio. A control person could potentially control the outcome of any proposal submitted to the shareholders for approval, including changes to a Portfolio's fundamental policies or terms of the Advisory Agreement. Certain of the investors below are believed to hold the indicated shares as nominee.

Additionally, the Manager or an affiliate of the Manager (the "seed investor") may provide initial funding to or otherwise invest in a Portfolio. A seed investor may redeem its investment in a Portfolio at any time and without prior notice, which could adversely affect a Portfolio and its shareholders, such as by causing the Portfolio to realize taxable gains that will be distributed to other shareholders, and increasing Portfolio transaction costs and expense ratios.

The following table contains information regarding persons of record who own five percent or more of any share class of the Portfolio. All holdings are expressed as a percentage of a class of the Portfolio's outstanding shares as of March 31, 2026.

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Unless otherwise indicated, a Portfolio has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially. The Trustees and officers of the Trust, as a group, held directly less than 1% of each class of each Portfolio.

**<u>Alger Balanced Portfolio</u>** 

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| Zurich American Life Insurance Co.<br> Variable Annuity Separate Account<br> ATTN: Separate Account Reporting<br> P.O. Box 19097<br> Greenville, SC 29602<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 43.60% |
| Ameritas Life Ins. Corp.<br> Ameritas Variable Separate Acct V<br> ATTN: Variable Trades<br> 5900 O St.<br> Lincoln, NE 68510<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 11.24% |
| Ameritas Life Ins. Corp.<br> Ameritas Variable Separate Acct VA-2<br> ATTN: Variable Trades<br> 5900 O St.<br> Lincoln, NE 68510<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 9.35% |
| American National Insurance Company<br> Variable Universal Life<br> 1 Moody Plz.<br> Galveston, TX 77550<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 8.95% |

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**<u>Alger Capital Appreciation Portfolio</u>** 

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| John Hancock Trust Company LLC<br> 200 Berkeley St.<br> Boston, MA 02116<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 17.30% |
| Jefferson National Ins. Co.<br> c/o IPO Portfolio Accounting<br> P.O. Box 182029<br> Columbus, OH 43218<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 13.10% |
| Lincoln Benefit Life – Variable Life<br> P.O. Box 94210<br> Palatine, IL 60094<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 9.82% |
| Zurich American Life Insurance Co.<br> Variable Annuity Separate Account<br> ATTN: Separate Account Reporting<br> P.O. Box 19097<br> Greenville, SC 29602<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 9.33% |
| Ameritas Life Ins. Corp.<br> Ameritas Variable Separate Acct VA-2<br> ATTN: Variable Trades<br> 5900 O St.<br> Lincoln, NE 68510<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.34% |
| Midland National Life Ins. Co.<br> ATTN: Variable Annuity Dept.<br> 4350 Westown Pkwy.<br> West Des Moines, IA 50266<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.18% |

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| Midland National Life Ins. Co.<br> ATTN: Variable Annuity Dept.<br> 4350 Westown Pkwy.<br> West Des Moines, IA 50266<br>| &nbsp;&nbsp;&nbsp;&nbsp; S | &nbsp;&nbsp;&nbsp;&nbsp; 88.35% |
| Lincoln Benefit Life Company<br> Allstate and Prudential<br> 5801 SW 6th Ave<br> Topeka, KS 66636<br>| &nbsp;&nbsp;&nbsp;&nbsp; S | &nbsp;&nbsp;&nbsp;&nbsp; 6.11% |

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**<u>Alger Growth & Income Portfolio</u>** 

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| Lincoln Benefit Life – Variable Life<br> P.O. Box 94210<br> Palatine, IL 60094<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 21.22% |
| American National Insurance Company<br> Variable Universal Life<br> 1 Moody Plz.<br> Galveston, TX 77550<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 12.79% |
| Delaware Life Insurance Company<br> Retirement Products and Services<br> Attn Accounting Control SC 324110555 Group 1001 Way<br> Zionsville, IN 46077<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 10.31% |
| Lincoln Benefit Life – Variable Annuity<br> 200 SW 6th Ave.<br> Topeka, KS 66603<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 9.74% |
| Transamerica Life Insurance Co.<br> Separate Account VA-6<br> 4333 Edgewood Rd. NE<br> Cedar Rapids, IA 52499<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 7.73% |
| Transamerica Occidental Life<br> 4333 Edgewood Rd. NE<br> Cedar Rapids, IA 52499<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 7.46% |
| American National Insurance Company<br> Variable Universal Life<br> 8th Floor Controllers Dept.<br> Galveston, TX 77550<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.16% |

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**<u>Alger Large Cap Growth Portfolio</u>** 

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| AUL American Unit Trust<br> ATTN: Separate Accounts<br> P.O. Box 368<br> Indianapolis, IN 46206<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 11.67% |
| GE Life and Annuity Assurance Co.<br> Separate Account III<br> 6610 W Broad St.<br> Richmond, VA 23230<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 8.60% |
| Lincoln Benefit Life – Variable Life<br> P.O. Box 94210<br> Palatine, IL 60094<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.72% |

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| Jefferson National Ins. Co.<br> c/o IPO Portfolio Accounting<br> P.O. Box 182029<br> Columbus, OH 43218<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 7.52% |
| Great-West Life & Annuity Insurance Company<br> 8515 East Orchard Road<br> Englewood, CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.70% |
| Midland National Life Insurance Co.<br> ATTN: Variable Annuity Dept.<br> 4350 Westown Pkwy.<br> West Des Moines, IA 50266<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.14% |
| National Variable Life Insurance<br> ATTN: Investment Accounting M415<br> 1 National Life Dr.<br> Montpelier, VT 05604<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.97% |

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**<u>Alger Mid Cap Growth Portfolio</u>** 

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| Lincoln Benefit Life – Variable Life<br> P.O. Box 94210<br> Palatine, IL 60094<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 27.52% |
| Great-West Life & Annuity Insurance Co.<br> Future Fund Series<br> 8515 East Orchard Road<br> Englewood, CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 8.60% |
| Jefferson National Ins. Co.<br> c/o IPO Portfolio Accounting<br> P.O. Box 182029<br> Columbus, OH 43218<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 8.47% |
| Zurich American Life Insurance Co.<br> Variable Annuity Separate Account<br> 2500 Westfield Dr.<br> Elgin, IL 60124<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.46% |
| Midland National Life Ins. Co.<br> ATTN: Variable Annuity Dept.<br> 4350 Westown Pkwy.<br> West Des Moines, IA 50266<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 6.87% |
| Lincoln Benefit Life <br> Variable Annuity<br> 200 SW 6th Ave.<br> Topeka, KS 66603<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp;5.50% |

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**<u>Alger Small Cap Growth Portfolio</u>** 

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| MetLife Investors USA Insurance Co.<br> Separate Account A <br> 4700 Westown Pkwy, Suite 200<br> West Des Moines, IA 50266<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 25.70% |
| Nationwide Life Insurance Company – PMLIC VLI<br> c/o IPO Portfolio Accounting<br> P.O. Box 182029<br> Columbus, OH 43218<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 17.02% |

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| | | |
|:---|:---|:---|
| **Name and Address** | **Portfolio** <br> **Classes**<br>| **Percentage of**<br> **Total Shares Held**<br>|
| GE Life and Annuity Assurance Co.<br> Separate Account III<br> 6610 W Broad St.<br> Richmond, VA 23230<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 8.30% |
| Lincoln Benefit Life – Variable Life<br> P.O. Box 94210<br> Palatine, IL 60094<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.62% |
| National Variable Life Insurance<br> ATTN: Investment Accounting M415<br> 1 National Life Dr.<br> Montpelier, VT 05604<br>| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 5.86% |

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As of March 31, 2026, the following principal holders owned 25% or more of the total outstanding shares of each Portfolio. Such ownership may be beneficially held by individuals or entities other than the owner listed.

**<u>Alger Balanced Portfolio</u>** 

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| | |
|:---|:---|
| **Name and Address** | **Percentage of**<br> **Total Shares Held**<br>|
| Zurich American Life Insurance Co.<br> Variable Annuity Separate Account<br> ATTN: Separate Account Reporting<br> P.O. Box 19097<br> Greenville, SC 29602<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.60% |

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**<u>Alger Small Cap Growth Portfolio</u>** 

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| | |
|:---|:---|
| **Name and Address** | **Percentage of**<br> **Total Shares Held**<br>|
| MetLife Investors USA Insurance Co.<br> Separate Account A <br> 4700 Westown Pkwy., Suite 200<br> West Des Moines, IA 50266<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.70% |

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**Organization**

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The Trust has been organized as an unincorporated business trust under the laws of the Commonwealth of Massachusetts pursuant to an Agreement and Declaration of Trust dated April 6, 1988 (the "Trust Agreement"). Alger Small Cap Growth Portfolio (formerly Alger American SmallCap Growth Portfolio, and Alger American Small Capitalization Portfolio), Alger Growth & Income Portfolio (formerly Alger American Income & Growth Portfolio), Alger Large Cap Growth Portfolio (formerly Alger American LargeCap Growth Portfolio, and Alger American Growth Portfolio), Alger Balanced Portfolio (formerly Alger American Balanced Portfolio, and Alger American Fixed Income Portfolio), Alger Mid Cap Growth Portfolio (formerly Alger American MidCap Growth Portfolio), and Alger Capital Appreciation Portfolio (formerly Alger American Capital Appreciation Portfolio, and Alger American Leveraged AllCap Portfolio) commenced operations on September 21, 1988, November 15, 1988, January 9, 1989, September 5, 1989, May 3, 1993, and January 25, 1995, respectively. The Trust offers an unlimited number of shares of six series, representing the shares of the Portfolios. The Board may establish additional Portfolios at any time. The word "Alger" in the Trust's name has been adopted pursuant to a provision contained in the Trust Agreement. Under that provision, Alger Associates, Inc. may terminate the Trust's license to use the word "Alger" in its name when Alger Management ceases to act as the Trust's investment manager.

On April 30, 2002, Class S Shares were added to the Trust's Portfolios. The previously existing shares were designated Class O shares on that date, and were redesignated Class I-2 shares on September 23, 2009. Shares of each Portfolio are thus divided into two classes, Class I-2 and Class S, except that each of Alger Small Cap Growth Portfolio, Alger Growth & Income Portfolio and Alger

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Balanced Portfolio currently offer only Class I-2 Shares. The Alger Growth & Income Portfolio discontinued Class S Shares on December 13, 2006. Alger Balanced Portfolio discontinued Class S Shares on November 23, 2010. Alger Small Cap Growth Portfolio discontinued Class S Shares on February 17, 2012.

Effective April 30, 2021, the Board authorized a partial closing of Class S shares of each of Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, and Alger Mid Cap Growth Portfolio. Existing investors that hold Class S shares who had an open account with a Portfolio on April 30, 2021 may continue to invest in additional Class S shares of the applicable Portfolio through exchanges, dividend reinvestment and additional purchases as provided herein. A Portfolio may resume sales to all investors (or further suspend sales) at a future date.

Effective on the close of business on June 3, 2022, all of the issued and outstanding Class S Shares of Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio were converted into Class I-2 Shares of Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio, respectively, with the same relative aggregate net asset value as the Class S Shares held immediately prior to the conversion. Upon completion of the conversion, Class S Shares of Alger Large Cap Growth Portfolio and Alger Mid Cap Growth Portfolio were no longer offered.

Effective after the close of business on September 29, 2023, Alger Weatherbie Specialized Growth Portfolio merged into Alger Small Cap Growth Portfolio in a tax free exchange of shares and Alger Weatherbie Specialized Growth Portfolio was subsequently terminated.

The classes differ in that (a) each class has a different class designation; (b) only the Class S Shares are subject to a distribution and shareholder servicing fee under a plan adopted pursuant to rule 12b-1 under the 1940 Act; and (c) to the extent that one class alone is affected by a matter submitted to a shareholder vote, then only that class has voting power on the matter. Class S Shares of a Portfolio may be automatically converted into Class I-2 Shares of a Portfolio in accordance with such requirements and procedures as the Board may establish from time to time.

Shares do not have cumulative voting rights, which means that holders of more than 50 percent of the shares voting for the election of Trustees can elect all Trustees. Shares have equal voting rights, which cannot be adversely modified, other than by majority vote. Shares are transferable but have no preemptive, conversion or subscription rights. Shareholders generally vote by Portfolio, except with respect to the election of Trustees and the ratification of the selection of an independent registered public accounting firm. Shareholders generally vote by class within a Portfolio on matters in which the interests of one class differ from those of another. Physical share certificates are not issued for shares of the Trust.

Meetings of shareholders normally will not be held for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. Under the 1940 Act, shareholders of record of no less than two-thirds of the outstanding shares of the Trust may remove a Trustee through a declaration in writing or by vote cast in person or by proxy at a meeting called for that purpose. Under the Trust Agreement, the Trustees are required to call a meeting of shareholders for the purpose of voting on the question of removal of any such Trustee when requested in writing to do so by the shareholders of record of not less than 10% of the Trust's outstanding shares.

Although the Trust is not required by law to hold annual shareholder meetings, it may hold meetings from time to time on important matters, and shareholders have the right to call a meeting to remove a Trustee or to take other action described in the Trust's Declaration of Trust. Shareholders of one Portfolio may vote only on matters that affect that Portfolio.

Massachusetts law provides that shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Trust Agreement disclaims shareholder liability for acts or obligations of the Trust and requires the Trustees to use their best efforts to ensure that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or a Trustee. The Trust Agreement provides for indemnification from the Trust's property for all losses and expenses of any shareholder held personally liable for the obligations of the Trust. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations, a possibility that the Trust believes is remote.

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Upon payment of any liability incurred by the Trust, the shareholder paying the liability will be entitled to reimbursement from the general assets of the Trust. The Trustees intend to conduct the operations of the Trust in a manner so as to avoid, as far as possible, ultimate liability of the shareholders for liabilities of the Trust.

Under normal circumstances, other than the shares issued to Alger LLC in connection with its creation and initial capitalization, the Trust intends to distribute shares of the Portfolios only to Participating Insurance Companies and Plans, so that only Participating Insurance Companies and their separate accounts and Plans will be considered shareholders of the Portfolios. Although the Participating Insurance Companies and their separate accounts and the Plans are the shareholders or investors, the Participating Insurance Companies will pass through voting rights to their VA contract and VLI policy holders. Plan sponsors may or may not pass through voting rights to Plan participants, depending on the terms of the Plan's governing documents. For a discussion of voting rights please refer to the Participating Insurance Companies' prospectuses or the Plan documents.

The Trust is an open-end management investment company. The Portfolios are classified as "diversified" investment companies under the 1940 Act. A "diversified" investment company is required, with respect to 75% of its assets, to limit its investment in any one issuer (other than the U.S. government and other investment companies) to no more than 5% of the investment company's total assets and no more than 10% of the outstanding voting securities of such issuer. This may cause a Portfolio to benefit less from appreciation in a single issuer than if the Portfolio had greater exposure to that issuer and may result in the Portfolio underperforming its benchmark or non-diversified funds with similar strategies. A Portfolio may not change from "diversified" to "non-diversified" without the approval of the holders of a "majority of the outstanding voting securities" of the Portfolio (as defined in the 1940 Act). The diversification of a Portfolio's holdings is measured at the time the Portfolio purchases a security and if a Portfolio purchases a security and holds it for a period of time, the security may become a larger percentage of the Portfolio's total assets due to market movement. If the market affects several securities held by a Portfolio, the Portfolio may have a greater percentage of its assets invested in securities of fewer issuers. Accordingly, a Portfolio is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities despite qualifying as a diversified fund. The Portfolios intend to continue to qualify as "regulated investment companies" under Subchapter M of the Internal Revenue Code; one of the requirements for such qualification is a quarterly diversification test, applicable to 50% (rather than 75%) of a Portfolio's assets, similar to the requirement stated above.

**Proxy Voting Policies and Procedures**

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The Board has delegated authority to vote all proxies related to the Portfolios' portfolio securities to Alger Management, the Portfolios' investment manager. Alger Management, an investment adviser registered under the Investment Advisers Act of 1940, as amended, maintains discretionary authority over client accounts, including the Portfolios, and is responsible for voting proxies of all foreign and domestic securities held in the Portfolios. Alger Management views the responsibility its clients have entrusted to it seriously and has adopted and implemented written policies and procedures designed to ensure that proxies are voted in the best interests of its clients.

Alger Management receives and considers the recommendations of Institutional Shareholder Services Inc. ("ISS"), a leading proxy voting service provider and registered investment adviser. ISS issues voting recommendations and casts votes on the proxies based on pre-determined proxy voting guidelines intended to vote proxies in the clients' best interests, which are summarized in Appendix A to the SAI. Currently Alger Management has instructed ISS to base its recommendations on ISS' Socially Responsible Investment Proxy Voting Guidelines. Alger Management has a process in place to override ISS' voting recommendations.

If a country's laws allow a company to block the sale of shares in advance of a shareholder meeting, Alger Management will generally not vote in the shareholder meetings held in that country, unless the company represents that it will not block the sale of its shares in connection with the meeting. Although Alger Management considers proxy voting to be an important shareholder right, Alger Management will generally not impede its ability to trade in a stock in order to vote at a shareholder meeting. If a company will not block the sale of its shares in connection with the meeting, Alger Management will follow its proxy voting policies and procedures.

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To the extent ISS has a material conflict of interest with the company whose proxies are at issue, ISS may recuse itself from voting proxies. Alger Management monitors ISS' proxy voting policies and procedures on a quarterly basis to ensure that the proxies are voted in the best interests of the applicable Portfolio. Further, Alger Management has a process in place for making voting determinations in the event of a conflict of interest.

Alger Management maintains records of its proxy voting policies and procedures. Alger Management or ISS, on Alger Management's behalf, maintains records of proxy statements received regarding securities held by the Portfolios; records of votes cast on behalf of each Portfolio; records of requests for proxy voting information; and documents prepared by Alger Management that were material to making a voting decision.

