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style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Capital Appreciation Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Capital Appreciation Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .80%.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0080 0.0025 0.0100 0.0023 0.0025 0.0128 0.0205 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 649 910 1190 1989 308 643 1103 2379 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 208 643 1103 2379 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">75.90</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.7590 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal market circumstances, the Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">28.81%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.61%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.2881 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2461 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 1996-12-31 0.2425 0.1459 0.1712 0.2126 0.1164 0.1452 0.1591 0.1079 0.1352 1997-07-31 0.2905 0.1499 0.1705 0.1856 0.1532 0.1813 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Concentrated Equity Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Concentrated Equity Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0045 0.0025 0.0100 0.0213 0.0213 0.0283 0.0358 -0.0202 -0.0202 0.0081 0.0156 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The examples also assume that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 603 1045 1649 3277 259 776 1559 3616 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 159 776 1559 3616 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">67.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6758 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies that the Manager believes demonstrate promising growth potential. For these purposes, “large-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 1000 Growth Index. At December 31, 2025, 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. exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally, the Fund will own no more than 30 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. Fund holdings may differ from this number for any reason. Such reasons may be, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may temporarily exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that reflects the market sectors in which the Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge </span><span style="color:#262626;font-family:Arial;font-size:9pt;">imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that reflects the market sectors in which the Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge </span><span style="color:#262626;font-family:Arial;font-size:9pt;">imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">30.10%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.08%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3010 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1208 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.2659 0.3338 0.2284 0.3103 0.1650 0.2528 2024-04-04 0.3153 0.3649 0.1856 0.2373 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger International Opportunities Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger International Opportunities Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .71%.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0 0.0500 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0071 0.0071 0.0025 0.0100 0.0100 0.0029 0.0025 0.0037 0.0125 0.0196 0.0208 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 646 901 1175 1957 699 915 1257 2285 311 652 1119 2410 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 199 615 1057 2285 211 652 1119 2410 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">92.29</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.9229 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Redwood Investments, LLC (“Redwood”), an affiliate of the Manager (Redwood and the Manager, collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Redwood and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Redwood. Redwood is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund invests in companies that it believes meet three primary criteria: (1) high quality companies, (2) which are attractively valued, and (3) where the Manager believes that future earnings and free cash flow growth will be meaningfully above what is expected by the market. High quality companies are those companies that offer strong earnings visibility and sustainability because of their durable competitive advantages, capable management teams, and prudent financial management. The Manager focuses on understanding industry and company dynamics to assess company quality, and on identifying and forecasting critical drivers to reach a differentiated view of future growth. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is an all-cap, all-country, opportunistic focus fund which generally holds less than 50 holdings. Fund holdings may differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of foreign companies. Foreign companies,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">which are generally defined by a third party, but may be defined by the Portfolio Manager, are companies that (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 businesses, investments, or sales, outside the United States. The Fund normally focuses its foreign investments in developed countries, but may also invest in emerging market securities. The Fund may invest in companies of any market capitalization, from large, well-established companies to small, emerging growth companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Emerging market countries include all countries categorized as Emerging Markets or Frontier Markets by Morgan Stanley Capital International (MSCI). </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund generally invests in at least three foreign countries, and, at times, may invest a substantial portion of its assets in a single foreign country.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials and financials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investment objective is a fundamental policy and may not be changed without shareholder approval.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Emerging Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in emerging markets, and therefore may be exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the United States. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. The Fund, individually or in combination with other shareholders, may have limited rights and remedies against emerging market issuers.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Frontier Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in frontier countries. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting, auditing and financial reporting requirements, unreliable securities valuations and greater risk associated with custody of securities. Economic, political and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as well</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as research and development costs,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund may have a significant portion of its assets invested in securities of companies in the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall international equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Before February 1, 2024, the Fund was managed by different portfolio managers </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and before August 6, 2024, the Fund was named "Alger International Focus Fund." Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers and before August 15, 2018, the Fund was named “Alger International Growth Fund.” Performance prior to February 1, 2024 reflects these prior management styles and does not reflect the Fund's current investment personnel and performance prior to March 28, 2018 does not reflect the Fund’s current investment strategies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform </span><span style="color:#262626;font-family:Arial;font-size:9pt;">in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall international equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform </span><span style="color:#262626;font-family:Arial;font-size:9pt;">in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">29.54%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-19.71%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.2954 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2020-03-31 -0.1971 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 1996-12-31 0.1234 0.0094 0.0614 0.0967 -0.0016 0.0493 0.0937 0.0070 0.0454 1996-12-31 0.1448 0.0188 0.0650 1997-07-31 0.1661 0.0126 0.0601 0.3311 0.0846 0.0895 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Mid Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Mid Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0.0067 0.0025 0.0100 0.0023 0.0025 0.0115 0.0192 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 636 871 1125 1849 295 603 1037 2243 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 195 603 1037 2243 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">265.15</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 2.6515 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. For these purposes, “mid-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of (i) companies included in the Russell MidCap Growth Index or (ii) $1 billion to $30 billion. At December 31, 2025, the companies in this index ranged from $1.03 billion to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in companies in the following group of industries: Health Care Equipment &amp; Supplies, Health Care Technology, Biotechnology, Life Sciences Tools &amp; Services, and/or Software, as defined by third party sources. The Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, communication services, and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">19.87%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-28.14%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.1987 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2814 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2021-07-29 0.0897 0.0095 0.0897 0.0005 0.0531 0.0035 2021-07-29 0.1306 0.0138 0.0866 0.0481 0.1788 0.1204 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Mid Cap Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Mid Cap Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .76%.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0 0.0500 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0076 0.0076 0.0076 0.0025 0.0100 0.0100 0.0021 0.0018 0.0028 0.0122 0.0194 0.0204 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 643 892 1160 1925 697 909 1247 2264 307 640 1098 2369 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 197 609 1047 2264 207 640 1098 2369 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">88.64</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.8864 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund focuses on mid-sized companies that the Manager believes demonstrate promising growth potential. Under normal circumstances, the Fund 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&amp;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 Fund’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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, consumer discretionary, financials, and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">On October 4, 2021, the Fund received a Fair Fund distribution which contributed </span><span style="color:#262626;font-family:Arial;font-size:9pt;">approximately 3.22% to Class A Shares’ annual return as of December 31, 2021.  </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales </span><span style="color:#262626;font-family:Arial;font-size:9pt;">charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales </span><span style="color:#262626;font-family:Arial;font-size:9pt;">charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">34.32%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-23.74%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3432 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2374 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 1996-12-31 0.1073 0.0257 0.1132 0.1073 0.0062 0.0956 0.0635 0.0140 0.0879 1996-12-31 0.1263 0.0350 0.1165 1997-07-31 0.1493 0.0287 0.1119 0.0866 0.0665 0.1249 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Weatherbie Specialized Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Weatherbie Specialized Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0.0081 0.0025 0.0100 0.0024 0.0027 0.0130 0.0208 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 650 915 1200 2010 311 652 1119 2410 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 211 652 1119 2410 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">68.65</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6865 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Weatherbie Capital, LLC (“Weatherbie”), an affiliate of the Manager (Weatherbie and the Manager, collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Weatherbie and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Weatherbie. Weatherbie is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively. At December 31, 2025, the market capitalization of the companies in these indexes ranged from $12.47 million to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers, and may focus its holdings in fewer business sectors or industries. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally exceed this number for a variety of reasons.