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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21308

Alger Global Growth Fund
(Exact name of registrant as specified in charter)

360 Park Avenue South New York, New York 10010
(Address of principal executive offices) (Zip code)

Mr. Hal Liebes

Fred Alger Management, Inc.

360 Park Avenue South

New York, New York 10010
(Name and address of agent for service)

Registrant's telephone number, including area code: 212-806-8800

Date of fiscal year end: October 31

Date of reporting period: April 30, 2016

Table of Contents

ALGER GLOBAL GROWTH FUND


Shareholders’ Letter	1
Fund Highlights	10
Portfolio Summary	12
Schedule of Investments	13
Statement of Assets and Liabilities	20
Statement of Operations	22
Statement of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	28
Additional Information	40

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Shareholders' Letter April 30, 2016

Dear Shareholders,

Investor Stampede Creates Risks and Opportunities
Gary Larson’s quirky cartoon series “The Far Side” draws chuckles by having animals
exhibit human-like behavior. In one popular cartoon, a massive bison stampede extends
to the horizon. One insightful bison quips to a neighboring beast “As if we all knew where
we’re going.” The six-month reporting period ended April 30 was notable as a period filled
with economic uncertainty, diverging global monetary policies, and significant pressure on
interest rates. As with the cartoon, where this takes us as investors is unclear, yet in such
periods of deep uncertainty we are reminded that the best decisions are those that are the
most thoughtful and not based upon emotion. Many investors, in an unquenchable thirst
for income (and a misguided flight to “safety”) have rushed to bond-like equities, that is,
equities that pay steady dividends. The end result was striking. While the S&P 500 index
gained 0.43%, the Telecomm, Utilities, and Consumer Staples sectors climbed 14.68%,
12.90%, and 6.02%, respectively. These sectors have some of the poorest long-term growth
prospects in the current economic environment. On the other hand, higher growth sectors
like Information Technology, Health Care, and Consumer Discretionary each sustained
losses.

We have learned in our 52 years of investing that there is no free lunch. Success in investing is
not achieved by considering one factor, such as dividend yield, but instead by understanding
companies, their management, their industries, and their competitors. It is with this more
complete view that high-quality companies with strong growth potential can be identified.
Such companies, we maintain, can potentially provide investors with wealth creation from
capital appreciation and with protection from the erosion of inflation upon their savings.

Stampedes, of course, can have dire consequences. The recent investor stampede, we believe,
is dangerous, as investors have increased their exposure to the risk of higher interest rates
and, at the same time, the relatively high valuations of stocks with generally poor growth
prospects. We think the opportunities, long term, lie in the opposite direction. In particular,
these investors may miss the attractive investment opportunities that can be found within the
most vibrant industries in the U.S. and the world. America is seen as a leader in innovation
in the Health Care and IT sectors, and has the richest and most diverse consumer market in
the world. We believe it is within these sectors that superior companies and investments for
long-term growth and capital appreciation can be found.

Investing in overseas markets is more challenging with different dynamics at play. The
widely followed MSCI ACWI ex USA and MSCI Emerging Markets indices declined 1.51%
and 0.01%, respectively, during the reporting period with concerns over commodity prices
contributing to weakening investor sentiment. In many overseas markets, this is entirely
logical as the economies of many countries are strongly tied to their roles as commodities
producers. As in the U.S., defensive sectors tended to outperform abroad. Nevertheless,
international markets also have sectors that offer strong potential for long-term growth.
The rising middle class in many international markets is creating increased demand for
goods and services, which in turn is creating opportunities for leading companies. Our
team of international and emerging markets portfolio managers and analysts has a depth of
- 1 -

experience in navigating foreign markets and identifying through fundamental research high-
quality growth companies across the globe. In these markets, diversification is paramount,
so our international funds are well diversified, typically owning companies across the globe
and across industries.

Oil and the U.S. Economy
From late 2013 until the start of the reporting period, the price of West Texas Intermediate
(WTI) fell from $110.62 a barrel to $46.12. It then declined to a low of $26.19 a barrel as
of February 11, which was a 43.20% drop. The decline was accompanied by an 11.43%
decline of the S&P 500. In both 2015 and early 2016, many investors misread the decline in
oil as a harbinger of a U.S. recession in 2016. We have consistently argued otherwise, noting
that while cheap oil prices would, not surprisingly, drive down earnings in the energy and
closely related sectors, there were broad benefits to the U.S. economy from lower energy
prices. Cheap oil has bolstered Americans’ finances by slashing energy costs and allowing
Americans to strengthen their personal balance sheets by increasing their savings. It has
also supported retail shopping and spending on homes. The U.S. housing market continues
to improve in a steady fashion. Many indicators of consumer spending like ecommerce,
travel, leisure, automotive, and home durables are quite healthy, despite the weakness
reported in headlines about department store sales and the sales of other “old” economy
retailers. Changing patterns of consumer preferences – largely based, in our view, on both
ecommerce technology and on the rise of younger generations of Americans (the X and Y
generations) as the baby boomers increasingly retire – is a large phenomenon that creates
challenges for companies that have failed to adapt to the “new” marketplace and great
opportunities for those that have helped define it in our time. Amazon.com, Inc., Netflix,
Inc., Alphabet, Inc. (formerly Google), and Apple, Inc. are all doing quite well in this new
American marketplace, while the landscape, especially in retail, is littered with companies,
once good or even great, but today struggling to adapt their business models to the new and
obvious reality.

So despite fears, corporate fundamentals are fine in the U.S. S&P 500 earnings ex-materials
and ex-energy grew a healthy 6.3% in 2015, despite the additional headwind of a strong U.S.
dollar weighing on both exports and foreign earnings. For the first quarter of 2016, overall
results for the S&P 500 slowed from that pace, but we expect continued growth in earnings
in 2016 (again, ex-materials and ex-energy, though these might actually contribute to
earnings growth on a reported basis through declining losses in these sectors). We note that
oil appears to have bottomed in February and has since rebounded to close the reporting
period at $45.98. Investor sentiment remains very cautious in our view, and indeed almost
bearish, but there has been a significant rally in equities of late, with the S&P 500 generating
a 13.39% return from February 12 to April 30.

Global Economy Weakens
Concerns over global economic growth continue. In early 2015, the International Monetary
Fund forecasted that the global economy would grow 3.3% in 2015 and 3.8% in 2016. In
October, it lowered those numbers to 3.1% for 2015 and 3.6% for this year. It maintained
its 2015 estimate in January, but lowered its 2016 estimate to 3.4%. Also during the reporting
period, estimates for global corporate earnings per share for the MSCI World Index were
revised downward each month, declining from $106.72 in November to $101.20 as of April
30.

- 2 -

We are encouraged by the actions of many central banks across the globe, including the Bank
of Japan (BOJ), the People’s Bank of China, and the European Central Bank, to provide
additional economic stimulus. The BOJ, for its part, joined a handful of other countries that
have maintained negative interest rates. Many central banks have also expressed a willingness
to provide additional stimulus, and in the U.S., the Federal Reserve is taking a cautious
approach to normalizing monetary policy after raising the fed funds rate in December.
We note, as we did in the fall of 2015 in an Alger market commentary, that monetary
policy is not sufficient to stimulate fundamental, lasting growth in any economy. We hope
to see future governmental actions to improve structural growth in Europe, Asia, and other
foreign markets, and certainly we see that austerity policies are fading globally.

Further, in the significant changes occurring in international markets and economies, we
see many opportunities for investors. Economic and political concerns have dominated
investors’ mindset for a significant time now. But, as in the U.S., there are many companies
forging ahead in their markets and globally, showing both solid earnings growth and strong
fundamentals. We are always on the lookout for companies that are disrupting traditional
business models by exploiting large-scale changes. The internet continues to be an investable
trend but, especially in emerging markets, adoption of Western technology and lifestyles
(whether directly or in copycat fashion) is meeting with notable success in many regions
and sectors.

The U.S. Dollar, Emerging Markets, and Interest Rates
The previous end of the U.S. asset buying program, or quantitative easing, combined with
the Federal Reserve’s start to raising interest rates and anticipation of domestic economic
growth, has supported a strong U.S. dollar, especially relative to countries that have been
increasing monetary stimulus. At the start of the reporting period, the U.S. Dollar Index,
which measures U.S. currency against currencies of trading partners, was at 96.89, up
considerably from 79.14 in early 2014. Later in the reporting period, the Federal Reserve
signaled that it would take a cautious approach to raising interest rates, which caused the
strengthening of the U.S. dollar to moderate slightly, and the U.S. Dollar Index closed the
reporting period at 93.80. As mentioned previously, investors have fretted over the impact
of a strong dollar on U.S. exports and foreign earnings. We think the strong dollar does pose
challenges to U.S. exporters, especially those of undifferentiated commodity-like products
or services. In the end, however, we think U.S. companies with value-added products
and service models that are differentiated from the competition will do fine. Since global
competition is fierce, foreign companies seeking to succeed will invest in superior products
and services that will help them obtain their goals. We think there are many U.S. companies
that offer highly competitive products and services to the global market, even with the
recent disadvantage of a stronger U.S. dollar.

Finally, it’s important to note that the strong U.S. dollar has also driven periods of capital
outflows from countries with weaker currencies, especially emerging markets. We believe
the sensitivity of global markets to the U.S. dollar is likely to cause the Federal Reserve to
exercise extreme caution when normalizing monetary policy. At the same time, an estimated
$8 trillion in debt is trading globally with negative yields. When the Federal Reserve eventually
takes further actions to normalize policy, it’s likely that higher interest rates will attract even
more investors to U.S. debt, which could limit increases in yields here at home.

