Table of Contents

ALGER GLOBAL FOCUS FUND

Shareholders’ Letter (Unaudited)	1
Fund Highlights (Unaudited)	8
Portfolio Summary (Unaudited)	10
Schedule of Investments	11
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	36
Additional Information (Unaudited)	37

Shareholders’ Letter (Unaudited)

October 31, 2022

Dear Shareholders,

Steering into Stability

The late MIT economist and Nobel laureate Paul Samuelson acknowledged that “good questions outrank easy answers.” The uncertainty around inflation has complicated the market environment since the beginning of 2022, and is expected to continue in the months ahead. Reflecting on the fiscal year, Russia’s invasion of Ukraine sparked a surge in commodity prices into the summer, exacerbating inflation around the world. Consequently, interest rates continued their climb seven months into the Federal Reserve’s (the Fed) hiking cycle, making mortgage rates and consumer finance products more expensive across the economy. Moreover, the Fed increased the Federal Funds rate by 75 basis points in each of June, July and September 2022, ending the third quarter of 2022, with a target rate of 3.25%. Hopes of the Fed pivoting or reversing its tightening policy were dampened after an August speech by Fed chair Jerome Powell, where he argued that restoring price stability will require a restrictive policy for some time and may bring pain to households and businesses.

These higher interest rates have been a headwind for longer duration stocks, as investors discount cash flows further into the future, pushing down the valuations of many of these companies to levels not seen since the COVID-19 crash of 2020, or the financial crisis of 2008-2009. And, while valuation multiples of many of these companies have decreased considerably, we believe their growth rates should buoy them, even in a weakening economy. How high will the Fed ultimately push interest rates? We can’t know for certain, but we believe that valuations of such long duration stocks have compressed to the point where they have diverged from fundamentals and we remain confident in the long-term trajectory of such companies, rather than the short-term vicissitudes of the economy.

As a result of the rotations described above, value stocks outperformed growth stocks during the past twelve months, with the Russell 3000 Value Index down -7.25%, outperforming the Russell 3000 Growth Index which fell to -24.67%.

Navigating a Weakening Economy

Over the past thirteen tightening cycles, we have only experienced three soft landings (i.e., a cyclical slowdown in economic growth that avoids a recession). Among those soft landings, all three experienced approximately 300 basis points of rate hikes – specifically in 1984, 1994-1995 and 2020. As of this writing, the Fed is hiking approximately 450 basis points on its target policy rate, and as a result, we feel it is unlikely the Fed can successfully achieve tighter financial conditions while avoiding a recession (i.e., a soft landing).

Moreover, the Conference Board’s Index of Leading Economic Indicators – a composite of economic information from areas like housing, building permits and durable goods orders – has historically proven to be a strong predictor of recessions, particularly when the index moves into negative territory. In August 2022, that index moved into negative territory, flashing a warning light that the U.S. economy might be heading into recession in the next few months.

As a result of the foregoing, our current expectation is that the United States will enter – or perhaps has already entered – a recession. As of the writing of this letter, the Fed has continued to tighten financial conditions via its interest rate increases and the roll-off of debt from its balance sheet. Further, the broader money supply growth is decelerating and appears to be heading into its first outright contraction since 1938, which is likely to slow economic activity all on its own.

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International Markets Also Struggle

Concerns about interest rates, inflation and the Russian invasion of Ukraine extended beyond the United States. Investors also assessed the spread of COVID-19 in China. Among non-U.S. equities, emerging markets significantly underperformed with the MSCI Emerging Markets Index declining -30.73% during the fiscal 12-month reporting period. Within the index, the Utilities sector was the only sector to generate positive performance, as investors focused on companies that they perceived as having recession resistant fundamentals that provide a relatively high return of cash to shareholders. Consumer Discretionary, Healthcare and Energy were among the worst performing sectors. The selloff also included developed markets with the MSCI EAFE Index declining -22.62%. From a broader perspective, the MSCI ACWI Index declined -19.58%.

What Has Happened

Typically, we tend to see two phases when entering a recession, where companies in phase one experience valuation compression, followed by slower earnings growth in phase two:

Phase One

Higher interest rates lead to compressed valuations of long duration assets. As in the bond market, where interest rate changes impact long-term bonds more than short-term notes, long duration stocks, having more of their cashflows further into the future, are impacted more by rising rates. The best example of this would be small-cap growth stocks, which are generally perceived as long duration assets. However, we believe that long duration, small-cap growth stock valuations may have reached a floor, at least on a relative basis, as of this writing.

Phase Two

Corporate earnings tend to decline during recessions, although consensus expectations for the S&P 500 Index show earnings growth in 2023, as of this writing. That means that there may be a period of downward earnings revisions as we move into the new year. While the Treasury bond market appears to have priced in a recession, it remains to be seen whether equities will agree.

Not All Stocks Are Equal

In 2020, at the height of the pandemic, value stocks saw earnings decline while growth stocks as a group held up better, and small-cap growth stocks actually posted earnings increases. This is because small growth fundamentals, in general, tend to hold up better in a recession. Fortunately, over the last three recessions, growth stock earnings have declined less than half as much as value stock earnings. There are, in our view, three reasons for this trend:

●

Growth stocks tend to have better balance sheets and less leverage, resulting in lower interest expenses. Having less interest expense means that a negative change to the topline (i.e., sales) may be less magnified on the bottom line. So, better balance sheets and lower interest expense help companies when revenues are not growing.

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●

Growth stocks tend to have higher operating leverage, where higher margins generally help a company’s fundamental resiliency (i.e., companies with low variable costs tend to experience margin stability during periods of economic stress).

●

Growth stock fundamentals tend to be driven by market share gains, whereas value stock fundamentals tend to be more closely tied to the performance of the overall economy. For example, if a company is gaining market share, even in a stagnant or contracting market, it can post earnings-per-share (EPS). We have observed this in many sectors of the economy. Historically, inno-vative companies have shown growth during recessions. We saw it with per-sonal computers in the early 1990s and smartphones and online advertising during the global financial crisis of 2008-2009, and with the continued steady growth of software during the COVID-19 crash of 2020.

During 2022, long duration stocks have dramatically underperformed the broader stock market, while companies with higher dividends and share repurchases have held up better. Unfortunately, this explains why some of the Alger strategies, which are comprised of higher growth, longer duration companies, have underperformed in 2022. Moreover, strategies tied to smaller growth companies with longer durations have seen relative valuation multiples drop to their lowest levels in nearly a quarter century. While it is certainly frustrating for shareholders to see performance fall to such levels, we believe that this may create a favorable opportunity going forward. The last time that small-cap growth traded this cheaply was in 2001, and these stocks went on to outperform the S&P 500 Index by more than 20% over the following two years.

Going Forward

We continue to believe that unprecedented levels of innovation, such as healthcare advancements in genetic science, and digital technologies including artificial intelligence, e-commerce, streaming entertainment, and cloud computing are providing opportunities for leading companies to reward investors by generating long-term earnings growth. We will continue to focus on conducting in-depth fundamental research as we seek leaders of innovation rather than taking short-term bets on the fickle nature of investor sentiment. We believe doing so is the best strategy for helping our valued shareholders reach their investment goals.

Portfolio Matters

Alger Global Focus Fund

The Alger Global Focus Fund returned -33.73% for the fiscal year ended October 31, 2022, compared to the -19.58% return of the MSCI ACWI Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest underweight was Communication Services.

Contributors to Performance

The Communication Services and Financials sectors provided the largest contributions to relative performance. From a country perspective, Germany, Brazil and Hong Kong were among the top contributors to relative performance.

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Regarding individual positions, Schlumberger NV; Arezzo Industria e Comercio S.A.; VERBIO Vereinigte BioEnergie AG; Alfen NV; and Banco BTG Pactual SA were among the top contributors to absolute performance.

VERBIO Vereinigte BioEnergie is a leading producer of the complete range of biofuels (biodiesel, bioethanol and biomethane) and by-products at industrial scale. The company benefits from environmental protection tailwinds and an increasing effort to curb greenhouse gas emissions globally. VERBIO saw an increase in revenues during the period, primarily driven by higher sales prices of both biodiesel and bioethanol. Moreover, the Russia-Ukraine conflict continues to highlight Europe’s increasing need for energy independence. With biomethane serving as a direct substitute for natural gas, there is heightened investor focus on VERBIO’s ability to scale and serve as a potential solution to the ongoing energy crisis.

Detractors from Performance

The Information Technology and Healthcare sectors were the most significant detractors from relative performance. From a country perspective, the U.S., Norway, Switzerland, France and Singapore were among the top detractors from relative performance.

Regarding individual positions, Amazon.com, Inc.; Microsoft Corporation; Aker Carbon Capture ASA; PolyPeptide Group AG; and Adobe Incorporated were among the top detractors from absolute performance.