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, and financials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small and Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> There may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers due 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">From August 30, 2017 to September 30, 2019, the Fund was named "Alger SMid Cap </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Focus Fund." Prior to August 30, 2017, the Fund followed different investment strategies under the name “Alger SMid Cap Growth Fund” and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">41.16%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-27.01%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.4116 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2701 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2002-05-08 -0.0478 -0.0467 0.0892 -0.0478 -0.0595 0.0695 -0.0283 -0.0365 0.0666 2002-05-08 -0.0127 -0.0438 0.0885 0.1031 0.0298 0.1055 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0 0.0500 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0.0081 0.0081 0.0025 0.0100 0.0100 0.0026 0.0024 0.0031 0.0132 0.0205 0.0212 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 652 921 1210 2032 708 943 1303 2379 315 664 1139 2452 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 208 643 1103 2379 215 664 1139 2452 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">37.93</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.3793 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund focuses on small, fast-growing companies that the Manager believes offer innovative products, services or technologies to a rapidly-expanding marketplace. The Fund normally 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 range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">industrials and consumer discretionary sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in </span><span style="color:#262626;font-family:Arial;font-size:9pt;">that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">On October 4, 2021, the Fund received a Fair Fund distribution which contributed </span><span style="color:#262626;font-family:Arial;font-size:9pt;">approximately 0.59% to Class A Shares’ annual return as of December 31, 2021.  </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">39.39%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.37%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3939 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2437 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 1996-12-31 0.0181 -0.0487 0.0850 0.0181 -0.0530 0.0778 0.0107 -0.0358 0.0685 1996-12-31 0.0380 -0.0395 0.0878 1997-07-31 0.0553 -0.0459 0.0839 0.1301 0.0318 0.0957 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class B and C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0075 0.0025 0.0100 0.0030 0.0025 0.0130 0.0200 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 650 915 1200 2010 303 627 1078 2327 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 203 627 1078 2327 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">88.45</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.8845 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund normally 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 total market capitalization range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in technology companies focused in the fields of medicine and information. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. The Manager believes that there is very little in the field of medicine that does not use some type of medical technology and that has not been affected by new technology. Advances in technology increasingly pervade health care companies through changes in medical and surgical procedures, drugs, medical devices, and new support systems.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">36.70%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-25.02%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3670 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2502 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2008-03-03 0.0131 -0.0759 0.0740 0.0131 -0.0789 0.0710 0.0077 -0.0552 0.0601 2008-03-03 0.0512 -0.0720 0.0738 0.1301 0.0318 0.0957 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger International Small Cap Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger International Small Cap Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0025 0.1520 0.1620 -0.1500 0.0120 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">Other Expenses are based on estimated amounts for the current fiscal year. Actual expenses may differ from estimates.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 641 2733 5224 9385 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal period (since the Fund's commencement of operations on June 30, 2025 through October 31, 2025), the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">26.07</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.2607 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Redwood Investments, LLC (“Redwood” or the “Sub-Adviser”), an affiliate of the Manager (Redwood and the Manager are collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Redwood and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Redwood. Redwood is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Redwood employs a fundamental investment process that seeks companies it believes are: (1) high quality, (2) attractively valued, and (3) where Redwood believes that future earnings and free cash flow growth will be meaningfully above market expectations. High quality companies are those companies that Redwood believes offer durable competitive advantages, capable management teams, and prudent financial management. Redwood focuses on understanding industry and company dynamics to assess company quality, and on identifying and forecasting critical drivers to reach a differentiated view of future growth. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund invests primarily in equity securities of international small cap companies. Additionally, under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of small cap companies. International companies are companies generally defined by a third party, or in certain circumstances by the Manager, (i) that are organized under the laws of a foreign country; (ii) whose securities are primarily listed in a foreign country; (iii) that have a majority of their assets, or derive more than 50% of their revenue or profits from businesses, investments, or sales, outside the United States; or (iv) that are included in the MSCI World ex-USA Small Cap Index. The Fund normally focuses its international investments in developed countries, but may also invest in emerging market countries. The Fund always invests in at least three non-U.S. countries. Small cap companies are companies that, at the time of purchase of the securities, have a total market capitalization in the range of (i) companies included in the MSCI World ex-USA Small Cap Index, or (ii) $500 million to $8 billion. Because small cap companies are defined, in part, by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. At December 31, 2025, the market capitalization of the companies in the MSCI World ex-USA Small Cap Index ranged from $348 million to $17.1 billion. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund generally holds approximately 50 holdings. Fund holdings may differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 industrials, financials, consumer discretionary, and information technology sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Emerging Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in emerging markets, and therefore may be exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the United States. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. The Fund, individually or in combination with other shareholders, may have limited rights and remedies against emerging market issuers.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">ADR and GDR Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">No performance information will be presented until the Fund has been in operation for a full calendar year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Annual performance </span><span style="color:#262626;font-family:Arial;font-size:9pt;">information gives some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Fund will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">No performance information will be presented until the Fund has been in operation for a full calendar year.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Fund will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Health Sciences Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Health Sciences Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0025 0.0100 0.0037 0.0041 0.0117 0.0196 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 638 877 1135 1871 299 615 1057 2285 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 199 615 1057 2285 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">289.28</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 2.8928 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that are engaged in the health sciences sector. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges. A company will be considered to be engaged in the health sciences sector if it derives at least 50% of its earnings or revenues from, or devotes at least 50% of its assets to, activities in any area of the health sciences sector, including health care services, pharmaceuticals, medical equipment and supplies and applied research and development. Such companies include, but are not limited to: </span><span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">hospitals, clinical test laboratories, convalescent and mental health care facilities, home care providers, and companies that supply services to any of the foregoing; </span><span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">companies involved in pharmaceuticals, biotechnology, biochemistry and diagnostics; and </span><span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">producers and manufacturers of medical, dental and optical supplies and equipment.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest a substantial portion of its assets in a smaller number of issuers. Fund holdings may occasionally increase or decrease for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may exceed its current number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge imposed on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">24.45%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q4 2018</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-18.72%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.2445 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2018-12-31 -0.1872 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2002-05-01 0.0435 -0.0298 0.0678 0.0435 -0.0418 0.0537 0.0258 -0.0232 0.0531 2002-05-01 0.0823 -0.0268 0.0669 0.1456 0.0631 0.0954 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Growth &amp; Income Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Growth &amp; Income Fund seeks to provide capital appreciation and current income.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0.0050 0.0025 0.0100 0.0018 0.0018 0.0093 0.0168 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 615 806 1013 1608 271 530 913 1987 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 171 530 913 1987 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">4.83</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.0483 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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. The Fund intends to invest at least 65% of its total assets in dividend paying equity securities. The Fund may invest up to 35% of its total assets in equity securities that do not pay dividends or in money market instruments and repurchase agreements. The Fund focuses on growing companies that, at the time of purchase of the securities, have a market capitalization equal to or greater than the market capitalization of companies included in the S&amp;P 500 Index. This 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Income-Producing Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in </span><span style="color:#262626;font-family:Arial;font-size:9pt;">that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as well</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as research and development costs,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 35% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">effect of the sales charge imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">19.56%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-19.79%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.1956 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2020-03-31 -0.1979 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 1996-12-31 0.1384 0.1388 0.1368 0.1358 0.1325 0.1272 0.0836 0.1088 0.1098 1997-07-31 0.1825 0.1425 0.1361 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger AI Enablers &amp; Adopters Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger AI Enablers &amp; Adopters Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> More information about these and other discounts is </span><span style="color:#262626;font-family:Arial;font-size:9pt;">available from your financial professional and in “Purchasing and Redeeming Fund Shares” on page 79 and in Appendix A – Waivers and Discounts Available from Intermediaries on page A-1 in the Fund’s Prospectus, and in the sections “Right of Accumulation (Class A Shares)” and “Letter of Intent (Class A)” beginning on page 38 of the Fund’s Statement of Additional Information.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#262626;font-family:Arial;font-size:9pt;">$25,000</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> in Class A Shares of the Alger Family of Funds, including the Fund.</span> 25000 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0.0525 0 0 0.0100 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0045 0.0025 0.0100 0.0198 0.0199 0.0268 0.0344 -0.0183 -0.0183 0.0085 0.0161 <span style="color:#262626;font-family:Arial;font-size:8pt;">Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The examples also assume that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 607 1031 1604 3158 264 765 1519 3510 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">You would pay the following expenses if you did not redeem your shares:</span> 164 765 1519 3510 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">173.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 1.7358 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities and demonstrate promising growth potential. 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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that it believes will benefit from artificial intelligence (“AI”), demonstrate promising growth potential, and are companies where AI can play a material role in potentially driving stock price performance over the next twelve to thirty-six months. Equity securities include common or preferred stocks listed on U.S. or foreign exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In effecting the Fund’s investment strategy, the Manager initially employs its fundamental, proprietary investment research investment process to identify companies undergoing Positive Dynamic Change. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Next, the Manager determines whether it believes such companies benefit from AI by classifying them into two categories: AI Enablers and AI Adopters. AI Enablers include companies developing the building block components for and investing in AI infrastructure such as machinery, hardware, software and services. AI Adopters include companies that integrate AI into their businesses to enhance their products or services or make their operations more productive. These categories may be adjusted from time to time to incorporate future developments as the area of AI evolves. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Lastly, the Manager determines whether AI can play a material role in potentially driving stock performance over the next twelve to thirty-six months through its fundamental research process. The Manager makes this determination using mainly qualitative assessments to reach its conclusions due to the Manager’s view that publicly traded companies, even those focused upon AI, are not universally transparent in sharing their exposure to AI. Specifically, the Manager makes assessments based upon its knowledge of each company’s creation, distribution and/or consumption of AI products and services, and to the extent available, upon quantitative factors including but not limited to a company’s revenue derived from, and/or resources devoted to, AI. In assessing what material role AI may play in potentially driving stock performance over the next twelve to thirty-six months, the Manager considers from among the following criteria with respect to AI Enablers, estimates of a company’s future market share in AI-related infrastructure services, product and/or service quality, acceleration of revenue growth and rate of adoption relative to peers, and, with respect to AI Adopters, estimates of the degree of AI integration into a company’s operations, the resulting impact on reducing a company’s costs, the increase in efficiency of the company’s operations, the potential enhancement to a company’s net earnings and revenue growth, improvement of product or service offerings, and the extent to which a company may gain a potential competitive advantage from AI within its industry. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest a substantial portion of its assets in a smaller number of issuers. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investments include small-, medium- and large-capitalization companies. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">but not limited to, the information technology, consumer discretionary and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">communication services sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Artificial Intelligence Securities Risk – </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize AI. Further, many companies involved in, or exposed to, AI-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in AI will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies that utilize AI in their business operations, and the challenges with properly managing AI’s use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on such companies’ business operations. If the content, analyses, or recommendations that AI applications assist companies in producing are or are alleged to be deficient, inaccurate, or biased, the Fund may be adversely affected. Additionally, AI tools used by such companies may produce inaccurate, misleading or incomplete responses that could lead to errors in decision-making or other business activities, which could have a negative impact on the performance of such companies. Such AI tools could also be used against companies in criminal or negligent ways. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">ADR and GDR Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that reflects the market sectors in which the Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge </span><span style="color:#262626;font-family:Arial;font-size:9pt;">imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that reflects the market sectors in which the Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Performance in the bar chart does not reflect the effect of the sales charge </span><span style="color:#262626;font-family:Arial;font-size:9pt;">imposed on purchases of Class A Shares of the Fund. If the bar chart reflected the applicable sales charges, returns would be less than those shown.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class A Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">34.30%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.47%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3430 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1247 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.3348 0.3887 0.3033 0.3633 0.1996 0.2929 2024-04-04 0.3878 0.4214 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">After-tax returns for Class C Shares, which are not shown, will vary from those shown for Class A Shares.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Capital Appreciation Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Capital Appreciation Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0 0.0017 0.0097 -0.0006 0.0091 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .80%.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 93 299 526 1180 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">75.90</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.7590 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal market circumstances, the Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">28.93%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.55%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.2893 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2455 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2010-12-29 0.3162 0.1627 0.1817 0.2873 0.1347 0.1569 0.2022 0.1223 0.1451 0.1856 0.1532 0.1813 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Concentrated Equity Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Concentrated Equity Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0025 0.0213 0.0283 -0.0202 0.0081 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 83 549 1186 2904 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">67.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6758 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies that the Manager believes demonstrate promising growth potential. For these purposes, “large-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 1000 Growth Index. At December 31, 2025, 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. exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally, the Fund will own no more than 30 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. Fund holdings may differ from this number for any reason. Such reasons may be, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may temporarily exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reflects the market sectors in which the Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reflects the market sectors in which the Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class I Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">30.10%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.08%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3010 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1208 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.3360 0.3754 0.2965 0.3512 0.2070 0.2856 0.1856 0.2373 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Concentrated Equity Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Concentrated Equity Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0 0.0214 0.0259 -0.0203 0.0056 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 57 473 1062 2663 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">67.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6758 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies that the Manager believes demonstrate promising growth potential. For these purposes, “large-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 1000 Growth Index. At December 31, 2025, 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. exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally, the Fund will own no more than 30 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. Fund holdings may differ from this number for any reason. Such reasons may be, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may temporarily exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reflects the market sectors in which the Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reflects the market sectors in which the Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Y Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">30.19%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.05%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3019 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1205 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.3391 0.3791 0.2997 0.3548 0.2088 0.2886 0.1856 0.2373 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Concentrated Equity Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Concentrated Equity Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0 0.0212 0.0257 -0.0201 0.0056 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 57 470 1055 2645 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">end, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">67.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6758 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies that the Manager believes demonstrate promising growth potential. For these purposes, “large-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of companies included in the Russell 1000 Growth Index. At December 31, 2025, 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. exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally, the Fund will own no more than 30 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. Fund holdings may differ from this number for any reason. Such reasons may be, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may temporarily exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reflects the market sectors in which the Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and a more narrowly based index that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reflects the market sectors in which the Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">30.19%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.05%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3019 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1205 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.3391 0.3791 0.2997 0.3548 0.2088 0.2886 0.1856 0.2373 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger International Opportunities Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger International Opportunities Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0025 0.0031 0.0127 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .71%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 129 403 697 1534 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">92.29</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.9229 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Redwood Investments, LLC (“Redwood”), an affiliate of the Manager (Redwood and the Manager, collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Redwood and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Redwood. Redwood is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund invests in companies that it believes meet three primary criteria: (1) high quality companies, (2) which are attractively valued, and (3) where the Manager believes that future earnings and free cash flow growth will be meaningfully above what is expected by the market. High quality companies are those companies that offer strong earnings visibility and sustainability because of their durable competitive advantages, capable management teams, and prudent financial management. The Manager focuses on understanding industry and company dynamics to assess company quality, and on identifying and forecasting critical drivers to reach a differentiated view of future growth. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is an all-cap, all-country, opportunistic focus fund which generally holds less than 50 holdings. Fund holdings may differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of foreign companies. Foreign companies,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">which are generally defined by a third party, but may be defined by the Portfolio Manager, are companies that (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 businesses, investments, or sales, outside the United States. The Fund normally focuses its foreign investments in developed countries, but may also invest in emerging market securities. The Fund may invest in companies of any market capitalization, from large, well-established companies to small, emerging growth companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Emerging market countries include all countries categorized as Emerging Markets or Frontier Markets by Morgan Stanley Capital International (MSCI). </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund generally invests in at least three foreign countries, and, at times, may invest a substantial portion of its assets in a single foreign country.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials and financials sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investment objective is a fundamental policy and may not be changed without shareholder approval.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Emerging Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in emerging markets, and therefore may be exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the United States. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. The Fund, individually or in combination with other shareholders, may have limited rights and remedies against emerging market issuers.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Frontier Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in frontier countries. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting, auditing and financial reporting requirements, unreliable securities valuations and greater risk associated with custody of securities. Economic, political and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as well</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as research and development costs,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall international equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Before February 1, 2024, the Fund was managed by </span><span style="color:#262626;font-family:Arial;font-size:9pt;">different portfolio managers and before August 6, 2024, the Fund was named "Alger International Focus Fund." Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers and before August 15, 2018, the Fund was named “Alger International Growth Fund.” Performance prior to February 1, 2024 does not reflect the Fund's current investment personnel and performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily </span><span style="color:#262626;font-family:Arial;font-size:9pt;">an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall international equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily </span><span style="color:#262626;font-family:Arial;font-size:9pt;">an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class I Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">29.67%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-19.70%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.2967 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2020-03-31 -0.1970 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2013-05-31 0.1854 0.0204 0.0683 0.1573 0.0093 0.0560 0.1315 0.0156 0.0510 0.3311 0.0846 0.0895 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger International Opportunities Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger International Opportunities Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0 0.0023 0.0094 -0.0008 0.0086 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the "Manager" have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .71%.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 88 286 507 1142 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">92.29</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.9229 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Redwood Investments, LLC (“Redwood”), an affiliate of the Manager (Redwood and the Manager, collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Redwood and evaluates its performance results. The Manager reviews portfolio performance, compliance </span><span style="color:#262626;font-family:Arial;font-size:9pt;">with investment guidelines and federal securities laws, and changes in key personnel of Redwood. Redwood is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund invests in companies that it believes meet three primary criteria: (1) high quality companies, (2) which are attractively valued, and (3) where the Manager believes that future earnings and free cash flow growth will be meaningfully above what is expected by the market. High quality companies are those companies that offer strong earnings visibility and sustainability because of their durable competitive advantages, capable management teams, and prudent financial management. The Manager focuses on understanding industry and company dynamics to assess company quality, and on identifying and forecasting critical drivers to reach a differentiated view of future growth. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is an all-cap, all-country, opportunistic focus fund which generally holds less than 50 holdings. Fund holdings may differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of foreign companies. Foreign companies,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">which are generally defined by a third party, but may be defined by the Portfolio Manager, are companies that (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 businesses, investments, or sales, outside the United States. The Fund normally focuses its foreign investments in developed countries, but may also invest in emerging market securities. The Fund may invest in companies of any market capitalization, from large, well-established companies to small, emerging growth companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Emerging market countries include all countries categorized as Emerging Markets or Frontier Markets by Morgan Stanley Capital International (MSCI). </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund generally invests in at least three foreign countries, and, at times, may invest a substantial portion of its assets in a single foreign country.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials and financials sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investment objective is a fundamental policy and may not be changed without shareholder approval.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Emerging Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in emerging markets, and therefore may be exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the United States. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. The Fund, individually or in combination with other shareholders, may have limited rights and remedies against emerging market issuers.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Frontier Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in frontier countries. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting, auditing and financial reporting requirements, unreliable securities valuations and greater risk associated with custody of securities. Economic, political and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as well</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as research and development costs,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall international equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Before February 1, 2024, the Fund was managed by </span><span style="color:#262626;font-family:Arial;font-size:9pt;">different portfolio managers and before August 6, 2024, the Fund was named "Alger International Focus Fund." Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers and before August 15, 2018, the Fund was named “Alger International Growth Fund.” Performance prior to February 1, 2024 does not reflect the Fund's current investment personnel and performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily </span><span style="color:#262626;font-family:Arial;font-size:9pt;">an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall international equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily </span><span style="color:#262626;font-family:Arial;font-size:9pt;">an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">29.63%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-19.55%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.2963 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2020-03-31 -0.1955 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2010-12-29 0.1902 0.0245 0.0717 0.1620 0.0133 0.0588 0.1343 0.0186 0.0535 0.3311 0.0846 0.0895 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Mid Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Mid Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0.0025 0.0023 0.0115 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 117 365 633 1398 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">265.15</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 2.6515 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. For these purposes, “mid-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of (i) companies included in the Russell MidCap Growth Index or (ii) $1 billion to $30 billion. At December 31, 2025, the companies in this index ranged from $1.03 billion to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in companies in the following group of industries: Health Care Equipment &amp; Supplies, Health Care Technology, Biotechnology, Life Sciences Tools &amp; Services, and/or Software, as defined by third party sources. The Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, communication services, and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in </span><span style="color:#262626;font-family:Arial;font-size:9pt;">that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class I Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">36.80%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-28.14%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3680 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2814 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2019-06-14 0.1495 0.0396 0.1364 0.1495 0.0314 0.1288 0.0885 0.0272 0.1080 0.0866 0.0665 0.1156 0.1788 0.1442 0.1589 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Mid Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Mid Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0 0.0016 0.0083 -0.0009 0.0074 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 76 250 445 1011 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">265.15</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 2.6515 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. For these purposes, “mid-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of (i) companies included in the Russell MidCap Growth Index or (ii) $1 billion to $30 billion. At December 31, 2025, the companies in this index ranged from $1.03 billion to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in companies in the following group of industries: Health Care Equipment &amp; Supplies, Health Care Technology, Biotechnology, Life Sciences Tools &amp; Services, and/or Software, as defined by third party sources. The Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, communication services, and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Y Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">20.04%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-28.06%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.2004 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2806 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2021-02-26 0.1553 0.0250 0.1553 0.0168 0.0919 0.0158 0.0866 0.0657 0.1788 0.1452 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Mid Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Mid Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0 0.0015 0.0082 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 84 262 455 1014 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">265.15</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 2.6515 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. For these purposes, “mid-cap companies” are those companies that, at the time of purchase of the securities, have total market capitalization within the range of (i) companies included in the Russell MidCap Growth Index or (ii) $1 billion to $30 billion. At December 31, 2025, the companies in this index ranged from $1.03 billion to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in companies in the following group of industries: Health Care Equipment &amp; Supplies, Health Care Technology, Biotechnology, Life Sciences Tools &amp; Services, and/or Software, as defined by third party sources. The Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, communication services, and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in </span><span style="color:#262626;font-family:Arial;font-size:9pt;">that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">36.83%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-28.04%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3683 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2804 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2019-06-14 0.1533 0.0426 0.1396 0.1533 0.0345 0.1319 0.0908 0.0296 0.1107 0.0866 0.0665 0.1156 0.1788 0.1442 0.1589 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Mid Cap Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Mid Cap Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0076 0 0.0016 0.0092 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .76%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 94 293 509 1131 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">88.64</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.8864 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund focuses on mid-sized companies that the Manager believes demonstrate promising growth potential. Under normal circumstances, the Fund 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&amp;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 Fund’s long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that have </span><span style="color:#262626;font-family:Arial;font-size:9pt;">appreciated beyond the market capitalization thresholds noted. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, consumer discretionary, financials and health care sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">On October 4, 2021, the Fund received a Fair Fund distribution which contributed </span><span style="color:#262626;font-family:Arial;font-size:9pt;">approximately 3.25% to Class Z Shares’ annual return as of December 31, 2021.   </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after </span><span style="color:#262626;font-family:Arial;font-size:9pt;">taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after </span><span style="color:#262626;font-family:Arial;font-size:9pt;">taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">34.33%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-23.63%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3433 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2363 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2015-05-28 0.1723 0.0401 0.1225 0.1723 0.0206 0.1050 0.1020 0.0251 0.0961 0.0866 0.0665 0.1249 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Weatherbie Specialized Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Weatherbie Specialized Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0.0025 0.0028 0.0134 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 136 425 734 1613 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">68.65</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6865 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Weatherbie Capital, LLC (“Weatherbie”), an affiliate of the Manager (Weatherbie and the Manager, collectively referred to as the “Manager,” where applicable). Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Weatherbie and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Weatherbie. Weatherbie is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. Equity securities include common or preferred stocks that are listed on U.S. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">or foreign exchanges. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively. At December 31, 2025, the market capitalization of the companies in these indexes ranged from $12.47 million to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers, and may focus its holdings in fewer business sectors or industries. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally exceed this number for a variety of reasons.