0000003521 2025-10-31 2025-10-31 0000003521 af:S000009162Member 2025-10-31 2025-10-31 0000003521 af:S000009162Member af:C000156504Member 2025-10-31 2025-10-31 iso4217:USD pure false 2025-10-31 497 0000003521 N-1A <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">THE ALGER FUNDS </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Alger Mid Cap Growth Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated May 20, 2026 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Prospectus of the Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">dated February 27, 2026 </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Effective immediately, the following changes are made to the Fund’s Prospectus: </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">The section of the Fund’s Class Z Prospectus entitled “Summary Sections—Alger Mid Cap Growth Fund—Fund Fees and Expenses” is deleted in its entirety and replaced with the following: </span></div><div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Fund Fees and Expenses </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;width:68%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:90%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Shareholder Fees </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;">(fees paid directly from your investment)</div> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Class Z</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">None</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:68%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:90%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Annual Fund Operating Expenses </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;">(expenses that you pay each year as a percentage of the value of your investment)</div> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Class Z</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Advisory Fees*</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.76</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Distribution and/or Service (12b‑1) Fees</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">None</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.16</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Total Annual Fund Operating Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.92</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Expense Reimbursement **</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">(0.13</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net Annual Fund Operating Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.79</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;">*</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was 0.76%. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;">**</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Manager has contractually agreed to waive fees or to reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, “Excluded Expenses”)) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .02% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">The section of the Fund’s Class Z Prospectus entitled “Summary Sections—Alger Mid Cap Growth Fund—Example” is deleted in its entirety and replaced with the following: </span></div><div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Example </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;width:92%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:72%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">1 Year</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">3 Years</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">5 Years</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">10 Years</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;font-weight:bold;">Class Z</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$81</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$272</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$488</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$1,112</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">THE ALGER FUNDS </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Alger Mid Cap Growth Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated May 20, 2026 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Prospectus of the Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">dated February 27, 2026 </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">Effective immediately, the following changes are made to the Fund’s Prospectus: </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">The section of the Fund’s Class Z Prospectus entitled “Summary Sections—Alger Mid Cap Growth Fund—Fund Fees and Expenses” is deleted in its entirety and replaced with the following: </span></div><div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Fund Fees and Expenses </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;width:68%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:90%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Shareholder Fees </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;">(fees paid directly from your investment)</div> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Class Z</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">None</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:68%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:90%;"></td> <td style="vertical-align:bottom;width:6%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Annual Fund Operating Expenses </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;">(expenses that you pay each year as a percentage of the value of your investment)</div> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Class Z</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Advisory Fees*</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.76</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Distribution and/or Service (12b‑1) Fees</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">None</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.16</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Total Annual Fund Operating Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.92</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Expense Reimbursement **</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">(0.13</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net Annual Fund Operating Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.79</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1px"> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td style="vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div> </td> <td> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;">*</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was 0.76%. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;">**</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Manager has contractually agreed to waive fees or to reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, “Excluded Expenses”)) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .02% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-style:italic">The section of the Fund’s Class Z Prospectus entitled “Summary Sections—Alger Mid Cap Growth Fund—Example” is deleted in its entirety and replaced with the following: </span></div><div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Example </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;width:92%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:72%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">1 Year</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">3 Years</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">5 Years</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">10 Years</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;font-weight:bold;">Class Z</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$81</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$272</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$488</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">$1,112</td> </tr> </table> ALGER FUNDS 2026-02-27 Fund Fees and Expenses <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> </div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0076 0 0.0016 0.0092 -0.0013 0.0079 October 31, 2027 Example <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 81 272 488 1112 The Fund and Fred Alger Management, LLC (the “Manager”) have adopted fee breakpoints for the Fund. The advisory fee for assets up to $1 billion is .76%, and for assets in excess of $1 billion is .70%. The actual rate paid as a percentage of average daily net assets for the year ended October 31, 2025 was 0.76%. The Manager has contractually agreed to waive fees or to reimburse Fund expenses (excluding custody fees, acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, fees in connection with the ReFlow Fund, LLC liquidity program, extraordinary expenses, and certain proxy expenses, to the extent applicable (collectively, “Excluded Expenses”)) through October 31, 2027 to the extent necessary to limit Other Expenses and any other applicable share class-specific expenses of the Class Z Shares of the Fund to .02% of the class’s average daily net assets. Excluded Expenses not subject to waiver and/or reimbursement totaled .01% for the period. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund’s Board of Trustees, and will terminate automatically in the event of termination of the Investment Advisory Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund’s current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed.