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 811-01355
The Alger Funds
(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, LLC
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, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to Stockholders of any report to be transmitted to Stockholders under Rule
30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in
Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to
the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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REPORT(S) TO STOCKHOLDERS.
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THE ALGER FUNDS SEMI-ANNUAL REPORT APRIL 30, 2021 (UNAUDITED)
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Dear Shareholders,
Recent Market Performance Masks the Appeal of Industry Disrupters
In our opinion, unprecedented amounts of fiscal and monetary stimulus, anticipation of a grand re-opening of the economy and the widespread digitization of business models has resulted in investors assessing two
possible approaches to pursuing investments that can benefit from a growing economy. One approach involves conducting in-depth fundamental research to find companies with strong earnings that are using innovation to create secular growth, including
in industries such as leisure and restaurants, that benefit from economic expansion. The other approach relies on, what we believe, is a flawed shortcut of investing in businesses classified as value companies to gain exposure to cyclical
opportunities, or businesses that may have weak fundamentals but have potential to benefit from economic growth.
While equities of secular growth leaders underperformed value stocks during the six-month period ended April 30, 2021, we believe they have potential to generate attractive long-term performance. Therefore, we are
continuing to seek companies with strong fundamentals that we believe are benefiting from developing innovative products and services.
Optimism Supports Markets
In the U.S., the S&P 500 Index generated a 28.85% return for the aforementioned six-month reporting period. Value indices outperformed the broad market, with the Russell 3000 Value Index gaining 37.84% and small
cap value leading, as indicated by the 59.17% return of the Russell 2000 Value Index, as investors pursued cyclical companies. Nevertheless, the Russell 1000 Growth Index, which trailed other U.S. equity benchmarks, generated a 24.31% return.
During the six-month reporting period, cyclical sectors such as Energy, Materials and Industrials outperformed the broad market, while higher interest rates supported the performance of the Financials sector. Broadly speaking, investors sold shares
of companies that had led markets for most of 2020, including companies that experienced increased demand for technology that enables social distancing, such as e-commerce and remote working.
During the reporting period, the rapid development of Covid-19 vaccines and progress toward inoculating individuals supported investor optimism that economic shutdowns and other measures to contain the pandemic will
be curtailed or eliminated. Simultaneously, analysts upgraded their outlook for 2021 earnings growth, while the prospect of additional fiscal stimulus was also a tailwind as Joe Biden captured the presidency. President Biden eventually succeeded in
gaining approval of a $1.9 trillion coronavirus relief package that includes $1,400 checks for eligible individuals. President Biden also signaled his commitment to further prime the economy with a proposed $2.3 trillion infrastructure program.
Inflation and Valuations Spark Volatility
Optimism was occasionally dampened by fears that strong economic growth and stimulus spending could spark inflation, even though the Federal Reserve has maintained that inflationary pressures may be transitory and
signaled that it is unlikely to curtail monetary stimulus prematurely. After dipping into negative territory during portions of 2020, inflation crept up to approximately 2% during the reporting period, the same benign level that existed in 2019.
Valuations also sparked concern among some investors, with the S&P 500 forward price-to-earnings ratio climbing from 13.1 times in late March of 2020 to 21.7 times earnings as of April 30 of this year compared to the 20-year average of 15.4
times.
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We believe, however, that other valuation metrics, such as free cash flow and the equity risk premium, are encouraging. Due to what we believe are outdated accounting standards, corporations’ growing investments in
intangible assets, such as software, marketing algorithms, research and patents are expensed rather than capitalized, causing earnings to decline relative to free cash flow, which is the amount of cash remaining after expenditures for operations
and the maintenance of capital assets. Free cash flow as a percentage of net income during the past three years has been 111% and has increased substantially since the 1990’s when it was typically 75%, which depicts stocks as more attractively
valued compared to the P/E metric. The equity risk premium, which measures investors’ required rate of return above the prevailing risk-free interest rate, furthermore, was only 4.8% for the S&P 500 as of April 30, 2021, which we believe is
attractive from a historical perspective.
International Markets Also Advance
International markets were also strong during the reporting period with the MSCI ACWI ex USA Index, the MSCI ACWI Index and the MSCI Emerging Markets Index returning 27.66%, 28.56% and 23.09%, respectively. Optimism
about a global economic recovery combined with increasing supplies of the Covid-19 vaccines supported markets, while rising commodity prices were an additional tailwind for certain emerging market countries. The price of West Texas Intermediate
crude oil, for example, increased from $35 a barrel to
$63.50 a barrel during the reporting period.
Choosing the Path Forward
We believe the post-pandemic economic recovery is benefiting from not only scaling back or eliminating social distancing requirements, but also from the strength of the U.S. consumer. The strong performance of
equities and increasing home values during the past year have helped household net worth climb to $130 trillion, a sizeable amount that as of April 30, 2021, was expected to have increased by approximately 20%, or $25 trillion, in the first quarter
of this year. If Americans spend 2% of that increased wealth, approximately
$500 billion would surge through the economy, boosting GDP by 2.5%. At the same time, stimulus checks are only now starting to work their way through the economy.
As estimates for GDP growth climb and U.S. personal savings grow, it may be tempting to embrace cyclical stocks typically classified as value stocks in anticipation of strong economic expansion. At Alger, however, we
are continuing to take a long-term approach that involves seeking growth companies with strong fundamentals that are using innovation to disrupt their specific industries.
First, value market rallies have historically been short-lived, which illustrates the difficulty of successfully timing value trades.
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The Trump election in the fall of 2016 resulted in the Russell 3000 Value Index rising 6% relative to the Russell 3000 Growth Index, as investors priced in lower corporate tax rates which benefit more domestically oriented companies like
banks and retailers. Approximately half of the rally was concentrated in the two weeks after the election.
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When worries about the longevity of the European Union subsided in the spring of 2012, the Russell 3000 Value Index rallied over 8% relative to the growth benchmark through mid-2013. More than half of that move occurred in late 2012 and
early 2013.
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After the Global Financial Crisis, the Russell 3000 Value Index rose over 4% relative to the Russell 3000 Growth Index in the summer of 2009, but most of the rally took place over only one month.
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Importantly, these value rallies occurred within a long structural downward period for value underperformance, with the Russell 3000 Value Index generating an annualized return of 11.04% for the 10-year period ended
April 30, 2021, compared to the 16.7% annualized return of the Russell 3000 Growth Index. Additionally, we maintain that broader structural issues, including what we believe is the outdated practice of not fully valuing intangible assets, has made
the common practice of using price-to-book ratios in classifying stocks as value equities obsolete.
Finally, growth companies are often leaders in innovation and can potentially benefit from corporations increasingly digitizing their business models, which over the years has become a competitive necessity. Indeed,
during earnings calls, businesses are emphasizing the need to digitize rather than increase their exposure to more discretionary services or products within their respective industries. We believe that the intersection of digital innovation and
certain end markets that may benefit from economic growth may be attractive for investors. These may include travel and leisure stocks, restaurant stocks, retailers or even certain commercial real estate and energy companies.
Portfolio Matters
Alger Capital Appreciation Fund
The Alger Capital Appreciation Fund returned 21.45% for the fiscal six-month period ended April 30, 2021, compared to the 24.31% return of the Russell 1000 Growth Index. Effective February 11, 2021, Alger Chief
Executive Officer and Portfolio Manager, Daniel C. Chung, CFA, joined the portfolio management team of the Fund.
During the reporting period, the largest portfolio sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight
was Healthcare.
Contributors to Performance
The Financials and Industrials sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; Alphabet, Inc., Cl. C; Apple, Inc.; Amazon.com, Inc.; and Visa,
Inc., Cl. A were among the contributors to absolute performance. We believe that Microsoft is a “Positive Dynamic Change” beneficiary of corporate America’s transformative digitization. Microsoft’s enterprise cloud product, Azure, is rapidly
growing and accruing market share. Recently, Microsoft reported that Azure grew 50% during the fourth quarter of 2020. This high unit volume growth is a primary driver of the company’s higher share price, but Microsoft’s operating execution has
enabled notable margin expansion that has also helped to increase forward earnings estimates. Microsoft’s subscription-based software offerings and cloud computing services have not been entirely immune to the pandemic-related economic slowdown but
are resilient because they enhance customers’ growth initiatives and help them to reduce costs.
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Additionally, investors appreciate Microsoft’s strong free cash flow generation and its return of cash to shareholders in the form of dividends and share repurchases.
Detractors from Performance
The Healthcare and Consumer Discretionary sectors were among the sectors that detracted from relative performance. Regarding individual positions, Alibaba Group Holding Ltd. Sponsored ADR; Humana, Inc.; Coinbase
Global, Inc., Cl. A; salesforce.com, inc.; and Discovery, Inc., Cl. A were among the top detractors from absolute performance. Alibaba is the dominant e-commerce platform in the Chinese economy where e-commerce remains underpenetrated and fast
growing. It is also a leading player in China’s cloud computing, big data analytics, digital media and entertainment markets. The Fund owns Alibaba shares because of the large addressable market opportunities in e-commerce and cloud computing, as
well as the company’s potential for exploiting those opportunities due to state-enacted barriers that block meaningful foreign competitors. Unfortunately, the Chinese communist party has exhibited increased regulatory oversight of Alibaba, which
precluded the company from consummating a value-creating IPO of ANT Financial, its formidable fintech platform. As a result of this near-term regulatory uncertainty, the Alibaba investment detracted from portfolio performance.
Alger 25 Fund
The Alger 25 Fund generated a 23.39% return during the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index. As of February 11, 2021, Dr. Ankur Crawford, Alger
executive vice president and portfolio manager is no longer the manager of the Fund. She has been replaced by Alger Chief Executive Officer and Portfolio Manager Daniel C. Chung, CFA.
Contributors to Performance
During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology. The Fund had no exposure to Energy or
Utilities sectors and negligible exposure to Consumer Staples and Real Estate sectors. The Information Technology and Communication Services sectors provided the greatest contributions to relative performance.
Regarding individual positions, Applied Materials, Inc.; Alphabet, Inc., Cl. C; Microsoft Corp.; PayPal Holdings, Inc.; and Apple, Inc. were among the contributors to absolute performance. Shares of Microsoft
performed strongly in response to developments identified in the Alger Capital Appreciation Fund discussion.
Detractors from Performance
Among sectors, the Financials and Industrials sectors were the largest detractors from absolute performance. Regarding individual positions, Alibaba Group Holding Ltd. Sponsored ADR; Advanced Micro Devices, Inc.;
Tesla, Inc.; salesforce.com, inc.; and Pinterest, Inc., Cl. A were among the top detractors from absolute performance. Shares of Alibaba underperformed in response to developments identified in the Alger Capital Appreciation Fund discussion.
Alger 35 Fund
The Alger 35 Fund generated a 28.99% return during the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index. During the reporting period, the largest sector weightings
were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology. The Fund had no exposure to Materials, Utilities or Energy sectors.
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Contributors to Performance
The Information Technology and Communication Services sectors provided the greatest contributions to relative performance. Regarding individual positions, Genius Sports Ltd.; US Foods Holding Corp.; Tesla, Inc;
Applied Materials, Inc.; and Alphabet, Inc., Cl. C were among the contributors to absolute performance. Alphabet is a leading search provider and is a beneficiary of the shift of advertising dollars from traditional mediums like television, radio
and newspapers, to digital platforms. The company is a leader in implementing artificial intelligence and autonomous vehicles, and it owns the highly popular YouTube property. Despite regulatory scrutiny by the U.S. Department of Justice (DOJ) and
state attorney generals, Alphabet’s strong results have driven its share price higher. Results of the company’s search service and YouTube have exceeded expectations driven by increasing advertising that resulted from a strengthening economy.
Additionally, the company’s earnings exhibited strong operating leverage as costs have moved only slightly higher. Finally, the share price of Alphabet responded favorably to an anti-trust lawsuit filed by the DOJ against the company because the
litigation was more limited in scope than anticipated, primarily alleging that the company has improperly established agreements with various phone makers, including Apple, to ensure that Google is the default search engine across devices.
Detractors from Performance
The Financials sector and the Fund’s lack of Energy holdings detracted from relative performance. Regarding individual positions, Magnite, Inc.; Quidel Corp.; Datadog, Inc., Cl. A; Enphase Energy, Inc.; and Alibaba
Group Holding, Ltd. Sponsored ADR were among the top detractors from absolute performance. Quidel develops, manufactures and markets rapid point-of-care diagnostic solutions worldwide that are used for infectious disease, cardiac and toxicology
testing. Quidel’s solutions are mainly used at point-of-care locations, such as physicians’ offices, hospitals, urgent care clinics, pharmacies, wellness screening clinics and clinical laboratories when quality, highly sensitive, low-cost,
easy-to-use and fast diagnosis is particularly important. Shares of the company underperformed due to general concern that Covid-19 vaccines will result in decreased demand for Quidel’s Covid-19 testing products. We believe potential exists for
demand to decrease in 2022, but Covid-19 testing is still experiencing strong utilization while vaccines are being distributed, a process that can potentially last throughout 2021, in our view. In addition, Alger believes the need for testing can
potentially last longer than the market is currently assuming. Quidel has a significantly enhanced position in rapid point-of-care infectious disease testing, with a significant number of new instrument customers as a result of the pandemic. Quidel
also has a robust product pipeline outside of Covid-19, including the expected launch of its Savanna instrument by mid-2021 to offer rapid molecular testing with a panel of up to 8 to 12 tests at a time from a single patient sample. Additionally,
Covid-19 testing has allowed Quidel to build a sizable cash position, which it can potentially deploy on accretive mergers and acquisitions.
Alger Growth & Income Fund
The Alger Growth & Income Fund returned 29.42% for the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index. As of March 1, 2021, Alger Chief Executive Officer and
Portfolio Manager Daniel C. Chung, CFA, who was one of two managers of the Fund, no longer serves as one of the managers.
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During the reporting period, the largest portfolio sector weightings were Information Technology and Financials. The largest sector overweight was Financials and the largest sector underweight was Consumer
Discretionary.
Contributors to Performance
The Financials and Communication Services sectors provided the largest contributions to relative performance. Regarding individual positions, Microsoft Corp.; JPMorgan Chase & Co.; Apple, Inc.; Morgan Stanley;
and Alphabet, Inc., Cl. C were among the contributors to absolute performance. Shares of Alphabet performed strongly in response to developments identified in the Alger 35 Fund discussion.
Detractors from Performance
The Consumer Discretionary and Industrials sectors were the most significant detractors from relative performance. Regarding individual positions, General Motors Company; Procter & Gamble Company; Southern Copper
Corp.; Viatris, Inc.; and Best Buy Co., Inc. were among the top detractors from absolute performance. Alger believes that General Motors (GM) leads a small group of legacy automakers that are not only demonstrating effective electric vehicle
strategies, but also rethinking the way their businesses work to make for more profitable, less cyclical financial profiles over time. The car will no longer represent a discrete, low-margin hardware sale; instead, like smartphones, cars will
become conduits for high-value software, and we believe that there is potential for GM to enter new addressable markets like energy storage. GM has been valued as a low-margin cyclical for most of its history, and in recent years, there has been
substantial concern that it will be difficult for the company to compete as electric vehicles become more prevalent. Alger believes that GM will not only keep up but build a much more profitable business in the future.
GM’s share price increased during the reporting period due to a cyclical recovery in the automobile industry, but the position detracted from performance as the portfolio holding was underweight during the period in
which the share price rose the most.
Alger Mid Cap Growth Fund
The Alger Mid Cap Growth Fund returned 28.90% for the fiscal six-month period ended April 30, 2021, compared to the 24.84% return of the Russell Midcap Growth Index. During the reporting period, the largest sector
weightings were Information Technology and Healthcare. The largest sector overweight was Consumer Discretionary and the largest underweight was Information Technology.
Contributors to Performance
The Communication Services and Consumer Discretionary sectors provided the largest contributions to relative performance. Regarding individual positions, US Foods Holding Corp.; Magnite, Inc.; Farfetch Ltd., Cl. A;
Bio-Techne Corp.; and Roku, Inc., Cl. A were among the contributors to absolute performance. Magnite is an advertising technology company serving as a supply side platform for publishers. The platform helps publishers such as network television
stations or cable news providers automate the sale of digital advertising inventory across different formats and channels, like desktop, mobile, video, audio, connected TV and over-the-top TV. Publishers monetize their digital advertising inventory
by using Magnite’s platform to access a global market of ad buyers, including advertising agencies that use supply side platforms. Magnite also helps sellers decrease costs and protect their brands and user experience.
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Magnite receives advertising inventory from sellers and optimizes publishers’ revenue yields by processing the highest buyer bids. Currently, Magnite keeps approximately 14% of ad spend as revenue (i.e. take rate)
and passes on the remainder of the ad spend to publishers. Magnite’s clients include many of the world’s leading publishers of websites and mobile applications and the company believes that its platform reaches approximately 1 billion individuals
globally. Shares of Magnite outperformed due to stronger-than-expected fourth quarter results driven by a rapid recovery in digital advertising. Additionally, the company acquired SpotX, its largest competitor in connected TV. The combination makes
Magnite the industry’s largest independent supply side platform and a much larger connected TV player. Alger believes connected TV is the most exciting part of the digital ad market and is in the early days of growth, including capturing market
share from linear TV.
Detractors from Performance
The Information Technology and Healthcare sectors were among the sectors that detracted from relative performance. Regarding individual positions, Quidel Corp.; BigCommerce Holdings, Inc.; DermTech, Inc.; Datadog,
Inc., Cl. A; and Silver Spike Acquisition Corp., Cl. A were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
Alger Mid Cap Focus Fund
Class I shares of the Alger Mid Cap Focus Fund generated a 34.86% return for the fiscal six- month period ended April 30, 2021, compared to the 24.84% return of the Russell Midcap Growth Index.
Contributors to Performance
During the quarter, the largest portfolio sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Consumer Discretionary and the largest sector underweight was
Information Technology. The Communication Services and Consumer Discretionary sectors provided the largest contributions to relative performance.
Regarding individual positions Roku, Inc., Cl. A; Magnite, Inc.; MicroStrategy, Inc., Cl. A; Cloudflare, Inc., Cl. A; and Penn National Gaming, Inc. were among the contributors to absolute performance. Shares of
Magnite outperformed in response to developments identified in the Alger Mid Cap Growth discussion.
Detractors from Performance
The Healthcare and Materials sectors were among the top detractors from relative performance. Regarding individual positions, Quidel Corp.; EHang Holdings Ltd. Sponsored ADR, Cl. A; ChargePoint Holdings, Inc., Cl. A;
Yalla Group Ltd. Sponsored ADR, Cl. A; and Viant Technology, Inc., Cl. A were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
Alger Weatherbie Specialized Growth Fund
The Alger Weatherbie Specialized Growth Fund generated a 34.61% return during the fiscal six-month period ended April 30, 2021, compared to the 32.00% return of the Russell 2500 Growth Index.
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During the reporting period, the largest portfolio sector weightings were Information Technology and Healthcare. The largest sector overweight was Financials. The Fund had no exposure to Communication Services,
Consumer Staples, Materials or Utilities.
Contributors to Performance
The Financials and Healthcare sectors provided the greatest contributions to relative performance. Regarding individual positions, Progyny, Inc.; Upstart Holdings, Inc.; Signature Bank; Natera, Inc.; and Cerence,
Inc. were among the contributors to absolute performance. Upstart operates a cloud-based artificial intelligence (AI) lending platform. The platform aggregates consumer demand for loans and connects it to the company’s network of AI-enabled bank
partners. The technology connects consumers, banks and institutional investors through a shared AI lending platform. Upstart’s stock price increased after the company’s December IPO due to anticipation that the company will see increasing demand
for its services. With Americans receiving stimulus checks, banks have received an increased volume of deposits and could potentially turn to Upstart to find borrowers for the cash.
Detractors from Performance
The Information Technology and Consumer Discretionary sectors were the largest detractors from relative performance. Regarding individual positions, Quidel Corp.; Berkeley Lights, Inc; BigCommerce Holdings, Inc;
Viant Technology, Inc., Cl. A; and Silver Spike Acquisition Corp., Cl. A were among the top detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
Alger Small Cap Growth Fund
The Alger Small Cap Growth Fund returned 27.92% for the fiscal six-month period ended April 30, 2021, compared to the 37.84% return of the Russell 2000 Growth Index. During the reporting period, the largest portfolio
sector weightings were Healthcare and Information Technology. The largest sector overweight was Information Technology and the largest underweight was Industrials.
Contributors to Performance
The Communication Services and Energy sectors provided the greatest contributions to relative performance.
Regarding individual positions, Bio-Techne Corp.; Farfetch Ltd., Cl. A; Magnite, Inc.; HubSpot, Inc.; and CareDx, Inc. were among the contributors to absolute performance. CareDx provides high-value and
differentiated diagnostic surveillance products for patients receiving organ or stem cell transplants. CareDx’s diagnostic tests can increase the chances of successful transplants by facilitating a better match between donors and recipients of stem
cells and organs. In post-transplant diagnostics, CareDx offers tests for monitoring signs of rejection in kidney and heart transplant patients. Shares of CareDx outperformed the broad market due to stronger-than-expected third quarter revenues and
earnings and a sizable increase in reimbursement rates from insurers for its heart transplant surveillance testing. The increase is a result of Medicare finalizing its reimbursement pricing for the testing. Despite potential Covid-19 pandemic
impacts to its business, CareDx continues to execute well by responding to patients’ needs with innovative products.
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Detractors from Performance
The Industrials and Healthcare sectors were among the sectors that detracted from results. Regarding individual positions, Quidel Corp.; Tandem Diabetes Care, Inc.; Livongo Health, Inc.; eHealth, Inc.; and
BigCommerce Holdings, Inc. were among the most significant detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
Alger Small Cap Focus Fund
The Alger Small Cap Focus Fund returned 22.77% during the fiscal six-month period ended April 30, 2021, compared to the 37.84% return of the Russell 2000 Growth Index. During the reporting period, the Healthcare and
Information Technology sectors were the largest portfolio sector weightings. The largest sector overweight was Healthcare. The Fund had no exposure to Financials, Materials, Real Estate or Utilities and insignificant exposure to Energy and Consumer
Staples.
Contributors to Performance
The Fund had no exposure to Financials, Materials, Real Estate or Utilities and insignificant exposure to Energy and Consumer Staples. The Healthcare sector provided the greatest contribution to relative performance.
Regarding individual positions Natera, Inc.; CareDx, Inc.; AtriCure, Inc.; Bio-Techne Corp.; and Cantel Medical Corp. were among the most significant contributors to absolute performance. Natera is a leading provider
of genetic diagnostic tests used in the large reproductive medicine, oncology and organ transplant markets. We believe these markets are underpenetrated. Natera’s technology is augmented with software algorithms, bioinformatics and artificial
intelligence to improve the detection of diseases and deliver clinically actionable information, thereby addressing significant unmet medical needs and ultimately saving lives. Natera is a highly innovative company that has consistently invested
20% of its revenue in research and development.
In the early portion of the six-month reporting, Natera reported stronger-than-expected financial results for the three-month period ended September 30, 2020, driven by strong test volume. The quarterly results
benefited, in part, from the two leading reproductive medicine societies in the U.S. issuing a positive joint opinion that recommends non-invasive prenatal testing (NIPT) for all pregnancies. As a result, UnitedHealthcare and Aetna, who were the
two large national payors that didn’t provide reimbursement for the service, finally adopted formal coverage of NIPT.
Detractors from Performance
The Industrials sector was the most significant detractor from relative performance. Regarding individual positions, Quidel Corp.; Berkeley Lights, Inc.; BigCommerce Holdings, Inc.; Viant Technology, Inc., Cl. A; and
Silver Spike Acquisition Corp., Cl. A. were the largest detractors from absolute performance. Shares of Quidel underperformed in response to developments identified in the Alger 35 Fund discussion.
Alger International Focus Fund
The Alger International Focus Fund recorded a 21.05% return for the fiscal six-month period ended April 30, 2021, compared to the 27.66% return of the MSCI ACWI ex USA Index.
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Contributors to Performance
During the quarter, the largest portfolio sector weightings were Consumer Discretionary and Information Technology. The largest sector overweight was Information Technology and the largest sector underweight was
Consumer Staples. The Information Technology and Consumer Discretionary sectors provided the greatest contributions to relative performance. From a country perspective, the Netherlands, Hong Kong, France, Italy and China were among the most
significant contributors to relative performance.
Regarding individual positions, ASML Holding NV; Lasertec Corp.; LVMH Moet Hennessy Louis Vuitton SE; Samsonite International S.A.; and EQT AB were among the contributors to absolute performance. ASML Holding is a
global leader in advanced semiconductor lithography equipment. Increased demand for new semiconductors is increasing demand for ASML’s cutting edge extreme ultraviolet (EUV) lithography, which is a technology that is critical to the newest
generation of chip development. Investors continue to push the company’s stock valuations higher on the back of the 100% monopoly market share ASML has built. A favorable backdrop involving supply and demand combined with strong share buyback
activity continued to support the performance of ASML shares in the first quarter of 2021 as investors updated expectations around 2022 tool deliveries.
Detractors from Performance
The Financials and Materials sectors were among the sectors that detracted from results. From a country perspective, Brazil, South Korea, Germany, Australia and the United Kingdom were among the top detractors from
relative performance.
Regarding individual positions, Kogan.com Ltd.; Vinci Partners Investments Ltd., Cl. A; Appen Ltd.; InPost S.A.; and Unifiedpost Group SA were among the top detractors from absolute performance. Kogan.com is one of
Australia’s largest pure-play online retailers of consumer electronics, general merchandise and adjacent services with its own private label and third-party brands. Kogan is benefitting from the structural shift toward e-commerce and during the
second half of 2020, the company’s gross sales and gross profit climbed 96% and 120%, respectively, year over year. However, monthly sequential numbers normalized as calendar year 2020 progressed and a combination of cost pressures and transitory
charges related to logistics, personal protective equipment and compensation awards resulted in a deceleration of EBITDA growth. While website data and app downloads showed continued strong momentum, the stock took a breather in the first quarter
of this year after generating an extremely strong 2020 return. Investors during the first quarter of 2021 assessed challenging comparables for the second half of this year. However, Alger believes the company’s potential growth runway and secular
drivers remain intact.
Alger Health Sciences Fund
The Alger Health Sciences Fund returned 17.35% for the fiscal six-month period ended April 30, 2021, compared to the 28.85% return of the S&P 500 Index and the 20.65% return of the Russell 3000 Healthcare Index.
Contributors to Performance
Regarding individual positions, UnitedHealth Group Inc.; Bio-Techne Corp.; Natera, Inc.; Guardant Health, Inc.; and Moderna, Inc. were among the contributors to absolute performance. Bio-Techne develops, manufactures
and sells biotechnology reagents, clinical diagnostic products and instruments for medical research and clinical diagnostic applications. With its deep product portfolio and application expertise, Bio-Techne provides life science customers with
innovative, high-quality scientific tools to better understand biological processes and drive discovery of diagnostic and therapeutic products. Bio-Techne also sells a portfolio of assays, or clinical molecular diagnostic oncology products,
including a test used in the diagnosis of prostate cancer. Shares of Bio-Techne outperformed the broad market during the first quarter of 2021 due to stronger-than-expected earnings for the company’s fiscal second quarter. Bio-Techne delivered core
organic growth of 19%, substantially exceeding expectations. Bio-Techne experienced a faster-than-expected rebound in demand from academic customers, while demand from biopharmaceutical customers remained robust. Bio-Techne’s stronger revenue
performance drove higher margins and earnings.
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Detractors from Performance
Quidel Corporation; Livongo Health, Inc.; Invitae Corp.; Berkeley Lights, Inc.; and Mirati Therapeutics Inc. were among the top detractors from absolute performance. Shares of Quidel underperformed in response to
developments identified in the Alger 35 Fund discussion
I thank you for putting your trust in Alger.
Sincerely,
Daniel C. Chung, CFA
Chief Executive Officer
Fred Alger Management, LLC
Investors cannot invest directly in an index. Index performance does not reflect the deduction for fees, expenses, or taxes.
This report and the financial statements contained herein are submitted for the general information of shareholders of the funds. This report is not authorized for distribution to prospective investors in a fund
unless preceded or accompanied by an effective prospectus for the fund. Performance of funds discussed above other than the Alger 25 Fund, the Alger 35 Fund and the Alger Mid Cap Focus Fund represents the return of Class A shares prior to the
deduction of any sales charges and includes the reinvestment of any dividends or distributions. Performance for the Alger 25 Fund represents Class Z shares. Performance for the Alger 35 Fund represents Class P shares. Performance for the Alger Mid
Cap Focus Fund represents Class I shares.
The performance data quoted represents past performance, which is not an indication or guarantee of future results.
Standardized performance results can be found on the following pages. The investment return and principal value of an investment in a 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 funds’ 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 a 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 a fund. Please refer to the Schedule of Investments for
each fund which is included in this report for a complete list of fund holdings as of April 30, 2021. Securities mentioned in the Shareholders’ Letter, if not found in the Schedule of Investments, may have been held by the funds during the
six-month fiscal period ended April 30, 2021.
- 11 -
Risk Disclosures
Alger Capital Appreciation Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product
obsolescence, and may be more volatile than the securities of other companies. Investments in the Consumer Discretionary Sector may be affected by domestic and international economies, consumer’s disposable income, consumer preferences and social
trends. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Alger 25 Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product
obsolescence, and may be more volatile than the securities of other companies. Investments in the Consumer Discretionary Sector may be affected by domestic and international economies, consumer’s disposable income, consumer preferences and social
trends. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Foreign securities involve special risks
including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies
than a diversified fund. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio.
- 12 -
Alger 35 Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product
obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management
depth, or have limited liquidity. The Fund is classified as a “non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund. Assets may be focused in a small number of holdings,
making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio.
Alger Growth & Income Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher relative to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology companies, which may be significantly affected by competition, innovation, regulation, and product
obsolescence, and may be more volatile than the securities of other companies. Income- producing securities may cut or fail to declare dividends due to market downturns or for other reasons.
Alger Mid Cap Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and
product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth,
or have limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage
commissions, and taxes, which can lower the return on investment.
Alger Mid Cap Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. Investing in companies of medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets will be
invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence, and may be more volatile than the securities of other companies. The Fund is classified as a
“non-diversified fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on
investment.
- 13 -
Alger Weatherbie Specialized Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and
product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack
management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign
securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Alger Small Cap Growth Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and
product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth,
or have limited liquidity. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Alger Small Cap Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in technology and healthcare companies, which may be significantly affected by competition, innovation, regulation, and
product obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth,
or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio.
Alger International Focus Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more
diversified portfolio. Foreign securities and emerging markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small capitalizations
involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return
on investment.
- 14 -
Alger Health Sciences Fund
Investing in the stock market involves risks, including the potential loss of principal. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in healthcare companies, which may be significantly affected by competition, innovation, regulation, and product
obsolescence, and may be more volatile than the securities of other companies. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid.
Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can
lower the return on investment.
For a more detailed discussion of the risks associated with a fund, please see the Prospectus.
Before investing, carefully consider a fund’s investment objective, risks, charges, and expenses.
For a prospectus and summary prospectus containing this and other information or for the Alger Funds’ most recent month-end performance data, visit www.alger. com, call (800) 992-3863 or consult
your financial advisor. Read the prospectus and summary prospectus carefully before investing.
Distributor: Fred Alger & Company, LLC.
NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE
- 15 -
Definitions:
| • |
The S&P 500 Index: An index of large company stocks considered to be representative of the U.S. stock market.
|
| • |
The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
|
| • |
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher growth earning potential as defined by Russell's leading style
methodology. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment.
|
| • |
The MSCI ACWI ex USA Index (gross) captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. The index covers approximately 85% of the global
equity opportunity set outside the US.
|
| • |
The Morgan Stanley Capital International (MSCI) Emerging Markets Index (gross) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
|
| • |
The MSCI ACWI Index (gross) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap
representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries.
|
| • |
The Russell 3000 Healthcare Index is an unmanaged index that measures the performance of those companies in the Russell 3000 Index involved in the medical services or healthcare field. Also included are companies involved in research,
development and production of pharmaceuticals and biotechnology. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on the total market capitalization, which represents 99% of the U.S. equity market.
|
| • |
The Russell Midcap Growth Index measures the performance of the mid- cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading
style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market.
|
| • |
The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell's leading
style methodology. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market.
|
- 16 -
| • |
The Russell 2000 Growth Index measures the performance of the small- cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style
methodology. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment.
|
| • |
The Russell 3000 Growth Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad growth market. The index is completely reconstituted annually to ensure new and growing equities are included and that
the represented companies continue to reflect growth characteristics.
|
| • |
The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell
3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market.
|
- 17 -
FUND PERFORMANCE AS OF 3/31/21 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS
|
1
YEAR
|
5
YEARS
|
10
YEARS
|
SINCE INCEPTION
|
|||||||||||||
|
Alger Capital Appreciation Class A (Inception 12/31/96)
|
52.80
|
%
|
19.44
|
%
|
15.32
|
%
|
10.90
|
%
|
||||||||
|
Alger Capital Appreciation Class C (Inception 7/31/97)*
|
59.05
|
%
|
19.84
|
%
|
15.08
|
%
|
10.72
|
%
|
||||||||
|
Alger Capital Appreciation Class Z (Inception 12/29/10)
|
61.76
|
%
|
21.14
|
%
|
16.33
|
%
|
16.64
|
%
|
||||||||
|
Alger 25 Fund Class Z (Inception 12/28/17)**
|
65.39
|
%
|
n/a
|
n/a
|
22.82
|
%
|
||||||||||
|
Alger 35 Fund Class P (Inception 3/29/18)
|
84.94
|
%
|
n/a
|
n/a
|
28.61
|
%
|
||||||||||
|
Alger 35 Fund Class P-2 (Inception 10/31/18)
|
84.60
|
%
|
n/a
|
n/a
|
34.46
|
%
|
||||||||||
|
Alger Growth & Income Class A (Inception 12/31/96)
|
45.50
|
%
|
13.74
|
%
|
12.21
|
%
|
8.97
|
%
|
||||||||
|
Alger Growth & Income Class C (Inception 7/31/97)*
|
51.41
|
%
|
14.11
|
%
|
11.96
|
%
|
8.79
|
%
|
||||||||
|
Alger Growth & Income Class Z (Inception 3/1/12)
|
54.14
|
%
|
15.37
|
%
|
n/a
|
13.50
|
%
|
|||||||||
|
Alger Mid Cap Growth Class A (Inception 12/31/96)
|
86.57
|
%
|
21.11
|
%
|
13.26
|
%
|
10.43
|
%
|
||||||||
|
Alger Mid Cap Growth Class B (Inception 5/24/93)
|
91.97
|
%
|
21.74
|
%
|
13.19
|
%
|
10.39
|
%
|
||||||||
|
Alger Mid Cap Growth Class C (Inception 7/31/97)*
|
94.28
|
%
|
21.45
|
%
|
12.93
|
%
|
9.78
|
%
|
||||||||
|
Alger Mid Cap Growth Class Z (Inception 5/28/15)
|
97.42
|
%
|
22.77
|
%
|
n/a
|
16.23
|
%
|
|||||||||
|
Alger Mid Cap Focus Class I (Inception 6/14/19)
|
106.73
|
%
|
n/a
|
n/a
|
46.77
|
%
|
||||||||||
|
Alger Mid Cap Focus Class Y (Inception 2/26/21)
|
n/a
|
n/a
|
n/a
|
(4.65
|
)%
|
|||||||||||
|
Alger Mid Cap Focus Class Z (Inception 6/14/19)
|
107.13
|
%
|
n/a
|
n/a
|
47.10
|
%
|
||||||||||
|
Alger Weatherbie Specialized Growth Class A (Inception 5/8/02)
|
84.35
|
%
|
24.73
|
%
|
14.37
|
%
|
11.69
|
%
|
||||||||
|
Alger Weatherbie Specialized Growth Class C (Inception 5/8/02)
|
92.28
|
%
|
25.15
|
%
|
14.12
|
%
|
11.48
|
%
|
||||||||
|
Alger Weatherbie Specialized Growth Class I (Inception 8/5/07)
|
94.58
|
%
|
26.14
|
%
|
15.02
|
%
|
12.07
|
%
|
||||||||
|
Alger Weatherbie Specialized Growth Class Y (Inception 8/31/17)
|
95.32
|
%
|
n/a
|
n/a
|
28.01
|
%
|
||||||||||
|
Alger Weatherbie Specialized Growth Class Z (Inception 12/29/10)
|
95.28
|
%
|
26.52
|
%
|
15.38
|
%
|
16.00
|
%
|
||||||||
|
Alger Small Cap Growth Class A (Inception 12/31/96)
|
77.55
|
%
|
25.19
|
%
|
13.58
|
%
|
7.55
|
%
|
||||||||
|
Alger Small Cap Growth Class B (Inception 11/11/86)
|
82.86
|
%
|
25.75
|
%
|
13.58
|
%
|
7.53
|
%
|
||||||||
|
Alger Small Cap Growth Class C (Inception 7/31/97)*
|
85.21
|
%
|
25.51
|
%
|
13.22
|
%
|
7.39
|
%
|
||||||||
|
Alger Small Cap Growth Class Z (Inception 12/29/10)
|
88.14
|
%
|
27.01
|
%
|
14.54
|
%
|
15.14
|
%
|
||||||||
|
Alger Small Cap Focus Class A (Inception 3/3/08)
|
57.42
|
%
|
24.97
|
%
|
14.49
|
%
|
12.68
|
%
|
||||||||
|
Alger Small Cap Focus Class C (Inception 3/3/08)
|
64.03
|
%
|
25.40
|
%
|
14.30
|
%
|
12.39
|
%
|
||||||||
|
Alger Small Cap Focus Class I (Inception 3/3/08)
|
66.27
|
%
|
26.35
|
%
|
15.25
|
%
|
13.31
|
%
|
||||||||
|
Alger Small Cap Focus Class Y (Inception 2/28/17)
|
66.75
|
%
|
n/a
|
n/a
|
25.84
|
%
|
||||||||||
|
Alger Small Cap Focus Class Z (Inception 12/29/10)
|
66.75
|
%
|
26.71
|
%
|
15.57
|
%
|
16.12
|
%
|
||||||||
|
Alger International Focus Class A (Inception 12/31/96)
|
61.15
|
%
|
10.52
|
%
|
6.96
|
%
|
6.14
|
%
|
||||||||
|
Alger International Focus Class B (Inception 11/11/86)
|
65.48
|
%
|
11.04
|
%
|
6.93
|
%
|
6.11
|
%
|
||||||||
|
Alger International Focus Class C (Inception 7/31/97)*
|
67.85
|
%
|
10.82
|
%
|
6.67
|
%
|
5.97
|
%
|
||||||||
|
Alger International Focus Class I (Inception 5/31/13)
|
70.48
|
%
|
11.93
|
%
|
n/a
|
8.22
|
%
|
|||||||||
|
Alger International Focus Class Z (Inception 12/29/10)
|
70.68
|
%
|
12.21
|
%
|
7.98
|
%
|
8.28
|
%
|
||||||||
|
Alger Health Sciences Fund Class A (Inception 5/1/02)
|
35.42
|
%
|
19.68
|
%
|
14.63
|
%
|
12.68
|
%
|
||||||||
|
Alger Health Sciences Fund Class C (Inception 5/1/02)
|
40.86
|
%
|
20.05
|
%
|
14.36
|
%
|
12.45
|
%
|
||||||||
|
Alger Health Sciences Fund Class Z (Inception 5/28/15)
|
43.38
|
%
|
21.42
|
%
|
n/a
|
12.31
|
%
|
|||||||||
The performance data quoted represents past performance, which is not an indication or a guarantee of future results. A Fund’s average annual total returns include changes in share price and reinvestment of dividends
and capital gains.
Prior to August 7, 2015, the Alger Small Cap Focus Fund followed different investment strategies under the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was managed by a different portfolio
manager. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel.
- 18 -
Before March 28, 2018, the Alger International Focus Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013 the Fund was named “Alger Large Cap Growth
Fund,” and from May 31, 2013 to August 15, 2018 the Fund was named “Alger International Growth Fund.” Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current investment strategies and
investment personnel.
Previously, the Alger Growth & Income Fund followed a different investment objective and different strategies under the name “Alger Balanced Fund.” Performance prior to April 1, 2011 does not reflect the Fund’s
current investment objective and strategies.
From August 30, 2017 to September 30, 2019, the Alger Weatherbie Specialized Growth Fund was named "Alger SMid Cap Focus Fund." Prior to August 30, 2017, the Fund followed different investment strategies under the
name “Alger SMid Cap Growth Fund” and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel.
Prior to February 11, 2021, the Alger 25 Fund was managed by a different portfolio manager. Performance prior to February 11, 2021 does not reflect the Fund’s current investment personnel. Effective March 1, 2021,
Class P shares of the Alger 25 Fund were reclassified as Class Z shares. The reclassified Class Z shares have the same annual returns as the Class P shares because the shares are invested in the same portfolio of securities and the reclassified
Class Z shares have the same expenses as the Fund’s Class P shares.
|
*
|
Historical performance prior to the inception of the Class, is that of the Fund’s Class A shares, which has been adjusted to remove the sales charge imposed by Class A shares and adding the higher operating expenses of the Class C shares.
|
|
**
|
On March 1, 2021, Class P-2 Shares of Alger 25 Fund were converted into Class P Shares of Alger 25 Fund. Immediately thereafter,
Class P Shares of Alger 25 Fund were reclassified as Class Z Shares. Historical performance prior to March 1, 2021 is that of the Fund's Class P shares.
|
- 19 -
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Capital Appreciation Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 1000 Growth
Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. Figures for the Alger Capital Appreciation Fund Class A shares and the Russell 1000 Growth Index include reinvestment of dividends. Figures for the Alger Capital
Appreciation Fund Class A shares also include reinvestment of capital gains. Performance for Alger Capital Appreciation Fund Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those
classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 20 -
ALGER CAPITAL APPRECIATION FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
11/1/1993
|
|||||||||||||
|
Class A (Inception 12/31/96)
|
41.68
|
%
|
21.21
|
%
|
15.59
|
%
|
11.15
|
%
|
||||||||
|
Class C (Inception 7/31/97)*
|
47.43
|
%
|
21.62
|
%
|
15.33
|
%
|
10.96
|
%
|
||||||||
|
Russell 1000 Growth Index
|
51.41
|
%
|
22.88
|
%
|
17.02
|
%
|
9.87
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 12/29/2010
|
|||||||||||||
|
Class Z (Inception 12/29/10)
|
50.03
|
%
|
22.95
|
%
|
16.59
|
%
|
17.20
|
%
|
||||||||
|
Russell 1000 Growth Index
|
51.41
|
%
|
22.88
|
%
|
17.02
|
%
|
17.43
|
%
|
||||||||
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 July 31, 1997, 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.
|
- 21 -
ALGER 25 FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS Z SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger 25 Fund Class Z shares and the S&P 500 Index (an unmanaged index of common stocks) from December 28, 2017,
the inception date of the Alger 25 Fund, through April 30, 2021. Prior to February 11, 2021, the Alger 25 Fund was managed by a different portfolio manager. Performance prior to February 11, 2021 does not reflect the Fund's current investment
personnel. Effective March 1, 2021, Class P shares of the Alger 25 Fund were reclassified as Class Z shares. The reclassified Class Z shares have the same annual returns as the Class P shares because the shares are invested in the same portfolio of
securities and the reclassified Class Z shares have the same expenses as the Fund’s Class P shares. Historical performance prior to March 1, 2021 is that of the Fund's Class P shares. Figures for the Alger 25 Fund Class Z shares and the S&P 500
Index include reinvestment of dividends. Figures for the Alger 25 Fund Class Z shares also include reinvestment of capital gains.
- 22 -
ALGER 25 FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
12/28/2017
|
|||||||||||||
|
Class Z (Inception 12/28/17)
|
55.34
|
%
|
n/a
|
n/a
|
25.05
|
%
|
||||||||||
|
S&P 500 Index
|
45.98
|
%
|
n/a
|
n/a
|
16.32
|
%
|
||||||||||
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. Prior to February 11, 2021, the Alger 25 Fund was managed by a different portfolio manager. Performance prior to February 11, 2021 does not reflect the Fund's current investment personnel. Effective
March 1, 2021, Class P shares of the Alger 25 Fund were reclassified as Class Z shares. The reclassified Class Z shares have the same annual returns as the Class P shares because the shares are invested in the same portfolio of securities and the
reclassified Class Z shares have the same expenses as the Fund's Class P shares. 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.
- 23 -
ALGER 35 FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS P SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger 35 Fund Class P shares and the S&P 500 Index (an unmanaged index of common stocks) from March 29, 2018, the
inception date of the Alger 35 Fund Class P shares, through April 30, 2021. Figures for the Alger 35 Fund Class P shares and the S&P 500 Index include reinvestment of dividends. Figures for the Alger 35 Fund Class P shares also include
reinvestment of capital gains. Performance for the Alger 35 Fund Class P-2 shares will vary from results shown above due to differences in the expenses that the class bears. Investors cannot invest directly in any index. Index performance does not
reflect deduction for fees, expenses, or taxes.
- 24 -
ALGER 35 FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
3/29/2018
|
|||||||||||||
|
Class P (Inception 3/29/18)
|
70.26
|
%
|
n/a
|
n/a
|
30.53
|
%
|
||||||||||
|
S&P 500 Index
|
45.98
|
%
|
n/a
|
n/a
|
18.24
|
%
|
||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 10/31/2018
|
|||||||||||||
|
Class P-2 (Inception 10/31/18)
|
70.08
|
%
|
n/a
|
n/a
|
36.78
|
%
|
||||||||||
|
S&P 500 Index
|
45.98
|
%
|
n/a
|
n/a
|
21.21
|
%
|
||||||||||
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. 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.
- 25 -
ALGER GROWTH & INCOME FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Growth & Income Fund Class A shares, with a maximum sales charge of 5.25%, and the S&P 500 Index (an
unmanaged index of common stocks) for the ten years ended April 30, 2021. Figures for the Alger Growth & Income Fund Class A shares and the S&P 500 Index include reinvestment of dividends. Figures for the Alger Growth & Income Fund
Class A shares also include reinvestment of capital gains. Performance for the Alger Growth & Income Fund Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear.
Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 26 -
ALGER GROWTH & INCOME FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
12/31/1996
|
|||||||||||||
|
Class A (Inception 12/31/96)
|
35.95
|
%
|
14.81
|
%
|
12.38
|
%
|
9.15
|
%
|
||||||||
|
Class C (Inception 7/31/97)*
|
41.46
|
%
|
15.18
|
%
|
12.13
|
%
|
8.97
|
%
|
||||||||
|
S&P 500 Index
|
45.98
|
%
|
17.42
|
%
|
14.17
|
%
|
9.41
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 3/1/2012
|
|||||||||||||
|
Class Z (Inception 3/1/12)
|
44.04
|
%
|
16.45
|
%
|
n/a
|
13.97
|
%
|
|||||||||
|
S&P 500 Index
|
45.98
|
%
|
17.42
|
%
|
n/a
|
15.23
|
%
|
|||||||||
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. Previously, Alger Growth & Income Fund followed a different investment objective and different strategies under the name "Alger Balanced Fund." Performance
prior to April 1, 2011 does not reflect the Fund's current investment objective and strategies. 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 July 31, 1997, 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.
|
- 27 -
ALGER MID CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell Midcap Growth Index
(an unmanaged index of common stocks) for the ten years ended April 30, 2021. Figures for the Alger Mid Cap Growth Fund Class A shares and Russell Midcap Growth Index include reinvestment of dividends. Figures for the Alger Mid Cap Growth Fund
Class A shares also include reinvestment of capital gains. Performance for the Alger Mid Cap Growth Fund Class B, Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes
bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 28 -
ALGER MID CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
12/31/1996
|
|||||||||||||
|
Class A (Inception 12/31/96)
|
67.42
|
%
|
22.22
|
%
|
13.29
|
%
|
10.57
|
%
|
||||||||
|
Class B (Inception 5/24/93)
|
72.05
|
%
|
22.91
|
%
|
13.24
|
%
|
10.54
|
%
|
||||||||
|
Class C (Inception 7/31/97)*
|
74.32
|
%
|
22.54
|
%
|
12.96
|
%
|
9.92
|
%
|
||||||||
|
Russell Midcap Growth Index
|
53.97
|
%
|
19.70
|
%
|
14.33
|
%
|
10.43
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 5/28/2015
|
|||||||||||||
|
Class Z (Inception 5/28/15)
|
77.22
|
%
|
23.89
|
%
|
n/a
|
16.76
|
%
|
|||||||||
|
Russell Midcap Growth Index
|
53.97
|
%
|
19.70
|
%
|
n/a
|
15.22
|
%
|
|||||||||
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 B and 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 July 31, 1997, 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.
|
- 29 -
ALGER MID CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS I SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Mid Cap Focus Fund Class I shares and the Russell Midcap Growth Index (an unmanaged index of common stocks)
from June 14, 2019, the inception date of the Alger Mid Cap Focus Fund Class I shares, through April 30, 2021. Figures for the Alger Mid Cap Focus Fund Class I shares and the Russell Midcap Growth Index include reinvestment of dividends. Figures
for the Alger Mid Cap Focus Fund Class I shares also include reinvestment of capital gains. Performance for the Alger Mid Cap Focus Fund Class Y and Class Z shares will vary from the results shown above due to differences in the expenses that the
class bears. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 30 -
ALGER MID CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
6/14/2019
|
|||||||||||||
|
Class I (Inception 6/14/19)
|
83.29
|
%
|
n/a
|
n/a
|
46.16
|
%
|
||||||||||
|
Class Z (Inception 6/14/19)
|
83.77
|
%
|
n/a
|
n/a
|
46.50
|
%
|
||||||||||
|
Russell Midcap Growth Index
|
53.97
|
%
|
n/a
|
n/a
|
26.72
|
%
|
||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 2/26/2021
|
|||||||||||||
|
Class Y (Inception 2/26/21)
|
n/a
|
n/a
|
n/a
|
(2.37
|
)%
|
|||||||||||
|
Russell Midcap Growth Index
|
n/a
|
n/a
|
n/a
|
3.60
|
%
|
|||||||||||
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. 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.
- 31 -
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Weatherbie Specialized Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2500
Growth Index (an unmanaged index of common stocks) for the ten years ended April 30, 2021. From August 30, 2017 to September 30, 2019, the Fund was named "Alger SMid Cap Focus Fund." Prior to August 30, 2017, the Fund followed different investment
strategies under the name "Alger SMid Cap Growth Fund" and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund's current investment strategies and investment
personnel. Figures for the Alger Weatherbie Specialized Growth Fund Class A shares and the Russell 2500 Growth Index include reinvestment of dividends. Figures for the Alger Weatherbie Specialized Growth Fund Class A shares also include
reinvestment of capital gains. Performance for the Alger Weatherbie Specialized Growth Fund Class C, Class I, Class Y and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear.
Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 32 -
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
5/8/2002
|
|||||||||||||
|
Class A (Inception 5/8/02)
|
62.99
|
%
|
25.82
|
%
|
14.57
|
%
|
11.97
|
%
|
||||||||
|
Class C (Inception 5/8/02)
|
69.92
|
%
|
26.24
|
%
|
14.32
|
%
|
11.76
|
%
|
||||||||
|
Class I (Inception 8/5/07)*
|
72.16
|
%
|
27.23
|
%
|
15.22
|
%
|
12.35
|
%
|
||||||||
|
Russell 2500 Growth Index
|
67.27
|
%
|
20.51
|
%
|
14.21
|
%
|
11.42
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 8/30/2017
|
|||||||||||||
|
Class Y (Inception 8/30/17)
|
72.76
|
%
|
n/a
|
n/a
|
29.28
|
%
|
||||||||||
|
Russell 2500 Growth Index
|
67.27
|
%
|
n/a
|
n/a
|
21.64
|
%
|
||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 12/29/2010
|
|||||||||||||
|
Class Z (Inception 12/29/10)
|
72.68
|
%
|
27.63
|
%
|
15.58
|
%
|
16.50
|
%
|
||||||||
|
Russell 2500 Growth Index
|
67.27
|
%
|
20.51
|
%
|
14.21
|
%
|
15.07
|
%
|
||||||||
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. From August 30, 2017 to September 30, 2019, the Fund was named "Alger SMid Cap Focus Fund." Prior to August 30, 2017, the Fund followed different investment
strategies under the name "Alger SMid Cap Growth Fund" and prior to March 1, 2017 was managed by different portfolio managers. Accordingly, performance prior to those dates does not reflect the Fund's current investment strategies and investment
personnel. 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.
|
*
|
Historical performance prior to August 5, 2007, inception of the class, is that of the Fund's Class A shares, which has been adjusted to remove the sales charge imposed by Class A shares.
|
- 33 -
ALGER SMALL CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap Growth Fund Class A shares, with a maximum sales charge of 5.25%, and the Russell 2000 Growth Index (an
unmanaged index of common stocks) for the ten years ended April 30, 2021. Figures for the Alger Small Cap Growth Fund Class A shares and the Russell 2000 Growth Index include reinvestment of dividends. Figures for the Alger Small Cap Growth Fund
Class A shares also include reinvestment of capital gains. Performance for the Alger Small Cap Growth Fund Class B, Class C and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes
bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 34 -
ALGER SMALL CAP GROWTH FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
12/31/1996
|
|||||||||||||
|
Class A (Inception 12/31/96)
|
56.33
|
%
|
25.90
|
%
|
13.55
|
%
|
7.70
|
%
|
||||||||
|
Class B (Inception 11/11/86)
|
59.99
|
%
|
26.49
|
%
|
13.55
|
%
|
7.69
|
%
|
||||||||
|
Class C (Inception 7/31/97)*
|
62.74
|
%
|
26.23
|
%
|
13.18
|
%
|
7.55
|
%
|
||||||||
|
Russell 2000 Growth Index
|
69.15
|
%
|
18.89
|
%
|
12.86
|
%
|
8.31
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 12/29/2010
|
|||||||||||||
|
Class Z (Inception 12/29/10)
|
65.40
|
%
|
27.72
|
%
|
14.51
|
%
|
15.47
|
%
|
||||||||
|
Russell 2000 Growth Index
|
69.15
|
%
|
18.89
|
%
|
12.86
|
%
|
13.68
|
%
|
||||||||
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 B and 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 July 31, 1997, 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.
|
- 35 -
ALGER SMALL CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Small Cap Focus Fund Class A shares, with an initial 5.25% maximum sales charge, and the Russell 2000 Growth
(an unmanaged index of common stocks) for the ten years ended April 30, 2021. Prior to August 7, 2015, the Fund followed different investment strategies under the name “Alger Growth Opportunities Fund” and prior to February 12, 2015 was managed
by a different portfolio manager. Accordingly, performance prior to those dates does not reflect the Fund’s current investment strategies and investment personnel. Figures for the Alger Small Cap Focus Fund Class A shares and the Russell 2000
Growth Index include reinvestment of dividends. Figures for the Alger Small Cap Focus Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Small Cap Focus Fund Class C, Class I, Class Y and Class Z shares will
vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 36 -
ALGER SMALL CAP FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
3/3/2008
|
|||||||||||||
|
Class A (Inception 3/3/08)
|
44.80
|
%
|
26.06
|
%
|
14.69
|
%
|
13.13
|
%
|
||||||||
|
Class C (Inception 3/3/08)
|
50.75
|
%
|
26.49
|
%
|
14.49
|
%
|
12.84
|
%
|
||||||||
|
Class I (Inception 3/3/08)
|
52.89
|
%
|
27.44
|
%
|
15.45
|
%
|
13.76
|
%
|
||||||||
|
Russell 2000 Growth Index
|
69.15
|
%
|
18.89
|
%
|
12.86
|
%
|
12.35
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 2/28/2017
|
|||||||||||||
|
Class Y (Inception 2/28/17)
|
53.37
|
%
|
n/a
|
n/a
|
27.18
|
%
|
||||||||||
|
Russell 2000 Growth Index
|
69.15
|
%
|
n/a
|
n/a
|
17.71
|
%
|
||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 12/29/2010
|
|||||||||||||
|
Class Z (Inception 12/29/10)
|
53.32
|
%
|
27.84
|
%
|
15.76
|
%
|
16.69
|
%
|
||||||||
|
Russell 2000 Growth Index
|
69.15
|
%
|
18.89
|
%
|
12.86
|
%
|
13.68
|
%
|
||||||||
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. Prior to August 7, 2015, the Fund followed different investment strategies under the name "Alger Growth Opportunities Fund" and prior to February 12, 2015 was
managed by a different portfolio manager. Accordingly, performance prior to those dates does not reflect the Fund's current investment strategies and investment personnel. 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.
- 37 -
ALGER INTERNATIONAL FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger International Focus Fund Class A shares, with a maximum sales charge of 5.25%, and MSCI AC World Index ex USA
(an unmanaged index of common stocks) for the ten years ended April 30, 2021. Before March 28, 2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013, the Fund was named
"Alger Large Cap Growth Fund," and from May 31, 2013 to August 15, 2018 the Fund was named "Alger International Growth Fund." Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund’s current
investment strategies and investment personnel. Figures for the Alger International Focus Fund Class A shares and the index include reinvestment of dividends. Figures for the Alger International Focus Fund Class A shares also include reinvestment
of capital gains. Performance for the Alger International Focus Fund Class B, Class C, Class I and Class Z shares will vary from the results shown above due to differences in expenses and sales charges those classes bear. Investors cannot invest
directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 38 -
ALGER INTERNATIONAL FOCUS FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
12/31/1996
|
|||||||||||||
|
Class A (Inception 12/31/96)
|
50.17
|
%
|
10.94
|
%
|
7.02
|
%
|
6.27
|
%
|
||||||||
|
Class B (Inception 11/11/86)
|
53.79
|
%
|
11.49
|
%
|
7.00
|
%
|
6.25
|
%
|
||||||||
|
Class C (Inception 7/31/97)*
|
56.24
|
%
|
11.24
|
%
|
6.73
|
%
|
6.10
|
%
|
||||||||
|
MSCI AC World Index ex USA
|
43.56
|
%
|
10.34
|
%
|
5.22
|
%
|
6.06
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 5/31/2013
|
|||||||||||||
|
Class I (Inception 5/31/13)
|
58.64
|
%
|
12.36
|
%
|
n/a
|
8.61
|
%
|
|||||||||
|
MSCI AC World Index ex USA
|
43.56
|
%
|
10.34
|
%
|
n/a
|
6.89
|
%
|
|||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 12/29/2010
|
|||||||||||||
|
Class Z (Inception 12/29/10)
|
59.06
|
%
|
12.64
|
%
|
8.05
|
%
|
8.59
|
%
|
||||||||
|
MSCI AC World Index ex USA
|
43.56
|
%
|
10.34
|
%
|
5.22
|
%
|
5.94
|
%
|
||||||||
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 B and 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. Before March 28,
2018, the Fund followed different investment strategies and was managed by different portfolio managers. Prior to May 31, 2013, the Fund was named "Alger Large Cap Growth Fund," and from May 31, 2013 to August 15, 2018 the Fund was named "Alger
International Growth Fund." Performance prior to March 28, 2018 reflects these prior management styles and does not reflect the Fund's current investment strategies and investment personnel. 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 July 31, 1997, 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.
|
- 39 -
ALGER HEALTH SCIENCES FUND
Fund Highlights Through April 30, 2021 (Unaudited)
HYPOTHETICAL $10,000 INVESTMENT IN CLASS A SHARES
The chart above illustrates the change in value of a hypothetical $10,000 investment made in the Alger Health Sciences Fund Class A shares, with a maximum sales charge of 5.25%, the Russell 3000 Healthcare Index
and the S&P 500 Index (each an unmanaged index of common stocks) for the ten years ended April 30, 2021. Figures for the Alger Health Sciences Fund Class A shares, the Russell 3000 Healthcare Index and the S&P 500 Index include
reinvestment of dividends. Figures for the Alger Health Sciences Fund Class A shares also include reinvestment of capital gains. Performance for the Alger Health Sciences Fund Class C and Class Z shares will vary from the results shown above due
to differences in expenses and sales charges those classes bear. Investors cannot invest directly in any index. Index performance does not reflect deduction for fees, expenses, or taxes.
- 40 -
ALGER HEALTH SCIENCES FUND
Fund Highlights Through April 30, 2021 (Unaudited) (Continued)
|
PERFORMANCE COMPARISON AS OF 4/30/21
|
||||||||||||||||
|
AVERAGE ANNUAL TOTAL RETURNS
|
||||||||||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since
5/1/2002
|
|||||||||||||
|
Class A (Inception 5/1/02)
|
29.41
|
%
|
20.95
|
%
|
14.63
|
%
|
13.02
|
%
|
||||||||
|
Class C (Inception 5/1/02)
|
34.46
|
%
|
21.32
|
%
|
14.36
|
%
|
12.80
|
%
|
||||||||
|
Russell 3000 Healthcare Index
|
28.07
|
%
|
15.26
|
%
|
15.88
|
%
|
10.27
|
%
|
||||||||
|
S&P 500 Index
|
45.98
|
%
|
17.42
|
%
|
14.17
|
%
|
9.53
|
%
|
||||||||
|
1 YEAR
|
5 YEARS
|
10 YEARS
|
Since 5/28/2015
|
|||||||||||||
|
Class Z (Inception 5/28/15)
|
36.97
|
%
|
22.71
|
%
|
n/a
|
13.42
|
%
|
|||||||||
|
Russell 3000 Healthcare Index
|
28.07
|
%
|
15.26
|
%
|
n/a
|
11.18
|
%
|
|||||||||
|
S&P 500 Index
|
45.98
|
%
|
17.42
|
%
|
n/a
|
14.37
|
%
|
|||||||||
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.
- 41 -
|
SECTORS
|
Alger Capital
Appreciation Fund
|
Alger 25 Fund
|
Alger 35 Fund
|
Alger Growth &
Income Fund
|
||||||||||||
|
Communication Services
|
13.6
|
%
|
13.9
|
%
|
14.6
|
%
|
13.2
|
%
|
||||||||
|
Consumer Discretionary
|
21.7
|
17.8
|
16.6
|
7.8
|
||||||||||||
|
Consumer Staples
|
1.2
|
1.6
|
3.6
|
6.8
|
||||||||||||
|
Energy
|
0.0
|
0.0
|
0.0
|
3.2
|
||||||||||||
|
Financials
|
3.7
|
4.2
|
2.7
|
15.0
|
||||||||||||
|
Healthcare
|
7.8
|
10.8
|
13.4
|
12.9
|
||||||||||||
|
Industrials
|
5.2
|
4.2
|
5.7
|
6.3
|
||||||||||||
|
Information Technology
|
45.4
|
46.2
|
41.4
|
25.6
|
||||||||||||
|
Materials
|
1.2
|
0.0
|
0.0
|
1.8
|
||||||||||||
|
Real Estate
|
0.2
|
0.0
|
1.9
|
4.4
|
||||||||||||
|
Utilities
|
0.0
|
0.0
|
0.0
|
1.2
|
||||||||||||
|
Short-Term Investments and Net Other Assets
|
0.0
|
1.3
|
0.1
|
1.8
|
||||||||||||
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|||||||||
|
SECTORS
|
Alger Mid Cap Growth
Fund
|
Alger Mid Cap Focus
Fund
|
Alger Weatherbie
Specialized Growth
Fund
|
Alger Small Cap
Growth Fund
|
||||||||||||
|
Communication Services
|
8.1
|
%
|
3.5
|
%
|
0.0
|
%
|
6.7
|
%
|
||||||||
|
Consumer Discretionary
|
19.3
|
18.2
|
13.7
|
14.8
|
||||||||||||
|
Consumer Staples
|
1.3
|
3.1
|
0.0
|
2.8
|
||||||||||||
|
Energy
|
0.0
|
1.9
|
2.4
|
1.0
|
||||||||||||
|
Financials
|
2.2
|
4.4
|
18.9
|
1.8
|
||||||||||||
|
Healthcare
|
22.1
|
16.6
|
30.5
|
35.8
|
||||||||||||
|
Industrials
|
11.1
|
17.6
|
8.0
|
4.5
|
||||||||||||
|
Information Technology
|
31.7
|
30.0
|
18.7
|
25.7
|
||||||||||||
|
Materials
|
0.0
|
1.3
|
0.0
|
2.0
|
||||||||||||
|
Real Estate
|
3.3
|
1.3
|
5.8
|
1.2
|
||||||||||||
|
Short-Term Investments and Net Other Assets
|
0.9
|
2.1
|
2.0
|
3.7
|
||||||||||||
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|||||||||
|
SECTORS
|
Alger Small Cap
Focus Fund
|
Alger Health Sciences
Fund
|
||||||
|
Communication Services
|
1.8
|
%
|
0.0
|
%
|
||||
|
Consumer Discretionary
|
9.0
|
0.0
|
||||||
|
Consumer Staples
|
1.4
|
0.0
|
||||||
|
Energy
|
0.9
|
0.0
|
||||||
|
Financials
|
0.8
|
0.0
|
||||||
|
Healthcare
|
49.4
|
97.6
|
||||||
|
Industrials
|
6.8
|
0.0
|
||||||
|
Information Technology
|
24.5
|
1.0
|
||||||
|
Short-Term Investments and Net Other Assets
|
5.4
|
1.4
|
||||||
|
100.0
|
%
|
100.0
|
%
|
|||||
- 42 -
PORTFOLIO SUMMARY†
April 30, 2021 (Unaudited) (Continued)
|
COUNTRY
|
Alger International
Focus Fund
|
|||
|
Australia
|
5.3
|
%
|
||
|
Belgium
|
1.3
|
|||
|
China
|
|
10.1
|
||
|
France
|
12.8
|
|||
|
Germany
|
4.4
|
|||
|
Hong Kong
|
6.3
|
|||
|
Hungary
|
2.2
|
|||
|
India
|
4.6
|
|||
|
Ireland
|
2.2
|
|||
|
Italy
|
8.0
|
|||
|
Japan
|
11.4
|
|||
|
Netherlands
|
8.5
|
|||
|
Norway
|
1.6
|
|||
|
South Korea
|
4.3
|
|||
|
Spain
|
1.7
|
|||
|
Sweden
|
2.8
|
|||
|
Switzerland
|
5.9
|
|||
|
Taiwan
|
2.8
|
|||
|
United Kingdom
|
2.4
|
|||
|
Cash and Net Other Assets
|
1.4
|
|||
|
100.0
|
%
|
|||
|
†
|
Based on net assets for each Fund.
|
- 43 -
|
THE ALGER FUNDS
|
|
| ALGER CAPITAL APPRECIATION FUND | |
|
COMMON STOCKS—99.7%
|
SHARES
|
VALUE
|
||||||
|
AEROSPACE & DEFENSE—1.4%
|
||||||||
|
Raytheon Technologies Corp.
|
122,148
|
$
|
10,167,599
|
|||||
|
TransDigm Group, Inc.*
|
57,220
|
35,118,203
|
||||||
|
45,285,802
|
||||||||
|
AIR FREIGHT & LOGISTICS—0.6%
|
||||||||
|
XPO Logistics, Inc.*
|
127,667
|
17,761,033
|
||||||
|
APPAREL ACCESSORIES & LUXURY GOODS—1.4%
|
||||||||
|
Capri Holdings Ltd.*
|
172,627
|
9,508,295
|
||||||
|
LVMH Moet Hennessy Louis Vuitton SE
|
46,687
|
35,174,600
|
||||||
|
44,682,895
|
||||||||
|
APPAREL RETAIL—0.7%
|
||||||||
|
The TJX Cos., Inc.
|
313,949
|
22,290,379
|
||||||
|
APPLICATION SOFTWARE—8.5%
|
||||||||
|
Adobe, Inc.*
|
222,144
|
112,924,681
|
||||||
|
Autodesk, Inc.*
|
28,721
|
8,383,947
|
||||||
|
Cadence Design Systems, Inc.*
|
106,998
|
14,099,127
|
||||||
|
Five9, Inc.*
|
73,795
|
13,871,246
|
||||||
|
Intuit, Inc.
|
96,706
|
39,858,345
|
||||||
|
RingCentral, Inc., Cl. A*
|
75,545
|
24,095,078
|
||||||
|
salesforce.com, Inc.*
|
250,720
|
57,745,830
|
||||||
|
270,978,254
|
||||||||
|
AUTOMOBILE MANUFACTURERS—1.8%
|
||||||||
|
General Motors Co.*
|
143,253
|
8,196,937
|
||||||
|
Tesla, Inc.*
|
69,648
|
49,411,077
|
||||||
|
57,608,014
|
||||||||
|
AUTOMOTIVE RETAIL—1.1%
|
||||||||
|
Carvana Co., Cl. A*
|
57,033
|
16,269,233
|
||||||
|
Lithia Motors, Inc., Cl. A
|
45,549
|
17,508,125
|
||||||
|
33,777,358
|
||||||||
|
BIOTECHNOLOGY—0.2%
|
||||||||
|
Vertex Pharmaceuticals, Inc.*
|
32,439
|
7,078,190
|
||||||
|
BROADCASTING—0.6%
|
||||||||
|
Discovery, Inc., Cl. A*
|
462,112
|
17,403,138
|
||||||
|
CASINOS & GAMING—2.2%
|
||||||||
|
DraftKings, Inc., Cl. A*
|
384,352
|
21,777,384
|
||||||
|
Flutter Entertainment PLC*
|
41,004
|
8,359,778
|
||||||
|
Las Vegas Sands Corp.*
|
121,409
|
7,437,515
|
||||||
|
MGM Resorts International
|
815,574
|
33,210,173
|
||||||
|
70,784,850
|
||||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—10.0%
|
||||||||
|
Fiserv, Inc.*
|
379,562
|
45,592,987
|
||||||
|
PayPal Holdings, Inc.*
|
362,764
|
95,149,370
|
||||||
|
Square, Inc., Cl. A*
|
98,785
|
24,184,544
|
||||||
|
Visa, Inc., Cl. A
|
652,982
|
152,510,476
|
||||||
|
317,437,377
|
||||||||
|
DIVERSIFIED BANKS—0.4%
|
||||||||
|
Bank of America Corp.
|
157,869
|
6,398,431
|
||||||
|
JPMorgan Chase & Co.
|
31,952
|
4,914,537
|
||||||
|
11,312,968
|
||||||||
- 44 -
|
THE ALGER FUNDS
|
|
|
ALGER CAPITAL APPRECIATION FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—99.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
DIVERSIFIED SUPPORT SERVICES—0.5%
|
||||||||
|
Cintas Corp.
|
47,330
|
$
|
16,335,476
|
|||||
|
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%
|
||||||||
|
AMETEK, Inc.
|
98,535
|
13,295,327
|
||||||
|
Eaton Corp. PLC
|
94,005
|
13,436,135
|
||||||
|
26,731,462
|
||||||||
|
FINANCIAL EXCHANGES & DATA—1.8%
|
||||||||
|
CME Group, Inc., Cl. A
|
105,506
|
21,311,157
|
||||||
|
Coinbase Global, Inc., Cl. A*
|
24,459
|
7,279,976
|
||||||
|
S&P Global, Inc.
|
70,243
|
27,422,165
|
||||||
|
56,013,298
|
||||||||
|
FOOD DISTRIBUTORS—1.0%
|
||||||||
|
Sysco Corp.
|
389,312
|
32,986,406
|
||||||
|
FOOTWEAR—0.7%
|
||||||||
|
NIKE, Inc., Cl. B
|
157,783
|
20,925,181
|
||||||
|
GENERAL MERCHANDISE STORES—0.2%
|
||||||||
|
Target Corp.
|
27,735
|
5,748,356
|
||||||
|
HEALTHCARE EQUIPMENT—5.0%
|
||||||||
|
Danaher Corp.
|
303,934
|
77,181,000
|
||||||
|
Dexcom, Inc.*
|
18,256
|
7,048,642
|
||||||
|
Intuitive Surgical, Inc.*
|
43,356
|
37,502,940
|
||||||
|
Medtronic PLC
|
273,356
|
35,787,767
|
||||||
|
157,520,349
|
||||||||
|
HEALTHCARE SERVICES—0.5%
|
||||||||
|
Guardant Health, Inc.*
|
100,672
|
16,004,835
|
||||||
|
HEALTHCARE SUPPLIES—0.7%
|
||||||||
|
Align Technology, Inc.*
|
36,793
|
21,911,335
|
||||||
|
HOME IMPROVEMENT RETAIL—0.8%
|
||||||||
|
Lowe's Cos., Inc.
|
133,587
|
26,216,449
|
||||||
|
HOTELS RESORTS & CRUISE LINES—1.4%
|
||||||||
|
Booking Holdings, Inc.*
|
8,727
|
21,521,480
|
||||||
|
Expedia Group, Inc.*
|
120,658
|
21,263,560
|
||||||
|
42,785,040
|
||||||||
|
INDUSTRIAL GASES—0.4%
|
||||||||
|
Air Products & Chemicals, Inc.
|
44,210
|
12,753,701
|
||||||
|
INTERACTIVE MEDIA & SERVICES—10.4%
|
||||||||
|
Alphabet, Inc., Cl. C*
|
68,960
|
166,201,875
|
||||||
|
Facebook, Inc., Cl. A*
|
329,911
|
107,247,468
|
||||||
|
Pinterest, Inc., Cl. A*
|
560,950
|
37,230,252
|
||||||
|
Snap, Inc., Cl. A*
|
331,909
|
20,518,614
|
||||||
|
331,198,209
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—9.3%
|
||||||||
|
Alibaba Group Holding Ltd.#,*
|
22,018
|
5,085,057
|
||||||
|
Altaba, Inc.*,@,(a)
|
259,825
|
3,094,516
|
||||||
|
Amazon.com, Inc.*
|
77,445
|
268,534,342
|
||||||
|
MercadoLibre, Inc.*
|
12,490
|
19,621,540
|
||||||
|
296,335,455
|
||||||||
|
INTERNET SERVICES & INFRASTRUCTURE—2.3%
|
||||||||
|
Shopify, Inc., Cl. A*
|
21,648
|
25,598,976
|
||||||
- 45 -
|
THE ALGER FUNDS
|
|
| ALGER CAPITAL APPRECIATION FUND | |
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—99.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
INTERNET SERVICES & INFRASTRUCTURE—2.3% (CONT.)
|
||||||||
|
Snowflake, Inc., Cl. A*
|
69,683
|
$
|
16,137,886
|
|||||
|
Twilio, Inc., Cl. A*
|
85,375
|
31,400,925
|
||||||
|
73,137,787
|
||||||||
|
INVESTMENT BANKING & BROKERAGE—0.7%
|
||||||||
|
Morgan Stanley
|
264,782
|
21,857,754
|
||||||
|
MANAGED HEALTHCARE—0.6%
|
||||||||
|
UnitedHealth Group, Inc.
|
48,482
|
19,334,622
|
||||||
|
MOVIES & ENTERTAINMENT—1.4%
|
||||||||
|
Live Nation Entertainment, Inc.*
|
180,681
|
14,794,160
|
||||||
|
Netflix, Inc.*
|
23,795
|
12,218,019
|
||||||
|
Roku, Inc., Cl. A*
|
30,239
|
10,371,070
|
||||||
|
The Walt Disney Co.*
|
37,554
|
6,985,795
|
||||||
|
44,369,044
|
||||||||
|
PERSONAL PRODUCTS—0.2%
|
||||||||
|
The Estee Lauder Cos., Inc., Cl. A
|
20,266
|
6,359,471
|
||||||
|
PHARMACEUTICALS—0.8%
|
||||||||
|
Horizon Therapeutics PLC*
|
107,435
|
10,165,500
|
||||||
|
Zoetis, Inc., Cl. A
|
93,289
|
16,141,795
|
||||||
|
26,307,295
|
||||||||
|
RAILROADS—0.9%
|
||||||||
|
Union Pacific Corp.
|
126,793
|
28,159,457
|
||||||
|
REGIONAL BANKS—0.8%
|
||||||||
|
Signature Bank
|
98,334
|
24,731,984
|
||||||
|
RESEARCH & CONSULTING SERVICES—0.4%
|
||||||||
|
CoStar Group, Inc.*
|
16,130
|
13,781,956
|
||||||
|
RESTAURANTS—2.1%
|
||||||||
|
Chipotle Mexican Grill, Inc., Cl. A*
|
22,536
|
33,624,388
|
||||||
|
Starbucks Corp.
|
278,677
|
31,905,730
|
||||||
|
65,530,118
|
||||||||
|
SEMICONDUCTOR EQUIPMENT—2.3%
|
||||||||
|
Applied Materials, Inc.
|
115,081
|
15,272,400
|
||||||
|
Enphase Energy, Inc.*
|
85,202
|
11,864,378
|
||||||
|
Lam Research Corp.
|
74,323
|
46,113,705
|
||||||
|
73,250,483
|
||||||||
|
SEMICONDUCTORS—7.1%
|
||||||||
|
Advanced Micro Devices, Inc.*
|
181,715
|
14,831,578
|
||||||
|
Microchip Technology, Inc.
|
79,092
|
11,886,737
|
||||||
|
Micron Technology, Inc.*
|
361,400
|
31,105,698
|
||||||
|
NVIDIA Corp.
|
86,836
|
52,134,598
|
||||||
|
NXP Semiconductors NV
|
180,917
|
34,828,332
|
||||||
|
QUALCOMM, Inc.
|
265,500
|
36,851,400
|
||||||
|
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
369,175
|
43,097,489
|
||||||
|
224,735,832
|
||||||||
|
SPECIALTY CHEMICALS—0.8%
|
||||||||
|
The Sherwin-Williams Co.
|
87,699
|
24,018,125
|
||||||
|
SYSTEMS SOFTWARE—10.1%
|
||||||||
|
Crowdstrike Holdings, Inc., Cl. A*
|
78,748
|
16,419,745
|
||||||
|
Microsoft Corp.
|
1,143,137
|
288,276,289
|
||||||
- 46 -
|
THE ALGER FUNDS
|
|
| ALGER CAPITAL APPRECIATION FUND | |
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—99.7% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
SYSTEMS SOFTWARE—10.1% (CONT.)
|
||||||||
|
ServiceNow, Inc.*
|
29,307
|
$
|
14,840,186
|
|||||
|
319,536,220
|
||||||||
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%
|
||||||||
|
Apple, Inc.
|
1,216,659
|
159,941,992
|
||||||
|
TRUCKING—0.6%
|
||||||||
|
Uber Technologies, Inc.*
|
327,180
|
17,919,649
|
||||||
|
WIRELESS TELECOMMUNICATION SERVICES—1.2%
|
||||||||
|
T-Mobile US, Inc.*
|
286,440
|
37,847,317
|
||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $1,631,729,567)
|
3,160,684,916
|
|||||||
|
REAL ESTATE INVESTMENT TRUST—0.2%
|
SHARES
|
VALUE
|
||||||
|
RETAIL—0.2%
|
||||||||
|
Simon Property Group, Inc.
|
57,970
|
7,057,268
|
||||||
|
(Cost $5,217,588)
|
7,057,268
|
|||||||
|
SPECIAL PURPOSE VEHICLE—0.1%
|
SHARES
|
VALUE
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
|
||||||||
|
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
111
|
2,775,000
|
||||||
|
(Cost $2,775,000)
|
2,775,000
|
|||||||
|
Total Investments
|
||||||||
|
(Cost $1,639,722,155)
|
100.0
|
%
|
$
|
3,170,517,184
|
||||
|
Affiliated Securities (Cost $2,775,000)
|
2,775,000
|
|||||||
|
Unaffiliated Securities (Cost $1,636,947,155)
|
3,167,742,184
|
|||||||
|
Liabilities in Excess of Other Assets
|
0.0
|
%
|
(215,619
|
)
|
||||
|
NET ASSETS
|
100.0
|
%
|
$
|
3,170,301,565
|
||||
|
#
|
American Depositary Receipts.
|
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets
(Acquisition
Date)
|
Market
Value
|
% of net assets
as of
4/30/2021
|
||||||||||||
|
Altaba, Inc.
|
10/24/18
|
$
|
805,470
|
0.03
|
%
|
$
|
545,692
|
0.02
|
%
|
||||||||
|
Altaba, Inc.
|
10/25/18
|
1,188,343
|
0.04
|
%
|
801,269
|
0.02
|
%
|
||||||||||
|
Altaba, Inc.
|
10/29/18
|
1,156,773
|
0.04
|
%
|
812,191
|
0.02
|
%
|
||||||||||
|
Altaba, Inc.
|
10/30/18
|
751,641
|
0.03
|
%
|
537,677
|
0.02
|
%
|
||||||||||
|
Altaba, Inc.
|
10/31/18
|
271,272
|
0.01
|
%
|
184,724
|
0.01
|
%
|
||||||||||
|
Altaba, Inc.
|
11/6/18
|
321,297
|
0.01
|
%
|
212,963
|
0.01
|
%
|
||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
2,775,000
|
0.08
|
%
|
2,775,000
|
0.09
|
%
|
||||||||||
|
Total
|
$
|
5,869,516
|
0.19
|
%
|
|||||||||||||
See Notes to Financial Statements.
- 47 -
|
THE ALGER FUNDS
|
|
| ALGER 25 FUND | |
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—98.7%
|
SHARES
|
VALUE
|
||||||
|
AEROSPACE & DEFENSE—4.2%
|
||||||||
|
HEICO Corp.
|
8,135
|
$
|
1,145,408
|
|||||
|
APPLICATION SOFTWARE—4.9%
|
||||||||
|
Adobe, Inc.*
|
2,609
|
1,326,259
|
||||||
|
AUTOMOBILE MANUFACTURERS—2.9%
|
||||||||
|
Tesla, Inc.*
|
1,115
|
791,026
|
||||||
|
CASINOS & GAMING—2.3%
|
||||||||
|
DraftKings, Inc., Cl. A*
|
10,807
|
612,325
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—11.3%
|
||||||||
|
PayPal Holdings, Inc.*
|
5,154
|
1,351,842
|
||||||
|
Visa, Inc., Cl. A
|
7,203
|
1,682,333
|
||||||
|
3,034,175
|
||||||||
|
FINANCIAL EXCHANGES & DATA—4.2%
|
||||||||
|
S&P Global, Inc.
|
2,895
|
1,130,179
|
||||||
|
FOOD DISTRIBUTORS—1.6%
|
||||||||
|
US Foods Holding Corp.*
|
10,476
|
434,335
|
||||||
|
HEALTHCARE EQUIPMENT—7.5%
|
||||||||
|
Dexcom, Inc.*
|
2,093
|
808,107
|
||||||
|
Intuitive Surgical, Inc.*
|
1,394
|
1,205,810
|
||||||
|
2,013,917
|
||||||||
|
INTERACTIVE MEDIA & SERVICES—13.9%
|
||||||||
|
Alphabet, Inc., Cl. C*
|
887
|
2,137,776
|
||||||
|
Genius Sports Ltd.*
|
37,085
|
782,494
|
||||||
|
Pinterest, Inc., Cl. A*
|
12,493
|
829,160
|
||||||
|
3,749,430
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—10.7%
|
||||||||
|
Amazon.com, Inc.*
|
757
|
2,624,837
|
||||||
|
MercadoLibre, Inc.*
|
170
|
267,066
|
||||||
|
2,891,903
|
||||||||
|
MANAGED HEALTHCARE—3.3%
|
||||||||
|
UnitedHealth Group, Inc.
|
2,251
|
897,699
|
||||||
|
RESTAURANTS—1.9%
|
||||||||
|
Shake Shack, Inc., Cl. A*
|
4,640
|
504,600
|
||||||
|
SEMICONDUCTOR EQUIPMENT—4.6%
|
||||||||
|
Applied Materials, Inc.
|
9,294
|
1,233,407
|
||||||
|
SEMICONDUCTORS—7.9%
|
||||||||
|
NVIDIA Corp.
|
1,855
|
1,113,705
|
||||||
|
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
8,647
|
1,009,451
|
||||||
|
2,123,156
|
||||||||
|
SYSTEMS SOFTWARE—10.2%
|
||||||||
|
Crowdstrike Holdings, Inc., Cl. A*
|
1,259
|
262,514
|
||||||
|
Microsoft Corp.
|
9,882
|
2,492,043
|
||||||
|
2,754,557
|
||||||||
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%
|
||||||||
|
Apple, Inc.
|
15,026
|
1,975,318
|
||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $17,519,227)
|
26,617,694
|
|||||||
- 48 -
|
THE ALGER FUNDS
|
|
| ALGER 25 FUND | |
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
VALUE
|
||||||||
|
Total Investments
(Cost $17,519,227)
|
98.7
|
%
|
$
|
26,617,694
|
||||
|
Unaffiliated Securities (Cost $17,519,227)
|
26,617,694
|
|||||||
|
Other Assets in Excess of Liabilities
|
1.3
|
%
|
361,255
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
26,978,949
|
||||
|
*
|
Non-income producing security.
|
|
#
|
American Depositary Receipts.
|
See Notes to Financial Statements.
- 49 -
|
THE ALGER FUNDS
|
|
|
ALGER 35 FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—98.0%
|
SHARES
|
VALUE
|
||||||
|
AEROSPACE & DEFENSE—3.7%
|
||||||||
|
HEICO Corp.
|
5,180
|
$
|
729,344
|
|||||
|
APPLICATION SOFTWARE—5.8%
|
||||||||
|
Adobe, Inc.*
|
1,562
|
794,027
|
||||||
|
Datadog, Inc., Cl. A*
|
4,076
|
349,599
|
||||||
|
1,143,626
|
||||||||
|
AUTOMOBILE MANUFACTURERS—2.5%
|
||||||||
|
Tesla, Inc.*
|
690
|
489,514
|
||||||
|
CASINOS & GAMING—1.9%
|
||||||||
|
DraftKings, Inc., Cl. A*
|
6,798
|
385,175
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—11.0%
|
||||||||
|
PayPal Holdings, Inc.*
|
2,936
|
770,083
|
||||||
|
Square, Inc., Cl. A*
|
2,852
|
698,227
|
||||||
|
Visa, Inc., Cl. A
|
2,988
|
697,877
|
||||||
|
2,166,187
|
||||||||
|
FINANCIAL EXCHANGES & DATA—1.0%
|
||||||||
|
S&P Global, Inc.
|
524
|
204,564
|
||||||
|
FOOD DISTRIBUTORS—3.6%
|
||||||||
|
US Foods Holding Corp.*
|
17,044
|
706,644
|
||||||
|
HEALTHCARE EQUIPMENT—7.5%
|
||||||||
|
Dexcom, Inc.*
|
935
|
361,003
|
||||||
|
Intuitive Surgical, Inc.*
|
1,293
|
1,118,445
|
||||||
|
1,479,448
|
||||||||
|
HEALTHCARE TECHNOLOGY—2.3%
|
||||||||
|
Veeva Systems, Inc., Cl. A*
|
1,645
|
464,630
|
||||||
|
INTERACTIVE MEDIA & SERVICES—13.7%
|
||||||||
|
Alphabet, Inc., Cl. C*
|
488
|
1,176,139
|
||||||
|
Genius Sports Ltd.*
|
39,642
|
836,446
|
||||||
|
Pinterest, Inc., Cl. A*
|
5,264
|
349,372
|
||||||
|
TripAdvisor, Inc.*
|
7,472
|
352,155
|
||||||
|
2,714,112
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—10.8%
|
||||||||
|
Amazon.com, Inc.*
|
507
|
1,757,982
|
||||||
|
MercadoLibre, Inc.*
|
237
|
372,322
|
||||||
|
2,130,304
|
||||||||
|
INTERNET SERVICES & INFRASTRUCTURE—3.8%
|
||||||||
|
BigCommerce Holdings, Inc.*
|
3,464
|
207,632
|
||||||
|
Shopify, Inc., Cl. A*
|
454
|
536,860
|
||||||
|
744,492
|
||||||||
|
LIFE SCIENCES TOOLS & SERVICES—2.1%
|
||||||||
|
Bio-Techne Corp.
|
954
|
407,825
|
||||||
|
MANAGED HEALTHCARE—1.5%
|
||||||||
|
UnitedHealth Group, Inc.
|
750
|
299,100
|
||||||
|
MOVIES & ENTERTAINMENT—0.9%
|
||||||||
|
Netflix, Inc.*
|
333
|
170,986
|
||||||
|
REGIONAL BANKS—1.7%
|
||||||||
|
Signature Bank
|
1,330
|
334,508
|
||||||
|
RESEARCH & CONSULTING SERVICES—2.0%
|
||||||||
|
CoStar Group, Inc.*
|
455
|
388,766
|
||||||
- 50 -
|
THE ALGER FUNDS
|
|
|
ALGER 35 FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—98.0% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
RESTAURANTS—1.4%
Shake Shack, Inc., Cl. A*
|
2,613
|
$
|
284,164
|
|||||
|
SEMICONDUCTOR EQUIPMENT—6.2%
Applied Materials, Inc.
|
6,227
|
826,385
|
||||||
|
Enphase Energy, Inc.*
|
2,867
|
399,230
|
||||||
|
1,225,615
|
||||||||
|
SEMICONDUCTORS—3.9%
NVIDIA Corp.
|
790
|
474,300
|
||||||
|
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
2,499
|
291,733
|
||||||
|
766,033
|
||||||||
|
SYSTEMS SOFTWARE—6.9%
Crowdstrike Holdings, Inc., Cl. A*
|
1,825
|
380,531
|
||||||
|
Microsoft Corp.
|
3,871
|
976,189
|
||||||
|
1,356,720
|
||||||||
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.8%
Apple, Inc.
|
5,665
|
744,721
|
||||||
|
TOTAL COMMON STOCKS
(Cost $15,074,226)
|
19,336,478
|
|||||||
|
REAL ESTATE INVESTMENT TRUST—1.9%
|
SHARES
|
VALUE
|
||||||
|
RETAIL—1.9%
Simon Property Group, Inc.
|
3,043
|
370,455
|
||||||
|
(Cost $262,433)
|
370,455
|
|||||||
|
Total Investments
(Cost $15,336,659)
|
99.9
|
%
|
$
|
19,706,933
|
||||
|
Unaffiliated Securities (Cost $15,336,659)
|
19,706,933
|
|||||||
|
Other Assets in Excess of Liabilities
|
0.1
|
%
|
18,749
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
19,725,682
|
||||
|
*
|
Non-income producing security.
|
|
#
|
American Depositary Receipts.
|
See Notes to Financial Statements.
- 51 -
|
THE ALGER FUNDS
|
|
|
ALGER GROWTH & INCOME FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—92.5%
|
SHARES
|
VALUE
|
||||||
|
AEROSPACE & DEFENSE—1.6%
|
||||||||
|
General Dynamics Corp.
|
4,078
|
$
|
775,758
|
|||||
|
Raytheon Technologies Corp.
|
8,937
|
743,916
|
||||||
|
TransDigm Group, Inc.*
|
1,079
|
662,225
|
||||||
|
2,181,899
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—4.1%
|
||||||||
|
BlackRock, Inc., Cl. A
|
3,473
|
2,845,429
|
||||||
|
The Blackstone Group, Inc.
|
21,938
|
1,941,293
|
||||||
|
The Carlyle Group, Inc.
|
22,818
|
973,416
|
||||||
|
5,760,138
|
||||||||
|
AUTOMOBILE MANUFACTURERS—0.2%
|
||||||||
|
General Motors Co.*
|
5,440
|
311,277
|
||||||
|
BIOTECHNOLOGY—2.5%
|
||||||||
|
AbbVie, Inc.
|
18,131
|
2,021,606
|
||||||
|
Amgen, Inc.
|
3,959
|
948,735
|
||||||
|
Gilead Sciences, Inc.
|
9,368
|
594,587
|
||||||
|
3,564,928
|
||||||||
|
BROADCASTING—0.2%
|
||||||||
|
ViacomCBS, Inc., Cl. B
|
6,820
|
279,756
|
||||||
|
BUILDING PRODUCTS—0.6%
|
||||||||
|
Johnson Controls International PLC
|
13,534
|
843,710
|
||||||
|
CABLE & SATELLITE—1.5%
|
||||||||
|
Comcast Corp., Cl. A
|
36,605
|
2,055,371
|
||||||
|
COMMODITY CHEMICALS—0.4%
|
||||||||
|
Dow, Inc.
|
8,245
|
515,312
|
||||||
|
COMMUNICATIONS EQUIPMENT—1.2%
|
||||||||
|
Cisco Systems, Inc.
|
32,297
|
1,644,240
|
||||||
|
CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.2%
|
||||||||
|
PACCAR, Inc.
|
3,193
|
286,987
|
||||||
|
CONSUMER ELECTRONICS—0.6%
|
||||||||
|
Garmin Ltd.
|
6,386
|
876,415
|
||||||
|
COPPER—0.2%
|
||||||||
|
Southern Copper Corp.
|
4,878
|
338,582
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—1.3%
|
||||||||
|
Visa, Inc., Cl. A
|
7,913
|
1,848,160
|
||||||
|
DIVERSIFIED BANKS—5.7%
|
||||||||
|
Bank of America Corp.
|
51,526
|
2,088,349
|
||||||
|
JPMorgan Chase & Co.
|
38,426
|
5,910,303
|
||||||
|
7,998,652
|
||||||||
|
ELECTRIC UTILITIES—0.7%
|
||||||||
|
NextEra Energy, Inc.
|
13,080
|
1,013,831
|
||||||
|
ELECTRICAL COMPONENTS & EQUIPMENT—0.9%
|
||||||||
|
Eaton Corp. PLC
|
9,174
|
1,311,240
|
||||||
|
FINANCIAL EXCHANGES & DATA—1.2%
|
||||||||
|
CME Group, Inc., Cl. A
|
8,072
|
1,630,463
|
||||||
|
FOOD DISTRIBUTORS—0.6%
|
||||||||
|
Sysco Corp.
|
10,761
|
911,780
|
||||||
|
HEALTHCARE EQUIPMENT—0.9%
|
||||||||
|
Medtronic PLC
|
9,912
|
1,297,679
|
||||||
- 52 -
|
THE ALGER FUNDS
|
|
|
ALGER GROWTH & INCOME FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—92.5% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
HEALTHCARE SERVICES—1.1%
|
||||||||
|
CVS Health Corp.
|
19,361
|
$
|
1,479,180
|
|||||
|
HOME IMPROVEMENT RETAIL—3.3%
|
||||||||
|
The Home Depot, Inc.
|
14,246
|
4,611,003
|
||||||
|
HOUSEHOLD PRODUCTS—1.5%
|
||||||||
|
The Procter & Gamble Co.
|
16,027
|
2,138,322
|
||||||
|
HYPERMARKETS & SUPER CENTERS—0.9%
|
||||||||
|
Walmart, Inc.
|
8,590
|
1,201,827
|
||||||
|
INDUSTRIAL CONGLOMERATES—2.2%
|
||||||||
|
Honeywell International, Inc.
|
14,038
|
3,131,035
|
||||||
|
INDUSTRIAL GASES—1.2%
|
||||||||
|
Air Products & Chemicals, Inc.
|
5,816
|
1,677,800
|
||||||
|
INTEGRATED OIL & GAS—2.3%
|
||||||||
|
Chevron Corp.
|
15,195
|
1,566,149
|
||||||
|
Exxon Mobil Corp.
|
13,630
|
780,181
|
||||||
|
TOTAL SE#
|
18,551
|
821,438
|
||||||
|
3,167,768
|
||||||||
|
INTEGRATED TELECOMMUNICATION SERVICES—2.3%
|
||||||||
|
AT&T, Inc.
|
31,054
|
975,406
|
||||||
|
Verizon Communications, Inc.
|
37,786
|
2,183,653
|
||||||
|
3,159,059
|
||||||||
|
INTERACTIVE MEDIA & SERVICES—9.2%
|
||||||||
|
Alphabet, Inc., Cl. A*
|
2,002
|
4,711,707
|
||||||
|
Alphabet, Inc., Cl. C*
|
1,941
|
4,678,043
|
||||||
|
Facebook, Inc., Cl. A*
|
10,523
|
3,420,817
|
||||||
|
12,810,567
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—2.4%
|
||||||||
|
Amazon.com, Inc.*
|
981
|
3,401,539
|
||||||
|
INVESTMENT BANKING & BROKERAGE—2.7%
|
||||||||
|
Morgan Stanley
|
45,840
|
3,784,092
|
||||||
|
MANAGED HEALTHCARE—2.3%
|
||||||||
|
UnitedHealth Group, Inc.
|
8,036
|
3,204,757
|
||||||
|
MULTI-LINE INSURANCE—0.5%
|
||||||||
|
The Hartford Financial Services Group, Inc.
|
9,936
|
655,379
|
||||||
|
MULTI-UTILITIES—0.5%
|
||||||||
|
Sempra Energy
|
5,217
|
717,703
|
||||||
|
OIL & GAS STORAGE & TRANSPORTATION—0.4%
|
||||||||
|
ONEOK, Inc.
|
10,099
|
528,582
|
||||||
|
PHARMACEUTICALS—6.1%
|
||||||||
|
AstraZeneca PLC#,(a)
|
14,699
|
780,076
|
||||||
|
Bristol-Myers Squibb Co.
|
13,462
|
840,298
|
||||||
|
Eli Lilly & Co.
|
5,388
|
984,765
|
||||||
|
GlaxoSmithKline PLC#,(a)
|
19,014
|
709,983
|
||||||
|
Johnson & Johnson
|
16,211
|
2,638,016
|
||||||
|
Merck & Co., Inc.
|
10,553
|
786,198
|
||||||
|
Novartis AG#
|
8,155
|
695,132
|
||||||
|
Pfizer, Inc.
|
26,928
|
1,040,767
|
||||||
|
8,475,235
|
||||||||
- 53 -
|
THE ALGER FUNDS
|
|
|
ALGER GROWTH & INCOME FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—92.5% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
RAILROADS—0.8%
|
||||||||
|
Union Pacific Corp.
|
4,822
|
$
|
1,070,918
|
|||||
|
RESTAURANTS—1.3%
|
||||||||
|
McDonald's Corp.
|
4,437
|
1,047,487
|
||||||
|
Starbucks Corp.
|
7,343
|
840,700
|
||||||
|
1,888,187
|
||||||||
|
SEMICONDUCTOR EQUIPMENT—2.1%
|
||||||||
|
KLA Corp.
|
9,338
|
2,944,738
|
||||||
|
SEMICONDUCTORS—4.2%
|
||||||||
|
Broadcom, Inc.
|
5,840
|
2,664,208
|
||||||
|
QUALCOMM, Inc.
|
14,425
|
2,002,190
|
||||||
|
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
10,109
|
1,180,125
|
||||||
|
5,846,523
|
||||||||
|
SOFT DRINKS—2.6%
|
||||||||
|
PepsiCo, Inc.
|
13,527
|
1,950,052
|
||||||
|
The Coca-Cola Co.
|
30,625
|
1,653,138
|
||||||
|
3,603,190
|
||||||||
|
SYSTEMS SOFTWARE—9.0%
|
||||||||
|
Microsoft Corp.
|
49,900
|
12,583,782
|
||||||
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.8%
|
||||||||
|
Apple, Inc.
|
82,465
|
10,840,849
|
||||||
|
TOBACCO—1.2%
|
||||||||
|
Altria Group, Inc.
|
21,102
|
1,007,620
|
||||||
|
Philip Morris International, Inc.
|
6,888
|
654,360
|
||||||
|
1,661,980
|
||||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $47,915,776)
|
129,254,435
|
|||||||
|
MASTER LIMITED PARTNERSHIP—0.5%
|
SHARES
|
VALUE
|
||||||
|
OIL & GAS STORAGE & TRANSPORTATION—0.5%
|
||||||||
|
Cheniere Energy Partners LP
|
17,250
|
726,053
|
||||||
|
(Cost $584,260)
|
726,053
|
|||||||
|
REAL ESTATE INVESTMENT TRUST—5.2%
|
SHARES
|
VALUE
|
||||||
|
HEALTHCARE—0.6%
|
||||||||
|
Welltower, Inc.
|
10,370
|
778,061
|
||||||
|
INDUSTRIAL—0.5%
|
||||||||
|
Americold Realty Trust
|
19,006
|
767,652
|
||||||
|
MORTGAGE—0.8%
|
||||||||
|
Blackstone Mortgage Trust, Inc., Cl. A
|
33,724
|
1,095,693
|
||||||
|
RETAIL—0.7%
|
||||||||
|
Simon Property Group, Inc.
|
8,349
|
1,016,407
|
||||||
|
SPECIALIZED—2.6%
|
||||||||
|
Crown Castle International Corp.
|
11,141
|
2,106,318
|
||||||
|
CyrusOne, Inc.
|
9,552
|
695,672
|
||||||
|
Lamar Advertising Co., Cl. A
|
7,743
|
766,867
|
||||||
|
3,568,857
|
||||||||
|
TOTAL REAL ESTATE INVESTMENT TRUST
|
||||||||
|
(Cost $4,707,152)
|
7,226,670
|
|||||||
- 54 -
|
THE ALGER FUNDS
|
|
|
ALGER GROWTH & INCOME FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
SHORT—TERM INVESTMENTS—0.9%
|
SHARES
|
VALUE
|
||||||
|
MONEY MARKET FUND—0.9%
Invesco Government & Agency Portfolio, Cl. Institutional, 0.03%
|
1,306,695
|
$
|
1,306,695
|
|||||
|
(Cost $1,306,695)
|
1,306,695
|
|||||||
|
Total Investments
(Cost $54,513,883)
|
99.1
|
%
|
$ | 138,513,853 | ||||
|
Unaffiliated Securities (Cost $54,513,883)
|
138,513,853
|
|||||||
|
Other Assets in Excess of Liabilities
|
0.9
|
%
|
1,231,227
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$ | 139,745,080 | ||||
|
#
|
American Depositary Receipts.
|
|
(a)
|
All or portion of the security is on loan.
|
|
*
|
Non-income producing security.
|
See Notes to Financial Statements.