We believe that Microsoft is a Positive Dynamic Change beneficiary of corporate America’s transformative digitization. Microsoft’s enterprise cloud product, Azure, is rapidly growing and accruing market share. This high unit volume growth is a primary driver of the company’s higher share price, but Microsoft’s operating execution has enabled notable margin expansion. Additionally, investors appreciate Microsoft’s strong free cash flow generation and its return of cash to shareholders in the form of dividends and share repurchases. Microsoft’s shares detracted from performance during the period because the company slightly missed analysts’ estimates. However, Microsoft has shown that despite consumer, advertising, and small and medium sized business weakness, the company’s main business, the digitization of corporate America, continues to grow. We believe the secular forces of cloud adoption (Azure and Office 365) remain resilient, and the company’s commercial bookings growth attests to the continued demand for digital transformation.

I thank you for putting your trust in Alger.

Sincerely,

Daniel C. Chung, CFA

Chief Executive Officer

Fred Alger Management, LLC

Investors cannot invest directly in an index. Index performance does not reflect the deduction for fees, expenses, or taxes.

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This report and the financial statements contained herein are submitted for the general information of shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus for the Fund. Fund performance returns represent the twelve-month period return of Class A shares prior to the deduction of any sales charges and include the reinvestment of any dividends or distributions.

The performance data quoted represents past performance, which is not an indication or guarantee of future results.

Standardized performance results can be found on the following pages. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, visit us at www.alger.com or call us at (800) 992-3863.

The views and opinions of the Fund’s management in this report are as of the date of the Shareholders’ Letter and are subject to change at any time subsequent to this date. There is no guarantee that any of the assumptions that formed the basis for the opinions stated herein are accurate or that they will materialize. Moreover, the information forming the basis for such assumptions is from sources believed to be reliable; however, there is no guarantee that such information is accurate. Any securities mentioned, whether owned in the Fund or otherwise, are considered in the context of the construction of an overall portfolio of securities and therefore reference to them should not be construed as a recommendation or offer to purchase or sell any such security. Inclusion of such securities in the Fund and transactions in such securities, if any, may be for a variety of reasons, including, without limitation, in response to cash flows, inclusion in a benchmark, and risk control. The reference to a specific security should also be understood in such context and not viewed as a statement that the security is a significant holding in the Fund. Please refer to the Schedule of Investments for the Fund which is included in this report for a complete list of Fund holdings as of October 31, 2022. Securities mentioned in the Shareholders’ Letter, if not found in the Schedule of Investments, may have been held by the Fund during the fiscal 12-month period ended October 31, 2022.

Risk Disclosures

Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. Local, regional or global events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases and similar public health threats, recessions, or other events could have a significant impact on investments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.

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For a more detailed discussion of the risks associated with the Fund, please see the prospectus.

Before investing, carefully consider the Fund’s investment objective, risks, charges, and expenses.

For a prospectus and summary prospectus containing this and other information or for the Alger Global Focus Fund’s most recent month-end performance data, visit www.alger.com, call (800) 992-3863 or consult your financial advisor. Read the prospectus and summary prospectus carefully before investing.

Distributor: Fred Alger & Company, LLC

NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

Definitions:

●

Price-to-earnings is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS).

●

The Russell 3000 Growth Index combines the large-cap Russell 1000 Growth, the small-cap Russell 2000 Growth and the Russell Microcap Growth Index. It includes companies that are considered more growth oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 3000 Growth Index is constructed to provide a comprehensive, un-biased, and stable barometer of the growth opportunities within the broad market.

●

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

●

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

●

The Russell Microcap Growth Index measures the performance of the mi-crocap growth segment of the US equity market. It includes Russell Micro-cap companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years).

●

The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 com-panies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market.

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●

The MSCI ACWI Index is a free float-adjusted market capitalization weight-ed index that is designed to measure the equity market performance of de-veloped and emerging markets. The MSCI ACWI captures large and mid cap representation across developed markets and 26 emerging markets countries.

●

The MSCI Emerging Markets Index is a free float-adjusted market capital-ization index that is designed to measure equity market performance in the global emerging markets.

●

The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Eu-rope, Australasia and the Far East, excluding the U.S. and Canada.

●

The S&P 500 Index is an index of large company stocks considered to be representative of the U.S. stock market.

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ALGER GLOBAL FOCUS FUND

Fund Highlights Through October 31, 2022 (Unaudited)

HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES

The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Global Focus Fund Class A shares, with an initial maximum sales charge of 5.25%, and the MSCI ACWI Index (an unmanaged index of common stocks) for the ten years ended October 31, 2022. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers, and before August 15, 2018 was named Alger Global Growth Fund. Prior to May 31, 2013, the Fund was named Alger China-U.S. Growth Fund and followed different investment strategies. Performance prior to March 28, 2018, reflects these prior management styles and does not reflect the Fund’s current investment strategies and investment personnel. Figures for the Alger Global Focus Fund Class A shares and the MSCI ACWI Index include reinvestment of dividends. Figures for the Alger Global Focus Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Global Focus Fund Class C, Class I and Class Z shares will vary from the results shown above due to differences in expenses and sales charges that each class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.

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ALGER GLOBAL FOCUS FUND

Fund Highlights Through October 31, 2022 (Unaudited) (Continued)

PERFORMANCE COMPARISON AS OF 10/31/22

AVERAGE ANNUAL TOTAL RETURNS

	1 YEAR	5 YEARS	10 YEARS
Class A	(37.20)%	1.71%	5.90%
Class C	(34.80)%	2.05%	5.67%
MSCI ACWI Index	(19.58)%	5.76%	8.54%


			Since
	1 YEAR	5 YEARS	Inception
Class I (Inception 5/31/13)	(33.55)%	3.11%	6.13%
Class Z (Inception 5/31/13)	(33.38)%	3.30%	6.35%
MSCI ACWI Index	(19.58)%	5.76%	7.64%

The performance data quoted represents past performance, which is not an indication or a guarantee of future results. The Fund’s average annual total returns include changes in share price and reinvestment of dividends and capital gains. Class A returns reflect the maximum initial sales charge and Class C returns reflect the applicable contingent deferred sales charge. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers, and before August 15, 2018 was named “Alger Global Growth Fund”. Prior to May 31, 2013, the Fund was named “Alger China-U.S. Growth Fund” and followed different investment strategies. Performance prior to March 28, 2018, reflects these prior management styles and does not reflect the Fund’s current investment strategies and investment personnel. The chart and table above do not reflect the deduction of taxes that a shareholder would have paid on Fund distributions or on the redemption of Fund shares. Investment return and principal will fluctuate and the Fund’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For updated performance, visit us at www.alger.com or call us at (800) 992-3863.

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PORTFOLIO SUMMARY†

October 31, 2022 (Unaudited)

	Alger Global Focus
COUNTRY	Fund
Australia		4.4	%
Brazil		5.0
China		1.7
France		8.4
Germany		5.1
India		4.1
Ireland		2.3
Italy		4.9
Japan		2.3
Netherlands		8.2
Norway		1.5
Spain		1.5
Switzerland		2.3
United Kingdom		2.2
United States		44.9
Cash and Net Other Assets		1.2
		100.0	%

† Based on net assets for the Fund.

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ALGER GLOBAL FOCUS FUND
Schedule of Investments October 31, 2022

COMMON STOCKS—98.8%	SHARES		VALUE
AUSTRALIA—4.4%
APPLICATION SOFTWARE—2.1%
Xero Ltd.*		7,450	$	369,986
HEALTHCARE TECHNOLOGY—2.3%
Pro Medicus Ltd.		11,700		416,873
TOTAL AUSTRALIA
(Cost $751,453)				786,859
BRAZIL—5.0%
DIVERSIFIED CAPITAL MARKETS—2.6%
Banco BTG Pactual SA		82,000		459,347
FOOTWEAR—2.4%
Arezzo Industria e Comercio SA		21,600		436,917
TOTAL BRAZIL
(Cost $682,444)				896,264
CHINA—1.7%
AUTOMOBILE MANUFACTURERS—1.7%
BYD Co., Ltd., Cl. H		14,014		313,958
(Cost $321,009)
FRANCE—8.4%
APPAREL ACCESSORIES & LUXURY GOODS—2.2%
LVMH Moet Hennessy Louis Vuitton SE		625		394,352
LIFE SCIENCES TOOLS & SERVICES—2.3%
Eurofins Scientific SE		6,400		409,674
OIL & GAS STORAGE & TRANSPORTATION—1.9%
Gaztransport Et Technigaz SA		2,815		327,477
RESEARCH & CONSULTING SERVICES—2.0%
Teleperformance		1,350		361,687
TOTAL FRANCE
(Cost $1,183,059)				1,493,190
GERMANY—5.1%
AEROSPACE & DEFENSE—2.1%
Hensoldt AG		16,200		380,598
OIL & GAS REFINING & MARKETING—3.0%
VERBIO Vereinigte BioEnergie AG		6,728		529,959
TOTAL GERMANY
(Cost $759,064)				910,557
INDIA—4.1%
DIVERSIFIED BANKS—2.4%
HDFC Bank Ltd.^#		6,800		423,708
HOTELS RESORTS & CRUISE LINES—1.7%
MakeMyTrip Ltd.*		10,900		303,347
TOTAL INDIA
(Cost $818,520)				727,055