No later than August 31st each year, the Portfolios' proxy voting record for the most recent 12 months ended June 30th will be available upon request by calling (800) 992-3863 and on the Portfolios' website and on the SEC's website at http://www.sec.gov.

**Investor and Shareholder Information**

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Investors and shareholders may contact the Trust toll-free at (800) 992-3863 for further information regarding the Trust and the Portfolios, including current performance quotations, as well as for assistance in selecting a Portfolio. Holders of VA contracts or VLI policies issued by Participating Insurance Companies and participants in Plans for which shares of one or more Portfolios are the investment vehicle may receive from the Participating Insurance Companies or Plan sponsor unaudited semi-annual financial statements and year-end financial statements audited by the Trust's independent public accountants. Each report will show the investments owned by each of the Portfolios and the market values of the investments and will provide other information about the Portfolio and its operations.

**Financial Statements**

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The Trust's audited financial statements and the notes thereto in each Portfolio's [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/832566/000113322825001965/tae-efp14689_ncsr.htm) for the fiscal year ended December 31, 2025 (the "2025 Annual Report") are incorporated in this SAI by reference. No other parts of the 2025 Annual Report are incorporated by reference herein. The financial statements included in the 2025 Annual Report have been audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such financial statements have been incorporated herein in reliance upon the report of such firm given their authority as experts in accounting and auditing. Additional copies of the 2025 Annual Report may be obtained by telephoning (800) 992-3863.

**Potential Conflicts of Interest**

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Information in the following discussion relating to the business, practices, policies and rights of Alger Management and its affiliates has been provided by Alger Management.

**Summary** 

Alger Management is under common ownership with Weatherbie Capital, LLC, a registered investment adviser based in Boston, Massachusetts, Redwood Investments, LLC, a registered investment adviser based in Boston, Massachusetts, and Alger Management, Ltd., a UK registered investment adviser. Alger Management provides significant management, distribution, administration, back-office, legal and compliance, and trading support for Weatherbie Capital, LLC, Redwood Investments, LLC and Alger Management, Ltd. Weatherbie Capital, LLC and Redwood Investments, LLC each serve as a sub-adviser for a number of Alger Management accounts, including certain of the Alger Family of Funds. Alger Management serves as a sub-adviser to Alger Management, Ltd. for certain accounts, including as sub-portfolio manager for Alger SICAV.

Alger Management is also under common ownership with Alger LLC, a registered broker-dealer. Alger LLC serves as the principal underwriter for the Portfolios, as a placement agent for certain private funds managed by Alger Management and Weatherbie Capital, LLC, as a broker-dealer for U.S. listed equity securities trades placed on behalf of certain clients of Alger Management, and provides distribution support to Alger Management, Ltd. for the Alger SICAV. Alger LLC does not conduct public brokerage business and substantially all of its transactions are in U.S. equities for those Alger Management clients

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who authorize Alger Management to use Alger LLC as a broker, provided that relevant regulations that govern their accounts allow it. Alger LLC does not act as principal in any client trade nor does it underwrite the offering of securities (except as the principal underwriter for the Portfolios). On a regular basis, Alger Management evaluates whether the commissions, rates and fees charged by Alger LLC are commercially reasonable. Certain employees and officers of Alger Management serve as registered representatives and principals of Alger LLC.

In addition to serving as investment adviser of the ETFs and mutual funds in the Alger Family of Funds, Alger Management is the investment manager for Alger Dynamic Return Fund, Alger Life Sciences Innovation Fund, and Alger Life Sciences Innovation Offshore Fund, each of which is a privately offered fund. Alger Management serves as the sub-portfolio manager for Alger SICAV, a publicly offered fund registered in Luxembourg, other jurisdictions in the European Union, Switzerland, the United Kingdom, Japan, Korea, and Singapore. Not all sub-funds of the Alger SICAV are registered in these jurisdictions. Alger Management also serves as a sub-adviser to third-party registered and private funds, as well as bank collective investment trusts. From time to time, Alger Management, its affiliates or a related person ("Alger Affiliates") may own significant stakes in one or more of the above entities.

From time to time, Alger Management, Alger LLC, Weatherbie Capital, LLC, Redwood Investments, LLC, Alger Group Holdings, or Alger Associates, or other affiliated persons may hold controlling positions in certain pooled investment vehicles, such that they are considered affiliates.

**<u>Conflicts as a Result of the Manager's Other Affiliates</u>** 

Alger Affiliates also have other direct and indirect interests in the equity markets, directly or through investments in pooled products, in which the Portfolios directly and indirectly invest. Investors should be aware that this may cause Alger Affiliates to have conflicts that could disadvantage the Portfolios.

As a registered investment adviser under the Investment Advisers Act of 1940, as amended, Alger Management is required to file and maintain a registration statement on Form ADV with the SEC. Form ADV contains information about assets under management, types of fee arrangements, types of investments, conflicts and potential conflicts of interest, and other relevant information regarding Alger Management. Alger Management's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

***Client Recommendations.*** Alger Management may recommend to clients that they purchase interests in certain funds for which Alger Management serves as investment adviser or sub-adviser and/or in which Alger Management and related persons have a financial interest. Alger Management and such related persons will fully disclose such financial interests to all clients to which such recommendations are given in accordance with applicable regulations.

***Selection of Administrative and Other Service Providers.*** Alger Affiliates currently provide administrative services, shareholder services, and other account services to the Portfolios. While any such engagement would be on market terms, it will nevertheless result in greater benefit to Alger Management than hiring a similarly qualified unaffiliated service provider.

In connection with these services and subject to applicable law, Alger Affiliates, including the Manager, may from time to time, and without notice to investors or clients, insource or outsource certain processes or functions that it provides in its administrative or other capacities. Such insourcing or outsourcing may give rise to additional conflicts of interest, including which processes or functions to insource or outsource, which entity to outsource to, and the fees charged by Alger Affiliates or the third party. Alger Management maintains policies designed to mitigate the conflicts described herein; however, such policies may not fully address all situations described above.

***Information Alger Management May Receive.*** Alger Management and its affiliates may have or be deemed to have access to information about certain markets, investments and funds because of Alger Affiliates' activities. Alger Affiliates may therefore possess information which, if known to Alger Management, might cause Alger Management to seek to dispose of, retain or increase interests in investments held by a Portfolio, or acquire certain positions on behalf of a Portfolio. Moreover, Alger Management and its affiliates may come into possession of material, non-public information that would prohibit or otherwise limit its ability to trade on behalf of the Portfolios. Alger Management maintains policies designed to mitigate the conflicts described in this paragraph; however, such policies may not fully address situations described above.

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***Resources Shared Among Alger Affiliates.*** Alger Management shares certain resources with, receives certain services from, and provides certain services to various Alger Affiliates. Additionally, Alger Management, Weatherbie Capital, LLC, and Redwood Investments, LLC can share general information with respect to regulatory developments and industry trends affecting or potentially affecting U.S. and/or foreign markets, sectors, industries, and specific companies. Such relationships may present conflicts with Alger Management's provision of advisory services to its clients, including the Portfolios.

**<u>Allocation Issues</u>** 

Conflicts can emerge due to how Alger Management manages accounts or funds and allocates investment opportunities. To attempt to treat all clients reasonably in light of all factors relevant to managing an account, aggregated trades will generally be allocated pro rata among the accounts, including the Portfolios, whenever possible. There are exceptions to this practice, however, as described below:

***Unusual Market Conditions.*** During periods of unusual market conditions, Alger Management may deviate from its normal trade allocation practices. During such periods, Alger Management will seek to exercise a disciplined process for determining its actions to appropriately balance the interests of all accounts, including the Portfolios, as it determines in its sole discretion.

***Availability of Investments.*** The availability of certain investments such as IPOs or private placements may be limited. In such cases, all accounts (including the Portfolios) may not receive an allocation, and the performance of accounts which receive such allocations may be higher or lower than other accounts.

Alger Management, as a general practice, allocates IPOs and other limited availability investments pro rata among eligible accounts (including the Portfolios) as requested by portfolio managers and in accordance with applicable policies and procedures. An account or accounts may not receive an allocation because it lacks available cash, is restricted from making certain investments, is considered an Alger Affiliate, is so large that the allocation is determined to be insignificant or is so small that it would receive little or no allocation. Moreover, Alger Affiliates accounts may receive an allocation of an opportunity not allocated to other accounts.

***Differing Guidelines, Objectives and Time Horizons.*** Because accounts (including the Portfolios) are managed according to different strategies and individual client guidelines, certain accounts may not be able to participate in a transaction or strategy employed by Alger Management.

Actions taken by one account could affect others. A sale of securities by one account may cause a decline in the market value of those securities and other securities of the same issuer, having a material adverse effect on the performance of other accounts (including the Portfolios) that hold those securities and do not sell such positions.

Alger Management may also develop and implement new investment approaches, which may not be employed in all accounts or pro rata among the accounts where they are employed, even if the approach is consistent with the objectives of all accounts. Alger Management may make decisions regarding the allocation of new investment approaches based on such factors as strategic fit and other portfolio management considerations, including an account's capacity for such approach, the liquidity of the approach and its underlying instruments, the account's liquidity, the business risk of the approach relative to the account's overall portfolio make-up, the effectiveness of, or return expectations from, the approach for the account, and any such other factors as Alger Management deems relevant in its sole discretion. For example, such a determination may, but will not necessarily, include consideration of the fact that a particular approach will not have a meaningful impact on an account given the overall size of the account, the limited availability of opportunities in the approach and the availability of other approaches for the account. For ease of management, Alger Management may group accounts with similar guidelines together for portfolio management purposes. As a result, an account may not invest in certain securities that its guidelines would allow because other similar accounts restrict such holdings. This could affect the performance of the account.

***Investing in Different Classes of the Same Issuer.*** Conflicts also arise when one or more account (including a Portfolio) invests in different classes of securities of the same issuer. As a result, one or more accounts may pursue or enforce rights with respect to a particular issuer in which a Portfolio has invested, and those activities may have an adverse effect on the Portfolio. For example, if an account holds debt securities of an issuer and a Portfolio holds equity securities of the same issuer, if the issuer experiences

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financial or operational challenges, the account which holds the debt securities may seek a liquidation of the issuer, whereas the Portfolio which holds the equity securities may prefer a reorganization of the issuer. In addition, Alger Management may also, in certain circumstances, pursue or enforce rights with respect to a particular issuer jointly on behalf of one or more accounts, the Portfolio, or Alger Affiliates. The Portfolios may be negatively impacted by Alger Affiliates' and other accounts' activities, and transactions for the Portfolios may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had Alger Affiliates and other accounts not pursued a particular course of action with respect to the issuer of the securities.

***Conflicts Related to Timing of Transactions.*** While Alger Management will aggregate trades on behalf of similarly situated clients (including the Portfolios), there are instances when Alger Management places a trade ahead of, or contemporaneously with, trades for another account. In such cases, market impact, liquidity constraints, or other factors could result in the second account receiving less favorable trading results. The costs of implementing trades could be increased or the other account could otherwise be disadvantaged.

Although investment recommendations can apply to securities held across multiple strategies and held in multiple individual accounts, each account is managed separately. While Alger Management will use reasonable efforts to obtain timely execution across all accounts that may be affected by an investment recommendation, there can be no guarantee that such investment recommendation will be implemented simultaneously. It is possible that prior execution for or on behalf of an account or group of accounts could adversely affect the prices and availability of the securities and instruments for other accounts that later seek to trade the same securities or instruments.

Alger Management can delay an order for one account or group of accounts to allow portfolio managers of other strategies to participate in the same trade. In some instances, internal policies designed to facilitate trade aggregation may result in delays in placing trades, which may adversely affect trade execution.

***Cross Transactions.*** From time to time and for a variety of reasons, certain accounts may buy or sell positions in a particular security while a Portfolio is undertaking the opposite strategy, which could disadvantage the Portfolio. To reduce this negative impact, when permitted by applicable law and when otherwise practical to do so, the accounts will enter into "cross transactions." A cross transaction, or cross trade, occurs when the Manager causes a Portfolio to buy a security from, or sell a security to, another client of Alger Management or Alger Affiliates. Alger Management will ensure that any such cross transactions are effected in accordance with applicable law and policies and procedures.

***Valuation of Assets.*** Alger Affiliates may have a conflict of interest in valuing the securities and other assets in which a Portfolio may invest. Alger Management is generally paid an advisory fee based on the value of the assets under management, so more valuable securities will result in a higher advisory fee. Alger Management may also benefit from showing better performance or higher account values on periodic statements.

Certain securities and other assets in which the Portfolios may invest may not have a readily ascertainable market value and will be valued by Alger Management in accordance with the valuation guidelines described in the valuation procedures adopted by the Portfolios. Such securities and other assets may constitute a substantial portion of a Portfolio's investments. Alger Management's risk of misstating the value of securities is greater with respect to illiquid securities like those just described.

Alger Affiliates may hold proprietary positions in a Portfolio. One consequence of such proprietary positions is that Alger Management may be incented to misstate the value of illiquid securities.

***Regulatory Conflicts.*** From time to time, the activities of the Portfolios may be restricted because of regulatory or other requirements applicable to Alger Affiliates and/or their internal policies designed to comply with, limit the applicability of, or otherwise relate to such requirements. As a result, Alger Affiliates may implement internal restrictions that delay or prevent trades for the Portfolios, which could result in less favorable execution of trades and may impact the performance of the Portfolios.

Certain activities and actions may be considered to result in reputational risk or disadvantage for the management of the Portfolios and Alger Management as well as for other Alger Affiliates. Such situations could arise if Alger Affiliates serve as directors of companies the securities of which a Portfolio wishes to

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purchase or sell or is representing or providing financing to another potential purchaser. The larger Alger Management's investment advisory business and Alger Affiliates' businesses, the larger the potential that these restricted list policies will impact the performance of the Portfolios.

**<u>Other Potential Conflicts Relating to the Management of the Portfolio by the Manager</u>** 

***Potential Conflicts Relating to Alger Affiliates' Proprietary Activities and Activities On Behalf of Other Accounts.*** Alger Management or Alger Affiliates may invest in equity or fixed-income securities that it recommends to its clients. The results achieved by Alger Affiliates proprietary accounts may differ from those achieved for other accounts. Alger Management will manage the Portfolios and its other client/Alger Affiliates accounts in accordance with their respective investment objectives and guidelines. However, Alger Management may give advice, and take action, with respect to any current or future client/Alger Affiliates accounts that may compete or conflict with the advice Alger Management may give to the Portfolios including with respect to the return of the investment, the timing or nature of action relating to the investment or method of exiting the investment.

The directors, officers and employees of Alger Affiliates, including Alger Management, may buy and sell securities or other investments for their own accounts (including through investment funds managed by Alger Affiliates, including Alger Management). As a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers and employees that are the same, different from or made at different times than positions taken for the Portfolios. To reduce the possibility that the Portfolios will be materially adversely affected by the personal trading described above, Alger Management has established policies and procedures that restrict securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the Portfolios' portfolio transactions. Alger Management has adopted a code of ethics (the "Code of Ethics") and monitoring procedures relating to certain personal securities transactions by personnel of Alger Management which Alger Management deems to involve potential conflicts involving such personnel, client/Alger Affiliates accounts managed by Alger Management and the Portfolios. The Code of Ethics requires that personnel of Alger Management comply with all applicable federal securities laws and with the fiduciary duties and anti-fraud rules to which Alger Management is subject. The Code of Ethics is available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov.

**<u>Potential Conflicts in Connection With Proxy Voting</u>** 

Alger Management has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of clients, including the Portfolios, and to help ensure that such decisions are made in accordance with Alger Management's fiduciary obligations to its clients. Notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of Alger Management may have the effect of favoring the interests of other clients or Alger Affiliates provided that Alger Management believes such voting decisions to be in accordance with its fiduciary obligations. In other words, regardless of what Alger Management's conflict of interest is, the importance placed on exercising a client's right to vote dictates that Alger Management will cast the vote in accordance with its voting guidelines even if Alger Management, its affiliate, or its client, somehow, indirectly, benefits from that vote. For a more detailed discussion of these policies and procedures, see the section of this SAI entitled "Proxy Voting Policies and Procedures."

**<u>Conflicts in Connection with Sales-Related Incentives</u>** 

Alger Management has entered into solicitation agreements with each of Weatherbie Capital, LLC and Redwood Investments, LLC, and may introduce prospective clients to Weatherbie Capital, LLC and Redwood Investments, LLC. Subject to the terms of these agreements and applicable federal securities laws, each of Redwood Investments, LLC and Weatherbie Capital, LLC pays Alger Management an annual solicitation fee for such services. While Alger Management does not receive compensation for sales of its accounts (including the Portfolios), except with respect to the solicitation agreements with each of Weatherbie Capital, LLC and Redwood Investments, LLC, Alger LLC serves as the principal underwriter for the Portfolios advised by Alger Management (or sub-advised by Redwood Investments, LLC and Weatherbie Capital, LLC) and, in some cases, receives an asset-based fee for distribution and/or shareholder servicing from the Portfolios. Alger LLC will also receive fees related to contingent deferred sales charges of certain share classes of the Portfolios. In addition, Alger LLC may act as a placement agent for certain private funds managed by Alger Management and its affiliates, and may receive compensation for such services from Alger Management, its affiliates or the private funds.

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Alger LLC sales personnel receive commission-based compensation for the sale of products or services for which Alger Management serves as an adviser. Such commission-based compensation may be higher for some products or services than others and thus the incentive to sell those products may be greater. This practice may present a conflict of interest and give Alger LLC sales personnel an incentive to recommend investment products based on the commission they would receive, rather than on a client's needs. However, Alger LLC provides regular employee training to sales personnel on their responsibility to put clients' best interests first when recommending investment products. Clients have the option to purchase investment products that Alger LLC sales personnel recommend through other brokers or agents that are not affiliated with Alger Management or Alger LLC. For the avoidance of doubt, Alger LLC sales personnel do not recommend investment products to retail investors.