- 55 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—93.5%
|
SHARES
|
VALUE
|
||||||
|
ADVERTISING—0.8%
|
||||||||
|
Cardlytics, Inc.*
|
18,357
|
$
|
2,524,638
|
|||||
|
AEROSPACE & DEFENSE—1.9%
|
||||||||
|
HEICO Corp.
|
40,670
|
5,726,336
|
||||||
|
AIR FREIGHT & LOGISTICS—0.7%
|
||||||||
|
XPO Logistics, Inc.*
|
15,880
|
2,209,226
|
||||||
|
APPAREL ACCESSORIES & LUXURY GOODS—3.2%
|
||||||||
|
Capri Holdings Ltd.*
|
82,090
|
4,521,517
|
||||||
|
Lululemon Athletica, Inc.*
|
8,018
|
2,688,195
|
||||||
|
Moncler SpA*
|
42,736
|
2,619,528
|
||||||
|
9,829,240
|
||||||||
|
APPAREL RETAIL—0.9%
|
||||||||
|
Burlington Stores, Inc.*
|
8,506
|
2,775,763
|
||||||
|
APPLICATION SOFTWARE—16.4%
|
||||||||
|
ANSYS, Inc.*
|
9,360
|
3,422,578
|
||||||
|
Avalara, Inc.*
|
20,421
|
2,893,860
|
||||||
|
Bill.com Holdings, Inc.*
|
9,577
|
1,480,891
|
||||||
|
Cadence Design Systems, Inc.*
|
19,332
|
2,547,378
|
||||||
|
Ceridian HCM Holding, Inc.*
|
16,789
|
1,586,225
|
||||||
|
Coupa Software, Inc.*
|
7,089
|
1,907,225
|
||||||
|
Datadog, Inc., Cl. A*
|
36,302
|
3,113,623
|
||||||
|
Digital Turbine, Inc.*
|
16,145
|
1,217,817
|
||||||
|
DocuSign, Inc., Cl. A*
|
27,780
|
6,193,273
|
||||||
|
Dynatrace, Inc.*
|
52,158
|
2,714,302
|
||||||
|
Fair Isaac Corp.*
|
7,156
|
3,731,210
|
||||||
|
Five9, Inc.*
|
25,476
|
4,788,724
|
||||||
|
Paycom Software, Inc.*
|
9,802
|
3,767,987
|
||||||
|
PTC, Inc.*
|
31,280
|
4,095,803
|
||||||
|
Splunk, Inc.*
|
7,463
|
943,472
|
||||||
|
Sprout Social, Inc., Cl. A*
|
23,579
|
1,563,052
|
||||||
|
The Trade Desk, Inc., Cl. A*
|
1,411
|
1,029,056
|
||||||
|
Voyager Digital Ltd.*
|
88,119
|
1,982,677
|
||||||
|
Zendesk, Inc.*
|
10,520
|
1,537,498
|
||||||
|
50,516,651
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—0.5%
|
||||||||
|
Silver Spike Acquisition Corp., Cl. A*
|
89,333
|
1,563,328
|
||||||
|
AUTOMOTIVE RETAIL—0.8%
|
||||||||
|
Carvana Co., Cl. A*
|
8,180
|
2,333,427
|
||||||
|
BIOTECHNOLOGY—4.5%
|
||||||||
|
DermTech, Inc.*
|
23,948
|
1,007,013
|
||||||
|
Exact Sciences Corp.*
|
10,652
|
1,404,147
|
||||||
|
Forte Biosciences, Inc.*
|
98,739
|
3,573,364
|
||||||
|
Invitae Corp.*
|
35,504
|
1,239,090
|
||||||
|
Moderna, Inc.*
|
10,186
|
1,821,460
|
||||||
|
Natera, Inc.*
|
43,583
|
4,795,002
|
||||||
|
13,840,076
|
||||||||
|
BROADCASTING—2.0%
|
||||||||
|
Discovery, Inc., Cl. A*
|
164,260
|
6,186,031
|
||||||
- 56 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—93.5% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
CASINOS & GAMING—4.2%
|
||||||||
|
DraftKings, Inc., Cl. A*
|
52,844
|
$
|
2,994,141
|
|||||
|
Flutter Entertainment PLC*
|
9,707
|
1,979,035
|
||||||
|
MGM Resorts International
|
113,567
|
4,624,449
|
||||||
|
Penn National Gaming, Inc.*
|
37,002
|
3,297,618
|
||||||
|
12,895,243
|
||||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—1.6%
|
||||||||
|
Square, Inc., Cl. A*
|
19,866
|
4,863,594
|
||||||
|
DIVERSIFIED SUPPORT SERVICES—2.0%
|
||||||||
|
Cintas Corp.
|
8,268
|
2,853,617
|
||||||
|
Copart, Inc.*
|
27,372
|
3,408,088
|
||||||
|
6,261,705
|
||||||||
|
EDUCATION SERVICES—0.5%
|
||||||||
|
Chegg, Inc.*
|
17,710
|
1,599,744
|
||||||
|
ELECTRICAL COMPONENTS & EQUIPMENT—2.1%
|
||||||||
|
AMETEK, Inc.
|
28,384
|
3,829,853
|
||||||
|
Generac Holdings, Inc.*
|
7,804
|
2,528,106
|
||||||
|
6,357,959
|
||||||||
|
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%
|
||||||||
|
Trimble, Inc.*
|
37,948
|
3,111,736
|
||||||
|
FINANCIAL EXCHANGES & DATA—0.2%
|
||||||||
|
MarketAxess Holdings, Inc.
|
1,505
|
735,132
|
||||||
|
FOOD DISTRIBUTORS—1.3%
|
||||||||
|
US Foods Holding Corp.*
|
97,157
|
4,028,129
|
||||||
|
HEALTHCARE DISTRIBUTORS—0.6%
|
||||||||
|
McKesson Corp.
|
10,466
|
1,963,003
|
||||||
|
HEALTHCARE EQUIPMENT—3.1%
|
||||||||
|
ABIOMED, Inc.*
|
3,453
|
1,107,480
|
||||||
|
CryoPort, Inc.*
|
34,233
|
1,936,561
|
||||||
|
Dexcom, Inc.*
|
3,811
|
1,471,427
|
||||||
|
Inari Medical, Inc.*
|
13,730
|
1,569,202
|
||||||
|
Insulet Corp.*
|
11,345
|
3,349,271
|
||||||
|
9,433,941
|
||||||||
|
HEALTHCARE FACILITIES—0.8%
|
||||||||
|
The Joint Corp.*
|
42,938
|
2,382,200
|
||||||
|
HEALTHCARE SERVICES—1.3%
|
||||||||
|
Guardant Health, Inc.*
|
25,488
|
4,052,082
|
||||||
|
HEALTHCARE SUPPLIES—1.4%
|
||||||||
|
Align Technology, Inc.*
|
7,013
|
4,176,452
|
||||||
|
HEALTHCARE TECHNOLOGY—2.8%
|
||||||||
|
Inspire Medical Systems, Inc.*
|
6,835
|
1,618,665
|
||||||
|
Teladoc Health, Inc.*
|
8,371
|
1,442,742
|
||||||
|
Veeva Systems, Inc., Cl. A*
|
19,199
|
5,422,757
|
||||||
|
8,484,164
|
||||||||
|
HOMEFURNISHING RETAIL—1.0%
|
||||||||
|
Williams-Sonoma, Inc.
|
17,731
|
3,027,568
|
||||||
|
HOTELS RESORTS & CRUISE LINES—1.0%
|
||||||||
|
Expedia Group, Inc.*
|
17,216
|
3,033,976
|
||||||
- 57 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—93.5% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.1%
|
||||||||
|
Upwork, Inc.*
|
76,783
|
$
|
3,536,625
|
|||||
|
INDUSTRIAL MACHINERY—0.5%
|
||||||||
|
The Middleby Corp.*
|
7,929
|
1,437,686
|
||||||
|
INTERACTIVE MEDIA & SERVICES—3.7%
|
||||||||
|
Genius Sports Ltd.*
|
258,156
|
5,447,092
|
||||||
|
Pinterest, Inc., Cl. A*
|
73,156
|
4,855,364
|
||||||
|
TripAdvisor, Inc.*
|
26,073
|
1,228,820
|
||||||
|
11,531,276
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—3.0%
|
||||||||
|
Etsy, Inc.*
|
7,177
|
1,426,716
|
||||||
|
Fiverr International Ltd.*
|
3,144
|
654,172
|
||||||
|
Magnite, Inc.*
|
75,771
|
3,034,629
|
||||||
|
Quotient Technology, Inc.*
|
146,681
|
2,396,767
|
||||||
|
The RealReal, Inc.*
|
73,518
|
1,821,041
|
||||||
|
9,333,325
|
||||||||
|
INTERNET SERVICES & INFRASTRUCTURE—2.8%
|
||||||||
|
BigCommerce Holdings, Inc.*
|
70,973
|
4,254,122
|
||||||
|
Okta, Inc., Cl. A*
|
7,858
|
2,119,302
|
||||||
|
Twilio, Inc., Cl. A*
|
5,875
|
2,160,825
|
||||||
|
8,534,249
|
||||||||
|
LEISURE FACILITIES—0.9%
|
||||||||
|
Vail Resorts, Inc.*
|
8,420
|
2,737,847
|
||||||
|
LEISURE PRODUCTS—0.5%
|
||||||||
|
Peloton Interactive, Inc., Cl. A*
|
14,933
|
1,468,661
|
||||||
|
LIFE SCIENCES TOOLS & SERVICES—3.8%
|
||||||||
|
10X Genomics, Inc., Cl. A*
|
17,180
|
3,398,204
|
||||||
|
Bio-Techne Corp.
|
12,265
|
5,243,165
|
||||||
|
Repligen Corp.*
|
14,219
|
3,010,304
|
||||||
|
11,651,673
|
||||||||
|
MOVIES & ENTERTAINMENT—1.6%
|
||||||||
|
Roku, Inc., Cl. A*
|
14,174
|
4,861,257
|
||||||
|
PHARMACEUTICALS—2.0%
|
||||||||
|
Catalent, Inc.*
|
19,446
|
2,187,091
|
||||||
|
Green Thumb Industries, Inc.*
|
120,923
|
3,842,542
|
||||||
|
6,029,633
|
||||||||
|
REGIONAL BANKS—1.5%
|
||||||||
|
Signature Bank
|
8,184
|
2,058,358
|
||||||
|
Silvergate Capital Corp., Cl. A*
|
12,090
|
1,296,290
|
||||||
|
SVB Financial Group*
|
2,206
|
1,261,457
|
||||||
|
4,616,105
|
||||||||
|
RESEARCH & CONSULTING SERVICES—1.2%
|
||||||||
|
CoStar Group, Inc.*
|
4,437
|
3,791,106
|
||||||
|
RESTAURANTS—3.3%
|
||||||||
|
Chipotle Mexican Grill, Inc., Cl. A*
|
2,043
|
3,048,217
|
||||||
|
Shake Shack, Inc., Cl. A*
|
39,833
|
4,331,839
|
||||||
|
The Cheesecake Factory, Inc.*
|
41,940
|
2,625,025
|
||||||
|
10,005,081
|
||||||||
- 58 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—93.5% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
SEMICONDUCTOR EQUIPMENT—6.1%
|
||||||||
|
Enphase Energy, Inc.*
|
19,003
|
$
|
2,646,168
|
|||||
|
KLA Corp.
|
15,115
|
4,766,515
|
||||||
|
Lam Research Corp.
|
7,348
|
4,559,067
|
||||||
|
MKS Instruments, Inc.
|
12,030
|
2,154,693
|
||||||
|
SolarEdge Technologies, Inc.*
|
17,359
|
4,574,791
|
||||||
|
18,701,234
|
||||||||
|
SEMICONDUCTORS—2.1%
|
||||||||
|
Advanced Micro Devices, Inc.*
|
25,653
|
2,093,798
|
||||||
|
Microchip Technology, Inc.
|
17,660
|
2,654,121
|
||||||
|
Universal Display Corp.
|
8,289
|
1,854,167
|
||||||
|
6,602,086
|
||||||||
|
SYSTEMS SOFTWARE—1.2%
|
||||||||
|
Crowdstrike Holdings, Inc., Cl. A*
|
18,384
|
3,833,248
|
||||||
|
TRUCKING—1.6%
|
||||||||
|
Lyft, Inc., Cl. A*
|
22,460
|
1,250,124
|
||||||
|
Old Dominion Freight Line, Inc.
|
9,001
|
2,320,548
|
||||||
|
Uber Technologies, Inc.*
|
26,198
|
1,434,864
|
||||||
|
5,005,536
|
||||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $223,463,748)
|
287,587,972
|
|||||||
|
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.0%
|
||||||||
|
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
219,610
|
32,942
|
||||||
|
(Cost $988,245)
|
32,942
|
|||||||
|
WARRANTS—1.6%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—1.6%
|
||||||||
|
Forte Biosciences, Inc., 6/30/21*,@
|
193,270
|
4,952,737
|
||||||
|
(Cost $0)
|
4,952,737
|
|||||||
|
RIGHTS—0.2%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.2%
|
||||||||
|
Tolero CDR*,@,(a),(c)
|
590,059
|
491,755
|
||||||
|
(Cost $315,501)
|
491,755
|
|||||||
|
REAL ESTATE INVESTMENT TRUST—3.3%
|
SHARES
|
VALUE
|
||||||
|
RETAIL—2.1%
|
||||||||
|
Simon Property Group, Inc.
|
23,237
|
2,828,872
|
||||||
|
Tanger Factory Outlet Centers, Inc.
|
204,001
|
3,559,818
|
||||||
|
6,388,690
|
||||||||
|
SPECIALIZED—1.2%
|
||||||||
|
Crown Castle International Corp.
|
20,380
|
3,853,043
|
||||||
|
TOTAL REAL ESTATE INVESTMENT TRUST
|
||||||||
|
(Cost $7,614,805)
|
10,241,733
|
|||||||
|
SPECIAL PURPOSE VEHICLE—0.5%
|
SHARES
|
VALUE
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—0.5%
|
||||||||
|
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
48
|
1,200,000
|
||||||
- 59 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
SPECIAL PURPOSE VEHICLE—0.5% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—0.5% (CONT.)
|
||||||||
|
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
|
19
|
$
|
475,000
|
|||||
|
1,675,000
|
||||||||
|
TOTAL SPECIAL PURPOSE VEHICLE
|
||||||||
|
(Cost $1,675,000)
|
1,675,000
|
|||||||
|
Total Investments
|
||||||||
|
(Cost $234,057,299)
|
99.1
|
%
|
$
|
304,982,139
|
||||
|
Affiliated Securities (Cost $2,663,245)
|
1,707,942
|
|||||||
|
Unaffiliated Securities (Cost $231,394,054)
|
303,274,197
|
|||||||
|
Other Assets in Excess of Liabilities
|
0.9
|
%
|
2,627,248
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
307,609,387
|
||||
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities.
|
|
(c)
|
Contingent Deferred Rights.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets (Acquisition
Date)
|
Market Value
|
% of net assets as of
4/30/2021
|
||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
$
|
1,200,000
|
0.50
|
%
|
$
|
1,200,000
|
0.39
|
%
|
||||||||
|
Crosslink Ventures Capital LLC, Cl. B
|
12/16/20
|
475,000
|
0.19
|
%
|
475,000
|
0.16
|
%
|
||||||||||
|
Forte Biosciences, Inc., Warrants
|
2/19/20
|
0
|
0.00
|
%
|
4,952,737
|
1.61
|
%
|
||||||||||
|
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
988,245
|
0.50
|
%
|
32,942
|
0.01
|
%
|
||||||||||
|
Tolero CDR
|
2/6/17
|
315,501
|
0.19
|
%
|
491,755
|
0.16
|
%
|
||||||||||
|
Total
|
$
|
7,152,434
|
2.33
|
%
|
|||||||||||||
See Notes to Financial Statements.
- 60 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—96.6%
|
SHARES
|
VALUE
|
||||||
|
AIR FREIGHT & LOGISTICS—3.1%
|
||||||||
|
XPO Logistics, Inc.*
|
165,257
|
$
|
22,990,554
|
|||||
|
APPAREL ACCESSORIES & LUXURY GOODS—2.6%
|
||||||||
|
Tapestry, Inc.*
|
398,123
|
19,050,186
|
||||||
|
APPAREL RETAIL—2.0%
|
||||||||
|
Burlington Stores, Inc.*
|
46,490
|
15,171,082
|
||||||
|
APPLICATION SOFTWARE—15.0%
|
||||||||
|
2U, Inc.*
|
140,955
|
5,532,484
|
||||||
|
Anaplan, Inc.*
|
316,530
|
18,881,014
|
||||||
|
Bentley Systems, Inc., Cl. B
|
352,758
|
18,061,210
|
||||||
|
Bill.com Holdings, Inc.*
|
63,285
|
9,785,760
|
||||||
|
Blackbaud, Inc.*
|
125,947
|
8,957,351
|
||||||
|
Five9, Inc.*
|
86,243
|
16,211,097
|
||||||
|
HubSpot, Inc.*
|
43,003
|
22,638,929
|
||||||
|
Manhattan Associates, Inc.*
|
81,823
|
11,229,388
|
||||||
|
111,297,233
|
||||||||
|
AUTOMOTIVE RETAIL—1.8%
|
||||||||
|
Carvana Co., Cl. A*
|
47,790
|
13,632,575
|
||||||
|
BIOTECHNOLOGY—1.2%
|
||||||||
|
DermTech, Inc.*
|
209,439
|
8,806,910
|
||||||
|
CASINOS & GAMING—5.3%
|
||||||||
|
DraftKings, Inc., Cl. A*
|
375,542
|
21,278,210
|
||||||
|
MGM Resorts International
|
441,839
|
17,991,684
|
||||||
|
39,269,894
|
||||||||
|
CONSUMER FINANCE—1.5%
|
||||||||
|
Upstart Holdings, Inc.*
|
103,373
|
11,269,724
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—2.3%
|
||||||||
|
Square, Inc., Cl. A*
|
71,025
|
17,388,340
|
||||||
|
ELECTRICAL COMPONENTS & EQUIPMENT—2.0%
|
||||||||
|
Generac Holdings, Inc.*
|
45,093
|
14,607,877
|
||||||
|
FOOD DISTRIBUTORS—2.8%
|
||||||||
|
US Foods Holding Corp.*
|
495,484
|
20,542,767
|
||||||
|
HEALTHCARE EQUIPMENT—5.3%
|
||||||||
|
Dexcom, Inc.*
|
29,039
|
11,211,958
|
||||||
|
Inmode Ltd.*
|
202,356
|
17,469,393
|
||||||
|
Intuitive Surgical, Inc.*
|
12,174
|
10,530,510
|
||||||
|
39,211,861
|
||||||||
|
HEALTHCARE SERVICES—1.7%
|
||||||||
|
Signify Health, Inc., Cl. A*
|
435,316
|
12,341,209
|
||||||
|
HEALTHCARE SUPPLIES—2.7%
|
||||||||
|
Align Technology, Inc.*
|
33,714
|
20,077,698
|
||||||
|
HEALTHCARE TECHNOLOGY—5.7%
|
||||||||
|
Renalytix AI PLC#,*
|
505,922
|
15,612,753
|
||||||
|
Veeva Systems, Inc., Cl. A*
|
61,520
|
17,376,324
|
||||||
|
Vocera Communications, Inc.*
|
252,526
|
9,133,865
|
||||||
|
42,122,942
|
||||||||
|
HOME IMPROVEMENT RETAIL—0.9%
|
||||||||
|
GrowGeneration Corp.*
|
158,416
|
6,906,938
|
||||||
- 61 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—96.6% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
INDUSTRIAL MACHINERY—7.4%
|
||||||||
|
Colfax Corp.*
|
382,156
|
$
|
17,269,630
|
|||||
|
Helios Technologies, Inc.
|
214,047
|
15,471,317
|
||||||
|
The Middleby Corp.*
|
122,538
|
22,218,590
|
||||||
|
54,959,537
|
||||||||
|
INTERACTIVE MEDIA & SERVICES—3.5%
|
||||||||
|
Genius Sports Ltd.*
|
717,322
|
15,135,494
|
||||||
|
Yalla Group Ltd.#,*
|
490,701
|
10,697,282
|
||||||
|
25,832,776
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—2.9%
|
||||||||
|
Magnite, Inc.*
|
289,800
|
11,606,490
|
||||||
|
Overstock.com, Inc.*
|
124,841
|
10,174,541
|
||||||
|
21,781,031
|
||||||||
|
OIL & GAS EQUIPMENT & SERVICES—1.9%
|
||||||||
|
DMC Global, Inc.*
|
266,790
|
14,406,660
|
||||||
|
PERSONAL PRODUCTS—0.3%
|
||||||||
|
elf Beauty, Inc.*
|
75,000
|
2,268,750
|
||||||
|
REGIONAL BANKS—2.9%
|
||||||||
|
Signature Bank
|
85,755
|
21,568,240
|
||||||
|
RESTAURANTS—1.2%
|
||||||||
|
The Cheesecake Factory, Inc.*
|
142,183
|
8,899,234
|
||||||
|
SEMICONDUCTOR EQUIPMENT—1.8%
|
||||||||
|
KLA Corp.
|
42,733
|
13,475,852
|
||||||
|
SEMICONDUCTORS—3.5%
|
||||||||
|
Advanced Micro Devices, Inc.*
|
126,001
|
10,284,202
|
||||||
|
Universal Display Corp.
|
70,711
|
15,817,343
|
||||||
|
26,101,545
|
||||||||
|
SPECIALTY CHEMICALS—1.3%
|
||||||||
|
Amyris, Inc.*
|
652,214
|
9,496,236
|
||||||
|
SPECIALTY STORES—1.5%
|
||||||||
|
Academy Sports & Outdoors, Inc.*
|
362,485
|
11,168,163
|
||||||
|
SYSTEMS SOFTWARE—7.4%
|
||||||||
|
Cloudflare, Inc., Cl. A*
|
259,728
|
22,009,351
|
||||||
|
Crowdstrike Holdings, Inc., Cl. A*
|
98,192
|
20,474,014
|
||||||
|
Telos Corp.*
|
372,924
|
12,373,618
|
||||||
|
54,856,983
|
||||||||
|
TRADING COMPANIES & DISTRIBUTORS—5.1%
|
||||||||
|
Herc Holdings, Inc.*
|
192,864
|
20,366,438
|
||||||
|
SiteOne Landscape Supply, Inc.*
|
98,784
|
17,719,874
|
||||||
|
38,086,312
|
||||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $640,875,857)
|
717,589,109
|
|||||||
|
REAL ESTATE INVESTMENT TRUST—1.3%
|
SHARES
|
VALUE
|
||||||
|
RETAIL—1.3%
|
||||||||
|
Simon Property Group, Inc.
|
81,165
|
9,881,027
|
||||||
|
(Cost $9,270,228)
|
9,881,027
|
|||||||
- 62 -
|
THE ALGER FUNDS
|
|
|
ALGER MID CAP FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
VALUE
|
||||||||
|
Total Investments
(Cost $650,146,085)
|
97.9
|
%
|
$
|
727,470,136
|
||||
|
Unaffiliated Securities (Cost $650,146,085)
|
727,470,136
|
|||||||
|
Other Assets in Excess of Liabilities
|
2.1
|
%
|
15,281,070
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
742,751,206
|
||||
|
*
|
Non-income producing security.
|
|
#
|
American Depositary Receipts.
|
See Notes to Financial Statements.
- 63 -
|
THE ALGER FUNDS
|
|
|
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—98.0%
|
SHARES
|
VALUE
|
||||||
|
AEROSPACE & DEFENSE—0.4%
|
||||||||
|
Kratos Defense & Security Solutions, Inc.*
|
247,020
|
$
|
6,605,315
|
|||||
|
APPAREL ACCESSORIES & LUXURY GOODS—0.3%
|
||||||||
|
Canada Goose Holdings, Inc.*
|
117,948
|
4,985,662
|
||||||
|
APPAREL RETAIL—1.2%
|
||||||||
|
MYT Netherlands Parent BV#,*
|
628,423
|
18,833,837
|
||||||
|
APPLICATION SOFTWARE—13.9%
|
||||||||
|
Altair Engineering, Inc., Cl. A*
|
53,415
|
3,471,975
|
||||||
|
BTRS Holdings, Inc.*
|
220,775
|
3,488,245
|
||||||
|
Cerence, Inc.*
|
501,308
|
48,331,104
|
||||||
|
Ebix, Inc.
|
437,135
|
13,162,135
|
||||||
|
Everbridge, Inc.*
|
195,923
|
26,000,941
|
||||||
|
LivePerson, Inc.*
|
137,743
|
7,527,655
|
||||||
|
Paylocity Holding Corp.*
|
371,445
|
71,778,032
|
||||||
|
SEMrush Holdings, Inc., Cl. A*
|
407,692
|
6,706,533
|
||||||
|
SPS Commerce, Inc.*
|
134,098
|
13,736,999
|
||||||
|
Vertex, Inc., Cl. A*
|
902,436
|
18,436,768
|
||||||
|
212,640,387
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—4.8%
|
||||||||
|
Hamilton Lane, Inc., Cl. A
|
411,762
|
37,243,873
|
||||||
|
StepStone Group, Inc., Cl. A
|
1,058,858
|
35,259,971
|
||||||
|
72,503,844
|
||||||||
|
BIOTECHNOLOGY—8.2%
|
||||||||
|
ACADIA Pharmaceuticals, Inc.*
|
1,058,455
|
21,761,835
|
||||||
|
Natera, Inc.*
|
729,529
|
80,262,781
|
||||||
|
Puma Biotechnology, Inc.*
|
1,448,840
|
14,285,562
|
||||||
|
Ultragenyx Pharmaceutical, Inc.*
|
75,275
|
8,403,701
|
||||||
|
124,713,879
|
||||||||
|
CONSTRUCTION & ENGINEERING—0.4%
|
||||||||
|
Ameresco, Inc., Cl. A*
|
99,869
|
5,272,085
|
||||||
|
CONSUMER FINANCE—6.0%
|
||||||||
|
LendingTree, Inc.*
|
70,337
|
14,523,887
|
||||||
|
Upstart Holdings, Inc.*
|
703,242
|
76,667,443
|
||||||
|
91,191,330
|
||||||||
|
EDUCATION SERVICES—5.4%
|
||||||||
|
Chegg, Inc.*
|
915,077
|
82,658,905
|
||||||
|
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%
|
||||||||
|
Novanta, Inc.*
|
31,239
|
4,114,489
|
||||||
|
ENVIRONMENTAL & FACILITIES SERVICES—4.7%
|
||||||||
|
Casella Waste Systems, Inc., Cl. A*
|
510,473
|
34,257,843
|
||||||
|
Montrose Environmental Group, Inc.*
|
688,849
|
37,342,504
|
||||||
|
71,600,347
|
||||||||
|
GENERAL MERCHANDISE STORES—3.8%
|
||||||||
|
Ollie's Bargain Outlet Holdings, Inc.*
|
633,350
|
58,439,204
|
||||||
|
HEALTHCARE DISTRIBUTORS—2.9%
|
||||||||
|
Apria, Inc.*
|
664,935
|
19,914,803
|
||||||
|
PetIQ, Inc., Cl. A*
|
560,201
|
23,864,563
|
||||||
|
43,779,366
|
||||||||
- 64 -
|
THE ALGER FUNDS
|
|
|
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—98.0% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
HEALTHCARE EQUIPMENT—8.4%
|
||||||||
|
Eargo, Inc.*
|
397,705
|
$
|
22,764,634
|
|||||
|
Glaukos Corp.*
|
285,562
|
26,888,518
|
||||||
|
Nevro Corp.*
|
456,511
|
78,889,666
|
||||||
|
128,542,818
|
||||||||
|
HEALTHCARE SUPPLIES—0.4%
|
||||||||
|
Silk Road Medical, Inc.*
|
104,457
|
6,386,501
|
||||||
|
HEALTHCARE TECHNOLOGY—1.9%
|
||||||||
|
Inspire Medical Systems, Inc.*
|
36,920
|
8,743,395
|
||||||
|
Tabula Rasa HealthCare, Inc.*
|
428,572
|
20,382,884
|
||||||
|
29,126,279
|
||||||||
|
INSURANCE BROKERS—1.3%
|
||||||||
|
Goosehead Insurance, Inc., Cl. A
|
183,881
|
20,215,877
|
||||||
|
IT CONSULTING & OTHER SERVICES—2.7%
|
||||||||
|
Globant SA*
|
180,997
|
41,480,892
|
||||||
|
LEISURE FACILITIES—1.7%
|
||||||||
|
Planet Fitness, Inc., Cl. A*
|
300,371
|
25,228,160
|
||||||
|
LEISURE PRODUCTS—0.4%
|
||||||||
|
Latham Group, Inc.*
|
259,481
|
6,746,506
|
||||||
|
LIFE SCIENCES TOOLS & SERVICES—2.4%
|
||||||||
|
NeoGenomics, Inc.*
|
742,013
|
36,351,217
|
||||||
|
MANAGED HEALTHCARE—5.9%
|
||||||||
|
Progyny, Inc.*
|
1,585,485
|
90,229,951
|
||||||
|
OIL & GAS EQUIPMENT & SERVICES—2.4%
|
||||||||
|
Core Laboratories NV
|
1,312,084
|
36,974,527
|
||||||
|
PHARMACEUTICALS—0.4%
|
||||||||
|
Aerie Pharmaceuticals, Inc.*
|
330,818
|
5,666,912
|
||||||
|
REAL ESTATE SERVICES—5.8%
|
||||||||
|
FirstService Corp.
|
544,500
|
88,345,125
|
||||||
|
REGIONAL BANKS—5.6%
|
||||||||
|
Signature Bank
|
336,978
|
84,753,337
|
||||||
|
RESTAURANTS—0.9%
|
||||||||
|
Wingstop, Inc.
|
87,253
|
13,821,748
|
||||||
|
SEMICONDUCTORS—1.1%
|
||||||||
|
Impinj, Inc.*
|
341,117
|
16,189,413
|
||||||
|
SYSTEMS SOFTWARE—0.7%
|
||||||||
|
Rapid7, Inc.*
|
138,406
|
11,245,488
|
||||||
|
THRIFTS & MORTGAGE FINANCE—1.2%
|
||||||||
|
Axos Financial, Inc.*
|
418,058
|
18,875,319
|
||||||
|
TRADING COMPANIES & DISTRIBUTORS—2.5%
|
||||||||
|
SiteOne Landscape Supply, Inc.*
|
208,607
|
37,419,924
|
||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $1,041,669,750)
|
1,494,938,644
|
|||||||
|
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.0%
|
||||||||
|
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
231,474
|
34,721
|
||||||
|
(Cost $1,041,633)
|
34,721
|
|||||||
- 65 -
|
THE ALGER FUNDS
|
|
|
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
VALUE
|
||||||||
|
Total Investments
|
||||||||
|
(Cost $1,042,711,383)
|
98.0
|
%
|
$
|
1,494,973,365
|
||||
|
Affiliated Securities (Cost $1,041,633)
|
34,721
|
|||||||
|
Unaffiliated Securities (Cost $1,041,669,750)
|
1,494,938,644
|
|||||||
|
Other Assets in Excess of Liabilities
|
2.0
|
%
|
30,151,727
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
1,525,125,092
|
||||
|
#
|
American Depositary Receipts.
|
|
(a)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities.
|
|
(b)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets (Acquisition
Date)
|
Market Value
|
% of net assets as of
4/30/2021
|
||||||||||||
|
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
$
|
1,041,633
|
0.10
|
%
|
$
|
34,721
|
0.00
|
%
|
||||||||
|
Total
|
$
|
34,721
|
0.00
|
%
|
|||||||||||||
See Notes to Financial Statements.
- 66 -
|
THE ALGER FUNDS
|
|
|
ALGER SMALL CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—94.9%
|
SHARES
|
VALUE
|
||||||
|
ADVERTISING—0.9%
|
||||||||
|
Cardlytics, Inc.*
|
41,167
|
$
|
5,661,698
|
|||||
|
AEROSPACE & DEFENSE—1.7%
|
||||||||
|
HEICO Corp.
|
39,011
|
5,492,749
|
||||||
|
Hexcel Corp.*
|
34,217
|
1,930,181
|
||||||
|
Mercury Systems, Inc.*
|
54,017
|
4,064,239
|
||||||
|
11,487,169
|
||||||||
|
AGRICULTURAL & FARM MACHINERY—0.9%
|
||||||||
|
Hydrofarm Holdings Group, Inc.*
|
86,644
|
5,692,511
|
||||||
|
ALTERNATIVE CARRIERS—1.7%
|
||||||||
|
Bandwidth, Inc., Cl. A*
|
86,512
|
11,436,886
|
||||||
|
APPAREL ACCESSORIES & LUXURY GOODS—0.8%
|
||||||||
|
Capri Holdings Ltd.*
|
98,662
|
5,434,303
|
||||||
|
APPLICATION SOFTWARE—19.9%
|
||||||||
|
ACI Worldwide, Inc.*
|
403,866
|
15,258,057
|
||||||
|
Avalara, Inc.*
|
75,095
|
10,641,712
|
||||||
|
Benefitfocus, Inc.*
|
112,510
|
1,521,135
|
||||||
|
Bill.com Holdings, Inc.*
|
51,055
|
7,894,635
|
||||||
|
Blackbaud, Inc.*
|
77,836
|
5,535,696
|
||||||
|
Blackline, Inc.*
|
54,765
|
6,356,026
|
||||||
|
Digital Turbine, Inc.*
|
37,106
|
2,798,906
|
||||||
|
Everbridge, Inc.*
|
67,146
|
8,910,946
|
||||||
|
Guidewire Software, Inc.*
|
36,254
|
3,825,160
|
||||||
|
HubSpot, Inc.*
|
25,020
|
13,171,779
|
||||||
|
Manhattan Associates, Inc.*
|
69,357
|
9,518,555
|
||||||
|
Medallia, Inc.*
|
95,176
|
2,806,740
|
||||||
|
Paycom Software, Inc.*
|
20,907
|
8,036,860
|
||||||
|
Q2 Holdings, Inc.*
|
107,031
|
11,133,365
|
||||||
|
SEMrush Holdings, Inc., Cl. A*
|
92,706
|
1,525,014
|
||||||
|
Smartsheet, Inc., Cl. A*
|
80,094
|
4,749,574
|
||||||
|
Sprout Social, Inc., Cl. A*
|
57,400
|
3,805,046
|
||||||
|
SPS Commerce, Inc.*
|
70,859
|
7,258,796
|
||||||
|
Vertex, Inc., Cl. A*
|
255,743
|
5,224,829
|
||||||
|
Viant Technology, Inc., Cl. A*
|
53,392
|
1,753,393
|
||||||
|
131,726,224
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—1.2%
|
||||||||
|
Affiliated Managers Group, Inc.
|
49,942
|
8,049,152
|
||||||
|
BIOTECHNOLOGY—3.6%
|
||||||||
|
CareDx, Inc.*
|
237,249
|
18,759,279
|
||||||
|
Forte Biosciences, Inc.*
|
63,619
|
2,302,372
|
||||||
|
Karuna Therapeutics, Inc.*
|
12,541
|
1,392,176
|
||||||
|
Turning Point Therapeutics, Inc.*
|
19,032
|
1,450,809
|
||||||
|
23,904,636
|
||||||||
|
CASINOS & GAMING—2.6%
|
||||||||
|
DraftKings, Inc., Cl. A*
|
143,576
|
8,135,016
|
||||||
|
Penn National Gaming, Inc.*
|
103,307
|
9,206,720
|
||||||
|
17,341,736
|
||||||||
|
DIVERSIFIED SUPPORT SERVICES—0.4%
|
||||||||
|
IAA, Inc.*
|
41,858
|
2,629,101
|
||||||
- 67 -
|
THE ALGER FUNDS
|
|
|
ALGER SMALL CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—94.9% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%
|
||||||||
|
Sunrun, Inc.*
|
104,635
|
$
|
5,127,115
|
|||||
|
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%
|
||||||||
|
Cognex Corp.
|
75,217
|
6,477,688
|
||||||
|
FOOD DISTRIBUTORS—2.0%
|
||||||||
|
The Chefs' Warehouse, Inc.*
|
140,152
|
4,517,099
|
||||||
|
US Foods Holding Corp.*
|
209,490
|
8,685,455
|
||||||
|
13,202,554
|
||||||||
|
HEALTHCARE DISTRIBUTORS—0.4%
|
||||||||
|
PetIQ, Inc., Cl. A*
|
60,960
|
2,596,896
|
||||||
|
HEALTHCARE EQUIPMENT—8.8%
|
||||||||
|
Cantel Medical Corp.*
|
105,180
|
9,246,374
|
||||||
|
CryoPort, Inc.*
|
113,772
|
6,436,082
|
||||||
|
Inmode Ltd.*
|
93,780
|
8,096,027
|
||||||
|
Inogen, Inc.*
|
111,357
|
7,281,634
|
||||||
|
Insulet Corp.*
|
45,582
|
13,456,718
|
||||||
|
Mesa Laboratories, Inc.
|
27,255
|
6,776,956
|
||||||
|
Tandem Diabetes Care, Inc.*
|
78,172
|
7,184,007
|
||||||
|
58,477,798
|
||||||||
|
HEALTHCARE FACILITIES—1.3%
|
||||||||
|
The Joint Corp.*
|
153,432
|
8,512,407
|
||||||
|
HEALTHCARE SERVICES—2.0%
|
||||||||
|
1Life Healthcare, Inc.*
|
70,734
|
3,077,636
|
||||||
|
Biodesix, Inc.*
|
61,342
|
1,003,555
|
||||||
|
Guardant Health, Inc.*
|
53,968
|
8,579,833
|
||||||
|
Progenity, Inc.*
|
199,340
|
629,915
|
||||||
|
13,290,939
|
||||||||
|
HEALTHCARE SUPPLIES—4.4%
|
||||||||
|
Neogen Corp.*
|
217,788
|
20,909,826
|
||||||
|
Quidel Corp.*
|
78,197
|
8,194,264
|
||||||
|
29,104,090
|
||||||||
|
HEALTHCARE TECHNOLOGY—4.1%
|
||||||||
|
Privia Health Group, Inc.*
|
47,492
|
1,724,909
|
||||||
|
Veeva Systems, Inc., Cl. A*
|
49,339
|
13,935,801
|
||||||
|
Vocera Communications, Inc.*
|
319,714
|
11,564,055
|
||||||
|
27,224,765
|
||||||||
|
HOMEFURNISHING RETAIL—0.5%
|
||||||||
|
Bed Bath & Beyond, Inc.*
|
117,097
|
2,964,896
|
||||||
|
HUMAN RESOURCE & EMPLOYMENT SERVICES—0.7%
|
||||||||
|
Upwork, Inc.*
|
107,422
|
4,947,857
|
||||||
|
HYPERMARKETS & SUPER CENTERS—0.8%
|
||||||||
|
BJ's Wholesale Club Holdings, Inc.*
|
125,425
|
5,602,735
|
||||||
|
INTERACTIVE HOME ENTERTAINMENT—0.3%
|
||||||||
|
Take-Two Interactive Software, Inc.*
|
10,365
|
1,817,814
|
||||||
|
INTERACTIVE MEDIA & SERVICES—3.0%
|
||||||||
|
Bumble, Inc., Cl. A*
|
17,776
|
1,070,826
|
||||||
|
Eventbrite, Inc., Cl. A*
|
114,151
|
2,690,539
|
||||||
|
Genius Sports Ltd.*
|
482,022
|
10,170,664
|
||||||
- 68 -
|
THE ALGER FUNDS
|
|
| ALGER SMALL CAP GROWTH FUND | |
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—94.9% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
INTERACTIVE MEDIA & SERVICES—3.0% (CONT.)
|
||||||||
|
TripAdvisor, Inc.*
|
125,598
|
$
|
5,919,434
|
|||||
|
19,851,463
|
||||||||
|
INTERNET & DIRECT MARKETING RETAIL—6.1%
|
||||||||
|
Farfetch Ltd., Cl. A*
|
134,610
|
6,594,544
|
||||||
|
Fiverr International Ltd.*
|
33,015
|
6,869,431
|
||||||
|
Magnite, Inc.*
|
414,015
|
16,581,301
|
||||||
|
Quotient Technology, Inc.*
|
372,956
|
6,094,101
|
||||||
|
The RealReal, Inc.*
|
159,003
|
3,938,504
|
||||||
|
40,077,881
|
||||||||
|
INTERNET SERVICES & INFRASTRUCTURE—1.9%
|
||||||||
|
BigCommerce Holdings, Inc.*
|
207,489
|
12,436,891
|
||||||
|
LEISURE FACILITIES—0.6%
|
||||||||
|
Planet Fitness, Inc., Cl. A*
|
44,272
|
3,718,405
|
||||||
|
LIFE SCIENCES TOOLS & SERVICES—9.9%
|
||||||||
|
10X Genomics, Inc., Cl. A*
|
31,518
|
6,234,260
|
||||||
|
Akoya Biosciences, Inc.*
|
137,239
|
3,079,643
|
||||||
|
Bio-Techne Corp.
|
37,030
|
15,829,955
|
||||||
|
Maravai LifeSciences Holdings, Inc., Cl. A*
|
38,051
|
1,480,564
|
||||||
|
NanoString Technologies, Inc.*
|
228,233
|
18,183,323
|
||||||
|
NeoGenomics, Inc.*
|
172,147
|
8,433,482
|
||||||
|
Personalis, Inc.*
|
73,494
|
1,810,892
|
||||||
|
PRA Health Sciences, Inc.*
|
22,823
|
3,808,931
|
||||||
|
Repligen Corp.*
|
30,514
|
6,460,119
|
||||||
|
65,321,169
|
||||||||
|
MANAGED HEALTHCARE—1.1%
|
||||||||
|
HealthEquity, Inc.*
|
94,675
|
7,192,460
|
||||||
|
MOVIES & ENTERTAINMENT—0.8%
|
||||||||
|
Live Nation Entertainment, Inc.*
|
66,988
|
5,484,977
|
||||||
|
OIL & GAS EXPLORATION & PRODUCTION—1.0%
|
||||||||
|
Magnolia Oil & Gas Corp., Cl. A*
|
600,189
|
6,758,128
|
||||||
|
PHARMACEUTICALS—0.2%
|
||||||||
|
Aerie Pharmaceuticals, Inc.*
|
75,221
|
1,288,536
|
||||||
|
REAL ESTATE SERVICES—0.1%
|
||||||||
|
Compass, Inc., Cl. A*
|
25,106
|
477,516
|
||||||
|
REGIONAL BANKS—0.6%
|
||||||||
|
Webster Financial Corp.
|
78,373
|
4,146,715
|
||||||
|
RESTAURANTS—3.2%
|
||||||||
|
Shake Shack, Inc., Cl. A*
|
130,962
|
14,242,118
|
||||||
|
Wingstop, Inc.
|
43,100
|
6,827,471
|
||||||
|
21,069,589
|
||||||||
|
SEMICONDUCTOR EQUIPMENT—0.7%
|
||||||||
|
SolarEdge Technologies, Inc.*
|
17,162
|
4,522,873
|
||||||
|
SEMICONDUCTORS—0.7%
|
||||||||
|
Universal Display Corp.
|
22,106
|
4,944,891
|
||||||
|
SPECIALTY CHEMICALS—2.0%
|
||||||||
|
Balchem Corp.
|
102,381
|
13,021,839
|
||||||
|
SPECIALTY STORES—1.0%
|
||||||||
|
Five Below, Inc.*
|
33,617
|
6,766,094
|
||||||
- 69 -
|
THE ALGER FUNDS
|
|
|
ALGER SMALL CAP GROWTH FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—94.9% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
SYSTEMS SOFTWARE—1.2%
|
||||||||
|
Proofpoint, Inc.*
|
46,305
|
$
|
7,969,554
|
|||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $438,760,346)
|
627,759,951
|
|||||||
|
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.0%
|
||||||||
|
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
50,688
|
7,603
|
||||||
|
(Cost $228,096)
|
7,603
|
|||||||
|
RIGHTS—0.0%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.0%
|
||||||||
|
Tolero CDR*,@,(a),(c)
|
174,782
|
145,663
|
||||||
|
(Cost $94,483)
|
145,663
|
|||||||
|
REAL ESTATE INVESTMENT TRUST—1.1%
|
SHARES
|
VALUE
|
||||||
|
RETAIL—1.1%
|
||||||||
|
Tanger Factory Outlet Centers, Inc.
|
398,889
|
6,960,613
|
||||||
|
(Cost $6,613,089)
|
6,960,613
|
|||||||
|
SPECIAL PURPOSE VEHICLE—0.3%
|
SHARES
|
VALUE
|
||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—0.3%
|
||||||||
|
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
|
72
|
1,800,000
|
||||||
|
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
|
19
|
475,000
|
||||||
|
2,275,000
|
||||||||
|
TOTAL SPECIAL PURPOSE VEHICLE
|
||||||||
|
(Cost $2,275,000)
|
2,275,000
|
|||||||
|
Total Investments
|
||||||||
|
(Cost $447,971,014)
|
96.3
|
%
|
$
|
637,148,830
|
||||
|
Affiliated Securities (Cost $2,503,096)
|
2,282,603
|
|||||||
|
Unaffiliated Securities (Cost $445,467,918)
|
634,866,227
|
|||||||
|
Other Assets in Excess of Liabilities
|
3.7
|
%
|
24,649,563
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
661,798,393
|
||||
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities.
|
|
(c)
|
Contingent Deferred Rights.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets (Acquisition
Date)
|
Market Value
|
% of net assets as of
4/30/2021
|
||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
10/2/20
|
$
|
1,800,000
|
0.49
|
%
|
$
|
1,800,000
|
0.27
|
%
|
||||||||
|
Crosslink Ventures Capital LLC, Cl. B
|
12/16/20
|
475,000
|
0.10
|
%
|
475,000
|
0.07
|
%
|
||||||||||
|
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
228,096
|
0.10
|
%
|
7,603
|
0.00
|
%
|
||||||||||
|
Tolero CDR
|
2/6/17
|
94,483
|
0.08
|
%
|
145,663
|
0.03
|
%
|
||||||||||
|
Total
|
$
|
2,428,266
|
0.37
|
%
|
|||||||||||||
See Notes to Financial Statements.
- 70 -
|
THE ALGER FUNDS
|
|
|
ALGER SMALL CAP FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—94.6%
|
SHARES
|
VALUE
|
||||||
|
ALTERNATIVE CARRIERS—1.4%
|
||||||||
|
Bandwidth, Inc., Cl. A*
|
888,786
|
$
|
117,497,509
|
|||||
|
APPAREL ACCESSORIES & LUXURY GOODS—1.6%
|
||||||||
|
Capri Holdings Ltd.*
|
2,422,611
|
133,437,414
|
||||||
|
APPLICATION SOFTWARE—16.1%
|
||||||||
|
ANSYS, Inc.*
|
445,432
|
162,876,665
|
||||||
|
Avalara, Inc.*
|
1,312,474
|
185,990,691
|
||||||
|
Blackline, Inc.*
|
1,357,790
|
157,585,107
|
||||||
|
Datadog, Inc., Cl. A*
|
1,292,392
|
110,848,462
|
||||||
|
Everbridge, Inc.*
|
1,047,813
|
139,055,263
|
||||||
|
Guidewire Software, Inc.*
|
1,006,464
|
106,192,017
|
||||||
|
Paycom Software, Inc.*
|
377,098
|
144,960,242
|
||||||
|
PROS Holdings, Inc.*
|
2,404,667
|
103,352,588
|
||||||
|
Q2 Holdings, Inc.*
|
989,802
|
102,959,204
|
||||||
|
Smartsheet, Inc., Cl. A*
|
957,285
|
56,767,000
|
||||||
|
Viant Technology, Inc., Cl. A*
|
1,747,257
|
57,379,920
|
||||||
|
1,327,967,159
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—0.8%
|
||||||||
|
Silver Spike Acquisition Corp., Cl. A*
|
3,688,429
|
64,547,507
|
||||||
|
BIOTECHNOLOGY—8.8%
|
||||||||
|
CareDx, Inc.*
|
2,972,056
|
235,000,468
|
||||||
|
Natera, Inc.*
|
2,735,525
|
300,962,460
|
||||||
|
Vericel Corp.*
|
3,016,368
|
188,281,691
|
||||||
|
724,244,619
|
||||||||
|
BUILDING PRODUCTS—2.5%
|
||||||||
|
Trex Co., Inc.*
|
1,888,109
|
203,896,891
|
||||||
|
EDUCATION SERVICES—2.5%
|
||||||||
|
Chegg, Inc.*
|
2,251,214
|
203,352,161
|
||||||
|
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.7%
|
||||||||
|
Cognex Corp.
|
2,589,507
|
223,008,343
|
||||||
|
HEALTHCARE DISTRIBUTORS—1.2%
|
||||||||
|
PetIQ, Inc., Cl. A*
|
2,267,801
|
96,608,323
|
||||||
|
HEALTHCARE EQUIPMENT—17.1%
|
||||||||
|
AtriCure, Inc.*
|
2,663,629
|
205,285,887
|
||||||
|
CryoPort, Inc.*
|
4,676,882
|
264,571,215
|
||||||
|
Eargo, Inc.*
|
1,484,204
|
84,955,837
|
||||||
|
Heska Corp.*
|
991,409
|
181,080,854
|
||||||
|
Insulet Corp.*
|
668,080
|
197,230,577
|
||||||
|
Nevro Corp.*
|
954,833
|
165,004,691
|
||||||
|
Shockwave Medical, Inc.*
|
1,277,834
|
208,874,746
|
||||||
|
Tactile Systems Technology, Inc.*
|
1,903,368
|
109,062,986
|
||||||
|
1,416,066,793
|
||||||||
|
HEALTHCARE SERVICES—3.3%
|
||||||||
|
Guardant Health, Inc.*
|
1,265,012
|
201,111,608
|
||||||
|
Signify Health, Inc., Cl. A*
|
2,648,131
|
75,074,514
|
||||||
|
276,186,122
|
||||||||
|
HEALTHCARE SUPPLIES—3.3%
|
||||||||
|
Neogen Corp.*
|
1,707,878
|
163,973,367
|
||||||
- 71 -
|
THE ALGER FUNDS
|
|
|
ALGER SMALL CAP FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—94.6% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
HEALTHCARE SUPPLIES—3.3% (CONT.)
|
||||||||
|
Quidel Corp.*
|
1,017,022
|
$
|
106,573,735
|
|||||
|
270,547,102
|
||||||||
|
HEALTHCARE TECHNOLOGY—5.0%
|
||||||||
|
Inspire Medical Systems, Inc.*
|
697,180
|
165,106,168
|
||||||
|
Veeva Systems, Inc., Cl. A*
|
894,145
|
252,551,255
|
||||||
|
417,657,423
|
||||||||
|
INDUSTRIAL MACHINERY—2.9%
|
||||||||
|
RBC Bearings, Inc.*
|
1,184,424
|
236,209,678
|
||||||
|
INTERACTIVE MEDIA & SERVICES—0.4%
|
||||||||
|
Genius Sports Ltd.*
|
1,497,602
|
31,599,402
|
||||||
|
INTERNET SERVICES & INFRASTRUCTURE—1.8%
|
||||||||
|
BigCommerce Holdings, Inc.*
|
2,548,766
|
152,773,034
|
||||||
|
LIFE SCIENCES TOOLS & SERVICES—9.4%
|
||||||||
|
Berkeley Lights, Inc.*
|
2,683,623
|
131,792,725
|
||||||
|
Bio-Techne Corp.
|
540,332
|
230,986,527
|
||||||
|
NanoString Technologies, Inc.*
|
2,226,362
|
177,374,261
|
||||||
|
Repligen Corp.*
|
1,126,596
|
238,511,639
|
||||||
|
778,665,152
|
||||||||
|
MANAGED HEALTHCARE—1.3%
|
||||||||
|
HealthEquity, Inc.*
|
1,467,744
|
111,504,512
|
||||||
|
OIL & GAS EQUIPMENT & SERVICES—0.9%
|
||||||||
|
ChampionX Corp.*
|
3,649,408
|
76,674,062
|
||||||
|
PACKAGED FOODS & MEATS—1.4%
|
||||||||
|
Freshpet, Inc.*
|
626,282
|
115,749,439
|
||||||
|
RESTAURANTS—4.9%
|
||||||||
|
Shake Shack, Inc., Cl. A*
|
2,132,615
|
231,921,881
|
||||||
|
Wingstop, Inc.
|
1,114,199
|
176,500,264
|
||||||
|
408,422,145
|
||||||||
|
SEMICONDUCTORS—2.9%
|
||||||||
|
Monolithic Power Systems, Inc.
|
662,538
|
239,427,982
|
||||||
|
SYSTEMS SOFTWARE—1.0%
|
||||||||
|
Appian Corp., Cl. A*
|
649,871
|
78,751,368
|
||||||
|
TRADING COMPANIES & DISTRIBUTORS—1.4%
|
||||||||
|
Herc Holdings, Inc.*
|
1,115,019
|
117,746,006
|
||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $5,198,563,757)
|
7,822,540,146
|
|||||||
|
RIGHTS—0.0%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.0%
|
||||||||
|
Tolero CDR*,@,(a),(b)
|
11,905
|
9,922
|
||||||
|
(Cost $6,436)
|
9,922
|
|||||||
|
Total Investments
|
||||||||
|
(Cost $5,198,570,193)
|
94.6
|
%
|
$
|
7,822,550,068
|
||||
|
Unaffiliated Securities (Cost $5,198,570,193)
|
7,822,550,068
|
|||||||
|
Other Assets in Excess of Liabilities
|
5.4
|
%
|
450,088,283
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
8,272,638,351
|
||||
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
|
|
(b)
|
Contingent Deferred Rights.
|
- 72 -
|
THE ALGER FUNDS
|
|
|
ALGER SMALL CAP FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets (Acquisition
Date)
|
Market Value
|
% of net assets as of
4/30/2021
|
||||||||||||
|
Tolero CDR
|
2/6/17
|
$
|
6,436
|
0.00
|
%
|
$
|
9,922
|
0.00
|
%
|
||||||||
|
Total
|
$
|
9,922
|
0.00
|
%
|
|||||||||||||
See Notes to Financial Statements.