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ALGER GLOBAL FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)

COMMON STOCKS—98.8% (CONT.)	SHARES		VALUE
IRELAND—2.3%
PACKAGED FOODS & MEATS—2.3%
Kerry Group PLC, Cl. A		4,750	$	412,540
(Cost $544,388)
ITALY—4.9%
APPAREL ACCESSORIES & LUXURY GOODS—1.9%
Moncler SpA		7,753		334,480
AUTOMOBILE MANUFACTURERS—3.0%
Ferrari NV		2,750		541,118
TOTAL ITALY
(Cost $709,746)				875,598
JAPAN—2.3%
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.3%
Keyence Corp.		1,100		414,800
(Cost $393,302)
NETHERLANDS—8.2%
DATA PROCESSING & OUTSOURCED SERVICES—2.3%
Adyen NV*		290		413,983
HEAVY ELECTRICAL EQUIPMENT—2.7%
Alfen Beheer BV*		4,575		485,286
SEMICONDUCTOR EQUIPMENT—3.2%
ASML Holding NV		1,191		558,654
TOTAL NETHERLANDS
(Cost $1,599,096)				1,457,923
NORWAY—1.5%
ENVIRONMENTAL & FACILITIES SERVICES—1.5%
Aker Carbon Capture ASA*		235,219		264,678
(Cost $542,265)
SPAIN—1.5%
BIOTECHNOLOGY—1.5%
Grifols SA^#,*		44,000		277,640
(Cost $502,296)
SWITZERLAND—2.3%
SPECIALTY CHEMICALS—2.3%
Sika AG		1,800		405,877
(Cost $345,542)
UNITED KINGDOM—2.2%
FINANCIAL EXCHANGES & DATA—2.2%
London Stock Exchange Group PLC		4,550		394,403
(Cost $416,289)
UNITED STATES—44.9%
APPAREL ACCESSORIES & LUXURY GOODS—2.7%
Lululemon Athletica, Inc.*		1,450		477,108
APPLICATION SOFTWARE—9.6%
Adobe, Inc.*		1,743		555,145
Atlassian Corp., Cl. A*		1,745		353,764

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ALGER GLOBAL FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)

COMMON STOCKS—98.8% (CONT.)	SHARES		VALUE
UNITED STATES—44.9% (CONT.)
APPLICATION SOFTWARE—9.6% (CONT.)
Intuit, Inc.		1,900	$	812,250
				1,721,159
CONSUMER FINANCE—3.4%
American Express Co.		4,050		601,222
FINANCIAL EXCHANGES & DATA—4.7%
MSCI, Inc., Cl. A		1,800		843,948
HEALTHCARE EQUIPMENT—4.6%
Insulet Corp.*		3,150		815,252
INTERNET & DIRECT MARKETING RETAIL—5.2%
Amazon.com, Inc.*		9,000		921,960
IT CONSULTING & OTHER SERVICES—2.9%
EPAM Systems, Inc.*		1,500		525,000
OIL & GAS EQUIPMENT & SERVICES—4.4%
Schlumberger NV		15,200		790,856
SYSTEMS SOFTWARE—7.4%
Microsoft Corp.		5,650		1,311,535
TOTAL UNITED STATES
(Cost $6,729,918)				8,008,040
TOTAL COMMON STOCKS
(Cost $16,298,391)				17,639,382

PREFERRED STOCKS—0.0%	SHARES			VALUE
UNITED STATES—0.0%
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*^,@,(a),(b)		33,858			—
(Cost $152,361)
Total Investments
(Cost $16,450,752)		98.8	%	$	17,639,382
Affiliated Securities (Cost $152,361)					—
Unaffiliated Securities (Cost $16,298,391)					17,639,382
Other Assets in Excess of Liabilities		1.2	%		205,796
NET ASSETS		100.0	%	$	17,845,178

American Depositary Receipts.

^(a)

Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 -Affiliated Securities.

^(b)

Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Valuation Designee (as defined in Note 2).

Non-income producing security.

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ALGER GLOBAL FOCUS FUND
Schedule of Investments October 31, 2022 (Continued)

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

Security	Acquisition Date(s)	Acquisition Cost		% of net assets (Acquisition Date)			Market Value		% of net assets as of 10/31/2022
Prosetta Biosciences, Inc., Series D	2/6/15	$	152,361		0.40	%	$	0		0.00	%
Total							$	0		0.00	%

See Notes to Financial Statements.

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ALGER GLOBAL FOCUS FUND
Statement of Assets and Liabilities October 31, 2022

	Alger Global Focus Fund

ASSETS:
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments	$	17,639,382
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments		—
Cash and cash equivalents		54,398
Foreign cash †		404
Receivable for investment securities sold		106,412
Receivable for shares of beneficial interest sold		12
Dividends and interest receivable		27,005
Receivable from Investment Manager		13,403
Prepaid expenses		107,268
Total Assets		17,948,284

LIABILITIES:
Accrued investment advisory fees		11,715
Accrued distribution fees		3,615
Accrued shareholder administrative fees		225
Accrued administrative fees		403
Accrued professional fees		51,024
Accrued fund accounting fees		9,508
Accrued printing fees		8,771
Accrued transfer agent fees		5,370
Accrued custodian fees		2,443
Accrued registration fees		395
Accrued trustee fees		69
Accrued tax payable		7,252
Accrued other expenses		2,316
Total Liabilities		103,106
NET ASSETS	$	17,845,178

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		17,329,162
Distributable earnings		516,016
NET ASSETS	$	17,845,178
* Identified cost	$	16,298,391	^(a)
** Identified cost	$	152,361	^(a)
† Cost of foreign cash	$	409

See Notes to Financial Statements.

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ALGER GLOBAL FOCUS FUND
Statement of Assets and Liabilities October 31, 2022 (Continued)

	Alger Global Focus Fund

NET ASSETS BY CLASS:
Class A	$	13,900,404
Class C	$	830,593
Class I	$	285,841
Class Z	$	2,828,340

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		628,411
Class C		40,999
Class I		13,290
Class Z		123,563

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share Class A	$	22.12
Class A — Offering Price Per Share (includes a 5.25% sales charge)	$	23.35
Class C — Net Asset Value Per Share Class C	$	20.26
Class I — Net Asset Value Per Share Class I	$	21.51
Class Z — Net Asset Value Per Share Class Z	$	22.89

See Notes to Financial Statements.

^(a)

At October 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $16,483,659, amounted to $1,155,723 which consisted of aggregate gross unrealized appreciation of $2,988,424 and aggregate gross unrealized depreciation of $1,832,701.

-16-

ALGER GLOBAL FOCUS FUND
Statement of Operations for the year ended October 31, 2022

	Alger Global Focus Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	122,102
Interest		1,686
Total Income		123,788

EXPENSES:
Investment advisory fees — Note 3(a)		194,936
Distribution fees — Note 3(c)
Class A		43,076
Class C		12,837
Class I		815
Shareholder administrative fees — Note 3(f)		3,640
Administration fees — Note 3(b)		6,701
Fund accounting fees		60,345
Professional fees		51,111
Registration fees		45,944
Printing fees		28,044
Transfer agent fees — Note 3(f)		14,988
Custodian fees		12,495
Trustee fees — Note 3(g)		909
Interest expenses		227
Accrued taxes		6,004
Other expenses		7,797
Total Expenses		489,869
Less, expense reimbursements/waivers — Note 3(a)		(142,190	)
Net Expenses		347,679
NET INVESTMENT LOSS		(223,891	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized (loss) on unaffiliated investments		(478,794	)
Net realized (loss) on foreign currency transactions		(4,438	)
Net change in unrealized (depreciation) on unaffiliated investments		(10,082,931	)
Net change in unrealized (depreciation) on foreign currency		(2,312	)
Net realized and unrealized (loss) on investments and foreign currency		(10,568,475	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,792,366	)
* Foreign withholding taxes	$	10,255

See Notes to Financial Statements.