Alger Affiliates may also have relationships with, and purchase, or distribute or sell, services or products from or to, distributors, consultants and others who recommend the Portfolios, or who engage in transactions with or for the Portfolios. For example, Alger Affiliates regularly participate in industry and consultant sponsored conferences and may purchase educational, data related or other services from consultants or other third parties that it deems to be of value to its personnel and its business. The products and services purchased from consultants may include, but are not limited to, those that help Alger Affiliates understand the consultant's points of view on the investment management process. Consultants and other parties that provide consulting or other services or provide service platforms for employee benefit plans to potential investors in the Portfolios may receive fees from Alger Affiliates or the Portfolios in connection with the distribution of shares in the Portfolios or other Alger Affiliates products. For example, Alger Affiliates may enter into revenue or fee sharing arrangements with consultants, service providers, and other intermediaries relating to investments in mutual funds, ETFs or other products or services offered or managed by Alger Management. Alger Affiliates may also pay a fee for membership in industry-wide or state and municipal organizations or otherwise help sponsor conferences and educational forums for investment industry participants including, but not limited to, trustees, fiduciaries, consultants, administrators, state and municipal personnel and other clients. Alger Affiliates' membership in such organizations allows Alger Affiliates to participate in these conferences and educational forums and helps Alger Affiliates interact with conference participants and to develop an understanding of the points of view and challenges of the conference participants. In addition, Alger Affiliates' personnel, including employees of Alger Affiliates, may have board, advisory, brokerage or other relationships with issuers, distributors, consultants and others that may have investments in the Portfolios or that may recommend investments in the Portfolios or distribute the Portfolios. In addition, Alger Affiliates, including Alger Management, may make charitable contributions to institutions, including those that have relationships with clients or personnel of clients. Personnel of Alger Affiliates may also make political contributions. As a result of the relationships and arrangements described in this paragraph, consultants, distributors and other parties may have conflicts associated with their promotion of the Portfolios or other dealings with the Portfolios that create incentives for them to promote the Portfolios or certain portfolio transactions.

To the extent permitted by applicable law, Alger Affiliates or the Portfolios may make payments to authorized dealers and other financial intermediaries ("Intermediaries") from time to time to promote client/Alger Affiliates accounts, the Portfolios and other products. In addition to placement fees, sales loads or similar distribution charges, payments may be made out of Alger Affiliates' assets, or amounts payable to Alger Affiliates rather than a separately identified charge to the Portfolios, client/Alger Affiliates accounts or other products. Such payments may compensate Intermediaries for, among other things: marketing the Portfolios, client/Alger Affiliates accounts and other products (which may consist of payments resulting in or relating to the inclusion of the Portfolios, client/Alger Affiliates accounts and other products on preferred or recommended fund lists or in certain sales programs from time to time sponsored by the Intermediaries); access to the Intermediaries' registered representatives or salespersons, including at conferences and other meetings; assistance in training and education of personnel; fees for directing investors to the Portfolios, client/Alger Affiliates accounts and other products; "finders fees" or "referral fees" or other fees for providing assistance in promoting the Portfolios, client/Alger Affiliates accounts and other products (which may include promotions in communications with the Intermediaries' customers, registered representatives and salespersons); and/or other specified services intended to assist in the distribution and marketing of the Portfolios, client/Alger Affiliates accounts and other products. Such payments may be a fixed dollar amount; may be based on the number of customer accounts maintained by an Intermediary; may be based on a percentage of the value of interests sold to, or held by, customers of the Intermediary involved; or may be calculated on another basis. The payments may also, to the extent permitted by applicable regulations, contribute to various non-cash and cash incentive

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arrangements to promote certain products, as well as sponsor various educational programs, sales contests and/or promotions. Furthermore, subject to applicable law, such payments may also pay for the travel expenses, meals, lodging and entertainment of Intermediaries and their salespersons and guests in connection with educational, sales and promotional programs. The additional payments by Alger Affiliates may also compensate Intermediaries for subaccounting, administrative and/or shareholder processing or other investor services that are in addition to the fees paid for these services by such products.

The payments made by Alger Affiliates or the Portfolios may be different for different Intermediaries. The payments may be negotiated based on a range of factors, including but not limited to, ability to attract and retain assets, target markets, customer relationships, quality of service and industry reputation. Payment arrangements may include breakpoints in compensation which provide that the percentage rate of compensation varies as the dollar value of the amount sold or invested through an Intermediary increases. The presence of these payments and the basis on which an Intermediary compensates its registered representatives or salespersons may create an incentive for a particular Intermediary, registered representative or salesperson to highlight, feature or recommend certain products based, at least in part, on the level of compensation paid.

**<u>Potential Conflicts in Connection with Brokerage Transactions</u>** 

***Trade Aggregation.*** If Alger Management believes that the purchase or sale of a security is in the best interest of more than one account (including the Portfolios), it has the option to aggregate these orders.

When trades are aggregated prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices are generally averaged, and a participating account will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of an individual account.

Orders to purchase or sell the same security are not aggregated in certain circumstances. This may be the case when there is a reasonable distinction between or among the orders. For example, orders without specific price requirements do not have to be aggregated with orders that are to be executed at a specific price. Also, certain accounts may be excluded from an aggregated trade if an account or accounts have a greater relative need to trade separately from other accounts due to legal, risk, tax, or other investment considerations.

Alger Management maintains policies and procedures that it believes are reasonably designed to deal equitably with conflicts of interest that may arise when orders are aggregated. Alger Management may aggregate trades for its clients (including the Portfolios) and Alger Affiliates in private placements pursuant to internally developed procedures. In such cases, Alger Management will negotiate the material terms of such investments, including the price of such investments, and will prepare a written allocation statement reflecting the allocation of the private securities.

***Soft Dollars.*** Alger Management primarily relies on its in-house research to provide buy and sell recommendations. However, Alger Management does acquire research services provided by third party vendors, some of which it pays for with brokerage fees and commissions, sometimes referred to as "soft dollars." The services that Alger Management may receive include: management meetings; conferences; research on specific industries; research on specific companies; macroeconomic analyses; analyses of national and international events and trends; access to experts on a particular sector, industry or security; evaluations of thinly traded securities; computerized trading screening techniques and securities ranking services; general research services (*i.e.* Bloomberg, FactSet); alternative data subscriptions.

Consistent with the "safe harbor" provisions of Section 28(e) of the Securities Exchange Act, Alger Management will sometimes select brokers that charge higher commissions to provide brokerage and research services than would be charged by brokers providing trade execution services only. This benefits Alger Management because it does not have to pay for the research, products, or services. Such benefit gives Alger Management an incentive to select a broker-dealer based on its interest in receiving the research, products, or services rather than on its clients' interest in receiving the most favorable execution.

Alger Management periodically monitors execution and commission rates for trades placed with such brokers to assess the overall quality of such trade executions versus comparable trades with non "soft dollar" brokers. Research or other services obtained in this manner is used in servicing any or all of the

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Portfolios and other accounts. This includes accounts other than those that pay commissions to the broker providing soft dollar benefits. Therefore, such products and services may disproportionately benefit certain client/Alger Affiliates accounts, including the Portfolios, to the extent that the commissions from such accounts are not used to purchase such services.

Alger Management has entered into commission sharing arrangements, which enable Alger Management to aggregate commissions at a particular broker-dealer. Alger Management can then direct that particular broker-dealer to pay various other broker-dealers from this pool of aggregate commissions for research and research services the broker-dealers have provided to Alger Management. These arrangements allow Alger Management to limit the broker-dealers it trades with, while maintaining valuable research relationships.

In certain cases, a research service may serve additional functions that are not related to the making of investment decisions (such as accounting, record keeping or other administrative matters). Where a product obtained with commissions has such a mixed use, Alger Management will make a good faith allocation of the cost of the product according to its use. Alger Management will not use soft dollars to pay for services that provide only administrative or other non-research assistance.

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**Appendices**

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**Appendix A: Executive Summary of SRI Proxy Voting Guidelines**

The below is a summary of the ISS United States SRI Proxy Voting Guidelines. The complete guidelines are available at https://www.issgovernance.com/file/policy/active/specialty/SRI-US-Voting-Guidelines.pdf?v=2025.2.

**Introduction** 

ISS' Social Advisory Services division recognizes that socially responsible investors have dual objectives: financial and social. Socially responsible investors invest for economic gain, as do all investors, but they also require that the companies in which they invest conduct their business in a socially and environmentally responsible manner.

These dual objectives carry through to socially responsible investors' proxy voting activity once the security selection process is completed. In voting their shares, socially responsible shareholders are concerned not only with sustainable economic returns to shareholders and good corporate governance but also with the ethical behavior of corporations and the social and environmental impact of their actions.

Social Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the dual objectives of socially responsible shareholders. On matters of social and environmental import, the guidelines seek to reflect a broad consensus of the socially responsible investing community. Generally, Social Advisory Services takes as its frame of reference policies that have been developed by groups such as the Interfaith Center on Corporate Responsibility, the General Board of Pension and Health Benefits of the United Methodist Church, Domini Social Investments, and other leading church shareholders and socially responsible mutual fund companies. Additionally, Social Advisory Services incorporates the active ownership and investment philosophies of leading globally recognized initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), the United Nations Principles for Responsible Investment (UNPRI), the United Nations Global Compact, and environmental and social European Union Directives.

On matters of corporate governance, executive compensation, and corporate structure, Social Advisory Services guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance consistent with responsibilities to society as a whole.

The guidelines provide an overview of how Social Advisory Services recommends that its clients vote. There may be cases in which the final vote recommendation on a particular company varies from the vote guideline due to the fact that Social Advisory Services closely examines the merits of each proposal and considers relevant information and company-specific circumstances in arriving at Social Advisory Services' recommendations. ISS follows Alger Management's proxy voting policies and procedures when voting proxies of securities held by the Portfolios, which may differ in some cases from the policies outlined in this document. Social Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social, and corporate governance topics, in addition to evolving market standards, regulatory changes, and client feedback.

**Management Proposals** 

*Board of Directors* 

Social Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be composed of a majority of independent directors and key board committees should be composed entirely of independent directors. The independent directors are expected to organize much of the board's work, even if the chief executive officer also serves as chairman of the board. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Directors are ultimately responsible to the corporation's shareholders. The most direct expression of this responsibility is the requirement that directors be elected to their positions by the shareholders.

Social Advisory Services will generally oppose all director nominees if the board is not majority independent and will vote against or withhold from non-independent directors who sit on key board committees. Social Advisory Services will also vote against or withhold from incumbent members of the nominating committee, or other directors on a case-by-case basis, where the board is not comprised of at

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least 40% underrepresented gender identities (which include directors who identify as women or as non-binary) or at least 20% racially or ethnically diverse directors. The election of directors who have failed to attend a minimum of 75% of board and committee meetings held during the period for which they served will be opposed. Furthermore, Social Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Social Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters (defined as those on the current Climate Action 100+ Focus Group list), through their operations or value chain, Social Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where Social Advisory Services determines that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Social Advisory Services supports requests that require the board chair to be independent of management, opposes the creation of classified boards, and reviews proposals to change board size on a case-by-case basis. Social Advisory Services also generally supports shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Social Advisory Services may vote against or withhold from directors at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

*Board Responsiveness* 

Social Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Social Advisory Services takes into account other factors, including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year.

*Auditors* 

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Social Advisory Services believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Social Advisory Services will vote against the ratification of the auditor in cases where non-audit fees represent more than 25% of the total fees paid to the auditor in the previous year. Social Advisory Services supports requests asking for the rotation of the audit firm, if the request includes a timetable of five years or more.

*Takeover Defenses / Shareholder Rights* 

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Social Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

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Social Advisory Services generally votes for shareholder proposals that seek to remove antitakeover provisions, as takeover defenses limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

*Miscellaneous Governance Provisions* 

Social Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case-by-case basis, taking into account the impact on shareholder rights.

*Capital Structures* 

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Social Advisory Services supports a one-share, one-vote policy, supports proposals for cumulative voting, and opposes mechanisms that skew voting rights. Social Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's prior or ongoing use of share authorizations and elements of the current request.

*Executive and Director Compensation* 

The global financial crisis has resulted in significant erosion of shareholder value and highlighted the need for greater assurance that executive compensation is principally performance-based, fair, reasonable, and not designed in a manner that would incentivize excessive risk-taking by management. The crisis has raised questions about the role of pay incentives in influencing executive behavior and motivating inappropriate or excessive risk-taking and other unsustainable practices that could threaten a corporation's long-term viability. The safety lapses that led to the disastrous explosions at BP's Deepwater Horizon oil rig and Massey Energy's Upper Big Branch mine, and the resulting unprecedented losses in shareholder value; a) underscore the importance of incorporating meaningful economic incentives around social and environmental considerations in compensation program design, and; b) exemplify the costly liabilities of failing to do so.

Social Advisory Services evaluates executive and director compensation by considering the presence of appropriate pay-for-performance alignment with long-term shareholder value, compensation arrangements that risk "pay for failure," and an assessment of the clarity and comprehensiveness of compensation disclosures. Shareholder proposals calling for additional disclosure on compensation issues or the alignment of executive compensation with social or environmental performance criteria are supported, while shareholder proposals calling for other changes to a company's compensation programs are reviewed on a case-by-case basis.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Social Advisory Services will vote against Say on Pay proposals if there is a significant misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Social Advisory Services will evaluate whether pay quantum is in alignment with company performance, and consideration will also be given to whether the proportion of performance-contingent pay elements is sufficient in light of concerns with a misalignment between executive pay and company performance.

Social Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

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*Mergers and Corporate Restructurings* 

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case-by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

*Mutual Fund Proxies* 

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Social Advisory Services evaluates these proposals on a case-by-case basis taking into consideration recent trends and best practices at mutual funds.

**Shareholder Proposals** 

*Shareholder Proposals on Corporate Governance and Executive Compensation* 

Shareholder proposals topics include, among others, board-related issues, takeover defenses and shareholder rights, and executive and director compensation. Each year, shareholders file numerous proposals that address key issues regarding these topics. Social Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported. Social Advisory Services supports initiatives that seek to strengthen the link between executive pay and performance, including performance elements related to corporate social responsibility.

*Shareholder Proposals on Social and Environmental Topics* 

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment, government and military, political and charitable giving, and consumer lending and economic development.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. Among the reasons for this change are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The number and variety of shareholder resolutions on social and environmental issues has increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Many of the sponsors and supporters of these resolutions are large institutional shareholders with significant holdings, and therefore, greater direct influence on the outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The proposals are more sophisticated – better written, more focused, and more sensitive to the feasibility of implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investors now understand that a company's response to social and environmental issues can have serious economic consequences for the company and its shareholders.

Social Advisory Services generally supports requests for additional disclosures that would allow shareholders to better assess the board and management's oversight of risks in the company's operations. Social Advisory Services will closely evaluate proposals that ask the company to cease certain actions that the proponent believes are harmful to society or some segment of society with special attention to the company's legal and ethical obligations, its ability to remain profitable, and potential negative publicity if the company fails to honor the request. Social Advisory Services supports shareholder proposals that seek to improve a company's public image or reduce its exposure to liabilities and risks.

------

**Appendix B: Credit Ratings**

Description of certain rating categories assigned by S&P Global Ratings, a division of S&P Global Inc. ("S&P"), Moody's Investors Service, Inc. ("Moody's"), Fitch, Inc. ("Fitch"), Dominion Bond Rating Service Limited ("DBRS") and A. M. Best Company, Inc. ("Best").

**Commercial Paper and Short-Term Ratings** 

The designation A-l by S&P indicates that the degree of safety regarding timely payment is either overwhelming or very strong. Those issues determined to possess overwhelming safety characteristics are denoted with a plus sign (+) designation. Capacity for timely payment on issues with an A-2 designation is strong. However, the relative degree of safety is not as high as for issues designated A-l.

The rating Prime-l (P-l) is the highest commercial paper rating assigned by Moody's. Issuers of P-l paper must have a superior capacity for repayment of short-term promissory obligations and ordinarily will be evidenced by leading market positions in well-established industries, high rates of return of funds employed, conservative capitalization structures with moderate reliance on debt and ample asset protection, broad margins in earnings coverage of fixed financial charges and high internal cash generation, and well-established access to a range of financial markets and assured sources of alternate liquidity. Issues rated Prime-2 (P-2) have a strong capacity for repayment of short-term promissory obligations. This ordinarily will be evidenced by many of the characteristics cited above, but to a lesser degree. Earnings trends and coverage ratios, while sound, will be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

The rating Fitch-l (Highest Grade) is the highest commercial paper rating assigned by Fitch. Paper rated Fitch-l is regarded as having the strongest degree of assurance for timely payment. The rating Fitch-2 (Very Good Grade) is the second highest commercial paper rating assigned by Fitch which reflects an assurance of timely payment only slightly less in degree than the strongest issues.

**Bond and Long-Term Ratings S&P** 

Bonds rated AA by S&P are judged by S&P to be high-grade obligations and in the majority of instances differ only in small degree from issues rated AAA (S&P's highest rating). Bonds rated AAA are considered by S&P to be the highest grade obligations and possess the ultimate degree of protection as to principal and interest. With AA bonds, as with AAA bonds, prices move with the long-term money market. Bonds rated A by S&P have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.

S&P's BBB-rated bonds, or medium-grade category bonds, are borderline between definitely sound obligations and those where the speculative elements begin to predominate. These bonds have adequate asset coverage and normally are protected by satisfactory earnings. Their susceptibility to changing conditions, particularly to depressions, necessitates constant watching. These bonds generally are more responsive to business and trade conditions than to interest rates. This group is the lowest that qualifies for commercial bank investment.