- 73 -
|
THE ALGER FUNDS
|
|
|
ALGER INTERNATIONAL FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—98.6%
|
SHARES
|
VALUE
|
||||||
|
AUSTRALIA—5.3%
|
||||||||
|
APPLICATION SOFTWARE—2.6%
|
||||||||
|
Xero Ltd.*
|
46,600
|
$
|
5,077,722
|
|||||
|
HEALTHCARE SUPPLIES—1.7%
|
||||||||
|
Nanosonics Ltd.*
|
694,062
|
3,217,802
|
||||||
|
HEALTHCARE TECHNOLOGY—1.0%
|
||||||||
|
Pro Medicus Ltd.
|
55,000
|
1,998,437
|
||||||
|
TOTAL AUSTRALIA
|
||||||||
|
(Cost $6,247,122)
|
10,293,961
|
|||||||
|
BELGIUM—1.3%
|
||||||||
|
APPLICATION SOFTWARE—1.3%
|
||||||||
|
Unifiedpost Group SA*
|
112,287
|
2,500,353
|
||||||
|
(Cost $2,879,104)
|
||||||||
|
CHINA—10.1%
|
||||||||
|
INTERACTIVE MEDIA & SERVICES—2.2%
|
||||||||
|
Tencent Holdings Ltd.
|
52,800
|
4,211,909
|
||||||
|
INTERNET & DIRECT MARKETING RETAIL—6.4%
|
||||||||
|
Alibaba Group Holding Ltd.#,*
|
19,700
|
4,549,715
|
||||||
|
Meituan, Cl. B*
|
94,000
|
3,597,740
|
||||||
|
Trip.com Group Ltd.#,*
|
113,000
|
4,416,040
|
||||||
|
12,563,495
|
||||||||
|
SEMICONDUCTORS—1.5%
|
||||||||
|
LONGi Green Energy Technology Co., Ltd., Cl. A
|
190,689
|
2,907,663
|
||||||
|
TOTAL CHINA
|
||||||||
|
(Cost $17,334,292)
|
19,683,067
|
|||||||
|
FRANCE—12.8%
|
||||||||
|
AEROSPACE & DEFENSE—1.8%
|
||||||||
|
Airbus SE*
|
28,700
|
3,451,741
|
||||||
|
APPAREL ACCESSORIES & LUXURY GOODS—3.4%
|
||||||||
|
LVMH Moet Hennessy Louis Vuitton SE
|
8,700
|
6,554,695
|
||||||
|
ELECTRICAL COMPONENTS & EQUIPMENT—2.2%
|
||||||||
|
Schneider Electric SE
|
27,500
|
4,388,152
|
||||||
|
LIFE SCIENCES TOOLS & SERVICES—2.9%
|
||||||||
|
Eurofins Scientific SE*
|
57,500
|
5,695,366
|
||||||
|
RESEARCH & CONSULTING SERVICES—2.5%
|
||||||||
|
Teleperformance
|
12,557
|
4,849,218
|
||||||
|
TOTAL FRANCE
|
||||||||
|
(Cost $14,697,582)
|
24,939,172
|
|||||||
|
GERMANY—4.4%
|
||||||||
|
FOOTWEAR—2.2%
|
||||||||
|
Puma SE*
|
40,600
|
4,280,502
|
||||||
|
OIL & GAS REFINING & MARKETING—2.2%
|
||||||||
|
VERBIO Vereinigte BioEnergie AG
|
86,508
|
4,363,204
|
||||||
|
TOTAL GERMANY
|
||||||||
|
(Cost $6,600,027)
|
8,643,706
|
|||||||
- 74 -
|
THE ALGER FUNDS
|
|
|
ALGER INTERNATIONAL FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—98.6% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
HONG KONG—6.3%
|
||||||||
|
APPAREL ACCESSORIES & LUXURY GOODS—2.1%
|
||||||||
|
Samsonite International SA*
|
2,184,820
|
$
|
4,043,458
|
|||||
|
FINANCIAL EXCHANGES & DATA—2.0%
|
||||||||
|
Hong Kong Exchanges & Clearing Ltd.
|
66,500
|
4,010,633
|
||||||
|
INDUSTRIAL MACHINERY—2.2%
|
||||||||
|
Techtronic Industries Co., Ltd.
|
237,000
|
4,300,256
|
||||||
|
TOTAL HONG KONG
|
||||||||
|
(Cost $6,093,643)
|
12,354,347
|
|||||||
|
HUNGARY—2.2%
|
||||||||
|
AIRLINES—2.2%
|
||||||||
|
Wizz Air Holdings PLC*
|
61,900
|
4,190,358
|
||||||
|
(Cost $3,931,643)
|
||||||||
|
INDIA—4.6%
|
||||||||
|
DIVERSIFIED BANKS—2.4%
|
||||||||
|
HDFC Bank Ltd.#,*
|
66,800
|
4,694,704
|
||||||
|
DIVERSIFIED SUPPORT SERVICES—2.2%
|
||||||||
|
Indian Railway Catering & Tourism Corp., Ltd.
|
177,000
|
4,274,807
|
||||||
|
TOTAL INDIA
|
||||||||
|
(Cost $6,920,101)
|
8,969,511
|
|||||||
|
IRELAND—2.2%
|
||||||||
|
PACKAGED FOODS & MEATS—2.2%
|
||||||||
|
Kerry Group PLC, Cl. A
|
33,741
|
4,373,933
|
||||||
|
(Cost $3,756,243)
|
||||||||
|
ITALY—8.0%
|
||||||||
|
APPAREL ACCESSORIES & LUXURY GOODS—5.2%
|
||||||||
|
Moncler SpA*
|
102,586
|
6,288,070
|
||||||
|
PRADA SpA*
|
630,000
|
3,909,911
|
||||||
|
10,197,981
|
||||||||
|
AUTOMOBILE MANUFACTURERS—2.8%
|
||||||||
|
Ferrari NV
|
25,662
|
5,476,014
|
||||||
|
TOTAL ITALY
|
||||||||
|
(Cost $12,648,682)
|
15,673,995
|
|||||||
|
JAPAN—11.4%
|
||||||||
|
ELECTRONIC COMPONENTS—2.7%
|
||||||||
|
Murata Manufacturing Co., Ltd.
|
66,200
|
5,263,150
|
||||||
|
INDUSTRIAL MACHINERY—4.8%
|
||||||||
|
Ebara Corp.
|
94,000
|
4,016,306
|
||||||
|
FANUC Corp.
|
23,500
|
5,411,401
|
||||||
|
9,427,707
|
||||||||
|
PERSONAL PRODUCTS—1.8%
|
||||||||
|
Shiseido Co., Ltd.
|
48,000
|
3,492,861
|
||||||
|
SEMICONDUCTOR EQUIPMENT—2.1%
|
||||||||
|
Lasertec Corp.
|
22,799
|
4,014,466
|
||||||
|
TOTAL JAPAN
|
||||||||
|
(Cost $16,960,521)
|
22,198,184
|
|||||||
- 75 -
|
THE ALGER FUNDS
|
|
|
ALGER INTERNATIONAL FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—98.6% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
NETHERLANDS—8.5%
|
||||||||
|
DATA PROCESSING & OUTSOURCED SERVICES—2.7%
|
||||||||
|
Adyen NV*
|
2,100
|
$
|
5,168,727
|
|||||
|
HEAVY ELECTRICAL EQUIPMENT—2.0%
|
||||||||
|
Alfen Beheer BV*
|
48,600
|
3,861,636
|
||||||
|
SEMICONDUCTOR EQUIPMENT—3.8%
|
||||||||
|
ASML Holding NV
|
11,500
|
7,465,754
|
||||||
|
TOTAL NETHERLANDS
|
||||||||
|
(Cost $5,560,223)
|
16,496,117
|
|||||||
|
NORWAY—1.6%
|
||||||||
|
ENVIRONMENTAL & FACILITIES SERVICES—1.6%
|
||||||||
|
Aker Carbon Capture AS*
|
1,560,510
|
3,169,708
|
||||||
|
(Cost $3,626,911)
|
||||||||
|
SOUTH KOREA—4.3%
|
||||||||
|
SPECIALTY CHEMICALS—1.6%
|
||||||||
|
Chunbo Co., Ltd.
|
19,400
|
3,127,864
|
||||||
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.7%
|
||||||||
|
Samsung Electronics Co., Ltd.
|
72,500
|
5,255,307
|
||||||
|
TOTAL SOUTH KOREA
|
||||||||
|
(Cost $7,822,935)
|
8,383,171
|
|||||||
|
SPAIN—1.7%
|
||||||||
|
BIOTECHNOLOGY—1.7%
|
||||||||
|
Grifols SA#
|
192,941
|
3,405,409
|
||||||
|
(Cost $3,850,069)
|
||||||||
|
SWEDEN—2.8%
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—2.8%
|
||||||||
|
EQT AB
|
162,898
|
5,490,128
|
||||||
|
(Cost $1,713,958)
|
||||||||
|
SWITZERLAND—5.9%
|
||||||||
|
ASSET MANAGEMENT & CUSTODY BANKS—2.1%
|
||||||||
|
Partners Group Holding AG
|
2,934
|
4,179,386
|
||||||
|
HEALTHCARE FACILITIES—1.2%
|
||||||||
|
PolyPeptide Group AG*
|
26,906
|
2,364,310
|
||||||
|
SPECIALTY CHEMICALS—2.6%
|
||||||||
|
Sika AG
|
16,700
|
4,987,665
|
||||||
|
TOTAL SWITZERLAND
|
||||||||
|
(Cost $6,724,743)
|
11,531,361
|
|||||||
|
TAIWAN—2.8%
|
||||||||
|
SEMICONDUCTORS—2.8%
|
||||||||
|
Taiwan Semiconductor Manufacturing Co., Ltd.#
|
46,700
|
5,451,758
|
||||||
|
(Cost $4,053,866)
|
||||||||
- 76 -
|
THE ALGER FUNDS
|
|
|
ALGER INTERNATIONAL FOCUS FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—98.6% (CONT.)
|
SHARES |
VALUE
|
||||||
|
UNITED KINGDOM—2.4%
FINANCIAL EXCHANGES & DATA—2.4%
London Stock Exchange Group PLC
|
45,200 |
$
|
4,619,013
|
|||||
|
(Cost $3,713,750)
|
||||||||
|
TOTAL COMMON STOCKS
(Cost $135,135,415)
|
192,367,252 | |||||||
|
Total Investments
(Cost $135,135,415)
|
98.6
|
%
|
$ | 192,367,252 | ||||
|
Unaffiliated Securities (Cost $135,135,415)
|
192,367,252
|
|||||||
|
Other Assets in Excess of Liabilities
|
1.4
|
%
|
2,800,274
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$ | 195,167,526 | ||||
|
#
|
American Depositary Receipts.
|
|
*
|
Non-income producing security.
|
|
Forward Foreign Currency Contracts Outstanding as of April 30, 2021:
|
|||||||||||||||||||||||
|
Buy
|
Counterparty
|
Contract Amount
|
Settlement Date
|
Sell
|
Contract Amount
|
Unrealized Appreciation
|
Unrealized (Depreciation)
|
Net Unrealized Appreciation/
(Depreciation)
|
|||||||||||||||
|
JPY
|
Brown Brothers Harriman & Co.
|
43,027,274
|
05/06/2021
|
USD
|
396,208
|
–
|
$
|
(2,522
|
)
|
$
|
(2,522
|
)
|
|||||||||||
Abbreviations used in this schedule:
JPY — Japanese Yen
USD — United States Dollar
See Notes to Financial Statements.
- 77 -
|
THE ALGER FUNDS
|
|
|
ALGER HEALTH SCIENCES FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited)
|
|
|
COMMON STOCKS—96.4%
|
SHARES
|
VALUE
|
||||||
|
APPLICATION SOFTWARE—1.0%
|
||||||||
|
Benefitfocus, Inc.*
|
245,565
|
$
|
3,320,039
|
|||||
|
BIOTECHNOLOGY—26.3%
|
||||||||
|
AbbVie, Inc.
|
96,851
|
10,798,886
|
||||||
|
Arrowhead Pharmaceuticals, Inc.*
|
39,615
|
2,882,387
|
||||||
|
Aurinia Pharmaceuticals, Inc.*
|
321,659
|
4,268,415
|
||||||
|
BeiGene Ltd.#,*
|
4,231
|
1,453,518
|
||||||
|
Biogen, Inc.*
|
17,725
|
4,738,424
|
||||||
|
CareDx, Inc.*
|
36,644
|
2,897,441
|
||||||
|
Constellation Pharmaceuticals, Inc.*
|
77,528
|
1,676,155
|
||||||
|
Denali Therapeutics, Inc.*
|
16,634
|
1,005,359
|
||||||
|
DermTech, Inc.*
|
19,319
|
812,364
|
||||||
|
Exact Sciences Corp.*
|
31,927
|
4,208,617
|
||||||
|
Forte Biosciences, Inc.*
|
218,204
|
7,896,803
|
||||||
|
Intellia Therapeutics, Inc.*
|
20,873
|
1,602,420
|
||||||
|
Invitae Corp.*
|
127,211
|
4,439,664
|
||||||
|
Kadmon Holdings, Inc.*
|
402,064
|
1,632,380
|
||||||
|
Magenta Therapeutics, Inc.*
|
79,507
|
926,257
|
||||||
|
Mirati Therapeutics, Inc.*
|
7,667
|
1,274,409
|
||||||
|
Moderna, Inc.*
|
66,022
|
11,806,054
|
||||||
|
Natera, Inc.*
|
69,701
|
7,668,504
|
||||||
|
Sage Therapeutics, Inc.*
|
31,472
|
2,478,735
|
||||||
|
Scholar Rock Holding Corp.*
|
29,820
|
964,677
|
||||||
|
TCR2 Therapeutics, Inc.*
|
92,742
|
2,106,171
|
||||||
|
TG Therapeutics, Inc.*
|
75,303
|
3,366,797
|
||||||
|
Turning Point Therapeutics, Inc.*
|
23,907
|
1,822,431
|
||||||
|
Vertex Pharmaceuticals, Inc.*
|
12,180
|
2,657,676
|
||||||
|
85,384,544
|
||||||||
|
HEALTHCARE DISTRIBUTORS—2.0%
|
||||||||
|
McKesson Corp.
|
12,416
|
2,328,745
|
||||||
|
PetIQ, Inc., Cl. A*
|
95,020
|
4,047,852
|
||||||
|
6,376,597
|
||||||||
|
HEALTHCARE EQUIPMENT—26.9%
|
||||||||
|
Abbott Laboratories
|
38,345
|
4,604,468
|
||||||
|
ABIOMED, Inc.*
|
7,508
|
2,408,041
|
||||||
|
Boston Scientific Corp.*
|
127,859
|
5,574,652
|
||||||
|
CryoPort, Inc.*
|
60,956
|
3,448,281
|
||||||
|
Danaher Corp.
|
37,243
|
9,457,487
|
||||||
|
Dexcom, Inc.*
|
22,986
|
8,874,895
|
||||||
|
Edwards Lifesciences Corp.*
|
48,742
|
4,655,836
|
||||||
|
Glaukos Corp.*
|
34,541
|
3,252,381
|
||||||
|
IDEXX Laboratories, Inc.*
|
16,561
|
9,091,823
|
||||||
|
Inari Medical, Inc.*
|
14,560
|
1,664,062
|
||||||
|
Insulet Corp.*
|
29,716
|
8,772,757
|
||||||
|
Intuitive Surgical, Inc.*
|
10,732
|
9,283,180
|
||||||
|
Masimo Corp.*
|
17,282
|
4,021,003
|
||||||
|
Nevro Corp.*
|
36,854
|
6,368,740
|
||||||
|
Sartorius AG
|
9,983
|
5,633,083
|
||||||
|
87,110,689
|
||||||||
- 78 -
|
THE ALGER FUNDS
|
|
|
ALGER HEALTH SCIENCES FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
COMMON STOCKS—96.4% (CONT.)
|
SHARES
|
VALUE
|
||||||
|
HEALTHCARE FACILITIES—0.7%
|
||||||||
|
HCA Healthcare, Inc.
|
10,643
|
$
|
2,139,881
|
|||||
|
HEALTHCARE SERVICES—5.0%
|
||||||||
|
1Life Healthcare, Inc.*
|
67,121
|
2,920,435
|
||||||
|
Cigna Corp.
|
9,637
|
2,399,709
|
||||||
|
Guardant Health, Inc.*
|
52,420
|
8,333,731
|
||||||
|
Signify Health, Inc., Cl. A*
|
92,717
|
2,628,527
|
||||||
|
16,282,402
|
||||||||
|
HEALTHCARE SUPPLIES—3.7%
|
||||||||
|
Align Technology, Inc.*
|
7,870
|
4,686,821
|
||||||
|
STAAR Surgical Co.*
|
31,306
|
4,289,235
|
||||||
|
West Pharmaceutical Services, Inc.
|
9,553
|
3,138,352
|
||||||
|
12,114,408
|
||||||||
|
HEALTHCARE TECHNOLOGY—6.3%
|
||||||||
|
Inspire Medical Systems, Inc.*
|
6,787
|
1,607,297
|
||||||
|
Phreesia, Inc.*
|
31,128
|
1,610,874
|
||||||
|
Tabula Rasa HealthCare, Inc.*
|
72,121
|
3,430,075
|
||||||
|
Teladoc Health, Inc.*
|
28,921
|
4,984,534
|
||||||
|
Veeva Systems, Inc., Cl. A*
|
31,019
|
8,761,317
|
||||||
|
20,394,097
|
||||||||
|
LIFE SCIENCES TOOLS & SERVICES—11.6%
|
||||||||
|
10X Genomics, Inc., Cl. A*
|
26,554
|
5,252,381
|
||||||
|
Berkeley Lights, Inc.*
|
48,425
|
2,378,152
|
||||||
|
Bio-Techne Corp.
|
23,614
|
10,094,749
|
||||||
|
NanoString Technologies, Inc.*
|
32,606
|
2,597,720
|
||||||
|
NeoGenomics, Inc.*
|
58,378
|
2,859,938
|
||||||
|
Personalis, Inc.*
|
137,419
|
3,386,004
|
||||||
|
Quanterix Corp.*
|
25,300
|
1,546,842
|
||||||
|
Repligen Corp.*
|
30,952
|
6,552,848
|
||||||
|
Thermo Fisher Scientific, Inc.
|
6,272
|
2,949,283
|
||||||
|
37,617,917
|
||||||||
|
MANAGED HEALTHCARE—9.0%
|
||||||||
|
Humana, Inc.
|
13,306
|
5,924,363
|
||||||
|
Progyny, Inc.*
|
70,197
|
3,994,911
|
||||||
|
UnitedHealth Group, Inc.
|
48,742
|
19,438,310
|
||||||
|
29,357,584
|
||||||||
|
PHARMACEUTICALS—3.9%
|
||||||||
|
Catalent, Inc.*
|
28,822
|
3,241,611
|
||||||
|
Eli Lilly & Co.
|
22,378
|
4,090,027
|
||||||
|
Horizon Therapeutics PLC*
|
29,529
|
2,794,034
|
||||||
|
Ocular Therapeutix, Inc.*
|
70,477
|
1,295,367
|
||||||
|
Royalty Pharma PLC, Cl. A
|
28,300
|
1,245,200
|
||||||
|
12,666,239
|
||||||||
|
TOTAL COMMON STOCKS
|
||||||||
|
(Cost $243,869,517)
|
312,764,397
|
|||||||
|
PREFERRED STOCKS—0.0%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.0%
|
||||||||
|
Prosetta Biosciences, Inc., Series D*,@,(a),(b)
|
897,366
|
134,605
|
||||||
|
(Cost $4,038,147)
|
134,605
|
|||||||
- 79 -
|
THE ALGER FUNDS
|
|
|
ALGER HEALTH SCIENCES FUND
|
|
|
Schedule of Investments April 30, 2021 (Unaudited) (Continued)
|
|
|
WARRANTS—1.7%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—1.7%
|
||||||||
|
Forte Biosciences, Inc., 6/30/21*,@
|
211,625
|
$
|
5,423,102
|
|||||
|
(Cost $0)
|
5,423,102
|
|||||||
|
RIGHTS—0.5%
|
SHARES
|
VALUE
|
||||||
|
BIOTECHNOLOGY—0.5%
|
||||||||
|
Tolero CDR*,@,(a),(c)
|
1,956,996
|
1,630,960
|
||||||
|
(Cost $1,044,370)
|
1,630,960
|
|||||||
|
Total Investments
|
||||||||
|
(Cost $248,952,034)
|
98.6
|
%
|
$
|
319,953,064
|
||||
|
Affiliated Securities (Cost $4,038,147)
|
134,605
|
|||||||
|
Unaffiliated Securities (Cost $244,913,887)
|
319,818,459
|
|||||||
|
Other Assets in Excess of Liabilities
|
1.4
|
%
|
4,493,947
|
|||||
|
NET ASSETS
|
100.0
|
%
|
$
|
324,447,011
|
||||
|
#
|
American Depositary Receipts.
|
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 11 - Affiliated Securities.
|
|
(c)
|
Contingent Deferred Rights.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
% of net assets (Acquisition
Date)
|
Market Value
|
% of net assets as of
4/30/2021
|
||||||||||||
|
Forte Biosciences, Inc., Warrants
|
2/19/20
|
$
|
0
|
0.00
|
%
|
$
|
5,423,102
|
1.67
|
%
|
||||||||
|
Prosetta Biosciences, Inc., Series D
|
2/6/15
|
4,038,147
|
2.00
|
%
|
134,605
|
0.04
|
%
|
||||||||||
|
Tolero CDR
|
2/6/17
|
1,044,370
|
0.90
|
%
|
1,630,960
|
0.51
|
%
|
||||||||||
|
Total
|
$
|
7,188,667
|
2.22
|
%
|
|||||||||||||
See Notes to Financial Statements.
- 80 -
THE ALGER FUNDS
|
Alger Capital
Appreciation Fund
|
Alger 25 Fund
|
|||||||
|
ASSETS:
|
||||||||
|
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments
|
$
|
3,167,742,184
|
$
|
26,617,694
|
||||
|
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments
|
2,775,000
|
—
|
||||||
|
Cash and cash equivalents
|
—
|
373,989
|
||||||
|
Receivable for investment securities sold
|
25,871,743
|
—
|
||||||
|
Receivable for shares of beneficial interest sold
|
2,030,409
|
5,000
|
||||||
|
Dividends and interest receivable
|
700,271
|
—
|
||||||
|
Receivable from Investment Manager
|
—
|
14,148
|
||||||
|
Security litigation receivable
|
10,476
|
—
|
||||||
|
Prepaid expenses
|
224,200
|
—
|
||||||
|
Total Assets
|
3,199,354,283
|
27,010,831
|
||||||
|
LIABILITIES:
|
||||||||
|
Payable for investment securities purchased
|
14,178,107
|
—
|
||||||
|
Payable for shares of beneficial interest redeemed
|
5,566,260
|
—
|
||||||
|
Bank overdraft
|
54,449
|
—
|
||||||
|
Payable for interfund loans
|
5,851,000
|
—
|
||||||
|
Due to investment advisor
|
23,197
|
—
|
||||||
|
Accrued investment advisory fees
|
1,944,520
|
9,854
|
||||||
|
Accrued distribution fees
|
477,921
|
—
|
||||||
|
Accrued shareholder administrative fees
|
34,939
|
219
|
||||||
|
Accrued administrative fees
|
71,418
|
602
|
||||||
|
Accrued custodian fees
|
15,742
|
758
|
||||||
|
Accrued transfer agent fees
|
651,672
|
211
|
||||||
|
Accrued printing fees
|
61,308
|
238
|
||||||
|
Accrued professional fees
|
36,686
|
10,647
|
||||||
|
Accrued trustee fees
|
6,128
|
—
|
||||||
|
Accrued fund accounting fees
|
74,746
|
9,025
|
||||||
|
Accrued other expenses
|
4,625
|
328
|
||||||
|
Total Liabilities
|
29,052,718
|
31,882
|
||||||
|
NET ASSETS
|
$
|
3,170,301,565
|
$
|
26,978,949
|
||||
|
NET ASSETS CONSIST OF:
|
||||||||
|
Paid in capital (par value of $.001 per share)
|
1,211,649,387
|
15,342,730
|
||||||
|
Distributable earnings
|
1,958,652,178
|
11,636,219
|
||||||
|
NET ASSETS
|
$
|
3,170,301,565
|
$
|
26,978,949
|
||||
|
* Identified cost
|
$
|
1,636,947,155(a
|
)
|
$
|
17,519,227(b
|
)
|
||
|
** Identified cost
|
$
|
2,775,000(a
|
)
|
$
|
—
|
|||
See Notes to Financial Statements.
- 81 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Capital
Appreciation Fund
|
Alger 25 Fund
|
|||||||
|
NET ASSETS BY CLASS:
|
||||||||
|
Class A
|
$
|
1,467,692,764
|
$
|
—
|
||||
|
Class C
|
$
|
215,584,631
|
$
|
—
|
||||
|
Class Z
|
$
|
1,487,024,170
|
$
|
26,978,949
|
||||
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
|
Class A
|
41,451,964
|
—
|
||||||
|
Class C
|
8,827,491
|
—
|
||||||
|
Class Z
|
40,016,842
|
1,386,573
|
||||||
|
NET ASSET VALUE PER SHARE:
|
||||||||
|
Class A — Net Asset Value Per Share Class A
|
$
|
35.41
|
$
|
—
|
||||
|
Class A — Offering Price Per Share
(includes a 5.25% sales charge)
|
$
|
37.37
|
$
|
—
|
||||
|
Class C — Net Asset Value Per Share Class C
|
$
|
24.42
|
$
|
—
|
||||
|
Class Z — Net Asset Value Per Share Class Z
|
$
|
37.16
|
$
|
19.46
|
||||
See Notes to Financial Statements.
|
(a)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$1,669,633,065, amounted to $1,500,884,119 which consisted of aggregate gross unrealized appreciation of $1,537,687,078 and aggregate gross unrealized depreciation of $36,802,959.
|
|
(b)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $17,533,902, amounted to $9,083,792 which consisted of
aggregate gross unrealized appreciation of $9,275,963 and aggregate gross unrealized depreciation of $192,171.
|
- 82 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger 35 Fund
|
Alger Growth &
Income Fund
|
|||||||
|
ASSETS:
|
||||||||
|
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments#
|
$
|
19,706,933
|
$
|
138,513,853
|
||||
|
Cash and cash equivalents
|
31,191
|
2,522,426
|
||||||
|
Receivable for shares of beneficial interest sold
|
—
|
82,745
|
||||||
|
Dividends and interest receivable
|
1,258
|
159,603
|
||||||
|
Receivable from Investment Manager
|
8,064
|
—
|
||||||
|
Security litigation receivable
|
—
|
109
|
||||||
|
Prepaid expenses
|
16,230
|
37,860
|
||||||
|
Total Assets
|
19,763,676
|
141,316,596
|
||||||
|
LIABILITIES:
|
||||||||
|
Collateral on securities loaned at value (Note 4)
|
—
|
1,306,695
|
||||||
|
Payable for shares of beneficial interest redeemed
|
—
|
92,492
|
||||||
|
Accrued investment advisory fees
|
4,878
|
56,656
|
||||||
|
Accrued distribution fees
|
—
|
32,184
|
||||||
|
Accrued shareholder administrative fees
|
182
|
1,718
|
||||||
|
Accrued administrative fees
|
442
|
3,116
|
||||||
|
Accrued custodian fees
|
411
|
1,249
|
||||||
|
Accrued transfer agent fees
|
112
|
32,619
|
||||||
|
Accrued printing fees
|
310
|
6,635
|
||||||
|
Accrued professional fees
|
22,090
|
23,769
|
||||||
|
Accrued registration fees
|
—
|
59
|
||||||
|
Accrued trustee fees
|
36
|
263
|
||||||
|
Accrued fund accounting fees
|
8,556
|
10,790
|
||||||
|
Accrued other expenses
|
977
|
3,271
|
||||||
|
Total Liabilities
|
37,994
|
1,571,516
|
||||||
|
NET ASSETS
|
$
|
19,725,682
|
$
|
139,745,080
|
||||
|
NET ASSETS CONSIST OF:
|
||||||||
|
Paid in capital (par value of $.001 per share)
|
12,021,616
|
51,643,041
|
||||||
|
Distributable earnings
|
7,704,066
|
88,102,039
|
||||||
|
NET ASSETS
|
$
|
19,725,682
|
$
|
139,745,080
|
||||
|
* Identified cost
|
$
|
15,336,659(a
|
)
|
$
|
54,513,883(b
|
)
|
||
|
# Includes collateral received on stock loan
|
—
|
$
|
1,306,695
|
|||||
|
# Includes securities loaned at value
|
—
|
$
|
1,279,615
|
|||||
See Notes to Financial Statements.
- 83 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger 35 Fund
|
Alger Growth &
Income Fund
|
|||||||
|
NET ASSETS BY CLASS:
|
||||||||
|
Class A
|
$
|
—
|
$
|
94,964,815
|
||||
|
Class C
|
$
|
—
|
$
|
15,817,092
|
||||
|
Class P
|
$
|
19,340,980
|
$
|
—
|
||||
|
Class P-2
|
$
|
384,702
|
$
|
—
|
||||
|
Class Z
|
$
|
—
|
$
|
28,963,173
|
||||
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
|
Class A
|
—
|
1,703,897
|
||||||
|
Class C
|
—
|
288,272
|
||||||
|
Class P
|
1,013,438
|
—
|
||||||
|
Class P-2
|
20,136
|
—
|
||||||
|
Class Z
|
—
|
519,003
|
||||||
|
NET ASSET VALUE PER SHARE:
|
||||||||
|
Class A — Net Asset Value Per Share Class A
|
$
|
—
|
$
|
55.73
|
||||
|
Class A — Offering Price Per Share
(includes a 5.25% sales charge)
|
$
|
—
|
$
|
58.82
|
||||
|
Class C — Net Asset Value Per Share Class C
|
$
|
—
|
$
|
54.87
|
||||
|
Class P — Net Asset Value Per Share Class P
|
$
|
19.08
|
$
|
—
|
||||
|
Class P-2 — Net Asset Value Per Share Class P-2
|
$
|
19.11
|
$
|
—
|
||||
|
Class Z — Net Asset Value Per Share Class Z
|
$
|
—
|
$
|
55.81
|
||||
See Notes to Financial Statements.
|
(a)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $15,336,679, amounted to $4,370,254 which consisted of
aggregate gross unrealized appreciation of $4,567,577 and aggregate gross unrealized depreciation of $197,323.
|
|
(b)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $53,948,816, amounted to $84,565,037 which consisted of
aggregate gross unrealized appreciation of $85,346,661 and aggregate gross unrealized depreciation of $781,624.
|
- 84 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Mid Cap
Growth Fund
|
Alger Mid Cap Focus
Fund
|
|||||||
|
ASSETS:
|
||||||||
|
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments
|
$
|
303,274,197
|
$
|
727,470,136
|
||||
|
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments
|
1,707,942
|
—
|
||||||
|
Cash and cash equivalents
|
2,601,215
|
19,829,204
|
||||||
|
Receivable for investment securities sold
|
3,160,337
|
3,012,369
|
||||||
|
Receivable for shares of beneficial interest sold
|
73,549
|
2,205,689
|
||||||
|
Dividends and interest receivable
|
51,703
|
48,531
|
||||||
|
Receivable from Investment Manager
|
11,805
|
116
|
||||||
|
Security litigation receivable
|
3,383
|
—
|
||||||
|
Prepaid expenses
|
59,222
|
19,872
|
||||||
|
Total Assets
|
310,943,353
|
752,585,917
|
||||||
|
LIABILITIES:
|
||||||||
|
Payable for investment securities purchased
|
2,826,504
|
8,308,190
|
||||||
|
Payable for shares of beneficial interest redeemed
|
87,903
|
1,065,930
|
||||||
|
Accrued investment advisory fees
|
192,074
|
341,831
|
||||||
|
Accrued distribution fees
|
69,559
|
23,896
|
||||||
|
Accrued shareholder administrative fees
|
3,927
|
6,015
|
||||||
|
Accrued administrative fees
|
6,950
|
16,540
|
||||||
|
Accrued custodian fees
|
15,645
|
4,260
|
||||||
|
Accrued transfer agent fees
|
46,003
|
8,955
|
||||||
|
Accrued printing fees
|
19,930
|
11,554
|
||||||
|
Accrued professional fees
|
45,099
|
23,009
|
||||||
|
Accrued trustee fees
|
625
|
1,413
|
||||||
|
Accrued fund accounting fees
|
16,773
|
20,502
|
||||||
|
Accrued other expenses
|
2,974
|
2,616
|
||||||
|
Total Liabilities
|
3,333,966
|
9,834,711
|
||||||
|
NET ASSETS
|
$
|
307,609,387
|
$
|
742,751,206
|
||||
|
NET ASSETS CONSIST OF:
|
||||||||
|
Paid in capital (par value of $.001 per share)
|
180,187,000
|
556,737,107
|
||||||
|
Distributable earnings
|
127,422,387
|
186,014,099
|
||||||
|
NET ASSETS
|
$
|
307,609,387
|
$
|
742,751,206
|
||||
|
* Identified cost
|
$
|
231,394,054(a
|
)
|
$
|
650,146,085(b
|
)
|
||
|
** Identified cost
|
$
|
2,663,245(a
|
)
|
$
|
—
|
|||
See Notes to Financial Statements.
- 85 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Mid Cap Growth
Fund
|
Alger Mid Cap Focus
Fund
|
|||||||
|
NET ASSETS BY CLASS:
|
||||||||
|
Class A
|
$
|
235,861,639
|
$
|
—
|
||||
|
Class B
|
$
|
17,921,822
|
$
|
—
|
||||
|
Class C
|
$
|
7,614,259
|
$
|
—
|
||||
|
Class I
|
$
|
—
|
$
|
116,793,000
|
||||
|
Class Y
|
$
|
—
|
$
|
97,650
|
||||
|
Class Z
|
$
|
46,211,667
|
$
|
625,860,556
|
||||
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
|
Class A
|
10,458,784
|
—
|
||||||
|
Class B
|
1,076,654
|
—
|
||||||
|
Class C
|
475,783
|
—
|
||||||
|
Class I
|
—
|
5,816,925
|
||||||
|
Class Y
|
—
|
4,843
|
||||||
|
Class Z
|
2,006,340
|
31,029,484
|
||||||
|
NET ASSET VALUE PER SHARE:
|
||||||||
|
Class A — Net Asset Value Per Share Class A
|
$
|
22.55
|
$
|
—
|
||||
|
Class A — Offering Price Per Share
(includes a 5.25% sales charge)
|
$
|
23.80
|
$
|
—
|
||||
|
Class B — Net Asset Value Per Share Class B
|
$
|
16.65
|
$
|
—
|
||||
|
Class C — Net Asset Value Per Share Class C
|
$
|
16.00
|
$
|
—
|
||||
|
Class I — Net Asset Value Per Share Class I
|
$
|
—
|
$
|
20.08
|
||||
|
Class Y — Net Asset Value Per Share Class Y
|
$
|
—
|
$
|
20.16
|
||||
|
Class Z — Net Asset Value Per Share Class Z
|
$
|
23.03
|
$
|
20.17
|
||||
See Notes to Financial Statements.
|
(a)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $237,493,388, amounted to $67,488,751 which consisted of
aggregate gross unrealized appreciation of $77,582,917 and aggregate gross unrealized depreciation of $10,094,166.
|
|
(b)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $650,606,977, amounted to $76,863,159 which consisted of
aggregate gross unrealized appreciation of $94,695,525 and aggregate gross unrealized depreciation of $17,832,366.
|
- 86 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Weatherbie
Specialized Growth
Fund
|
Alger Small Cap
Growth Fund
|
|||||||
|
ASSETS:
|
||||||||
|
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments
|
$
|
1,494,938,644
|
$
|
634,866,227
|
||||
|
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedules of investments
|
34,721
|
2,282,603
|
||||||
|
Cash and cash equivalents
|
35,180,426
|
26,211,661
|
||||||
|
Receivable for investment securities sold
|
6,565,445
|
—
|
||||||
|
Receivable for shares of beneficial interest sold
|
4,507,712
|
1,225,327
|
||||||
|
Dividends and interest receivable
|
199,861
|
70,803
|
||||||
|
Receivable from Investment Manager
|
—
|
3,612
|
||||||
|
Security litigation receivable
|
327
|
1,637
|
||||||
|
Prepaid expenses
|
68,036
|
56,517
|
||||||
|
Total Assets
|
1,541,495,172
|
664,718,387
|
||||||
|
LIABILITIES:
|
||||||||
|
Payable for investment securities purchased
|
13,072,946
|
1,550,161
|
||||||
|
Payable for shares of beneficial interest redeemed
|
1,880,816
|
667,411
|
||||||
|
Due to investment advisor
|
65
|
—
|
||||||
|
Accrued investment advisory fees
|
964,957
|
434,762
|
||||||
|
Accrued distribution fees
|
136,954
|
87,563
|
||||||
|
Accrued shareholder administrative fees
|
13,936
|
6,969
|
||||||
|
Accrued administrative fees
|
33,574
|
14,761
|
||||||
|
Accrued custodian fees
|
9,017
|
10,713
|
||||||
|
Accrued transfer agent fees
|
130,904
|
56,441
|
||||||
|
Accrued printing fees
|
41,345
|
19,822
|
||||||
|
Accrued professional fees
|
40,348
|
43,087
|
||||||
|
Accrued trustee fees
|
2,863
|
1,259
|
||||||
|
Accrued fund accounting fees
|
36,610
|
22,629
|
||||||
|
Accrued other expenses
|
5,745
|
4,416
|
||||||
|
Total Liabilities
|
16,370,080
|
2,919,994
|
||||||
|
NET ASSETS
|
$
|
1,525,125,092
|
$
|
661,798,393
|
||||
|
NET ASSETS CONSIST OF:
|
||||||||
|
Paid in capital (par value of $.001 per share)
|
976,557,300
|
416,680,317
|
||||||
|
Distributable earnings
|
548,567,792
|
245,118,076
|
||||||
|
NET ASSETS
|
$
|
1,525,125,092
|
$
|
661,798,393
|
||||
|
* Identified cost
|
$
|
1,041,669,750(a
|
)
|
$
|
445,467,918(b
|
)
|
||
|
** Identified cost
|
$
|
1,041,633(a
|
)
|
$
|
2,503,096(b
|
)
|
||
See Notes to Financial Statements.
- 87 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Weatherbie
Specialized Growth
Fund
|
Alger Small Cap
Growth Fund
|
|||||||
|
NET ASSETS BY CLASS:
|
||||||||
|
Class A
|
$
|
236,693,226
|
$
|
260,870,546
|
||||
|
Class B
|
$
|
—
|
$
|
6,017,542
|
||||
|
Class C
|
$
|
93,781,573
|
$
|
37,197,193
|
||||
|
Class I
|
$
|
70,808,210
|
$
|
—
|
||||
|
Class Y
|
$
|
47,696,503
|
$
|
—
|
||||
|
Class Z
|
$
|
1,076,145,580
|
$
|
357,713,112
|
||||
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
|
Class A
|
10,556,587
|
16,266,972
|
||||||
|
Class B
|
—
|
532,944
|
||||||
|
Class C
|
6,527,422
|
3,482,462
|
||||||
|
Class I
|
3,069,896
|
—
|
||||||
|
Class Y
|
2,035,962
|
—
|
||||||
|
Class Z
|
44,640,054
|
21,405,650
|
||||||
|
NET ASSET VALUE PER SHARE:
|
||||||||
|
Class A — Net Asset Value Per Share Class A
|
$
|
22.42
|
$
|
16.04
|
||||
|
Class A — Offering Price Per Share
(includes a 5.25% sales charge)
|
$
|
23.66
|
$
|
16.93
|
||||
|
Class B — Net Asset Value Per Share Class B
|
$
|
—
|
$
|
11.29
|
||||
|
Class C — Net Asset Value Per Share Class C
|
$
|
14.37
|
$
|
10.68
|
||||
|
Class I — Net Asset Value Per Share Class I
|
$
|
23.07
|
$
|
—
|
||||
|
Class Y — Net Asset Value Per Share Class Y
|
$
|
23.43
|
$
|
—
|
||||
|
Class Z — Net Asset Value Per Share Class Z
|
$
|
24.11
|
$
|
16.71
|
||||
See Notes to Financial Statements.
|
(a)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,057,193,369, amounted to
$437,779,996 which consisted of aggregate gross unrealized appreciation of $485,075,173 and aggregate gross unrealized depreciation of $47,295,177.
|
|
(b)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $451,110,247, amounted to $186,038,583 which consisted of
aggregate gross unrealized appreciation of $196,064,785 and aggregate gross unrealized depreciation of $10,026,202.
|
- 88 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Small Cap
Focus Fund
|
Alger International
Focus Fund
|
|||||||
|
ASSETS:
|
||||||||
|
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedules of investments
|
$
|
7,822,550,068
|
$
|
192,367,252
|
||||
|
Cash and cash equivalents
|
535,840,161
|
7,118,911
|
||||||
|
Foreign cash †
|
—
|
31,373
|
||||||
|
Receivable for investment securities sold
|
8,258,041
|
411,340
|
||||||
|
Receivable for shares of beneficial interest sold
|
15,548,337
|
54,307
|
||||||
|
Receivable for interfund loans
|
8,997,000
|
—
|
||||||
|
Dividends and interest receivable
|
—
|
420,090
|
||||||
|
Receivable for foreign capital gain tax
|
—
|
116,331
|
||||||
|
Receivable from Investment Manager
|
—
|
14,448
|
||||||
|
Security litigation receivable
|
—
|
38,738
|
||||||
|
Prepaid expenses
|
311,435
|
40,394
|
||||||
|
Total Assets
|
8,391,505,042
|
200,613,184
|
||||||
|
LIABILITIES:
|
||||||||
|
Unrealized depreciation on forward foreign currency contracts
|
—
|
2,522
|
||||||
|
Payable for investment securities purchased
|
89,764,034
|
5,081,575
|
||||||
|
Payable for shares of beneficial interest redeemed
|
22,275,821
|
51,377
|
||||||
|
Due to investment advisor
|
7,951
|
—
|
||||||
|
Accrued investment advisory fees
|
4,971,311
|
114,264
|
||||||
|
Accrued distribution fees
|
459,318
|
50,583
|
||||||
|
Accrued shareholder administrative fees
|
71,265
|
2,520
|
||||||
|
Accrued administrative fees
|
182,281
|
4,426
|
||||||
|
Accrued custodian fees
|
34,297
|
15,775
|
||||||
|
Accrued transfer agent fees
|
657,460
|
39,353
|
||||||
|
Accrued printing fees
|
204,796
|
17,272
|
||||||
|
Accrued professional fees
|
29,131
|
38,443
|
||||||
|
Accrued trustee fees
|
16,889
|
395
|
||||||
|
Accrued fund accounting fees
|
186,164
|
13,227
|
||||||
|
Accrued other expenses
|
5,973
|
13,926
|
||||||
|
Total Liabilities
|
118,866,691
|
5,445,658
|
||||||
|
NET ASSETS
|
$
|
8,272,638,351
|
$
|
195,167,526
|
||||
|
NET ASSETS CONSIST OF:
|
||||||||
|
Paid in capital (par value of $.001 per share)
|
5,244,578,172
|
136,380,845
|
||||||
|
Distributable earnings
|
3,028,060,179
|
58,786,681
|
||||||
|
NET ASSETS
|
$
|
8,272,638,351
|
$
|
195,167,526
|
||||
|
* Identified cost
|
$
|
5,198,570,193(a
|
)
|
$
|
135,135,415(b
|
)
|
||
|
† Cost of foreign cash
|
$
|
—
|
$
|
31,375(b
|
)
|
|||
See Notes to Financial Statements.
- 89 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Small Cap Focus
Fund
|
Alger International
Focus Fund
|
|||||||
|
NET ASSETS BY CLASS:
|
||||||||
|
Class A
|
$
|
659,522,121
|
$
|
144,603,319
|
||||
|
Class B
|
$
|
—
|
$
|
21,266,891
|
||||
|
Class C
|
$
|
292,617,560
|
$
|
3,730,084
|
||||
|
Class I
|
$
|
454,458,281
|
$
|
666,236
|
||||
|
Class Y
|
$
|
384,100,219
|
$
|
—
|
||||
|
Class Z
|
$
|
6,481,940,170
|
$
|
24,900,996
|
||||
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||||||
|
Class A
|
20,485,252
|
6,400,118
|
||||||
|
Class B
|
—
|
1,084,373
|
||||||
|
Class C
|
10,223,207
|
197,328
|
||||||
|
Class I
|
13,742,176
|
29,392
|
||||||
|
Class Y
|
11,395,074
|
—
|
||||||
|
Class Z
|
192,315,494
|
1,086,758
|
||||||
|
NET ASSET VALUE PER SHARE:
|
||||||||
|
Class A — Net Asset Value Per Share Class A
|
$
|
32.19
|
$
|
22.59
|
||||
|
Class A — Offering Price Per Share
(includes a 5.25% sales charge)
|
$
|
33.98
|
$
|
23.85
|
||||
|
Class B — Net Asset Value Per Share Class B
|
$
|
—
|
$
|
19.61
|
||||
|
Class C — Net Asset Value Per Share Class C
|
$
|
28.62
|
$
|
18.90
|
||||
|
Class I — Net Asset Value Per Share Class I
|
$
|
33.07
|
$
|
22.67
|
||||
|
Class Y — Net Asset Value Per Share Class Y
|
$
|
33.71
|
$
|
—
|
||||
|
Class Z — Net Asset Value Per Share Class Z
|
$
|
33.70
|
$
|
22.91
|
||||
See Notes to Financial Statements.
|
(a)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$5,231,865,424, amounted to $2,590,684,644 which consisted of aggregate gross unrealized appreciation of $2,838,664,502 and aggregate gross unrealized depreciation of $247,979,858.
|
|
(b)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $137,227,295, amounted to $55,139,957 which consisted of
aggregate gross unrealized appreciation of $59,766,212 and aggregate gross unrealized depreciation of $4,626,255.
|
- 90 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Health
Sciences Fund
|
||||
| ASSETS: | ||||
|
Investments in unaffiliated securities, at value (Identified cost below)* see accompanying schedule of investments
|
$ | 319,818,459 | ||
|
Investments in affiliated securities, at value (Identified cost below)** see accompanying schedule of investments
|
134,605
|
|||
|
Cash and cash equivalents
|
4,778,031
|
|||
|
Receivable for shares of beneficial interest sold
|
121,641
|
|||
|
Dividends and interest receivable
|
211,413
|
|||
|
Security litigation receivable
|
3,601
|
|||
|
Prepaid expenses
|
33,999
|
|||
|
Total Assets
|
325,101,749
|
|||
|
LIABILITIES:
|
||||
|
Payable for shares of beneficial interest redeemed
|
322,548
|
|||
|
Accrued investment advisory fees
|
141,925
|
|||
|
Accrued distribution fees
|
40,258
|
|||
|
Accrued shareholder administrative fees
|
3,399
|
|||
|
Accrued administrative fees
|
7,096
|
|||
|
Accrued custodian fees
|
3,915
|
|||
|
Accrued transfer agent fees
|
60,674
|
|||
|
Accrued printing fees
|
12,936
|
|||
|
Accrued professional fees
|
39,212
|
|||
|
Accrued trustee fees
|
648
|
|||
|
Accrued fund accounting fees
|
16,048
|
|||
|
Accrued other expenses
|
6,079
|
|||
|
Total Liabilities
|
654,738
|
|||
|
NET ASSETS
|
$
|
324,447,011
|
||
|
NET ASSETS CONSIST OF:
|
||||
|
Paid in capital (par value of $.001 per share)
|
214,051,865
|
|||
|
Distributable earnings
|
110,395,146
|
|||
| NET ASSETS | $ | 324,447,011 | ||
| * Identified cost | $ | 244,913,887 | (a) | |
| ** Identified cost |
$ | 4,038,147 | (a) | |
See Notes to Financial Statements.
- 91 -
THE ALGER FUNDS
Statements of Assets and Liabilities April 30, 2021 (Unaudited) (Continued)
|
Alger Health Sciences
Fund
|
||||
|
NET ASSETS BY CLASS:
|
||||
|
Class A
|
$
|
142,706,322
|
||
|
Class C
|
$
|
14,491,494
|
||
|
Class Z
|
$
|
167,249,195
|
||
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING — NOTE 6:
|
||||
|
Class A
|
4,283,284
|
|||
|
Class C
|
608,270
|
|||
|
Class Z
|
4,969,092
|
|||
|
NET ASSET VALUE PER SHARE:
|
||||
|
Class A — Net Asset Value Per Share Class A
|
$
|
33.32
|
||
|
Class A — Offering Price Per Share (includes a 5.25% sales charge)
|
$
|
35.16
|
||
|
Class C — Net Asset Value Per Share Class C
|
$
|
23.82
|
||
|
Class Z — Net Asset Value Per Share Class Z
|
$
|
33.66
|
||
See Notes to Financial Statements.
|
(a)
|
At April 30, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $251,712,932, amounted to $68,240,132 which consisted of
aggregate gross unrealized appreciation of $82,643,763 and aggregate gross unrealized depreciation of $14,403,631.
|
- 92 -
THE ALGER FUNDS
|
Alger Capital
Appreciation Fund
|
Alger 25 Fund
|
|||||||
|
INCOME:
|
||||||||
|
Dividends (net of foreign withholding taxes*)
|
$
|
8,975,026
|
$
|
65,781
|
||||
|
Interest
|
29
|
16
|
||||||
|
Total Income
|
8,975,055
|
65,797
|
||||||
|
EXPENSES:
|
||||||||
|
Investment advisory fees — Note 3(a)
|
11,804,951
|
56,091
|
||||||
|
Distribution fees — Note 3(c)
|
||||||||
|
Class A
|
1,758,491
|
—
|
||||||
|
Class C
|
1,078,592
|
—
|
||||||
|
Shareholder administrative fees — Note 3(f)
|
210,656
|
1,396
|
||||||
|
Administration fees — Note 3(b)
|
434,291
|
3,428
|
||||||
|
Custodian fees
|
63,670
|
7,777
|
||||||
|
Interest expenses
|
17,362
|
30
|
||||||
|
Transfer agent fees — Note 3(f)
|
684,809
|
587
|
||||||
|
Printing fees
|
53,524
|
2,526
|
||||||
|
Professional fees
|
66,345
|
11,618
|
||||||
|
Registration fees
|
30,465
|
17,583
|
||||||
|
Trustee fees — Note 3(g)
|
39,058
|
251
|
||||||
|
Fund accounting fees
|
217,686
|
21,429
|
||||||
|
Other expenses
|
89,109
|
1,839
|
||||||
|
Total Expenses
|
16,549,009
|
124,555
|
||||||
|
Less, expense reimbursements/waivers — Note 3(a)
|
(22,143
|
)
|
(55,798
|
)
|
||||
|
Net Expenses
|
16,526,866
|
68,757
|
||||||
|
NET INVESTMENT LOSS
|
(7,551,811
|
)
|
(2,960
|
)
|
||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||||||
|
Net realized gain on unaffiliated investments
|
477,240,233
|
2,576,081
|
||||||
|
Net realized (loss) on foreign currency transactions
|
(20,506
|
)
|
—
|
|||||
|
Net change in unrealized appreciation on unaffiliated investments
|
172,447,742
|
2,619,890
|
||||||
|
Net change in unrealized appreciation on foreign currency
|
3,244
|
—
|
||||||
|
Net realized and unrealized gain on investments and foreign currency
|
649,670,713
|
5,195,971
|
||||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
642,118,902
|
$
|
5,193,011
|
||||
|
* Foreign withholding taxes
|
$
|
168,321
|
$
|
1,721
|
||||
See Notes to Financial Statements.