-17-

ALGER GLOBAL FOCUS FUND
Statements of Changes in Net Assets

	Alger Global Focus Fund
	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021

Net investment loss	$	(223,891	)	$	(268,690	)
Net realized gain (loss) on investments, forward foreign currency contracts and foreign currency		(483,232	)		3,835,656
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(10,085,243	)		6,025,100
Net increase (decrease) in net assets resulting from operations		(10,792,366	)		9,592,066

Dividends and distributions to shareholders:
Class A		(1,963,744	)		—
Class C		(161,011	)		—
Class I		(33,673	)		—
Class Z		(884,100	)		—
Total dividends and distributions to shareholders		(3,042,528	)		—

Increase (decrease) from shares of beneficial interest transactions:
Class A		874,160			(887,406	)
Class C		(345,615	)		(632,800	)
Class I		75,410			(305,088	)
Class Z		(4,488,597	)		5,293,665
Net increase (decrease) from shares of beneficial interest transactions — Note 6		(3,884,642	)		3,468,371
Total increase (decrease)		(17,719,536	)		13,060,437

Net Assets:
Beginning of period		35,564,714			22,504,277
END OF PERIOD	$	17,845,178		$	35,564,714

See Notes to Financial Statements.

-18-

ALGER GLOBAL FOCUS FUND
Financial Highlights for a share outstanding throughout the period

Alger Global Focus Fund	Class A
	Year ended 10/31/2022			Year ended 10/31/2021			Year ended 10/31/2020			Year ended 10/31/2019			Year ended 10/31/2018
Net asset value, beginning of period	$	36.67		$	26.21		$	21.37		$	21.88		$	24.76
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss⁽ⁱ⁾		(0.26	)		(0.31	)		(0.16	)		(0.12	)		(0.04	)
Net realized and unrealized gain (loss) on investments		(11.10	)		10.77			5.62			1.36			(1.86	)
Total from investment operations		(11.36	)		10.46			5.46			1.24			(1.90	)
Dividends from net investment income		—			—			(0.62	)		(0.14	)		(0.98	)
Distributions from net realized gains		(3.19	)		—			—			(1.61	)		—
Net asset value, end of period	$	22.12		$	36.67		$	26.21		$	21.37		$	21.88
Total return⁽ⁱⁱ⁾		(33.73	)%		39.91	%		26.08	%		6.84	%		(8.03	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	13,900		$	22,407		$	16,703		$	14,967		$	15,679
Ratio of gross expenses to average net assets		2.06	%		1.73	%		2.19	%		2.50	%		2.19	%
Ratio of expense reimbursements to average net assets		(0.56	)%		(0.23	)%		(0.69	)%		(1.08	)%		(0.69	)%
Ratio of net expenses to average net assets		1.50	%		1.50	%		1.50	%		1.42	%		1.50	%
Ratio of net investment loss to average net assets		(0.99	)%		(0.97	)%		(0.69	)%		(0.60	)%		(0.18	)%
Portfolio turnover rate		36.86	%		64.10	%		102.71	%		224.06	%		217.51	%

See Notes to Financial Statements.

⁽ⁱ⁾

Amount was computed based on average shares outstanding during the period.

⁽ⁱⁱ⁾

Does not reflect the effect of sales charges, if applicable.

-19-

ALGER GLOBAL FOCUS FUND
Financial Highlights for a share outstanding throughout the period

Alger Global Focus Fund	Class C
	Year ended 10/31/2022			Year ended 10/31/2021			Year ended 10/31/2020			Year ended 10/31/2019			Year ended 10/31/2018
Net asset value, beginning of period	$	34.09		$	24.54		$	20.05		$	20.65		$	23.41
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss⁽ⁱ⁾		(0.43	)		(0.50	)		(0.31	)		(0.26	)		(0.22	)
Net realized and unrealized gain (loss) on investments		(10.21	)		10.05			5.27			1.27			(1.74	)
Total from investment operations		(10.64	)		9.55			4.96			1.01			(1.96	)
Dividends from net investment income		—			—			(0.47	)		—			(0.80	)
Distributions from net realized gains		(3.19	)		—			—			(1.61	)		—
Net asset value, end of period	$	20.26		$	34.09		$	24.54		$	20.05		$	20.65
Total return⁽ⁱⁱ⁾		(34.21	)%		38.86	%		25.17	%		6.00	%		(8.70	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	831		$	1,922		$	1,910		$	2,241		$	2,844
Ratio of gross expenses to average net assets		2.78	%		2.43	%		2.96	%		3.30	%		2.94	%
Ratio of expense reimbursements to average net assets		(0.53	)%		(0.24	)%		(0.71	)%		(1.13	)%		(0.69	)%
Ratio of net expenses to average net assets		2.25	%		2.19	%		2.25	%		2.17	%		2.25	%
Ratio of net investment loss to average net assets		(1.73	)%		(1.66	)%		(1.42	)%		(1.35	)%		(0.94	)%
Portfolio turnover rate		36.86	%		64.10	%		102.71	%		224.06	%		217.51	%

See Notes to Financial Statements.

⁽ⁱ⁾

Amount was computed based on average shares outstanding during the period.

⁽ⁱⁱ⁾

Does not reflect the effect of sales charges, if applicable.

-20-

ALGER GLOBAL FOCUS FUND
Financial Highlights for a share outstanding throughout the period

Alger Global Focus Fund	Class I
	Year ended 10/31/2022			Year ended 10/31/2021			Year ended 10/31/2020			Year ended 10/31/2019			Year ended 10/31/2018
Net asset value, beginning of period	$	35.66		$	25.42		$	20.79		$	21.27		$	24.05
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss⁽ⁱ⁾		(0.19	)		(0.21	)		(0.08	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(10.77	)		10.45			5.45			1.32			(1.77	)
Total from investment operations		(10.96	)		10.24			5.37			1.26			(1.78	)
Dividends from net investment income		—			—			(0.74	)		(0.13	)		(1.00	)
Distributions from net realized gains		(3.19	)		—			—			(1.61	)		—
Net asset value, end of period	$	21.51		$	35.66		$	25.42		$	20.79		$	21.27
Total return⁽ⁱⁱ⁾		(33.55	)%		40.23	%		26.55	%		7.18	%		(7.77	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	286		$	376		$	546		$	466		$	714
Ratio of gross expenses to average net assets		2.03	%		1.70	%		2.18	%		2.63	%		2.19	%
Ratio of expense reimbursements to average net assets		(0.78	)%		(0.49	)%		(1.03	)%		(1.51	)%		(0.94	)%
Ratio of net expenses to average net assets		1.25	%		1.21	%		1.15	%		1.12	%		1.25	%
Ratio of net investment loss to average net assets		(0.73	)%		(0.68	)%		(0.35	)%		(0.28	)%		(0.04	)%
Portfolio turnover rate		36.86	%		64.10	%		102.71	%		224.06	%		217.51	%

See Notes to Financial Statements.

⁽ⁱ⁾

Amount was computed based on average shares outstanding during the period.

⁽ⁱⁱ⁾

Does not reflect the effect of sales charges, if applicable.

-21-

ALGER GLOBAL FOCUS FUND
Financial Highlights for a share outstanding throughout the period

Alger Global Focus Fund	Class Z
	Year ended 10/31/2022			Year ended 10/31/2021			Year ended 10/31/2020			Year ended 10/31/2019			Year ended 10/31/2018
Net asset value, beginning of period	$	37.65		$	26.78		$	21.89		$	22.37		$	25.26
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)⁽ⁱ⁾		(0.15	)		(0.15	)		(0.04	)		(0.03	)		0.05
Net realized and unrealized gain (loss) on investments		(11.42	)		11.02			5.74			1.39			(1.90	)
Total from investment operations		(11.57	)		10.87			5.70			1.36			(1.85	)
Dividends from net investment income		—			—			(0.81	)		(0.23	)		(1.04	)
Distributions from net realized gains		(3.19	)		—			—			(1.61	)		—
Net asset value, end of period	$	22.89		$	37.65		$	26.78		$	21.89		$	22.37
Total return⁽ⁱⁱ⁾		(33.38	)%		40.54	%		26.76	%		7.33	%		(7.67	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	2,828		$	10,860		$	3,346		$	2,718		$	4,857
Ratio of gross expenses to average net assets		1.65	%		1.42	%		1.86	%		2.35	%		2.01	%
Ratio of expense reimbursements to average net assets		(0.66	)%		(0.43	)%		(0.87	)%		(1.38	)%		(0.92	)%
Ratio of net expenses to average net assets		0.99	%		0.99	%		0.99	%		0.97	%		1.09	%
Ratio of net investment income (loss) to average net assets		(0.53	)%		(0.44	)%		(0.19	)%		(0.12	)%		0.21	%
Portfolio turnover rate		36.86	%		64.10	%		102.71	%		224.06	%		217.51	%

See Notes to Financial Statements.

⁽ⁱ⁾

Amount was computed based on average shares outstanding during the period.

⁽ⁱⁱ⁾

Does not reflect the effect of sales charges, if applicable.