- 3 -

The Appeal of Growth Equities and the Downside of the Investor Stampede
We believe growth stocks are well positioned to outperform the market and especially bond-
like equites that have recently reached extreme valuations. The recent market action has
left traditional growth stocks at attractive valuations, especially when assessing PEG ratios.
PEG ratios are determined by dividing a company’s price-to-earnings ratio, or P/E, by its
expected earnings growth rate. As of April 30 of this year, the 12-month forward earnings
PEG for the Russell 1000 Growth Index was 42% lower than that of the Russell 1000 Value
Index. For most of 2016, the difference in PEGs has exceeded anything that has occurred
since at least 2002. In addition, bond-like sectors such as Utilities and Consumer Staples
are trading at over a 20% premium to their 20-year average P/E ratio while growth sectors
like Information Technology and Health Care are trading at double-digit discounts. From a
historical perspective, low P/E ratios have typically indicated strong potential for stocks to
outperform and we believe the current valuations of growth stocks are no exception.

Over the long term, equity returns are driven by corporate fundamentals, including earnings
and revenue growth. While dividend yields play an important role in the total return an
investor should expect from equities, it is a mistake, in our view, to focus solely, or overly, on
the dividend yield of a stock itself. It is, after all, a company’s fundamental success growing
its sales and profits that ultimately will deliver the cash flow to support dividends and
future dividend growth. The recent stampede into bond-like equities shows many signs of
investors’ failure to discriminate between companies with strong longer term fundamentals
and those that simply happen to pay a relatively higher dividend yield today. Much like
fixed-income securities, these bond-like equities will be very interest-rate sensitive. Even a
small change in interest rates or inflation could hurt the performance of bond-like stocks,
especially those trading at high valuations with poor growth prospects or leveraged balance
sheets.

Reasons for Optimism
Concerns over global growth are likely to drive market volatility, but we maintain that the
U.S. will continue to be an economic leader. April marked the 74th consecutive month of
private-sector job growth in the U.S., which is an unprecedented accomplishment. Over the
last year, the majority of those who have returned to the labor force have been from among
the long-term unemployed, which is a category of Americans that has traditionally faced
substantial challenges with finding work. In addition to steady job creation, the nation’s
5.0% unemployment rate implies that the job market is healthy. We continue to believe that
low oil prices combined with low inflation and the Federal Reserve’s cautious approach to
raising interest rates will continue to support the country’s economy.

Corporate America is also strong. In the fourth quarter, S&P 500 companies ex-financials
held $1.44 trillion in cash, according to FactSet Research Systems, Inc. The figure represents
a 0.5% year-over-year decline, but is still the third-highest level in 10 years. Fixed capital
expenditures during the quarter also declined when compared to the record level of outlays
during the same quarter of 2014. Yet, the $170.4 billion in outlays for the final quarter
of 2015 represented the third-highest level in 10 years, despite a 41% drop in capital
expenditures by energy companies. Corporations are also buying back stock at a rapid pace,
with approximately 30% of S&P 500 constituents having reduced their share count by at
least 4% during the first quarter, according to S&P Capital IQ.

- 4 -

We urge investors to carefully assess the appeal of growth equities and to evaluate the role
of bond-like equities in their investment strategies. We are in an era of rapid and dynamic
change. New technologies such as the internet, smartphones, ebooks, and social media have
reached 50% market penetration in a fraction of the time that older innovations such as
washing machines, dishwashers, and landline telephones required. Medical innovation in
orthopedic, cardiac, and cancer treatments (to name only a few) has advanced and will
continue to advance in ways that were unimaginable only a generation or so ago. We think
every prudent, long-term investor should have a portfolio “overweight” in the industries,
companies, and trends that are changing nearly every aspect of modern day life.

Portfolio Matters
The Alger Global Growth Fund returned -2.23% for the fiscal six-month period ended
April 30, 2016, compared to the -0.65% return of the MSCI ACWI Index.

Stock selection resulted in France and the U.S. providing the greatest contributions to
relative performance. The portfolio’s lack of holdings in Spain also supported performance.
Other countries that contributed to relative performance included Switzerland, South
Korea, and South Africa. Stock selection resulted in Japan, Israel, and the United Kingdom
being among countries that had the largest drag on relative performance. An underweight
of Australia, furthermore, resulted in that country being among detractors from results.

During the period, the largest sector weightings were Information Technology and Financials.
The largest sector overweight was Health Care and the largest sector underweight was
Financials. Relative outperformance in the Energy and Telecommunication Services sectors
was the most important contributor to performance, while Health Care and Industrials were
among sectors that detracted from results.

Among the most important relative contributors were Berkshire Hathaway, Inc., Cl. B;
Bristol-Myers Squibb Co.; UnitedHealth Group, Inc.; and WEC Energy Group, Inc. Shares
of AT&T, Inc. also contributed to performance. AT&T is a leading telecommunications
company that has acquired DIRECTV. The acquisition allows the company to offer a “quad
play” package of voice, wire, video, and data to customers. Investors like the new strategy
which has potential for enhancing AT&T’s growth. Additionally, investors were attracted
to AT&T shares because the company has a non-cyclical business model and it pays an
attractive dividend.

Conversely, detracting from overall results on a relative basis were Allergan PLC.; Shire
PLC.; Norwegian Cruise Line Holdings Ltd.; and Alphabet, Inc., Cl. C. Shares of Vertex
Pharmaceuticals, Inc. also detracted from results. Vertex is a biotechnology company
offering treatments for cystic fibrosis and inflammatory disease. The shares detracted from
performance as the product ramp-up of a cystic fibrosis drug which investors have been
very enthused about disappointed with fewer-than-expected patient additions.

- 5 -

I thank you for putting your trust in Alger.

Daniel C. Chung, CFA
Chief Investment Officer
Fred Alger Management, Inc.

As of April 30, 2016, the following companies represented the stated percentages of Alger
assets under management: Amazon.com, Inc., 3.56%; Netflix, Inc.; 0.27%; Alphabet, Inc.;
(formerly Google), 05.81%; and Apple, Inc., 4.15%.

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

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 proceeded or accompanied by an effective
prospectus for the Fund. Fund performance returns represent the six-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 represent 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 a
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 April 30, 2016. Securities mentioned in the Shareholders’ Letter, if not found
in the Schedule of Investments, may have been held by the Fund during the fiscal period.

- 6 -

A Word about Risk
Growth stocks tend to be more volatile than other stocks as the price of growth stocks
tends to be higher in relation to their companies’ earnings and may be more sensitive
to market, political and economic developments. Investing in the stock market involves
gains and losses and may not be suitable for all investors. Stocks of small- and mid-sized
companies are subject to greater risk than stocks of larger, more established companies
owing to such factors as limited liquidity, inexperienced management, and limited financial
resources. Investing in foreign securities involves additional risk (including currency risk,
risks related to political, social or economic conditions, and risks associated with foreign
markets, such as increased volatility, limited liquidity, less stringent regulatory and legal
system, and lack of industry and country diversification), and may not be suitable for all
investors. Special risks associated with investments in emerging country issuers include
exposure to currency fluctuations, less liquidity, less developed or less efficient trading
markets, lack of comprehensive company information, political instability and different
auditing and legal standards.

Foreign currencies are subject to risks caused by inflation, interest rates, budget deficits and
low savings rates, political factors and government controls. Some of the countries where
the Fund can invest may have restrictions that could limit access to investment opportunities.
The securities of issuers located in emerging markets can be more volatile and less liquid
than those of issuers in more mature economies. Investing in emerging markets involves
higher levels of risk, including increased information, market, and valuation risks, and may
not be suitable for all investors.

Funds that participate in leveraging are subject to the risk that the cost of borrowing money
to leverage will exceed the returns for securities purchased or that the securities purchased
may actually go down in value; thus, a fund’s net asset value can decrease more quickly than
if the fund had not borrowed.

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 or a summary prospectus containing this and other information
about the Alger Global Growth Fund call us at (800) 992-3863 or visit us at www.
alger.com. Read it carefully before investing.
Fred Alger & Company, Incorporated, Distributor. Member NYSE Euronext, SIPC.
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE.

Definitions:

• S&P 500 Index: An index of large company stocks considered representative
of the U.S. stock market.
• Morgan Stanley Capital International (MSCI) All Country World Index
(ACWI): An unmanaged, market capitalization-weighted index designed
to provide a broad measure of equity market performance throughout the
world, including both developed and emerging markets.

- 7 -

• Morgan Stanley Capital International (MSCI) All Country World Index
(ACWI) ex USA: An unmanaged, market capitalization-weighted index de-
signed to provide a broad measure of equity market performance throughout
the world, including both developing and emerging markets, but excluding
the United States.
• MSCI Emerging Markets Index: A free float-adjusted market capitalization
index designed to measure equity market performance in the global emerging
markets.
• Russell 1000 Growth Index: An index of common stocks designed to track
performance of large-capitalization companies with greater than average
growth orientation.
• Russell 1000 Value Index: An index designed to track the performance of
large-capitalization stocks that that have value characteristics.
• The MSCI World Index: An index that captures large and mid cap repre-
sentation across 23 Developed Markets (DM) countries. The index covers
approximately 85% of the free float-adjusted market capitalization in each
country.
• FactSet Research Systems, Inc. is a multinational financial data and software
company.
• S&P Capital IQ provides research, data, and analysis on capital markets and
other topics for investment managers, investment banks, private equity funds,
advisory firms, corporations and universities.
• The U.S. Dollar Index measures the value of U.S. currency against currencies
of trading partners.

- 8 -


FUND PERFORMANCE AS OF 3/31/16 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
	1		5		10		SINCE
	YEAR		YEARS		YEARS		INCEPTION
Alger Global Growth Class A (Inception 11/3/03)	(12.77	)%	1.12	%	4.72	%	8.20	%
Alger Global Growth Class C (Inception 3/3/08)^*	(9.56	)%	1.45	%	4.54	%	7.90	%
Alger Global Growth Class I (Inception 5/31/13)	(7.78	)%	n/a		n/a		6.57	%
Alger Global Growth Class Z (Inception 5/31/13)	(7.52	)%	n/a		n/a		6.85	%

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. Beginning May 31, 2013 Alger Global Growth Fund changed its investment
strategy to emphasize foreign (including emerging markets) securities and the United States, its previous investment
strategy considered securities economically tied to China (including Hong Kong and Taiwan) and the United States.

* Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to March 3,
2008, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge and the
higher operating expenses of Class C shares.

- 9 -

ALGER GLOBAL GROWTH FUND
Fund Highlights Through April 30, 2016 (Unaudited)

HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES

— 10 years ended 04/30/16

The chart above illustrates the growth in value of a hypothetical $10,000 investment made in the Alger Global Growth
Fund Class A shares, with an initial maximum sales charge of 5.25%, and the MSCI ACWI Index (unmanaged index
of common stocks) for the ten years ended April 30, 2016. Beginning May 31, 2013 Alger Global Growth Fund
changed its investment strategy to emphasize foreign (including emerging markets) securities and the United States.
Its previous investment strategy considered securities economically tied to China (including Hong Kong and Taiwan)
and the United States. Figures for the Alger Global Growth Fund Class A shares, and the MSCI ACWI Index include
reinvestment of dividends. Performance for the Alger Global Growth 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.


PERFORMANCE COMPARISON AS OF 4/30/16
AVERAGE ANNUAL TOTAL RETURNS
							Since
	1 YEAR		5 YEARS		10 YEARS		11/3/2003
Class A (Inception 11/3/03)	(12.26	)%	0.32	%	4.59	%	8.23	%
Class C (Inception 3/3/08)^*	(9.02	)%	0.64	%	4.41	%	7.92	%
MSCI ACWI Index	(5.13	)%	5.26	%	4.44	%	7.15	%

							Since
	1 YEAR		5 YEARS		10 YEARS		5/31/2013
Class I (Inception 5/31/13)	(7.17	)%	n/a		n/a		6.73	%
Class Z (Inception 5/31/13)	(6.90	)%	n/a		n/a		7.01	%
MSCI ACWI Index	(5.13	)%	n/a		n/a		5.87	%

- 10 -

ALGER GLOBAL GROWTH FUND
Fund Highlights Through April 30, 2016 (Unaudited) (Continued)

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. 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.

* Since inception performance is calculated since the inception of the Class A shares. Historical performance prior to March
3, 2008, inception of the class, is that of the Fund's Class A shares, reduced to reflect the current maximum sales charge
and the higher operating expenses of Class C shares.

- 11 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments April 30, 2016 (Unaudited)


COMMON STOCKS—94.9%	SHARES		VALUE
BERMUDA—0.6%
HOTELS RESORTS & CRUISE LINES—0.6%
Norwegian Cruise Line Holdings Ltd.*	4,000	$	195,560
(Cost $218,199)
BRAZIL—0.6%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.4%
BR Malls Participacoes SA	22,970		113,120
INDEPENDENT POWER AND RENEWABLE ENERGY—0.2%
AES Tiete Energia SA	14,600		59,966
TOTAL BRAZIL
(Cost $163,983)			173,086
CANADA—1.1%
FOOD RETAIL—0.5%
Alimentation Couche-Tard, Inc.	3,500		153,484
GOLD—0.6%
Goldcorp, Inc.	9,400		189,469
TOTAL CANADA
(Cost $291,648)			342,953
CHINA—3.7%
INDUSTRIAL CONGLOMERATES—0.7%
China Everbright International Ltd.	185,000		207,827
INTERNET SOFTWARE & SERVICES—2.6%
Alibaba Group Holding Ltd.#*	3,897		299,835
Tencent Holdings Ltd.	23,985		488,057
			787,892
REAL ESTATE DEVELOPMENT—0.4%
China Overseas Land & Investment Ltd.	40,000		126,971
TOTAL CHINA
(Cost $862,496)			1,122,690
FRANCE—2.8%
BIOTECHNOLOGY—0.0%
DBV Technologies SA#*	20		679
DIVERSIFIED BANKS—0.8%
BNP Paribas SA	4,700		248,907
INTEGRATED OIL & GAS—2.0%
TOTAL SA	11,750		593,854
TOTAL FRANCE
(Cost $825,585)			843,440
GERMANY—2.2%
AUTOMOBILE MANUFACTURERS—0.5%
Daimler AG	2,100		146,321
INTEGRATED TELECOMMUNICATION SERVICES—0.6%
Deutsche Telekom AG	10,648		186,909
MULTI-LINE INSURANCE—1.1%
Allianz SE	2,000		340,256
TOTAL GERMANY
(Cost $673,373)			673,486
INDIA—1.3%
AUTO PARTS & EQUIPMENT—0.4%
Motherson Sumi Systems Ltd.*	35,379		133,240

- 13 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments (Continued) April 30, 2016 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES		VALUE
INDIA—(CONT.)
DIVERSIFIED BANKS—0.9%
HDFC Bank Ltd.	13,297	$	269,931
TOTAL INDIA
(Cost $398,499)			403,171
INDONESIA—0.6%
AUTOMOBILE MANUFACTURERS—0.6%
Astra International Tbk PT	346,200		175,721
(Cost $188,188)
IRELAND—0.5%
ELECTRICAL COMPONENTS & EQUIPMENT—0.5%
Eaton Corp., PLC.	2,200		139,194
(Cost $128,515)
ITALY—0.8%
DIVERSIFIED BANKS—0.4%
Intesa Sanpaolo SpA*	40,000		111,192
GAS UTILITIES—0.4%
Snam SpA*	20,000		122,308
TOTAL ITALY
(Cost $241,672)			233,500
JAPAN—4.7%
DIVERSIFIED BANKS—1.4%
Mitsubishi UFJ Financial Group, Inc.	91,996		424,285
DIVERSIFIED REAL ESTATE ACTIVITIES—1.3%
Mitsui Fudosan Co., Ltd.	16,861		411,535
ELECTRONIC COMPONENTS—0.4%
Murata Manufacturing Co., Ltd.	1,001		130,462
HOMEBUILDING—0.5%
Haseko Corp.	18,000		162,667
INDUSTRIAL MACHINERY—0.6%
DMG Mori Co., Ltd.*	15,000		168,190
TOBACCO—0.5%
Japan Tobacco, Inc.	3,750		153,124
TOTAL JAPAN
(Cost $1,537,837)			1,450,263
MEXICO—1.1%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.7%
Corp Inmobiliaria Vesta SAB de CV	132,105		215,262
GAS UTILITIES—0.4%
Infraestructura Energetica Nova SAB de CV	32,700		127,710
TOTAL MEXICO
(Cost $415,741)			342,972
NETHERLANDS—2.5%
DIVERSIFIED BANKS—0.6%
ING Groep NV	16,000		196,055
PERSONAL PRODUCTS—0.7%
Unilever NV	5,000		219,649

- 14 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments (Continued) April 30, 2016 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES		VALUE
NETHERLANDS—(CONT.)
SEMICONDUCTORS—1.2%
NXP Semiconductors NV*	4,150	$	353,912
TOTAL NETHERLANDS
(Cost $815,953)			769,616
NORWAY—0.4%
DIVERSIFIED BANKS—0.4%
DNB ASA*	10,000		128,025
(Cost $128,874)
SOUTH AFRICA—0.6%
PHARMACEUTICALS—0.6%
Aspen Pharmacare Holdings Ltd.	7,813		184,325
(Cost $211,907)
SOUTH KOREA—1.3%
INTERNET SOFTWARE & SERVICES—0.7%
NAVER Corp.	381		224,581
SEMICONDUCTORS—0.6%
Samsung Electronics Co., Ltd.	156		169,097
TOTAL SOUTH KOREA
(Cost $421,913)			393,678
SWITZERLAND—2.7%
IT CONSULTING & OTHER SERVICES—0.5%
Luxoft Holding, Inc.*	2,506		144,872
PACKAGED FOODS & MEATS—1.5%
Nestle SA	6,200		462,766
PROPERTY & CASUALTY INSURANCE—0.7%
Chubb Ltd.	1,700		200,362
TOTAL SWITZERLAND
(Cost $788,478)			808,000
TAIWAN—0.4%
TEXTILES—0.4%
Eclat Textile Co., Ltd.*	11,000		125,079
(Cost $138,535)
UNITED KINGDOM—4.1%
HOUSEHOLD PRODUCTS—1.1%
Reckitt Benckiser Group PLC.	3,474		338,468
INDUSTRIAL GASES—0.4%
Essentra PLC.*	12,000		142,728
MULTI-UTILITIES—0.6%
National Grid PLC.	13,000		185,511
PHARMACEUTICALS—0.6%
Shire PLC.	3,000		187,225
TOBACCO—1.1%
Imperial Brands PLC.*	6,489		352,864
WIRELESS TELECOMMUNICATION SERVICES—0.3%
Vodafone Group PLC.	30,000		96,665
TOTAL UNITED KINGDOM
(Cost $1,244,178)			1,303,461