Debt rated BB and B by S&P is regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

Debt rated BB has less near-term vulnerability to default than other speculative grade debt. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to inadequate capacity to meet timely interest and principal payments. The BB rating category is also used for debt subordinated to senior debt that is assigned an actual or implied BBB rating.

Debt rated B by S&P has greater vulnerability to default but presently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions would likely impair capacity or willingness to pay interest and repay principal. The B rating category also is used for debt subordinated to senior debt that is assigned an actual or implied BB or B rating.

------

**MOODY'S** 

Bonds rated Aa by Moody's are judged to be of high quality by all standards. Together with bonds rated Aaa (Moody's highest rating) they comprise what are generally known as high-grade bonds. Aa bonds are rated lower than Aaa bonds because margins of protection may not be as large as those of Aaa bonds, or fluctuation of protective elements may be of greater amplitude, or there may be other elements present that make the long-term risks appear somewhat larger than those applicable to Aaa securities. Bonds that are rated A by Moody's possess many favorable investment attributes and are to be considered as upper medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present that suggest a susceptibility to impairment in the future.

Moody's Baa-rated bonds are considered as medium-grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present, but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and, in fact, have speculative characteristics as well.

Bonds rated Ba by Moody's are judged to have speculative elements; their future cannot be considered as well-assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

Bonds rated B by Moody's generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Moody's applies the numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through B. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

**FITCH** 

Bonds rated AAA by Fitch are judged by Fitch to be strictly high-grade, broadly marketable, suitable for investment by trustees and fiduciary institutions and liable to but slight market fluctuation other than through changes in the money rate. The prime feature of an AAA bond is a showing of earnings several times or many times interest requirements, with such stability of applicable earnings that safety is beyond reasonable question whatever changes occur in conditions. Bonds rated AA by Fitch are judged by Fitch to be of safety virtually beyond question and are readily salable, whose merits are not unlike those of the AAA class, but whose margin of safety is less strikingly broad. The issue may be the obligation of a small company, strongly secured but influenced as to rating by the lesser financial power of the enterprise and more local type of market.

Bonds rated A by Fitch are considered to be investment grade and of high credit quality. The obligor's ability to pay interest and repay principal is considered to be strong, but may be more vulnerable to adverse changes in economic conditions and circumstances than bonds with higher ratings.

BBB-rated bonds are considered to be investment grade and of satisfactory credit quality. The obligor's ability to pay interest and repay principal is considered to be adequate. Adverse changes in economic conditions and circumstances, however, are more likely to have adverse impact on these bonds, and therefore impair timely payment. The likelihood that the ratings of these bonds will fall below investment grade is higher than for bonds with higher ratings.

Fitch's BB-rated bonds are considered speculative. The obligor's ability to pay interest and repay principal may be affected over time by adverse economic changes. However, business and financial alternatives can be identified which could assist the obligor in satisfying its debt service requirements.

Fitch's B-rated bonds are considered highly speculative. While bonds in this class are currently meeting debt service requirements, the probability of continued timely payment of principal and interest reflects the obligor's limited margin of safety and the need for reasonable business and economic activity throughout the life of the issue.

------

**DBRS** 

Bonds rated AAA by DBRS are considered to be of the highest credit quality, with exceptionally strong protection for the timely repayment of principal and interest. Earnings are considered stable, the structure of the industry in which the entity operates is strong, and the outlook for future profitability is favorable. There are few qualifying factors present which would detract from the performance of the entity, the strength of liquidity and coverage ratios is unquestioned and the entity has established a creditable track record of superior performance. Given the extremely tough definition which DBRS has established for this category, few entities are able to achieve a AAA rating.

Bonds rated AA are of superior credit quality, and protection of interest and principal is considered high. In many cases, they differ from bonds rated AAA only to a small degree. Given the extremely tough definition which DBRS has for the AAA category (which few companies are able to achieve), entities rated AA are also considered to be strong credits which typically exemplify above-average strength in key areas of consideration and are unlikely to be significantly affected by reasonably foreseeable events.

Bonds rated A are of satisfactory credit quality. Protection of interest and principal is still substantial, but the degree of strength is less than with AA rated entities. While a respectable rating, entities in the A category are considered to be more susceptible to adverse economic conditions and have greater cyclical tendencies than higher rated companies.

Bonds rated BBB are considered to be of adequate credit quality. Protection of interest and principal is considered adequate, but the entity is more susceptible to adverse changes in financial and economic conditions, or there may be other adversities present which reduce the strength of the entity and its rated securities.

Bonds rated BB are defined to be speculative, where the degree of protection afforded interest and principal is uncertain, particularly during periods of economic recession. Entities in the BB area typically have limited access to capital markets and additional liquidity support and, in many cases, small size or lack of competitive strength may be additional negative considerations.

Bonds rated "B" are regarded as highly speculative and there is a reasonably high level of uncertainty as to the ability of the entity to pay interest and principal on a continuing basis in the future, especially in periods of economic recession or industry adversity.

**A.M. Best** 

The issuer of long-term debt rated aaa has, in A.M. Best's opinion, an exceptional ability to meet the terms of its obligation. The rating aa is assigned to issues where the issuer has, in A.M. Best's opinion, a very strong ability to meet the terms of its obligation., and issues are rated a where the ability to meet the terms of the obligation is regarded as strong. The issuer of debt rated bbb is considered to have an adequate ability to meet the terms of its obligation but to be more susceptible to changes in economic or other conditions.

The issuer of bb-rated long-term debt has, in A.M. Best's opinion, speculative credit characteristics, generally due to a moderate margin of principal and interest payment protection and vulnerability to economic changes. The issuer of long-term debt rated b is considered to have extremely speculative credit characteristics, generally due to a modest margin of principal and interest payment protection and extreme vulnerability to economic changes.

------

**Investment Manager:** 

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, New York 10004

**Distributor:** 

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, New York 10004

**Transfer Agent:** 

UMB Fund Services, Inc.

P.O. Box 2175

Milwaukee, Wisconsin 53201

**Custodian Bank:** 

The Bank of New York

240 Greenwich Street

New York, New York 10286

**Independent Registered Public**

**Accounting Firm:** 

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112

**Counsel:** 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

**The Alger** 

**Portfolios** 

**STATEMENT OF**

**ADDITIONAL**

**INFORMATION** 

**April 30, 2026**

![](g705092imgf126f24e1.jpg)

APPSAI

------

PART C

OTHER INFORMATION

Item 28.

EXHIBITS

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| (a) | Articles of Incorporation: |
| (a-1) | &nbsp;&nbsp;&nbsp;&nbsp; Amended and Restated Declaration of Trust, dated September 13, 2012 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000110465913028739/a13-6340_1ex99da.htm)<br> [Effective Amendment No. 42 to The Alger Portfolios' ("Registrant") Registration Statement on Form N-1A](https://www.sec.gov/Archives/edgar/data/832566/000110465913028739/a13-6340_1ex99da.htm)<br> [(the "Registration Statement"), filed with the SEC on April 12, 2013](https://www.sec.gov/Archives/edgar/data/832566/000110465913028739/a13-6340_1ex99da.htm))<br>|
| (a-2) | &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Amendment to Declaration of Trust, dated August 7, 2017 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928a2.htm)<br> [Effective Amendment No. 63 to the Registration Statement, filed with the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928a2.htm))<br>|
| (a-3) | &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Amendment to Declaration of Trust, dated October 31, 2019 ([incorporated by reference to](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928a3.htm)<br> [Post-Effective Amendment No. 63 to the Registration Statement, filed with the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928a3.htm))<br>|
| (a-4) | &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Amendment to Declaration of Trust, dated November 29, 2023 (Alger Weatherbie Specialized <br> Growth Portfolio) ([incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's](https://www.sec.gov/Archives/edgar/data/832566/000119312523287602/d600943dex1d.htm)<br> [Registration Statement on Form N-14 (the "N-14 Registration Statement"), filed on December 1, 2023](https://www.sec.gov/Archives/edgar/data/832566/000119312523287602/d600943dex1d.htm))<br>|
| (b) | &nbsp;&nbsp;&nbsp;&nbsp; Amended and Restated By-laws of Registrant ([incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928b.htm)<br> [63 to the Registration Statement, filed with the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928b.htm))<br>|
| (c) | &nbsp;&nbsp;&nbsp;&nbsp; Rights of holders of the securities being registered are contained in Articles VI, VII, VIII and IX of the <br> Amended and Restated Declaration of Trust and Articles I, VI and VII of the Amended and Restated <br> By-laws<br>|
| (d) | Investment Advisory Agreements: |
| (d-1) | &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Agreement between Registrant and Fred Alger Management, LLC ("FAM"), dated <br> January 17, 2007 ([incorporated by reference to Post-Effective Amendment No. 27 to the Registration](https://www.sec.gov/Archives/edgar/data/832566/000093041307003437/c47402_ex99d-1.txt)<br> [Statement, filed with the SEC on April 12, 2007](https://www.sec.gov/Archives/edgar/data/832566/000093041307003437/c47402_ex99d-1.txt))<br>|
| (d-2) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Investment Advisory Agreement, dated September 17, 2019 ([incorporated by reference to](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928d2.htm)<br> [Post-Effective Amendment No. 63 to the Registration Statement, filed with the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928d2.htm))<br>|
| (d-3) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Investment Advisory Agreement, dated September 29, 2020 ([incorporated by reference to](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928d3.htm)<br> [Post-Effective Amendment No. 65 to the Registration Statement, filed with the SEC on April 16, 2021](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928d3.htm))<br>|
| (d-4) | &nbsp;&nbsp;&nbsp;&nbsp; [Amendment to Investment Advisory Agreement including Revised Fee Schedule, dated September 17, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99d4.htm)<br> [(incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99d4.htm)<br> [the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99d4.htm)<br>|
| (d-5) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Investment Advisory Agreement including Revised Fee Schedule, dated September 18, 2025 <br> ([filed herewith](d269788dex99d5.htm))<br>|
| (d-6) | &nbsp;&nbsp;&nbsp;&nbsp; Contract to Support Fee Waiver/Expense Reimbursement for Alger Large Cap Growth Portfolio, dated <br> September 18, 2025 ([filed herewith](d269788dex99d6.htm))<br>|
| (d-7) | &nbsp;&nbsp;&nbsp;&nbsp; Contract to Support Fee Waiver/Expense Reimbursement for Alger Mid Cap Growth Portfolio, dated <br> September 18, 2025 ([filed herewith](d269788dex99d7.htm))<br>|
| (e) | Underwriting Contracts:  |
| (e-1) | &nbsp;&nbsp;&nbsp;&nbsp; Amended and Restated Distribution Agreement between Registrant and Fred Alger & Company, LLC <br> ("FAC"), dated May 19, 2015 ([incorporated by reference to Post-Effective Amendment No. 63 to the](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928e.htm)<br> [Registration Statement, filed with the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928e.htm))<br>|
| (e-2) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Amended and Restated Distribution Agreement, dated September 29, 2020 ([incorporated by](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928e2.htm)<br> [reference to Post-Effective Amendment No. 65 to the Registration Statement, filed with the SEC on April](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928e2.htm)<br> [16, 2021](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928e2.htm))<br>|
| (f) | Bonus or Profit Sharing Contracts: Not applicable. |
| (g) | Custodian Agreements: |
| (g-1) | &nbsp;&nbsp;&nbsp;&nbsp; Custody Agreement between Registrant and The Bank of New York Mellon ("BNY"), dated June 1, 2023 <br> ([incorporated by reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g1.htm)<br> [the SEC on April 12, 2024)](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g1.htm)<br>|

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| (g-2) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Custody Agreement, dated March 28, 2024 ([incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g2.htm)<br> [Amendment No. 68 to the Registration Statement, filed with the SEC on April 12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g2.htm))<br>|
| (g-3) | &nbsp;&nbsp;&nbsp;&nbsp; [Amendment to Custody Agreement, dated December 17, 2024 (incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99g3.htm)<br> [Amendment No. 69 to the Registration Statement, filed with the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99g3.htm)<br>|
| (g-4) | Amendment to Custody Agreement, dated June 30, 2025 ([filed herewith](d269788dex99g4.htm)) |
| (g-5) | &nbsp;&nbsp;&nbsp;&nbsp; Foreign Custody Manager Agreement between Registrant and BNY, dated June 1, 2023 ([incorporated by](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g3.htm)<br> [reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with the SEC on April](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g3.htm)<br> [12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g3.htm))<br>|
| (g-6) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Foreign Custody Manager Agreement, dated March 28, 2024 ([incorporated by reference to](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g4.htm)<br> [Post-Effective Amendment No. 68 to the Registration Statement, filed with the SEC on April 12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99g4.htm))<br>|
| (g-7) | &nbsp;&nbsp;&nbsp;&nbsp; [Amendment to Foreign Custody Manager Agreement, dated December 17, 2024 (incorporated by reference](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99g6.htm)<br> [to Post-Effective Amendment No. 69 to the Registration Statement, filed with the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99g6.htm)<br>|
| (g-8) | Amendment to Foreign Custody Manager Agreement, dated June 30, 2025 ([filed herewith](d269788dex99g8.htm)) |
| (h) | Other Material Contracts: |
| (h-1) | &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Administrative Services Agreement among Alger Shareholder Services, Inc., the Registrant, et <br> al., effective February 28, 2005 ([incorporated by reference to Post-Effective Amendment No. 25 to the](https://www.sec.gov/Archives/edgar/data/832566/000093041305002498/c36086_ex99-h1.txt)<br> [Registration Statement, filed with the SEC on April 11, 2005](https://www.sec.gov/Archives/edgar/data/832566/000093041305002498/c36086_ex99-h1.txt))<br>|
| (h-2) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 to Shareholder Administrative Services Agreement, effective June 30, 2007 <br> ([incorporated by reference to Post-Effective Amendment No. 63 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h2.htm)<br> [the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h2.htm))<br>|
| (h-3) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 to Shareholder Administrative Services Agreement, effective June 30, 2010 <br> ([incorporated by reference to Post-Effective Amendment No. 63 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h3.htm)<br> [the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h3.htm))<br>|
| (h-4) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 to the Shareholder Administrative Services Agreement, effective December 29, 2010 <br> ([incorporated by reference to Post-Effective Amendment No. 38 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000110465912025052/a12-6132_1ex99dh6.htm)<br> [the SEC on April 13, 2012](https://www.sec.gov/Archives/edgar/data/832566/000110465912025052/a12-6132_1ex99dh6.htm))<br>|
| (h-5) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 to Shareholder Administrative Services Agreement, effective August 1, 2016 <br> ([incorporated by reference to Post-Effective Amendment No. 63 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h5.htm)<br> [the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h5.htm))<br>|
| (h-6) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 to Shareholder Administrative Services Agreement, effective December 28, 2017 <br> ([incorporated by reference to Post-Effective Amendment No. 63 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h6.htm)<br> [the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h6.htm))<br>|
| (h-7) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 to Shareholder Administrative Services Agreement, effective September 29, 2020 <br> ([incorporated by reference to Post-Effective Amendment No. 65 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928h7.htm)<br> [the SEC on April 16, 2021](https://www.sec.gov/Archives/edgar/data/832566/000119312521118798/d71874dex9928h7.htm))<br>|
| (h-8) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 to Shareholder Administrative Services Agreement, effective September 22, 2021 <br> ([incorporated by reference to Post-Effective Amendment No. 66 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312522105419/d297780dex99h8.htm)<br> [the SEC on April 14, 2022](https://www.sec.gov/Archives/edgar/data/832566/000119312522105419/d297780dex99h8.htm))<br>|
| (h-9) | &nbsp;&nbsp;&nbsp;&nbsp; [Amendment No. 8 to Shareholder Administrative Services Agreement, effective September 17, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h9.htm)<br> [(incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h9.htm)<br> [the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h9.htm)<br>|
| (h-10) | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency Agreement Between Certain Investment Companies Managed by FAM (including <br> Registrant) and UMB Fund Services, Inc., dated October 5, 2019 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h7.htm)<br> [Effective Amendment No. 63 to the Registration Statement, filed with the SEC on April 16, 2020](https://www.sec.gov/Archives/edgar/data/832566/000119312520109068/d851958dex9928h7.htm))<br>|
| (h-11) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Transfer Agency Agreement, dated October 1, 2021 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312522105419/d297780dex99h10.htm)<br> [Effective Amendment No. 66 to the Registration Statement, filed with the SEC on April 14, 2022](https://www.sec.gov/Archives/edgar/data/832566/000119312522105419/d297780dex99h10.htm))<br>|
| (h-12) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Transfer Agency Agreement, dated October 5, 2022 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312523101760/d485043dex99h11.htm)<br> [Effective Amendment No. 67 to the Registration Statement, filed with the SEC on April 14, 2023](https://www.sec.gov/Archives/edgar/data/832566/000119312523101760/d485043dex99h11.htm))<br>|
| (h-13) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Transfer Agency Agreement, dated March 28, 2024 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h12.htm)<br> [Effective Amendment No. 68 to the Registration Statement, filed with the SEC on April 12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h12.htm))<br>|
| (h-14) | Amendment to Transfer Agency Agreement, effective June 30, 2025 ([filed herewith](d269788dex99h14.htm)) |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| (h-15) | &nbsp;&nbsp;&nbsp;&nbsp; [Fund Administration Agreement for Registrant, dated September 17, 2024 (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h14.htm)<br> [Post-Effective Amendment No. 69 to the Registration Statement, filed with the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h14.htm)<br>|
| (h-16) | &nbsp;&nbsp;&nbsp;&nbsp; Fund Administration and Accounting Agreement between Registrant and BNY, dated June 1, 2023 <br> ([incorporated by reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h14.htm)<br> [the SEC on April 12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h14.htm))<br>|
| (h-17) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Fund Administration and Accounting Agreement, dated December 15, 2023 ([incorporated](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h15.htm)<br> [by reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with the SEC on](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h15.htm)<br> [April 12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h15.htm))<br>|
| (h-18) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Fund Administration and Accounting Agreement, dated January 29, 2024 ([incorporated by](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h16.htm)<br> [reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with the SEC on April](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h16.htm)<br> [12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h16.htm))<br>|
| (h-19) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Fund Administration and Accounting Agreement, dated March 28, 2024 ([incorporated by](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h17.htm)<br> [reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with the SEC on April](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h17.htm)<br> [12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h17.htm))<br>|
| (h-20) | &nbsp;&nbsp;&nbsp;&nbsp; [Amendment to Fund Administration and Accounting Agreement, dated January 6, 2025 (incorporated by](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h19.htm)<br> [reference to Post-Effective Amendment No. 69 to the Registration Statement, filed with the SEC on April](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h19.htm)<br> [22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h19.htm)<br>|
| (h-21) | Amendment to Fund Administration and Accounting Agreement, dated June 30, 2025 ([filed herewith](d269788dex99h21.htm)) |
| (h-22) | &nbsp;&nbsp;&nbsp;&nbsp; Securities Lending Authorization Agreement between Registrant and BNY, dated December 12, 2023 <br> ([incorporated by reference to Post-Effective Amendment No. 68 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h18.htm)<br> [the SEC on April 12, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312524094610/d816581dex99h18.htm))<br>|
| (h-23) | &nbsp;&nbsp;&nbsp;&nbsp; [Amendment to Securities Lending Agreement between Registrant and BNY, dated December 19, 2024](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h21.htm)<br> [(incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h21.htm)<br> [the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h21.htm)<br>|
| (h-24) | &nbsp;&nbsp;&nbsp;&nbsp; Amendment to Securities Lending Agreement between Registrant and BNY, dated June 11, 2025 ([filed](d269788dex99h24.htm)<br> [herewith](d269788dex99h24.htm))<br>|
| (h-25) | &nbsp;&nbsp;&nbsp;&nbsp; [Participating Fund Agreement between Registrant and ReFlow Fund, LLC, dated January 14, 2025](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h22.htm)<br> [(incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, filed with](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h22.htm)<br> [the SEC on April 22, 2025)](https://www.sec.gov/Archives/edgar/data/832566/000119312525088585/d912592dex99h22.htm)<br>|
| (i) | Legal Opinions: |
| (i-1) | &nbsp;&nbsp;&nbsp;&nbsp; Opinions of Sullivan & Worcester (incorporated by reference to Post-Effective Amendment No. 1 to the <br> Registration Statement, filed with the SEC on January 23, 1989)<br>|
| (i-2) | &nbsp;&nbsp;&nbsp;&nbsp; Opinions of Sullivan & Worcester ([incorporated by reference to Post-Effective Amendment No. 15 to the](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [Registration Statement, filed with the SEC on April 9, 1998](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt))<br>|
| (i-3) | &nbsp;&nbsp;&nbsp;&nbsp; Consent of Sullivan & Worcester ([incorporated by reference to Post-Effective Amendment No. 20 to the](https://www.sec.gov/Archives/edgar/data/832566/000093041301500389/c20833-exi2.txt)<br> [Registration Statement, filed with the SEC on April 30, 2001](https://www.sec.gov/Archives/edgar/data/832566/000093041301500389/c20833-exi2.txt))<br>|
| (j) | Other Opinions: Consent of Independent Registered Public Accounting Firm ([filed herewith](d269788dex99j.htm)) |
| (k) | Omitted Financial Statements: Not applicable. |
| (l) | Initial Capital Agreements: |
| (l-1) | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Agreement relative to the shares of the Alger American Money Market, Income and Growth, <br> Small Capitalization and Growth Portfolios ([incorporated by reference to Post-Effective Amendment No. 15](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [to the Registration Statement, filed with the SEC on April 9, 1998](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt))<br>|
| (l-2) | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Agreement relative to the shares of the Alger American Fixed Income Portfolio ([incorporated by](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [reference to Post-Effective Amendment No. 15 to the Registration Statement, filed with the SEC on April 9,](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [1998](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt))<br>|
| (l-3) | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Agreement relative to the shares of the Alger American MidCap Growth Portfolio ([incorporated](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [by reference to Post-Effective Amendment No. 15 to the Registration Statement, filed with the SEC on](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [April 9, 1998](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt))<br>|
| (l-4) | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Agreement relative to the shares of the Alger American Leveraged AllCap Portfolio ([incorporated](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [by reference to Post-Effective Amendment No. 15 to the Registration Statement, filed with the SEC on](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt)<br> [April 9, 1998](https://www.sec.gov/Archives/edgar/data/832566/0000930413-98-000494.txt))<br>|