-22-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS

NOTE 1 — General:

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

The Fund offers Class A, C, I and Z shares. Class A shares are generally subject to an initial sales charge while Class C shares are generally subject to a deferred sales charge. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase date of a shareholder’s Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I shares are sold to institutional investors without an initial or deferred sales charge and Class Z shares are generally subject to a minimum initial investment of $500,000. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).

NOTE 2 — Significant Accounting Policies:

(a) Investment Valuation: The Fund values its financial instruments at fair value using independent dealers or pricing services under policies approved by the Fund’s Board of Trustees (the “Board”). Investments held by the Fund are valued on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).

The Board has designated, pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund’s investment adviser, Fred Alger Management, LLC (“Alger Management” or the “Investment Manager”) as the valuation designee (the “Valuation Designee”) to make fair value determinations subject to the Board’s review and oversight. The Valuation Designee has established a Valuation Committee (“Committee”) comprised of representatives of the Investment Manager and officers of the Fund to assist in performing the duties and responsibilities of the Valuation Designee.

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

-23-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

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

Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

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

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the Fund’s own assumptions based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

●

Level 1 – quoted prices in active markets for identical investments

●

Level 2 – significant other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

●

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The Fund’s valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Fund may significantly differ from the valuations that would have been assigned by the Fund had there been an active market for such securities.

-24-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.

(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.

Premiums and discounts on debt securities purchased are amortized or accreted over the lives of the respective securities.

(d) Foreign Currency Transactions: The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the accompanying Statement of Operations.

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

-25-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

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

(f) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Fund on the ex-dividend date. The Fund declares and pays dividends from net investment income, if available, annually. Dividends from net realized gains, offset by any loss carryforward, are declared and paid annually after the end of the fiscal year in which they were earned.

Each share class is treated separately in determining the amount of dividends from net investment income payable to holders of its shares.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules. Therefore, the source of the Fund’s distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of net operating losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at year-end and have no impact on the net asset value of the Fund and are designed to present the Fund’s capital accounts on a tax basis.

(g) Federal Income Taxes: It is the Fund’s policy to comply with the requirements of the Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Fund maintains such compliance, no federal income tax provision is required.

FASB Accounting Standards Codification 740 – Income Taxes (“ASC 740”) requires the Fund to measure and recognize in its financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Fund files income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Fund’s tax returns remains open for the tax years 2018-2021. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

(h) Allocation Methods: Income, realized and unrealized gains and losses, and expenses of the Fund are allocated among the Fund’s classes based on relative net assets, with the exception of distribution fees, transfer agency fees, and shareholder servicing and related fees.

-26-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(i) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

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

(a) Investment Advisory Fees: Fees incurred by the Fund, pursuant to the provisions of the Fund’s Investment Advisory Agreement with the Investment Manager, are payable monthly and computed based on the following rates. The actual rate paid as a percentage of average daily net assets, for the year ended October 31, 2022, is set forth below under the heading “Actual Rate”:

Tier 1

Tier 2

Actual Rate

Alger Global Focus Fund^(a)

0.80%

0.70%

0.80%

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

Alger Management has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses, if applicable) through February 29, 2024 to the extent necessary to limit the amount by which the total annual fund operating expenses exceed the rates, based on average daily net assets, as listed in the table below:

	CLASS								FEES WAIVED / REIMBURSED FOR THE YEAR ENDED
	A		C		I		Z		OCTOBER 31, 2022
Alger Global Focus Fund		1.50%		2.25%		1.25%		0.99%	$	142,190

Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Investment Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the year ended October 31, 2022 there were no recoupments made to the Investment Manager.

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

(c) Distribution/Shareholder Servicing Fees: The Fund has adopted distribution plans for its Class A, Class C and Class I shares pursuant to which the Fund pays Fred Alger & Company, LLC, the Fund’s distributor and an affiliate of the Investment Manager (the “Distributor” or “Alger LLC”) a fee at the annual rate of 0.25% of the average daily net assets of the Class A and Class I shares and 1.00% of the average daily net assets of the Class C shares to compensate Alger LLC for its activities and expenses incurred in distributing and/or administering the Fund’s shares and/or shareholder servicing. The fees paid may be more or less than the expenses incurred by Alger LLC.

-27-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

(d) Sales Charges: Sales of shares of the Fund may be subject to contingent deferred sales charges. The contingent deferred sales charges are used by Alger LLC to offset distribution expenses previously incurred. Sales charges do not represent expenses of the Fund. For the year ended October 31, 2022, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:

		CONTINGENT DEFERRED SALES CHARGES
Alger Global Focus Fund		$	88

(e) Brokerage Commissions: During the year ended October 31, 2022, the Fund paid Alger LLC $725 in connection with securities transactions.

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

Alger Management makes payments to intermediaries that provide sub-accounting services to omnibus accounts invested in the Fund. A portion of the fees paid by Alger Management to intermediaries that provide sub-accounting services are charged back to the Fund, subject to certain limitations, as approved by the Board. For the year ended October 31, 2022, Alger Management charged back $7,365 to the Fund for these services, which are included in transfer agent fees in the accompanying Statement of Operations.

(g) Trustee Fees: Each trustee who is not an “interested person” of the Fund, as defined in the 1940 Act (“Independent Trustee”), receives a fee of $156,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term “Alger Fund Complex” refers to the Fund, The Alger Institutional Funds, The Alger Funds II, The Alger Funds, The Alger Portfolios and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $22,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $13,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

Effective January 1, 2022, the Board adopted a policy requiring Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.

-28-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Prior to January 1, 2022, each Independent Trustee received a fee of $142,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The Independent Trustee appointed as Chairman of the Board received additional compensation of $20,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee received a fee of $13,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

(h) Interfund Trades: The Fund may engage in purchase and sale transactions with other funds advised by Alger Management or Weatherbie Capital, LLC, an affiliate of Alger Management. There were no interfund trades during the year ended October 31, 2022.

(i) Interfund Loans: The Fund, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, the Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If the Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund’s total assets, the Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight time deposit rate and bank loan rate available to the Fund. There were no interfund loans outstanding as of October 31, 2022.

During the year ended October 31, 2022, the Fund incurred interfund loan interest expenses of $217, which are included as interest expenses in the accompanying Statements of Operations.

(j) Other Transactions with Affiliates: Certain officers and one Trustee of the Fund are directors and/or officers of Alger Management, the Distributor, or their affiliates. At October 31, 2022, Alger Management and its affiliated entities owned the following shares:

	SHARE CLASS
	A	C	I	Z
Alger Global Focus Fund	—	—	—	16,199

NOTE 4 — Securities Transactions:

The following summarizes the securities transactions by the Fund, other than U.S. Government securities and short-term securities, for the year ended October 31, 2022:

		PURCHASES				SALES
Alger Global Focus Fund		$	8,975,923			$	15,624,621

-29-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 5 — Borrowings:

The Fund may borrow from Brown Brothers Harriman & Co., the Fund’s custodian (the “Custodian”), on an uncommitted basis. The Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates and the range of distribution between and among the interest rates paid on deposits to other institutions, less applicable commissions, if any. The Fund may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(i). For the year ended October 31, 2022, the Fund had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

		AVERAGE DAILY BORROWING				WEIGHTED AVERAGE INTEREST RATE
Alger Global Focus Fund		$	21,406				1.07%

The highest amount borrowed from the Custodian and other funds in the Alger Fund Complex during the year ended October 31, 2022 by the Fund was as follows:

HIGHEST BORROWING

Alger Global Focus Fund

1,905,898

NOTE 6 — Share Capital:

The Fund has an unlimited number of authorized shares of beneficial interest of $.001 par value. During the year ended October 31, 2022 and the year ended October 31, 2021, transactions of shares of beneficial interest were as follows:

-30-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

	FOR THE YEAR ENDED						FOR THE YEAR ENDED
	OCTOBER 31, 2022						OCTOBER 31, 2021
	SHARES			AMOUNT			SHARES			AMOUNT
Alger Global Focus Fund
Class A:
Shares sold		24,680		$	714,716			25,347		$	805,581
Shares converted from Class C		35			947			295			9,527
Dividends reinvested		57,047			1,844,318			—			—
Shares redeemed		(64,398	)		(1,685,821	)		(51,837	)		(1,702,514	)
Net increase (decrease)		17,364		$	874,160			(26,195	)	$	(887,406	)
Class C:
Shares sold		414		$	10,495			383		$	12,690
Shares converted to Class A		(38	)		(947	)		(316	)		(9,527	)
Dividends reinvested		5,401			161,011			—			—
Shares redeemed		(21,153	)		(516,174	)		(21,505	)		(635,963	)
Net decrease		(15,376	)	$	(345,615	)		(21,438	)	$	(632,800	)
Class I:
Shares sold		5,193		$	125,364			751		$	23,197
Dividends reinvested		1,073			33,673			—			—
Shares redeemed		(3,525	)		(83,627	)		(11,694	)		(328,285	)
Net increase (decrease)		2,741		$	75,410			(10,943	)	$	(305,088	)
Class Z:
Shares sold		19,269		$	658,261			188,197		$	6,112,681
Dividends reinvested		24,862			828,146			—			—
Shares redeemed		(208,986	)		(5,975,004	)		(24,688	)		(819,016	)
Net increase (decrease)		(164,855	)	$	(4,488,597	)		163,509		$	5,293,665