- 93 -
THE ALGER FUNDS
Statements of Operations for the six months ended April 30, 2021 (Unaudited) (Continued)
|
Alger 35 Fund
|
Alger Growth &
Income Fund
|
|||||||
|
INCOME:
|
||||||||
|
Dividends (net of foreign withholding taxes*)
|
$
|
28,981
|
$
|
1,474,557
|
||||
|
Interest
|
37
|
44
|
||||||
|
Income from securities lending
|
—
|
175
|
||||||
|
Total Income
|
29,018
|
1,474,776
|
||||||
|
EXPENSES:
|
||||||||
|
Investment advisory fees — Note 3(a)
|
26,101
|
316,860
|
||||||
|
Distribution fees — Note 3(c)
|
||||||||
|
Class A
|
—
|
107,268
|
||||||
|
Class C
|
—
|
74,378
|
||||||
|
Shareholder administrative fees — Note 3(f)
|
988
|
9,610
|
||||||
|
Administration fees — Note 3(b)
|
2,387
|
17,427
|
||||||
|
Custodian fees
|
7,253
|
9,394
|
||||||
|
Interest expenses
|
182
|
27
|
||||||
|
Transfer agent fees — Note 3(f)
|
381
|
34,370
|
||||||
|
Printing fees
|
2,114
|
3,114
|
||||||
|
Professional fees
|
20,026
|
17,584
|
||||||
|
Registration fees
|
12,753
|
16,935
|
||||||
|
Trustee fees — Note 3(g)
|
213
|
1,571
|
||||||
|
Fund accounting fees
|
20,365
|
27,947
|
||||||
|
Other expenses
|
2,218
|
1,833
|
||||||
|
Total Expenses
|
94,981
|
638,318
|
||||||
|
Less, expense reimbursements/waivers — Note 3(a)
|
(59,742
|
)
|
(485
|
)
|
||||
|
Net Expenses
|
35,239
|
637,833
|
||||||
|
NET INVESTMENT INCOME (LOSS)
|
(6,221
|
)
|
836,943
|
|||||
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||||||
|
Net realized gain on unaffiliated investments
|
3,341,274
|
3,243,800
|
||||||
|
Net change in unrealized appreciation on unaffiliated investments
|
855,934
|
27,792,815
|
||||||
|
Net change in unrealized appreciation on foreign currency
|
16
|
—
|
||||||
|
Net realized and unrealized gain on investments and foreign currency
|
4,197,224
|
31,036,615
|
||||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
4,191,003
|
$
|
31,873,558
|
||||
|
* Foreign withholding taxes
|
$
|
—
|
$
|
9,319
|
||||
See Notes to Financial Statements.
- 94 -
THE ALGER FUNDS
Statements of Operations for the six months ended April 30, 2021 (Unaudited) (Continued)
|
Alger Mid Cap Growth
Fund
|
Alger Mid Cap Focus
Fund
|
|||||||
|
INCOME:
|
||||||||
|
Dividends
|
$
|
553,726
|
$
|
307,705
|
||||
|
Interest
|
89
|
754
|
||||||
|
Total Income
|
553,815
|
308,459
|
||||||
|
EXPENSES:
|
||||||||
|
Investment advisory fees — Note 3(a)
|
1,100,241
|
1,793,155
|
||||||
|
Distribution fees — Note 3(c)
|
||||||||
|
Class A
|
283,559
|
—
|
||||||
|
Class B
|
88,208
|
—
|
||||||
|
Class C
|
34,753
|
—
|
||||||
|
Class I
|
—
|
132,883
|
||||||
|
Shareholder administrative fees — Note 3(f)
|
22,649
|
30,863
|
||||||
|
Administration fees — Note 3(b)
|
39,811
|
84,874
|
||||||
|
Custodian fees
|
26,060
|
20,979
|
||||||
|
Interest expenses
|
467
|
—
|
||||||
|
Transfer agent fees — Note 3(f)
|
57,376
|
21,746
|
||||||
|
Printing fees
|
38,558
|
25,180
|
||||||
|
Professional fees
|
33,646
|
19,909
|
||||||
|
Registration fees
|
21,676
|
69,527
|
||||||
|
Trustee fees — Note 3(g)
|
3,666
|
8,074
|
||||||
|
Fund accounting fees
|
43,778
|
57,554
|
||||||
|
Other expenses
|
11,782
|
10,862
|
||||||
|
Total Expenses
|
1,806,230
|
2,275,606
|
||||||
|
Less, expense reimbursements/waivers — Note 3(a)
|
(76,813
|
)
|
(247
|
)
|
||||
|
Net Expenses
|
1,729,417
|
2,275,359
|
||||||
|
NET INVESTMENT LOSS
|
(1,175,602
|
)
|
(1,966,900
|
)
|
||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||||||
|
Net realized gain on unaffiliated investments
|
61,114,371
|
111,119,882
|
||||||
|
Net realized (loss) on foreign currency transactions
|
(4,367
|
)
|
(6
|
)
|
||||
|
Net change in unrealized appreciation on unaffiliated investments
|
8,392,371
|
28,443,403
|
||||||
|
Net change in unrealized appreciation on foreign currency
|
68
|
—
|
||||||
|
Net realized and unrealized gain on investments and foreign currency
|
69,502,443
|
139,563,279
|
||||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
68,326,841
|
$
|
137,596,379
|
||||
See Notes to Financial Statements.
- 95 -
THE ALGER FUNDS
Statements of Operations for the six months ended April 30, 2021 (Unaudited) (Continued)
|
Alger Weatherbie
Specialized Growth
Fund
|
Alger Small Cap
Growth Fund
|
|||||||
|
INCOME:
|
||||||||
|
Dividends (net of foreign withholding taxes*)
|
$
|
1,258,773
|
$
|
802,125
|
||||
|
Interest
|
1,631
|
2,079
|
||||||
|
Total Income
|
1,260,404
|
804,204
|
||||||
|
EXPENSES:
|
||||||||
|
Investment advisory fees — Note 3(a)
|
5,245,742
|
2,283,681
|
||||||
|
Distribution fees — Note 3(c)
|
||||||||
|
Class A
|
275,585
|
301,578
|
||||||
|
Class B
|
—
|
29,635
|
||||||
|
Class C
|
423,812
|
147,981
|
||||||
|
Class I
|
98,893
|
—
|
||||||
|
Shareholder administrative fees — Note 3(f)
|
75,899
|
37,189
|
||||||
|
Administration fees — Note 3(b)
|
181,443
|
77,532
|
||||||
|
Custodian fees
|
30,902
|
27,680
|
||||||
|
Transfer agent fees — Note 3(f)
|
151,286
|
73,585
|
||||||
|
Printing fees
|
40,998
|
41,727
|
||||||
|
Professional fees
|
40,555
|
31,322
|
||||||
|
Registration fees
|
61,472
|
43,897
|
||||||
|
Trustee fees — Note 3(g)
|
16,447
|
7,175
|
||||||
|
Fund accounting fees
|
103,783
|
60,819
|
||||||
|
Other expenses
|
23,955
|
14,598
|
||||||
|
Total Expenses
|
6,770,772
|
3,178,399
|
||||||
|
Less, expense reimbursements/waivers — Note 3(a)
|
(5,632
|
)
|
(24,214
|
)
|
||||
|
Net Expenses
|
6,765,140
|
3,154,185
|
||||||
|
NET INVESTMENT LOSS
|
(5,504,736
|
)
|
(2,349,981
|
)
|
||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||||||
|
Net realized gain on unaffiliated investments
|
122,198,992
|
63,626,637
|
||||||
|
Net realized (loss) on foreign currency transactions
|
(1
|
)
|
(20
|
)
|
||||
|
Net change in unrealized appreciation on unaffiliated investments
|
228,217,086
|
54,050,015
|
||||||
|
Net realized and unrealized gain on investments and foreign currency
|
350,416,077
|
117,676,632
|
||||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
344,911,341
|
$
|
115,326,651
|
||||
|
* Foreign withholding taxes
|
$
|
29,600
|
$
|
—
|
||||
See Notes to Financial Statements.
- 96 -
THE ALGER FUNDS
Statements of Operations for the six months ended April 30, 2021 (Unaudited) (Continued)
|
Alger Small Cap Focus
Fund
|
Alger International
Focus Fund
|
|||||||
|
INCOME:
|
||||||||
|
Dividends (net of foreign withholding taxes*)
|
$
|
11,859,380
|
$
|
579,097
|
||||
|
Interest
|
54,435
|
4,637
|
||||||
|
Total Income
|
11,913,815
|
583,734
|
||||||
|
EXPENSES:
|
||||||||
|
Investment advisory fees — Note 3(a)
|
28,641,534
|
670,435
|
||||||
|
Distribution fees — Note 3(c)
|
||||||||
|
Class A
|
817,890
|
177,962
|
||||||
|
Class B
|
—
|
107,054
|
||||||
|
Class C
|
1,452,696
|
17,155
|
||||||
|
Class I
|
543,088
|
838
|
||||||
|
Shareholder administrative fees — Note 3(f)
|
412,595
|
14,877
|
||||||
|
Administration fees — Note 3(b)
|
1,050,190
|
25,967
|
||||||
|
Custodian fees
|
110,243
|
39,746
|
||||||
|
Interest expenses
|
—
|
427
|
||||||
|
Transfer agent fees — Note 3(f)
|
737,133
|
44,689
|
||||||
|
Printing fees
|
231,465
|
25,183
|
||||||
|
Professional fees
|
111,322
|
29,480
|
||||||
|
Registration fees
|
184,742
|
21,464
|
||||||
|
Trustee fees — Note 3(g)
|
97,870
|
2,338
|
||||||
|
Fund accounting fees
|
512,231
|
37,646
|
||||||
|
Other expenses
|
148,448
|
10,496
|
||||||
|
Total Expenses
|
35,051,447
|
1,225,757
|
||||||
|
Less, expense reimbursements/waivers — Note 3(a)
|
(6,667
|
)
|
(102,983
|
)
|
||||
|
Net Expenses
|
35,044,780
|
1,122,774
|
||||||
|
NET INVESTMENT LOSS
|
(23,130,965
|
)
|
(539,040
|
)
|
||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY CONTRACTS AND FOREIGN CURRENCY:
|
||||||||
|
Net realized gain on unaffiliated investments
|
554,090,166
|
18,463,691
|
||||||
|
Net realized (loss) on foreign currency transactions
|
(5
|
)
|
(4,879
|
)
|
||||
|
Net change in unrealized appreciation on unaffiliated investments
|
843,507,753
|
14,930,728
|
||||||
|
Net change in unrealized (depreciation) on forward foreign currency contracts
|
—
|
(2,522
|
)
|
|||||
|
Net change in unrealized (depreciation) on foreign currency
|
—
|
(2,367
|
)
|
|||||
|
Net realized and unrealized gain on investments, forward foreign currency contracts and foreign currency
|
1,397,597,914
|
33,384,651
|
||||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
1,374,466,949
|
$
|
32,845,611
|
||||
|
* Foreign withholding taxes
|
$
|
—
|
$
|
103,909
|
||||
See Notes to Financial Statements.
- 97 -
THE ALGER FUNDS
Statements of Operations for the six months ended April 30, 2021 (Unaudited) (Continued)
|
Alger Health Sciences
Fund
|
||||
|
INCOME:
|
||||
|
Dividends (net of foreign withholding taxes*)
|
$
|
716,296
|
||
|
Interest
|
384
|
|||
|
Total Income
|
716,680
|
|||
|
EXPENSES:
|
||||
|
Investment advisory fees — Note 3(a)
|
846,704
|
|||
|
Distribution fees — Note 3(c)
|
||||
|
Class A
|
174,260
|
|||
|
Class C
|
69,151
|
|||
|
Shareholder administrative fees — Note 3(f)
|
20,375
|
|||
|
Administration fees — Note 3(b)
|
42,335
|
|||
|
Custodian fees
|
19,897
|
|||
|
Interest expenses
|
851
|
|||
|
Transfer agent fees — Note 3(f)
|
58,979
|
|||
|
Printing fees
|
17,020
|
|||
|
Professional fees
|
27,150
|
|||
|
Registration fees
|
24,440
|
|||
|
Trustee fees — Note 3(g)
|
3,779
|
|||
|
Fund accounting fees
|
40,716
|
|||
|
Other expenses
|
11,784
|
|||
|
Total Expenses
|
1,357,441
|
|||
|
NET INVESTMENT LOSS
|
(640,761
|
)
|
||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
||||
|
Net realized gain on unaffiliated investments
|
42,798,246
|
|||
|
Net realized (loss) on foreign currency transactions
|
(1,096
|
)
|
||
|
Net change in unrealized appreciation on unaffiliated investments
|
4,445,126
|
|||
|
Net change in unrealized appreciation on foreign currency
|
25
|
|||
|
Net realized and unrealized gain on investments and foreign currency
|
47,242,301
|
|||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
46,601,540
|
||
|
* Foreign withholding taxes
|
$
|
1,252
|
||
See Notes to Financial Statements.
- 98 -
THE ALGER FUNDS
|
Alger Capital Appreciation Fund
|
||||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(7,551,811
|
)
|
$
|
(9,126,542
|
)
|
||
|
Net realized gain on investments and foreign currency
|
477,219,727
|
459,038,986
|
||||||
|
Net change in unrealized appreciation on investments and foreign currency
|
172,450,986
|
458,060,897
|
||||||
|
Net increase in net assets resulting from operations
|
642,118,902
|
907,973,341
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
(192,316,635
|
)
|
(92,851,822
|
)
|
||||
|
Class B
|
—
|
(812,864
|
)
|
|||||
|
Class C
|
(41,889,152
|
)
|
(22,831,979
|
)
|
||||
|
Class Z
|
(187,550,241
|
)
|
(109,764,275
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(421,756,028
|
)
|
(226,260,940
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
68,179,756
|
(127,292,115
|
)
|
|||||
|
Class B
|
—
|
(9,299,807
|
)
|
|||||
|
Class C
|
11,193,095
|
(55,925,340
|
)
|
|||||
|
Class Z
|
(477,457,246
|
)
|
46,690,469
|
|||||
|
Net decrease from shares of beneficial interest transactions — Note 6
|
(398,084,395
|
)
|
(145,826,793
|
)
|
||||
|
Total increase (decrease)
|
(177,721,521
|
)
|
535,885,608
|
|||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
3,348,023,086
|
2,812,137,478
|
||||||
|
END OF PERIOD
|
$
|
3,170,301,565
|
$
|
3,348,023,086
|
||||
See Notes to Financial Statements.
- 99 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
Alger 25 Fund
|
||||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment income (loss)
|
$
|
(2,960
|
)
|
$
|
3,932
|
|||
|
Net realized gain on investments
|
2,576,081
|
1,624,580
|
||||||
|
Net change in unrealized appreciation on investments
|
2,619,890
|
4,505,895
|
||||||
|
Net increase in net assets resulting from operations
|
5,193,011
|
6,134,407
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class Z
|
(1,520,562
|
)
|
(170,106
|
)
|
||||
|
Class P-2*
|
(46,269
|
)
|
(2,586
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(1,566,831
|
)
|
(172,692
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class Z
|
1,632,884
|
2,564,308
|
||||||
|
Class P-2*
|
(715,778
|
)
|
305,722
|
|||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
917,106
|
2,870,030
|
||||||
|
Total increase
|
4,543,286
|
8,831,745
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
22,435,663
|
13,603,918
|
||||||
|
END OF PERIOD
|
$
|
26,978,949
|
$
|
22,435,663
|
||||
See Notes to Financial Statements.
|
*
|
On March 1, 2021, Class P-2 Shares of the Fund were converted into Class P Shares of the Fund. Immediately thereafter, Class P Shares of the Fund were reclassified as Class Z
Shares.
|
- 100 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
Alger 35 Fund
|
||||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(6,221
|
)
|
$
|
(41,786
|
)
|
||
|
Net realized gain on investments
|
3,341,274
|
2,591,700
|
||||||
|
Net change in unrealized appreciation on investments and foreign currency
|
855,950
|
2,214,786
|
||||||
|
Net increase in net assets resulting from operations
|
4,191,003
|
4,764,700
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class P
|
(2,452,471
|
)
|
(16,599
|
)
|
||||
|
Class P-2
|
(51,070
|
)
|
(166
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(2,503,541
|
)
|
(16,765
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class P
|
3,552,471
|
350,508
|
||||||
|
Class P-2
|
106,963
|
73,651
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
3,659,434
|
424,159
|
||||||
|
Total increase
|
5,346,896
|
5,172,094
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
14,378,786
|
9,206,692
|
||||||
|
END OF PERIOD
|
$
|
19,725,682
|
$
|
14,378,786
|
||||
See Notes to Financial Statements.
- 101 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
Alger Growth & Income Fund
|
||||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment income
|
$
|
836,943
|
$
|
1,773,093
|
||||
|
Net realized gain on investments
|
3,243,800
|
1,585,950
|
||||||
|
Net change in unrealized appreciation on investments
|
27,792,815
|
1,439,738
|
||||||
|
Net increase in net assets resulting from operations
|
31,873,558
|
4,798,781
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
(1,570,290
|
)
|
(3,822,521
|
)
|
||||
|
Class C
|
(228,251
|
)
|
(676,121
|
)
|
||||
|
Class Z
|
(523,425
|
)
|
(1,411,694
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(2,321,966
|
)
|
(5,910,336
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
644,147
|
(1,102,296
|
)
|
|||||
|
Class C
|
(806,244
|
)
|
(1,751,688
|
)
|
||||
|
Class Z
|
1,305,411
|
(3,833,530
|
)
|
|||||
|
Net increase (decrease) from shares of beneficial interest transactions — Note 6
|
1,143,314
|
(6,687,514
|
)
|
|||||
|
Total increase (decrease)
|
30,694,906
|
(7,799,069
|
)
|
|||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
109,050,174
|
116,849,243
|
||||||
|
END OF PERIOD
|
$
|
139,745,080
|
$
|
109,050,174
|
||||
See Notes to Financial Statements.
- 102 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
Alger Mid Cap Growth Fund
|
||||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(1,175,602
|
)
|
$
|
(1,440,625
|
)
|
||
|
Net realized gain on investments and foreign currency
|
61,110,004
|
27,186,682
|
||||||
|
Net change in unrealized appreciation on investments and foreign currency
|
8,392,439
|
42,632,795
|
||||||
|
Net increase in net assets resulting from operations
|
68,326,841
|
68,378,852
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
(20,929,195
|
)
|
(11,109,875
|
)
|
||||
|
Class B
|
(2,145,611
|
)
|
(1,356,457
|
)
|
||||
|
Class C
|
(835,010
|
)
|
(613,248
|
)
|
||||
|
Class Z
|
(3,167,651
|
)
|
(1,392,461
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(27,077,467
|
)
|
(14,472,041
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
15,310,753
|
4,900,132
|
||||||
|
Class B
|
343,346
|
(1,905,314
|
)
|
|||||
|
Class C
|
1,151,720
|
(1,560,597
|
)
|
|||||
|
Class Z
|
14,096,820
|
3,662,413
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
30,902,639
|
5,096,634
|
||||||
|
Total increase
|
72,152,013
|
59,003,445
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
235,457,374
|
176,453,929
|
||||||
|
END OF PERIOD
|
$
|
307,609,387
|
$
|
235,457,374
|
||||
See Notes to Financial Statements.
- 103 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
Alger Mid Cap Focus Fund
|
||||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(1,966,900
|
)
|
$
|
(1,113,273
|
)
|
||
|
Net realized gain on investments and foreign currency
|
111,119,876
|
9,490,104
|
||||||
|
Net change in unrealized appreciation on investments and foreign currency
|
28,443,403
|
48,509,336
|
||||||
|
Net increase in net assets resulting from operations
|
137,596,379
|
56,886,167
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class I
|
(1,305,962
|
)
|
—
|
|||||
|
Class Z
|
(5,908,321
|
)
|
—
|
|||||
|
Total dividends and distributions to shareholders
|
(7,214,283
|
)
|
—
|
|||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class I
|
25,629,133
|
50,845,888
|
||||||
|
Class Y
|
100,000
|
—
|
||||||
|
Class Z
|
211,312,399
|
237,342,329
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
237,041,532
|
288,188,217
|
||||||
|
Total increase
|
367,423,628
|
345,074,384
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
375,327,578
|
30,253,194
|
||||||
|
END OF PERIOD
|
$
|
742,751,206
|
$
|
375,327,578
|
||||
See Notes to Financial Statements.
- 104 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Weatherbie Specialized Growth Fund
|
|||||||
|
For the
Six Months Ended
April 30, 2021
|
For the
Year Ended
October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(5,504,736
|
)
|
$
|
(6,765,665
|
)
|
||
|
Net realized gain on investments and foreign currency
|
122,198,991
|
53,346,079
|
||||||
|
Net change in unrealized appreciation on investments
|
228,217,086
|
170,278,040
|
||||||
|
Net increase in net assets resulting from operations
|
344,911,341
|
216,858,454
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
(9,723,657
|
)
|
(5,872,548
|
)
|
||||
|
Class C
|
(5,566,217
|
)
|
(2,781,983
|
)
|
||||
|
Class I
|
(3,675,447
|
)
|
(2,486,337
|
)
|
||||
|
Class Y
|
(1,800,147
|
)
|
(527,262
|
)
|
||||
|
Class Z
|
(33,989,310
|
)
|
(11,293,720
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(54,754,778
|
)
|
(22,961,850
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
11,748,302
|
(4,899,235
|
)
|
|||||
|
Class C
|
12,450,211
|
6,415,884
|
||||||
|
Class I
|
(13,327,869
|
)
|
(10,869,282
|
)
|
||||
|
Class Y
|
5,230,602
|
11,917,428
|
||||||
|
Class Z
|
260,660,255
|
220,558,571
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
276,761,501
|
223,123,366
|
||||||
|
Total increase
|
566,918,064
|
417,019,970
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
958,207,028
|
541,187,058
|
||||||
|
END OF PERIOD
|
$
|
1,525,125,092
|
$
|
958,207,028
|
||||
See Notes to Financial Statements.
- 105 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Small Cap Growth Fund
|
|||||||
|
For the
Six Months Ended
April 30, 2021
|
For the
Year Ended
October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(2,349,981
|
)
|
$
|
(2,425,822
|
)
|
||
|
Net realized gain on investments and foreign currency
|
63,626,617
|
2,220,628
|
||||||
|
Net change in unrealized appreciation on investments
|
54,050,015
|
79,204,729
|
||||||
|
Net increase in net assets resulting from operations
|
115,326,651
|
78,999,535
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
(1,079,050
|
)
|
(6,939,023
|
)
|
||||
|
Class B
|
(39,964
|
)
|
(349,658
|
)
|
||||
|
Class C
|
(177,822
|
)
|
(491,758
|
)
|
||||
|
Class Z
|
(1,109,231
|
)
|
(1,376,642
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(2,406,067
|
)
|
(9,157,081
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
22,086,958
|
27,313,206
|
||||||
|
Class B
|
(440,467
|
)
|
(802,698
|
)
|
||||
|
Class C
|
13,486,177
|
9,409,589
|
||||||
|
Class Z
|
123,520,249
|
135,592,383
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
158,652,917
|
171,512,480
|
||||||
|
Total increase
|
271,573,501
|
241,354,934
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
390,224,892
|
148,869,958
|
||||||
|
END OF PERIOD
|
$
|
661,798,393
|
$
|
390,224,892
|
||||
See Notes to Financial Statements.
- 106 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Small Cap Focus Fund
|
|||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(23,130,965
|
)
|
$
|
(40,440,369
|
)
|
||
|
Net realized gain (loss) on investments and foreign currency
|
554,090,161
|
(66,037,625
|
)
|
|||||
|
Net change in unrealized appreciation on investments
|
843,507,753
|
1,477,061,927
|
||||||
|
Net increase in net assets resulting from operations
|
1,374,466,949
|
1,370,583,933
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
—
|
(12,366,187
|
)
|
|||||
|
Class C
|
—
|
(4,565,291
|
)
|
|||||
|
Class I
|
—
|
(11,171,919
|
)
|
|||||
|
Class Y
|
—
|
(3,303,098
|
)
|
|||||
|
Class Z
|
—
|
(66,937,210
|
)
|
|||||
|
Total dividends and distributions to shareholders
|
—
|
(98,343,705
|
)
|
|||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
(33,285,153
|
)
|
(90,496,777
|
)
|
||||
|
Class C
|
(11,472,551
|
)
|
(24,308,168
|
)
|
||||
|
Class I
|
14,444,548
|
(226,680,974
|
)
|
|||||
|
Class Y
|
55,634,029
|
120,173,869
|
||||||
|
Class Z
|
930,509,950
|
1,144,959,252
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
955,830,823
|
923,647,202
|
||||||
|
Total increase
|
2,330,297,772
|
2,195,887,430
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
5,942,340,579
|
3,746,453,149
|
||||||
|
END OF PERIOD
|
$
|
8,272,638,351
|
$
|
5,942,340,579
|
||||
|
See Notes to Financial Statements.
|
||||||||
- 107 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger International Focus Fund
|
|||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(539,040
|
)
|
$
|
(459,456
|
)
|
||
|
Net realized gain on investments and foreign currency
|
18,458,812
|
5,125,972
|
||||||
|
Net change in unrealized appreciation on investments, forward foreign currency contracts and foreign currency
|
14,925,839
|
26,519,733
|
||||||
|
Net increase in net assets resulting from operations
|
32,845,611
|
31,186,249
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
—
|
(4,436,636
|
)
|
|||||
|
Class B
|
—
|
(771,794
|
)
|
|||||
|
Class C
|
—
|
(151,921
|
)
|
|||||
|
Class I
|
—
|
(44,402
|
)
|
|||||
|
Class Z
|
—
|
(626,032
|
)
|
|||||
|
Total dividends and distributions to shareholders
|
—
|
(6,030,785
|
)
|
|||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
(1,554,368
|
)
|
(566,538
|
)
|
||||
|
Class B
|
(1,091,645
|
)
|
(2,317,236
|
)
|
||||
|
Class C
|
384,760
|
(1,405,415
|
)
|
|||||
|
Class I
|
(81,664
|
)
|
(459,458
|
)
|
||||
|
Class Z
|
9,382,635
|
(1,618,647
|
)
|
|||||
|
Net increase (decrease) from shares of beneficial interest transactions — Note 6
|
7,039,718
|
(6,367,294
|
)
|
|||||
|
Total increase
|
39,885,329
|
18,788,170
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
155,282,197
|
136,494,027
|
||||||
|
END OF PERIOD
|
$
|
195,167,526
|
$
|
155,282,197
|
||||
|
See Notes to Financial Statements.
|
||||||||
- 108 -
THE ALGER FUNDS
Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Health Sciences Fund
|
|||||||
|
For the
Six Months Ended April 30, 2021
|
For the
Year Ended October 31, 2020
|
|||||||
|
Net investment loss
|
$
|
(640,761
|
)
|
$
|
(488,346
|
)
|
||
|
Net realized gain on investments and foreign currency
|
42,797,150
|
32,284,980
|
||||||
|
Net change in unrealized appreciation on investments and foreign currency
|
4,445,151
|
34,391,614
|
||||||
|
Net increase in net assets resulting from operations
|
46,601,540
|
66,188,248
|
||||||
|
Dividends and distributions to shareholders:
|
||||||||
|
Class A
|
(14,998,910
|
)
|
(7,652,345
|
)
|
||||
|
Class C
|
(1,922,517
|
)
|
(996,378
|
)
|
||||
|
Class Z
|
(15,773,204
|
)
|
(5,601,401
|
)
|
||||
|
Total dividends and distributions to shareholders
|
(32,694,631
|
)
|
(14,250,124
|
)
|
||||
|
Increase (decrease) from shares of beneficial interest transactions:
|
||||||||
|
Class A
|
7,823,937
|
(1,239,325
|
)
|
|||||
|
Class C
|
2,487,411
|
(687,111
|
)
|
|||||
|
Class Z
|
29,333,204
|
24,802,883
|
||||||
|
Net increase from shares of beneficial interest transactions — Note 6
|
39,644,552
|
22,876,447
|
||||||
|
Total increase
|
53,551,461
|
74,814,571
|
||||||
|
Net Assets:
|
||||||||
|
Beginning of period
|
270,895,550
|
196,080,979
|
||||||
|
END OF PERIOD
|
$
|
324,447,011
|
$
|
270,895,550
|
||||
|
See Notes to Financial Statements.
|
||||||||
- 109 -
|
Alger Capital Appreciation Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
33.76
|
$
|
27.12
|
$
|
26.20
|
$
|
25.86
|
$
|
20.09
|
$
|
21.83
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.10
|
)
|
(0.12
|
)
|
(0.07
|
)
|
(0.06
|
)
|
(0.02
|
)
|
–
|
|||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
6.90
|
8.96
|
3.53
|
2.07
|
5.96
|
(0.07
|
)
|
|||||||||||||||||
|
Total from investment operations
|
6.80
|
8.84
|
3.46
|
2.01
|
5.94
|
(0.07
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(5.15
|
)
|
(2.20
|
)
|
(2.54
|
)
|
(1.67
|
)
|
(0.17
|
)
|
(1.67
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
35.41
|
$
|
33.76
|
$
|
27.12
|
$
|
26.20
|
$
|
25.86
|
$
|
20.09
|
||||||||||||
|
Total return(iii)
|
21.45
|
%
|
34.79
|
%
|
15.29
|
%
|
8.15
|
%
|
29.84
|
%
|
(0.42
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
1,467,693
|
$
|
1,320,073
|
$
|
1,174,346
|
$
|
1,257,811
|
$
|
1,506,389
|
$
|
1,360,963
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.16
|
%
|
1.17
|
%
|
1.21
|
%
|
1.21
|
%
|
1.23
|
%
|
1.22
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.16
|
%
|
1.17
|
%
|
1.21
|
%
|
1.21
|
%
|
1.23
|
%
|
1.22
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.60
|
)%
|
(0.41
|
)%
|
(0.27
|
)%
|
(0.23
|
)%
|
(0.10
|
)%
|
(0.02
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
41.73
|
%
|
89.91
|
%
|
77.04
|
%
|
67.33
|
%
|
72.99
|
%
|
103.80
|
%
|
||||||||||||
|
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.
|
- 110 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Capital Appreciation Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended 4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
24.79
|
$
|
20.60
|
$
|
20.69
|
$
|
20.91
|
$
|
16.39
|
$
|
18.24
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.16
|
)
|
(0.25
|
)
|
(0.20
|
)
|
(0.20
|
)
|
(0.15
|
)
|
(0.13
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
4.94
|
6.64
|
2.65
|
1.65
|
4.84
|
(0.05
|
)
|
|||||||||||||||||
|
Total from investment operations
|
4.78
|
6.39
|
2.45
|
1.45
|
4.69
|
(0.18
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(5.15
|
)
|
(2.20
|
)
|
(2.54
|
)
|
(1.67
|
)
|
(0.17
|
)
|
(1.67
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
24.42
|
$
|
24.79
|
$
|
20.60
|
$
|
20.69
|
$
|
20.91
|
$
|
16.39
|
||||||||||||
|
Total return(iii)
|
21.00
|
%
|
33.82
|
%
|
14.44
|
%
|
7.35
|
%
|
28.88
|
%
|
(1.17
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
215,585
|
$
|
204,909
|
$
|
219,511
|
$
|
243,523
|
$
|
297,044
|
$
|
309,114
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.90
|
%
|
1.91
|
%
|
1.95
|
%
|
1.94
|
%
|
1.97
|
%
|
1.98
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.90
|
%
|
1.91
|
%
|
1.95
|
%
|
1.94
|
%
|
1.97
|
%
|
1.98
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.34
|
)%
|
(1.13
|
)%
|
(1.01
|
)%
|
(0.96
|
)%
|
(0.83
|
)%
|
(0.78
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
41.73
|
%
|
89.91
|
%
|
77.04
|
%
|
67.33
|
%
|
72.99
|
%
|
103.80
|
%
|
||||||||||||
|
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.
|
- 111 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Capital Appreciation Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016 |
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
35.15
|
$
|
28.06
|
$
|
26.94
|
$
|
26.46
|
$
|
20.48
|
$
|
22.15
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.04
|
)
|
(0.03
|
)
|
0.02
|
0.03
|
0.05
|
0.06
|
||||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
7.20
|
9.32
|
3.64
|
2.12
|
6.10
|
(0.06
|
)
|
|||||||||||||||||
|
Total from investment operations
|
7.16
|
9.29
|
3.66
|
2.15
|
6.15
|
–
|
||||||||||||||||||
|
Distributions from net realized gains
|
(5.15
|
)
|
(2.20
|
)
|
(2.54
|
)
|
(1.67
|
)
|
(0.17
|
)
|
(1.67
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
37.16
|
$
|
35.15
|
$
|
28.06
|
$
|
26.94
|
$
|
26.46
|
$
|
20.48
|
||||||||||||
|
Total return(iii)
|
21.65
|
%
|
35.26
|
%
|
15.69
|
%
|
8.51
|
%
|
30.25
|
%
|
(0.08
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
1,487,024
|
$
|
1,823,041
|
$
|
1,409,374
|
$
|
1,240,605
|
$
|
983,006
|
$
|
735,889
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.83
|
%
|
0.84
|
%
|
0.87
|
%
|
0.87
|
%
|
0.88
|
%
|
0.89
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
0.83
|
%
|
0.84
|
%
|
0.87
|
%
|
0.87
|
%
|
0.88
|
%
|
0.89
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.25
|
)%
|
(0.09
|
)%
|
0.06
|
%
|
0.10
|
%
|
0.23
|
%
|
0.30
|
%
|
||||||||||||
|
Portfolio turnover rate
|
41.73
|
%
|
89.91
|
%
|
77.04
|
%
|
67.33
|
%
|
72.99
|
%
|
103.80
|
%
|
||||||||||||
|
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.
|
- 112 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger 25 Fund
|
Class Z
|
|||||||||||||||
|
Six months
ended
4/30/2021(i),(ii)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
From 12/26/2017
(commencement of
operations) to
10/31/2018(iii)
|
|||||||||||||
|
Net asset value, beginning of period
|
$
|
16.82
|
$
|
12.26
|
$
|
10.61
|
$
|
10.00
|
||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||
|
Net investment income (loss)(iv)
|
(0.01
|
)
|
–
|
(v)
|
0.05
|
–
|
(v)
|
|||||||||
|
Net realized and unrealized gain on investments
|
3.82
|
4.71
|
1.64
|
0.61
|
||||||||||||
|
Total from investment operations
|
3.81
|
4.71
|
1.69
|
0.61
|
||||||||||||
|
Dividends from net investment income
|
(0.02
|
)
|
(0.02
|
)
|
(0.04
|
)
|
–
|
|||||||||
|
Distributions from net realized gains
|
(1.15
|
)
|
(0.13
|
)
|
–
|
–
|
||||||||||
|
Net asset value, end of period
|
$
|
19.46
|
$
|
16.82
|
$
|
12.26
|
$
|
10.61
|
||||||||
|
Total return(vi)
|
23.39
|
%
|
38.86
|
%
|
15.98
|
%
|
6.10
|
%
|
||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
26,979
|
$
|
21,764
|
$
|
13,379
|
$
|
11,161
|
||||||||
|
Ratio of gross expenses to average net assets
|
1.00
|
%
|
1.63
|
%
|
1.87
|
%
|
2.35
|
%
|
||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.45
|
)%
|
(0.73
|
)%
|
(1.32
|
)%
|
(1.60
|
)%
|
||||||||
|
Ratio of net expenses to average net assets
|
0.55
|
%
|
0.90
|
%
|
0.55
|
%
|
0.75
|
%
|
||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.45
|
)%
|
0.03
|
%
|
0.42
|
%
|
0.01
|
%
|
||||||||
|
Portfolio turnover rate
|
46.00
|
%
|
58.64
|
%
|
102.98
|
%
|
64.02
|
%
|
||||||||
|
See Notes to Financial Statements.
|
||||||||||||||||
| (i) |
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
| (ii) |
Class P Shares were reclassified as Class Z Shares on March 1, 2021.
|
| (iii) |
Ratios have been annualized; total return has not been annualized; portfolio turnover is for the eleven months then ended.
|
| (iv) |
Amount was computed based on average shares outstanding during the period.
|
| (v) |
Amount was less than $0.005 per share.
|
| (vi) |
Does not reflect the effect of sales charges, if applicable.
|
- 113 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger 35 Fund
|
Class P
|
|||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
From 3/29/2018
(commencement of
operations) to
10/31/2018(ii)
|
|||||||||||||
|
Net asset value, beginning of period
|
$
|
17.41
|
$
|
11.61
|
$
|
10.38
|
$
|
10.00
|
||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||
|
Net investment income (loss)(iii)
|
(0.01
|
)
|
(0.05
|
)
|
0.03
|
0.01
|
||||||||||
|
Net realized and unrealized gain on investments
|
4.70
|
5.87
|
1.31
|
0.37
|
||||||||||||
|
Total from investment operations
|
4.69
|
5.82
|
1.34
|
0.38
|
||||||||||||
|
Dividends from net investment income
|
–
|
(iv) |
(0.02
|
)
|
(0.04
|
)
|
–
|
|||||||||
|
Distributions from net realized gains
|
(3.02
|
)
|
–
|
(0.07
|
)
|
–
|
||||||||||
|
Net asset value, end of period
|
$
|
19.08
|
$
|
17.41
|
$
|
11.61
|
$
|
10.38
|
||||||||
|
Total return(v)
|
28.99
|
%
|
50.22
|
%
|
13.19
|
%
|
3.80
|
%
|
||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
19,341
|
$
|
14,128
|
$
|
9,094
|
$
|
7,782
|
||||||||
|
Ratio of gross expenses to average net assets
|
1.09
|
%
|
2.02
|
%
|
2.37
|
%
|
2.46
|
%
|
||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.69
|
)%
|
(1.12
|
)%
|
(1.97
|
)%
|
(2.06
|
)%
|
||||||||
|
Ratio of net expenses to average net assets
|
0.40
|
%
|
0.90
|
%
|
0.40
|
%
|
0.40
|
%
|
||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.07
|
)%
|
(0.36
|
)%
|
0.30
|
%
|
0.23
|
%
|
||||||||
|
Portfolio turnover rate
|
77.12
|
%
|
121.74
|
%
|
115.25
|
%
|
31.20
|
%
|
||||||||
|
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 seven months then ended.
|
| (iii) |
Amount was computed based on average shares outstanding during the period.
|
| (iv) |
Amount was less than $0.005 per share.
|
| (v) |
Does not reflect the effect of sales charges, if applicable.
|
- 114 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger 35 Fund
|
Class P-2
|
|||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
From 10/31/2018 (commencement
of operations) to
10/31/2018(ii),(iii)
|
|||||||||||||
|
Net asset value, beginning of period
|
$
|
17.43
|
$
|
11.65
|
$
|
10.38
|
$
|
10.38
|
||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||
|
Net investment income (loss)(iv)
|
(0.02
|
)
|
(0.08
|
)
|
0.01
|
–
|
||||||||||
|
Net realized and unrealized gain on investments
|
4.72
|
5.88
|
1.33
|
–
|
||||||||||||
|
Total from investment operations
|
4.70
|
5.80
|
1.34
|
–
|
||||||||||||
|
Dividends from net investment income
|
–
|
(0.02
|
)
|
–
|
–
|
|||||||||||
|
Distributions from net realized gains
|
(3.02
|
)
|
–
|
(0.07
|
)
|
–
|
||||||||||
|
Net asset value, end of period
|
$
|
19.11
|
$
|
17.43
|
$
|
11.65
|
$
|
10.38
|
||||||||
|
Total return(iii)
|
29.00
|
%
|
49.83
|
%
|
13.06
|
%
|
–
|
|||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
385
|
$
|
251
|
$
|
113
|
$
|
100
|
||||||||
|
Ratio of gross expenses to average net assets
|
1.24
|
%
|
2.10
|
%
|
4.43
|
%
|
–
|
|||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.68
|
)%
|
(1.04
|
)%
|
(3.81
|
)%
|
–
|
|||||||||
|
Ratio of net expenses to average net assets
|
0.56
|
%
|
1.06
|
%
|
0.62
|
%
|
–
|
|||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.23
|
)%
|
(0.56
|
)%
|
0.09
|
%
|
–
|
|||||||||
|
Portfolio turnover rate
|
77.12
|
%
|
121.74
|
%
|
115.25
|
%
|
31.20
|
%
|
||||||||
|
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 seven months then ended.
|
| (iii) |
Class P-2 inception date was October 31, 2018, no income or expenses were recorded.
|
| (iv) |
Amount was computed based on average shares outstanding during the period.
|
| (v) |
Does not reflect the effect of sales charges, if applicable.
|
- 115 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Growth & Income Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
43.88
|
$
|
43.55
|
$
|
40.77
|
$
|
39.68
|
$
|
32.66
|
$
|
33.37
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income(ii)
|
0.34
|
0.69
|
0.70
|
0.65
|
0.56
|
0.59
|
||||||||||||||||||
|
Net realized and unrealized gain on investments
|
12.45
|
1.88
|
4.54
|
1.64
|
6.97
|
0.24
|
||||||||||||||||||
|
Total from investment operations
|
12.79
|
2.57
|
5.24
|
2.29
|
7.53
|
0.83
|
||||||||||||||||||
|
Dividends from net investment income
|
(0.27
|
)
|
(0.66
|
)
|
(0.61
|
)
|
(0.57
|
)
|
(0.50
|
)
|
(0.50
|
)
|
||||||||||||
|
Distributions from net realized gains
|
(0.67
|
)
|
(1.58
|
)
|
(1.85
|
)
|
(0.63
|
)
|
(0.01
|
)
|
(1.04
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
55.73
|
$
|
43.88
|
$
|
43.55
|
$
|
40.77
|
$
|
39.68
|
$
|
32.66
|
||||||||||||
|
Total return(iii)
|
29.42
|
%
|
5.98
|
%
|
13.94
|
%
|
5.78
|
%
|
23.22
|
%
|
2.62
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
94,965
|
$
|
74,251
|
$
|
74,924
|
$
|
70,859
|
$
|
72,427
|
$
|
64,123
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.98
|
%
|
1.06
|
%
|
1.07
|
%
|
1.06
|
%
|
1.19
|
%
|
1.14
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
0.98
|
%
|
1.06
|
%
|
1.07
|
%
|
1.06
|
%
|
1.19
|
%
|
1.14
|
%
|
||||||||||||
|
Ratio of net investment income to average net assets
|
1.34
|
%
|
1.60
|
%
|
1.72
|
%
|
1.59
|
%
|
1.52
|
%
|
1.85
|
%
|
||||||||||||
|
Portfolio turnover rate
|
4.15
|
%
|
9.29
|
%
|
7.30
|
%
|
11.05
|
%
|
7.78
|
%
|
5.36
|
%
|
||||||||||||
|
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.
|
- 116 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Growth & Income Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
43.22
|
$
|
42.93
|
$
|
40.20
|
$
|
39.14
|
$
|
32.23
|
$
|
32.95
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income(ii)
|
0.15
|
0.36
|
0.39
|
0.34
|
0.28
|
0.35
|
||||||||||||||||||
|
Net realized and unrealized gain on investments
|
12.26
|
1.85
|
4.49
|
1.60
|
6.88
|
0.24
|
||||||||||||||||||
|
Total from investment operations
|
12.41
|
2.21
|
4.88
|
1.94
|
7.16
|
0.59
|
||||||||||||||||||
|
Dividends from net investment income
|
(0.09
|
)
|
(0.34
|
)
|
(0.30
|
)
|
(0.25
|
)
|
(0.24
|
)
|
(0.27
|
)
|
||||||||||||
|
Distributions from net realized gains
|
(0.67
|
)
|
(1.58
|
)
|
(1.85
|
)
|
(0.63
|
)
|
(0.01
|
)
|
(1.04
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
54.87
|
$
|
43.22
|
$
|
42.93
|
$
|
40.20
|
$
|
39.14
|
$
|
32.23
|
||||||||||||
|
Total return(iii)
|
28.93
|
%
|
5.19
|
%
|
13.12
|
%
|
4.96
|
%
|
22.28
|
%
|
1.87
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
15,817
|
$
|
13,127
|
$
|
14,946
|
$
|
16,074
|
$
|
22,266
|
$
|
20,790
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.73
|
%
|
1.81
|
%
|
1.82
|
%
|
1.82
|
%
|
1.94
|
%
|
1.88
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.73
|
%
|
1.81
|
%
|
1.82
|
%
|
1.82
|
%
|
1.94
|
%
|
1.88
|
%
|
||||||||||||
|
Ratio of net investment income to average net assets
|
0.60
|
%
|
0.86
|
%
|
0.97
|
%
|
0.84
|
%
|
0.76
|
%
|
1.09
|
%
|
||||||||||||
|
Portfolio turnover rate
|
4.15
|
%
|
9.29
|
%
|
7.30
|
%
|
11.05
|
%
|
7.78
|
%
|
5.36
|
%
|
||||||||||||
|
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.
|
- 117 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Growth & Income Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
43.94
|
$
|
43.60
|
$
|
40.81
|
$
|
39.71
|
$
|
32.69
|
$
|
33.39
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income(ii)
|
0.42
|
0.86
|
0.85
|
0.80
|
0.65
|
0.67
|
||||||||||||||||||
|
Net realized and unrealized gain on investments
|
12.47
|
1.88
|
4.56
|
1.64
|
6.99
|
0.26
|
||||||||||||||||||
|
Total from investment operations
|
12.89
|
2.74
|
5.41
|
2.44
|
7.64
|
0.93
|
||||||||||||||||||
|
Dividends from net investment income
|
(0.35
|
)
|
(0.82
|
)
|
(0.77
|
)
|
(0.71
|
)
|
(0.61
|
)
|
(0.59
|
)
|
||||||||||||
|
Distributions from net realized gains
|
(0.67
|
)
|
(1.58
|
)
|
(1.85
|
)
|
(0.63
|
)
|
(0.01
|
)
|
(1.04
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
55.81
|
$
|
43.94
|
$
|
43.60
|
$
|
40.81
|
$
|
39.71
|
$
|
32.69
|
||||||||||||
|
Total return(iii)
|
29.63
|
%
|
6.39
|
%
|
14.39
|
%
|
6.16
|
%
|
23.55
|
%
|
2.91
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
28,963
|
$
|
21,672
|
$
|
26,979
|
$
|
24,604
|
$
|
22,487
|
$
|
11,422
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.67
|
%
|
0.73
|
%
|
0.76
|
%
|
0.76
|
%
|
0.90
|
%
|
0.87
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.01
|
)
|
(0.04
|
)%
|
(0.07
|
)%
|
(0.05
|
)%
|
–
|
–
|
||||||||||||||
|
Ratio of net expenses to average net assets
|
0.66
|
%
|
0.69
|
%
|
0.69
|
%
|
0.71
|
%
|
0.90
|
%
|
0.87
|
%
|
||||||||||||
|
Ratio of net investment income to average net assets
|
1.66
|
%
|
2.00
|
%
|
2.10
|
%
|
1.96
|
%
|
1.75
|
%
|
2.09
|
%
|
||||||||||||
|
Portfolio turnover rate
|
4.15
|
%
|
9.29
|
%
|
7.30
|
%
|
11.05
|
%
|
7.78
|
%
|
5.36
|
%
|
||||||||||||
|
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.
|
- 118 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Growth Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
19.29
|
$
|
14.81
|
$
|
14.13
|
$
|
13.47
|
$
|
10.20
|
$
|
10.66
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.09
|
)
|
(0.12
|
)
|
(0.09
|
)
|
(0.11
|
)
|
(0.07
|
)
|
(0.03
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
5.50
|
5.80
|
1.48
|
0.88
|
3.34
|
(0.43
|
)
|
|||||||||||||||||
|
Total from investment operations
|
5.41
|
5.68
|
1.39
|
0.77
|
3.27
|
(0.46
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(2.15
|
)
|
(1.20
|
)
|
(0.71
|
)
|
(0.11
|
)
|
–
|
–
|
||||||||||||||
|
Net asset value, end of period
|
$
|
22.55
|
$
|
19.29
|
$
|
14.81
|
$
|
14.13
|
$
|
13.47
|
$
|
10.20
|
||||||||||||
|
Total return(iii)
|
28.90
|
%
|
41.34
|
%
|
10.95
|
%
|
5.78
|
%
|
32.06
|
%
|
(4.32
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
235,862
|
$
|
187,552
|
$
|
139,110
|
$
|
138,370
|
$
|
136,795
|
$
|
111,423
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.22
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.32
|
%
|
1.33
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.22
|
%
|
1.30
|
%
|
1.30
|
%
|
1.30
|
%
|
1.32
|
%
|
1.33
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.84
|
)%
|
(0.76
|
)%
|
(0.65
|
)%
|
(0.77
|
)%
|
(0.55
|
)%
|
(0.32
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
94.15
|
%
|
181.73
|
%
|
182.97
|
%
|
125.34
|
%
|
162.65
|
%
|
99.42
|
%
|
||||||||||||
|
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.
|
- 119 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Growth Fund
|
Class B
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
14.70
|
$
|
11.55
|
$
|
11.22
|
$
|
10.80
|
$
|
8.23
|
$
|
8.67
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.06
|
)
|
(0.08
|
)
|
(0.10
|
)
|
(0.17
|
)
|
(0.12
|
)
|
(0.09
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
4.16
|
4.43
|
1.14
|
0.70
|
2.69
|
(0.35
|
)
|
|||||||||||||||||
|
Total from investment operations
|
4.10
|
4.35
|
1.04
|
0.53
|
2.57
|
(0.44
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(2.15
|
)
|
(1.20
|
)
|
(0.71
|
)
|
(0.11
|
)
|
–
|
–
|
||||||||||||||
|
Net asset value, end of period
|
$
|
16.65
|
$
|
14.70
|
$
|
11.55
|
$
|
11.22
|
$
|
10.80
|
$
|
8.23
|
||||||||||||
|
Total return(iii)
|
29.12
|
%
|
41.41
|
%
|
10.66
|
%
|
4.98
|
%
|
31.23
|
%
|
(5.07
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
17,922
|
$
|
15,411
|
$
|
13,772
|
$
|
15,361
|
$
|
18,375
|
$
|
19,005
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.94
|
%
|
2.03
|
%
|
2.04
|
%
|
2.05
|
%
|
2.05
|
%
|
2.05
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.87
|
)%
|
(0.82
|
)%
|
(0.47
|
)%
|
–
|
–
|
–
|
|||||||||||||||
|
Ratio of net expenses to average net assets
|
1.07
|
%
|
1.21
|
%
|
1.57
|
%
|
2.05
|
%
|
2.05
|
%
|
2.05
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.68
|
)%
|
(0.66
|
)%
|
(0.92
|
)%
|
(1.50
|
)%
|
(1.28
|
)%
|
(1.05
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
94.15
|
%
|
181.73
|
%
|
182.97
|
%
|
125.34
|
%
|
162.65
|
%
|
99.42
|
%
|
||||||||||||
|
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.
|
- 120 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Growth Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
14.26
|
$
|
11.33
|
$
|
11.08
|
$
|
10.67
|
$
|
8.15
|
$
|
8.58
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.13
|
)
|
(0.18
|
)
|
(0.16
|
)
|
(0.18
|
)
|
(0.13
|
)
|
(0.09
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
4.02
|
4.31
|
1.12
|
0.70
|
2.65
|
(0.34
|
)
|
|||||||||||||||||
|
Total from investment operations
|
3.89
|
4.13
|
0.96
|
0.52
|
2.52
|
(0.43
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(2.15
|
)
|
(1.20
|
)
|
(0.71
|
)
|
(0.11
|
)
|
–
|
–
|
||||||||||||||
|
Net asset value, end of period
|
$
|
16.00
|
$
|
14.26
|
$
|
11.33
|
$
|
11.08
|
$
|
10.67
|
$
|
8.15
|
||||||||||||
|
Total return(iii)
|
28.39
|
%
|
40.26
|
%
|
10.03
|
%
|
4.94
|
%
|
30.92
|
%
|
(5.01
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
7,614
|
$
|
5,691
|
$
|
6,014
|
$
|
7,647
|
$
|
15,438
|
$
|
18,495
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
2.01
|
%
|
2.10
|
%
|
2.14
|
%
|
2.11
|
%
|
2.13
|
%
|
2.16
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
2.01
|
%
|
2.10
|
%
|
2.14
|
%
|
2.11
|
%
|
2.13
|
%
|
2.16
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.63
|
)%
|
(1.52
|
)%
|
(1.48
|
)%
|
(1.55
|
)%
|
(1.35
|
)%
|
(1.16
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
94.15
|
%
|
181.73
|
%
|
182.97
|
%
|
125.34
|
%
|
162.65
|
%
|
99.42
|
%
|
||||||||||||
|
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.