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| (m) | &nbsp;&nbsp;&nbsp;&nbsp; Rule 12b-1 Plan: Class S Distribution Plan, dated September 13, 2022 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312523101760/d485043dex99m.htm)<br> [Effective Amendment No. 67 to the Registration Statement, filed with the SEC on April 14, 2023](https://www.sec.gov/Archives/edgar/data/832566/000119312523101760/d485043dex99m.htm))<br>|
| (n) | &nbsp;&nbsp;&nbsp;&nbsp; Rule 18f-3 Plan: Rule 18f-3 Multiple Class Plan dated March 23, 2022 ([incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/832566/000119312522105419/d297780dex99n.htm)<br> [Effective Amendment No. 66 to the Registration Statement, filed with the SEC on April 14, 2022](https://www.sec.gov/Archives/edgar/data/832566/000119312522105419/d297780dex99n.htm))<br>|
| (o) | Reserved. |
| (p) | Code of Ethics: Amended and Restated Code of Ethics ([filed herewith](d269788dex99p.htm)) |
| (q) | &nbsp;&nbsp;&nbsp;&nbsp; Powers of Attorney: Powers of Attorney executed by Hal Liebes, Michael D. Martins, Hilary M. Alger, <br> Charles F. Baird, Jr., Jean Brownhill, Susan L. Moffet, Jay C. Nadel, David Rosenberg, and Nathan E. <br> Saint-Amand, M.D. ([filed herewith](d269788dex99q.htm))<br>|

---

Item 29.

PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

None.

Item 30.

INDEMNIFICATION

Under Section 8.4 of Registrant's Amended and Restated Agreement and Declaration of Trust, as amended to date ("Declaration of Trust"), any past or present Trustee or officer of Registrant (including persons who serve at Registrant's request as directors, officers or Trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person")) is indemnified to the fullest extent permitted by law against all liabilities, penalties, and expenses, including reasonable accountants' and counsel fees, incurred by them in connection with any action, suit or other proceeding in which they may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been a Covered Person. This provision does not authorize indemnification when it is determined, in the manner specified in the Declaration of Trust, that such Covered Person (i) had not acted in good faith in the reasonable belief that their actions were in or not opposed to the best interests of Registrant or (ii) had acted with willful misfeasance, bad faith, gross negligence or reckless disregard of their duties involved in the conduct of such Covered Person's office. Certain expenses may be paid by Registrant in advance of the final disposition of any action, suit or proceeding upon receipt of an undertaking by such Covered Person to repay such expenses to Registrant in the event that it is ultimately determined that indemnification of such expenses is not authorized under the Declaration of Trust and (i) the Covered Person provided security for such undertaking, (ii) Registrant is insured against losses from any lawful advances, or (iii) a majority or quorum of the disinterested Trustees or independent legal counsel determines, in the manner specified in the Declaration of Trust, that there is reason to believe the Covered Person will be found to be entitled to indemnification.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Securities Act") may be permitted to Trustees, officers and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a Trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Item 31.

BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

Fred Alger Management, LLC ("FAM"), which serves as investment manager to each Portfolio, is generally engaged in rendering investment advisory services to institutions and, to a lesser extent, individuals. FAM presently serves as investment adviser to six open-end investment companies, including the Registrant.

Set forth below is the name and principal business address of each company, excluding FAM-advised funds, for which a director or officer of FAM serves as a director, officer or employee:

Alger Alternative Holdings, LLC

Alger Alternative Holdings II, LLC

Alger Apple Real Estate, LLC

Alger Associates, Inc.

Alger Boulder I LLC

Alger Capital, LLC

------

Alger Group Holdings, LLC

Alger International Holdings

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, New York 10004

Alger Management, Ltd.

85 Gresham Street, Suite 308

London EC2V 7NQ

United Kingdom

Redwood Investments, LLC

Weatherbie Capital, LLC

265 Franklin Street, Suite 1603

Boston, Massachusetts 02110

Listed below are the officers of FAM.

---

| | |
|:---|:---|
| **NAME AND POSITION WITH FAM** | **OTHER SUBSTANTIAL BUSINESS, PROFESSION OR VOCATION** |
| Daniel C. Chung<br> Chairman, President, Chief Executive Officer ("CEO")<br>| &nbsp;&nbsp;&nbsp; President and CEO, Alger Associates, Inc., Weatherbie <br> Capital, LLC, Alger Apple Real Estate, LLC and Alger <br> Boulder I LLC; Director, Alger Management, Ltd. and <br> Alger SICAV; President, CEO and Manager, Alger Group <br> Holdings, LLC and Alger Capital, LLC; Manager, <br> Redwood Investments, LLC<br>|
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President, <br> Treasurer<br>| &nbsp;&nbsp;&nbsp; CFO and Treasurer, Alger Associates, Inc.; CFO, Treasurer, <br> Vice President and Manager, Alger Group Holdings, LLC <br> and Alger Capital, LLC; CFO, Treasurer and Senior Vice <br> President, Fred Alger & Company, LLC; Treasurer and <br> CFO, Weatherbie Capital, LLC; Treasurer, Alger Apple <br> Real Estate, LLC and Alger Boulder I LLC; Authorized <br> Signer, Alger Management, Ltd.<br>|
| Hal Liebes<br> Chief Operating Officer ("COO"), Secretary, Executive <br> Vice President<br>| &nbsp;&nbsp;&nbsp; COO and Secretary, Alger Associates, Inc. and Weatherbie <br> Capital, LLC; COO, Vice President, Secretary and <br> Manager, Alger Group Holdings, LLC and Alger Capital, <br> LLC; Director, Alger SICAV; Executive Director and <br> Chairman, Alger Management, Ltd.; Manager and <br> Secretary, Alger Apple Real Estate LLC; Manager, Alger <br> Partners Investors I, LLC, Alger Partners Investors II, LLC, <br> Alger Partners Investors KEIGF, Alger Partners Investors-<br> Crossbay LLC and Redwood Investments, LLC; Secretary, <br> Alger Boulder I LLC<br>|
| Tina Payne<br> Chief Compliance Officer ("CCO"), General Counsel, <br> Assistant Secretary, Senior Vice President <br>| &nbsp;&nbsp;&nbsp; Senior Vice President, General Counsel and Secretary, Fred <br> Alger & Company, LLC; CCO and Authorized Signer, <br> Alger Management, Ltd.; Assistant Secretary, Weatherbie <br> Capital, LLC; Vice President and Assistant Secretary, Alger <br> Group Holdings, LLC; CCO, Redwood Investments, LLC<br>|
| Christoph Hofmann<br> Chief Distribution Officer, Executive Vice President<br>| &nbsp;&nbsp;&nbsp; President, CEO and Chief Distribution Officer, Fred Alger <br> & Company, LLC<br>|

---

For more information as to the business, profession, vocation or employment of a substantial nature of additional officers of FAM, reference is made to FAM's current Form ADV (SEC File No. 801-06709) filed under the Investment Advisers Act of 1940, incorporated herein by reference.

Item 32.

PRINCIPAL UNDERWRITER

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fred Alger & Company, LLC ("Alger LLC") acts as principal underwriter for Registrant, The Alger Funds, The Alger Institutional Funds, The Alger Funds II, Alger Global Equity Fund, and The Alger ETF Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Alger LLC is a Delaware limited liability company located at 100 Pearl Street, 27th Floor, New York, New York 10004. The following is a list of the directors and officers of Alger LLC:

------

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

---

| | | |
|:---|:---|:---|
| **NAME** | **POSITION(S) AND OFFICE(S) WITH** <br> **ALGER LLC**<br>| **POSITION(S) AND OFFICE(S) WITH** <br> **REGISTRANT**<br>|
| Darryl Ah Now | Senior Vice President | None |
| Scott Anderson | Senior Vice President | None |
| Alex Bernstein | Senior Vice President | None |
| Matthew Binkley | Vice President | None |
| Josephine Carey | Vice President | None |
| Joo Chia | Assistant Vice President | None |
| Kevin Collins | Senior Vice President | None |
| Chris Conte | Vice President | None |
| Brian Costello | Senior Vice President | None |
| Ryan Craig | Vice President | None |
| Tommy Ding | Assistant Vice President | None |
| Christopher Downey | Vice President | None |
| Edward Doyle | Senior Vice President | None |
| Joanne Dwyer | Assistant Vice President | None |
| Neil Elevado | Assistant Vice President | None |
| Elizabeth Flanders | Vice President | None |
| Jonathan Foster | Senior Vice President | None |
| Christopher Franz | Vice President | None |
| Victor Frazier | Vice President | None |
| Matthew Galletta | Senior Vice President | None |
| Nicholas Generale | Vice President | None |
| Daniel Giblin | Vice President | None |
| Matthew Goldberg | Senior Vice President | None |
| Andrew Harrington | Vice President | None |
| Peter Harris | Vice President | None |
| Ivana Hayblum | Vice President | None |
| Christopher Hine | Vice President | Assistant Treasurer |
| Christoph Hofmann | President, Chief Distribution Officer | None |
| Frank Iacovano | Vice President | None |
| Stacia Ikpe | Senior Vice President | None |
| Sean Jacobus | Vice President | None |
| Robert Kerr | Vice President | None |
| Daniel Kilpatrick | Vice President | None |
| Robert Kincel | Senior Vice President | None |
| Alan Kirby | Senior Vice President | None |
| David Lewis | Vice President | None |
| Hal Liebes | Executive Vice President | &nbsp;&nbsp;&nbsp; President,<br> Principal Executive Officer<br>|
| Chris Lin | Vice President | None |
| Chad Mackelprang | Vice President | None |
| Barbara Mackey | Vice President | None |
| Roman Magiera | Vice President | None |
| Sharudh Majid | Vice President | None |

---

------

---

| | | |
|:---|:---|:---|
| **NAME** | **POSITION(S) AND OFFICE(S) WITH** <br> **ALGER LLC**<br>| **POSITION(S) AND OFFICE(S) WITH** <br> **REGISTRANT**<br>|
| Michael Martins | Senior Vice President | &nbsp;&nbsp;&nbsp; Treasurer,<br> Principal Financial Officer<br>|
| James McCormick | Senior Vice President | None |
| Michael Nelson | Vice President | None |
| Brad Neuman | Senior Vice President | None |
| Arthur Nowak | Vice President | None |
| Shannon O'Connor | Senior Vice President | None |
| Anna Osilovsky | Assistant Vice President | None |
| Sergio Pavone | Vice President | Assistant Treasurer |
| Tina Payne | Senior Vice President | &nbsp;&nbsp;&nbsp; Secretary,<br> Chief Compliance Officer,<br> Chief Legal Officer<br>|
| Jessie Quick | Vice President | None |
| Jacquelyn Rizzo | Vice President | None |
| Ryan Rodgers | Vice President | None |
| Tyler Rosenthal | Vice President | None |
| Sushmita Sahu | Vice President | AML Compliance Officer |
| Katherine Schupp | Senior Vice President | None |
| Balram Singh | Vice President | None |
| Takoda Sitar | Vice President | None |
| Jason Smilowitz | Vice President | None |
| David Soltys | Assistant Vice President | None |
| Pramod Somani | Vice President | None |
| Joseph Spano | Vice President | None |
| Joseph Stein | Vice President | None |
| John Stergiou | Senior Vice President | None |
| John Strouse | Vice President | None |
| Vanesha Tuyu | Assistant Vice President | None |
| Shannon Weiss  | Vice President | None |
| Nathaniel Young | Assistant Vice President | None |
| David Zappone | Vice President | None |
| Jordan Zdatny | Vice President | None |

---

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

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

Item 33.

LOCATION OF ACCOUNTS AND RECORDS

Omitted pursuant to Instruction 3 of Item 33 of Form N-1A.

Item 34.

MANAGEMENT SERVICES

Not applicable.

Item 35.

UNDERTAKINGS

Not applicable.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and State of New York on the 22nd day of April, 2026.