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, and financials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small and Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> There may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers due 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">From August 30, 2017 to September 30, 2019, the Fund was named “Alger SMid Cap </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Focus Fund.” Prior to August 30, 2017, the Fund followed different investment strategies under the name “Alger SMid Cap Growth Fund” and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class I Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">41.18%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-26.99%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.4118 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2699 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2007-08-05 0.0042 -0.0366 0.0952 0.0042 -0.0492 0.0758 0.0025 -0.0292 0.0719 0.1031 0.0298 0.1055 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Weatherbie Specialized Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Weatherbie Specialized Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0 0.0015 0.0096 -0.0008 0.0088 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 90 292 518 1166 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">68.65</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6865 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Weatherbie Capital, LLC (“Weatherbie”), an affiliate of the Manager (Weatherbie and the Manager, collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Weatherbie and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Weatherbie. Weatherbie is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively. At December 31, 2025, the market capitalization of the companies in these indexes ranged from $12.47 million to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers, and may focus its holdings in fewer business sectors or industries. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally exceed this number for a variety of reasons.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, and financials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small and Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> There may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers due 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">From August 30, 2017 to September 30, 2019, the Fund was named "Alger SMid Cap </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Focus Fund." </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Y Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">41.32%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-26.95%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.4132 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2695 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2017-08-30 0.0094 -0.0325 0.0886 0.0094 -0.0449 0.0690 0.0056 -0.0263 0.0656 0.1031 0.0298 0.1015 0.1788 0.1442 0.1496 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Weatherbie Specialized Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Weatherbie Specialized Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0 0.0015 0.0096 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 98 306 531 1178 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">68.65</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.6865 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Weatherbie Capital, LLC (“Weatherbie”), an affiliate of the Manager (Weatherbie and the Manager, collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Weatherbie and evaluates its performance results. The Manager reviews portfolio performance, compliance with investment guidelines and federal securities laws, and changes in key personnel of Weatherbie. Weatherbie is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of smallcap and midcap companies. Equity securities include common or preferred stocks that are listed on U.S. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">or foreign exchanges. Smallcap or midcap companies are companies that, at the time of purchase, have total market capitalization within the range of companies included in the Russell 2500 Growth Index or the Russell Midcap Growth Index, respectively. At December 31, 2025, the market capitalization of the companies in these indexes ranged from $12.47 million to $101.64 billion. Because of the Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers, and may focus its holdings in fewer business sectors or industries. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally exceed this number for a variety of reasons.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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, industrials, and financials sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small and Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> There may be greater risk in investing in companies with small or medium market capitalizations rather than larger, more established issuers due 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">From August 30, 2017 to September 30, 2019, the Fund was named "Alger SMid Cap </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Focus Fund." Prior to August 30, 2017, the Fund followed different investment strategies under the name “Alger SMid Cap Growth Fund” and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">41.35%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-26.88%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.4135 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2688 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2010-12-29 0.0085 -0.0332 0.0987 0.0085 -0.0452 0.0799 0.0050 -0.0267 0.0749 0.1031 0.0298 0.1055 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0 0.0025 0.0106 -0.0021 0.0085 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 87 302 550 1262 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">37.93</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.3793 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund focuses on small, fast-growing companies that the Manager believes offer innovative products, services or technologies to a rapidly-expanding marketplace. The Fund normally 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 range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">industrials and consumer discretionary sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform </span><span style="color:#262626;font-family:Arial;font-size:9pt;">in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform </span><span style="color:#262626;font-family:Arial;font-size:9pt;">in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Y Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">17.68%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.23%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.1768 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2423 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2021-12-31 0.0794 -0.0345 0.0794 -0.0349 0.0470 -0.0262 0.1301 0.0327 0.1788 0.1111 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Growth Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Growth Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0081 0 0.0019 0.0100 <span style="color:#262626;font-family:Arial;font-size:8pt;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%.</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 102 318 552 1225 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">37.93</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.3793 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund focuses on small, fast-growing companies that the Manager believes offer innovative products, services or technologies to a rapidly-expanding marketplace. The Fund normally 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 range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’s long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">have appreciated beyond the market capitalization threshold noted. Equity securities include common or preferred stocks that are listed on U.S. exchanges.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">industrials and consumer discretionary sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">On October 4, 2021, the Fund received a Fair Fund distribution which contributed </span><span style="color:#262626;font-family:Arial;font-size:9pt;">approximately 0.57% to Class Z Shares’ annual return as of December 31, 2021.   </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after </span><span style="color:#262626;font-family:Arial;font-size:9pt;">taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after </span><span style="color:#262626;font-family:Arial;font-size:9pt;">taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">39.60%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.40%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3960 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2440 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2010-12-29 0.0777 -0.0352 0.0947 0.0777 -0.0397 0.0875 0.0460 -0.0261 0.0768 0.1301 0.0318 0.0957 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0025 0.0022 0.0122 <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 124 387 670 1477 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">88.45</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.8845 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund normally 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 total market capitalization range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in technology companies focused in the fields of medicine and information. From time to time, the Fund may have 25% or more of its total assets invested in any one of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">these industries. The Manager believes that there is very little in the field of medicine that does not use some type of medical technology and that has not been affected by new technology. Advances in technology increasingly pervade health care companies through changes in medical and surgical procedures, drugs, medical devices, and new support systems.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class I Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">36.78%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.95%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3678 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2495 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2008-03-03 0.0696 -0.0647 0.0806 0.0696 -0.0677 0.0776 0.0412 -0.0473 0.0657 0.1301 0.0318 0.0957 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0 0.0013 0.0088 -0.0002 0.0086 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 88 277 484 1081 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">88.45</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.8845 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund normally 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 total market capitalization range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in technology companies focused in the fields of medicine and information. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. The Manager believes that there is very little in the field of medicine that does not use some type of medical technology and that has not been affected by new technology. Advances in technology increasingly pervade health care companies through changes in medical and surgical procedures, drugs, medical devices, and new support systems.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Y Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">36.88%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.92%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3688 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2492 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2017-02-28 0.0741 -0.0616 0.0778 0.0741 -0.0645 0.0744 0.0439 -0.0451 0.0628 0.1301 0.0318 0.0906 0.1788 0.1442 0.1469 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Small Cap Focus Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Small Cap Focus Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0 0.0013 0.0088 <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 90 281 488 1084 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">88.45</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.8845 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund normally 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 total market capitalization range of the Russell 2000 Growth Index. The Russell 2000 Growth Index is an 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 Fund’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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In addition, under normal market conditions, the Fund invests at least 25% of its total assets in technology companies focused in the fields of medicine and information. From time to time, the Fund may have 25% or more of its total assets invested in any one of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">these industries. The Manager believes that there is very little in the field of medicine that does not use some type of medical technology and that has not been affected by new technology. Advances in technology increasingly pervade health care companies through changes in medical and surgical procedures, drugs, medical devices, and new support systems.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 50 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">36.83%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-24.92%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.3683 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2492 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2010-12-29 0.0732 -0.0618 0.0838 0.0732 -0.0647 0.0808 0.0433 -0.0452 0.0684 0.1301 0.0318 0.0957 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger International Small Cap Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger International Small Cap Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0 0.1404 0.1479 -0.1394 0.0085 <span style="color:#262626;font-family:Arial;font-size:8pt;">Other Expenses are based on estimated amounts for the current fiscal year. Actual expenses may differ from estimates.</span> <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 87 2116 4617 9017 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal period (since the Fund’s commencement of operations on June 30,2025 through October 31, 2025), the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">26.07</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.2607 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund is sub-advised by Redwood Investments, LLC (“Redwood”), an affiliate of the Manager (Redwood and the Manager are collectively referred to as the “Manager,” where applicable).  