NPORT-P
    false
    
      
      
        
          0000003521
          XXXXXXXX
        
      
      
      
      
        S000009161
        C000024906
        C000111113
        C000024908
      
      
      
    
  
  
    
      Alger Funds
      811-01355
      0000003521
      549300GSR7CWA7IW4H72
      360 Park Avenue South
      NULL
      New York
      
      10010
      212-806-8833
      Alger Growth & Income Fund
      S000009161
      549300Z3IBVWQ2ZWSQ23
      2021-10-31
      2021-07-31
      N
    
    
      152339723.04
      453613.92
      151886109.12
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      4287513.03000000
      
        
      
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        GENERAL MOTORS CO
        54930070NSV60J38I987
        GENERAL MOTORS CO 0.00000000
        37045V100
        
          
        
        5440.00000000
        NS
        USD
        309209.60000000
        0.203579907202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DOW INC
        5493003S21INSLK2IP73
        DOW INC 0.00000000
        260557103
        
          
        
        8651.00000000
        NS
        USD
        537746.16000000
        0.354045648489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROCTER & GAMBLE CO/THE
        2572IBTT8CCZW6AU4141
        PROCTER & GAMBLE CO/THE 0.00000000
        742718109
        
          
        
        16518.00000000
        NS
        USD
        2349355.14000000
        1.546787361669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AT&T INC
        549300Z40J86GGSTL398
        AT&T INC 0.00000000
        00206R102
        
          
        
        31054.00000000
        NS
        USD
        871064.70000000
        0.573498593812
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMGEN INC
        62QBXGPJ34PQ72Z12S66
        AMGEN INC 0.00000000
        031162100
        
          
        
        2814.00000000
        NS
        USD
        679693.56000000
        0.447502121120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ABBVIE INC
        FR5LCKFTG8054YNNRU85
        ABBVIE INC 0.00000000
        00287Y109
        
          
        
        19027.00000000
        NS
        USD
        2212840.10000000
        1.456907489974
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLE INC
        HWUPKR0MPOU8FGXBT394
        APPLE INC 0.00000000
        037833100
        
          
        
        82465.00000000
        NS
        USD
        12028344.90000000
        7.919318606349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHENIERE ENERGY PARTNERS LP
        N/A
        CHENIERE ENERGY PARTNERS LP 0.00000000
        16411Q101
        
          
        
        17250.00000000
        NS
        USD
        729157.50000000
        0.480068588381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BLACKSTONE MORTGAGE TRU-CL A
        549300OLDJ20R2Y2UW20
        BLACKSTONE MORTGAGE TRU-CL A 0.00000000
        09257W100
        
          
        
        33724.00000000
        NS
        USD
        1093332.08000000
        0.719836781871
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMAZON.COM INC
        ZXTILKJKG63JELOEG630
        AMAZON.COM INC 0.00000000
        023135106
        
          
        
        1013.00000000
        NS
        USD
        3370848.67000000
        2.219326500316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORP 0.00000000
        594918104
        
          
        
        50311.00000000
        NS
        USD
        14334107.01000000
        9.437404837775
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        WELLTOWER INC 0.00000000
        95040Q104
        
          
        
        10370.00000000
        NS
        USD
        900738.20000000
        0.593035271769
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL C
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL C 0.00000000
        02079K107
        
          
        
        1941.00000000
        NS
        USD
        5249279.22000000
        3.456062737016
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VISA INC-CLASS A SHARES
        549300JZ4OKEHW3DPJ59
        VISA INC-CLASS A SHARES 0.00000000
        92826C839
        
          
        
        8062.00000000
        NS
        USD
        1986396.18000000
        1.307819517866
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco
        N/A
        SHORT TERM INVTS TR GOVT AGN INSTL
        825252885
        
          
        
        246482.75000000
        OU
        N/A
        USD
        246482.75000000
        0.162281298420
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        BRISTOL-MYERS SQUIBB CO
        HLYYNH7UQUORYSJQCN42
        BRISTOL-MYERS SQUIBB CO 0.00000000
        110122108
        
          
        
        13462.00000000
        NS
        USD
        913665.94000000
        0.601546741366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK INC
        2T3D6M0JSY48PSZI1Q41
        ONEOK INC 0.00000000
        682680103
        
          
        
        10099.00000000
        NS
        USD
        524845.03000000
        0.345551698598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FACEBOOK INC-CLASS A
        BQ4BKCS1HXDV9HN80Z93
        FACEBOOK INC-CLASS A 0.00000000
        30303M102
        
          
        
        10765.00000000
        NS
        USD
        3835569.50000000
        2.525293143805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY INC
        N/A
        NEXTERA ENERGY INC 0.00000000
        65339F101
        
          
        
        13080.00000000
        NS
        USD
        1018932.00000000
        0.670852657891
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME GROUP INC
        LCZ7XYGSLJUHFXXNXD88
        CME GROUP INC 0.00000000
        12572Q105
        
          
        
        8293.00000000
        NS
        USD
        1759194.09000000
        1.158232375687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC
        ISRPG12PN4EIEOEMW547
        HONEYWELL INTERNATIONAL INC 0.00000000
        438516106
        
          
        
        14404.00000000
        NS
        USD
        3367511.16000000
        2.217129123598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PACCAR INC
        KDTEY8BWE486IKZ3CC07
        PACCAR INC 0.00000000
        693718108
        
          
        
        3193.00000000
        NS
        USD
        264987.07000000
        0.174464321678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EATON CORP PLC
        549300VDIGTMXUNT7H71
        EATON CORP PLC 0.00000000
        G29183103
        
          
        
        9753.00000000
        NS
        USD
        1541461.65000000
        1.014879937955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GENERAL DYNAMICS CORP
        9C1X8XOOTYY2FNYTVH06
        GENERAL DYNAMICS CORP 0.00000000
        369550108
        
          
        
        4078.00000000
        NS
        USD
        799410.34000000
        0.526322219083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BLACKROCK INC
        549300LRIF3NWCU26A80
        BLACKROCK INC 0.00000000
        09247X101
        
          
        
        3473.00000000
        NS
        USD
        3011681.41000000
        1.982855066502
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MERCK & CO. INC.
        4YV9Y5M8S0BRK1RP0397
        MERCK & CO. INC. 0.00000000
        58933Y105
        
          
        
        10553.00000000
        NS
        USD
        811209.11000000
        0.534090388317
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CARLYLE GROUP INC/THE
        529900NGGVF94UK6PG95
        CARLYLE GROUP INC/THE 0.00000000
        14316J108
        
          
        
        22818.00000000
        NS
        USD
        1151624.46000000
        0.758215788574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEMPRA
        PBBKGKLRK5S5C0Y4T545
        SEMPRA 0.00000000
        816851109
        
          
        
        5566.00000000
        NS
        USD
        727197.90000000
        0.478778411148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TOTALENERGIES SE -SPON ADR
        529900S21EQ1BO4ESM68
        TOTALENERGIES SE -SPON ADR 0.00000000
        89151E109
        
          
        
        18551.00000000
        NS
        USD
        809380.13000000
        0.532886209732
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        AIR PRODUCTS & CHEMICALS INC
        7QEON6Y1RL5XR3R1W237
        AIR PRODUCTS & CHEMICALS INC 0.00000000
        009158106
        
          
        
        5816.00000000
        NS
        USD
        1692630.48000000
        1.114407689950
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICOLD REALTY TRUST
        549300R7N1V5YV8MWH02
        AMERICOLD REALTY TRUST 0.00000000
        03064D108
        
          
        
        19006.00000000
        NS
        USD
        738383.10000000
        0.486142613223
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNION PACIFIC CORP
        549300LMMRSZZCZ8CL11
        UNION PACIFIC CORP 0.00000000
        907818108
        
          
        
        4822.00000000
        NS
        USD
        1054860.72000000
        0.694507697979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HARTFORD FINANCIAL SVCS GRP
        IU7C3FTM7Y3BQM112U94
        HARTFORD FINANCIAL SVCS GRP 0.00000000
        416515104
        
          
        
        9936.00000000
        NS
        USD
        632128.32000000
        0.416185735260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HOME DEPOT INC
        QEKMOTMBBKA8I816DO57
        HOME DEPOT INC 0.00000000
        437076102
        
          
        
        13121.00000000
        NS
        USD
        4306180.99000000
        2.835138127475
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STARBUCKS CORP
        OQSJ1DU9TAOC51A47K68
        STARBUCKS CORP 0.00000000
        855244109
        
          
        