|
- 121 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Growth Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
19.63
|
$
|
15.01
|
$
|
14.27
|
$
|
13.56
|
$
|
10.24
|
$
|
10.67
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.06
|
)
|
(0.07
|
)
|
(0.06
|
)
|
(0.07
|
)
|
(0.04
|
)
|
0.04
|
|||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
5.61
|
5.89
|
1.51
|
0.89
|
3.36
|
(0.47
|
)
|
|||||||||||||||||
|
Total from investment operations
|
5.55
|
5.82
|
1.45
|
0.82
|
3.32
|
(0.43
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(2.15
|
)
|
(1.20
|
)
|
(0.71
|
)
|
(0.11
|
)
|
–
|
–
|
||||||||||||||
|
Net asset value, end of period
|
$
|
23.03
|
$
|
19.63
|
$
|
15.01
|
$
|
14.27
|
$
|
13.56
|
$
|
10.24
|
||||||||||||
|
Total return(iii)
|
29.13
|
%
|
41.75
|
%
|
11.27
|
%
|
6.03
|
%
|
32.52
|
%
|
(4.03
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
46,212
|
$
|
26,804
|
$
|
17,558
|
$
|
14,230
|
$
|
13,306
|
$
|
7,508
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.92
|
%
|
0.99
|
%
|
1.03
|
%
|
1.03
|
%
|
1.07
|
%
|
1.23
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
(0.02
|
)%
|
(0.21
|
)%
|
||||||||||||||||
|
Ratio of net expenses to average net assets
|
0.92
|
%
|
0.99
|
%
|
1.03
|
%
|
1.03
|
%
|
1.05
|
%
|
1.02
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.55
|
)%
|
(0.46
|
)%
|
(0.38
|
)%
|
(0.49
|
)%
|
(0.29
|
)%
|
0.40
|
%
|
||||||||||||
|
Portfolio turnover rate
|
94.15
|
%
|
181.73
|
%
|
182.97
|
%
|
125.34
|
%
|
162.65
|
%
|
99.42
|
%
|
||||||||||||
|
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.
|
- 122 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Focus Fund
|
Class I
|
|||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
From 6/14/2019
(commencement of
operations) to
10/31/2019(ii)
|
||||||||||
|
Net asset value, beginning of period
|
$
|
15.10
|
$
|
9.70
|
$
|
10.00
|
||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||
|
Net investment loss(iii)
|
(0.08
|
)
|
(0.14
|
)
|
(0.04
|
)
|
||||||
|
Net realized and unrealized gain (loss) on investments
|
5.32
|
5.54
|
(0.26
|
)
|
||||||||
|
Total from investment operations
|
5.24
|
5.40
|
(0.30
|
)
|
||||||||
|
Distributions from net realized gains
|
(0.26
|
)
|
–
|
–
|
||||||||
|
Net asset value, end of period
|
$
|
20.08
|
$
|
15.10
|
$
|
9.70
|
||||||
|
Total return(iv)
|
34.86
|
%
|
55.35
|
%
|
(3.00
|
)%
|
||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
116,793
|
$
|
67,796
|
$
|
2,023
|
||||||
|
Ratio of gross expenses to average net assets
|
0.96
|
%
|
1.14
|
%
|
1.91
|
%
|
||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
(0.03
|
)%
|
(0.71
|
)%
|
|||||||
|
Ratio of net expenses to average net assets
|
0.96
|
%
|
1.11
|
%
|
1.20
|
%
|
||||||
|
Ratio of net investment loss to average net assets
|
(0.87
|
)%
|
(1.04
|
)%
|
(0.97
|
)%
|
||||||
|
Portfolio turnover rate
|
151.47
|
%
|
123.43
|
%
|
65.50
|
%
|
||||||
|
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 five 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.
|
- 123 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Focus Fund
|
Class Y
|
|||
|
From 0
(commencement
of operations) to
4/30/2021(i)
|
||||
|
Net asset value, beginning of period
|
$
|
20.65
|
||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||
|
Net investment loss(ii)
|
(0.02
|
)
|
||
|
Net realized and unrealized loss on investments
|
(0.47
|
)
|
||
|
Total from investment operations
|
(0.49
|
)
|
||
|
Net asset value, end of period
|
$
|
20.16
|
||
|
Total return(iii)
|
(2.37
|
)%
|
||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||
|
Net assets, end of period (000's omitted)
|
$
|
98
|
||
|
Ratio of gross expenses to average net assets
|
2.16
|
%
|
||
|
Ratio of expense reimbursements to average net assets
|
(1.47
|
)%
|
||
|
Ratio of net expenses to average net assets
|
0.69
|
%
|
||
|
Ratio of net investment loss to average net assets
|
(0.55
|
)%
|
||
|
Portfolio turnover rate
|
151.47
|
%
|
||
|
See Notes to Financial Statements.
|
||||
| (i) |
Ratios have been annualized; total return has not been annualized; portfolio turnover is for the six months then ended.
|
| (ii) |
Amount was computed based on average shares outstanding during the period.
|
| (iii) |
Does not reflect the effect of sales charges, if applicable.
|
- 124 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap Focus Fund
|
Class Z
|
|||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
From 6/14/2019
(commencement of
operations) to
10/31/2019(ii)
|
||||||||||
|
Net asset value, beginning of period
|
$
|
15.15
|
$
|
9.71
|
$
|
10.00
|
||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||
|
Net investment loss(iii)
|
(0.06
|
)
|
(0.10
|
)
|
(0.03
|
)
|
||||||
|
Net realized and unrealized gain (loss) on investments
|
5.34
|
5.54
|
(0.26
|
)
|
||||||||
|
Total from investment operations
|
5.28
|
5.44
|
(0.29
|
)
|
||||||||
|
Distributions from net realized gains
|
(0.26
|
)
|
–
|
–
|
||||||||
|
Net asset value, end of period
|
$
|
20.17
|
$
|
15.15
|
$
|
9.71
|
||||||
|
Total return(iv)
|
35.01
|
%
|
55.70
|
%
|
(2.80
|
)%
|
||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
625,861
|
$
|
307,532
|
$
|
28,230
|
||||||
|
Ratio of gross expenses to average net assets
|
0.69
|
%
|
0.91
|
%
|
1.86
|
%
|
||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
(0.05
|
)%
|
(0.87
|
)%
|
|||||||
|
Ratio of net expenses to average net assets
|
0.69
|
%
|
0.86
|
%
|
0.99
|
%
|
||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.60
|
)%
|
(0.77
|
)%
|
(0.74
|
)%
|
||||||
|
Portfolio turnover rate
|
151.47
|
%
|
123.43
|
%
|
65.50
|
%
|
||||||
|
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 five 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.
|
- 125 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Weatherbie Specialized
Growth Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
17.46
|
$
|
13.30
|
$
|
13.08
|
$
|
12.87
|
$
|
10.64
|
$
|
16.72
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.11
|
)
|
(0.16
|
)
|
(0.14
|
)
|
(0.15
|
)
|
(0.12
|
)
|
(0.08
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
6.04
|
4.88
|
1.39
|
1.90
|
3.58
|
(0.04
|
)
|
|||||||||||||||||
|
Total from investment operations
|
5.93
|
4.72
|
1.25
|
1.75
|
3.46
|
(0.12
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.97
|
)
|
(0.56
|
)
|
(1.03
|
)
|
(1.54
|
)
|
(1.23
|
)
|
(5.96
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
22.42
|
$
|
17.46
|
$
|
13.30
|
$
|
13.08
|
$
|
12.87
|
$
|
10.64
|
||||||||||||
|
Total return(iii)
|
34.61
|
%
|
36.57
|
%
|
11.57
|
%
|
15.02
|
%
|
35.64
|
%
|
(0.92
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
236,693
|
$
|
174,709
|
$
|
140,368
|
$
|
111,456
|
$
|
84,644
|
$
|
82,618
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.20
|
%
|
1.27
|
%
|
1.31
|
%
|
1.33
|
%
|
1.35
|
%
|
1.35
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.20
|
%
|
1.27
|
%
|
1.31
|
%
|
1.33
|
%
|
1.35
|
%
|
1.35
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.01
|
)%
|
(1.09
|
)%
|
(1.08
|
)%
|
(1.16
|
)%
|
(1.02
|
)%
|
(0.69
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
27.43
|
%
|
66.84
|
%
|
64.83
|
%
|
42.56
|
%
|
157.39
|
%
|
164.36
|
%
|
||||||||||||
|
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.
|
- 126 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Weatherbie Specialized
Growth Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
11.52
|
$
|
9.01
|
$
|
9.30
|
$
|
9.65
|
$
|
8.32
|
$
|
14.45
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.12
|
)
|
(0.19
|
)
|
(0.17
|
)
|
(0.18
|
)
|
(0.15
|
)
|
(0.13
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.94
|
3.26
|
0.91
|
1.37
|
2.71
|
(0.04
|
)
|
|||||||||||||||||
|
Total from investment operations
|
3.82
|
3.07
|
0.74
|
1.19
|
2.56
|
(0.17
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.97
|
)
|
(0.56
|
)
|
(1.03
|
)
|
(1.54
|
)
|
(1.23
|
)
|
(5.96
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
14.37
|
$
|
11.52
|
$
|
9.01
|
$
|
9.30
|
$
|
9.65
|
$
|
8.32
|
||||||||||||
|
Total return(iii)
|
34.12
|
%
|
35.62
|
%
|
10.70
|
%
|
14.11
|
%
|
34.64
|
%
|
(1.72
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
93,782
|
$
|
64,497
|
$
|
44,908
|
$
|
36,325
|
$
|
31,651
|
$
|
32,183
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.96
|
%
|
2.03
|
%
|
2.05
|
%
|
2.08
|
%
|
2.12
|
%
|
2.15
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.96
|
%
|
2.03
|
%
|
2.05
|
%
|
2.08
|
%
|
2.12
|
%
|
2.15
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.77
|
)%
|
(1.85
|
)%
|
(1.82
|
)%
|
(1.91
|
)%
|
(1.79
|
)%
|
(1.49
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
27.43
|
%
|
66.84
|
%
|
64.83
|
%
|
42.56
|
%
|
157.39
|
%
|
164.36
|
%
|
||||||||||||
|
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.
|
- 127 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Weatherbie Specialized
Growth Fund
|
Class I
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
17.94
|
$
|
13.64
|
$
|
13.38
|
$
|
13.14
|
$
|
10.84
|
$
|
16.91
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.11
|
)
|
(0.16
|
)
|
(0.14
|
)
|
(0.16
|
)
|
(0.11
|
)
|
(0.07
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
6.21
|
5.02
|
1.43
|
1.94
|
3.64
|
(0.04
|
)
|
|||||||||||||||||
|
Total from investment operations
|
6.10
|
4.86
|
1.29
|
1.78
|
3.53
|
(0.11
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.97
|
)
|
(0.56
|
)
|
(1.03
|
)
|
(1.54
|
)
|
(1.23
|
)
|
(5.96
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
23.07
|
$
|
17.94
|
$
|
13.64
|
$
|
13.38
|
$
|
13.14
|
$
|
10.84
|
||||||||||||
|
Total return(iii)
|
34.64
|
%
|
36.69
|
%
|
11.61
|
%
|
14.94
|
%
|
35.63
|
%
|
(0.79
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
70,808
|
$
|
66,294
|
$
|
58,615
|
$
|
35,669
|
$
|
23,374
|
$
|
32,606
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.20
|
%
|
1.24
|
%
|
1.26
|
%
|
1.35
|
%
|
1.35
|
%
|
1.25
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.20
|
%
|
1.24
|
%
|
1.26
|
%
|
1.35
|
%
|
1.35
|
%
|
1.25
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.01
|
)%
|
(1.07
|
)%
|
(1.03
|
)%
|
(1.18
|
)%
|
(0.99
|
)%
|
(0.58
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
27.43
|
%
|
66.84
|
%
|
64.83
|
%
|
42.56
|
%
|
157.39
|
%
|
164.36
|
%
|
||||||||||||
|
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.
|
- 128 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Weatherbie Specialized
Growth Fund
|
Class Y
|
|||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
From 8/31/2017
(commencement of
operations) to
10/31/2017(ii)
|
||||||||||||||||
|
Net asset value, beginning of period
|
$
|
18.17
|
$
|
13.77
|
$
|
13.44
|
$
|
13.14
|
$
|
12.27
|
||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||
|
Net investment loss(iii)
|
(0.07
|
)
|
(0.11
|
)
|
(0.09
|
)
|
(0.10
|
)
|
(0.02
|
)
|
||||||||||
|
Net realized and unrealized gain on investments
|
6.30
|
5.07
|
1.45
|
1.94
|
0.89
|
|||||||||||||||
|
Total from investment operations
|
6.23
|
4.96
|
1.36
|
1.84
|
0.87
|
|||||||||||||||
|
Distributions from net realized gains
|
(0.97
|
)
|
(0.56
|
)
|
(1.03
|
)
|
(1.54
|
)
|
–
|
|||||||||||
|
Net asset value, end of period
|
$
|
23.43
|
$
|
18.17
|
$
|
13.77
|
$
|
13.44
|
$
|
13.14
|
||||||||||
|
Total return(iv)
|
34.92
|
%
|
37.08
|
%
|
12.12
|
%
|
15.45
|
%
|
7.09
|
%
|
||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
47,697
|
$
|
32,702
|
$
|
12,903
|
$
|
3,832
|
$
|
107
|
||||||||||
|
Ratio of gross expenses to average net assets
|
0.89
|
%
|
0.94
|
%
|
0.97
|
%
|
1.05
|
%
|
9.54
|
%
|
||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.03
|
)%
|
(0.07
|
)%
|
(0.10
|
)%
|
(0.18
|
)%
|
(8.67
|
)%
|
||||||||||
|
Ratio of net expenses to average net assets
|
0.86
|
%
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
||||||||||
|
Ratio of net investment loss to average net assets
|
(0.67
|
)%
|
(0.69
|
)%
|
(0.64
|
)%
|
(0.67
|
)%
|
(0.78
|
)%
|
||||||||||
|
Portfolio turnover rate
|
27.43
|
%
|
66.84
|
%
|
64.83
|
%
|
42.56
|
%
|
157.39
|
%
|
||||||||||
|
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.
|
- 129 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Weatherbie Specialized
Growth Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
18.68
|
$
|
14.15
|
$
|
13.80
|
$
|
13.46
|
$
|
11.04
|
$
|
17.08
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.08
|
)
|
(0.12
|
)
|
(0.10
|
)
|
(0.12
|
)
|
(0.09
|
)
|
(0.05
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
6.48
|
5.21
|
1.48
|
2.00
|
3.74
|
(0.03
|
)
|
|||||||||||||||||
|
Total from investment operations
|
6.40
|
5.09
|
1.38
|
1.88
|
3.65
|
(0.08
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.97
|
)
|
(0.56
|
)
|
(1.03
|
)
|
(1.54
|
)
|
(1.23
|
)
|
(5.96
|
)
|
||||||||||||
|
Net asset value, end of period
|
$
|
24.11
|
$
|
18.68
|
$
|
14.15
|
$
|
13.80
|
$
|
13.46
|
$
|
11.04
|
||||||||||||
|
Total return(iii)
|
34.88
|
%
|
37.00
|
%
|
11.94
|
%
|
15.37
|
%
|
36.11
|
%
|
(0.57
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
1,076,146
|
$
|
620,005
|
$
|
284,393
|
$
|
147,665
|
$
|
52,736
|
$
|
29,565
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.89
|
%
|
0.94
|
%
|
0.97
|
%
|
1.00
|
%
|
1.06
|
%
|
1.01
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
(0.01
|
)%
|
–
|
–
|
|||||||||||||||||
|
Ratio of net expenses to average net assets
|
0.89
|
%
|
0.94
|
%
|
0.97
|
%
|
0.99
|
%
|
1.06
|
%
|
1.01
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.70
|
)%
|
(0.76
|
)%
|
(0.73
|
)%
|
(0.82
|
)%
|
(0.77
|
)%
|
(0.40
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
27.43
|
%
|
66.84
|
%
|
64.83
|
%
|
42.56
|
%
|
157.39
|
%
|
164.36
|
%
|
||||||||||||
|
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.
|
- 130 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Growth Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
12.59
|
$
|
9.34
|
$
|
9.54
|
$
|
8.40
|
$
|
6.15
|
$
|
8.00
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.07
|
)
|
(0.12
|
)
|
(0.11
|
)
|
(0.10
|
)
|
(0.06
|
)
|
(0.05
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.59
|
3.91
|
0.85
|
1.34
|
2.31
|
(0.21
|
)
|
|||||||||||||||||
|
Total from investment operations
|
3.52
|
3.79
|
0.74
|
1.24
|
2.25
|
(0.26
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.07
|
)
|
(0.54
|
)
|
(0.94
|
)
|
(0.10
|
)
|
–
|
(1.59
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
16.04
|
$
|
12.59
|
$
|
9.34
|
$
|
9.54
|
$
|
8.40
|
$
|
6.15
|
||||||||||||
|
Total return(iii)
|
27.92
|
%
|
42.80
|
%
|
9.94
|
%
|
14.94
|
%
|
36.59
|
%
|
(3.92
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
260,871
|
$
|
187,489
|
$
|
116,308
|
$
|
111,271
|
$
|
102,318
|
$
|
85,556
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.23
|
%
|
1.33
|
%
|
1.39
|
%
|
1.38
|
%
|
1.38
|
%
|
1.38
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.23
|
%
|
1.33
|
%
|
1.39
|
%
|
1.38
|
%
|
1.38
|
%
|
1.38
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.93
|
)%
|
(1.11
|
)%
|
(1.17
|
)%
|
(1.06
|
)%
|
(0.88
|
)%
|
(0.79
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
25.07
|
%
|
12.67
|
%
|
17.09
|
%
|
28.68
|
%
|
30.32
|
%
|
55.25
|
%
|
||||||||||||
|
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.
|
- 131 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Growth Fund
|
Class B
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
8.88
|
$
|
6.74
|
$
|
7.20
|
$
|
6.42
|
$
|
4.73
|
$
|
6.57
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.04
|
)
|
(0.08
|
)
|
(0.11
|
)
|
(0.13
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
2.52
|
2.76
|
0.59
|
1.01
|
1.78
|
(0.17
|
)
|
|||||||||||||||||
|
Total from investment operations
|
2.48
|
2.68
|
0.48
|
0.88
|
1.69
|
(0.25
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.07
|
)
|
(0.54
|
)
|
(0.94
|
)
|
(0.10
|
)
|
–
|
(1.59
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
11.29
|
$
|
8.88
|
$
|
6.74
|
$
|
7.20
|
$
|
6.42
|
$
|
4.73
|
||||||||||||
|
Total return(iii)
|
28.02
|
%
|
42.68
|
%
|
9.51
|
%
|
13.93
|
%
|
35.73
|
%
|
(4.80
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
6,018
|
$
|
5,095
|
$
|
4,523
|
$
|
4,958
|
$
|
5,397
|
$
|
4,998
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.96
|
%
|
2.07
|
%
|
2.19
|
%
|
2.23
|
%
|
2.19
|
%
|
2.18
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.82
|
)%
|
(0.73
|
)%
|
(0.41
|
)%
|
–
|
–
|
–
|
|||||||||||||||
|
Ratio of net expenses to average net assets
|
1.14
|
%
|
1.34
|
%
|
1.78
|
%
|
2.23
|
%
|
2.19
|
%
|
2.18
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.82
|
)%
|
(1.11
|
)%
|
(1.57
|
)%
|
(1.90
|
)%
|
(1.68
|
)%
|
(1.59
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
25.07
|
%
|
12.67
|
%
|
17.09
|
%
|
28.68
|
%
|
30.32
|
%
|
55.25
|
%
|
||||||||||||
|
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.
|
- 132 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Growth Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
8.44
|
$
|
6.47
|
$
|
6.99
|
$
|
6.22
|
$
|
4.59
|
$
|
6.42
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.09
|
)
|
(0.14
|
)
|
(0.13
|
)
|
(0.12
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
2.40
|
2.65
|
0.55
|
0.99
|
1.72
|
(0.16
|
)
|
|||||||||||||||||
|
Total from investment operations
|
2.31
|
2.51
|
0.42
|
0.87
|
1.63
|
(0.24
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.07
|
)
|
(0.54
|
)
|
(0.94
|
)
|
(0.10
|
)
|
–
|
(1.59
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
10.68
|
$
|
8.44
|
$
|
6.47
|
$
|
6.99
|
$
|
6.22
|
$
|
4.59
|
||||||||||||
|
Total return(iii)
|
27.46
|
%
|
41.76
|
%
|
8.87
|
%
|
14.22
|
%
|
35.51
|
%
|
(4.79
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
37,197
|
$
|
18,365
|
$
|
6,257
|
$
|
5,837
|
$
|
8,007
|
$
|
8,708
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.99
|
%
|
2.09
|
%
|
2.20
|
%
|
2.16
|
%
|
2.17
|
%
|
2.22
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.99
|
%
|
2.09
|
%
|
2.20
|
%
|
2.16
|
%
|
2.17
|
%
|
2.22
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.73
|
)%
|
(1.90
|
)%
|
(1.98
|
)%
|
(1.82
|
)%
|
(1.64
|
)%
|
(1.64
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
25.07
|
%
|
12.67
|
%
|
17.09
|
%
|
28.68
|
%
|
30.32
|
%
|
55.25
|
%
|
||||||||||||
|
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.
|
- 133 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Growth Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months ended 4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
13.10
|
$
|
9.66
|
$
|
9.80
|
$
|
8.60
|
$
|
6.27
|
$
|
8.10
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.05
|
)
|
(0.10
|
)
|
(0.07
|
)
|
(0.06
|
)
|
(0.04
|
)
|
(0.03
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.73
|
4.08
|
0.87
|
1.36
|
2.37
|
(0.21
|
)
|
|||||||||||||||||
|
Total from investment operations
|
3.68
|
3.98
|
0.80
|
1.30
|
2.33
|
(0.24
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(0.07
|
)
|
(0.54
|
)
|
(0.94
|
)
|
(0.10
|
)
|
–
|
(1.59
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
16.71
|
$
|
13.10
|
$
|
9.66
|
$
|
9.80
|
$
|
8.60
|
$
|
6.27
|
||||||||||||
|
Total return(iii)
|
28.05
|
%
|
43.38
|
%
|
10.33
|
%
|
15.30
|
%
|
37.16
|
%
|
(3.55
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
357,713
|
$
|
179,276
|
$
|
21,782
|
$
|
13,179
|
$
|
26,953
|
$
|
21,357
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.93
|
%
|
1.00
|
%
|
1.12
|
%
|
1.12
|
%
|
1.08
|
%
|
1.06
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
(0.03
|
)%
|
(0.13
|
)%
|
(0.13
|
)%
|
(0.09
|
)%
|
(0.07
|
)%
|
|||||||||||||
|
Ratio of net expenses to average net assets
|
0.93
|
%
|
0.97
|
%
|
0.99
|
%
|
0.99
|
%
|
0.99
|
%
|
0.99
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.66
|
)%
|
(0.81
|
)%
|
(0.78
|
)%
|
(0.65
|
)%
|
(0.50
|
)%
|
(0.41
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
25.07
|
%
|
12.67
|
%
|
17.09
|
%
|
28.68
|
%
|
30.32
|
%
|
55.25
|
%
|
||||||||||||
|
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.
|
- 134 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Focus Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
26.22
|
$
|
19.93
|
$
|
18.86
|
$
|
14.91
|
$
|
11.16
|
$
|
10.95
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.13
|
)
|
(0.25
|
)
|
(0.19
|
)
|
(0.17
|
)
|
(0.11
|
)
|
(0.09
|
)
|
||||||||||||
|
Net realized and unrealized gain on investments
|
6.10
|
7.03
|
1.41
|
4.26
|
3.86
|
0.30
|
||||||||||||||||||
|
Total from investment operations
|
5.97
|
6.78
|
1.22
|
4.09
|
3.75
|
0.21
|
||||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.19
|
)
|
–
|
–
|
–
|
–
|
|||||||||||||||||
|
Distributions from net realized gains
|
–
|
(0.30
|
)
|
(0.15
|
)
|
(0.14
|
)
|
–
|
–
|
|||||||||||||||
|
Net asset value, end of period
|
$
|
32.19
|
$
|
26.22
|
$
|
19.93
|
$
|
18.86
|
$
|
14.91
|
$
|
11.16
|
||||||||||||
|
Total return(iii)
|
22.77
|
%
|
34.74
|
%
|
6.59
|
%
|
27.72
|
%
|
33.60
|
%
|
1.92
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
659,522
|
$
|
566,606
|
$
|
523,291
|
$
|
300,066
|
$
|
77,791
|
$
|
23,653
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.18
|
%
|
1.22
|
%
|
1.19
|
%
|
1.18
|
%
|
1.22
|
%
|
1.36
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
(0.02
|
)%
|
(0.11
|
)%
|
||||||||||||||||
|
Ratio of net expenses to average net assets
|
1.18
|
%
|
1.22
|
%
|
1.19
|
%
|
1.18
|
%
|
1.20
|
%
|
1.25
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.85
|
)%
|
(1.11
|
)%
|
(0.95
|
)%
|
(0.92
|
)%
|
(0.86
|
)%
|
(0.84
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
32.94
|
%
|
37.49
|
%
|
48.84
|
%
|
27.04
|
%
|
44.56
|
%
|
75.50
|
%
|
||||||||||||
|
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.
|
- 135 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Focus Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
23.40
|
$
|
17.85
|
$
|
17.04
|
$
|
13.58
|
$
|
10.25
|
$
|
10.12
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.22
|
)
|
(0.37
|
)
|
(0.31
|
)
|
(0.27
|
)
|
(0.20
|
)
|
(0.15
|
)
|
||||||||||||
|
Net realized and unrealized gain on investments
|
5.44
|
6.30
|
1.27
|
3.87
|
3.53
|
0.28
|
||||||||||||||||||
|
Total from investment operations
|
5.22
|
5.93
|
0.96
|
3.60
|
3.33
|
0.13
|
||||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.08
|
)
|
–
|
–
|
–
|
–
|
|||||||||||||||||
|
Distributions from net realized gains
|
–
|
(0.30
|
)
|
(0.15
|
)
|
(0.14
|
)
|
–
|
–
|
|||||||||||||||
|
Net asset value, end of period
|
$
|
28.62
|
$
|
23.40
|
$
|
17.85
|
$
|
17.04
|
$
|
13.58
|
$
|
10.25
|
||||||||||||
|
Total return(iii)
|
22.31
|
%
|
33.85
|
%
|
5.76
|
%
|
26.82
|
%
|
32.49
|
%
|
1.28
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
292,618
|
$
|
248,577
|
$
|
212,737
|
$
|
131,655
|
$
|
48,345
|
$
|
15,928
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.90
|
%
|
1.94
|
%
|
1.95
|
%
|
1.94
|
%
|
1.97
|
%
|
2.12
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
(0.02
|
)%
|
(0.13
|
)%
|
||||||||||||||||
|
Ratio of net expenses to average net assets
|
1.90
|
%
|
1.94
|
%
|
1.95
|
%
|
1.94
|
%
|
1.95
|
%
|
1.99
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.57
|
)%
|
(1.83
|
)%
|
(1.71
|
)%
|
(1.66
|
)%
|
(1.61
|
)%
|
(1.57
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
32.94
|
%
|
37.49
|
%
|
48.84
|
%
|
27.04
|
%
|
44.56
|
%
|
75.50
|
%
|
||||||||||||
|
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.
|
- 136 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Focus Fund
|
Class I
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
26.93
|
$
|
20.44
|
$
|
19.34
|
$
|
15.28
|
$
|
11.44
|
$
|
11.22
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.13
|
)
|
(0.24
|
)
|
(0.19
|
)
|
(0.17
|
)
|
(0.11
|
)
|
(0.09
|
)
|
||||||||||||
|
Net realized and unrealized gain on investments
|
6.27
|
7.22
|
1.44
|
4.37
|
3.95
|
0.31
|
||||||||||||||||||
|
Total from investment operations
|
6.14
|
6.98
|
1.25
|
4.20
|
3.84
|
0.22
|
||||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.19
|
)
|
–
|
–
|
–
|
–
|
|||||||||||||||||
|
Distributions from net realized gains
|
–
|
(0.30
|
)
|
(0.15
|
)
|
(0.14
|
)
|
–
|
–
|
|||||||||||||||
|
Net asset value, end of period
|
$
|
33.07
|
$
|
26.93
|
$
|
20.44
|
$
|
19.34
|
$
|
15.28
|
$
|
11.44
|
||||||||||||
|
Total return(iii)
|
22.80
|
%
|
34.86
|
%
|
6.58
|
%
|
27.77
|
%
|
33.57
|
%
|
1.96
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
454,458
|
$
|
360,756
|
$
|
455,937
|
$
|
340,636
|
$
|
109,146
|
$
|
75,648
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.15
|
%
|
1.15
|
%
|
1.18
|
%
|
1.17
|
%
|
1.21
|
%
|
1.32
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
–
|
–
|
–
|
(0.01
|
)%
|
(0.09
|
)%
|
||||||||||||||||
|
Ratio of net expenses to average net assets
|
1.15
|
%
|
1.15
|
%
|
1.18
|
%
|
1.17
|
%
|
1.20
|
%
|
1.23
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.83
|
)%
|
(1.04
|
)%
|
(0.93
|
)%
|
(0.90
|
)%
|
(0.80
|
)%
|
(0.81
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
32.94
|
%
|
37.49
|
%
|
48.84
|
%
|
27.04
|
%
|
44.56
|
%
|
75.50
|
%
|
||||||||||||
|
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.
|
- 137 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Focus Fund
|
Class Y
|
|||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
From 3/1/2017
(commencement
of operations) to 10/31/2017(ii)
|
||||||||||||||||
|
Net asset value, beginning of period
|
$
|
27.41
|
$
|
20.79
|
$
|
19.60
|
$
|
15.44
|
$
|
12.93
|
||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||
|
Net investment loss(iii)
|
(0.08
|
)
|
(0.18
|
)
|
(0.14
|
)
|
(0.12
|
)
|
(0.08
|
)
|
||||||||||
|
Net realized and unrealized gain on investments
|
6.38
|
7.36
|
1.48
|
4.42
|
2.59
|
|||||||||||||||
|
Total from investment operations
|
6.30
|
7.18
|
1.34
|
4.30
|
2.51
|
|||||||||||||||
|
Dividends from net investment income
|
–
|
(0.26
|
)
|
–
|
–
|
–
|
||||||||||||||
|
Distributions from net realized gains
|
–
|
(0.30
|
)
|
(0.15
|
)
|
(0.14
|
)
|
–
|
||||||||||||
|
Net asset value, end of period
|
$
|
33.71
|
$
|
27.41
|
$
|
20.79
|
$
|
19.60
|
$
|
15.44
|
||||||||||
|
Total return(iv)
|
22.98
|
%
|
35.32
|
%
|
6.96
|
%
|
28.13
|
%
|
19.41
|
%
|
||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
384,100
|
$
|
266,570
|
$
|
94,694
|
$
|
25,691
|
$
|
3,279
|
||||||||||
|
Ratio of gross expenses to average net assets
|
0.83
|
%
|
0.84
|
%
|
0.87
|
%
|
0.88
|
%
|
1.51
|
%
|
||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
(v)
|
–
|
(v)
|
(0.02
|
)%
|
–
|
(0.61
|
)%
|
|||||||||||
|
Ratio of net expenses to average net assets
|
0.83
|
%
|
0.84
|
%
|
0.85
|
%
|
0.88
|
%
|
0.90
|
%
|
||||||||||
|
Ratio of net investment loss to average net assets
|
(0.52
|
)%
|
(0.74
|
)%
|
(0.64
|
)%
|
(0.63
|
)%
|
(0.83
|
)%
|
||||||||||
|
Portfolio turnover rate
|
32.94
|
%
|
37.49
|
%
|
48.84
|
%
|
27.04
|
%
|
44.56
|
%
|
||||||||||
|
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.
|
| (v) |
Amount was more than (0.005)%.
|
- 138 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Small Cap Focus Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
27.41
|
$
|
20.79
|
$
|
19.60
|
$
|
15.44
|
$
|
11.53
|
$
|
11.28
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.09
|
)
|
(0.18
|
)
|
(0.13
|
)
|
(0.12
|
)
|
(0.08
|
)
|
(0.07
|
)
|
||||||||||||
|
Net realized and unrealized gain on investments
|
6.38
|
7.36
|
1.47
|
4.42
|
3.99
|
0.32
|
||||||||||||||||||
|
Total from investment operations
|
6.29
|
7.18
|
1.34
|
4.30
|
3.91
|
0.25
|
||||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.26
|
)
|
–
|
–
|
–
|
–
|
|||||||||||||||||
|
Distributions from net realized gains
|
–
|
(0.30
|
)
|
(0.15
|
)
|
(0.14
|
)
|
–
|
–
|
|||||||||||||||
|
Net asset value, end of period
|
$
|
33.70
|
$
|
27.41
|
$
|
20.79
|
$
|
19.60
|
$
|
15.44
|
$
|
11.53
|
||||||||||||
|
Total return(iii)
|
22.95
|
%
|
35.30
|
%
|
6.96
|
%
|
28.13
|
%
|
33.91
|
%
|
2.22
|
%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
6,481,940
|
$
|
4,499,832
|
$
|
2,459,793
|
$
|
1,329,712
|
$
|
350,097
|
$
|
68,253
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.83
|
%
|
0.85
|
%
|
0.86
|
%
|
0.87
|
%
|
0.90
|
%
|
1.01
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
0.83
|
%
|
0.85
|
%
|
0.86
|
%
|
0.87
|
%
|
0.90
|
%
|
1.01
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.52
|
)%
|
(0.74
|
)%
|
(0.62
|
)%
|
(0.61
|
)%
|
(0.58
|
)%
|
(0.58
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
32.94
|
%
|
37.49
|
%
|
48.84
|
%
|
27.04
|
%
|
44.56
|
%
|
75.50
|
%
|
||||||||||||
|
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.
|
- 139 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger International Focus Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
18.67
|
$
|
15.51
|
$
|
14.30
|
$
|
17.58
|
$
|
14.58
|
$
|
15.57
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.07
|
)
|
(0.06
|
)
|
(0.02
|
)
|
0.06
|
0.13
|
0.16
|
|||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.99
|
3.91
|
1.66
|
(2.46
|
)
|
3.11
|
(1.14
|
)
|
||||||||||||||||
|
Total from investment operations
|
3.92
|
3.85
|
1.64
|
(2.40
|
)
|
3.24
|
(0.98
|
)
|
||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.69
|
)
|
(0.43
|
)
|
(0.88
|
)
|
(0.24
|
)
|
(0.01
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
22.59
|
$
|
18.67
|
$
|
15.51
|
$
|
14.30
|
$
|
17.58
|
$
|
14.58
|
||||||||||||
|
Total return(iii)
|
21.05
|
%
|
25.69
|
%
|
11.99
|
%
|
(14.35
|
)%
|
22.63
|
%
|
(6.32
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
144,603
|
$
|
120,832
|
$
|
100,814
|
$
|
98,105
|
$
|
119,477
|
$
|
107,398
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.24
|
%
|
1.34
|
%
|
1.37
|
%
|
1.29
|
%
|
1.34
|
%
|
1.35
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.24
|
%
|
1.34
|
%
|
1.37
|
%
|
1.29
|
%
|
1.34
|
%
|
1.35
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.62
|
)%
|
(0.37
|
)%
|
(0.11
|
)%
|
0.38
|
%
|
0.83
|
%
|
1.08
|
%
|
||||||||||||
|
Portfolio turnover rate
|
44.88
|
%
|
105.22
|
%
|
151.99
|
%
|
207.22
|
%
|
148.35
|
%
|
134.84
|
%
|
||||||||||||
|
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.
|
- 140 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger International Focus Fund
|
Class B
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
16.19
|
$
|
13.44
|
$
|
12.38
|
$
|
15.35
|
$
|
12.76
|
$
|
13.71
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.04
|
)
|
(0.02
|
)
|
(0.04
|
)
|
(0.06
|
)
|
0.02
|
0.05
|
||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.46
|
3.38
|
1.44
|
(2.13
|
)
|
2.73
|
(1.00
|
)
|
||||||||||||||||
|
Total from investment operations
|
3.42
|
3.36
|
1.40
|
(2.19
|
)
|
2.75
|
(0.95
|
)
|
||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.61
|
)
|
(0.34
|
)
|
(0.78
|
)
|
(0.16
|
)
|
–
|
||||||||||||||
|
Net asset value, end of period
|
$
|
19.61
|
$
|
16.19
|
$
|
13.44
|
$
|
12.38
|
$
|
15.35
|
$
|
12.76
|
||||||||||||
|
Total return(iii)
|
21.12
|
%
|
25.83
|
%
|
11.82
|
%
|
(15.00
|
)%
|
21.71
|
%
|
(6.86
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
21,267
|
$
|
18,427
|
$
|
17,646
|
$
|
17,639
|
$
|
24,777
|
$
|
25,033
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.95
|
%
|
2.05
|
%
|
2.09
|
%
|
2.01
|
%
|
2.05
|
%
|
2.06
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.92
|
)%
|
(0.88
|
)%
|
(0.51
|
)%
|
–
|
–
|
–
|
|||||||||||||||
|
Ratio of net expenses to average net assets
|
1.03
|
%
|
1.17
|
%
|
1.58
|
%
|
2.01
|
%
|
2.05
|
%
|
2.06
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.43
|
)%
|
(0.18
|
)%
|
(0.30
|
)%
|
(0.40
|
)%
|
0.13
|
%
|
0.37
|
%
|
||||||||||||
|
Portfolio turnover rate
|
44.88
|
%
|
105.22
|
%
|
151.99
|
%
|
207.22
|
%
|
148.35
|
%
|
134.84
|
%
|
||||||||||||
|
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.
|
- 141 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger International Focus Fund
|
Class C
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
15.68
|
$
|
13.11
|
$
|
12.07
|
$
|
14.98
|
$
|
12.44
|
$
|
13.57
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.13
|
)
|
(0.15
|
)
|
(0.12
|
)
|
(0.06
|
)
|
0.01
|
0.04
|
||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.35
|
3.29
|
1.41
|
(2.09
|
)
|
2.66
|
(0.99
|
)
|
||||||||||||||||
|
Total from investment operations
|
3.22
|
3.14
|
1.29
|
(2.15
|
)
|
2.67
|
(0.95
|
)
|
||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.57
|
)
|
(0.25
|
)
|
(0.76
|
)
|
(0.13
|
)
|
(0.18
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
18.90
|
$
|
15.68
|
$
|
13.11
|
$
|
12.07
|
$
|
14.98
|
$
|
12.44
|
||||||||||||
|
Total return(iii)
|
20.54
|
%
|
24.68
|
%
|
11.07
|
%
|
(15.08
|
)%
|
21.70
|
%
|
(7.04
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
3,730
|
$
|
2,760
|
$
|
3,603
|
$
|
4,712
|
$
|
12,130
|
$
|
15,190
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
2.00
|
%
|
2.13
|
%
|
2.23
|
%
|
2.09
|
%
|
2.13
|
%
|
2.14
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
2.00
|
%
|
2.13
|
%
|
2.23
|
%
|
2.09
|
%
|
2.13
|
%
|
2.14
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(1.38
|
)%
|
(1.13
|
)%
|
(0.99
|
)%
|
(0.41
|
)%
|
0.06
|
%
|
0.29
|
%
|
||||||||||||
|
Portfolio turnover rate
|
44.88
|
%
|
105.22
|
%
|
151.99
|
%
|
207.22
|
%
|
148.35
|
%
|
134.84
|
%
|
||||||||||||
|
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.
|
- 142 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger International Focus Fund
|
Class I
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
18.72
|
$
|
15.54
|
$
|
14.31
|
$
|
17.54
|
$
|
14.55
|
$
|
15.55
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.06
|
)
|
(0.02
|
)
|
0.01
|
0.09
|
0.17
|
0.21
|
||||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
4.01
|
3.93
|
1.67
|
(2.48
|
)
|
3.09
|
(1.16
|
)
|
||||||||||||||||
|
Total from investment operations
|
3.95
|
3.91
|
1.68
|
(2.39
|
)
|
3.26
|
(0.95
|
)
|
||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.73
|
)
|
(0.45
|
)
|
(0.84
|
)
|
(0.27
|
)
|
(0.05
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
22.67
|
$
|
18.72
|
$
|
15.54
|
$
|
14.31
|
$
|
17.54
|
$
|
14.55
|
||||||||||||
|
Total return(iii)
|
21.10
|
%
|
25.98
|
%
|
12.41
|
%
|
(14.27
|
)%
|
22.84
|
%
|
(6.12
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
666
|
$
|
642
|
$
|
970
|
$
|
2,156
|
$
|
1,742
|
$
|
14,202
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.25
|
%
|
1.34
|
%
|
1.48
|
%
|
1.19
|
%
|
1.48
|
%
|
1.33
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.11
|
)%
|
(0.27
|
)%
|
(0.36
|
)%
|
(0.04
|
)%
|
(0.33
|
)%
|
(0.18
|
)%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.14
|
%
|
1.07
|
%
|
1.12
|
%
|
1.15
|
%
|
1.15
|
%
|
1.15
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.51
|
)%
|
(0.10
|
)%
|
0.06
|
%
|
0.51
|
%
|
1.14
|
%
|
1.43
|
%
|
||||||||||||
|
Portfolio turnover rate
|
44.88
|
%
|
105.22
|
%
|
151.99
|
%
|
207.22
|
%
|
148.35
|
%
|
134.84
|
%
|
||||||||||||
|
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.
|
- 143 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger International Focus Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended 10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
18.90
|
$
|
15.69
|
$
|
14.46
|
$
|
17.77
|
$
|
14.74
|
$
|
15.73
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.03
|
)
|
–(iii)
|
0.05
|
0.12
|
0.20
|
0.23
|
|||||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
4.04
|
3.98
|
1.67
|
(2.48
|
)
|
3.14
|
(1.15
|
)
|
||||||||||||||||
|
Total from investment operations
|
4.01
|
3.98
|
1.72
|
(2.36
|
)
|
3.34
|
(0.92
|
)
|
||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.77
|
)
|
(0.49
|
)
|
(0.95
|
)
|
(0.31
|
)
|
(0.07
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
22.91
|
$
|
18.90
|
$
|
15.69
|
$
|
14.46
|
$
|
17.77
|
$
|
14.74
|
||||||||||||
|
Total return(iv)
|
21.27
|
%
|
26.23
|
%
|
12.64
|
%
|
(14.03
|
)%
|
23.16
|
%
|
(5.88
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
24,901
|
$
|
12,621
|
$
|
13,462
|
$
|
14,597
|
$
|
21,317
|
$
|
18,477
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.93
|
%
|
1.02
|
%
|
1.10
|
%
|
1.01
|
%
|
1.03
|
%
|
1.04
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
(0.05
|
)%
|
(0.13
|
)%
|
(0.21
|
)%
|
(0.12
|
)%
|
(0.14
|
)%
|
(0.15
|
)%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
0.88
|
%
|
0.89
|
%
|
0.89
|
%
|
0.89
|
%
|
0.89
|
%
|
0.89
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.23
|
)%
|
0.01
|
%
|
0.36
|
%
|
0.71
|
%
|
1.27
|
%
|
1.57
|
%
|
||||||||||||
|
Portfolio turnover rate
|
44.88
|
%
|
105.22
|
%
|
151.99
|
%
|
207.22
|
%
|
148.35
|
%
|
134.84
|
%
|
||||||||||||
|
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) |
Amount was less than $0.005 per share.
|
| (iv) |
Does not reflect the effect of sales charges, if applicable.
|
- 144 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Health Sciences Fund
|
Class A
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
31.75
|
$
|
26.55
|
$
|
28.04
|
$
|
25.16
|
$
|
16.01
|
$
|
21.94
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.09
|
)
|
(0.09
|
)
|
(0.09
|
)
|
(0.19
|
)
|
(0.19
|
)
|
(0.15
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
5.41
|
7.20
|
0.48
|
3.82
|
9.34
|
(2.39
|
)
|
|||||||||||||||||
|
Total from investment operations
|
5.32
|
7.11
|
0.39
|
3.63
|
9.15
|
(2.54
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(3.75
|
)
|
(1.91
|
)
|
(1.88
|
)
|
(0.75
|
)
|
–
|
(3.39
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
33.32
|
$
|
31.75
|
$
|
26.55
|
$
|
28.04
|
$
|
25.16
|
$
|
16.01
|
||||||||||||
|
Total return(iii)
|
17.35
|
%
|
28.09
|
%
|
1.96
|
%
|
14.92
|
%
|
57.15
|
%
|
(14.06
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
142,706
|
$
|
127,925
|
$
|
108,095
|
$
|
131,731
|
$
|
95,913
|
$
|
68,686
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.01
|
%
|
1.04
|
%
|
1.12
|
%
|
1.15
|
%
|
1.38
|
%
|
1.41
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.01
|
%
|
1.04
|
%
|
1.12
|
%
|
1.15
|
%
|
1.38
|
%
|
1.41
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(0.54
|
)%
|
(0.30
|
)%
|
(0.34
|
)%
|
(0.68
|
)%
|
(0.86
|
)%
|
(0.87
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
58.30
|
%
|
131.29
|
%
|
148.78
|
%
|
89.73
|
%
|
106.66
|
%
|
93.49
|
%
|
||||||||||||
|
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.
|
- 145 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Health Sciences Fund
|
Class C
|
|||||||||||||||||||||||
|
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
23.74
|
$
|
20.44
|
$
|
22.21
|
$
|
20.23
|
$
|
12.98
|
$
|
18.53
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment loss(ii)
|
(0.15
|
)
|
(0.23
|
)
|
(0.23
|
)
|
(0.31
|
)
|
(0.28
|
)
|
(0.24
|
)
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
3.98
|
5.44
|
0.34
|
3.04
|
7.53
|
(1.92
|
)
|
|||||||||||||||||
|
Total from investment operations
|
3.83
|
5.21
|
0.11
|
2.73
|
7.25
|
(2.16
|
)
|
|||||||||||||||||
|
Distributions from net realized gains
|
(3.75
|
)
|
(1.91
|
)
|
(1.88
|
)
|
(0.75
|
)
|
–
|
(3.39
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
23.82
|
$
|
23.74
|
$
|
20.44
|
$
|
22.21
|
$
|
20.23
|
$
|
12.98
|
||||||||||||
|
Total return(iii)
|
16.88
|
%
|
27.12
|
%
|
1.20
|
%
|
14.03
|
%
|
55.86
|
%
|
(14.70
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
14,491
|
$
|
11,862
|
$
|
10,963
|
$
|
15,322
|
$
|
31,148
|
$
|
28,242
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
1.77
|
%
|
1.81
|
%
|
1.89
|
%
|
1.93
|
%
|
2.15
|
%
|
2.18
|
%
|
||||||||||||
|
Ratio of net expenses to average net assets
|
1.77
|
%
|
1.81
|
%
|
1.89
|
%
|
1.93
|
%
|
2.15
|
%
|
2.18
|
%
|
||||||||||||
|
Ratio of net investment loss to average net assets
|
(1.31
|
)%
|
(1.07
|
)%
|
(1.12
|
)%
|
(1.46
|
)%
|
(1.63
|
)%
|
(1.65
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
58.30
|
%
|
131.29
|
%
|
148.78
|
%
|
89.73
|
%
|
106.66
|
%
|
93.49
|
%
|
||||||||||||
|
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.
|
- 146 -
THE ALGER FUNDS
Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Health Sciences Fund
|
Class Z
|
|||||||||||||||||||||||
|
Six months
ended
4/30/2021(i)
|
Year ended
10/31/2020
|
Year ended
10/31/2019
|
Year ended
10/31/2018
|
Year ended
10/31/2017
|
Year ended
10/31/2016
|
|||||||||||||||||||
|
Net asset value, beginning of period
|
$
|
31.99
|
$
|
26.69
|
$
|
28.09
|
$
|
25.11
|
$
|
15.92
|
$
|
21.76
|
||||||||||||
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
|
Net investment income (loss)(ii)
|
(0.04
|
)
|
–(iii)
|
0.01
|
(0.09
|
)
|
(0.11
|
)
|
(0.08
|
)
|
||||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
5.46
|
7.25
|
0.47
|
3.82
|
9.30
|
(2.37
|
)
|
|||||||||||||||||
|
Total from investment operations
|
5.42
|
7.25
|
0.48
|
3.73
|
9.19
|
(2.45
|
)
|
|||||||||||||||||
|
Dividends from net investment income
|
–
|
(0.04
|
)
|
–
|
–
|
–
|
–
|
|||||||||||||||||
|
Distributions from net realized gains
|
(3.75
|
)
|
(1.91
|
)
|
(1.88
|
)
|
(0.75
|
)
|
–
|
(3.39
|
)
|
|||||||||||||
|
Net asset value, end of period
|
$
|
33.66
|
$
|
31.99
|
$
|
26.69
|
$
|
28.09
|
$
|
25.11
|
$
|
15.92
|
||||||||||||
|
Total return(iv)
|
17.55
|
%
|
28.50
|
%
|
2.34
|
%
|
15.32
|
%
|
57.73
|
%
|
(13.63
|
)%
|
||||||||||||
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
|
Net assets, end of period (000's omitted)
|
$
|
167,249
|
$
|
131,109
|
$
|
77,023
|
$
|
57,640
|
$
|
25,644
|
$
|
4,980
|
||||||||||||
|
Ratio of gross expenses to average net assets
|
0.69
|
%
|
0.71
|
%
|
0.79
|
%
|
0.84
|
%
|
1.12
|
%
|
1.16
|
%
|
||||||||||||
|
Ratio of expense reimbursements to average net assets
|
–
|
–
|
(0.04
|
)%
|
(0.06
|
)%
|
(0.13
|
)%
|
(0.17
|
)%
|
||||||||||||||
|
Ratio of net expenses to average net assets
|
0.69
|
%
|
0.71
|
%
|
0.75
|
%
|
0.78
|
%
|
0.99
|
%
|
0.99
|
%
|
||||||||||||
|
Ratio of net investment income (loss) to average net assets
|
(0.22
|
)%
|
(0.01
|
)%
|
0.02
|
%
|
(0.32
|
)%
|
(0.48
|
)%
|
(0.45
|
)%
|
||||||||||||
|
Portfolio turnover rate
|
58.30
|
%
|
131.29
|
%
|
148.78
|
%
|
89.73
|
%
|
106.66
|
%
|
93.49
|
%
|
||||||||||||
|
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) |
Amount was less than $0.005 per share.
|
| (iv) |
Does not reflect the effect of sales charges, if applicable.
|
- 147 -
THE ALGER FUNDS
|
NOTE 1 — General:
|
The Alger Funds (the “Trust”) is an open-end registered investment company organized as a business trust under the laws of the Commonwealth of
Massachusetts. The Trust qualifies as an investment company as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946-Financial Services – Investment Companies. The Trust operates as a series company
currently offering an unlimited number of shares of beneficial interest in eleven series — Alger Capital Appreciation Fund, Alger 25 Fund, Alger 35 Fund, Alger Growth & Income Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger
Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger International Focus Fund and Alger Health Sciences Fund (collectively, the “Funds” or individually, each a “Fund”). Alger Capital Appreciation
Fund, Alger 25 Fund, Alger 35 Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger International Focus Fund and Alger Health Sciences
Fund normally invest primarily in equity securities and each has an investment objective of long- term capital appreciation. Alger Growth & Income Fund also normally invests primarily in equity securities and has an investment objective of
both capital appreciation and current income.
Each Fund offers one or more of the following share classes: Class A, B, C, I, P, P-2, Y and Z. Class A shares are generally subject to an
initial sales charge while Class B and C shares are generally subject to a deferred sales charge. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month in which the order to purchase was
accepted. The conversion is completed without the imposition of any sales charges or other fees. Class C shares will automatically convert to Class A shares on the fifth business day of the month following the eighth anniversary of the purchase
date of a shareholder’s Class C shares, without the imposition of any sales load, fee or other charge. Class C shares held at certain dealers may not convert to Class A shares or may be converted on a different schedule. At conversion, a
proportionate amount of shares representing reinvested dividends and distributions will also be converted into Class A shares. Effective August 27, 2019, Class C shares were closed to direct shareholders and are only available for purchase
through certain financial intermediaries and group retirement plan recordkeeping platforms. Class I, P, P-2, Y and Z shares are sold to investors without an initial or deferred sales charge. Each class has identical rights to assets and
earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).