NOTE 7 — Income Tax Information:

The tax character of distributions paid during the year ended October 31, 2022 and the year ended October 31, 2021 was as follows:

	FOR THE YEAR ENDED		FOR THE YEAR ENDED
	OCTOBER 31, 2022		OCTOBER 31, 2021
Alger Global Focus Fund
Distributions paid from:
Ordinary Income	$	582,350	$	—
Long-term capital gain		2,460,178		—
Total distributions paid	$	3,042,528	$	—

-31-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

As of October 31, 2022, the components of accumulated gains (losses) on a tax basis were as follows:

Alger Global Focus Fund
Undistributed ordinary income	$	—
Undistributed long-term gains	—
Net accumulated earnings	—
Capital loss carryforwards		(478,794	)
Late year ordinary income losses		(159,122	)
Net unrealized appreciation		1,153,932
Total accumulated earnings	$	516,016

During the year ended October 31, 2022, the Fund had no capital loss carryforwards utilized for federal income tax purposes.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, realization of unrealized appreciation of passive foreign investment companies, and return of capital from real estate investment trust investments.

The Fund accrues tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax.

Permanent differences, primarily from net operating losses and real estate investment trusts and partnership investments sold by the Fund, resulted in the following reclassifications among the Fund’s components of net assets at October 31, 2022:

Alger Global Focus Fund
Distributable earnings	$	69,291
Paid-in Capital	$	(69,291	)

NOTE 8 — Fair Value Measurements:

The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund’s investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with its investments, the Fund has determined that presenting them by security type and sector is appropriate.

-32-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

Alger Global Focus Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	3,723,240		$	2,680,450	$	1,042,790	$	—
Consumer Staples		412,540			—		412,540		—
Energy		1,648,292			790,856		857,436		—
Financials		2,722,628			2,328,225		394,403		—
Healthcare		1,919,439			1,092,892		826,547		—
Industrials		1,492,249			—		1,492,249		—
Information Technology		5,315,117			3,557,694		1,757,423		—
Materials		405,877			—		405,877		—
TOTAL COMMON STOCKS	$	17,639,382		$	10,450,117	$	7,189,265	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
TOTAL INVESTMENTS IN SECURITIES	$	17,639,382		$	10,450,117	$	7,189,265	$	—

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of October 31, 2022.

	FAIR VALUE
	MEASUREMENTS
	USING SIGNIFICANT
	UNOBSERVABLE
	INPUTS (LEVEL 3)
Alger Global Focus Fund	Preferred Stocks
Opening balance at November 1, 2021	$	—	*
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		—
Included in net change in unrealized appreciation (depreciation) on investments		—
Purchases and sales
Purchases		—
Sales		—
Closing balance at October 31, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at October 31, 2022**	$	—

* Includes securities that are fair valued at zero.

** Net change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) on investments in the accompanying statement of operations.

The following table provides quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments as of October 31, 2022. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Fund’s fair value measurements.

Fair Value

Valuation

Unobservable

Weighted

October 31, 2022

Methodology

Input

Range/Input

Average Inputs

Alger Global Focus Fund

Preferred Stocks

—

Income Approach

Discount Rate

100.00%

N/A

Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of October 31, 2022.

-33-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

The significant unobservable inputs used in the fair value measurement of the Fund’s securities are revenue and EBITDA multiples, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements.

Certain of the Fund’s assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of October 31, 2022, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

		TOTAL				LEVEL 1				LEVEL 2				LEVEL 3
Cash, foreign cash and cash equivalents		$	54,802			$	404			$	54,398			$	—

NOTE 9 — Derivatives:

FASB Accounting Standards Codification 815 – Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

There were no derivative instruments held by the Fund throughout the year or as of October 31, 2022.

NOTE 10 — Principal Risks:

Investing in the stock market involves risks, including the potential loss of principal. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. 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, recessions, or other events could have a significant impact on investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.

-34-

ALGER GLOBAL FOCUS FUND

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 11 — Affiliated Securities:

During the year ended October 31, 2022, as disclosed in the following table, the Fund held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were “affiliated persons” of the Fund for purposes of the 1940 Act. Transactions during the year ended October 31, 2022 with such affiliated persons are summarized below.

	Shares						Shares						Net Change
	Held at						Held at						in		Value at
	October 31,		Shares		Shares		October 31,		Dividend		Realized		Unrealized		October 31,
Security	2021		Purchases		Sold		2022		Income		Gain (Loss)		App(Dep)		2022
Alger Global Focus Fund
Preferred Stocks
Prosetta Biosciences, Inc., Series D**		33,858		—		—		33,858	$	—	$	—	$	—	$	—	*
Total									$	—	$	—	$	—	$	—	*

^*Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of October 31, 2022.

^**Prosetta Biosciences, Inc., Series D is deemed to be an affiliate of the Fund because the Fund and Prosetta Biosciences, Inc., Series D are under common control.

NOTE 12 — Subsequent Events:

Management of the Fund has evaluated events that have occurred subsequent to October 31, 2022, through the issuance date of the Financial Statements. No such events have been identified which require recognition and/or disclosure.

-35-

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Alger Global Focus Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Alger Global Focus Fund (the “Fund”), including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

New York, New York

December 23, 2022

We have served as the auditor of one or more investment companies within the Alger group of investment companies since 2009.

-36-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited)

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: transaction costs, if applicable, including sales charges (loads) and redemption fees; and ongoing costs, including management fees, distribution (12b-1) fees, if applicable, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the six-month period starting May 1, 2022 and ending October 31, 2022 and held for the entire period.

Actual Expenses

The first line for each class of shares in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended October 31, 2022” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for each class of the Fund’s shares and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) and redemption fees. Therefore, the second line under each class of shares in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

-37-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

		Beginning Account Value May 1, 2022		Ending Account Value October 31, 2022		Expenses Paid During the Six Months Ended October 31, 2022^(a)		Annualized Expense Ratio For the Six Months Ended October 31, 2022^(b)
Alger Global Focus Fund
Class A	Actual	$	1,000.00	$	846.50	$	6.98		1.50	%
	Hypothetical^(c)		1,000.00		1,017.64		7.63		1.50
Class C	Actual		1,000.00		880.90		10.67		2.25
	Hypothetical^(c)		1,000.00		1,013.86		11.42		2.25
Class I	Actual		1,000.00		894.40		5.97		1.25
	Hypothetical^(c)		1,000.00		1,018.90		6.36		1.25
Class Z	Actual		1,000.00		895.50		4.73		0.99
	Hypothetical^(c)		1,000.00		1,020.21		5.04		0.99

^(a)

Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^(b)

Annualized.

^(c)

5% annual return before expenses.

-38-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Tax Information

The Fund designates $2,460,178 as an approximate amount of capital gain dividend for the purpose of the dividends paid deduction.

In accordance with subchapter M of the Internal Revenue Code of 1986, as amended, for the year ended October 31, 2022, 6.52% of Alger Global Focus Fund’s dividends qualified for the dividends deduction for corporations. For the year ended October 31, 2022, certain dividends paid by the Fund may be subject to a maximum rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, 29.04% of the Fund’s dividends may be considered qualified dividend income.

Shareholders should not use the above information to prepare their tax returns. Since the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2022. Such notification, which will reflect the amount to be used by tax payers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in January 2023. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

-39-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Trustees and Officers of the Fund

Information about the trustees and officers of the Fund is set forth below. In the table the term “Alger Fund Complex” refers to the Fund, The Alger Portfolios, The Alger Funds, The Alger Institutional Funds, The Alger Funds II and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. Each Trustee serves until an event of termination, such as death or resignation, or until his or her successor is duly elected; each officer’s term of office is one year.

Additional information regarding the Trustees and Officers of the Fund is available in the Fund’s Statement of Additional Information.