        7343.00000000
        NS
        USD
        891660.49000000
        0.587058615936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PFIZER INC
        765LHXWGK1KXCLTFYQ30
        PFIZER INC 0.00000000
        717081103
        
          
        
        28623.00000000
        NS
        USD
        1225350.63000000
        0.806756218260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NOVARTIS AG-SPONSORED ADR
        5493007HIVTX6SY6XD66
        NOVARTIS AG-SPONSORED ADR 0.00000000
        66987V109
        
          
        
        8155.00000000
        NS
        USD
        753440.45000000
        0.496056192607
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        WALMART INC
        Y87794H0US1R65VBXU25
        WALMART INC 0.00000000
        931142103
        
          
        
        8590.00000000
        NS
        USD
        1224504.50000000
        0.806199136375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CYRUSONE INC
        5493006S177ZK2ZNBU43
        CYRUSONE INC 0.00000000
        23283R100
        
          
        
        9552.00000000
        NS
        USD
        680771.04000000
        0.448211521082
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VIACOMCBS INC - CLASS B
        5KYC8KF17ROCY24M3H09
        VIACOMCBS INC - CLASS B 0.00000000
        92556H206
        
          
        
        6820.00000000
        NS
        USD
        279142.60000000
        0.183784153545
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASTRAZENECA PLC-SPONS ADR
        PY6ZZQWO2IZFZC3IOL08
        ASTRAZENECA PLC-SPONS ADR 0.00000000
        046353108
        
          
        
        14699.00000000
        NS
        USD
        841370.76000000
        0.553948458403
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        ELI LILLY & CO
        FRDRIPF3EKNDJ2CQJL29
        ELI LILLY & CO 0.00000000
        532457108
        
          
        
        4391.00000000
        NS
        USD
        1069208.50000000
        0.703954104950
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRANSDIGM GROUP INC
        N/A
        TRANSDIGM GROUP INC 0.00000000
        893641100
        
          
        
        1079.00000000
        NS
        USD
        691736.11000000
        0.455430792195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COCA-COLA CO/THE
        UWJKFUJFZ02DKWI3RY53
        COCA-COLA CO/THE 0.00000000
        191216100
        
          
        
        31149.00000000
        NS
        USD
        1776427.47000000
        1.169578627230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTL CORP
        54930012H97VSM0I2R19
        CROWN CASTLE INTL CORP 0.00000000
        22822V101
        
          
        
        11708.00000000
        NS
        USD
        2260697.72000000
        1.488416375334
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QUALCOMM INC
        H1J8DDZKZP6H7RWC0H53
        QUALCOMM INC 0.00000000
        747525103
        
          
        
        15442.00000000
        NS
        USD
        2313211.60000000
        1.522990886659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COMCAST CORP-CLASS A
        51M0QTTNCGUN7KFCFZ59
        COMCAST CORP-CLASS A 0.00000000
        20030N101
        
          
        
        37618.00000000
        NS
        USD
        2213066.94000000
        1.457056838720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS INC
        2S72QS2UO2OESLG6Y829
        VERIZON COMMUNICATIONS INC 0.00000000
        92343V104
        
          
        
        37786.00000000
        NS
        USD
        2107703.08000000
        1.387686531843
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PHILIP MORRIS INTERNATIONAL
        HL3H1H2BGXWVG3BSWR90
        PHILIP MORRIS INTERNATIONAL 0.00000000
        718172109
        
          
        
        7160.00000000
        NS
        USD
        716644.40000000
        0.471830112807
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TAIWAN SEMICONDUCTOR-SP ADR
        549300KB6NK5SBD14S87
        TAIWAN SEMICONDUCTOR SPONSORED ADR /1 ADR REPS 5 ORD SHS/ 0.00000000
        874039100
        
          
        
        10109.00000000
        NS
        USD
        1179113.76000000
        0.776314415341
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORP
        J3WHBG0MTS7O8ZVMDC91
        EXXON MOBIL CORP 0.00000000
        30231G102
        
          
        
        14685.00000000
        NS
        USD
        845415.45000000
        0.556611433987
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MEDTRONIC PLC
        549300GX3ZBSQWUXY261
        MEDTRONIC PLC 0.00000000
        G5960L103
        
          
        