---

| | |
|:---|:---|
| THE ALGER PORTFOLIOS | THE ALGER PORTFOLIOS |
| By: | /s/ Hal Liebes |
|  | Hal Liebes, President |

---

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

---

| | |
|:---|:---|
| ATTEST: | /s/ Tina Payne |
|  | Tina Payne, Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, this Amendment has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Hal Liebes | &nbsp;&nbsp;&nbsp;&nbsp; President<br> (Principal Executive Officer) | April 22, 2026 |
| Hal Liebes | &nbsp;&nbsp;&nbsp;&nbsp; President<br> (Principal Executive Officer) | April 22, 2026 |
| /s/ Michael D. Martins | &nbsp;&nbsp;&nbsp;&nbsp; Treasurer<br> (Principal Financial Officer<br> and Principal Accounting Officer) | April 22, 2026 |
| Michael D. Martins | &nbsp;&nbsp;&nbsp;&nbsp; Treasurer<br> (Principal Financial Officer<br> and Principal Accounting Officer) | April 22, 2026 |
| /s/ Charles F. Baird\* | Trustee | April 22, 2026 |
| Charles F. Baird | Trustee | April 22, 2026 |
| /s/ Hilary M. Alger\* | Trustee | April 22, 2026 |
| Hilary M. Alger | Trustee | April 22, 2026 |
| /s/ Jean Brownhill\* | Trustee | April 22, 2026 |
| Jean Brownhill | Trustee | April 22, 2026 |
| /s/ Susan L. Moffet\* | Trustee | April 22, 2026 |
| Susan L. Moffet | Trustee | April 22, 2026 |
| /s/ Jay C. Nadel\* | Trustee | April 22, 2026 |
| Jay C. Nadel | Trustee | April 22, 2026 |
| /s/ David Rosenberg\* | Trustee | April 22, 2026 |
| David Rosenberg | Trustee | April 22, 2026 |
| /s/ Nathan E. Saint-Amand\* | Trustee | April 22, 2026 |
| Nathan E. Saint-Amand | Trustee | April 22, 2026 |

---

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

---

| | |
|:---|:---|
| \*By: | /s/ Hal Liebes |
|  | Hal Liebes<br> Attorney-In-Fact<br>|

---

------

<u>Exhibit Index</u> 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| (d-5) | Amendment to Investment Advisory Agreement including Revised Fee Schedule, dated September 18, 2025 |
| (d-6) | &nbsp;&nbsp;&nbsp;&nbsp; Contract to Support Fee Waiver/Expense Reimbursement for Alger Large Cap Growth Portfolio, dated <br> September 18, 2025<br>|
| (d-7) | &nbsp;&nbsp;&nbsp;&nbsp; Contract to Support Fee Waiver/Expense Reimbursement for Alger Mid Cap Growth Portfolio, dated <br> September 18, 2025<br>|
| (g-4) | Amendment to Custody Agreement, dated June 30, 2025 |
| (g-8) | Amendment to Foreign Custody Manager Agreement, dated June 30, 2025 |
| (h-14) | Amendment to Transfer Agency Agreement, effective June 30, 2025 |
| (h-21) | Amendment to Fund Administration and Accounting Agreement, dated June 30, 2025 |
| (h-24) | Amendment to Securities Lending Agreement between Registrant and BNY, dated June 11, 2025 |
| (j) | Consent of Independent Registered Public Accounting Firm |
| (p) | Code of Ethics |
| (q) | Powers of Attorney |

---

------

## Ex-99.(D-5)

**AMENDMENT TO** 

**INVESTMENT ADVISORY AGREEMENT** 

WHEREAS, Fred Alger Management, LLC ("Alger Management") and The Alger Portfolios (the "Trust") entered into an investment advisory agreement dated January 17, 2007 (as amended, supplemented and/or restated to date, the "Agreement") to provide certain investment advisory services to the Trust and each of its series (the "Portfolios"); and

WHEREAS, the Trust and Alger Management desire to update the fee schedule to the Agreement;

NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties hereby amend the Agreement, effective as of September 18, 2025, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule I of the Agreement is hereby deleted in its entirety and replaced with Schedule I as attached and incorporated by reference to this amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as otherwise provided herein, the terms and conditions contained in the Agreement shall remain in full force and effect. Capitalized terms herein that are not defined shall have the meanings ascribed to them in the Agreement.

IN WITNESS WHEREOF, the parties by their duly authorized officers, have caused this Amendment to be executed as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
|  THE ALGER PORTFOLIOS | THE ALGER PORTFOLIOS | FRED ALGER MANAGEMENT, LLC | FRED ALGER MANAGEMENT, LLC |
|  By: | <u>/s/ Tina Payne</u>  | By: | <u>/s/ Tina Payne</u>  |
|  Name: | Tina Payne | Name: | Tina Payne |
|  Title: | Secretary, CCO | Title: | SVP, General Counsel, CCO |

---

------

**SCHEDULE I** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Portfolio** | **Annual Fee as Percentage of<br>Average Daily Net Assets** | **Reapproval<br>Date** |
| &nbsp;&nbsp;&nbsp;Alger Small Cap Growth Portfolio | .81% for assets up to $1 billion;<br> .75% for assets in excess of $1 billion<br>| October 31, 2027 |
| &nbsp;&nbsp;&nbsp;Alger Mid Cap Growth Portfolio | .76% for assets up to $1 billion;<br> .70% for assets in excess of $1 billion<br>| October 31, 2027 |
| &nbsp;&nbsp;&nbsp;Alger Large Cap Growth Portfolio | .71% for assets up to $1 billion;<br> .60% for assets in excess of $1 billion<br>| October 31, 2027 |
| &nbsp;&nbsp;&nbsp;Alger Growth & Income Portfolio | .50%<br>| October 31, 2027<br>|
| &nbsp;&nbsp;&nbsp;Alger Capital Appreciation Portfolio | .81% for assets up to $2 billion;<br> .65% for assets between $2 billion and $3 billion;<br> .60% for assets between $3 billion and $4 billion;<br> .55% for assets between $4 billion and $5 billion;<br> .45% for assets in excess of $5 billion<br>| October 31, 2027 |
| &nbsp;&nbsp;&nbsp;Alger Balanced Portfolio | .71% for assets up to $1 billion;<br> .55% for assets in excess of $1 billion<br>| October 31, 2027 |

---

## Ex-99.(D-6)

September 18, 2025

The Alger Portfolios

100 Pearl Street, 27<sup>th</sup> Floor

New York, NY 10004

Dear Sirs:

Fred Alger Management, LLC ("FAM") hereby agrees to waive fees owed to it by, or to reimburse expenses of, Alger Large Cap Growth Portfolio (the "Portfolio"), a series of The Alger Portfolios (the "Trust"), in an amount corresponding to the total expense ratio borne by the Portfolio as an investor in any underlying FAM-sponsored fund.

FAM understands and intends that the Trust will rely on this agreement in preparing and filing its registration statements on Form N-1A and in accruing the Portfolio's expenses for purposes of calculating net asset value and for other purposes.

This Agreement will remain in effect for the life of any investment by the Portfolio in any FAM-sponsored fund.

Please acknowledge acceptance on the enclosed copy of this letter.

---

| |
|:---|
| Very truly yours, |
| Fred Alger Management, LLC |
| <u>/s/ Tina Payne</u> |
| By: Tina Payne |
| Title: SVP, General Counsel, Chief Compliance Officer |
| Accepted by: |
| The Alger Portfolios |
| <u>/s/ Hal Liebes</u> |
| By: Hal Liebes |
| Title: President, Principal Executive Officer |

---

## Ex-99.(D-7)

September 18, 2025

The Alger Portfolios

100 Pearl Street, 27<sup>th</sup> Floor

New York, NY 10004

Dear Sirs:

Fred Alger Management, LLC ("FAM") hereby agrees to waive fees owned to it by, or reimburse expenses of, Alger Mid Cap Growth Portfolio (the "Portfolio"), a series of The Alger Portfolios (the "Trust"), in an amount corresponding to the total expense ratio borne by the Portfolio as an investor in any underlying FAM-sponsored fund.

FAM understands and intends that the Trust will rely on this agreement in preparing and filing its registration statements on Form N-1A and in accruing the Portfolio's expenses for purposes of calculating net asset value and for other purposes.

This agreement will remain in effect for the life of any investment by the Portfolio in any FAM-sponsored fund.

Please acknowledge acceptance on the enclosed copy of this letter.

---

| |
|:---|
| Very truly yours, |
| Fred Alger Management, LLC |
| <u>/s/ Tina Payne</u> |
| By: Tina Payne |
| Title: SVP, General Counsel, Chief Compliance Officer |
| Accepted by: |
| The Alger Portfolios |
| <u>/s/ Hal Liebes</u> |
| By: Hal Liebes |
| Title: President |

---

## Ex-99.(G-4)

EXECUTION

**AMENDMENT** 

**TO** 

**CUSTODY AGREEMENT** 

This Amendment is an amendment to the Custody Agreement between The Bank of New York Mellon ("BNY") and each investment company identified on Appendix I thereto (each a "Customer") dated as of June 1, 2023 (the "Agreement").

The effective date of this Amendment is as of June 30, 2025.

**TERMS:** 

Intending to be legally bound, BNY and each Customer hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix I of the Agreement is hereby amended and restated in its entirety as set forth in Appendix I to this
Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto expressly agree that this Amendment may be executed in one or more counterparts and expressly
agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment
transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation, or symbol of a signature into an electronic copy of this Amendment by electronic,
digital, or other technological methods. Each counterpart executed in accordance with the foregoing will be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of
this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, will constitute effective execution and delivery of this Amendment
and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

Each party hereto has caused this Amendment to be executed by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

*[signature page to follow]* 

------

---

| | | | |
|:---|:---|:---|:---|
| Agreed: | Agreed: |  |  |
| **Each Customer set forth on**<br> **Appendix I attached hereto,**<br> **severally and not jointly** | **Each Customer set forth on**<br> **Appendix I attached hereto,**<br> **severally and not jointly** |  | **The Bank of New York Mellon** |
| By: | /s/ Tina Payne | By: | /s/ Allison M. Gardner |
| Name: | Tina Payne | Name: | Allison M. Gardner |
| Title: | Secretary | Title: | Senior Vice President |

---

------

**APPENDIX I** 

---

| | |
|:---|:---|
| **CUSTOMER** | **SERIES** |
| The Alger Funds | Alger 35 Fund<br> Alger Capital Appreciation Fund<br> Alger Growth & Income Fund<br> Alger Health Sciences Fund<br> Alger International Opportunities Fund<br> (f/k/a Alger International Focus Fund)<br> Alger Mid Cap Focus Fund<br> Alger Mid Cap Growth Fund<br> Alger Small Cap Focus Fund<br> Alger Small Cap Growth Fund<br> Alger Weatherbie Specialized Growth Fund<br> Alger Concentrated Equity Fund<br> Alger AI Enablers & Adopters Fund<br> Alger International Small Cap Fund<br>|
| The Alger Funds II | Alger Dynamic Opportunities Fund<br> Alger Emerging Markets Fund<br> Alger Responsible Investing Fund<br> Alger Spectra Fund<br>|
| The Alger Institutional Funds | Alger Capital Appreciation Institutional Fund<br> Alger Focus Equity Fund<br> Alger Mid Cap Growth Institutional Fund<br> Alger Small Cap Growth Institutional Fund<br>|
| Alger Global Equity Fund<br> (f/k/a Alger Global Focus Fund)<br>| N/A |
| The Alger Portfolios | Alger Balanced Portfolio<br> Alger Capital Appreciation Portfolio<br> Alger Growth & Income Portfolio<br> Alger Large Cap Growth Portfolio<br> Alger Mid Cap Growth Portfolio<br> Alger Small Cap Growth Portfolio<br>|
| The Alger ETF Trust | Alger 35 ETF<br> Alger Mid Cap 40 ETF<br> Alger Weatherbie Enduring Growth ETF<br> Alger Concentrated Equity ETF<br> Alger AI Enablers & Adopters ETF<br> Alger Russell Innovation ETF |

---

## Ex-99.(G-8)

EXECUTION

**AMENDMENT** 

**TO** 

**FOREIGN CUSTODY MANAGER AGREEMENT** 

This Amendment is an amendment to the Foreign Custody Manager Agreement between The Bank of New York Mellon ("BNY") and each entity set forth on Annex I thereto (each such entity severally, not jointly, the "Fund") dated as of June 1, 2023 (the "Agreement").

The effective date of this Amendment is as of June 30, 2025.

**TERMS:** 

Intending to be legally bound, BNY and each Fund hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annex I of the Agreement is hereby amended and restated in its entirety as set forth in Annex I to this
Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereto expressly agree that this Amendment may be executed in one or more counterparts and expressly
agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment
transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation, or symbol of a signature into an electronic copy of this Amendment by electronic,
digital, or other technological methods. Each counterpart executed in accordance with the foregoing will be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of
this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, will constitute effective execution and delivery of this Amendment
and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

Each party hereto has caused this Amendment to be executed by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

*[signature page to follow]*

------

---

| | | | |
|:---|:---|:---|:---|
| Agreed: | Agreed: |  |  |
| **Each of the Funds**<br> **identified in Annex I**<br> **severally and not jointly** | **Each of the Funds**<br> **identified in Annex I**<br> **severally and not jointly** | **The Bank of New York Mellon** | **The Bank of New York Mellon** |
| By: | /s/ Tina Payne | By: | /s/ Allison M. Gardner |
| Name: | Tina Payne | Name: | Allison M. Gardner |
| Title: | Secretary | Title: | Senior Vice President |

---

------

**ANNEX I** 

---

| | | |
|:---|:---|:---|
| **CUSTOMER** | **SERIES** | **TAX ID** |
| The Alger Funds | Alger 35 Fund |  |
|  | Alger Capital Appreciation Fund |  |
|  | Alger Growth & Income Fund |  |
|  | Alger Health Sciences Fund |  |
|  | Alger International Opportunities Fund\* |  |
|  | Alger Mid Cap Focus Fund |  |
|  | Alger Mid Cap Growth Fund |  |
|  | Alger Small Cap Focus Fund |  |
|  | Alger Small Cap Growth Fund |  |
|  | Alger Weatherbie Specialized Growth Fund |  |
|  | Alger Concentrated Equity Fund |  |
|  | Alger AI Enablers & Adopters Fund |  |
|  | Alger International Small Cap Fund |  |
| The Alger Funds II | Alger Dynamic Opportunities Fund |  |
|  | Alger Emerging Markets Fund |  |
|  | Alger Responsible Investing Fund |  |
|  | Alger Spectra Fund |  |
| The Alger Institutional Funds | Alger Capital Appreciation Institutional Fund |  |
|  | Alger Focus Equity Fund |  |
|  | Alger Mid Cap Growth Institutional Fund |  |
|  | Alger Small Cap Growth Institutional Fund |  |
| Alger Global Equity Fund | N/A |  |
| (f/k/a Alger Global Focus Fund) |  |  |
| The Alger Portfolios | Alger Balanced Portfolio |  |
|  | Alger Capital Appreciation Portfolio |  |
|  | Alger Growth & Income Portfolio |  |
|  | Alger Large Cap Growth Portfolio |  |
|  | Alger Mid Cap Growth Portfolio |  |
|  | Alger Small Cap Growth Portfolio |  |
| The Alger ETF Trust | Alger 35 ETF |  |
|  | Alger Mid Cap 40 ETF |  |
|  | Alger Weatherbie Enduring Growth ETF |  |
|  | Alger Concentrated Equity ETF |  |
|  | Alger AI Enablers & Adopters ETF |  |
|  | Alger Russell Innovation ETF |  |

---

\* — f/k/a/ Alger International Focus Fund

## Ex-99.(H-14)

**AMENDMENT AGREEMENT** 

THIS AMENDMENT AGREEMENT (this "<u>Amendment</u>") is made by **The Alger Funds**, **The Alger Institutional Funds**, **The Alger Portfolios**, **The Alger Funds II**, and **Alger Global Equity Fund** (formerly Alger Global Focus Fund) (collectively, the "<u>Trusts</u>"); **Fred Alger Management, LLC** ("<u>Adviser</u>"); and **UMB Fund Services, Inc.** ("<u>UMBFS</u>").

**WHEREAS,** the Trusts and UMBFS entered into a Transfer Agency Agreement dated October 5, 2019 and a Blue Sky Filing Services Agreement dated November 1, 2020 (together, the "<u>Transfer Agency Agreements</u>").

**WHEREAS,** the Trusts and UMB Distribution Services, LLC ("<u>UMBDS</u>") entered into an Inbound Call Management and Fulfilment Services Agreement dated October 5, 2019 (the "<u>ICMF Agreement</u>") which was subsequently assigned by UMBDS to UMBFS.

**WHEREAS,** Adviser and UMBDS entered into an Adviser Agreement dated October 5, 2019 (which was also subsequently assigned by UMBDS to UMBFS) (together with the Transfer Agency Agreements and the ICMF Agreement, the "<u>Agreements</u>").

**WHEREAS,** the parties hereto wish to amend the Agreements as set forth herein by entering into this Amendment.

**NOW THEREFORE,** for and in consideration of the mutual promises hereinafter set forth, and such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule A</u> to each of the Agreements is replaced by <u>Schedule A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Amendment may be executed in any number of counterparts, each of which shall constitute an original, but which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment shall be governed by and construed in accordance with the laws of the State of Wisconsin, excluding the laws on conflicts of laws.

In witness whereof, the undersigned have executed this Amendment, effective as of <u>June</u> <u>30, 2025</u>.

[Signature page follows.]