The Board of Trustees of the Trust (the "Board") has authorized a partial closing of the Alger Small Cap Focus Fund effective July 31, 2019.
Class A, C, I and Z shares are available for purchase by existing shareholders who maintain open accounts and new investors that utilize certain retirement record keeping platforms identified by Fred Alger & Company, LLC, the Fund’s
distributor. Class I shares are also available for purchase by investors who transact with certain brokers identified by the distributor. Class Y shares remain open to all qualifying investors and Class Z Shares are generally subject to a
minimum initial investment of $500,000.
- 148 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
On March 1, 2021, Class P-2 shares of the Alger 25 Fund were converted into Class P shares. Immediately thereafter, Class P shares of the Alger
25 Fund were reclassified as Class Z shares.
The Class Y shares of Alger Mid Cap Focus Fund launched on February 26, 2021.
|
NOTE 2 — Significant Accounting Policies:
|
(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board. Investments held by the Funds are valued
on each day the New York Stock Exchange (the “NYSE”) is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).
Investments in money market funds and short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at
amortized cost which approximates market value.
Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at
the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are valued at the bid price or, in
the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
Debt securities generally trade in the over-the-counter market. Debt securities with remaining maturities of more than sixty days at the time of
acquisition are valued on the basis of the last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with
respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on
valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security,
establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Debt securities with a remaining maturity of sixty days or less are valued at amortized cost
which approximates market value.
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 and described further herein.
Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between
the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Trust’s 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 Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open.
- 149 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the price that the Funds
would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data
and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may
be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds’ 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 Funds’ valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach
considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair
value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include
the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a
compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization
(“EBITDA”) multiples, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company’s financial statements and from industry studies, market data, and
market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that
would have been assigned by the Funds had there been an active market for such securities.
Valuation processes are determined by a Valuation Committee (“Committee”) authorized by the Board and comprised of representatives of the
Trust’s investment adviser and officers of the Trust. The Committee reports its fair valuation determinations and related valuation information to the Board. The Board is responsible for approving the valuation policy and procedures.
- 150 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
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 Funds’ pricing vendor, and variances between transactional prices and the previous day’s price.
(b) Cash and Cash Equivalents: Cash and cash equivalents include U.S. dollars, foreign cash and overnight time deposits.
(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.
Premiums and discounts on debt securities purchased are amortized or accreted over the lives of the respective securities.
(d) Foreign Currency Transactions: The books and records of the Funds 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 Statements of Operations.
(e) Forward Foreign Exchange Contracts: Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or
to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is
marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was
closed are recorded upon delivery or receipt of the currency.
These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In
addition, the Funds could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the base currency.
- 151 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(f) Lending of Fund Securities: The Funds may lend their securities to financial institutions, provided that the market value of the securities loaned will not at any time exceed one third of a Fund’s total
assets including borrowings, as defined in its prospectuses. The Funds earn fees on the securities loaned, which are included in interest income in the accompanying Statements 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 Brown Brothers Harriman & Company, the Funds’ Custodian (“Custodian”),
in an amount equal to at least 102 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 Funds. Any required additional
collateral is delivered to the Custodian each day 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 Funds 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 Funds are 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 Funds. Collateral is returned to the borrower upon settlement of the loan. There were no securities loaned as of April 30, 2021.
(g) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded on the ex-dividend date. The Funds declare and pay dividends from net investment income, if available, annually
except that Alger Growth & Income Fund declares and pays such dividends quarterly. With respect to all Funds, 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 share 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 a Fund’s distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending
on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of net operating
losses, passive foreign investment companies, and foreign currency transactions. The reclassifications are done annually at year-end and have no impact on the net asset values of the Funds and are designed to present each Fund’s capital
accounts on a tax basis.
(h) Federal Income Taxes: It is each 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 Funds maintain such compliance, no federal income tax provision is required. Each Fund is treated as a separate entity for the purpose of determining such compliance.
- 152 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
FASB Accounting Standards Codification 740 – Income Taxes (“ASC 740”) requires the Funds to measure and recognize in their 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 Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Funds’ tax returns remains open for the tax years 2017-2020.
Management does not believe there are any uncertain tax positions that require recognition of a tax liability.
(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund’s operations; expenses which
are applicable to all Funds are allocated among them based on net assets. Income, realized and unrealized gains and losses, and expenses of each 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.
(j) 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 that 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 estimates are of a normal recurring nature.
|
NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:
|
(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Investment Advisory Agreement with Fred Alger Management, LLC (“Alger Management” or the “Investment
Manager”), are payable monthly and computed based on the following rates. The actual rate paid as a percentage of average daily net assets, for the six months ended April 30, 2021, is set forth below under the heading “Actual Rate”:
|
Tier 1
|
Tier 2
|
Tier 3
|
Tier 4
|
Tier 5
|
Actual Rate
|
|||||||||||||||||||
|
Alger Capital Appreciation Fund(a)
|
0.81
|
%
|
0.65
|
%
|
0.60
|
%
|
0.55
|
%
|
0.45
|
%
|
0.75
|
%
|
||||||||||||
|
Alger 25 Fund(f)
|
0.45
|
—
|
—
|
—
|
—
|
0.45
|
||||||||||||||||||
|
Alger 35 Fund(c)
|
0.30-0.80
|
—
|
—
|
—
|
—
|
0.30
|
||||||||||||||||||
|
Alger Growth & Income Fund(b)
|
0.50
|
—
|
—
|
—
|
—
|
0.50
|
||||||||||||||||||
|
Alger Mid Cap Growth Fund(d)
|
0.76
|
0.70
|
—
|
—
|
—
|
0.76
|
||||||||||||||||||
|
Alger Mid Cap Focus Fund(e)
|
0.70
|
0.50
|
—
|
—
|
—
|
0.58
|
||||||||||||||||||
- 153 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Tier 1
|
Tier 2
|
Tier 3
|
Tier 4
|
Tier 5
|
Actual Rate
|
|
|
Alger Weatherbie Specialized Growth Fund(d)
|
0.81
|
0.75
|
—
|
—
|
—
|
0.80
|
|
Alger Small Cap Growth Fund(d)
|
0.81
|
0.75
|
—
|
—
|
—
|
0.81
|
|
Alger Small Cap Focus Fund(b)
|
0.75
|
—
|
—
|
—
|
—
|
0.75
|
|
Alger International Focus Fund(d)
|
0.71
|
0.60
|
—
|
—
|
—
|
0.71
|
|
Alger Health Sciences Fund(b)
|
0.55
|
—
|
—
|
—
|
—
|
0.55
|
(a) Tier 1 rate is paid on assets up to $2
billion, Tier 2 rate is paid on assets between $2 billion and $3 billion, Tier 3 rate is paid on assets between $3 billion and $4 billion, Tier 4 rate is paid on assets between $4 billion and $5 billion, and Tier 5 rate is paid on assets in
excess of $5 billion.
(b) Tier 1 rate is paid on all assets.
(c) The management fee paid to Alger
Management is the lesser of (i) an annual rate of 0.45% of average daily net assets; and (ii) a fulcrum fee consisting of a base fee at an annual rate of 0.55% of the Fund’s average daily net assets and a positive or negative performance
adjustment of up to an annual rate of 0.25% based upon the Fund’s performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.80%. Prior to December 18, 2020, the management fee paid to
Alger Management consisted of the fulcrum fee only.
(d) Tier 1 rate is paid on assets up to $1
billion and Tier 2 rate is paid on assets in excess of $1 billion.
(e) Tier 1 rate is paid on assets up to
$250 million and Tier 2 rate is paid on assets in excess of $250 million. Prior to November 1, 2020, the Tier 1 rate was paid on all assets.
(f) Tier 1 rate is paid on all assets.
Prior to November 1, 2020, the management fee paid to Alger Management consisted of a base fee at an annual rate of 0.55% of the Fund's average daily net assets and a positive or negative performance adjustment of up to an annual rate of 0.25%
based upon the Fund's performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.30% and a maximum total fee of 0.80%.
The sub-advisor to the Alger Weatherbie Specialized Growth Fund, Weatherbie Capital, LLC (“Weatherbie” or the “Sub-Advisor”), an affiliate of
Alger Management, is paid a fee, out of the management fee that Alger Management receives at no additional cost to the Alger Weatherbie Specialized Growth Fund. The sub-advisory fee is equal to 70% of the net management fee paid by the Alger
Weatherbie Specialized Growth Fund to Alger Management with respect to the sub-advised assets. For the six months ended April 30, 2021, Alger Management paid a sub-advisory fee of $3,668,076 to Weatherbie.
Alger Management has contractually agreed to waive fees or to reimburse Fund expenses (excluding acquired fund fees and expenses, dividend
expense on short sales, borrowing costs, interest, taxes, brokerage and extraordinary expenses) for certain Funds through February 28, 2023 to the extent necessary to limit the total annual fund operating expenses exceed the rates, based on
average daily net assets, listed in the table below:
CLASS
|
FEES WAIVED /
REIMBURSED
FOR THE SIX
MONTHS ENDED
|
|||||||||||||||||||||||
|
A
|
C
|
I
|
Y
|
Z
|
APRIL 30, 2021
|
|||||||||||||||||||
|
Alger Capital Appreciation Fund
|
–
|
–
|
–
|
–
|
0.85
|
%(a)
|
$
|
22,143
|
||||||||||||||||
|
Alger Growth & Income Fund
|
–
|
–
|
–
|
–
|
–(b
|
)
|
485
|
|||||||||||||||||
|
Alger Mid Cap Growth Fund
|
–
|
–
|
–
|
–
|
0.99(c
|
)
|
–
|
|||||||||||||||||
- 154 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
CLASS |
FEES WAIVED /
REIMBURSED
FOR THE SIX
MONTHS ENDED
|
||||||||||||||||||||||
| A |
C
|
I |
Y
|
Z |
APRIL 30, 2021
|
|||||||||||||||||||
|
Alger Mid Cap Focus Fund
|
–
|
–
|
1.20
|
%
|
0.69
|
%
|
0.99
|
247
|
||||||||||||||||
|
Alger Weatherbie Specialized Growth Fund
|
–
|
–
|
–
|
0.87
|
–(d
|
)
|
5,632
|
|||||||||||||||||
|
Alger Small Cap Growth Fund
|
–
|
–
|
–
|
–
|
0.99
|
–
|
||||||||||||||||||
|
Alger Small Cap Focus Fund
|
–
|
–
|
–
|
0.85
|
–
|
6,667
|
||||||||||||||||||
|
Alger International Focus Fund
|
–
|
–
|
1.25
|
–
|
0.89
|
5,323
|
||||||||||||||||||
|
Alger Health Sciences Fund
|
–
|
–
|
–
|
–
|
0.75
|
–
|
||||||||||||||||||
(a) Prior to March 1, 2021, Alger Capital Appreciation Fund,
Class Z, did not have an expense cap.
(b) Prior to March 1, 2021, the expense cap for Alger Growth
& Income Fund, Class Z, was 0.69%.
(c) Prior to March 1, 2021, the expense cap for Alger Mid Cap
Growth Fund, Class Z, was 1.05%.
(d) Prior to March 1, 2021, the expense cap for Alger Weatherbie
Specialized Growth Fund, Class Z, was 0.99%.
Alger Management may, during the term of the contract, recoup any fees waived or expenses reimbursed for share classes A, C, I, Y and Z pursuant
to the contract to the extent that such recoupment would not cause the expense ratio to exceed the stated limitation in effect at the time of (i) the waiver or reimbursement and (ii) the recoupment by Alger Management, after repayment of the
recoupment is taken into account. For the period ended April 30, 2021, the recoupments made by the Funds to the Investment Manager for the Alger Capital Appreciation Fund, Alger Weatherbie Specialized Growth Fund and Alger Small Cap Focus Fund,
were $23,197, $65 and $7,951, respectively.
Alger Management has also agreed to limit expenses of the Class Z shares of Alger 25 Fund and the Class P and Class P-2 shares of Alger 35 Fund,
for the life of the applicable Funds, whereby it reimburses expenses to the extent Fund operating expenses, excluding advisory fees (and sub-transfer agency fees and shareholder service fees for Class P-2 shares of Alger 35 Fund) exceed 0.10%,
based on average daily net assets. The expense reimbursement arrangement does not include interest, taxes, brokerage, dividend expense on short sales, borrowing costs and extraordinary expenses. Fees waived for the Alger 25 Fund and Alger 35
Fund were $55,798 and $59,742, respectively, for the six months ended April 30, 2021.
In addition, Alger Management voluntarily reduced its 12b-1 fee effective April 1, 2019, for the Class B shares of the Alger Mid Cap Growth
Fund, Alger Small Cap Growth Fund and Alger International Focus Fund by $76,813, $24,214 and $97,661, respectively, for the six months ended April 30, 2021.
(b) Administration Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Fund Administration Agreement with Alger Management, are payable monthly and computed based on the average daily
net assets of each Fund at the annual rate of 0.0275%.
(c) Distribution Fees:
Class A Shares: The Trust has adopted a Plan of Distribution pursuant to which each Fund pays Fred
Alger & Company, LLC, the Funds’ distributor and an affiliate of Alger Management (the “Distributor” or “Alger LLC”), a fee at the annual rate of 0.25% of the respective average daily net assets of the Class A shares of the designated Fund
to compensate Alger LLC for its activities and expenses incurred in distributing the Class A shares and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.
- 155 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Class B Shares: The Trust has adopted a Plan of Distribution
pursuant to which Class B shares of each Fund issuing such shares reimburse Alger LLC for costs and expenses incurred by Alger LLC in connection with advertising, marketing and selling the Class B shares, and shareholder servicing, not to
exceed an annual rate of 1% of the respective average daily net assets of the Class B shares of the designated Fund. If in any month, the costs incurred by Alger LLC relating to the Class B shares are in excess of the distribution fees
charged to the Class B shares of the Fund, the excess may be carried forward, with interest, and sought to be reimbursed in future periods. As of April 30, 2021, such excess carried forward was
$11,932,120, $18,817,043 and $18,587,057 for Class B shares of Alger Mid Cap Growth Fund, Alger Small Cap Growth Fund and Alger International Focus Fund, respectively. Contingent deferred sales charges imposed on redemptions of Class B shares
will reduce the amount of distribution expenses for which reimbursement may be sought. See Note 3(d) below.
Class C Shares: The Trust has adopted a Distribution Plan pursuant to which Class C shares of each
Fund pays Alger LLC a fee at the annual rate of 1% of the respective average daily net assets of the Class C shares of the designated Fund to compensate Alger LLC for its activities and expenses incurred in distributing the Class C shares
and/or shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.
Class I Shares: The Trust has adopted a Distribution Plan pursuant to which Class I shares of each
Fund issuing such shares pays Alger LLC a fee at the annual rate of 0.25% of the average daily net assets of the Fund’s Class I shares to compensate Alger LLC for its activities and expenses incurred in distributing the Class I shares and/or
shareholder servicing. Fees paid may be more or less than the expenses incurred by Alger LLC.
(d) Sales Charges: Sales of shares of the Funds may be subject to contingent deferred sales charges. The contingent deferred sales charges are used by Alger LLC to offset distribution expenses previously
incurred. Sales charges do not represent expenses of the Trust. For the six months ended April 30, 2021, contingent deferred sales charges imposed, all of which were retained by Alger LLC, were as follows:
|
CONTINGENT
DEFERRED
SALES CHARGES
|
|
|
Alger Capital Appreciation Fund
|
8,670
|
|
Alger Growth & Income Fund
|
404
|
|
Alger Mid Cap Growth Fund
|
4,311
|
|
Alger Weatherbie Specialized Growth Fund
|
16,859
|
|
Alger Small Cap Growth Fund
|
17,985
|
|
Alger Small Cap Focus Fund
|
3,340
|
- 156 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
CONTINGENT
DEFERRED SALES
CHARGES
|
|
|
Alger International Focus Fund
|
367
|
|
Alger Health Sciences Fund
|
1,985
|
(e) Brokerage
Commissions: During the six months ended April 30, 2021, the Alger Capital Appreciation Fund, Alger 25 Fund, Alger 35 Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund
and Alger Health Sciences Fund paid Alger LLC, $171,349, $2,611, $4,161, $36,090, $117,783, $37,758, $248,528 and $21,242, respectively in connection with securities transactions.
(f) Shareholder Administrative Fees: The Trust has entered into a Shareholder Administrative Services Agreement with Alger Management to compensate Alger Management for liaising with, and providing
administrative oversight of, the Trust’s transfer agent, and for other related services. The Funds compensate Alger Management at the annual rate of 0.0165% of their respective average daily net assets for the Class A, Class B and Class C
shares and 0.01% of their respective average daily net assets of the Class I, Class P, Class P-2, Class Y and Class Z shares for these services.
Alger Management makes payments to intermediaries that provide sub-accounting services to omnibus accounts invested in the Funds. A portion of
the fees paid by Alger Management to intermediaries that provide sub-accounting services are charged back to the appropriate Fund, subject to certain limitations, as approved by the Board. For the six months ended April 30, 2021, Alger
Management charged back to Alger Capital Appreciation Fund, Alger Growth & Income Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Specialized Growth Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund,
Alger International Focus Fund and Alger Health Sciences Fund, $491,688,
$18,494, $25,754, $4,376, $90,615, $32,898, $461,993, $13,905 and $35,415, respectively, for these services, which are included in transfer
agent fees in the accompanying Statements of Operations.
(g) Trustee Fees: Each trustee who is not an “interested person” of the Trust, as defined in the Investment Company Act of 1940, as amended (“Independent Trustee”) receives a fee of $142,000 per annum, paid
pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term “Alger Fund Complex” refers to the Trust, The Alger Institutional Funds, The Alger Funds II, The Alger
Portfolios, Alger Global Focus Fund and The Alger ETF Trust, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $20,000
per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $13,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund
Complex.
Prior to January 1, 2021, each Independent Trustee received a fee of $134,000 per annum, paid pro rata based on net assets by each fund in the
Alger Fund Complex, plus travel expenses incurred for attending board meetings. The Independent Trustee appointed as Chairman of the Board received additional compensation of $20,000 per annum paid pro rata based on net assets by each fund in
the Alger Fund Complex. Additionally, each member of the Audit Committee received a fee of $13,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.
- 157 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(h) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or Weatherbie. For the six months ended April 30, 2021, these purchases and sales were
as follows:
|
Purchases
|
Sales
|
Realized gain
|
||||||||||
|
Alger 25 Fund
|
$
|
170,917
|
$
|
—
|
$
|
—
|
||||||
(i) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes with the exception of the Alger
International Focus Fund, which can only borrow 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 in the
Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund’s total assets, such Fund will secure all of its loans from other funds in the
Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight time deposit rate and bank loan rate available to the Funds. As of April 30, 2021, Alger Capital Appreciation Fund borrowed $5,851,508,
including interest, from Alger Small Cap Focus Fund at a rate of 1.06%, which was payable May 3, 2021.
During the six months ended April 30, 2021, the Alger Capital Appreciation Fund, Alger 25 Fund, Alger Growth & Income Fund, Alger Mid Cap
Growth Fund, and Alger Health Sciences Fund incurred interfund loan interest expenses of $12,810, $10, $27, $282 and
$136, respectively, and Alger Small Cap Focus Fund earned interfund loan interest income of $43,052, which are included in interest in the
accompanying Statements of Operations.
(j) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At April 30, 2021, Alger
Management and its affiliated entities owned the following shares:
|
|
SHARE CLASS
|
|||||
|
A
|
I
|
P
|
P-2
|
Y
|
Z
|
|
|
Alger Capital Appreciation Fund
|
73,980
|
—
|
—
|
—
|
—
|
32,186
|
|
Alger 25 Fund
|
—
|
—
|
—
|
—
|
—
|
260,385
|
|
Alger 35 Fund
|
—
|
—
|
890,902
|
11,388
|
—
|
—
|
|
Alger Growth & Income Fund
|
—
|
—
|
—
|
—
|
—
|
32,241
|
|
Alger Mid Cap Growth Fund
|
—
|
—
|
—
|
—
|
—
|
116,462
|
|
Alger Mid Cap Focus Fund
|
—
|
100,035
|
—
|
—
|
4,843
|
938,986
|
|
Alger Weatherbie Specialized Growth Fund
|
187,751
|
—
|
—
|
—
|
10,066
|
185
|
|
Alger Small Cap Growth Fund
|
71,040
|
—
|
—
|
—
|
—
|
88,731
|
|
Alger Small Cap Focus Fund
|
—
|
—
|
—
|
—
|
787
|
326,257
|
|
Alger International Focus Fund
|
—
|
—
|
—
|
—
|
—
|
63,226
|
- 158 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
SHARE CLASS
|
||||||
|
A
|
I
|
P |
P-2
|
Y
|
Z
|
|
|
Alger Health Sciences Fund
|
—
|
—
|
—
|
—
|
—
|
5,232
|
(k) Shareholder Servicing Fees: In connection with the shareholder servicing activities of Alger LLC in respect of the Alger 35 Fund’s Class P-2 Shares, the Trust has adopted a shareholder servicing
arrangement (the “Shareholder Servicing Plan”) on behalf of the Alger 35 Fund. The Shareholder Servicing Plan authorizes the Trust to pay Alger LLC, on behalf of Alger 35 Fund, a shareholder servicing fee computed at an annual rate of up to
0.08% of the average daily net assets allocable to the Class P-2 Shares, as the case may be, of the Alger 35 Fund, and such fee shall be charged only to that class. The fees paid may be more or less than the expenses incurred by the
Distributor.
|
NOTE 4 — Securities Transactions:
|
The following summarizes the securities transactions by each Fund, other than U.S. Government securities, short-term securities and forward foreign currency contracts, for the six months ended April 30, 2021:
|
PURCHASES
|
SALES
|
|||||||
|
Alger Capital Appreciation Fund
|
$
|
1,292,029,172
|
$
|
2,107,260,673
|
||||
|
Alger 25 Fund
|
11,207,577
|
11,860,538
|
||||||
|
Alger 35 Fund
|
14,545,356
|
12,627,789
|
||||||
|
Alger Growth & Income Fund
|
5,163,093
|
7,383,797
|
||||||
|
Alger Mid Cap Growth Fund
|
265,796,827
|
264,601,699
|
||||||
|
Alger Mid Cap Focus Fund
|
1,088,307,337
|
861,213,325
|
||||||
|
Alger Weatherbie Specialized Growth Fund
|
606,234,412
|
344,816,785
|
||||||
|
Alger Small Cap Growth Fund
|
296,559,831
|
127,318,144
|
||||||
|
Alger Small Cap Focus Fund
|
2,968,041,648
|
2,353,511,258
|
||||||
|
Alger International Focus Fund
|
85,816,235
|
79,970,469
|
||||||
|
Alger Health Sciences Fund
|
183,836,208
|
174,998,373
|
||||||
The following table summarizes each applicable Funds’ securities lending agreements by counterparty which are subject to rights of
offset as of April 30, 2021.
|
Alger Growth & Income Fund
|
||||||||||||||||
|
Counterparty
|
Securities
Loaned at
Value
|
Cash
Collateral
Received(a)
|
Fair Value
on Non-
Cash Collateral
Received
|
Net
Amount(b)
|
||||||||||||
|
Barclays Capital, Inc.
|
$
|
744,865
|
$
|
744,865
|
—
|
—
|
||||||||||
|
HSBC Bank PLC
|
534,750
|
534,750
|
—
|
—
|
||||||||||||
|
Total
|
$
|
1,279,615
|
$
|
1,279,615
|
—
|
—
|
||||||||||
(a) Collateral with a value of $1,306,695 has been received in
connection with securities lending agreements and excess collateral received from the individual counterparty is not shown for financial reporting purposes.
(b) The market value of loaned securities is determined as of
April 30, 2021. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.
- 159 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard
time period for settlements of securities transactions.
The market value of any securities on loan, all of which are classified as equity securities in each applicable Fund’s Schedule of Investments,
and the value of any related collateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value and collateral on securities loaned at value, respectively. As of April 30, 2021, any securities on
loan were collateralized by cash. The cash collateral invested by the securities lending agent, Brown Brothers Harriman & Co., if any, is disclosed in the Schedule of Investments.
|
NOTE 5 — Borrowing:
|
The Funds may borrow from the Brown Brothers Harriman & Co., the Funds' Custodian (the "Custodian") on an uncommitted basis. Each Fund pays
the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed taking into consideration relevant overnight and short-term reference rates, the range of distribution between and
among the interest rates paid on deposits to other institutions, less applicable commissions, if any. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(i). For the six months ended April 30, 2021, the
Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:
|
AVERAGE DAILY
BORROWING
|
WEIGHTED AVERAGE
INTEREST RATE
|
|||||||
|
Alger Capital Appreciation Fund
|
$
|
2,921,928
|
1.27
|
%
|
||||
|
Alger 25 Fund
|
20,561
|
2.52
|
||||||
|
Alger Growth & Income Fund
|
5,126
|
1.06
|
||||||
|
Alger Mid Cap Growth Fund
|
70,058
|
1.34
|
||||||
|
Alger International Focus Fund
|
39,717
|
2.11
|
||||||
|
Alger Health Sciences Fund
|
91,424
|
1.87
|
||||||
The highest amount borrowed from the Custodian and other funds during the six months ended April 30, 2021 by each Fund was as follows:
|
HIGHEST BORROWING
|
||||
|
Alger Capital Appreciation Fund
|
$
|
39,902,000
|
||
|
Alger 25 Fund
|
763,441
|
|||
|
Alger Growth & Income Fund
|
420,000
|
|||
|
Alger Mid Cap Growth Fund
|
4,076,338
|
|||
|
Alger International Focus Fund
|
1,834,879
|
|||
|
Alger Health Sciences Fund
|
3,262,529
|
|||
|
NOTE 6 — Share Capital:
|
The Trust has an unlimited number of authorized shares of beneficial interest of $.001 par value which are presently divided into eleven series.
Each series is divided into separate classes. During the period ended April 30, 2021 and the year ended October 31, 2020, transactions of shares of beneficial interest were as follows:
- 160 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|||||||||||||
|
Alger Capital Appreciation Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
3,338,600
|
$
|
113,398,071
|
7,180,370
|
$
|
211,280,486
|
||||||||||
|
Shares converted from Class B
|
—
|
—
|
24,727
|
668,188
|
||||||||||||
|
Shares converted from Class C
|
171,695
|
5,946,431
|
86,714
|
2,362,603
|
||||||||||||
|
Dividends reinvested
|
4,906,588
|
160,052,886
|
2,937,814
|
78,087,090
|
||||||||||||
|
Shares redeemed
|
(6,067,796
|
)
|
(211,217,632
|
)
|
(14,430,334
|
)
|
(419,690,482
|
)
|
||||||||
|
Net increase (decrease)
|
2,349,087
|
$
|
68,179,756
|
(4,200,709
|
)
|
$
|
(127,292,115
|
)
|
||||||||
|
Class B:*
|
||||||||||||||||
|
Shares sold
|
—
|
$
|
—
|
15,128
|
$
|
302,171
|
||||||||||
|
Shares converted to Class A
|
—
|
—
|
(33,469
|
)
|
(668,188
|
)
|
||||||||||
|
Dividends reinvested
|
—
|
—
|
41,410
|
807,917
|
||||||||||||
|
Shares redeemed
|
—
|
—
|
(457,984
|
)
|
(9,741,707
|
)
|
||||||||||
|
Net decrease
|
—
|
$
|
—
|
(434,915
|
)
|
$
|
(9,299,807
|
)
|
||||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
455,259
|
$
|
10,860,103
|
899,144
|
$
|
19,063,091
|
||||||||||
|
Shares converted to Class A
|
(248,101
|
)
|
(5,946,431
|
)
|
(117,059
|
)
|
(2,362,603
|
)
|
||||||||
|
Dividends reinvested
|
1,702,418
|
38,406,557
|
934,025
|
18,353,590
|
||||||||||||
|
Shares redeemed
|
(1,347,115
|
)
|
(32,127,134
|
)
|
(4,104,569
|
)
|
(90,979,418
|
)
|
||||||||
|
Net increase (decrease)
|
562,461
|
$
|
11,193,095
|
(2,388,459
|
)
|
$
|
(55,925,340
|
)
|
||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
5,431,383
|
$
|
195,683,078
|
11,841,043
|
$
|
364,289,219
|
||||||||||
|
Dividends reinvested
|
4,753,533
|
162,570,831
|
3,577,911
|
98,750,345
|
||||||||||||
|
Shares redeemed
|
(22,031,439
|
)
|
(835,711,155
|
)
|
(13,775,650
|
)
|
(416,349,095
|
)
|
||||||||
|
Net increase (decrease)
|
(11,846,523
|
)
|
$
|
(477,457,246
|
)
|
1,643,304
|
$
|
46,690,469
|
||||||||
|
|
||||||||||||||||
|
Alger 25 Fund**
|
||||||||||||||||
|
Class P-2:
|
||||||||||||||||
|
Shares sold
|
1,321
|
$
|
24,975
|
32,610
|
$
|
448,449
|
||||||||||
|
Shares converted to Class Z
|
(31,131
|
)
|
(563,291
|
)
|
—
|
—
|
||||||||||
|
Dividends reinvested
|
2,010
|
35,314
|
98
|
1,252
|
||||||||||||
|
Shares redeemed
|
(12,009
|
)
|
(212,776
|
)
|
(11,163
|
)
|
(143,979
|
)
|
||||||||
|
Net increase (decrease)
|
(39,809
|
)
|
$
|
(715,778
|
)
|
21,545
|
$
|
305,722
|
||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
42,781
|
$
|
768,292
|
193,007
|
$
|
2,433,323
|
||||||||||
|
Shares converted from Class P-2
|
31,131
|
563,291
|
—
|
—
|
||||||||||||
|
Dividends reinvested
|
70,110
|
1,228,325
|
10,217
|
130,985
|
||||||||||||
|
Shares redeemed
|
(51,794
|
)
|
(927,024
|
)
|
—
|
—
|
||||||||||
|
Net increase
|
92,228
|
$
|
1,632,884
|
203,224
|
$
|
2,564,308
|
||||||||||
- 161 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|||||||||||||
|
Alger 35 Fund
|
||||||||||||||||
|
Class P:
|
||||||||||||||||
|
Shares sold
|
192,476
|
$
|
3,393,452
|
28,618
|
$
|
350,000
|
||||||||||
|
Dividends reinvested
|
9,316
|
159,019
|
42
|
508
|
||||||||||||
|
Net increase
|
201,792
|
$
|
3,552,471
|
28,660
|
$
|
350,508
|
||||||||||
|
Class P-2:
|
||||||||||||||||
|
Shares sold
|
6,312
|
$
|
117,410
|
14,559
|
$
|
236,787
|
||||||||||
|
Dividends reinvested
|
1,273
|
21,760
|
—
|
—
|
||||||||||||
|
Shares redeemed
|
(1,850
|
)
|
(32,207
|
)
|
(9,868
|
)
|
(163,136
|
)
|
||||||||
|
Net increase
|
5,735
|
$
|
106,963
|
4,691
|
$
|
73,651
|
||||||||||
|
|
||||||||||||||||
|
Alger Growth & Income Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
77,576
|
$
|
4,004,278
|
166,028
|
$
|
7,230,027
|
||||||||||
|
Shares converted from Class C
|
7,605
|
393,411
|
5,418
|
230,594
|
||||||||||||
|
Dividends reinvested
|
28,424
|
1,404,493
|
79,229
|
3,448,814
|
||||||||||||
|
Shares redeemed
|
(101,765
|
)
|
(5,158,035
|
)
|
(278,890
|
)
|
(12,011,731
|
)
|
||||||||
|
Net increase (decrease)
|
11,840
|
$
|
644,147
|
(28,215
|
)
|
$
|
(1,102,296
|
)
|
||||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
20,057
|
$
|
991,965
|
52,246
|
$
|
2,232,137
|
||||||||||
|
Shares converted to Class A
|
(7,724
|
)
|
(393,411
|
)
|
(5,503
|
)
|
(230,594
|
)
|
||||||||
|
Dividends reinvested
|
4,606
|
223,482
|
14,947
|
643,564
|
||||||||||||
|
Shares redeemed
|
(32,424
|
)
|
(1,628,280
|
)
|
(106,117
|
)
|
(4,396,795
|
)
|
||||||||
|
Net decrease
|
(15,485
|
)
|
$
|
(806,244
|
)
|
(44,427
|
)
|
$
|
(1,751,688
|
)
|
||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
108,332
|
$
|
5,570,457
|
123,441
|
$
|
5,384,534
|
||||||||||
|
Dividends reinvested
|
9,200
|
455,278
|
28,083
|
1,221,091
|
||||||||||||
|
Shares redeemed
|
(91,808
|
)
|
(4,720,324
|
)
|
(276,987
|
)
|
(10,439,155
|
)
|
||||||||
|
Net increase (decrease)
|
25,724
|
$
|
1,305,411
|
(125,463
|
)
|
$
|
(3,833,530
|
)
|
||||||||
- 162 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
||||||||||||
|
Alger Mid Cap Growth Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
587,724
|
$
|
13,014,633
|
683,420
|
$
|
11,230,660
|
||||||||||
|
Shares converted from Class B
|
30,596
|
666,704
|
697,095
|
10,686,941
|
||||||||||||
|
Shares converted from Class C
|
13,175
|
308,974
|
5,184
|
80,661
|
||||||||||||
|
Dividends reinvested
|
919,277
|
19,139,352
|
718,109
|
10,161,234
|
||||||||||||
|
Shares redeemed
|
(815,085
|
)
|
(17,818,910
|
)
|
(1,774,141
|
)
|
(27,259,364
|
)
|
||||||||
|
Net increase
|
735,687
|
$
|
15,310,753
|
329,667
|
$
|
4,900,132
|
||||||||||
|
Class B:
|
||||||||||||||||
|
Shares sold
|
7,066
|
$
|
120,445
|
766,194
|
$
|
8,988,482
|
||||||||||
|
Shares converted to Class A
|
(41,005
|
)
|
(666,704
|
)
|
(901,373
|
)
|
(10,686,941
|
)
|
||||||||
|
Dividends reinvested
|
139,453
|
2,141,998
|
123,931
|
1,335,978
|
||||||||||||
|
Shares redeemed
|
(77,209
|
)
|
(1,252,393
|
)
|
(132,984
|
)
|
(1,542,833
|
)
|
||||||||
|
Net increase (decrease)
|
28,305
|
$
|
343,346
|
(144,232
|
)
|
$
|
(1,905,314
|
)
|
||||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
87,536
|
$
|
1,401,040
|
110,698
|
$
|
1,351,444
|
||||||||||
|
Shares converted to Class A
|
(18,412
|
)
|
(308,974
|
)
|
(6,962
|
)
|
(80,661
|
)
|
||||||||
|
Dividends reinvested
|
55,517
|
822,766
|
43,750
|
461,119
|
||||||||||||
|
Shares redeemed
|
(47,875
|
)
|
(763,112
|
)
|
(279,162
|
)
|
(3,292,499
|
)
|
||||||||
|
Net increase (decrease)
|
76,766
|
$
|
1,151,720
|
(131,676
|
)
|
$
|
(1,560,597
|
)
|
||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
651,817
|
$
|
14,438,557
|
383,063
|
$
|
6,586,907
|
||||||||||
|
Dividends reinvested
|
96,479
|
2,049,208
|
56,154
|
806,942
|
||||||||||||
|
Shares redeemed
|
(107,071
|
)
|
(2,390,945
|
)
|
(243,910
|
)
|
(3,731,436
|
)
|
||||||||
|
Net increase
|
641,225
|
$
|
14,096,820
|
195,307
|
$
|
3,662,413
|
||||||||||
|
Alger Mid Cap Focus Fund
|
||||||||||||||||
|
Class I:
|
||||||||||||||||
|
Shares sold
|
2,196,020
|
$
|
42,380,929
|
5,205,360
|
$
|
63,455,538
|
||||||||||
|
Dividends reinvested
|
68,847
|
1,263,336
|
—
|
—
|
||||||||||||
|
Shares redeemed
|
(938,418
|
)
|
(18,015,132
|
)
|
(923,353
|
)
|
(12,609,650
|
)
|
||||||||
|
Net increase
|
1,326,449
|
$
|
25,629,133
|
4,282,007
|
$
|
50,845,888
|
||||||||||
|
Class Y:***
|
||||||||||||||||
|
Shares sold
|
4,843
|
$
|
100,000
|
—
|
$
|
—
|
||||||||||
|
Net increase
|
4,843
|
$
|
100,000
|
—
|
$
|
—
|
||||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
13,955,352
|
$
|
274,774,973
|
18,710,358
|
$
|
255,789,347
|
||||||||||
|
Dividends reinvested
|
320,018
|
5,894,736
|
—
|
—
|
||||||||||||
|
Shares redeemed
|
(3,550,891
|
)
|
(69,357,310
|
)
|
(1,312,798
|
)
|
(18,447,018
|
)
|
||||||||
|
Net increase
|
10,724,479
|
$
|
211,312,399
|
17,397,560
|
$
|
237,342,329
|
||||||||||
- 163 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
||||||||||||
|
Alger Weatherbie Specialized Growth Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
1,856,491
|
$
|
39,243,434
|
4,404,952
|
$
|
68,046,713
|
||||||||||
|
Shares converted from Class C
|
60,528
|
1,357,035
|
52,158
|
747,539
|
||||||||||||
|
Dividends reinvested
|
438,351
|
8,823,989
|
393,895
|
5,475,142
|
||||||||||||
|
Shares redeemed
|
(1,806,736
|
)
|
(37,676,156
|
)
|
(5,400,289
|
)
|
(79,168,629
|
)
|
||||||||
|
Net increase (decrease)
|
548,634
|
$
|
11,748,302
|
(549,284
|
)
|
$
|
(4,899,235
|
)
|
||||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
1,240,128
|
$
|
17,194,578
|
1,895,581
|
$
|
18,949,256
|
||||||||||
|
Shares converted to Class A
|
(94,065
|
)
|
(1,357,035
|
)
|
(78,426
|
)
|
(747,539
|
)
|
||||||||
|
Dividends reinvested
|
412,371
|
5,331,953
|
290,701
|
2,683,170
|
||||||||||||
|
Shares redeemed
|
(631,737
|
)
|
(8,719,285
|
)
|
(1,491,233
|
)
|
(14,469,003
|
)
|
||||||||
|
Net increase
|
926,697
|
$
|
12,450,211
|
616,623
|
$
|
6,415,884
|
||||||||||
|
Class I:
|
||||||||||||||||
|
Shares sold
|
753,319
|
$
|
16,515,364
|
3,499,097
|
$
|
52,548,644
|
||||||||||
|
Dividends reinvested
|
127,810
|
2,646,953
|
139,279
|
1,988,908
|
||||||||||||
|
Shares redeemed
|
(1,507,345
|
)
|
(32,490,186
|
)
|
(4,238,615
|
)
|
(65,406,834
|
)
|
||||||||
|
Net decrease
|
(626,216
|
)
|
$
|
(13,327,869
|
)
|
(600,239
|
)
|
$
|
(10,869,282
|
)
|
||||||
|
Class Y:
|
||||||||||||||||
|
Shares sold
|
381,572
|
$
|
8,541,590
|
1,210,303
|
$
|
17,155,111
|
||||||||||
|
Dividends reinvested
|
45,583
|
957,251
|
22,542
|
325,051
|
||||||||||||
|
Shares redeemed
|
(190,540
|
)
|
(4,268,239
|
)
|
(370,845
|
)
|
(5,562,734
|
)
|
||||||||
|
Net increase
|
236,615
|
$
|
5,230,602
|
862,000
|
$
|
11,917,428
|
||||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
15,576,398
|
$
|
357,000,837
|
22,656,106
|
$
|
368,505,246
|
||||||||||
|
Dividends reinvested
|
1,449,362
|
31,335,211
|
759,385
|
11,261,680
|
||||||||||||
|
Shares redeemed
|
(5,575,238
|
)
|
(127,675,793
|
)
|
(10,331,118
|
)
|
(159,208,355
|
)
|
||||||||
|
Net increase
|
11,450,522
|
$
|
260,660,255
|
13,084,373
|
$
|
220,558,571
|
||||||||||
- 164 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
||||||||||||
|
Alger Small Cap Growth Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
3,117,146
|
$
|
48,384,641
|
4,331,791
|
$
|
48,331,960
|
||||||||||
|
Shares converted from Class B
|
5,145
|
76,073
|
191,239
|
1,931,695
|
||||||||||||
|
Shares converted from Class C
|
5,860
|
96,140
|
12,551
|
123,962
|
||||||||||||
|
Dividends reinvested
|
69,155
|
1,020,044
|
703,588
|
6,494,119
|
||||||||||||
|
Shares redeemed
|
(1,816,500
|
)
|
(27,489,940
|
)
|
(2,811,745
|
)
|
(29,568,530
|
)
|
||||||||
|
Net increase
|
1,380,806
|
$
|
22,086,958
|
2,427,424
|
$
|
27,313,206
|
||||||||||
|
Class B:
|
||||||||||||||||
|
Shares sold
|
11,886
|
$
|
132,647
|
180,405
|
$
|
1,256,084
|
||||||||||
|
Shares converted to Class A
|
(7,305
|
)
|
(76,073
|
)
|
(267,059
|
)
|
(1,931,695
|
)
|
||||||||
|
Dividends reinvested
|
3,844
|
39,897
|
53,607
|
348,979
|
||||||||||||
|
Shares redeemed
|
(49,208
|
)
|
(536,938
|
)
|
(64,535
|
)
|
(476,066
|
)
|
||||||||
|
Net decrease
|
(40,783
|
)
|
$
|
(440,467
|
)
|
(97,582
|
)
|
$
|
(802,698
|
)
|
||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
1,553,291
|
$
|
16,104,647
|
1,594,809
|
$
|
12,146,901
|
||||||||||
|
Shares converted to Class A
|
(8,780
|
)
|
(96,140
|
)
|
(18,581
|
)
|
(123,962
|
)
|
||||||||
|
Dividends reinvested
|
17,615
|
173,504
|
72,948
|
454,464
|
||||||||||||
|
Shares redeemed
|
(255,447
|
)
|
(2,695,834
|
)
|
(439,985
|
)
|
(3,067,814
|
)
|
||||||||
|
Net increase
|
1,306,679
|
$
|
13,486,177
|
1,209,191
|
$
|
9,409,589
|
||||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
11,082,296
|
$
|
178,412,557
|
13,634,150
|
$
|
160,892,760
|
||||||||||
|
Dividends reinvested
|
71,444
|
1,096,671
|
136,279
|
1,304,192
|
||||||||||||
|
Shares redeemed
|
(3,430,638
|
)
|
(55,988,979
|
)
|
(2,343,101
|
)
|
(26,604,569
|
)
|
||||||||
|
Net increase
|
7,723,102
|
$
|
123,520,249
|
11,427,328
|
$
|
135,592,383
|
||||||||||
- 165 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
||||||||||||
|
Alger Small Cap Focus Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
1,873,439
|
$
|
59,421,352
|
5,208,591
|
$
|
117,294,890
|
||||||||||
|
Shares converted from Class C
|
8,767
|
308,103
|
2,966
|
67,602
|
||||||||||||
|
Dividends reinvested
|
—
|
—
|
535,855
|
11,038,609
|
||||||||||||
|
Shares redeemed
|
(3,003,549
|
)
|
(93,014,608
|
)
|
(10,396,362
|
)
|
(218,897,878
|
)
|
||||||||
|
Net decrease
|
(1,121,343
|
)
|
$
|
(33,285,153
|
)
|
(4,648,950
|
)
|
$
|
(90,496,777
|
)
|
||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
298,101
|
$
|
8,361,530
|
854,346
|
$
|
17,176,073
|
||||||||||
|
Shares converted to Class A
|
(9,844
|
)
|
(308,103
|
)
|
(3,312
|
)
|
(67,602
|
)
|
||||||||
|
Dividends reinvested
|
—
|
—
|
213,864
|
3,956,482
|
||||||||||||
|
Shares redeemed
|
(688,943
|
)
|
(19,525,978
|
)
|
(2,357,386
|
)
|
(45,373,121
|
)
|
||||||||
|
Net decrease
|
(400,686
|
)
|
$
|
(11,472,551
|
)
|
(1,292,488
|
)
|
$
|
(24,308,168
|
)
|
||||||
|
Class I:
|
||||||||||||||||
|
Shares sold
|
3,822,854
|
$
|
123,922,967
|
11,716,100
|
$
|
270,460,844
|
||||||||||
|
Dividends reinvested
|
—
|
—
|
497,619
|
10,524,647
|
||||||||||||
|
Shares redeemed
|
(3,475,110
|
)
|
(109,478,419
|
)
|
(21,124,546
|
)
|
(507,666,465
|
)
|
||||||||
|
Net increase (decrease)
|
347,744
|
$
|
14,444,548
|
(8,910,827
|
)
|
$
|
(226,680,974
|
)
|
||||||||
|
Class Y:
|
||||||||||||||||
|
Shares sold
|
3,746,963
|
$
|
122,646,730
|
8,822,105
|
$
|
207,222,610
|
||||||||||
|
Dividends reinvested
|
—
|
—
|
133,682
|
2,868,815
|
||||||||||||
|
Shares redeemed
|
(2,077,847
|
)
|
(67,012,701
|
)
|
(3,784,003
|
)
|
(89,917,556
|
)
|
||||||||
|
Net increase
|
1,669,116
|
$
|
55,634,029
|
5,171,784
|
$
|
120,173,869
|
||||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
53,967,235
|
$
|
1,782,362,655
|
91,276,709
|
$
|
2,183,836,177
|
||||||||||
|
Dividends reinvested
|
—
|
—
|
2,555,372
|
54,838,281
|
||||||||||||
|
Shares redeemed
|
(25,842,487
|
)
|
(851,852,705
|
)
|
(47,965,380
|
)
|
(1,093,715,206
|
)
|
||||||||
|
Net increase
|
28,124,748
|
$
|
930,509,950
|
45,866,701
|
$
|
1,144,959,252
|
||||||||||
- 166 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
||||||||||||
|
Alger International Focus Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
181,635
|
$
|
4,072,094
|
289,777
|
$
|
4,740,621
|
||||||||||
|
Shares converted from Class B
|
8,276
|
180,758
|
442,500
|
7,095,292
|
||||||||||||
|
Shares converted from Class C
|
8,384
|
196,435
|
2,852
|
45,483
|
||||||||||||
|
Dividends reinvested
|
—
|
—
|
249,682
|
3,957,495
|
||||||||||||
|
Shares redeemed
|
(270,821
|
)
|
(6,003,655
|
)
|
(1,013,866
|
)
|
(16,405,429
|
)
|
||||||||
|
Net decrease
|
(72,526
|
)
|
$
|
(1,554,368
|
)
|
(29,055
|
)
|
$
|
(566,538
|
)
|
||||||
|
Class B:
|
||||||||||||||||
|
Shares sold
|
21,757
|
$
|
376,159
|
430,047
|
$
|
6,099,558
|
||||||||||
|
Shares converted to Class A
|
(9,541
|
)
|
(180,758
|
)
|
(510,496
|
)
|
(7,095,292
|
)
|
||||||||
|
Dividends reinvested
|
—
|
—
|
48,677
|
667,850
|
||||||||||||
|
Shares redeemed
|
(66,148
|
)
|
(1,287,046
|
)
|
(143,024
|
)
|
(1,989,352
|
)
|
||||||||
|
Net decrease
|
(53,932
|
)
|
$
|
(1,091,645
|
)
|
(174,796
|
)
|
$
|
(2,317,236
|
)
|
||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
43,018
|
$
|
799,992
|
17,191
|
$
|
234,371
|
||||||||||
|
Shares converted to Class A
|
(10,006
|
)
|
(196,435
|
)
|
(3,383
|
)
|
(45,483
|
)
|
||||||||
|
Dividends reinvested
|
—
|
—
|
8,313
|
111,390
|
||||||||||||
|
Shares redeemed
|
(11,713
|
)
|
(218,797
|
)
|
(120,921
|
)
|
(1,705,693
|
)
|
||||||||
|
Net increase (decrease)
|
21,299
|
$
|
384,760
|
(98,800
|
)
|
$
|
(1,405,415
|
)
|
||||||||
|
Class I:
|
||||||||||||||||
|
Shares sold
|
13,840
|
$
|
321,196
|
9,635
|
$
|
142,072
|
||||||||||
|
Dividends reinvested
|
—
|
—
|
2,417
|
38,342
|
||||||||||||
|
Shares redeemed
|
(18,754
|
)
|
(402,860
|
)
|
(40,160
|
)
|
(639,872
|
)
|
||||||||
|
Net decrease
|
(4,914
|
)
|
$
|
(81,664
|
)
|
(28,108
|
)
|
$
|
(459,458
|
)
|
||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
476,592
|
$
|
10,653,351
|
258,994
|
$
|
4,789,619
|
||||||||||
|
Dividends reinvested
|
—
|
—
|
35,504
|
567,345
|
||||||||||||
|
Shares redeemed
|
(57,650
|
)
|
(1,270,716
|
)
|
(484,662
|
)
|
(6,975,611
|
)
|
||||||||
|
Net increase (decrease)
|
418,942
|
$
|
9,382,635
|
(190,164
|
)
|
$
|
(1,618,647
|
)
|
||||||||
- 167 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FOR THE SIX MONTHS ENDED
APRIL 30, 2021
|
FOR THE YEAR ENDED
OCTOBER 31, 2020
|
|||||||||||||||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
||||||||||||
|
Alger Health Sciences Fund
|
||||||||||||||||
|
Class A:
|
||||||||||||||||
|
Shares sold
|
441,793
|
$
|
14,632,727
|
854,557
|
$
|
24,745,630
|
||||||||||
|
Shares converted from Class C
|
5,163
|
178,698
|
7,001
|
187,283
|
||||||||||||
|
Dividends reinvested
|
417,349
|
13,167,374
|
248,077
|
6,740,256
|
||||||||||||
|
Shares redeemed
|
(610,179
|
)
|
(20,154,862
|
)
|
(1,151,412
|
)
|
(32,912,494
|
)
|
||||||||
|
Net increase (decrease)
|
254,126
|
$
|
7,823,937
|
(41,777
|
)
|
$
|
(1,239,325
|
)
|
||||||||
|
Class C:
|
||||||||||||||||
|
Shares sold
|
111,037
|
$
|
2,638,465
|
153,760
|
$
|
3,349,184
|
||||||||||
|
Shares converted to Class A
|
(7,205
|
)
|
(178,698
|
)
|
(9,237
|
)
|
(187,283
|
)
|
||||||||
|
Dividends reinvested
|
82,622
|
1,869,733
|
43,515
|
889,878
|
||||||||||||
|
Shares redeemed
|
(77,757
|
)
|
(1,842,089
|
)
|
(224,816
|
)
|
(4,738,890
|
)
|
||||||||
|
Net increase (decrease)
|
108,697
|
$
|
2,487,411
|
(36,778
|
)
|
$
|
(687,111
|
)
|
||||||||
|
Class Z:
|
||||||||||||||||
|
Shares sold
|
1,681,079
|
$
|
56,156,584
|
4,814,272
|
$
|
133,968,058
|
||||||||||
|
Dividends reinvested
|
490,804
|
15,627,187
|
201,739
|
5,507,481
|
||||||||||||
|
Shares redeemed
|
(1,300,860
|
)
|
(42,450,567
|
)
|
(3,803,485
|
)
|
(114,672,656
|
)
|
||||||||
|
Net increase
|
871,023
|
$
|
29,333,204
|
1,212,526
|
$
|
24,802,883
|
||||||||||
| * |
Class B Shares of Alger Capital Appreciation Fund were closed on June 1, 2020.
|
| ** |
On March 1, 2021, Class P-2 Shares of Alger 25 Fund were converted into Class P Shares of the Fund. Immediately thereafter, Class P Shares of
Alger 25 Fund were reclassified as Class Z Shares.
|
| *** |
Inception date February 26, 2021.
|
|
NOTE 7 — Income Tax Information:
|
At October 31, 2020, Alger Small Cap Focus Fund and Alger International Focus Fund, for federal income tax purposes, had capital loss carryforwards of $58,079,170 and
$13,431,827, respectively.