        9912.00000000
        NS
        USD
        1301544.72000000
        0.856921496995
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MCDONALD'S CORP
        UE2136O97NLB5BYP9H04
        MCDONALD'S CORP 0.00000000
        580135101
        
          
        
        4437.00000000
        NS
        USD
        1076904.27000000
        0.709020907994
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEVRON CORP
        N/A
        CHEVRON CORP 0.00000000
        166764100
        
          
        
        15195.00000000
        NS
        USD
        1547002.95000000
        1.018528263685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KLA CORP
        549300H0BF5JCG96TJ81
        KLA CORP 0.00000000
        482480100
        
          
        
        9338.00000000
        NS
        USD
        3251118.08000000
        2.140497310014
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BLACKSTONE GROUP INC/THE
        5299004LW4QWGZUB8Y96
        BLACKSTONE GROUP INC/THE 0.00000000
        09260D107
        
          
        
        21938.00000000
        NS
        USD
        2528793.26000000
        1.664927276530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RAYTHEON TECHNOLOGIES CORP
        I07WOS4YJ0N7YRFE7309
        RAYTHEON TECHNOLOGIES CORP 0.00000000
        75513E101
        
          
        
        8937.00000000
        NS
        USD
        777072.15000000
        0.511615021612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GLAXOSMITHKLINE PLC-SPON ADR
        5493000HZTVUYLO1D793
        GLAXOSMITHKLINE PLC-SPON ADR 0.00000000
        37733W105
        
          
        
        19014.00000000
        NS
        USD
        763221.96000000
        0.502496221953
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY 0.00000000
        617446448
        
          
        
        45840.00000000
        NS
        USD
        4399723.20000000
        2.896725201199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GARMIN LTD
        2549001E0HIPIJQ0W046
        GARMIN LTD 0.00000000
        H2906T109
        
          
        
        6386.00000000
        NS
        USD
        1003879.20000000
        0.660942074174
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS HEALTH CORPORATION_
        549300EJG376EN5NQE29
        CVS HEALTH CORPORATION_ 0.00000000
        126650100
        
          
        
        20050.00000000
        NS
        USD
        1651318.00000000
        1.087208046586
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE & CO 0.00000000
        46625H100
        
          
        
        38426.00000000
        NS
        USD
        5832298.28000000
        3.839915522091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SYSCO CORP
        5RGWIFLMGH3YS7KWI652
        SYSCO CORP 0.00000000
        871829107
        
          
        
        10761.00000000
        NS
        USD
        798466.20000000
        0.525700608585
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP 0.00000000
        060505104
        
          
        
        53089.00000000
        NS
        USD
        2036494.04000000
        1.340803350483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOHNSON CONTROLS INTERNATION
        549300XQ6S1GYKGBL205
        JOHNSON CONTROLS INTERNATION 0.00000000
        G51502105
        
          
        
        13534.00000000
        NS
        USD
        966598.28000000
        0.636396761758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SOUTHERN COPPER CORP
        N/A
        SOUTHERN COPPER CORP 0.00000000
        84265V105
        
          
        
        10006.00000000
        NS
        USD
        656793.84000000
        0.432425219004
        Long
        EC
        CORP
        PE
        N
        
        1
        
          N
          N
          N
        
      
      
        PEPSICO INC
        FJSUNZKFNQ5YPJ5OT455
        PEPSICO INC 0.00000000
        713448108
        
          
        
        13893.00000000
        NS
        USD
        2180506.35000000
        1.435619335193
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GILEAD SCIENCES INC
        549300WTZWR07K8MNV44
        GILEAD SCIENCES INC 0.00000000
        375558103
        
          
        
        9368.00000000
        NS
        USD
        639740.72000000
        0.421197648492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        UNITEDHEALTH GROUP INC 0.00000000
        91324P102
        
          
        
        8036.00000000
        NS
        USD
        3312599.92000000
        2.180976219084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP INC
        529900GQL5X8H7AO3T64
        SIMON PROPERTY GROUP INC 0.00000000
        828806109
        
          
        
        8560.00000000
        NS
        USD
        1083011.20000000
        0.713041637760
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALTRIA GROUP INC
        XSGZFLO9YTNO9VCQV219
        ALTRIA GROUP INC 0.00000000
        02209S103
        
          
        
        21102.00000000
        NS
        USD
        1013740.08000000
        0.667434359780
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BROADCOM INC
        549300WV6GIDOZJTV909
        BROADCOM INC 0.00000000
        11135F101
        