------

---

| | | | |
|:---|:---|:---|:---|
| **The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger**<br> **Funds II, and Alger Global Equity Fund**, each severally and not jointly | **The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger**<br> **Funds II, and Alger Global Equity Fund**, each severally and not jointly | **Fred Alger**<br> **Management, LLC** | **Fred Alger**<br> **Management, LLC** |
| By: | /s/ Tina Payne | By: | <u>/s/ Tina Payne</u> |
|  | Tina Payne, Secretary |  | Tina Payne,<br> General Counsel |
| Date: | 6/11/2025 |  | Date: 6/11/2025 |
| **UMB Fund Services, Inc.** | **UMB Fund Services, Inc.** |  |  |
| By: | /s/ Maureen A. Quill |  |  |
|  | Maureen A. Quill, Executive Vice President |  |  |
| Date: | 6/12/2025 |  |  |

---

------

**Amended and Restated** 

**Schedule A** 

---

| | |
|:---|:---|
| **Trust** | **Fund Name** |
| Alger Global Equity Fund |  |
| The Alger Funds | Alger Growth & Income Fund |
| The Alger Funds | Alger Capital Appreciation Fund |
| The Alger Funds | Alger Small Cap Focus Fund |
| The Alger Funds | Alger Health Sciences Fund |
| The Alger Funds | Alger Mid Cap Growth Fund |
| The Alger Funds | Alger Weatherbie Specialized Growth Fund |
| The Alger Funds | Alger Small Cap Growth Fund |
| The Alger Funds | Alger 35 Fund |
| The Alger Funds | Alger Mid Cap Focus Fund |
| The Alger Funds | Alger AI Enablers & Adopters Fund |
| The Alger Funds | Alger Concentrated Equity Fund |
| The Alger Funds | Alger International Opportunities Fund |
| The Alger Funds | Alger International Small Cap Fund |
| The Alger Funds II | Alger Emerging Markets Fund |
| The Alger Funds II | Alger Dynamic Opportunities Fund |
| The Alger Funds II | Alger Responsible Investing Fund |
| The Alger Funds II | Alger Spectra Fund |
| The Alger Institutional Funds | Alger Capital Appreciation Institutional Fund |
| The Alger Institutional Funds | Alger Focus Equity Fund |
| The Alger Institutional Funds | Alger Mid Cap Growth Institutional Fund |
| The Alger Institutional Funds | Alger Small Cap Growth Institutional Fund |
| The Alger Portfolios | Alger Balanced Portfolio |
| The Alger Portfolios | Alger Capital Appreciation Portfolio |
| The Alger Portfolios | Alger Growth & Income Portfolio |
| The Alger Portfolios | Alger Large Cap Growth Portfolio |
| The Alger Portfolios | Alger Mid Cap Growth Portfolio |
| The Alger Portfolios | Alger Small Cap Growth Portfolio |

---

## Ex-99.(H-21)

EXECUTION

**AMENDMENT** 

**TO** 

**FUND ADMINISTRATION AND ACCOUNTING AGREEMENT** 

This Amendment is an amendment to the Fund Administration and Accounting Agreement between The Bank of New York Mellon ("BNY") and each investment company referenced on the signature page thereto (each, a "Fund") dated as of June 1, 2023 (the "Agreement").

The effective date of this Amendment is as of June 30, 2025.

**TERMS**:

Intending to be legally bound, BNY and each Fund hereby agrees as follows:

1. Exhibit A of the Agreement is hereby amended and restated in its entirety as set forth in Exhibit A to this
Amendment.

2. The parties hereto expressly agree that this Amendment may be executed in one or more counterparts and
expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this
Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation, or symbol of a signature into an electronic copy of this Amendment by
electronic, digital, or other technological methods. Each counterpart executed in accordance with the foregoing will be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed
counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, will constitute effective execution and delivery of
this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

Each party hereto has caused this Amendment to be executed by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

*[signature page to follow]* 

------

---

| | | | |
|:---|:---|:---|:---|
| Agreed: | Agreed: |  |  |
| **Each Fund identified**<br> **on Exhibit A attached hereto, severally**<br> **and not jointly** | **Each Fund identified**<br> **on Exhibit A attached hereto, severally**<br> **and not jointly** | **The Bank of New York Mellon** | **The Bank of New York Mellon** |
| By: | /s/ Tina Payne | By: | /s/ Allison M. Gardner |
| Name: | Tina Payne | Name: | Allison M. Gardner |
| Title: | Secretary | Title: | Senior Vice President |

---

------

**<u>EXHIBIT A</u>**

<u>List of Funds/Series</u> 

---

| | | |
|:---|:---|:---|
| **FUND** | **SERIES** | **TICKER** |
| The Alger Funds | Alger 35 Fund<br> Alger Capital Appreciation Fund\*<br> Alger Growth & Income Fund<br> Alger Health Sciences Fund<br> Alger International Opportunities Fund<br> (f/k/a Alger International Focus Fund)<br> Alger Mid Cap Focus Fund<br> Alger Mid Cap Growth Fund<br> Alger Small Cap Focus Fund<br> Alger Small Cap Growth Fund<br> Alger Weatherbie Specialized Growth Fund<br> Alger Concentrated Equity Fund<br> Alger AI Enablers & Adopters Fund<br> Alger International Small Cap Fund | N/A |
| The Alger Funds II | Alger Dynamic Opportunities Fund<br> Alger Emerging Markets Fund<br> Alger Responsible Investing Fund<br> Alger Spectra Fund | N/A |
| The Alger Institutional Funds | Alger Capital Appreciation Institutional Fund\*<br> Alger Focus Equity Fund\*<br> Alger Mid Cap Growth Institutional Fund<br> Alger Small Cap Growth Institutional Fund | N/A |
| Alger Global Equity Fund<br> (f/k/a Alger Global Focus Fund) | N/A | N/A |
| The Alger Portfolios | Alger Balanced Portfolio<br> Alger Capital Appreciation Portfolio<br> Alger Growth & Income Portfolio<br> Alger Large Cap Growth Portfolio<br> Alger Mid Cap Growth Portfolio<br> Alger Small Cap Growth Portfolio | N/A |
| The Alger ETF Trust | Alger 35 ETF<br>Alger Mid Cap 40 ETF<br>Alger Weatherbie Enduring Growth ETF<br>Alger Concentrated Equity ETF<br>Alger AI Enablers & Adopters ETF<br>Alger Russell Innovation ETF | ATFV<br>FRTY<br>AWEG<br>CNEQ<br>ALAI<br>INVN |

---

\* This Series receives the service "Calculate and report daily wash sale deferrals with respect to transactions."

## Ex-99.(H-24)

**<u>AMENDMENT TO SECURITIES LENDING AGREEMENT</u>**

THIS AMENDMENT TO SECURITIES LENDING AGREEMENT AND ("**Amendment**") is made effective as of the 11th day of June, 2025 by and between THE BANK OF NEW YORK MELLON (the "**Bank**") and each investment company identified on Attachment 1 to the Agreement)(defined below)(each a "**Lender**" and collectively the "**Lenders**").

WHEREAS, the Client and the Bank have entered into a certain Securities Lending Agreement and Guaranty dated as of January 18, 2024 (as amended, modified or supplemented from time to time, the "**Agreement**"); and

WHEREAS, the Client and the Bank desire to amend the Agreement in certain respects as hereinafter provided;

NOW, THEREFORE**,** the parties hereto, each intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended by deleting the reference to "U.S. Equity securities" under the heading "Non-Cash Collateral" in <u>Schedule IV</u> (Approved Collateral) to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agreement is hereby amended by deleting <u>Attachment I</u> (List of Lenders) in its entirety and replacing it with the new <u>Attachment I</u> (List of Lenders) attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all of the provisions of the Agreement shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Amendment, all references in the Agreement to "this Agreement" (and all indirect references such as "herein", "hereby", "hereunder" and "hereof") shall be deemed to refer to the Agreement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed in two or more counterparts, each of which shall be an original, but all of which shall constitute but one agreement.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK**<br> **MELLON** | **THE BANK OF NEW YORK**<br> **MELLON** | **EACH INVESTMENT COMPANY LISTED <br>ON ATTACHMENT I, EACH SEVERALLY AND NOT**<br> **JOINTLY** | **EACH INVESTMENT COMPANY LISTED <br>ON ATTACHMENT I, EACH SEVERALLY AND NOT**<br> **JOINTLY** |
| By: | /s/ David DiNardo | By: | /s/ Tina Payne |
| Name: | David DiNardo | Name: | Tina Payne |
| Title: | Managing Director | Title: | Secretary |
| By: | /s/ Matt Knoblock |  |  |
| Name: | Matt Knoblock |  |  |
| Title: | Director |  |  |

---

------

**EXHIBIT A** 

to

**AMENDMENT TO** 

**SECURITIES LENDING AGREEMENT** 

which Amendment is made and effective June 11, 2025 by and between

**THE BANK OF NEW YORK MELLON** and each investment company identified on Attachment 1 to the

Agreement)(defined below)(each a "**Lender**" and collectively the "**Lenders**")

**Attachment I** 

to

**SECURITIES LENDING AGREEMENT** 

dated January 18, 2024 by and between

**THE BANK OF NEW YORK MELLON** ("Bank") and each investment company identified on

Attachment 1 to the Agreement)(defined below)(each a "**Lender**" and collectively the "**Lenders**")

**LIST OF LENDERS** 

The following is the list of the "Lenders" referred to in the Agreement dated January 18, 2024 (as amended).

---

| | | |
|:---|:---|:---|
| **Client** | **Funds** | **Tax ID** |
|  **Alger Global Equity Fund** |  |  |
|  | ALGER GLOBAL EQUITY FUND |  |
|  **The Alger ETF Trust** |  |  |
|  | ALGER 35 ETF |  |
|  | ALGER MID CAP 40 ETF |  |
|  | ALGER WEATHERBIE ENDURING GROWTH ETF |  |
|  | ALGER CONCENTRATED EQUITY ETF |  |
|  | ALGER AI ENABLERS & ADOPTERS ETF |  |
|  | ALGER RUSSELL INNOVATION ETF |  |
|  **The Alger Funds** |  |  |
|  | ALGER 35 FUND |  |
|  | ALGER AI ENABLERS & ADOPTERS FUND |  |
|  | ALGER CAPITAL APPRECIATION FUND |  |
|  | ALGER CONCENTRATED EQUITY FUND |  |
|  | ALGER GROWTH & INCOME FUND |  |
|  | ALGER HEALTH SCIENCES FUND |  |
|  | ALGER INTERNATIONAL OPPORTUNITIES FUND |  |
|  | ALGER INTERNATIONAL SMALL CAP FUND |  |
|  | ALGER MID CAP FOCUS FUND |  |
|  | ALGER MID CAP GROWTH FUND |  |
|  | ALGER SMALL CAP FOCUS FUND |  |
|  | ALGER SMALL CAP GROWTH FUND |  |
|  | ALGER WEATHERBIE SPECIALIZED GROWTH FUND |  |

---

------

---

| | |
|:---|:---|
|  **The Alger Funds II** |  |
|  | ALGER DYNAMIC OPPORTUNITIES FUND |
|  | ALGER EMERGING MARKETS FUND |
|  | ALGER RESPONSIBLE INVESTING FUND |
|  | ALGER SPECTRA FUND |
|  **The Alger Institutional Funds** |  |
|  | ALGER CAPITAL APPRECIATION INSTITUTIONAL FUND |
|  | ALGER FOCUS EQUITY FUND |
|  | ALGER SMALL CAP GROWTH INSTITUTIONAL FUND |
|  | ALGER MID CAP GROWTH INSTITUTIONAL FUND |
|  **The Alger Portfolios** |  |
|  | ALGER BALANCED PORTFOLIO |
|  | ALGER CAPITAL APPRECIATION PORTFOLIO |
|  | ALGER GROWTH & INCOME PORTFOLIO |
|  | ALGER LARGE CAP GROWTH PORTFOLIO |
|  | ALGER MID CAP GROWTH PORTFOLIO |
|  | ALGER SMALL CAP GROWTH PORTFOLIO |

---

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 33-21722 on Form N-1A of our report dated February 19, 2026, relating to the financial statements and financial highlights of the Alger Capital Appreciation Portfolio, Alger Large Cap Growth Portfolio, Alger Mid Cap Growth Portfolio, Alger Small Cap Growth Portfolio, Alger Growth & Income Portfolio, and Alger Balanced Portfolio, each a series of The Alger Portfolios (the "Trust"), appearing in the Annual Financial Statements and Other Information on Form N-CSR of the Trust for the year ended December 31, 2025, and to the references to us under the headings "Financial Highlights" in the Prospectuses and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

New York, New York

April 22, 2026

## Ex-99.(P)

![LOGO](g269788g0421223418416.jpg)

**FRED ALGER MANAGEMENT, LLC ("FAM")** 

**FRED ALGER & COMPANY, LLC ("FAC")** 

**WEATHERBIE CAPITAL, LLC ("WC")** 

**REDWOOD INVESTMENTS, LLC ("RI")** 

**ALGER MANAGEMENT, LTD. ("AML")** 

**THE ALGER FUNDS** 

**THE ALGER FUNDS II** 

**THE ALGER INSTITUTIONAL FUNDS** 

**THE ALGER PORTFOLIOS** 

**ALGER GLOBAL EQUITY FUND** 

**THE ALGER ETF TRUST** 

**CODE OF ETHICS** 

Effective as of May 2025

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**Table of Contents** 

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| | |
|:---|:---|
|  OVERVIEW AND SCOPE | 1 |
|  Purpose | 1 |
|  Definitions | 1 |
|  General Principles of Conduct | 3 |
|  PERSONAL SECURITIES TRANSACTIONS | 4 |
|  Brokerage Accounts | 4 |
|  Securities Not Held in a Brokerage Account | 5 |
|  Pre-Clearance Transactions | 5 |
|  Private Placements | 6 |
|  Prohibited Personal Securities Transactions | 6 |
|  Considerations for Approval of Personal Securities Transactions | 6 |
|  Restrictions and Blackout Periods | 6 |
|  Holding Period | 7 |
|  Excessive Trading | 7 |
|  INITIAL AND ONGOING REPORTING REQUIREMENTS | 7 |
|  Brokerage Accounts | 7 |
|  Discretionary Account | 7 |
|  Securities Not Held in a Brokerage Account | 8 |
|  Personal Securities Transactions | 8 |
|  Private Placements | 8 |
|  Current Directorships | 9 |
|  Outside Activities | 9 |
|  Confidentiality | 9 |
|  ADMINISTRATION OF THE CODE | 9 |
|  Responsibilities of the Chief Compliance Officer | 9 |
|  Fund Board of Trustees Reporting and Approval | 10 |
|  Use of Preferred Brokers | 11 |
|  Exceptions to the Code | 11 |
|  Violations and Sanctions | 11 |
|  Maintenance of Records | 11 |

---

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**OVERVIEW AND SCOPE** 

**Purpose** 

This Code of Ethics (the "Code") is adopted by Fred Alger Management, LLC ("FAM"), Fred Alger & Company, LLC ("FAC"), Weatherbie Capital, LLC ("WC"), Redwood Investments, LLC ("RI"), and Alger Management, Ltd. ("AML"), and The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Equity Fund and The Alger ETF Trust (each a "Fund" and collectively the "Alger Funds") in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act"), as amended. FAM, FAC, WC, RI, AML and the Alger Funds will collectively be referred to as "Alger" throughout this Code.

The purpose of the Code is to ensure that all activities comply with Federal securities laws as well as all other laws and regulations that apply to Alger. For the purposes of this Code, the Federal securities laws include (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act and Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing statutes, and (ii) the Bank Secrecy Act (as it applies to Alger and any investment companies (public or private) advised by it) and any rules adopted thereunder by the SEC or the Department of the Treasury. AML is governed by personal dealings regulations set forth under the Financial Services and Markets Act 2000, as amended by the Financial Services Act of 2012.

If you have reason to believe that certain acts, actions, or practices engaged in by an Alger employee would constitute a violation of Federal or state securities laws to which Alger is subject or would violate Alger's policies or procedures inclusive of the Code, you must report it to a member of the Compliance or Legal Departments.

All Access Persons are responsible for, and have agreed as a requirement of their employment, to review, be familiar with, and comply with the Code. Any questions with respect to the Code should be directed to the Chief Compliance Officer ("CCO") or a member of the Compliance Department of Alger.

A list of terms and related definitions can be found below.

**Definitions** 

<u>Access Person</u> - An employee of any Alger entity, including any full-time consultant or contractor, and any long-term temporary worker on more than a six (6) month assignment.

<u>Analyst</u> - A person employed by Alger as a Senior Analyst, Analyst, Associate Analyst, Research Associate or in a comparable position whose function relates to providing information, advice or recommendations.

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<u>Beneficial Owner</u> - A person is the Beneficial Owner of the following securities (which may be held in a Brokerage Account or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held in the person's own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held with another in joint tenancy, community property or other joint ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a bank or broker as nominee or custodian on behalf of an Access Person or pledged as
collateral for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by members of the Access Person's immediate family sharing the same household
("immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a relative of an Access Person not residing in the person's home if the Access Person
is a custodian, guardian, or otherwise has controlling influence over the purchase, sale or voting of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trust of which the Access Person is a beneficiary and has or shares the power to make
purchase or sale decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trust for which the Access Person serves as a trustee and in which the person has a
pecuniary interest (including pecuniary interests by virtue of performance fees or by virtue of holdings by the person's immediate family);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a general partnership or limited partnership in which the Access Person is a general
partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a corporation in which the Access Person has a control position or in which the Access
Person has or shares investment control over the portfolio securities (other than a registered investment company).

<u>Brokerage Account</u> - Any account which is an arrangement between an Access Person (or account over which the Access Person has a beneficial interest and/or discretion) and a licensed brokerage firm that allows the Access Person to deposit funds with the firm and place investment orders for securities through the brokerage firm, which then carries out the transactions on the Access Person's behalf. Brokerage Accounts where only exchange-traded funds ("ETFs"), and open- and closed-end investment companies are the only investment option are excluded from this definition. An example of these types of accounts includes retirement accounts that do not have individual equities, fixed income or other similar securities as an investment option. Robo-advisor accounts such as Betterment, Acorn, Intelligent (Schwab) and Wealthfront are not exempt if such accounts permit investments in individual equities, fixed income or other similar securities as an investment option.

<u>Client</u> - Any person, entity or investment vehicle to which any Alger entity provides investment advisory or other services.

<u>Compliance system</u> – MyComplianceOffice or such other comparable system that may be used from time to time.

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<u>Alger Trustee</u> - A Trustee of the Board of Trustees of any Alger entity who is not an Officer or employee of Alger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alger Trustees are only subject to the quarterly reporting requirements of this Code to the extent that a
trustee knows, or, in the ordinary course of fulfilling his/her duties as a trustee of a Fund or Alger, should know that during the fifteen (15) day period immediately before or after the date of the transaction in a Security by the trustee, a
Fund or account has purchased or sold the Security or such purchase or sale by a Fund or account was considered by the Fund or Alger. In such case, the Alger Trustee should seek pre-clearance for the
transaction with the CCO.

<u>Portfolio Manager</u> – An Alger employee with the responsibility, authority, and ability to make investment decisions with respect to a Client.