- 15 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments (Continued) April 30, 2016 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES		VALUE
UNITED STATES—62.9%
ADVERTISING—0.0%
Choicestream, Inc.*^,@,(a)	1,969	$	827
AEROSPACE & DEFENSE—3.3%
Honeywell International, Inc.	5,000		571,350
Lockheed Martin Corp.	1,850		429,903
			1,001,253
APPAREL ACCESSORIES & LUXURY GOODS—0.6%
PVH Corp.	1,800		172,080
APPLICATION SOFTWARE—0.4%
HubSpot, Inc.*	2,500		110,725
AUTO PARTS & EQUIPMENT—0.4%
Delphi Automotive PLC.	1,500		110,445
BIOTECHNOLOGY—3.1%
Biogen, Inc.*	1,150		316,239
Celgene Corp.*	1,800		186,138
Gilead Sciences, Inc.	2,500		220,525
Vertex Pharmaceuticals, Inc.*	2,700		227,718
			950,620
BREWERS—0.6%
Molson Coors Brewing Co., Cl. B	2,000		191,260
BROADCASTING—1.1%
CBS Corp., Cl. B	5,800		324,278
CABLE & SATELLITE—1.4%
Comcast Corporation, Cl. A	7,150		434,434
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS—0.8%
Wabtec Corp.	2,800		232,204
DEPARTMENT STORES—0.5%
Macy's, Inc.	4,000		158,360
DIVERSIFIED BANKS—1.6%
Wells Fargo & Co.	10,000		499,800
DRUG RETAIL—0.8%
CVS Caremark Corp.	2,400		241,200
GENERAL MERCHANDISE STORES—0.4%
Dollar General Corp.	1,500		122,865
HEALTH CARE EQUIPMENT—1.5%
Boston Scientific Corp.*	8,000		175,360
Medtronic PLC.	2,000		158,300
STERIS PLC.	1,650		116,606
			450,266
HOUSEWARES & SPECIALTIES—1.2%
Newell Brands, Inc.	8,000		364,320
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.4%
WageWorks, Inc.*	2,200		118,492
INDUSTRIAL CONGLOMERATES—1.4%
Danaher Corp.	1,700		164,475
General Electric Co.	9,207		283,115
			447,590

- 16 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments (Continued) April 30, 2016 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES		VALUE
UNITED STATES—(CONT.)
INDUSTRIAL GASES—0.5%
Air Products & Chemicals, Inc.	1,000	$	145,890
INDUSTRIAL MACHINERY—0.5%
Colfax Corp.*	5,000		162,150
INTEGRATED OIL & GAS—3.6%
Chevron Corp.	4,000		408,720
Exxon Mobil Corp.	8,000		707,200
			1,115,920
INTEGRATED TELECOMMUNICATION SERVICES—3.7%
AT&T, Inc.	17,500		679,350
Verizon Communications, Inc.	8,500		432,990
			1,112,340
INTERNET RETAIL—0.6%
Amazon.com, Inc.*	300		197,877
INTERNET SOFTWARE & SERVICES—3.4%
Alphabet, Inc., Cl. C*	950		658,360
comScore, Inc.*	4,500		137,790
Facebook, Inc., Cl. A*	1,700		199,886
Palantir Technologies, Inc., Cl. A*^,@	3,176		34,936
			1,030,972
INVESTMENT BANKING & BROKERAGE—1.7%
Morgan Stanley	9,000		243,540
The Goldman Sachs Group, Inc.	1,600		262,576
			506,116
LEISURE PRODUCTS—0.6%
Coach, Inc.	4,500		181,215
LIFE SCIENCES TOOLS & SERVICES—0.7%
Thermo Fisher Scientific, Inc.	1,500		216,375
MANAGED HEALTH CARE—3.2%
Aetna, Inc.	3,200		359,264
Centene Corp.*	2,500		154,900
UnitedHealth Group, Inc.	3,500		460,880
			975,044
MULTI-SECTOR HOLDINGS—2.7%
Berkshire Hathaway Inc., Cl. B*	5,700		829,236
MULTI-UTILITIES—2.0%
CMS Energy Corp.	4,500		183,060
NiSource, Inc.	8,000		181,680
WEC Energy Group, Inc.	4,000		232,840
			597,580
OIL & GAS EQUIPMENT & SERVICES—0.9%
Halliburton Company	7,000		289,170
OIL & GAS EXPLORATION & PRODUCTION—2.8%
Anadarko Petroleum Corp.	4,000		211,040
ConocoPhillips	5,000		238,950
Devon Energy Corp.	5,400		187,272
EOG Resources, Inc.	2,500		206,550
			843,812

- 17 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments (Continued) April 30, 2016 (Unaudited)


COMMON STOCKS—(CONT.)	SHARES		VALUE
UNITED STATES—(CONT.)
OTHER DIVERSIFIED FINANCIAL SERVICES—0.9%
Bank of America Corp.	18,000	$	262,080
PHARMACEUTICALS—4.2%
Allergan PLC.*	1,400		303,184
Bristol-Myers Squibb Co.	8,800		635,184
Eli Lilly & Co.	2,500		188,825
Pacira Pharmaceuticals, Inc.*	3,000		162,330
			1,289,523
SEMICONDUCTORS—1.1%
Broadcom Ltd.	1,550		225,912
Microsemi Corp.*	4,000		135,160
			361,072
SOFT DRINKS—1.1%
PepsiCo, Inc.	3,400		350,064
SPECIALTY CHEMICALS—1.4%
PPG Industries, Inc.	2,000		220,780
The Sherwin-Williams Co.	700		201,117
			421,897
SPECIALTY STORES—0.9%
Signet Jewelers Ltd.	2,550		276,828
SYSTEMS SOFTWARE—2.7%
Microsoft Corp.	8,000		398,960
Proofpoint, Inc.*	1,500		87,390
Symantec Corp.	5,000		83,225
TubeMogul, Inc.*	19,000		246,240
			815,815
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%
Apple, Inc.	4,500		421,830
TOBACCO—1.9%
Altria Group, Inc.	9,100		570,661
TRADING COMPANIES & DISTRIBUTORS—0.9%
HD Supply Holdings, Inc.*	8,000		274,240
TOTAL UNITED STATES
(Cost $18,207,126)			19,178,726
TOTAL COMMON STOCKS
(Cost $27,902,700)			28,986,946
PREFERRED STOCKS—1.3%	SHARES		VALUE
UNITED STATES—1.3%
ADVERTISING—0.1%
Choicestream, Inc., Cl. A*^,@,(a)	16,980		7,132
Choicestream, Inc., Cl. B*^,@,(a)	36,618		15,379
			22,511
BIOTECHNOLOGY—0.5%
Prosetta Biosciences, Inc.*^,@,(a)	33,858		153,038
INTERNET SOFTWARE & SERVICES—0.5%
Palantir Technologies, Inc., Cl. B*^,@	12,951		142,461
Palantir Technologies, Inc., Cl. D*^,@	1,687		18,557
			161,018

- 18 -

ALGER GLOBAL GROWTH FUND
Schedule of Investments (Continued) April 30, 2016 (Unaudited)


PREFERRED STOCKS—(CONT.)	SHARES			VALUE
UNITED STATES—(CONT.)
PHARMACEUTICALS—0.2%
Intarcia Therapeutics, Inc.*^,@	1,728		$	57,111
TOTAL UNITED STATES
(Cost $340,541)				393,678
TOTAL PREFERRED STOCKS
(Cost $340,541)				393,678
REAL ESTATE INVESTMENT TRUST—1.1%	SHARES			VALUE
UNITED STATES—1.1%
MORTGAGE—1.1%
Blackstone Mortgage Trust, Inc., Cl. A	12,000			329,760
(Cost $340,799)
SPECIAL PURPOSE VEHICLE—0.2%	SHARES			VALUE
UNITED STATES—0.2%
CONSUMER FINANCE—0.2%
JS Kred SPV I, LLC.^@	55,986			55,986
(Cost $55,986)
Total Investments
(Cost $28,640,026)^(b)	97.5	%		29,766,370
Other Assets in Excess of Liabilities	2.5	%		760,176
NET ASSETS	100.0	%	$	30,526,546

# American Depositary Receipts.
^(a)Deemed an affiliate of the Alger fund complex during the year for purposes of Section 2(a)(3) of the Investment
Company Act of 1940. See Affiliated Securities in Notes to Financial Statements.
^(b)At April 30, 2016, the net unrealized appreciation on investments, based on cost for federal income tax
purposes of $28,809,719, amounted to $956,651 which consisted of aggregate gross unrealized appreciation of
$2,510,141 and aggregate gross unrealized depreciation of $1,553,490.
* Non-income producing security.
@ Restricted security - Investment in security not registered under the Securities Act of 1933. The investment is deemed
to not be liquid and may be sold only to qualified buyers.


				% of net assets				% of net assets
	Acquisition			(Acquisition			Market	as of
Security	Date(s)		Cost	Date)			Value	4/30/2016
Choicestream, Inc.	03/14/14	$	571	0.00	%	$	827	0.00	%
Choicestream, Inc., Cl. A	12/17/13		13,579	0.03	%		7,132	0.02	%
Choicestream, Inc., Cl. B	07/10/14		21,971	0.05	%		15,379	0.05	%
Intarcia Therapeutics, Inc.	03/27/14		55,970	0.14	%		57,111	0.19	%
JS Kred SPV I, LLC.	06/26/15		55,986	0.15	%		55,986	0.18	%
Palantir Technologies, Inc., Cl. A	10/07/14		20,666	0.05	%		34,936	0.11	%
Palantir Technologies, Inc., Cl. B	10/07/14		85,521	0.22	%		142,461	0.47	%
Palantir Technologies, Inc., Cl. D	10/14/14		11,139	0.03	%		18,557	0.06	%
Prosetta Biosciences, Inc.	02/06/15		152,361	0.40	%		153,038	0.50	%
Total						$	485,427	1.58	%


*See Notes to Financial Statements.*

- 19 -

ALGER GLOBAL GROWTH FUND
Statement of Assets and Liabilities April 30, 2016 (Unaudited)


	Alger Global Growth
		Fund

ASSETS:
Investments in securities, at value (Identified cost below)*
see accompanying schedules of investments	$	29,589,994
Investments in affiliated securities, at value (Identified cost below)** see accompanying
schedules of investments		176,376
Cash and cash equivalents		646,239
Foreign cash †		63,829
Receivable for investment securities sold		267,496
Receivable for shares of beneficial interest sold		11,437
Dividends and interest receivable		80,513
Receivable from Investment Manager		30,392
Prepaid expenses		40,440
Total Assets		30,906,716