-40-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Name (Year of Birth) and Address⁽¹⁾	Position(s) Held with the Fund and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in the Alger Fund Complex⁽³⁾ which are Overseen by Trustee	Other Directorships Held by Trustee During Past Five Years
Interested Trustee⁽²⁾:

Hilary M. Alger (1961)	Trustee since 2003	Non-Profit Fundraising Consultant since 2015, Schultz & Williams; Non-profit Fundraising Consultant since 2014, Hilary Alger Consulting; Emeritus Trustee since 2020 and Trustee from 2013 to 2020, Philadelphia Ballet; School Committee Member since 2017, Germantown Friends School.	29	Board of Directors, Alger Associates, Inc.; Director of Target Margin Theater
Non-Interested Trustees:

Charles F. Baird, Jr. (1953)	Trustee since 2007	Managing Partner since 1997, North Castle Partners (private equity securities group).	29	None
Roger P. Cheever (1945)	Trustee since 2007	Retired; Associate Vice President for Development Strategy from 2020 to 2021 and Associate Vice President Principal Gifts from 2008 to 2020, Harvard University.	29	Board of Directors, Alger SICAV Fund
Stephen E. O’Neil (1932)	Trustee since 2003	Retired.	29	None
David Rosenberg (1962)	Trustee since 2007	Associate Professor of Law since August 2000, Zicklin School of Business, Baruch College, City University of New York.	29	None
Nathan E. Saint-Amand M.D. (1938)	Trustee since 2003	Medical doctor in private practice since 1970; Member of the Board of the Manhattan Institute (nonprofit policy research) since 1988.	29	None

⁽¹⁾ The address of each Trustee is c/o Fred Alger Management, LLC, 100 Pearl Street, 27th Floor, New York, NY 10004.

⁽²⁾ Ms. Alger is an “interested person” (as defined in the Investment Company Act of 1940, as amended) of the Fund by virtue of her ownership control of Alger Associates, Inc., which indirectly controls Alger Management and its affiliates.

⁽³⁾“Alger Fund Complex” refers to the Fund and the five other registered investment companies managed by Alger Management and the series therof. Each Trustee serves until an event of termination, such as death or resignation, or until his or her successor is duly elected. Each of the Trustees serves on the board of trustees of the other five registered investment companies in the Alger Fund Complex.

-41-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Name (Year of Birth), Position with Fund and Address⁽¹⁾	Principal Occupations	Officer Since
Officers⁽²⁾:
Hal Liebes (1964) President, Principal Executive Officer	Executive Vice President, Chief Operating Officer (“COO”), Secretary and Managing Member, Alger Management; Managing Member, Alger LLC; COO and Secretary, Alger Associates, Inc.; COO, Secretary and Manager, Alger Alternative Holdings, LLC and Alger Alternative Holdings II, LLC; Director, Alger SICAV, Alger International Holdings and Alger Dynamic Return Offshore Fund; Vice President, COO, Managing Member and Secretary, Alger Capital, LLC and Alger Group Holdings, LLC; Executive Director and Chairman, Alger Management, Ltd.; Manager and Secretary, Weatherbie Capital, LLC, Alger-Weatherbie Holdings, LLC and Alger Apple Real Estate LLC; Manager, Alger Partners Investors I LLC, Alger Partners Investors II LLC, and Alger Partners Investors KEIGF; Secretary, Alger Boulder I LLC; Director and Secretary, The Foundation for Alger Families.	2005
Tina Payne (1974) Secretary, Chief Compliance Officer, Chief Legal Officer	Senior Vice President, General Counsel, Chief Compliance Officer (“CCO”) and Assistant Secretary, Alger Management; Senior Vice President, General Counsel, and Secretary, Alger LLC; CCO and Authorized Signer, Alger Management, Ltd.; Vice President and Assistant Secretary, Alger Group Holdings, LLC; Assistant Secretary, Weatherbie Capital, LLC, Alger Alternative Holdings, LLC, Alger Alternative Holdings II, LLC and Alger-Weatherbie Holdings, LLC.	2017
Michael D. Martins (1965) Treasurer, Principal Financial Officer	Senior Vice President of Alger Management; Director, Alger Dynamic Return Offshore Fund.	2005
Anthony S. Caputo (1955) Assistant Treasurer	Vice President of Alger Management.	2007
Sergio M. Pavone (1961) Assistant Treasurer	Vice President of Alger Management.	2007
Mia G. Pillinger (1989) Assistant Secretary	Vice President and Associate Counsel of Alger Management. Formerly, Associate at Willkie Farr & Gallagher, LLP, from 2016 to 2020.	2020
Sushmita Sahu (1981) AML Compliance Officer	Vice President of Alger Management.	2021

⁽¹⁾The address of each officer is c/o Fred Alger Management, LLC, 100 Pearl Street, 27th Floor, New York, NY 10004.

⁽²⁾Each officer’s term of office is one year. Each officer serves in the same capacity for the other funds in the Alger Fund Complex.

The Statement of Additional Information contains additional information about the Fund’s Trustees and officers and is available without charge upon request by calling (800) 992-3863.

-42-

ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Board Approval of Investment Advisory Agreements

At a meeting held on September 13, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of the Fund, including a majority of the trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”), reviewed and approved the continuation of the investment advisory agreement between Fred Alger Management, LLC (“Fred Alger Management” or the “Manager”) and the Fund (the “Management Agreement”) for an additional one-year period.

In considering the continuation of the Management Agreement, the Board reviewed and considered information provided by the Manager and its representatives at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Manager provided in response to a request for information Independent Trustee counsel submitted to the Manager on behalf of the Independent Trustees in connection with the Board’s annual contract consideration, as well as information provided in response to a supplemental request from Independent Trustee counsel on behalf of the Independent Trustees. The materials for the Meeting included a presentation and analysis of the Fund and the Manager by FUSE Research Network LLC (“FUSE”), an independent consulting firm. The Board also received a presentation from FUSE representatives at the Meeting and, among other things, received a description of the methodology FUSE used to select the mutual funds included in the Fund’s Peer Universe and Peer Group (as described below).

The Independent Trustees also received advice from, and met separately with, their Independent Trustee counsel in considering whether to approve the continuation of the Management Agreement. The Independent Trustees also received a memorandum from Independent Trustee counsel discussing the legal standards and their duties in considering the continuation of the Management Agreement. In addition, prior to the Meeting, the chair of the Board, on behalf of the other Independent Trustees, conferred with Independent Trustee counsel about the contract renewal process.

The Board reviewed the materials provided and considered all of the factors it deemed relevant in approving the continuance of the Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Manager; (ii) the short- and long-term investment performance of the Fund; (iii) the costs of the services the Manager provided and profits it realized; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

In the discussions that follow, reference is made to the “median” in the Peer Group and Peer Universe categories. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group (as described below). FUSE information is calculated on a share class basis. References appearing below with regard to the Fund’s performance results and comparative fees and expenses generally relate to Class A shares of the Fund (the Fund’s oldest share class).

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

In particular, in approving the continuance of the Management Agreement, the Board considered the following factors:

Nature, Extent and Quality of Services

The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager to the Fund. This information included, among other things, the qualifications, background and experience of the professional personnel who perform services for the Fund; the structure of investment professional compensation; oversight of third-party service providers; short- and long-term investment performance, fee information and related financial information for the Fund; fees and payments to intermediaries for fund administration, transfer agency and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by the Manager; and the range of advisory fees charged by the Manager to other funds and accounts, including the Manager’s explanation of differences among accounts where relevant. The Board noted that it received information at regular meetings throughout the year regarding the services rendered by the Manager concerning the management of the Fund’s affairs, including certain portfolio manager presentations, and the Manager’s role in coordinating and overseeing providers of other services to the Fund.

The Board noted Fred Alger Management’s history and expertise in the “growth” style of investment management, as well as Fred Alger Management’s consistency in applying its “growth” style investment philosophy and process. The Board noted the length of time the Manager had provided services as an investment adviser to the Fund and also noted FUSE’s analysis that the long-term performance record of certain series in the Alger Family of Funds supports Fred Alger Management’s overall investment capabilities.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a Fund that is part of the Alger Family of Funds. The Board noted the strong financial position of the Manager and its commitment to the fund business.

Following consideration of such information, the Trustees determined that they remain satisfied with the nature, extent and quality of services provided by the Manager to the Fund under the Management Agreements.

Fund Performance

The Board reviewed and considered the performance results of the Fund over various time periods. The Board considered the performance returns for the Fund in comparison to the performance returns of a universe of mutual funds deemed comparable to the Fund based on various investment, operational, and pricing characteristics (“Peer Universe”), and a group of mutual funds from within such Peer Universe deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”), each as selected by FUSE, as well as the Fund’s benchmark index. The Board noted that long-term performance could be impacted by one period of significant outperformance or underperformance.

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board also reviewed and considered Fund performance reports provided by management and discussions that occurred with investment personnel and senior management at Board meetings throughout the year. The Board further noted that representatives of the Manager review with the Trustees the recent and longer-term performance of the Fund, including contributors to and detractors from Fund performance at every quarterly meeting of the Board throughout the year. In considering the Fund’s performance generally, the Board observed the Manager’s consistency in implementing its growth style investment process and philosophy for the Fund and considered how growth-oriented stocks recently have been negatively impacted by various market events, which resulted in the underperformance of funds that invest in such stocks, particularly “growthier offerings” such as the Fund, for the year-to-date period ended June 30, 2022. In this regard, the Board considered FUSE’s commentary regarding the Fund’s growth investment style as compared to a universe of peers comprised of actively managed funds within the Fund’s Morningstar category and as compared to the Fund’s benchmark index, as measured by Morningstar’s Raw Value- Growth score.