<u>Personal Security Transaction</u> - A transaction in any Security in which an Access Person is or will become a Beneficial Owner.

<u>Private Placement</u> - A Private Placement is a passive investment in any securities of an issuing entity that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act of 1933, as amended.

<u>Security</u> – Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral- trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit), or relating to foreign currency, or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate of participation for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing.

<u>Trader</u> - Any person employed by Alger who is responsible for placing trades on behalf of Clients.

**General Principles of Conduct** 

Access Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act in the best interests of Clients at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not consider their personal financial (or any other personal) situation in connection with transactions for
any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct themselves in a manner to avoid any actual, potential or perceived conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not abuse their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not take inappropriate advantage of their position in relationship to Clients;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not divulge to any person any information regarding transactions for any Client, except in the performance of
their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not divulge to any person the composition of creation baskets for The Alger ETF Trust, except as authorized in
the course of their employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not transact in any securities that are restricted from purchase or sale by any Alger entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not allow Personal Securities Transactions to otherwise interfere with their ability to fulfill their
responsibilities.

In consideration of these General Principles of Conduct, an Access Person may not recommend a transaction in any Security for any Client unless they have first disclosed to the Compliance Department their interest in such Security (or, if relevant, the issuer of such Security), including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct or indirect Beneficial Ownership of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any position with the issuer of such Security or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any current or proposed business relationship with the issuer of such Security, its affiliates, or any party
which has a significant interest in the Security or its issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in a Security acquired through a Private Placement, where transactions in securities of
the same issuer are now being considered for any Client.

In furtherance of these principles, an Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain prior written authorization of the CCO to serve on the board of directors (or trustees) of any company.
Such authorization will be based on a determination that the board service would be consistent with the interests of its Clients or would otherwise not conflict with Alger's ability to provide services to its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose all business, investment, or charity-related outside activities regardless of their nature or scope
(e.g., additional employment, volunteer work, investment in real estate).

**PERSONAL SECURITIES TRANSACTIONS** 

**Brokerage Accounts** 

No Access Person shall open or maintain a Brokerage Account in which they have a Beneficial Interest without the express prior written approval of the Compliance Department.

An Access Person must report to the Compliance Department all Brokerage Account(s) in which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established and the date the account was established. An Access Person is responsible for ensuring that the Compliance Department receives duplicate copies of all confirmations and account statements *prior to trading* in any Brokerage Account. Please see the exemptions for accounts that only transact in open- and closed-end funds and ETFs.

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**Securities Not Held in a Brokerage Account** 

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security (or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment that allow the participant to hold individual securities and not just mutual funds.

**Pre-Clearance Transactions** 

All Access Persons must pre-clear all Personal Securities Transactions (including Private Placements, options or futures on broad-based market indices and ETFs, single stock ETFs, and foreign local shares of a security) with the Compliance Department, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a transaction effected under an arrangement through which an Access Person has given a third-party full
trading discretion over the Access Person's Brokerage Account and/or assets and, the Access Person does not have any direct or indirect influence or control over the transactions in such Brokerage Account. The Access Person must have first
provided the discretionary agreement or letter with the third-party to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases resulting from the exercise of rights acquired from an issuer as part of a pro- rata distribution to all holders of a class of Securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales pursuant to tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions pursuant to stock splits and involuntary share buy-backs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gifts or bequests (either receiving or giving), although the sale of any Security received as a gift or
bequest must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in municipal securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in shares of open- and closed-end investment companies
(exception does not apply to closed-end investment companies for which Alger acts as adviser or sub-adviser; such closed-end investment companies must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs (exception does not apply to single stock ETFs; single stock ETFs must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banker's acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perpetual bonds and similar instruments that are not redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency transactions including currency options and futures

An Access Person may engage in no more than five (5) de minimis transactions at or below a value of $5,000 in a calendar month; however, such transactions require pre-clearance from Compliance. The de minimis exception may not be used as a means for building a position in a security, and such activity is not permitted under the Code.

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An Access Person may only make a request for a Personal Securities Transaction prior to 10 a.m. by submitting a pre-clearance form through the Compliance system. Compliance will use its best efforts to review and approve pre-clearance requests received after 10 a.m. A pre-clearance form for de minimis transactions may be submitted any time throughout the day.

Any approval to place a Personal Security Transaction is valid only for the day on which it is granted. The Compliance Department will communicate approval or denial of the trade via email or by logging into the Compliance system. Please note all trades are considered denied until official approval is granted. If approved, an Access Person may only transact in a Security on the date the approval is given (or during trading hours for foreign securities traded in foreign markets) and for the approximate number of shares/units of each Security requested. If the Access Person does not transact within this time period, they must re-submit their request before placing the transaction in the future.

**Private Placements** 

An Access Person shall not make an investment in a Private Placement without the express prior written approval of a member of the Compliance Department.

**Prohibited Personal Securities Transactions** 

An Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire any Security in an initial public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in "short-selling" in an individual Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase or sell (write) options or futures on an individual Security.

**Considerations for Approval of Personal Securities Transactions** 

***Restrictions and Blackout Periods***

An Access Person will not be able to execute a Personal Securities Transaction if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a pending transaction in such Security for a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *If currently Alger does not hold position in any Client account*: an Analyst (or the sector/industry
head if the Security in question is not covered by any Analyst), currently intends to (or believes that there are circumstances about the Security which may lead him/her to) issue a recommendation to transact in such Security within the next seven
(7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *If Alger currently holds a position in any Client account*: any Portfolio Manager or Analyst who owns
such Security (or such Security is otherwise appropriate for a Portfolio Manager or Analyst to own) for a Client indicates their intent to purchase or sell the Security for a Client within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction in the Security for a Client has occurred in the past seven (7) calendar days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Security is held in or will be added to the Alger Russell Innovation Index during the Index rebalancing
period (4 times per year).

An Analyst and Portfolio Manager will not be able to execute a Personal Securities Transaction in any Security in the primary industry or industries that they cover. The de minimis requirement of $5,000 will not apply in this situation. For purposes of this Code, Portfolio Managers, Traders and Analysts who are generalists are deemed to cover all industries.

***Holding Period***

An Access Person may not sell a Security that they have purchased within any sixty (60) day period unless they are selling the Security at a loss. An Access Person who sells a Security that they have purchased within sixty (60) days at a gain may be required to donate to a charity of the employee's choice equivalent to the profit made from the sale of the Security or face further sanctions. For clarity, open- and closed-end funds, and ETFs (except single stock ETFs, and funds subadvised by Alger) are not subject to the 60-day holding period. The holding period is calculated using the LIFO (last-in first-out) method.

***Excessive Trading***

Excessive or inappropriate trading is prohibited. The Compliance Department monitors all Access Persons' trading. In the determination of the CCO, a pattern of excessive trading may lead to disciplinary action under the Code up to and including termination. Excessive trading includes successive trades in the same security even if such trades are within the de minimis exception listed above.

**INITIAL AND ONGOING REPORTING REQUIREMENTS** 

No later than ten (10) calendar days after an Access Person becomes employed by Alger and thereafter generally within twenty (20) calendar days after the end of each calendar quarter, each Access Person shall submit a quarterly compliance certification to the Compliance Department containing the following information:

**Brokerage Accounts** 

For all Brokerage Accounts for which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established, and the date the account was established. Accounts that only transact in open- and closed-end funds and/or ETFs are exempt from reporting (*e.g.* 529 plans, certain 401(k) accounts, etc.).

**Discretionary Account** 

With respect to an Access Person who has given discretion to have transactions placed by a third party and for which the Access Person does not have any direct or indirect influence or control over the transaction:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a discretionary agreement or letter with the third-party must be provided to the Compliance Department at
initial reporting of the account, and periodically, as requested

**Securities Not Held in a Brokerage Account** 

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the Security (or Securities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quantity held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Security was acquired.

This includes 401(k) plans from prior employment that allow the participant to hold individual Securities and not just mutual funds.

**Personal Securities Transactions** 

With respect to all Personal Securities Transactions (including those mentioned above):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker-dealer or bank with or through whom the transaction was effected.

**Private Placements** 

With respect to all Private Placements and prior to engaging in such transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction will be effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the draft Private Placement Memorandum Offering and any other relevant documents.

Upon approval from a member of the Compliance Department, and following execution of the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares/units and the principal amount of each Security involved;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executed Private Placement Memorandum Offering and other relevant documents.

Digital Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investment in digital assets, investment in such assets are not subject to pre-clearance requirements; however, annually through the certification Access Persons will report the year-end value of digital assets held by asset type and the approximate
number of trades made in digital assets during the prior year.

**Current Directorships** 

An Access Person must disclose if they serve on the board of directors (or trustees) of any company.

**Outside Activities** 

An Access Person must disclose all outside activities regardless of their nature or scope (*e.g.* additional employment, volunteer work (specifically leadership roles), investment in real estate). If Compliance determines that the number of outside activities and/or hours are deemed to be excessive, Compliance will contact the Access Person's manager for further discussion. In addition, if an outside activity might potentially be inconsistent with Alger's business activities and values, it may be denied.

*If the information required to be reported in this section has already been provided through another medium (such as information contained in broker trade confirmations or account statements, or a personal trade pre-clearance form received by the Compliance Department), that information does not need to be reported again, provided that a quarterly report is filed with respect to any account established or closed during the quarter by the Access Person. Additionally, the Access Person is not relieved of reporting responsibilities with respect to any information not reported through other mediums and required by the Code.* 

**Confidentiality** 

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of employee activities hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**ADMINISTRATION OF THE CODE** 

**Responsibilities of the Chief Compliance Officer** 

The CCO is responsible for the administration of the Code. The oversight duties of the CCO or his/her designees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade pre-clearance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance of a current list of all Access Persons with a description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• furnishing all Access Persons a copy of this Code and initially and periodically informing them of their
duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing transaction and holdings reports of Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining all records required by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing listings of all transactions effected by Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interpreting of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting such inspections or investigations, as shall reasonably be required to detect and report any
apparent or actual violations of this Code to Alger and to the Trustees of the Alger Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submitting a quarterly report to the Board of Directors of each entity as applicable that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ certifies that the procedures to implement the Code are reasonably necessary to prevent violations of the
Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ summarizes the existing procedures to monitor the Code and any changes to the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ provides statistics regarding activity under the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ describes any violation of the Code and any sanctions imposed as a result, and summarizes any interpretations
issued,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ details any exemptions granted,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ reports on any training provided, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ reports any other significant information concerning the Code.

**Fund Board of Trustees Reporting and Approval** 

The Board of Trustees of each Fund, as applicable, including a majority of the Alger Funds' Trustees who are not "interested persons" of each Fund (as such term is defined in the Investment Company Act), must approve this Code and any material changes to it. This approval shall be based on the determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Alger shall provide a certification to the Board that Alger and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Alger shall furnish to the Board of Trustees, and the Board of Trustees must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code or procedures since the last report to the Board of Trustees,
including, but not limited to, information about material violations of the Code or procedures or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the Funds and Alger have adopted procedures reasonably necessary to prevent Access Persons from
violating the Code.

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**Use of Preferred Brokers** 

All Access Persons are strongly encouraged to maintain their personal trading accounts at, and execute all transactions in Covered Securities through, one or more brokers that provide automated feeds to the Compliance system. Accounts with brokers who provide account information to Compliance electronically may be more accurate and require less reconciliation for the Access Person at certification time. Please contact the Compliance Department for a list of such brokers. *Note that an Access Person is not relieved of reporting responsibilities with respect to any information not reported electronically through the Compliance system and required by the Code.*

For non-electronic brokerage accounts, duplicate statements must be provided by the employee or received directly from the broker.

**Exceptions to the Code** 

Exceptions to the Code may be granted from time to time by the CCO or his or her designee. All exceptions, unless otherwise stated below, shall be documented and shall provide the details of the transaction including the name and title of the Access Person, the amount of shares, direction of the trade (buy or sell), trade date, Security description, and rationale for the granting of the exception.

**Violations and Sanctions** 

Access Persons must report any violations or potential violations of this Code promptly to the CCO or another member of the Compliance Department immediately upon becoming aware of such violation.

Upon discovering that an Access Person has not complied with the requirements of this Code, the CCO, in consultation with other senior officers of Alger and/or the Trustees of the Alger Funds, may impose on that person whatever sanctions they deem appropriate, including, among other things, disgorgement of profits, fines, censure, suspension of trading, or termination of employment. Severity of sanctions may depend on the type of violation, severity of the violation, and prior history of violations, among other considerations. For example, a first-time violation that is deemed immaterial may result in a warning and training for the employee, while a repeat violation may result in additional monitoring or more severe sanctions.

**Maintenance of Records** 

Alger shall maintain and make available records with respect to the implementation of the Code in the manner and for the time required by the Federal securities laws, including without limitation, Rule 17j-1(d) under the Investment Company Act. Specifically, the CCO shall maintain the following for the time and manner specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any Code that is in effect, or at any time within the past five (5) years was in effect, must
be maintained in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of any such Code, and of any action taken as a result of such violation, must be
maintained in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made by an Access Person, as well as trade confirmations and/or account statements that
contain information not duplicated in such reports, must be maintained for at least five (5) years after the end of the fiscal year in which the report was made or the information was provided, the first two (2) years in an easily
accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made must be maintained for at least five (5) years after the end of the fiscal
year in which it was made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons, currently or within the past five (5) years, who are or were required to make
reports pursuant to Rule 17j-1 and this Code, and a list of those persons responsible for reviewing these reports must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision, (i) to permit an Access Person to
invest in a Private Placement, (ii) any exceptions granted by the CCO from the requirements of the Code, and (iii) relating to any material violation of the Code by an Access Person must be maintained for at least five years after the end
of the fiscal year in which the approval was granted.

## Ex-99.(Q)

**THE ALGER FUNDS** 

**THE ALGER FUNDS II** 

**THE ALGER INSTITUTIONAL FUNDS** 

**ALGER GLOBAL EQUITY FUND** 

**THE ALGER PORTFOLIOS** 

**THE ALGER ETF TRUST** 

(each, an "Open-End Fund")

**ALGER NEXT GEN GROWTH FUND** 

(the "Closed-End Fund" and together with the Open-End Funds,

the "Trusts" and each, a "Trust")

**POWER OF ATTORNEY AND ELECTRONIC SIGNATURE ATTESTATION** 

Each person whose signature appears below hereby constitutes and appoints Hal Liebes, Tina Payne, and Michael D. Martins, and each of them, with full power to act without the other, his/her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities and as permitted by applicable law (until revoked in writing) to sign each Open-End Fund's Registration Statements on Form N-1A and Form N-14, as applicable (including pre-effective amendments, post-effective amendments, and amendments thereto), or other filings made with the Securities and Exchange Commission (the "SEC") or any state regulatory agency or authority applicable to the Open-End Fund, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC or any state regulatory agency or, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Each person whose signature appears below hereby further constitutes and appoints Hal Liebes, Tina Payne, and Michael D. Martins, and each of them, with full power to act without the other, his/her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities and as permitted by applicable law (until revoked in writing) to sign the Closed-End Fund's Registration Statements on Form N-2 and N-14, as applicable (including pre-effective amendments, post-effective amendments, and amendments thereto), sign Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended, and the rules thereunder, do and perform any and all acts that may be necessary or desirable to complete and execute any such Form 3, 4 or 5, or amendment thereto, and any successor forms adopted by the SEC, and the filing of such form with the SEC and any other authority, including preparing, executing and filing Form ID with the SEC, or sign other filings made with the SEC or any state regulatory agency or authority applicable to the Closed-End Fund, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC or any state regulatory agency or, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

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Each person whose signature appears below hereby acknowledges and agrees that, in accordance with Rule 302(b)(2) of Regulation S-T, the use of an electronic signature upon filings with the SEC, as permitted by Rule 302(b)(1) of Regulation S-T, shall be the legal equivalent of his/her manual signature for purposes of authenticating the signature to the filings for which it is provided. Each Trust hereby is authorized to attach each such person's electronic signature in the form of "/s/ [NAME OF UNDERSIGNED]" to such filings following procedures under Rule 302 and other requirements that, among other things, authenticate his/her identity and logically associate his/her signature to the document in question. Each person whose signature appears below understands that s/he may not repudiate any such electronic signature filed with the SEC.

Each person whose signature appears below understands that each Trust will retain this document for as long as s/he may use an electronic signature to satisfy the requirements of Rule 302(b)(1), and for a minimum period of seven years after the date of the most recent electronically-signed "authentication document" (as that term is defined in Rule 302(b)(1)). S/he further understand that, upon request, each Trust will furnish to the SEC or its staff a copy of this document.

This Power of Attorney and Electronic Signature Attestation may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

(Remainder of page intentionally left blank)

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IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney and Electronic Signature Attestation as of the 16th day of December, 2025.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Hal Liebes<br> Hal Liebes | President<br> (Principal Executive Officer) |
| /s/ Michael D. Martins<br> Michael D. Martins | Treasurer<br> (Principal Accounting Officer, Principal Financial Officer) |
| /s/ Hilary M. Alger<br> Hilary M. Alger | Trustee |
| /s/ Charles F. Baird, Jr.<br> Charles F. Baird, Jr. | Trustee |
| /s/ Jean Brownhill<br> Jean Brownhill | Trustee |
| /s/ Susan L. Moffet<br> Susan L. Moffet | Trustee |
| /s/ Jay C. Nadel<br> Jay C. Nadel | Trustee |
| /s/ David Rosenberg<br> David Rosenberg | Trustee |
| /s/ David Rosenberg<br> Nathan E. Saint-Amand, M.D. | Trustee |
| /s/ Tina Payne<br> /s/ Tina Payne | Secretary, Chief Legal Officer, Chief Compliance Officer |

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