LIABILITIES:
Payable for investment securities purchased		261,061
Payable for shares of beneficial interest redeemed		12,427
Accrued investment advisory fees		20,025
Accrued transfer agent fees		17,821
Accrued distribution fees		8,695
Accrued administrative fees		688
Accrued shareholder administrative fees		390
Accrued other expenses		59,063
Total Liabilities		380,170
NET ASSETS	$	30,526,546

NET ASSETS CONSIST OF:
Paid in capital (par value of $.001 per share)		32,502,813
Undistributed net investment income		120,124
Undistributed net realized gain (accumulated realized loss)		(3,222,947	)
Net unrealized appreciation on investments		1,126,556
NET ASSETS	$	30,526,546
* Identified cost	$	28,451,544
** Identified cost	$	188,482
† Cost of foreign cash	$	63,764
*See Notes to Financial Statements.*

- 20 -

ALGER GLOBAL GROWTH FUND
Statement of Assets and Liabilities April 30, 2016 (Unaudited) (Continued)


	Alger Global Growth
		Fund

NET ASSETS BY CLASS:
Class A	$	21,367,699
Class C	$	4,838,799
Class I	$	1,738,115
Class Z	$	2,581,933

SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
Class A		1,058,162
Class C		252,351
Class I		85,435
Class Z		125,955

NET ASSET VALUE PER SHARE:
Class A — Net Asset Value Per Share	$	20.19
Class A — Offering Price Per Share
(includes a 5.25% sales charge)	$	21.31
Class C — Net Asset Value Per Share	$	19.17
Class I — Net Asset Value Per Share	$	20.34
Class Z — Net Asset Value Per Share	$	20.50
*See Notes to Financial Statements.*

- 21 -

ALGER GLOBAL GROWTH FUND
Statement of Operations For the six months ended April 30, 2016 (Unaudited)


	Alger Global Growth
		Fund

INCOME:
Dividends (net of foreign withholding taxes*)	$	322,562
Interest		585
Total Income		323,147

EXPENSES:
Advisory fees — Note 3(a)		122,992
Distribution fees — Note 3(c)
Class A		27,364
Class C		23,307
Class I		2,175
Shareholder administrative fees — Note 3(f)		2,401
Administration fees — Note 3(b)		4,228
Custodian fees		30,233
Transfer agent fees and expenses — Note 3(f)		17,635
Printing fees		17,467
Professional fees		68,260
Registration fees		34,534
Trustee fees — Note 3(g)		619
Fund accounting fees		4,146
Miscellaneous		7,141
Total Expenses		362,502
Less, expense reimbursements/waivers — Note 3(a)		(122,517	)
Net Expenses		239,985
NET INVESTMENT INCOME		83,162

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FOREIGN CURRENCY:


Net realized gain on investments and purchased options		108,157
Net realized (loss) on foreign currency transactions		(4,874	)
Net change in unrealized (depreciation) on investments, options and foreign currency		(979,928	)
Net realized and unrealized (loss) on investments, options, and foreign currency		(876,645	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(793,483	)
* Foreign withholding taxes	$	13,267
*See Notes to Financial Statements.*

- 22 -

ALGER GLOBAL GROWTH FUND
Statement of Changes in Net Assets (Unaudited)


		Alger Global Growth Fund
		For the			For the
		Six Months Ended			Year Ended
		April 30, 2016			October 31, 2015

Net investment income (loss)	$	83,162		$	(53,711	)
Net realized gain on investments, options and foreign currency		103,283			3,995,747
Net change in unrealized depreciation on investments, options
and foreign currency		(979,928	)		(4,099,404	)
Net decrease in net assets resulting from operations		(793,483	)		(157,368	)

Increase (decrease) from shares of beneficial interest transactions:
Class A		(2,309,735	)		(6,206,766	)
Class C		234,988			(615,958	)
Class I		(132,924	)		297,562
Class Z		371,234			950,883
Net decrease from shares of beneficial interest transactions
— Note 6(a)		(1,836,437	)		(5,574,279	)

Redemption Fees:
Class A		—			13
Total Redemption Fees — Note 6(b)		—			13
Total decrease		(2,629,920	)		(5,731,634	)

Net Assets:
Beginning of period		33,156,466			38,888,100
END OF PERIOD	$	30,526,546		$	33,156,466
Undistributed net investment income (accumulated loss)	$	120,124		$	(79,891	)
*See Notes to Financial Statements.*

- 23 -

ALGER GLOBAL GROWTH FUND
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Global Growth Fund											Class A
		Six months
			ended			Year ended				Year ended				Year ended				Year ended				Year ended
		4/30/2016		⁽ⁱ⁾		10/31/2015				10/31/2014				10/31/2013				10/31/2012				10/31/2011
Net asset value, beginning of period		$	20.65			$	20.79			$	18.76			$	15.42			$	15.11			$	16.74
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income (loss)⁽ⁱⁱ⁾			0.06				(0.01	)			(0.02	)			(0.01	)			(0.06	)			(0.08	)
Net realized and unrealized gain (loss)
on investments			(0.52	)			(0.13	)			2.05				3.41				0.37				(1.55	)
Total from investment operations			(0.46	)			(0.14	)			2.03				3.40				0.31				(1.63	)
Dividends from net investment income			–				–				–				(0.06	)			–				–
Net asset value, end of period		$	20.19			$	20.65			$	20.79			$	18.76			$	15.42			$	15.11
Total return⁽ⁱⁱⁱ⁾			(2.23	)%			(0.67	)%			10.82	%			22.20	%			2.00	%			(9.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	21,368			$	24,269			$	30,542			$	33,657			$	41,051			$	53,311
Ratio of gross expenses to average
net assets			2.23	%			2.03	%			1.98	%			2.35	%			2.29	%			2.15	%
Ratio of expense reimbursements to
average net assets			(0.73	)%			(0.53	)%			(0.48	)%			(0.33	)%			–				–
Ratio of net expenses to average net
assets			1.50	%			1.50	%			1.50	%			2.02	%			2.29	%			2.15	%
Ratio of net investment income (loss) to
average net assets			0.60	%			(0.07	)%			(0.08	)%			(0.07	)%			(0.38	)%			(0.49	)%
Portfolio turnover rate			80.37	%			143.87	%			81.13	%			96.45	%			84.55	%			82.13	%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Amount was computed based on average shares outstanding during the period.
(iii) Does not reflect the effect of sales charges, if applicable.

- 24 -

ALGER GLOBAL GROWTH FUND
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Global Growth Fund								Class C
	Six months
		ended		Year ended			Year ended			Year ended				Year ended			Year ended
	4/30/2016		⁽ⁱ⁾	10/31/2015			10/31/2014				10/31/2013			10/31/2012			10/31/2011
Net asset value, beginning of period	$	19.69		$	19.97		$	18.15		$		14.97		$	14.79		$	16.50
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss⁽ⁱⁱ⁾		(0.01	)		(0.17	)		(0.16	)			(0.13	)		(0.16	)		(0.21	)
Net realized and unrealized gain (loss)
on investments		(0.51	)		(0.11	)		1.98				3.31			0.34			(1.50	)
Total from investment operations		(0.52	)		(0.28	)		1.82				3.18			0.18			(1.71	)
Net asset value, end of period	$	19.17		$	19.69		$	19.97		$		18.15		$	14.97		$	14.79
Total return⁽ⁱⁱⁱ⁾		(2.64	)%		(1.40	)%		10.03	%			21.24	%		1.20	%		(10.30	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	4,839		$	4,730		$	5,392		$		4,888		$	4,048		$	3,678
Ratio of gross expenses to average
net assets		3.00	%		2.80	%		2.75	%			3.13	%		3.06	%		2.95	%
Ratio of expense reimbursements to
average net assets		(0.75	)%		(0.55	)%		(0.50	)%			(0.40	)%		–			–
Ratio of net expenses to average net
assets		2.25	%		2.25	%		2.25	%			2.73	%		3.06	%		2.95	%
Ratio of net investment income (loss) to
average net assets		(0.13	)%		(0.82	)%		(0.83	)%			(0.81	)%		(1.08	)%		(1.26	)%
Portfolio turnover rate		80.37	%		143.87	%		81.13	%			96.45	%		84.55	%		82.13	%
*See Notes to Financial Statements.*

ALGER GLOBAL GROWTH FUND
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Global Growth Fund					Class I
											From 5/31/2013
		Six months ended 4/30/2016 (i)			Year ended 10/31/2015				Year ended 10/31/2014			(commencement of operations) to 10/31/2013 (ii)
Net asset value, beginning of period	$	20.78		$	20.87		$		18.78		$	16.83
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.08			0.04				0.03			0.03
Net realized and unrealized gain (loss)
on investments		(0.52	)		(0.13	)			2.06			1.92
Total from investment operations		(0.44	)		(0.09	)			2.09			1.95
Net asset value, end of period	$	20.34		$	20.78		$		20.87		$	18.78
Total return^(iv)		(2.12	)%		(0.43	)%			11.13	%		11.59	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	1,738		$	1,914			$	1,646		$	1,296
Ratio of gross expenses to average
net assets		2.30	%		2.02	%			1.94	%		2.97	%
Ratio of expense reimbursements to
average net assets		(1.05	)%		(0.77	)%			(0.69	)%		(1.72	)%
Ratio of net expenses to average net
assets		1.25	%		1.25	%			1.25	%		1.25	%
Ratio of net investment income (loss) to
average net assets		0.86	%		0.17	%			0.17	%		0.47	%
Portfolio turnover rate		80.37	%		143.87	%			81.13	%		96.45	%
*See Notes to Financial Statements.*

(i) Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
(ii) Ratios have been annualized; total return has not been annualized; portfolio turnover is for the twelve months then ended.
(iii) Amount was computed based on average shares outstanding during the period.
(iv) Does not reflect the effect of sales charges, if applicable.