The Trustees concluded that the Fund’s performance was acceptable, noting the Fund’s recent underperformance but acknowledging the overall performance of growth-oriented stocks in light of the Fund’s growth investment style. In evaluating Fund performance, the Board considered that because the Peer Universe is concentrated around the median, smaller differences in performance can result in a larger impact on rankings as compared to less concentrated peer universes.

The Board noted that the Fund’s annualized total return for the one-, three-, five- and 10- year periods underperformed the median of its Peer Group. The Board also noted that the Fund’s annualized total return for the one- and three-year periods was in the third quartile of its Peer Universe and for the five- and 10-year periods was in the fourth quartile of its Peer Universe. The Board further noted that the Fund had underperformed its benchmark index for the one-, three-, five- and 10-year periods. The Board considered FUSE’s commentary that the Fund is among the “growthiest” products within its universe, as measured by Morningstar’s Raw Value-Growth score.

Comparative Fees and Expenses

The Board reviewed and considered the contractual management fee (the “Contractual Management Fee”) payable by the Fund to Fred Alger Management in light of the nature, extent and quality of the services provided by the Manager pursuant to the Management Agreement. The Board also reviewed and considered any fee waiver and/or expense reimbursement arrangements for the Fund, including specific share classes thereof, and considered the actual fee rate (after taking any waivers and reimbursements into account) payable by the Fund (the “Actual Management Fee”). Additionally, the Board received and considered information comparing the Fund’s Contractual Management Fee, Actual Management Fee and overall expenses, including administrative fees payable to Fred Alger Management, with those of the funds in the Peer Group provided by FUSE. For purposes of the comparisons below, the FUSE Contractual Management Fee includes fees paid to affiliates for administrative services under a separate agreement.

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board discussed the factors that could contribute to the Fund’s Contractual Management Fee, Actual Management Fee or total expenses being above or below the median of the Fund’s Peer Group and concluded that the Contractual Management Fee charged to the Fund is reasonable in relation to the services rendered by Fred Alger Management and is the product of arm’s length negotiations.

The Board noted that the Contractual Management Fee for the Fund was equal to the median and that the total expenses for the Fund were above the median and in the fourth (most expensive) quartile of its Peer Group.

In connection with its consideration of the Fund’s fees payable under the Management Agreement, the Board also received information on the range of fees charged by the Manager for funds and accounts of a similar investment strategy to the Fund. The Board noted management’s explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Fund, versus those accounts and the differences in the levels of services required by the Fund and those accounts.

Profitability

The Board reviewed and considered information regarding the profits realized by Fred Alger Management in connection with the operation of the Fund. In this respect, the Board considered overall profitability, including in comparison to certain investment advisory peers, as well as the profits of Fred Alger Management in providing investment management and other services to the Fund during the year ended June 30, 2022. The Board also reviewed the profitability methodology and any changes thereto, noting that management maintains a consistent methodology year to year. The Board considered FUSE’s commentary that the profitability methodology is consistent with the methodology other public asset managers use.

The Board noted that costs incurred in establishing and maintaining the infrastructure necessary for the mutual fund operations conducted by Fred Alger Management may not be fully reflected in the expenses allocated to the Fund in determining Fred Alger Management’s profitability. The Board also noted that the scope of services provided by the Manager, and the related costs of providing those services, had expanded over time as a result of regulatory and other developments.

The Board also considered the extent to which the Manager might derive ancillary benefits from Fund operations, including, for example, through soft dollar arrangements. Based upon its consideration of all these factors, the Trustees concluded that the level of profits realized by Fred Alger Management from providing services to the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Economies of Scale

The Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund’s management fee structure reflects any economies of scale for the benefit of Fund shareholders. The Board noted the existence of a management fee breakpoint for the Fund, which operates to share economies of scale with the Fund’s shareholders by reducing the Fund’s effective management fees as the Fund grows in size. The Board considered the Manager’s view that the overall size of Fred Alger Management allows it to realize other economies of scale, such as with office space, purchases of technology, and other general business expenses.

The Trustees concluded that for the Fund, to the extent economies of scale may be realized by Fred Alger Management, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows, including through the management fee breakpoint in place for the Fund.

Conclusion

The Board’s consideration of the Contractual Management Fee for the Fund also had the benefit of a number of years of reviews of the Management Agreement, during which lengthy discussions took place between the Board and representatives of the Manager. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the Fund’s arrangements in prior years.

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including the Independent Trustees voting separately, unanimously approved the continuation of the Management Agreement for an additional one-year period.

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Privacy Policy

U.S. Consumer Privacy Notice

Rev. 6/22/21

FACTS	WHAT DOES ALGER DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and • Account balances and • Transaction history and • Purchase history and • Assets When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share personal information to run their everyday business. In the section below, we list the reasons financial companies can share personal information; the reasons Alger chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Alger share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share
Questions? Call 1-800-223-3810

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Who we are
Who is providing this notice?	Alger includes Fred Alger Management, LLC and Fred Alger & Company, LLC as well as the following funds: The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Focus Fund, and The Alger ETF Trust.

What we do
How does Alger protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Alger collect my personal information?	We collect your personal information, for example, when you: • Open an account or • Make deposits or withdrawals from your account or • Give us your contact information or • Provide account information or • Pay us by check.
Why can’t I limit all sharing?	Federal law gives you the right to limit some but not all sharing related to: • sharing for affiliates’ everyday business purposes — information about your credit worthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include Fred Alger Management, LLC, Weatherbie Capital, LLC and Fred Alger & Company, LLC as well as the following funds: The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Focus Fund, and The Alger ETF Trust.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Proxy Voting Policies

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the proxy voting record is available, without charge, by calling (800) 992-3863 or online on the Fund’s website at http://www.alger.com or on the SEC’s website at http://www.sec.gov.

Fund Holdings

The Board has adopted policies and procedures relating to disclosure of the Fund’s portfolio securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Fund.

Generally, the policies prohibit the release of information concerning portfolio holdings, which have not previously been made public, to individual investors, institutional investors, intermediaries that distribute the Fund’s shares and other parties which are not employed by the Investment Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Fund) are acceptable.

The Fund files its complete schedule of portfolio holdings with the SEC semi-annually in shareholder reports on Form N-CSR and after the first and third fiscal quarters as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-CSR and N-PORT are available online on the SEC’s website at www.sec.gov.

In addition, the Fund makes publicly available its month-end top 10 holdings with a 10 day lag and its month-end full portfolio with a 60 day lag on its website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

In accordance with the foregoing, the Fund provides portfolio holdings information to third parties including financial intermediaries and service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Fund will communicate with these third parties to confirm that they understand the Fund’s policies and procedures regarding such disclosure. These agreements must be approved by the Fund’s Chief Compliance Officer.

The Board periodically reviews a report disclosing the third parties to whom the Fund’s holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Fund and its shareholders.

In addition to material the Fund routinely provides to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds.

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ALGER GLOBAL FOCUS FUND

ADDITIONAL INFORMATION (Unaudited) (Continued)

Such information may include, but not be limited to, relative weightings and characteristics of the Fund versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Fund at (800) 992-3863 to obtain such information.

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ALGER GLOBAL FOCUS FUND

100 Pearl Street, 27th Floor
New York, NY 10004
(800) 992-3863

www.alger.com

Investment Manager

Fred Alger Management, LLC
100 Pearl Street, 27th Floor
New York, NY 10004

Distributor

Fred Alger & Company, LLC
100 Pearl Street, 27th Floor
New York, NY 10004

Transfer Agent and Dividend Disbursing Agent

UMB Fund Services, Inc.

235 W. Galena Street
Milwaukee, WI 53212

Custodian

Brown Brothers Harriman & Company
50 Post Office Square
Boston, MA 02110

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, NY 10112

This report is submitted for the general information of the shareholders of Alger Global Focus Fund. It is not authorized for distribution to prospective investors unless accompanied by an effective prospectus for the Fund, which contains information concerning the Fund’s investment policies, fees and expenses as well as other pertinent information.

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By:	/s/ Hal Liebes

	Hal Liebes
	President

Date:	December 21, 2022

By:	/s/ Hal Liebes

	Hal Liebes
	President

Date:	December 21, 2022

By:	/s/ Michael D. Martins

	Michael D. Martins
	Treasurer

Date:	December 21, 2022

October 31, 2022		$300,142, €99,042
October 31, 2021		$228,972, €91,934