Subject to the general supervision by the Fund’s Board of Trustees, the Manager oversees Redwood and evaluates its performance results. The Manager reviews portfolio performance, compliance </span><span style="color:#262626;font-family:Arial;font-size:9pt;">with investment guidelines and federal securities laws, and changes in key personnel of Redwood. Redwood is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Redwood employs a fundamental investment process that seeks companies it believes are: (1) high quality, (2) attractively valued, and (3) where Redwood believes that future earnings and free cash flow growth will be meaningfully above market expectations. High quality companies are those companies that Redwood believes offer durable competitive advantages, capable management teams, and prudent financial management. Redwood focuses on understanding industry and company dynamics to assess company quality, and on identifying and forecasting critical drivers to reach a differentiated view of future growth. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund invests primarily in equity securities of international small cap companies. Additionally, under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, including common stocks, American Depositary Receipts and Global Depositary Receipts, of small cap companies. International companies are companies generally defined by a third party, or in certain circumstances by the Manager, (i) that are organized under the laws of a foreign country; (ii) whose securities are primarily listed in a foreign country; (iii) that have a majority of their assets, or derive more than 50% of their revenue or profits from businesses, investments, or sales, outside the United States; or (iv) that are included in the MSCI World ex-USA Small Cap Index. The Fund normally focuses its international investments in developed countries, but may also invest in emerging market countries. The Fund always invests in at least three non-U.S. countries. Small cap companies are companies that, at the time of purchase of the securities, have a total market capitalization in the range of (i) companies included in the MSCI World ex-USA Small Cap Index, or (ii) $500 million to $8 billion. Because small cap companies are defined, in part, by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. At December 31, 2025, the market capitalization of the companies in the MSCI World ex-USA Small Cap Index ranged from $348 million to $17.1 billion. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund generally holds approximately 50 holdings. Fund holdings may differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 industrials, financials, consumer discretionary, and information technology sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Industrials Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Emerging Markets Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund may invest in issuers located in emerging markets, and therefore may be exposed to the economies, industries, securities and currency markets of such countries, which may be adversely affected by protectionist trade policies, a slow U.S. economy, political and social instability, regional and global conflicts, terrorism and war, including actions that </span><span style="color:#262626;font-family:Arial;font-size:9pt;">are contrary to the interests of the United States. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. The Fund, individually or in combination with other shareholders, may have limited rights and remedies against emerging market issuers.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">ADR and GDR Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">No performance information will be presented until the Fund has been in operation for a full calendar year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Annual performance </span><span style="color:#262626;font-family:Arial;font-size:9pt;">information gives some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Fund will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">No performance information will be presented until the Fund has been in operation for a full calendar year.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Fund will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Health Sciences Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Health Sciences Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0 0.0027 0.0082 -0.0006 0.0076 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 78 252 445 1004 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">289.28</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 2.8928 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that are engaged in the health sciences sector. Equity securities include common or preferred stocks that are listed on U.S. or foreign exchanges. A company will be considered to be engaged in the health sciences sector if it derives at least 50% of its earnings or revenues from, or devotes at least 50% of its assets to, activities in any area of the health sciences sector, including health care services, pharmaceuticals, medical equipment and supplies and applied research and development. Such companies include, but are not limited to: </span><span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">hospitals, clinical test laboratories, convalescent and mental health care facilities, home care providers, and companies that supply services to any of the foregoing; </span><span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">companies involved in pharmaceuticals, biotechnology, biochemistry and diagnostics; and </span><span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">producers and manufacturers of medical, dental and optical supplies and equipment.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest a substantial portion of its assets in a smaller number of issuers. Fund holdings may occasionally increase or decrease for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position.  Additionally, the Fund may exceed its current number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can invest in foreign securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund </span><span style="color:#262626;font-family:Arial;font-size:9pt;">concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a small number of issuers. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="color:#262626;font-family:Arial;font-size:9pt;">how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">24.55%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q4 2018</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-18.63%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.2455 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2018-12-31 -0.1863 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2015-05-28 0.1058 -0.0157 0.0777 0.1058 -0.0277 0.0635 0.0626 -0.0129 0.0613 0.1456 0.0631 0.0954 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">A “Return After Taxes on Distributions and Sale of Fund Shares” may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger Growth &amp; Income Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger Growth &amp; Income Fund seeks to provide capital appreciation and current income.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0050 0 0.0012 0.0062 <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 63 199 346 774 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">4.83</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 0.0483 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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. The Fund intends to invest at least 65% of its total assets in dividend paying equity securities. The Fund may invest up to 35% of its total assets in equity securities that do not pay dividends or in money market instruments and repurchase agreements. The Fund focuses on growing companies that, at the time of purchase of the securities, have a market capitalization equal to or greater than </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the market capitalization of companies included in the S&amp;P 500 Index. This 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Income-Producing Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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 </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">in the communication services sector may also be affected by other competitive pressures, such as pricing competition,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as well</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">as research and development costs,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Financials Sector Risk – The Fund may have a significant portion of its assets invested in securities of financial services companies, which means the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 35% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) </span><span style="color:#262626;font-family:Arial;font-size:9pt;">is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s </span><span style="color:#262626;font-family:Arial;font-size:9pt;">website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) </span><span style="color:#262626;font-family:Arial;font-size:9pt;">is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">19.68%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2020</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-19.71%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2020-06-30 0.1968 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2020-03-31 -0.1971 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2012-03-01 0.2053 0.1547 0.1466 0.2016 0.1472 0.1356 0.1237 0.1216 0.1177 0.1788 0.1442 0.1482 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger 35 Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger 35 Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0 0.0029 0.0074 -0.0019 0.0055 <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example is based on net operating expenses, which reflect the contractual expense limitation agreed to by the Manager. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 56 176 307 689 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">189.43</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 1.8943 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests in a 35-stock portfolio of equity securities of companies of any market capitalization that the Manager believes are undergoing Positive Dynamic Change. Equity securities include common or preferred stocks, or securities convertible into or exchangeable for equity securities, including warrants and rights. The Fund may invest in </span><span style="color:#262626;font-family:Arial;font-size:9pt;">companies whose securities are traded on domestic or foreign exchanges. The Fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments. In the opinion of the Manager, these companies use technology extensively to improve their business processes, applications and opportunities or seek to grow through technological developments and innovations. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 35 holdings. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, such as when the Fund has entered a temporary defensive position. Additionally, the Fund may temporarily exceed the stated number of holdings when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 communication services sectors. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Health Care Sector Risk – The Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Number of Holdings Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Under normal circumstances, the Fund invests in a 35-stock portfolio. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a higher number of holdings.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap and Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> There may be greater risk in investing in smaller, less seasoned 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Effective upon the close of business May 7, 2021, Class P shares of the Fund were </span><span style="color:#262626;font-family:Arial;font-size:9pt;">reclassified as Class Z shares.  The reclassified Class Z shares have the same annual returns as the Class P shares because the shares are invested in the same portfolio of securities and the reclassified Class Z shares have the same expenses as the Fund’s Class P shares. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The bar chart shows how the Fund’s average annual returns have varied over the indicated periods.</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The table shows how the Fund’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 Fund invests. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the </span><span style="color:#262626;font-family:Arial;font-size:9pt;">future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">32.90%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2022</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-21.96%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3290 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2022-06-30 -0.2196 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2018-03-29 0.3317 0.1312 0.1908 0.2519 0.0998 0.1615 0.2124 0.0930 0.1479 0.1788 0.1442 0.1492 0.1815 0.1459 0.1786 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger AI Enablers &amp; Adopters Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger AI Enablers &amp; Adopters Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0025 0.0197 0.0267 -0.0183 0.0084 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 86 531 1134 2769 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">173.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 1.7358 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities and demonstrate promising growth potential. 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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that it believes will benefit from artificial intelligence (“AI”), demonstrate promising growth potential, and are companies where AI can play a material role in potentially driving stock price performance over the next twelve to thirty-six months. Equity securities include common or preferred stocks listed on U.S. or foreign exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In effecting the Fund’s investment strategy, the Manager initially employs its fundamental, proprietary investment research investment process to identify companies undergoing Positive Dynamic Change. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Next, the Manager determines whether it believes such companies benefit from AI by classifying them into two categories: AI Enablers and AI Adopters. AI Enablers include companies developing the building block components for and investing in AI infrastructure such as machinery, hardware, software and services. AI Adopters include companies that integrate AI into their businesses to enhance their products or services or make their operations more productive. These categories may be adjusted from time to time to incorporate future developments as the area of AI evolves. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Lastly, the Manager determines whether AI can play a material role in potentially driving stock performance over the next twelve to thirty-six months through its fundamental research process. The Manager makes this determination using mainly qualitative assessments to reach its conclusions due to the Manager’s view that publicly traded companies, even those focused upon AI, are not universally transparent in sharing their exposure to AI. Specifically, the Manager makes assessments based upon its knowledge of each company’s creation, distribution and/or consumption of AI products and services, and to the extent available, upon quantitative factors including but not limited to a company’s revenue derived from, and/or resources devoted to, AI. In assessing what material role AI may play in potentially driving stock performance over the next twelve to thirty-six months, the Manager considers from among the following criteria with respect to AI Enablers, estimates of a company’s future market share in AI-related infrastructure services, product and/or service quality, acceleration of revenue growth and rate of adoption relative to peers, and, with respect to AI Adopters, estimates of the degree of AI integration into a company’s operations, the resulting impact on reducing a company’s costs, the increase in efficiency of the company’s operations, the potential enhancement to a company’s net earnings and revenue growth, improvement of product or service offerings, and the extent to which a company may gain a potential competitive advantage from AI within its industry. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest a substantial portion of its assets in a smaller number of issuers. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investments include small-, medium- and large-capitalization companies. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Artificial Intelligence Securities Risk – </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize AI. Further, many companies involved in, or exposed to, AI-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in AI will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies that utilize AI in their business operations, and the challenges with properly managing AI’s use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on such companies’ business operations. If the content, analyses, or recommendations that AI applications assist companies in producing are or are alleged to be deficient, inaccurate, or biased, the Fund may be adversely affected. Additionally, AI tools used by such companies may produce inaccurate, misleading or incomplete responses that could lead to errors in decision-making or other business activities, which could have a negative impact on the performance of such companies. Such AI tools could also be used against companies in criminal or negligent ways. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">ADR and GDR Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class I Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">34.24%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.55%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3424 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1255 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.4073 0.4312 0.3740 0.4049 0.2426 0.3264 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from </span><span style="color:#262626;font-family:Arial;font-size:9pt;">those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from </span><span style="color:#262626;font-family:Arial;font-size:9pt;">those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger AI Enablers &amp; Adopters Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger AI Enablers &amp; Adopters Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0 0.0196 0.0241 -0.0180 0.0061 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 62 456 1005 2509 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">173.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 1.7358 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities and demonstrate promising growth potential. 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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that it believes will benefit from artificial intelligence (“AI”), demonstrate promising growth potential, and are companies where AI can play a material role in potentially driving stock price performance over the next twelve to thirty-six months. Equity securities include common or preferred stocks listed on U.S. or foreign exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In effecting the Fund’s investment strategy, the Manager initially employs its fundamental, proprietary investment research investment process to identify companies undergoing Positive Dynamic Change. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Next, the Manager determines whether it believes such companies benefit from AI by classifying them into two categories: AI Enablers and AI Adopters. AI Enablers include companies developing the building block components for and investing in AI infrastructure such as machinery, hardware, software and services. AI Adopters include companies that integrate AI into their businesses to enhance their products or services or make their operations more productive. These categories may be adjusted from time to time to incorporate future developments as the area of AI evolves. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Lastly, the Manager determines whether AI can play a material role in potentially driving stock performance over the next twelve to thirty-six months through its fundamental research process. The Manager makes this determination using mainly qualitative assessments to reach its conclusions due to the Manager’s view that publicly traded companies, even those focused upon AI, are not universally transparent in sharing their exposure to AI. Specifically, the Manager makes assessments based upon its knowledge of each company’s creation, distribution and/or consumption of AI products and services, and to the extent available, upon quantitative factors including but not limited to a company’s revenue derived from, and/or resources devoted to, AI. In assessing what material role AI may play in potentially driving stock performance over the next twelve to thirty-six months, the Manager considers from among the following criteria with respect to AI Enablers, estimates of a company’s future market share in AI-related infrastructure services, product and/or service quality, acceleration of revenue growth and rate of adoption relative to peers, and, with respect to AI Adopters, estimates of the degree of AI integration into a company’s operations, the resulting impact on reducing a company’s costs, the increase in efficiency of the company’s operations, the potential enhancement to a company’s net earnings and revenue growth, improvement of product or service offerings, and the extent to which a company may gain a potential competitive advantage from AI within its industry. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest a substantial portion of its assets in a smaller number of issuers. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investments include small-, medium- and large-capitalization companies. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Artificial Intelligence Securities Risk – </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize AI. Further, many companies involved in, or exposed to, AI-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in AI will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies that utilize AI in their business operations, and the challenges with properly managing AI’s use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on such companies’ business operations. If the content, analyses, or recommendations that AI applications assist companies in producing are or are alleged to be deficient, inaccurate, or biased, the Fund may be adversely affected. Additionally, AI tools used by such companies may produce inaccurate, misleading or incomplete responses that could lead to errors in decision-making or other business activities, which could have a negative impact on the performance of such companies. Such AI tools could also be used against companies in criminal or negligent ways. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">ADR and GDR Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Y Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">34.42%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.45%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3442 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1245 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.4128 0.4356 0.3796 0.4094 0.2458 0.3300 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from </span><span style="color:#262626;font-family:Arial;font-size:9pt;">those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from </span><span style="color:#262626;font-family:Arial;font-size:9pt;">those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Alger AI Enablers &amp; Adopters Fund</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Alger AI Enablers &amp; Adopters Fund seeks long-term capital appreciation.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Fund Fees and Expenses</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(fees paid directly from your investment)</span> 0 <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#262626;font-family:Arial;font-size:9pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0 0.0197 0.0242 -0.0181 0.0061 <span style="color:#262626;font-family:Arial;font-size:8pt;">October 31, 2027</span> <span style="color:#0064FA;font-family:Arial;font-size:9pt;font-weight:bold;">Example</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund 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 Fund’s operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 62 457 1009 2518 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#262626;font-family:Arial;font-size:9pt;">173.58</span><span style="color:#262626;font-family:Arial;font-size:9pt;">% of the average value of its portfolio.</span> 1.7358 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities and demonstrate promising growth potential. 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. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that it believes will benefit from artificial intelligence (“AI”), demonstrate promising growth potential, and are companies where AI can play a material role in potentially driving stock price performance over the next twelve to thirty-six months. Equity securities include common or preferred stocks listed on U.S. or foreign exchanges. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">In effecting the Fund’s investment strategy, the Manager initially employs its fundamental, proprietary investment research investment process to identify companies undergoing Positive Dynamic Change. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Next, the Manager determines whether it believes such companies benefit from AI by classifying them into two categories: AI Enablers and AI Adopters. AI Enablers include companies developing the building block components for and investing in AI infrastructure such as machinery, hardware, software and services. AI Adopters include companies that integrate AI into their businesses to enhance their products or services or make their operations more productive. These categories may be adjusted from time to time to incorporate future developments as the area of AI evolves. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Lastly, the Manager determines whether AI can play a material role in potentially driving stock performance over the next twelve to thirty-six months through its fundamental research process. The Manager makes this determination using mainly qualitative assessments to reach its conclusions due to the Manager’s view that publicly traded companies, even those focused upon AI, are not universally transparent in sharing their exposure to AI. Specifically, the Manager makes assessments based upon its knowledge of each company’s creation, distribution and/or consumption of AI products and services, and to the extent available, upon quantitative factors including but not limited to a company’s revenue derived from, and/or resources devoted to, AI. In assessing what material role AI may play in potentially driving stock performance over the next twelve to thirty-six months, the Manager considers from among the following criteria with respect to AI Enablers, estimates of a company’s future market share in AI-related infrastructure services, product and/or service quality, acceleration of revenue growth and rate of adoption relative to peers, and, with respect to AI Adopters, estimates of the degree of AI integration into a company’s operations, the resulting impact on reducing a company’s costs, the increase in efficiency of the company’s operations, the potential enhancement to a company’s net earnings and revenue growth, improvement of product or service offerings, and the extent to which a company may gain a potential competitive advantage from AI within its industry. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest a substantial portion of its assets in a smaller number of issuers. As a result, the Fund is a non-diversified investment company, which means the performance results of any one position may have a greater impact on the Fund’s performance. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s investments include small-, medium- and large-capitalization companies. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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 Fund may engage in active trading of portfolio securities.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund 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,</span><span style="color:#262626;font-family:Arial;font-size:9pt;line-height:11pt;"> </span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund can also invest in privately placed securities, which are securities acquired in non-public offerings for which there is no readily available market.