- 26 -

ALGER GLOBAL GROWTH FUND
Financial Highlights for a share outstanding throughout the period (Unaudited)


Alger Global Growth Fund					Class Z
										From 5/31/2013
		Six months ended 4/30/2016 (i)			Year ended 10/31/2015			Year ended 10/31/2014			(commencement of operations) to 10/31/2013 (ii)
Net asset value, beginning of period	$	20.92		$	20.95		$	18.80		$	16.83
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income⁽ⁱⁱⁱ⁾		0.11			0.09			0.06			0.04
Net realized and unrealized gain (loss)
on investments		(0.53	)		(0.12	)		2.09			1.93
Total from investment operations		(0.42	)		(0.03	)		2.15			1.97
Net asset value, end of period	$	20.50		$	20.92		$	20.95		$	18.80
Total return^(iv)		(2.01	)%		(0.14	)%		11.44	%		11.71	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's
omitted)	$	2,582		$	2,243		$	1,308		$	112
Ratio of gross expenses to average
net assets		2.28	%		2.20	%		3.72	%		12.42	%
Ratio of expense reimbursements to
average net assets		(1.27	)%		(1.21	)%		(2.73	)%		(11.43	)%
Ratio of net expenses to average net
assets		1.01	%		0.99	%		0.99	%		0.99	%
Ratio of net investment income (loss) to
average net assets		1.10	%		0.44	%		0.30	%		0.62	%
Portfolio turnover rate		80.37	%		143.87	%		81.13	%		96.45	%
*See Notes to Financial Statements.*

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — General:
Alger Global Growth Fund (the “Fund”) is a diversified, 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 the Financial
Accounting Standards Board 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 I and Z shares are sold to institutional
investors without an initial or deferred sales charge. Each class has identical rights to assets
and earnings except that each share class bears the cost of its plan of distribution if it
maintains one, and transfer agency and sub-transfer agency services.

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 (“Board”). Investments 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 Standard Time).
Equity securities and option contracts for which valuation information is readily available are
valued at the last quoted sales price or official closing price as reported by an independent
pricing service on the primary market or exchange on which they are traded. In the absence
of 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 for which market quotations are not readily available are valued at fair value, as
determined in good faith pursuant to procedures established by the Board.

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 foreign closing prices to reflect
what the investment adviser, pursuant to policies established by the Board, 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.

Financial Accounting Standards Board 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

- 28 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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 Funds’ 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 revenue multiples, earnings before interest, taxes, depreciation
and amortization (“EBITDA”) multiples, discount rates, 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 indices.

Valuation processes are determined by a Valuation Committee (“Committee”) established
by the Board and comprised of representatives of the Fund’s investment adviser. The
Committee reports its fair valuation determinations to the Board which is responsible for
approving valuation policy and procedures.

While the Committee meets on an as-needed basis, the Committee generally meets
quarterly to review and evaluate the effectiveness of the procedures for making fair value
determinations. The Committee considers, among other things, the results of quarterly
back testing of the fair value model for foreign securities, pricing comparisons between
primary and secondary price sources, the outcome of price challenges put to the Fund’s
pricing vendor, and variances between transactional prices and previous mark-to-markets.

The Fund will record a change to a security’s fair value level if new inputs are available
or it becomes evident that inputs previously considered for leveling have changed or are
no longer relevant. Transfers between Levels 1, 2 and 3 are recognized at the end of the
reporting period.

- 29 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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.
(d) Foreign Currency Translations: 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) Dividends to Shareholders: Dividends payable to shareholders are recorded on the ex-
dividend date. The Fund declares and pays dividends from net investment income 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 earned.
Each class is treated separately in determining the amounts 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 difference in tax treatment of net operating losses, passive foreign
investment companies, and foreign currency transactions. The reclassifications are done
annually at fiscal 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.

(f) Lending of Fund Securities: The Fund may lend its securities to financial institutions,
provided that the market value of the securities loaned will not at any time exceed one
third of the Fund’s total assets, as defined in its prospectus. The Fund earns fees on the
securities loaned, which are included in interest income in the accompanying Statement
of Operations. In order to protect against the risk of failure by the borrower to return the
securities loaned or any delay in the delivery of such securities, the loan is collateralized by
cash or securities that are maintained with the Custodian in an amount equal to at least 102

- 30 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

percent of the current market value of U.S. loaned securities or 105 percent for non-U.S.
loaned securities. The market value of the loaned securities is determined at the close of
business of the Fund. Any required additional collateral is delivered to the Custodian and
any excess collateral is returned to the borrower on the next business day. In the event the
borrower fails to return the loaned securities when due, the Fund may take the collateral
to replace the securities. If the value of the collateral is less than the purchase cost of
replacement securities, the Custodian shall be responsible for any shortfall, but only to the
extent that the shortfall is not due to any diminution in collateral value, as defined in the
securities lending agreement. The Fund is required to maintain the collateral in a segregated
account and determine its value each day until the loaned securities are returned. Cash
collateral may be invested as determined by the Fund. Collateral is returned to the borrower
upon settlement of the loan. There were no securities loaned as of April 30, 2016.
(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.
Financial Accounting Standards Board 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., as well as New York State and New York City. The
statute of limitations on the Fund’s tax returns remains open for the tax years 2012-2015.
Management does not believe there are any uncertain tax positions that require recognition
of a tax liability.

(h) Allocation Methods: Income, realized and unrealized gains and losses, and expenses of the
Fund are allocated among the Fund’s classes based on relative net assets, with the exception
of distribution fees, transfer agency fees, and shareholder servicing and related fees.
(i) 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. These unaudited interim financial
statements reflect all adjustments which are, in the opinion of management, necessary to
present a fair statement of results for the interim period. Actual results may differ from
those estimates. All such adjustments are of normal recurring nature.
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
(a) Advisory Fees: Fees incurred by the Fund, pursuant to the provisions of the Fund’s
Investment Advisory Agreement with Fred Alger Management, Inc. (“Alger Management”
or the “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 six months ended April
30, 2016, is set forth below under the heading “Actual Rate.”

- 31 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Tier 1		Tier 2		Actual Rate
Alger Global Growth Fund^(a)	0.800	%	0.700	%	0.800	%

(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 established expense caps for the share classes, through February 28,
2017, whereby it reimburses the share classes if annualized operating expenses (excluding
interest, taxes, brokerage, dividend expenses and extraordinary expenses) exceed the rates,
based on average daily net assets, listed below:


									FEES WAIVED /
									REIMBURSED FOR
									THE SIX MONTHS
			CLASS						ENDED
	A		C		I		Z*		APRIL 30, 2016
Alger Global Growth Fund	1.50	%	2.25	%	1.25	%	1.09	%	$ 122,517

*Prior to March 1, 2016, the expense cap for the Alger Global Growth Fund Class Z was
0.99%.

Fred Alger Management Inc. may recoup reimbursed expenses during the one-year term of
the expense reimbursement contract if the expense ratio falls below the stated limitation.

(b) Administration Fees: Fees incurred by the Fund, pursuant to the provisions of the Fund’s
Administration Agreement with Fred Alger Management, Inc., 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 a distribution plan pursuant
to which the Fund pays Alger Inc. 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 Inc. for its activities and expenses incurred in
distributing the Fund’s shares and shareholder servicing. Fees paid may be more or less than
the expenses incurred by Alger Inc.
(d) Sales Charges: Purchases and sales of shares of the Fund may be subject to initial sales
charges or contingent deferred sales charges. For the six months ended April 30, 2016,
the initial sales charges and contingent deferred sales charges imposed, all of which were
retained by Fred Alger & Company, Incorporated, the Fund’s distributor (the “Distributor”
or “Alger Inc.”), were approximately $1,206 and $1,390, respectively. The initial sales charges
and contingent deferred sales charges are used by Alger Inc. to offset distribution expenses
previously incurred. Sales charges do not represent expenses of the Fund.
(e) Brokerage Commissions: During the six months ended April 30, 2016, the Fund paid Alger
Inc. $6,643 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 its
liaison and administrative oversight of Boston Financial Data Services, Inc. the transfer

- 32 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

agent, and other related services. The Fund compensates Alger Management at the annual
rate of 0.0165% of their respective average daily net assets for Class A and Class C shares
and 0.01% of their respective average daily net assets of 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 six months ended April 30, 2016,
Alger Management charged back $8,832 to the Fund for these services, which are included
in transfer agent fees and expenses in the accompanying Statement of Operations.

(g) Trustees’ Fees: From November 1, 2015 through February 29, 2016, each trustee who
is not affiliated with Alger Management or its affiliates each, an “Independent Trustee”
received a fee of $25,875 for each board meeting attended, to a maximum of $103,500
per annum, paid pro rata by each fund in the Alger Fund Complex, plus travel expenses
incurred for attending the meeting. The Independent Trustee appointed as Chairman of the
Board of Trustees received additional compensation of $24,300 per annum paid pro rata by
each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee
received a fee of $2,500 for each Audit Committee meeting attended to a maximum of
$10,000 per annum, paid pro rata by each fund in the Alger Fund Complex.
Effective March 1, 2016, each Independent Trustee receives a fee of $27,250 for each board
meeting attended, to a maximum of $109,000 per annum, paid pro rata by each fund in
the Alger Fund Complex, plus travel expenses incurred for attending the meeting. The
Independent Trustee appointed as Chairman of the Board of Trustees receives additional
compensation of $26,000 per annum paid pro rata by each fund in the Alger Fund Complex.
Additionally, each member of the Audit Committee receives a fee of $2,500 for each Audit
Committee meeting attended to a maximum of $10,000 per annum, paid pro rata by each
fund in the Alger Fund Complex.