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds will not be subject to expiration.
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, nondeductible expenses on dividends sold short, the tax treatment of partnership investments, the realization of unrealized appreciation of
passive foreign investment companies, and return of capital from real estate investment trust investments.
|
NOTE 8 — Fair Value Measurements:
|
The following is a summary of the inputs used as of April 30, 2021 in valuing the
Funds’ investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.
- 168 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger Capital Appreciation Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
430,817,708
|
$
|
430,817,708
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
686,684,095
|
640,055,201
|
43,534,378
|
3,094,516
|
||||||||||||
|
Consumer Staples
|
39,345,877
|
39,345,877
|
—
|
—
|
||||||||||||
|
Financials
|
113,916,004
|
113,916,004
|
—
|
—
|
||||||||||||
|
Healthcare
|
248,156,626
|
248,156,626
|
—
|
—
|
||||||||||||
|
Industrials
|
165,974,835
|
165,974,835
|
—
|
—
|
||||||||||||
|
Information Technology
|
1,439,017,945
|
1,439,017,945
|
—
|
—
|
||||||||||||
|
Materials
|
36,771,826
|
36,771,826
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
3,160,684,916
|
$
|
3,114,056,022
|
$
|
43,534,378
|
$
|
3,094,516
|
||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
7,057,268
|
7,057,268
|
—
|
—
|
||||||||||||
|
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
|
Information Technology
|
2,775,000
|
—
|
—
|
2,775,000
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
3,170,517,184
|
$
|
3,121,113,290
|
$
|
43,534,378
|
$
|
5,869,516
|
||||||||
|
Alger 25 Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
3,749,430
|
$
|
3,749,430
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
4,799,854
|
4,799,854
|
—
|
—
|
||||||||||||
|
Consumer Staples
|
434,335
|
434,335
|
—
|
—
|
||||||||||||
|
Financials
|
1,130,179
|
1,130,179
|
—
|
—
|
||||||||||||
|
Healthcare
|
2,911,616
|
2,911,616
|
—
|
—
|
||||||||||||
|
Industrials
|
1,145,408
|
1,145,408
|
—
|
—
|
||||||||||||
|
Information Technology
|
12,446,872
|
12,446,872
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
26,617,694
|
$
|
26,617,694
|
$
|
—
|
$
|
—
|
||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
26,617,694
|
$
|
26,617,694
|
$
|
—
|
$
|
—
|
||||||||
|
Alger 35 Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
2,885,098
|
$
|
2,885,098
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
3,289,157
|
3,289,157
|
—
|
—
|
||||||||||||
|
Consumer Staples
|
706,644
|
706,644
|
—
|
—
|
||||||||||||
|
Financials
|
539,072
|
539,072
|
—
|
—
|
||||||||||||
|
Healthcare
|
2,651,003
|
2,651,003
|
—
|
—
|
||||||||||||
|
Industrials
|
1,118,110
|
1,118,110
|
—
|
—
|
||||||||||||
|
Information Technology
|
8,147,394
|
8,147,394
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
19,336,478
|
$
|
19,336,478
|
$
|
—
|
$
|
—
|
||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
370,455
|
370,455
|
—
|
—
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
19,706,933
|
$
|
19,706,933
|
$
|
—
|
$
|
—
|
||||||||
- 169 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger Growth & Income Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
18,304,753
|
$
|
18,304,753
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
11,088,421
|
11,088,421
|
—
|
—
|
||||||||||||
|
Consumer Staples
|
9,517,099
|
9,517,099
|
—
|
—
|
||||||||||||
|
Energy
|
3,696,350
|
3,696,350
|
—
|
—
|
||||||||||||
|
Financials
|
19,828,724
|
19,828,724
|
—
|
—
|
||||||||||||
|
Healthcare
|
18,021,779
|
18,021,779
|
—
|
—
|
||||||||||||
|
Industrials
|
8,825,789
|
8,825,789
|
—
|
—
|
||||||||||||
|
Information Technology
|
35,708,292
|
35,708,292
|
—
|
—
|
||||||||||||
|
Materials
|
2,531,694
|
2,531,694
|
—
|
—
|
||||||||||||
|
Utilities
|
1,731,534
|
1,731,534
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
129,254,435
|
$
|
129,254,435
|
$
|
—
|
$
|
—
|
||||||||
|
MASTER LIMITED PARTNERSHIP
|
||||||||||||||||
|
Energy
|
726,053
|
726,053
|
—
|
—
|
||||||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Financials
|
1,095,693
|
1,095,693
|
—
|
—
|
||||||||||||
|
Real Estate
|
6,130,977
|
6,130,977
|
—
|
—
|
||||||||||||
|
TOTAL REAL ESTATE INVESTMENT TRUST
|
$
|
7,226,670
|
$
|
7,226,670
|
$
|
—
|
$
|
—
|
||||||||
|
SHORT—TERM INVESTMENTS
|
||||||||||||||||
|
Money Market Fund
|
1,306,695
|
1,306,695
|
—
|
—
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
138,513,853
|
$
|
138,513,853
|
$
|
—
|
$
|
—
|
||||||||
|
Alger Mid Cap Growth Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
25,103,202
|
$
|
25,103,202
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
59,039,875
|
54,441,312
|
4,598,563
|
—
|
||||||||||||
|
Consumer Staples
|
4,028,129
|
4,028,129
|
—
|
—
|
||||||||||||
|
Financials
|
6,914,565
|
6,914,565
|
—
|
—
|
||||||||||||
|
Healthcare
|
62,013,224
|
62,013,224
|
—
|
—
|
||||||||||||
|
Industrials
|
34,326,179
|
34,326,179
|
—
|
—
|
||||||||||||
|
Information Technology
|
96,162,798
|
96,162,798
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
287,587,972
|
$
|
282,989,409
|
$
|
4,598,563
|
$
|
—
|
||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
32,942
|
—
|
—
|
32,942
|
||||||||||||
|
WARRANTS
|
||||||||||||||||
|
Healthcare
|
4,952,737
|
—
|
4,952,737
|
—
|
||||||||||||
|
RIGHTS
|
||||||||||||||||
|
Healthcare
|
491,755
|
—
|
—
|
491,755
|
||||||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
10,241,733
|
10,241,733
|
—
|
—
|
||||||||||||
|
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
|
Information Technology
|
1,675,000
|
—
|
—
|
1,675,000
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
304,982,139
|
$
|
293,231,142
|
$
|
9,551,300
|
$
|
2,199,697
|
||||||||
- 170 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger Mid Cap Focus Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
25,832,776
|
$
|
25,832,776
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
135,879,103
|
135,879,103
|
—
|
—
|
||||||||||||
|
Consumer Staples
|
22,811,517
|
22,811,517
|
—
|
—
|
||||||||||||
|
Energy
|
14,406,660
|
14,406,660
|
—
|
—
|
||||||||||||
|
Financials
|
32,837,964
|
32,837,964
|
—
|
—
|
||||||||||||
|
Healthcare
|
122,560,620
|
122,560,620
|
—
|
—
|
||||||||||||
|
Industrials
|
130,644,280
|
130,644,280
|
—
|
—
|
||||||||||||
|
Information Technology
|
223,119,953
|
223,119,953
|
—
|
—
|
||||||||||||
|
Materials
|
9,496,236
|
9,496,236
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
717,589,109
|
$
|
717,589,109
|
$
|
—
|
$
|
—
|
||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
9,881,027
|
9,881,027
|
—
|
—
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
727,470,136
|
$
|
727,470,136
|
$
|
—
|
$
|
—
|
||||||||
|
Alger Weatherbie Specialized Growth Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Consumer Discretionary
|
$
|
210,714,022
|
$
|
210,714,022
|
$
|
—
|
$
|
—
|
||||||||
|
Energy
|
36,974,527
|
36,974,527
|
—
|
—
|
||||||||||||
|
Financials
|
287,539,707
|
287,539,707
|
—
|
—
|
||||||||||||
|
Healthcare
|
464,796,923
|
464,796,923
|
—
|
—
|
||||||||||||
|
Industrials
|
120,897,671
|
120,897,671
|
—
|
—
|
||||||||||||
|
Information Technology
|
285,670,669
|
285,670,669
|
—
|
—
|
||||||||||||
|
Real Estate
|
88,345,125
|
88,345,125
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
1,494,938,644
|
$
|
1,494,938,644
|
$
|
—
|
$
|
—
|
||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
34,721
|
$
|
—
|
—
|
34,721
|
|||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
1,494,973,365
|
$
|
1,494,938,644
|
$
|
—
|
$
|
34,721
|
||||||||
- 171 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger Small Cap Growth Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
44,252,838
|
$
|
44,252,838
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
97,372,904
|
97,372,904
|
—
|
—
|
||||||||||||
|
Consumer Staples
|
18,805,289
|
18,805,289
|
—
|
—
|
||||||||||||
|
Energy
|
6,758,128
|
6,758,128
|
—
|
—
|
||||||||||||
|
Financials
|
12,195,867
|
12,195,867
|
—
|
—
|
||||||||||||
|
Healthcare
|
236,913,696
|
236,913,696
|
—
|
—
|
||||||||||||
|
Industrials
|
29,883,753
|
29,883,753
|
—
|
—
|
||||||||||||
|
Information Technology
|
168,078,121
|
168,078,121
|
—
|
—
|
||||||||||||
|
Materials
|
13,021,839
|
13,021,839
|
—
|
—
|
||||||||||||
|
Real Estate
|
477,516
|
477,516
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
627,759,951
|
$
|
627,759,951
|
$
|
—
|
$
|
—
|
||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
7,603
|
—
|
—
|
7,603
|
||||||||||||
|
RIGHTS
|
||||||||||||||||
|
Healthcare
|
145,663
|
—
|
—
|
145,663
|
||||||||||||
|
REAL ESTATE INVESTMENT TRUST
|
||||||||||||||||
|
Real Estate
|
6,960,613
|
6,960,613
|
—
|
—
|
||||||||||||
|
SPECIAL PURPOSE VEHICLE
|
||||||||||||||||
|
Information Technology
|
2,275,000
|
—
|
—
|
2,275,000
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
637,148,830
|
$
|
634,720,564
|
$
|
—
|
$
|
2,428,266
|
||||||||
|
Alger Small Cap Focus Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
149,096,911
|
$
|
149,096,911
|
$
|
—
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
745,211,720
|
745,211,720
|
—
|
—
|
||||||||||||
|
Consumer Staples
|
115,749,439
|
115,749,439
|
—
|
—
|
||||||||||||
|
Energy
|
76,674,062
|
76,674,062
|
—
|
—
|
||||||||||||
|
Financials
|
64,547,507
|
64,547,507
|
—
|
—
|
||||||||||||
|
Healthcare
|
4,091,480,046
|
4,091,480,046
|
—
|
—
|
||||||||||||
|
Industrials
|
557,852,575
|
557,852,575
|
—
|
—
|
||||||||||||
|
Information Technology
|
2,021,927,886
|
2,021,927,886
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
7,822,540,146
|
$
|
7,822,540,146
|
$
|
—
|
$
|
—
|
||||||||
|
RIGHTS
|
||||||||||||||||
|
Healthcare
|
9,922
|
—
|
—
|
9,922
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
7,822,550,068
|
$
|
7,822,540,146
|
$
|
—
|
$
|
9,922
|
||||||||
- 172 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger International Focus Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Communication Services
|
$
|
4,211,909
|
$
|
—
|
$
|
4,211,909
|
$
|
—
|
||||||||
|
Consumer Discretionary
|
43,116,145
|
14,441,769
|
28,674,376
|
—
|
||||||||||||
|
Consumer Staples
|
7,866,794
|
—
|
7,866,794
|
—
|
||||||||||||
|
Energy
|
4,363,204
|
—
|
4,363,204
|
—
|
||||||||||||
|
Financials
|
22,993,864
|
4,694,704
|
18,299,160
|
—
|
||||||||||||
|
Healthcare
|
16,681,324
|
5,769,719
|
10,911,605
|
—
|
||||||||||||
|
Industrials
|
41,913,583
|
—
|
41,913,583
|
—
|
||||||||||||
|
Information Technology
|
43,104,900
|
7,952,111
|
35,152,789
|
—
|
||||||||||||
|
Materials
|
8,115,529
|
—
|
8,115,529
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
192,367,252
|
$
|
32,858,303
|
$
|
159,508,949
|
$
|
—
|
||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
192,367,252
|
$
|
32,858,303
|
$
|
159,508,949
|
$
|
—
|
||||||||
|
FINANCIAL DERIVATIVE INSTRUMENTS - LIABILITIES
|
||||||||||||||||
|
Forward Foreign Currency Contracts
|
$
|
(2,522
|
)
|
$
|
—
|
$
|
(2,522
|
)
|
$
|
—
|
||||||
|
Alger Health Sciences Fund
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
|
COMMON STOCKS
|
||||||||||||||||
|
Healthcare
|
$
|
309,444,358
|
$
|
303,811,275
|
$
|
5,633,083
|
$
|
—
|
||||||||
|
Information Technology
|
3,320,039
|
3,320,039
|
—
|
—
|
||||||||||||
|
TOTAL COMMON STOCKS
|
$
|
312,764,397
|
$
|
307,131,314
|
$
|
5,633,083
|
$
|
—
|
||||||||
|
PREFERRED STOCKS
|
||||||||||||||||
|
Healthcare
|
134,605
|
—
|
—
|
134,605
|
||||||||||||
|
WARRANTS
|
||||||||||||||||
|
Healthcare
|
5,423,102
|
—
|
5,423,102
|
—
|
||||||||||||
|
RIGHTS
|
||||||||||||||||
|
Healthcare
|
1,630,960
|
—
|
—
|
1,630,960
|
||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
|
$
|
319,953,064
|
$
|
307,131,314
|
$
|
11,056,185
|
$
|
1,765,565
|
||||||||
- 173 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Capital Appreciation Fund
|
Common Stocks
|
|||
|
Opening balance at November 1, 2020
|
$
|
5,734,338
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(2,639,822
|
)
|
||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
3,094,516
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
(2,639,822
|
)
|
||
|
Alger Capital Appreciation Fund
|
Special Purpose
Vehicle
|
|||
|
Opening balance at November 1, 2020
|
$
|
2,775,000
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
2,775,000
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
- 174 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Mid Cap Growth Fund
|
Preferred Stocks
|
|||
|
Opening balance at November 1, 2020
|
$
|
32,942
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
32,942
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
|
Alger Mid Cap Growth Fund
|
Rights
|
|||
|
Opening balance at November 1, 2020
|
$
|
407,141
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
84,614
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
491,755
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
84,614
|
|||
|
Alger Mid Cap Growth Fund
|
Special Purpose
Vehicle
|
|||
|
Opening balance at November 1, 2020
|
$
|
1,200,000
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
475,000
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
1,675,000
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
- 175 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Weatherbie Specialized Growth Fund
|
Preferred Stocks
|
|||
|
Opening balance at November 1, 2020
|
$
|
34,721
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
34,721
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Small Cap Growth Fund
|
Preferred Stocks
|
|||
|
Opening balance at November 1, 2020
|
$
|
7,603
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
7,603
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
- 176 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Small Cap Growth Fund
|
Rights
|
|||
|
Opening balance at November 1, 2020
|
$
|
120,600
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
25,063
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
145,663
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
25,063
|
|||
|
Alger Small Cap Growth Fund
|
Special Purpose
Vehicle
|
|||
|
Opening balance at November 1, 2020
|
$
|
1,800,000
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
475,000
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
2,275,000
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
- 177 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Small Cap Focus Fund
|
Rights
|
|||
|
Opening balance at November 1, 2020
|
$
|
8,214
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
1,708
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
9,922
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
1,708
|
|||
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Health Sciences Fund
|
Preferred Stocks
|
|||
|
Opening balance at November 1, 2020
|
$
|
134,605
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
—
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
134,605
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
—
|
|||
- 178 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
||||
|
Alger Health Sciences Fund
|
Rights
|
|||
|
Opening balance at November 1, 2020
|
$
|
1,350,327
|
||
|
Transfers into Level 3
|
—
|
|||
|
Transfers out of Level 3
|
—
|
|||
|
Total gains or losses
|
||||
|
Included in net realized gain (loss) on investments
|
—
|
|||
|
Included in net change in unrealized appreciation (depreciation) on investments
|
280,633
|
|||
|
Purchases and sales
|
||||
|
Purchases
|
—
|
|||
|
Sales
|
—
|
|||
|
Closing balance at April 30, 2021
|
1,630,960
|
|||
|
Net change in unrealized appreciation (depreciation) attributable to investments still held at April 30, 2021*
|
280,633
|
|||
* Net change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation)
on investments in the accompanying statement of operations.
The following table provides quantitative information about each Fund’s Level 3 fair value measurements of the Funds’ investments
as of April 30, 2021. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to the Funds’ fair value measurements.
|
Fair Value
April 30, 2021
|
Valuation
Methodology
|
Unobservable
Input
|
Input/Range
|
Weighted
Average Inputs
|
||||||||||
|
Alger Capital Appreciation Fund
|
||||||||||||||
|
Common Stocks
|
$
|
3,094,516
|
Income
Approach
|
Discount Rate
|
1.00%-3.40
|
%
|
N/A
|
|||||||
|
Special Purpose Vehicle
|
2,775,000
|
Cost Approach
|
Priced at Cost
|
N/A
|
N/A
|
|||||||||
|
Alger Mid Cap Growth Fund
|
||||||||||||||
|
Preferred Stocks
|
$
|
32,942
|
Income
Approach
|
Discount Rate
|
72.50%-77.50
|
%
|
N/A
|
|||||||
|
Rights
|
491,755
|
Income Approach
|
Discount Rate
|
3.40%-5.12
|
%
|
N/A
|
||||||||
|
|
Probability of Success
|
0.00-100.00
|
%
|
N/A
|
||||||||||
|
Special Purpose Vehicle
|
1,675,000
|
Cost Approach
|
Priced at Cost
|
N/A
|
N/A
|
|||||||||
|
Alger Weatherbie Specialized Growth Fund
|
||||||||||||||
|
Preferred Stocks
|
$
|
34,721
|
Income
Approach
|
Discount Rate
|
72.50%-77.50
|
%
|
N/A
|
|||||||
- 179 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Fair Value
April 30, 2021
|
Valuation
Methodology
|
Unobservable
Input
|
Input/Range
|
Weighted
Average Inputs
|
||||||||||
|
Alger Small Cap Growth Fund
|
||||||||||||||
|
Preferred Stocks
|
$
|
7,603
|
Income
Approach
|
Discount Rate
|
72.50%-77.50
|
%
|
N/A
|
|||||||
|
Rights
|
145,663
|
Income Approach
|
Discount Rate
|
3.40%-5.12
|
%
|
N/A
|
||||||||
|
|
Probability of Success
|
0.00-100.00
|
%
|
N/A
|
||||||||||
|
Special Purpose Vehicle
|
2,275,000
|
Cost Approach
|
Priced at Cost
|
N/A
|
N/A
|
|||||||||
|
Alger Small Cap Focus Fund
|
||||||||||||||
|
Rights
|
$
|
9,922
|
Income
Approach
|
Discount Rate
|
3.40%-5.12
|
%
|
N/A
|
|||||||
|
Probability of Success
|
0.00-100.00
|
%
|
N/A
|
|||||||||||
|
Alger Health Sciences Fund
|
||||||||||||||
|
Preferred Stocks
|
$
|
134,605
|
Income
Approach
|
Discount Rate
|
72.50%-77.50
|
%
|
N/A
|
|||||||
|
Rights
|
1,630,960
|
Income Approach
|
Discount Rate
|
3.40%-5.12
|
%
|
N/A
|
||||||||
|
Probability of Success
|
0.00-100.00
|
%
|
N/A
|
|||||||||||
The significant unobservable inputs used in the fair value measurement of the Fund’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 these inputs would have resulted in significantly higher or lower fair value
measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value
measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.
Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for
financial statements purposes. As of April 30, 2021, such assets were categorized within the ASC 820 disclosure hierarchy as follows:
- 180 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
|
Cash, Foreign Cash and Cash Equivalents:
|
||||||||||||||||
|
Alger Capital Appreciation Fund
|
||||||||||||||||
|
Bank overdraft
|
$
|
(54,449
|
)
|
$
|
–
|
$
|
(54,449
|
)
|
$
|
–
|
||||||
|
Alger 25 Fund
|
373,989
|
–
|
373,989
|
–
|
||||||||||||
|
Alger 35 Fund
|
31,191
|
–
|
31,191
|
–
|
||||||||||||
|
Alger Growth & Income Fund
|
2,522,426
|
–
|
2,522,426
|
–
|
||||||||||||
|
Collateral on securities loaned
|
1,306,695
|
–
|
1,306,695
|
–
|
||||||||||||
|
Alger Mid Cap Growth Fund
|
2,601,215
|
–
|
2,601,215
|
–
|
||||||||||||
|
Alger Mid Cap Focus Fund
|
19,829,204
|
–
|
19,829,204
|
–
|
||||||||||||
|
Alger Weatherbie Specialized Growth Fund
|
35,180,426
|
–
|
35,180,426
|
–
|
||||||||||||
|
Alger Small Cap Growth Fund
|
26,211,661
|
–
|
26,211,661
|
–
|
||||||||||||
|
Alger Small Cap Focus Fund
|
535,840,161
|
–
|
535,840,161
|
–
|
||||||||||||
|
Alger International Focus Fund
|
7,150,284
|
–
|
7,150,284
|
–
|
||||||||||||
|
Alger Health Sciences Fund
|
4,778,031
|
–
|
4,778,031
|
–
|
||||||||||||
|
NOTE 9 — Derivatives:
|
FASB Accounting Standards Codification 815 – Derivatives and Hedging (“ASC 815”) requires qualitative disclosures about objectives and
strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.
Options—The Funds seek to capture the majority of the returns associated with equity market investments. To meet this investment goal, the Funds
invest in a broadly diversified portfolio of common stocks, the Funds may also buy and sell call and put options on equities and equity indexes. The Funds may also purchase call options to increase their exposure to the stock market and also
provide diversification of risk. The Funds may also purchase put options in order to protect from significant market declines that may occur over a short period of time. The Funds may also write covered call and cash secured put options to
generate cash flows while reducing the volatility of the Funds’ portfolios. The cash flows may be an important source of the Funds’ returns, although written call options may reduce the Funds’ ability to profit from increases in the value of
the underlying security or equity portfolio. The value of a call option generally increases as the price of the underlying stock increases and decreases as the stock decreases in price. Conversely, the value of a put option generally increases
as the price of the underlying stock decreases and decreases as the stock increases in price. The combination of the diversified stock portfolio and the purchase and sale of options is intended to provide the Funds with the majority of the
returns associated with equity market investments but with reduced volatility and returns that are augmented with the cash flows from the sale of options.
The Funds’ option contracts were not subject to any rights of offset with any counterparty. All of the Funds’ options were exchange traded which
utilize a clearinghouse that acts as an intermediary between buyer and seller, receiving initial and maintenance margin from both, and guaranteeing performance of the option contract.
- 181 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Forward Foreign Currency Contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds
may enter into forward foreign currency contracts. Additionally, each Fund may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or
offsetting such contracts and the related realized and unrealized foreign exchange gains and losses are included in the Statements of Operations. In the event that counterparties fail to settle these currency contracts or the related foreign
security trades, a Fund could be exposed to foreign currency fluctuations.
|
ASSET DERIVATIVES 2021
|
LIABILITY DERIVATIVES 2021
|
||||||||||||
|
Alger International Focus Fund
|
|||||||||||||
|
Derivatives not accounted for
as hedging instruments
|
Balance Sheet
Location
|
Fair Value
|
Balance Sheet
Location
|
Fair Value
|
|||||||||
|
Forward Foreign Currency Contracts
|
–
|
$
|
–
|
Unrealized depreciation
on forward foreign
currency contracts
|
$
|
(2,522
|
)
|
||||||
|
Total
|
–
|
$
|
–
|
$
|
(2,522
|
)
|
|||||||
For the six months ended April 30, 2021, the average notional amount of forward
foreign currency contracts outstanding for Alger International Focus Fund was $396,208 based on market value. Forward foreign currency contracts were held during 1 month of the period. The effect of derivative instruments on the accompanying
Statement of Operations for the six months ended April 30, 2021, is as follows:
|
NET CHANGE IN UNREALIZED DEPRECIATION ON DERIVATIVES
|
||||
|
Alger International Focus Fund
|
||||
|
Derivatives not accounted for as hedging instruments
|
||||
|
Forward Foreign Currency Contracts
|
$
|
(2,522
|
)
|
|
|
Total
|
$
|
(2,522
|
)
|
|
The Funds’ Forward Foreign Currency Contracts were not subject to any right of offset with any Counterparty.
|
NOTE 10 — Principal Risks:
|
Alger Capital Appreciation Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in
Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be
worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other
public health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and
conditions and may be more vulnerable to unfavorable sector developments. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
- 182 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger 25 Fund — Investing in the stock market involves certain risks, including the potential loss of principal. Your investment in Fund shares
represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than
what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks tend to be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be
more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions
and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Foreign securities involve special risks including currency risk and risks related to political, social, or economic conditions. The Fund is classified as a “non-diversified fund” under federal securities laws because it can
invest in fewer individual companies than a diversified fund. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified
portfolio.
Alger 35 Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in Fund shares
represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth less than
what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public health
issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may be more
sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and
may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. The Fund is classified as a “non-diversified fund” under federal
securities laws because it can invest in fewer individual companies than a diversified fund. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event
than a more diversified portfolio. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
- 183 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Growth & Income Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in
Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be
worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other
public health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and
conditions and may be more vulnerable to unfavorable sector developments. Income-producing securities may cut or fail to declare dividends due to market downturns or for other reasons.
Alger Mid Cap Growth Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in Fund
shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth
less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public
health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may
be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and
conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage
commissions, and taxes, which can lower the return on investment.
- 184 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Mid Cap Focus Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in Fund
shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth
less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public
health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may
be more sensitive to market, political, and economic developments. Investing in companies of medium capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited
liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets may be invested
in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. The Fund is classified as a “non-diversified
fund” under federal securities laws because it can invest in fewer individual companies than a diversified fund. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability,
and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment.
Alger Weatherbie Specialized Growth Fund — Investing in the stock market involves risks, including the potential loss of principal. Your
investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in
time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as
COVID-19 or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their
companies’ earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political,
or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involve the risk that such issuers may have limited product lines or financial resources,
lack management depth, or have limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Foreign
securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
- 185 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Small Cap Growth Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in Fund
shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth
less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public
health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may
be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and
conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility.
Alger Small Cap Focus Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in Fund
shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth
less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public
health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may
be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and
conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have
limited liquidity. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio.
Alger International Focus Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in
Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be
worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other
public health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings
and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and
conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more
diversified portfolio. Foreign securities and Emerging Markets involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Investing in companies of small
capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Active trading may increase transaction costs, brokerage commissions, and taxes, which
can lower the return on investment.
- 186 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Alger Health Sciences Fund — Investing in the stock market involves risks, including the potential loss of principal. Your investment in Fund
shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Your Fund shares at any point in time may be worth
less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness such as COVID-19 or other public
health issues, recessions, or other events could have a significant impact on the Fund and its investments. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies’ earnings and may
be more sensitive to market, political, and economic developments. A significant portion of assets will be invested in healthcare companies, which may be significantly affected by competition, innovation, regulation, and product obsolescence,
and may be more volatile than the securities of other companies. Investing in companies of small capitalizations involve the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited
liquidity. Private placements are offerings of a company’s securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign
securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. Active trading may increase transaction costs, brokerage commissions, and taxes, which can
lower the return on investment.
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 emerging markets include
increased volatility, limited liquidity, and less stringent regulatory and legal systems.
|
NOTE 11 — Affiliated Securities:
|
The issuers of the securities listed below are deemed to be affiliates of the Funds because the Funds or their affiliates owned 5% or more of
the issuer’s voting securities during all or part of the period ended April 30, 2021. Information regarding the Funds’ holdings of such securities is set forth in the following table:
- 187 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Net Change
|
||||||||||||||||||||||||||||
|
Value at
|
Dividend/
|
in
|
Value at
|
|||||||||||||||||||||||||
|
Security
|
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Interest
Income
|
Realized
Gain (Loss)
|
Unrealized
App(Dep)
|
April 30,
2021
|
|||||||||||||||||||||
|
Alger Capital Appreciation Fund
|
||||||||||||||||||||||||||||
|
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
$
|
2,775,000
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
2,775,000
|
||||||||||||||
|
Total
|
$
|
2,775,000
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
2,775,000
|
||||||||||||||
|
Net Change
|
||||||||||||||||||||||||||||
|
Value at
|
Dividend/
|
in
|
Value at
|
|||||||||||||||||||||||||
|
Security
|
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Interest
Income
|
Realized
Gain (Loss)
|
Unrealized
App(Dep)
|
April 30,
2021
|
|||||||||||||||||||||
|
Alger Mid Cap Growth Fund
|
||||||||||||||||||||||||||||
|
Preferred Stocks
|
||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D
|
$
|
32,942
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
32,942
|
||||||||||||||
|
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
1,200,000
|
–
|
–
|
–
|
–
|
–
|
1,200,000
|
|||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. B
|
–
|
475,000
|
–
|
–
|
–
|
–
|
475,000
|
|||||||||||||||||||||
|
Total
|
$
|
1,232,942
|
$
|
475,000
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
1,707,942
|
||||||||||||||
|
Net Change
|
||||||||||||||||||||||||||||
|
Value at
|
Dividend/
|
in
|
Value at
|
|||||||||||||||||||||||||
|
Security
|
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Interest
Income
|
Realized
Gain (Loss)
|
Unrealized
App(Dep)
|
April 30,
2021
|
|||||||||||||||||||||
|
Alger Weatherbie Specialized Growth Fund
|
||||||||||||||||||||||||||||
|
Preferred Stocks
|
||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D
|
$
|
34,721
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
34,721
|
||||||||||||||
|
Total
|
$
|
34,721
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
34,721
|
||||||||||||||
|
Net Change
|
||||||||||||||||||||||||||||
|
Value at
|
Dividend/
|
in
|
Value at
|
|||||||||||||||||||||||||
|
Security
|
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Interest
Income
|
Realized
Gain (Loss)
|
Unrealized
App(Dep)
|
April 30,
2021
|
|||||||||||||||||||||
|
Alger Small Cap Growth Fund
|
||||||||||||||||||||||||||||
|
Preferred Stocks
|
||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D
|
$
|
7,603
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
7,603
|
||||||||||||||
|
Special Purpose Vehicle
|
||||||||||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. A
|
1,800,000
|
–
|
–
|
–
|
–
|
–
|
1,800,000
|
|||||||||||||||||||||
|
Crosslink Ventures Capital LLC, Cl. B
|
–
|
475,000
|
–
|
–
|
–
|
–
|
475,000
|
|||||||||||||||||||||
|
Total
|
$
|
1,807,603
|
$
|
475,000
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
2,282,603
|
||||||||||||||
- 188 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Net Change
|
||||||||||||||||||||||||||||
|
Value at
|
Dividend/
|
in
|
Value at
|
|||||||||||||||||||||||||
|
Security
|
October 31,
2020
|
Purchases/
Conversion
|
Sales/
Conversion
|
Interest
Income
|
Realized
Gain (Loss)
|
Unrealized
App(Dep)
|
April 30,
2021
|
|||||||||||||||||||||
|
Alger Health Sciences Fund
|
||||||||||||||||||||||||||||
|
Preferred Stocks
|
||||||||||||||||||||||||||||
|
Prosetta Biosciences, Inc., Series D
|
$
|
134,605
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
134,605
|
||||||||||||||
|
Total
|
$
|
134,605
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
134,605
|
||||||||||||||
|
NOTE 12 — Subsequent Events:
|
Management of each Fund has evaluated events that have occurred subsequent to April 30, 2021, through the issuance date of the Financial
Statements. The following items were noted which require recognition and/or disclosure:
The Board approved a Plan of Reorganizations dated as of February 11, 2021 (the “Plan”), adopted with respect to Alger 25 Fund and Alger 35
Fund. The Plan provides for the transfer of the Alger 25 Fund’s assets to the Alger 35 Fund in a tax-free exchange for shares of the Alger 35 Fund and the assumption by the Alger 35 Fund of the Alger 25 Fund’s stated liabilities, the
distribution of such shares of the Alger 35 Fund to Alger 25 Fund shareholders and the subsequent termination of the Alger 25 Fund (the “Reorganization”). Because the Reorganization satisfies the requisite conditions of Rule 17a-8 under the
Investment Company Act of 1940, as amended, in accordance with the Trust’s Amended and Restated Agreement and Declaration of Trust, and applicable Massachusetts state and U.S. federal law (including Rule 17a-8), the Reorganization may be
effected without the approval of shareholders of either fund. The Reorganization became effective after the close of business on May 7, 2021.
After the close of business on May 7, 2021, Alger 35 Fund acquired substantially all of the assets and liabilities of Alger 25 Fund in exchange
for Class P shares of Alger 35 Fund (which were reclassified, upon completion of the Reorganization, Class Z shares), which were distributed to Alger 25 Fund’s shareholders. The investment portfolio of Alger 25 Fund, with a fair value of
$25,885,380 and identified cost of $17,519,227 as of the date of the Reorganization, was the principal asset acquired by Alger 35 Fund. The acquisition was accomplished by a tax-free exchange of 1,536,300 shares of Alger 25 Fund, valued at
$26,249,571 for 1,429,347 shares of Alger 35 Fund. The net assets of Alger 25 Fund and Alger 35 Fund immediately before the acquisition were $26,249,571 (including $8,366,153 of net unrealized appreciation) and $18,981,690, respectively. The
combined net assets of Alger 35 Fund immediately following the acquisition were $45,231,261. For financial reporting purposes, assets received and shares issued by Alger 35 Fund were recorded at fair value; however the cost basis of the
investments received from Alger 25 Fund was carried forward to align ongoing reporting of the Alger 35 Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Alger Management and/or its affiliates paid the expenses directly relating to the Reorganization. Assuming the acquisition had been completed on
November 1, 2020, Alger 35 Fund’s pro-forma results of operations for the year ended April 30, 2021, are as follows:
- 189 -
THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Net investment loss
|
$
|
(9,181
|
)
|
|
|
Net realized and unrealized gain on investments in securities
|
9,393,195
|
|||
|
Net increase in net assets resulting from operations
|
$
|
9,384,014
|
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not
practicable to separate the amounts of changes in revenue and earnings attributable to Alger 25 Fund that have been included in Alger 35 Fund’s Statement of Operations since May 7, 2021.
- 190 -
|
Shareholder Expense Example
|
As a shareholder of the Fund, you incur two types of costs: transaction costs, if applicable, including sales charges (loads) and redemption
fees; and ongoing costs, including management fees, distribution (12b-1) fees, if applicable, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds.
The example below is based on an investment of $1,000 invested at the beginning of the six-month period starting November 1, 2020 and ending
April 30, 2021 and held for the entire period.
|
Actual Expenses
|
The first line for each class of shares in the table below provides information about actual account values and actual expenses. You may use the
information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended April 30, 2021” to estimate the expenses you paid on your account during this period.
|
Hypothetical Example for Comparison Purposes
|
The second line for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses
based on the actual expense ratio for each class of the Fund’s shares and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such
as sales charges (loads) and redemption fees. Therefore, the second line under each class of shares in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been higher.
- 191 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Beginning
Account
Value
November 1, 2020
|
Ending
Account
Value
April 30, 2021
|
Expenses
Paid During
the Six Months
Ended
April 30, 2021(a)
|
Annualized
Expense Ratio
For the
Six Months
Ended
April 30, 2021(b)
|
||||||||||||||
|
Alger Capital Appreciation Fund
|
|||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,150.80
|
$
|
6.19
|
1.16
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.04
|
5.81
|
1.16
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,200.20
|
10.37
|
1.90
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,015.37
|
9.49
|
1.90
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,216.50
|
4.56
|
0.83
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.68
|
4.16
|
0.83
|
|||||||||||||
|
Alger 25 Fund
|
|
||||||||||||||||
|
Class Z(d)
|
Actual
|
1,000.00
|
1,233.90
|
2.49
|
0.45
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,022.56
|
2.26
|
0.45
|
|||||||||||||
|
Alger 35 Fund
|
|
||||||||||||||||
|
Class P
|
Actual
|
$
|
1,000.00
|
$
|
1,289.90
|
$
|
2.33
|
0.41
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,022.76
|
2.06
|
0.41
|
|||||||||||||
|
Class P-2
|
Actual
|
1,000.00
|
1,290.00
|
3.18
|
0.56
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,022.02
|
2.81
|
0.56
|
|||||||||||||
|
Alger Growth & Income Fund
|
|
||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,226.30
|
$
|
5.41
|
0.98
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.93
|
4.91
|
0.98
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,279.30
|
9.78
|
1.73
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,016.22
|
8.65
|
1.73
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,296.30
|
3.76
|
0.66
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,021.52
|
3.31
|
0.66
|
|||||||||||||
|
Alger Mid Cap Growth Fund
|
|
||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,221.30
|
$
|
6.72
|
1.22
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,018.74
|
6.11
|
1.22
|
|||||||||||||
|
Class B
|
Actual
|
1,000.00
|
1,241.20
|
5.95
|
1.07
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.49
|
5.36
|
1.07
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,273.90
|
11.33
|
2.01
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,014.83
|
10.04
|
2.01
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,291.30
|
5.23
|
0.92
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.23
|
4.61
|
0.92
|
|||||||||||||
- 192 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Beginning
Account
Value
November 1, 2020
|
Ending
Account
Value
April 30, 2021
|
Expenses
Paid During
the Six Months
Ended
April 30, 2021(a)
|
Annualized
Expense Ratio
For the
Six Months
Ended
April 30, 2021(b)
|
||||||||||||||
|
Alger Mid Cap Focus Fund
|
|||||||||||||||||
|
Class I
|
Actual
|
$
|
1,000.00
|
$
|
1,348.60
|
$
|
5.59
|
0.96
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.03
|
4.81
|
0.96
|
|||||||||||||
|
Class Y
|
Actual(e),(f)
|
1,000.00
|
976.30
|
1.18
|
0.69
|
||||||||||||
|
Hypothetical(e),(f)
|
1,000.00
|
1,007.44
|
1.20
|
0.69
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,350.10
|
4.02
|
0.69
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,021.37
|
3.46
|
0.69
|
|||||||||||||
|
Alger Weatherbie Specialized Growth Fund
|
|||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,275.30
|
$
|
6.77
|
1.20
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,018.84
|
6.01
|
1.20
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,331.20
|
11.33
|
1.96
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,015.08
|
9.79
|
1.96
|
|||||||||||||
|
Class I
|
Actual
|
1,000.00
|
1,346.40
|
6.98
|
1.20
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,018.84
|
6.01
|
1.20
|
|||||||||||||
|
Class Y
|
Actual
|
1,000.00
|
1,349.20
|
5.01
|
0.86
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.53
|
4.31
|
0.86
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,348.80
|
5.18
|
0.89
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.38
|
4.46
|
0.89
|
|||||||||||||
|
Alger Small Cap Growth Fund
|
|||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,211.90
|
$
|
6.75
|
1.23
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,018.70
|
6.16
|
1.23
|
|||||||||||||
|
Class B
|
Actual
|
1,000.00
|
1,230.20
|
6.30
|
1.14
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.14
|
5.71
|
1.14
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,264.60
|
11.17
|
1.99
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,014.93
|
9.94
|
1.99
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,280.50
|
5.26
|
0.93
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.18
|
4.66
|
0.93
|
|||||||||||||
|
Alger Small Cap Focus Fund
|
|||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,163.40
|
$
|
6.33
|
1.18
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,018.94
|
5.91
|
1.18
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,213.10
|
10.43
|
1.90
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,015.37
|
9.49
|
1.90
|
|||||||||||||
|
Class I
|
Actual
|
1,000.00
|
1,228.00
|
6.35
|
1.15
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.09
|
5.76
|
1.15
|
|||||||||||||
|
Class Y
|
Actual
|
1,000.00
|
1,229.80
|
4.59
|
0.83
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.68
|
4.16
|
0.83
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,229.50
|
4.59
|
0.83
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.68
|
4.16
|
0.83
|
|||||||||||||
- 193 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Beginning
Account
Value
November 1, 2020
|
Ending
Account
Value
April 30, 2021
|
Expenses
Paid During
the Six Months
Ended
April 30, 2021(a)
|
Annualized
Expense Ratio
For the
Six Months
Ended
April 30, 2021(b)
|
||||||||||||||
|
Alger International Focus Fund
|
|||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,147.20
|
$
|
6.60
|
1.24
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,018.65
|
6.21
|
1.24
|
|||||||||||||
|
Class B
|
Actual
|
1,000.00
|
1,161.20
|
5.52
|
1.03
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.69
|
5.16
|
1.03
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,195.40
|
10.89
|
2.00
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,014.88
|
9.99
|
2.00
|
|||||||||||||
|
Class I
|
Actual
|
1,000.00
|
1,211.00
|
6.25
|
1.14
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.14
|
5.71
|
1.14
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,212.70
|
4.83
|
0.88
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,020.43
|
4.41
|
0.88
|
|||||||||||||
|
Alger Health Sciences Fund
|
|||||||||||||||||
|
Class A
|
Actual
|
$
|
1,000.00
|
$
|
1,111.90
|
$
|
5.29
|
1.01
|
%
|
||||||||
|
Hypothetical(c)
|
1,000.00
|
1,019.79
|
5.06
|
1.01
|
|||||||||||||
|
Class C
|
Actual
|
1,000.00
|
1,158.80
|
9.47
|
1.77
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,016.02
|
8.85
|
1.77
|
|||||||||||||
|
Class Z
|
Actual
|
1,000.00
|
1,175.50
|
3.72
|
0.69
|
||||||||||||
|
Hypothetical(c)
|
1,000.00
|
1,021.37
|
3.46
|
0.69
|
|||||||||||||
(a) Expenses are equal to the annualized expense ratio of the
respective share class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
(b) Annualized.
(c) 5% annual return before expenses.
(d) The Class P-2 Shares were converted into Class P Shares and
renamed Class Z Shares on March 1, 2021.
(e) For the period from February 26, 2021 to April 30,2021.
(f) Beginning account value February 26, 2021.
- 194 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Privacy Policy
|
|
|
U.S. Consumer Privacy Notice
|
Rev. 6/22/21
|
|
FACTS
|
WHAT DOES ALGER DO WITH YOUR PERSONAL INFORMATION?
|
|||
|
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law
also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
|||
|
What?
|
The types of personal information we collect and share depend on the product or service you have with us.
This information can include:
• Social Security number and
• Account balances and
• Transaction history and
• Purchase history and
• Assets
When you are no longer our customer, we continue to share your information as described in this notice.
|
|||
|
How?
|
All financial companies need to share personal information to run their everyday business. In the section below, we list the reasons
financial companies can share personal information; the reasons Alger chooses to share; and whether you can limit this sharing.
|
|
Reasons we can share your personal
information
|
Does
Alger share?
|
Can you limit
this sharing?
|
|||
|
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to
court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|||
|
For our marketing purposes — to offer our products and services to you
|
Yes
|
No
|
|||
|
For joint marketing with other financial
companies
|
No
|
We don’t share
|
|||
|
For our affiliates’ everyday business purposes — information about your transactions and experiences
|
Yes
|
No
|
|||
|
For our affiliates’ everyday business purposes — information about your creditworthiness
|
No
|
We don’t share
|
|||
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
|||
|
Questions? Call 1-800-223-3810
|
- 195 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Who we are
|
||||
|
Who is providing this notice?
|
Alger includes Fred Alger Management, LLC and Fred Alger & Company, LLC as well as the following funds: The Alger Funds, The Alger
Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Focus Fund and The Alger ETF Trust.
|
|
What we do
|
||||
|
How does Alger protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer
safeguards and secured files and buildings.
|
|||
|
How does Alger collect my personal information?
|
We collect your personal information, for example, when you:
• Open an account or
• Make deposits or withdrawals from your account or
• Give us your contact information or
• Provide account information or
• Pay us by check.
|
|||
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit some but not all sharing related to:
• sharing for affiliates’ everyday business purposes ─
information about your credit worthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
|
Definitions
|
||||
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
• Our affiliates include Fred Alger Management, LLC,
Weatherbie Capital, LLC and Fred Alger & Company, LLC as well as the following funds: The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Focus Fund and The Alger ETF Trust.
|
|||
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
|
|||
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
|
- 196 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Proxy Voting Policies
|
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities and the proxy
voting record is available, without charge, by calling (800) 992-3863 or online on the Funds’ website at http://www.alger.com or on the SEC’s website at http://www.sec.gov.
|
Proxy Voting Results
|
A special meeting of shareholders of Alger 25 Fund was held on October 30, 2020. The purpose of the meeting was to seek shareholder approval of
the following proposal: For shareholders of the Alger 25 Fund, to approve an amendment to the investment advisory agreement between Alger Management and the Trust, on behalf of the Alger 25 Fund, that removes the Alger 25 Fund’s fulcrum fee
structure and implements an advisory fee of 0.45% of average daily net assets of the Alger 25 Fund (“Proposal 1”).
A special meeting of shareholders of Alger 35 Fund was held on October 30, 2020, and adjourned to December 18, 2020. The purpose of the meeting
was to seek shareholder approval of the following proposal: For shareholders of the Alger 35 Fund, to approve an amendment to the investment advisory agreement between Alger Management and the Trust, on behalf of the Alger 35 Fund, that removes
the Alger 35 Fund’s fulcrum fee structure and implements an advisory fee of 0.45% of average daily net assets of the Alger 35 Fund (“Proposal 2”).
Shareholders approved Proposal 1 and Proposal 2 with voting results as follows:
|
Number of Votes
|
Percent of Votes
|
||||
|
Proposal 1
|
For
|
1,287,181.635
|
100%
|
||
|
Against
|
0
|
0%
|
|||
|
Abstain
|
0
|
0%
|
|||
|
Total
|
1,287,181.635
|
100%
|
|||
|
Proposal 2
|
For
|
533,096.825
|
64.81%
|
||
|
Against
|
289,456.549
|
35.19%
|
|||
|
Abstain
|
0
|
0%
|
|||
|
Total
|
822,553.374
|
100%
|
Effective November 1, 2020, the advisory fee for the Alger 25 Fund became 0.45% of average daily net assets of the Alger 25 Fund. With respect
to the Alger 35 Fund, the advisory fee for the fiscal year ending October 31, 2021 is the lesser of (i) 0.45% of average daily net assets of the Alger 35 Fund; and (ii) the fulcrum fee of a minimum of 0.30% if performance matches or falls below
the return of the S&P 500 Index, and a maximum of 0.80% if performance exceeds the S&P 500 Index. The advisory fee of 0.45% will become effective on November 1, 2021.
- 197 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Fund Holdings
|
The Board 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 Investment 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 file their complete schedules of portfolio holdings with the SEC semi-annually in shareholder reports on Form N-CSR and after the
first and third fiscal quarters as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-CSR and N-PORT are available online on the SEC’s website at www.sec.gov.
In addition, the Funds make publicly available their month-end top 10 holdings (top 5 holdings with respect to Alger 25 Fund and Alger 35 Fund)
with a 10 day lag and their month-end full portfolios with a 60 day lag on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service
centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.
In accordance with the foregoing, the Funds provide portfolio holdings information to third parties including financial intermediaries and
service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an
agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Funds will communicate with these third parties to confirm that they understand
the Funds’ policies and procedures regarding such disclosure. This agreement must be approved by the Trust’s Chief Compliance Officer.
The Board 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 Investment Manager may make additional statistical information
available regarding the Alger Family of Funds. Such information may include, but not be limited to, relative weightings and characteristics of the Fund versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard
deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month- end top ten contributors to and detractors from performance, portfolio turnover,
and other similar information. Shareholders should visit www.alger.com or may also contact the Funds at (800) 992-3863 to obtain such information.
- 198 -
THE ALGER FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
|
Liquidity Risk Management Program
|
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Rule”), the Trust established a liquidity risk
management program (the “LRMP”) in December 2018 and the Board, including a majority of the Independent Trustees, appointed the Investment Manager as the administrator of the LRMP. The Board, including a majority of the Independent Trustees,
formally approved the LRMP in May of 2019. The Investment Manager administers the LRMP through a Liquidity Risk Committee (the “Committee”) that is chaired by the Investment Manager’s Chief Compliance Officer, who also serves as the Trust’s
Chief Compliance Officer. The Board also approved an agreement with Intercontinental Exchange (“ICE”), a third-party vendor that assists the Funds with liquidity classifications required by the Rule. The Committee is responsible for assessing
the liquidity risk of the Funds, subject to the oversight of the Investment Manager. The Committee reviews daily investment classification reports, and meets quarterly to continuously monitor the Funds’ liquidity risk and the liquidity of the
Funds’ underlying holdings. The Committee also performs stress testing on the Funds’ portfolios periodically throughout the year, and reports the results at the next Committee meeting.
The Board met on December 18, 2020 to review the LRMP pursuant to the Rule and at such meeting the Trust’s Chief Compliance Officer, on behalf
of the Investment Manager as the administrator of the LRMP, provided the Board with a report that addressed the operation of the LRMP and assessed its adequacy and effectiveness during the past year (the “Report”). The Report covered the period
from December 1, 2019 through November 30, 2020 (the “Review Period”).
The Report stated that the Committee assessed each Fund’s liquidity risk by considering qualitative factors such as the Fund’s investment
strategy, holdings, diversification of investments, redemption policies, cash flows, cash levels, shareholder concentration, and access to borrowings, among others, in conjunction with the quantitative classifications generated by ICE. In
addition, in connection with the review of the Funds’ liquidity risks and the operation of the LRMP and the adequacy and effectiveness of its implementation, the Committee also evaluated the levels at which to set the reasonably anticipated
trade size and market price impact. The Report described the process for determining that each Fund primarily holds investments that are highly liquid (i.e. greater than 50% of the Fund’s portfolio is invested in highly liquid securities) under
the Rule. The Report also stated that the Committee concluded that, when evaluating the effects of the COVID-19 pandemic, and given the nature of the Funds’ underlying investments as well as each Fund’s historical redemption rate, each Fund’s
reasonably anticipated trade size (RATS) percentage and market price impact remained appropriate.
The Report concluded that, during the Review Period, the Trust’s LRMP operated effectively, is adequate and effectively implemented, that no
material changes to the LRMP were made during the Review Period, and none were being recommended.
- 199 -
|
THE ALGER FUNDS
|
360 Park Avenue South
New York, NY 10010
(800) 992-3863
www.alger.com
|
Investment Manager
|
Fred Alger Management, LLC
360 Park Avenue South
New York, NY 10010
|
Distributor
|
Fred Alger & Company, LLC
360 Park Avenue South
New York, NY 10010
|
Transfer Agent and Dividend Disbursing Agent
|
UMB Fund Services, Inc.
235 W. Galena Street
Milwaukee, WI 53212
|
Custodian
|
Brown Brothers Harriman & Company
50 Post Office Square
Boston, MA 02110
|
Independent Registered Public Accounting Firm
|
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, NY 10112
This report is submitted for the general information of the shareholders of The Alger Funds. It is not authorized for distribution to
prospective investors unless accompanied by an effective Prospectus for the Trust, which contains information concerning the Trust’s investment policies, fees and expenses as well as other pertinent information.
- 200 -
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(This page has been intentionally left blank.)
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(This page has been intentionally left blank.)
 |
Inspired by Change, Driven by Growth.
|
| 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. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
|
Not applicable.
| ITEM 13. |
EXHIBITS.
|
(a) (1) Not applicable
(a) (3) Not applicable
(a) (4) Not applicable
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.
|
The Alger Funds
|
|
|
By:
|
/s/Hal Liebes
|
|
Hal Liebes
|
|
|
President
|
|
Date: June 21, 2021
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 21, 2021
|
|
|
By:
|
/s/Michael D. Martins
|
|
Michael D. Martins
|
|
|
Treasurer
|
|
|
Date: June 21, 2021
|
|