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund may invest in cash (and cash equivalents) when the Fund 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 Fund’s net assets.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund will invest at least 25% of its total assets in companies focused in the following group of related industries: software, technology hardware storage and peripherals, semiconductors and semiconductor equipment, information technology services, electronic equipment instruments and components, communications equipment, broadline retail and interactive media and services, as classified by third party sources. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s share price may go down, which means you could lose money.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Investment Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Market Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as environmental or natural disasters, war, 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 Fund and its investments.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Equity Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund’s price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Artificial Intelligence Securities Risk – </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize AI. Further, many companies involved in, or exposed to, AI-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in AI will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">Companies that utilize AI in their business operations, and the challenges with properly managing AI’s use could result in reputational harm, competitive harm, and legal liability, and/or an adverse effect on such companies’ business operations. If the content, analyses, or recommendations that AI applications assist companies in producing are or are alleged to be deficient, inaccurate, or biased, the Fund may be adversely affected. Additionally, AI tools used by such companies may produce inaccurate, misleading or incomplete responses that could lead to errors in decision-making or other business activities, which could have a negative impact on the performance of such companies. Such AI tools could also be used against companies in criminal or negligent ways. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Growth Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment’s value.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Concentration Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> By focusing on an industry or a group of industries, the Fund carries much greater risks of adverse developments and price movements in such industries than a fund that invests in a wider variety of industries. Because the Fund concentrates in a specific industry or group of industries, there is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Mid Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Small Cap Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> 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 Fund because of the potentially less frequent trading of stocks of smaller market capitalization.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Sector Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund 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 Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund 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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#5CC9FF;font-family:Arial;font-size:9pt;">●</span><span style="color:#262626;font-family:Arial;font-size:9pt;">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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Non-Diversification Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund is a non-diversified investment company. Therefore, the Fund’s performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a fund that has a diversified portfolio.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Privately Placed Securities Risk</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> – 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. 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 Fund may be required to hold such positions for several years, if not longer, regardless of valuation, which may cause the Fund to be less liquid. As a result, investments in private placements can result in substantial or complete losses.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Foreign Securities Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> The Fund’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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">ADR and GDR Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository’s transaction fees. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. GDRs can involve additional currency risk since, unlike ADRs, they may not be U.S. Dollar-denominated.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Affiliate Ownership Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. In addition, a third party investor, the Manager or an </span><span style="color:#262626;font-family:Arial;font-size:9pt;">affiliate of the Manager, or another entity may invest in the Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment or that the size of the Fund would be maintained at such levels.  Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by large shareholders. Redemptions by large shareholders could have a significant negative impact on the Fund. Inflows and outflows could be significant, could cause the Fund to sell securities at inopportune times in order to meet redemption requests, and could cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Portfolio Turnover (Active Trading) Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Because the Fund 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.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;font-weight:bold;">Cash Position Risk –</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.</span> <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Performance</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span><span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span><span style="color:#262626;font-family:Arial;font-size:9pt;"> Updated performance information is available on </span><span style="color:#262626;font-family:Arial;font-size:9pt;">the Fund’s website </span><span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span><span style="color:#262626;font-family:Arial;font-size:9pt;">.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund’s performance for the calendar year ended December 31, 2025. The bar chart shows how the Fund’s average annual returns have varied over the indicated periods. The table shows how the Fund’s average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market. </span> <span style="color:#262626;font-family:Arial;font-size:9pt;">The Fund’s past performance (before and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after taxes) is not necessarily an indication of how it will perform in the future.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">www.alger.com</span> <span style="color:#262626;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Return for Class Z Shares</span><span style="color:#262626;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#262626;font-family:Arial;font-size:10pt;font-style:italic;">as of December 31 (%)</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q2 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">34.39%</span><span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span><span style="color:#262626;font-family:Arial;font-size:8pt;">Q1 2025</span><span style="color:#262626;font-family:Arial;font-size:8pt;">-12.44%</span> <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Best Quarter:</span> 2025-06-30 0.3439 <span style="color:#262626;font-family:Arial;font-size:8pt;font-weight:bold;">Worst Quarter:</span> 2025-03-31 -0.1244 <span style="color:#0064FA;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Return as of December 31, 2025</span> 2024-04-04 0.4125 0.4361 0.3793 0.4099 0.2456 0.3304 0.1788 0.1932 <span style="color:#262626;font-family:Arial;font-size:9pt;">In the foregoing table, </span><span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span><span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from </span><span style="color:#262626;font-family:Arial;font-size:9pt;">those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">after-tax returns are calculated using the historical highest individual federal marginal income tax rates and </span><span style="color:#262626;font-family:Arial;font-size:9pt;">do not reflect the impact of state and local taxes.</span> <span style="color:#262626;font-family:Arial;font-size:9pt;">Actual after-tax returns depend on an investor’s tax situation and may differ from </span><span style="color:#262626;font-family:Arial;font-size:9pt;">those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Fred Alger Management, LLC (the “Manager”) has contractually agreed to limit the Other Expenses of the Fund so that such expenses never exceed 0.10% of average daily net assets of the Fund’s Class Z Shares. This commitment is currently expected to remain in place for the life of the Fund, can only be amended or terminated by agreement of the Fund’s Board of Trustees and the Manager, and will terminate automatically in the event of termination of the Investment Advisory Agreement. This expense reimbursement arrangement does not include dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .80%. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .80%. The Manager has contractually agreed to waive and/or reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .04% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .07% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Fund's Class A Shares to .35%, and the Class C Shares to 1.10%, of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .05% and .06% for Class A Shares and Class C Shares, respectively, for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class I Shares of the Fund to .35% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .04% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Y Shares of the Fund to .10% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .06% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .10% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .06% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Fred Alger Management, LLC (the “Manager”) has contractually agreed to waive and/or reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Y Shares of the Fund to .10% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. The Manager has contractually agreed to waive and/or reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Y Shares of the Fund to .07% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. For the year ended October 31, 2025, the Manager voluntarily waived .98% of Class B Shares’ expenses, equal to $16,268, which is not reflected in the above table. Such waiver is not guaranteed to continue. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. The Manager has contractually agreed to waive and/or reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Y Shares of the Fund to .03% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. 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 October 31, 2025 was .81%. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .71%. For the year ended October 31, 2025, the Manager voluntarily waived .66% of Class B Shares’ expenses, equal to $95,853, which is not reflected in the above table. Such waiver is not guaranteed to continue. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .71%. The Fund and Fred Alger Management, LLC (the "Manager" have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .71%, and for assets in excess of $1 billion is .60%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .71%. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .13% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .02% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .76%. For the year ended October 31, 2025, the Manager voluntarily waived .55% of Class B Shares’ expenses, equal to $69,562, which is not reflected in the above table. Such waiver is not guaranteed to continue. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .76%. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Fund’s Class A Shares to .35%, and the Class C Shares to 1.10%, of such class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% and .01% for Class A Shares and Class C Shares, respectively, for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class I Shares of the Fund to .35% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled 0.01% for Class I Shares for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Y Shares of the Fund to .10% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled 0.01% for Class Y Shares for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .10% of the class’s average daily net assets. Excludd Expenses not subject to waiver and/or reimbursement totaled 0.01% for Class Z Shares for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Other Expenses are based on estimated amounts for the current fiscal year. Actual expenses may differ from estimates. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Fund's Class A Shares to .45%, of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Other Expenses are based on estimated amounts for the current fiscal year. Actual expenses may differ from estimates. Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Fund's Class Z Shares to .10%, of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. Fred Alger Management, LLC (the “Manager”) has contractually agreed to waive and/or reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, "Excluded Expenses")) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .20% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. Purchases of $1 million or more of Class A Shares at net asset value may be subject to a contingent deferred sales charge of 1.00% on redemptions made within 12 months of purchase. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%. The Manager has contractually agreed to waive and/or reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Y Shares of the Fund to .07% of the class’s average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%. The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $250 million is .70%, and for assets in excess of $250 million is .50%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was .67%.