(h) Interfund Loans: The Fund, along with other funds advised by Alger Management, may
borrow money from and lend money to each other for temporary or emergency purposes.
To the extent permitted under its investment restrictions, each fund may lend uninvested
cash in an amount up to 15% of its net assets to other funds. If a fund has borrowed from
other funds and has aggregate borrowings from all sources that exceed 10% of the fund’s
total assets, such fund will secure all of its loans from other funds. 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 funds. There were no interfund loans outstanding as of April 30, 2016.
(i) Other Transactions with Affiliates: Certain officers of the Fund are directors and officers of
Alger Management and Alger Inc. At April 30, 2016, Alger Management and its affiliated
entities owned the following shares of the Fund:


		SHARE CLASS
	A	C	I	Z
Alger Global Growth Fund	—	—	5,942	19,947

- 33 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 4 — Securities Transactions:
The following summarizes the securities transactions by the Fund, other than U.S.
Government securities, short-term securities, purchased options and short sales, for the six
months ended April 30, 2016:


		PURCHASES		SALES
Alger Global Growth Fund	$	24,441,406	$	26,164,801

Transactions in foreign securities may involve certain considerations and risks not typically
associated with those of U.S. companies because of, among other factors, the level of
governmental supervision and regulation of foreign security markets, and the possibility of
political or economic instability. Additional risks associated with investing in the emerging
markets include increased volatility, limited liquidity, and less stringent regulatory and legal
system.

NOTE 5 — Borrowings:
The Fund may borrow from its custodian on an uncommitted basis. The Fund pays the
custodian a market rate of interest, generally based upon the London Interbank Offered
Rate. The Fund may also borrow from other funds advised by Alger Management,
as discussed in Note 3(h). For the six months ended April 30, 2016, the Fund had no
borrowings from its custodian and other funds.

NOTE 6 — Share Capital:
(a) The Fund has an unlimited number of authorized shares of beneficial interest of $.001
par value. Transactions of shares of beneficial interest were as follows:


	FOR THE SIX MONTHS ENDED						FOR THE YEAR ENDED
		APRIL 30, 2016					OCTOBER 31, 2015
		SHARES			AMOUNT		SHARES			AMOUNT
Alger Global Growth Fund
Class A:
Shares sold		16,625		$	328,336		33,296		$	710,669
Shares redeemed		(133,480	)		(2,638,071	)	(327,350	)		(6,917,422	)
Net decrease		(116,855	)	$	(2,309,735	)	(294,054	)	$	(6,206,753	)
Class C:
Shares sold		25,618		$	497,357		66,823		$	1,358,291
Shares redeemed		(13,539	)		(262,369	)	(96,618	)		(1,974,249	)
Net increase (decrease)		12,079		$	234,988		(29,795	)	$	(615,958	)
Class I:
Shares sold		8,558		$	170,115		27,679		$	602,990
Shares redeemed		(15,229	)		(303,039	)	(14,429	)		(305,428	)
Net increase (decrease)		(6,671	)	$	(132,924	)	13,250		$	297,562
Class Z:
Shares sold		35,820		$	720,384		46,485		$	988,212
Shares redeemed		(17,087	)		(349,150	)	(1,732	)		(37,329	)
Net increase		18,733		$	371,234		44,753		$	950,883

- 34 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(b) Redemption Fee: Prior to March 1, 2015, the Fund imposed a 2.00% redemption fee on
certain Class A and Class C shares redeemed (including shares redeemed by exchange) less
than 30 days after such shares were acquired. Since March 1, 2015, the redemption fee is no
longer imposed.
NOTE 7 — Income Tax Information:
At October 31, 2015, the Fund, for federal income tax purposes, had a capital loss
carryforward of $3,106,671 which expires in 2017. Such amounts may be applied against
future net realized gains until the earlier of their utilization or expiration. During the year
ended October 31, 2015 the Fund utilized $4,081,052 of its capital loss carryforwards.

Under the Regulated Investment Company Modernization Act of 2010, capital losses
incurred by the Fund after October 31, 2011 will not be subject to expiration. In addition,
losses incurred after October 31, 2011 must be utilized prior to the utilization of capital loss
carryforwards above.

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, the realization of unrealized
appreciation of passive foreign investment companies, and partnership basis adjustments.

NOTE 8 — Fair Value Measurements
The following is a summary of the inputs used as of April 30, 2016 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.


Alger Global Growth Fund	TOTAL FUND			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary	$	3,282,117	$	2,538,262	$	743,028	$	827
Consumer Staples		3,033,540		1,726,318		1,307,222		—
Energy		2,842,756		2,248,902		593,854		—
Financials		4,883,133		2,625,976		2,257,157		—
Health Care		4,254,057		3,882,507		371,550		—
Industrials		2,751,140		2,375,123		376,017		—
Information Technology		4,551,230		3,504,097		1,012,197		34,936
Materials		899,984		757,256		142,728		—
Telecommunication Services		1,395,914		1,112,340		283,574		—
Utilities		1,093,075		785,256		307,819		—
TOTAL COMMON STOCKS	$	28,986,946	$	21,556,037	$	7,395,146	$	35,763
PREFERRED STOCKS
Consumer Discretionary		22,511		—		—		22,511
Health Care		210,149		—		—		210,149
Information Technology		161,018		—		—		161,018
TOTAL PREFERRED STOCKS	$	393,678		—		—	$	393,678

- 35 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


REAL ESTATE INVESTMENT TRUST
Financials		329,760		329,760			—		—
SPECIAL PURPOSE VEHICLE
Financials		55,986		—			—		55,986
TOTAL INVESTMENTS IN
SECURITIES	$	29,766,370	$	21,885,797	$	7,395,146		$	485,427

							FAIR VALUE
							MEASUREMENTS
							USING SIGNIFICANT
							UNOBSERVABLE
							INPUTS (LEVEL 3)
Alger Global Growth Fund							Common Stocks
Opening balance at November 1, 2015							$		29,411
Transfers into Level 3									—
Transfers out of Level 3									—
Total gains or losses
Included in net realized gain (loss) on investments									–
Included in net unrealized gain (loss) on investments									6,352
Purchases and sales									–
Purchases									–
Sales									–
Closing balance at April 30, 2016									35,763
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at April 30,2016							$		6,352

Alger Global Growth Fund							Preferred Stocks
Opening balance at November 1, 2015							$		371,725
Transfers into Level 3									—
Transfers out of Level 3									—
Total gains or losses
Included in net realized gain (loss) on investments									–
Included in net unrealized gain (loss) on investments									21,953
Purchases and sales									–
Purchases									–
Sales									–
Closing balance at April 30, 2016									393,678
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at April 30,2016							$		21,953

- 36 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


	Special Purpose
Alger Global Growth Fund		Vehicle
Opening balance at November 1, 2015	$	55,986
Transfers into Level 3		—
Transfers out of Level 3		—
Total gains or losses
Included in net realized gain (loss) on investments		–
Included in net unrealized gain (loss) on investments		–
Purchases and sales		–
Purchases		–
Sales		–
Closing balance at April 30, 2016		55,986
The amount of total gains or losses for the period included in net realized
and unrealized gain (loss) attributable to change in unrealized appreciation
(depreciation) relating to investments still held at April 30,2016	$	—

The following table provides quantitative information about our Level 3 fair value
measurements of our investments as of April 30, 2016. In addition to the techniques and
inputs noted in the table below, according to our valuation policy we may also use other
valuation techniques and methodologies when determining our fair value measurements.
The table below is not intended to be all-inclusive, but rather provides information on the
Level 3 inputs as they relate to our fair value measurements.


		Fair Value	Valuation	Unobservable
		April 30, 2016	Methodology	Input	Range/Input
Alger Global Growth Fund
Common Stock	$	827	Income	Discount Rate	40	%
			Approach
Common Stock		34,936	Performance	Market Multiple	11.5x-12.3x
			Multiple
			Methodology
			(xRevenue)
Preferred Stocks		22,511	Income	Discount Rate	40	%
			Approach
Preferred Stocks		161,018	Performance	Market Multiple	11.5x-12.3x
			Multiple
			Methodology
			(xRevenue)
Preferred Stocks		210,148	Discounted	Discount Rate	20.0-28.0%
			Cash Flow
Special Purpose Vehicle		55,986	Performance	Market Multiple	4.38x-4.88x
			Multiple
			Methodology
			(xRevenue)

The significant unobservable inputs used in the fair value measurement of the company’s
securities are revenue and EBITDA multiples, discount rates, and the probabilities of
success of certain outcomes. Significant increases and decreases in these inputs in isolation
and interrelationships between those inputs could result in significantly higher or lower fair
value measurements as noted in the table above.

- 37 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

On April 30, 2016, there were no transfers of securities between Level 1 and Level 2.

Certain of the Fund’s assets and liabilities are held at carrying amount or face value, which
approximates fair value for financial statement purposes. As of April 30, 2016, such assets
are categorized within the ASC 820 disclosure hierarchy as follows:


	TOTAL FUND	LEVEL 1		LEVEL 2	LEVEL 3
Cash, Foreign cash and Cash equivalents:
Alger Global Growth Fund	$ 710,068	$ 63,829	$	646,239		—

NOTE 9 — Derivatives:
Financial Accounting Standards Board 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 open derivative instruments as of April 30, 2016.

NOTE 10 — Principal Risks:
As of April 30, 2016, the Fund invested a significant portion of its assets in securities in
the consumer discretionary, health care and information technology sectors. Changes in
economic conditions affecting such sectors would have a greater impact on the Fund and
could affect the value, income and/or liquidity of positions in such securities.

In the normal course of business, the Fund invests in securities and enters into transactions
where risks exist due to fluctuations in the market (market risk) or failure of the issuer
of a security to meet all its obligations (issuer credit risk). The value of securities held by
the Fund may decline in response to certain events, including those directly involving the
issuers whose securities are owned by the Fund; conditions affecting the general economy;
overall market changes; local, regional or global political, social or economic instability; and
currency and interest rate and price fluctuations. Similar to issuer credit risk, the Fund may
be exposed to counterparty credit risk, or the risk that an entity with which the Fund has
unsettled or open transactions may fail to or be unable to perform on its commitments. The
Fund manages counterparty credit risk by entering into transactions only with counterparties
that it believes have the financial resources to honor their obligations and by monitoring
the financial stability of those counterparties. Financial assets, which potentially expose
the Fund to market, issuer and counterparty credit risks, consist principally of financial
instruments and receivables due from counterparties. The extent of the Fund’s exposure to
market, issuer and counterparty credit risks with respect to these financial assets is generally
approximated by its value recorded in the Statement of Assets and Liabilities, less any
collateral held by the Fund.

- 38 -

Alger Global Growth Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

NOTE 11 — Affiliated Securities:
The issuers of the securities listed below are deemed to be affiliates of the Fund because the
Fund or its affiliates owned 5% or more of the issuer’s voting securities during all or part of
the six months ended April 30, 2016. Purchase and sale transactions and dividend income
earned during the period were as follows:


	Shares/Par			Shares/Par
	at			at		Realized	Value at
	October 31,	Purchases/	Sales/	April	Dividend	Gain	April
Security	2015	Conversion	Conversion	30, 2016	Income	(Loss)	30, 2016

Alger Global Growth Fund
Common Stock
Choicestream, Inc.*	1,969	–	–	1,969	–	–	827
Preferred Stocks
Choicestream, Inc.*	53,598	–	–	53,598	–	–	22,511
Prosetta Biosciences,
Inc.*	33,858	–	–	33,858	–	–	153,038
* Non-income producing security.

NOTE 12 — Subsequent Events:

Management of the Fund has evaluated events that have occurred subsequent to April 30,
2016 through the issuance date of the Financial Statements. No such events have been
identified which require recognition and/or disclosure.

- 39 -

ALGER GLOBAL GROWTH FUND
ADDITIONAL INFORMATION (Unaudited)

Shareholder Expense Example

As a shareholder of a 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 November 1, 2015 and ending April 30, 2016.

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 would have 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 Period” 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 Fund’s actual expense
ratios for each class of 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.

- 40 -

ALGER GLOBAL GROWTH FUND
ADDITIONAL INFORMATION (Unaudited) (Continued)


								Annualized
						Expenses		Expense Ratio
		Beginning			Ending	Paid During			For the
			Account		Account	the Six Months		Six Months
			Value		Value		Ended		Ended
		November 1, 2015		April 30, 2016		April 30, 2016^(a)		April 30, 2016^(b)
Alger Global Growth Fund
Class A	Actual	$	1,000.00	$	977.72	$	7.43		1.50	%
	Hypothetical^(c)		1,000.00	1,017.35			7.57		1.50
Class C	Actual		1,000.00		973.59		11.04		2.25
	Hypothetical^(c)		1,000.00	1,013.67			11.27		2.25
Class I	Actual		1,000.00		978.83		6.15		1.25
	Hypothetical^(c)		1,000.00	1,018.65			6.27		1.25
Class Z	Actual		1,000.00		979.92		4.97		1.01
	Hypothetical^(c)		1,000.00	1,019.84			5.07		1.01

(a) Expenses are equal to the annualized expense ratio of the respective share class, multiplied by the average account
value over the period, multiple by 182/366 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.

- 41 -

ALGER GLOBAL GROWTH FUND
ADDITIONAL INFORMATION (Unaudited) (Continued)

Privacy Policy
U.S. Consumer Privacy Notice Rev. 01/2015 3/30/15


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	Does	Can you limit
information	Alger share?	this sharing?
For our everyday business purposes —	Yes	No
such as to process your transactions, maintain
your account(s), respond to court orders and
legal investigations, or report to credit bureaus
For our marketing purposes —	Yes	No
to offer our products and services to you
For joint marketing with other financial	No	We don’t share
companies
For our affiliates’ everyday business	Yes	No
purposes — information about your
transactions and experiences
For our affiliates’ everyday business	No	We don’t share
purposes — information about your
creditworthiness
Questions ? Call 1-800-342-2186

- 42 -

ALGER GLOBAL GROWTH FUND
ADDITIONAL INFORMATION (Unaudited) (Continued)


Who we are

Who is providing this notice?	Alger includes Fred Alger Management, Inc. and Fred
	Alger & Company, Incorporated as well as the following
	funds: The Alger Funds, The Alger Funds II, The Alger
	Institutional Funds, The Alger Portfolios, and Alger
	Global Growth Fund.


What we do
How does Alger	To protect your personal information from unauthorized
protect my personal	access and use, we use security measures that comply
information?	with federal law. These measures include computer
	safeguards and secured files and buildings.
How does Alger	We collect your personal information, for example,
collect my personal	when you:
information?	• Open an account or
	• Make deposits or withdrawals from you account
	• 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 only
	• 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, Inc.
	and Fred Alger & Company, Incorporated as well as the
	following funds: The Alger Funds, The Alger Funds II,
	The Alger Institutional Funds, The Alger Portfolios, and
	Alger Global Growth Fund.
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.
Other important information

- 43 -

ALGER GLOBAL GROWTH FUND
ADDITIONAL INFORMATION (Unaudited) (Continued)

Proxy Voting Policies
A description of the policies and procedures the Trust uses to determine how to vote
proxies relating to portfolio securities and information regarding how the Fund voted
proxies relating to portfolio securities during the most recent 12-month period ended June
30 are available, without charge, by calling (800) 992-3863 or online on the Funds’ website
at www.alger.com or on the SEC’s website at www.sec.gov.

Fund Holdings
The Board of Trustees has adopted policies and procedures relating to disclosure of the
Funds’ 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 Funds.

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 Funds’ shares and other parties which are not employed
by the Manager or its affiliates except when the legitimate business purposes for selective
disclosure and other conditions (designed to protect the Funds) are acceptable.

The Funds make their full holdings available semi-annually in shareholder reports filed on
Form N-CSR and after the first and third fiscal quarters in regulatory filings on Form N-Q.
These shareholder reports and regulatory filings are filed with the SEC, as required by federal
securities laws, and are generally available within sixty (60) days of the end of the Funds’
fiscal quarter. The Funds’ Forms N-Q are available online on the SEC’s website at www.
sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington,
D.C. Information regarding the operation of the SEC’s Public Reference Room may be
obtained by calling 1-800-SEC-0330.

In addition, the Funds make publicly available their respective month-end top 10 holdings
with a 15 day lag and their month-end full portfolios with a 60 day lag on their website www.
alger.com and through other marketing communications (including printed advertising/
sales literature and/or shareholder telephone customer service centers). No compensation
or other consideration is received for the non-public disclosure of portfolio holdings
information.

In accordance with the foregoing, the Funds provide portfolio holdings information to
service providers who provide necessary or beneficial services when such service providers
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 Funds will communicate with these service providers to confirm that they
understand the Funds’ policies and procedures regarding such disclosure. This agreement
must be approved by the Funds’ Chief Compliance Officer, President or Secretary.

- 44 -

ALGER GLOBAL GROWTH FUND
ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board of Trustees periodically reviews a report disclosing the third parties to whom
each 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 Funds routinely provide to shareholders, the Manager may,
upon request, make additional statistical information available regarding the Funds. Such
information will include, but not be limited to, relative weightings and characteristics of a
Fund portfolios versus its peers or an index (such as P/E ratio, alpha, beta, capture ratio,
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, breakdown of High Unit Volume
Growth holdings vs. Positive Lifecycle Change holdings, portfolio turnover, and requests
of a similar nature. Please contact the Funds at (800) 992-3863 to obtain such information.

- 45 -

ALGER GLOBAL GROWTH FUND

360 Park Avenue South
New York, NY 10010
(800) 992-3863
www.alger.com

Investment Manager

Fred Alger Management, Inc.
360 Park Avenue South
New York, NY 10010

Distributor

Fred Alger & Company, Incorporated
360 Park Avenue South
New York, NY 10010

Transfer Agent and Dividend Disbursing Agent

State Street Bank and Trust Company
c/o Boston Financial Data Services, Inc.
P.O. Box 8480
Boston, MA 02266-8480

Custodian

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

This report is submitted for the general information of the shareholders of Alger
Global Growth 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

- 46 -

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY
AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that
the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the

Investment Company Act of 1940, as amended) are effective based on their evaluation of the
disclosure controls and procedures as of a date within 90 days of the filing date of this document.

(b) No changes in the Registrant’s internal control over financial reporting occurred during the
Registrant’s second fiscal quarter of the period covered by this report that materially affected, or
are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) (1) Not applicable

(a) (2) Certifications of principal executive officer and principal financial officer as required by rule 30a-
2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

(a) (3) Not applicable

(b) Certifications of principal executive officer and principal financial officer as required by rule 30a-2(b)
under the Investment Company Act of 1940 are attached as Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Alger Global Growth Fund

By: /s/Hal Liebes

Hal Liebes

President

Date: June 24, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.

By: /s/Hal Liebes

Hal Liebes

President

Date: June 24, 2016

By: /s/Michael D. Martins


PORTFOLIO SUMMARY†
April 30, 2016 (Unaudited)

	Alger Global Growth
COUNTRY		Fund
Bermuda		0.6	%
Brazil		0.6
Canada		1.1
China		3.7
France		2.8
Germany		2.2
India		1.3
Indonesia		0.6
Ireland		0.5
Italy		0.8
Japan		4.7
Mexico		1.1
Netherlands		2.5
Norway		0.4
South Africa		0.6
South Korea		1.3
Switzerland		2.7
Taiwan		0.4
United Kingdom		4.1
United States		65.5
Cash and Net Other Assets		2.5
		100.0	%