          
        
        6013.00000000
        NS
        USD
        2918710.20000000
        1.921643932358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        JOHNSON & JOHNSON 0.00000000
        478160104
        
          
        
        16211.00000000
        NS
        USD
        2791534.20000000
        1.837912773046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CISCO SYSTEMS INC
        549300LKFJ962MZ46593
        CISCO SYSTEMS INC 0.00000000
        17275R102
        
          
        
        32297.00000000
        NS
        USD
        1788284.89000000
        1.177385410924
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL A
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A 0.00000000
        02079K305
        
          
        
        2072.00000000
        NS
        USD
        5583066.16000000
        3.675824071303
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LAMAR ADVERTISING CO-A
        529900Y8WW4MKVPTB543
        LAMAR ADVERTISING CO-A 0.00000000
        512816109
        
          
        
        7743.00000000
        NS
        USD
        825403.80000000
        0.543436002661
        Long
        RE
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-08-30
      Alger Funds
      Anthony Caputo
      Anthony Caputo
      Assistant Treasurer
    
  
  XXXX





THE ALGER FUNDS

QUARTERLY REPORT
JULY 31, 2021


THE ALGER FUNDS

 

 ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—98.8%   SHARES     VALUE
 
AEROSPACE & DEFENSE—1.2%
               
TransDigm Group, Inc.*
   
61,968
   
$
39,727,065
 
AIR FREIGHT & LOGISTICS—0.6%
               
XPO Logistics, Inc.*
   
134,738
     
18,686,813
 
APPAREL ACCESSORIES & LUXURY GOODS—1.9%
               
Capri Holdings Ltd.*
   
247,958
     
13,962,515
 
Lululemon Athletica, Inc.*
   
47,253
     
18,909,233
 
LVMH Moet Hennessy Louis Vuitton SE
   
38,613
     
30,914,865
 
             
63,786,613
 
APPLICATION SOFTWARE—10.4%
               
Adobe, Inc.*
   
215,961
     
134,247,836
 
Autodesk, Inc.*
   
39,488
     
12,680,781
 
Cadence Design Systems, Inc.*
   
163,614
     
24,157,607
 
Coupa Software, Inc.*
   
51,185
     
11,107,145
 
Five9, Inc.*
   
155,090
     
31,218,066
 
Intuit, Inc.
   
92,982
     
49,277,671
 
RingCentral, Inc., Cl. A*
   
53,188
     
14,215,557
 
salesforce.com, Inc.*
   
264,101
     
63,893,955
 
The Trade Desk, Inc., Cl. A*
   
25,996
     
2,129,332
 
Unity Software, Inc.*
   
24,704
     
2,646,293
 
             
345,574,243
 
AUTOMOBILE MANUFACTURERS—1.6%
               
General Motors Co.*
   
405,758
     
23,063,285
 
Tesla, Inc.*
   
44,119
     
30,318,577
 
             
53,381,862
 
AUTOMOTIVE RETAIL—1.7%
               
Carvana Co., Cl. A*
   
46,611
     
15,734,009
 
Lithia Motors, Inc., Cl. A
   
109,801
     
41,419,133
 
             
57,153,142
 
BIOTECHNOLOGY—0.9%
               
Horizon Therapeutics PLC*
   
146,852
     
14,688,137
 
Natera, Inc.*
   
125,393
     
14,360,006
 
             
29,048,143
 
CASINOS & GAMING—1.4%
               
DraftKings, Inc., Cl. A*
   
311,564
     
15,110,854
 
Flutter Entertainment PLC*
   
36,892
     
6,288,859
 
MGM Resorts International
   
717,084
     
26,912,163
 
             
48,311,876
 
CONSUMER FINANCE—0.1%
               
Upstart Holdings, Inc.*
   
27,218
     
3,286,846
 
DATA PROCESSING & OUTSOURCED SERVICES—8.9%
               
Fiserv, Inc.*
   
109,812
     
12,640,459
 
PayPal Holdings, Inc.*
   
316,118
     
87,099,993
 
Square, Inc., Cl. A*
   
132,239
     
32,697,415
 
Visa, Inc., Cl. A
   
659,718
     
162,547,918
 
             
294,985,785
 
DIVERSIFIED SUPPORT SERVICES—0.6%
               
Cintas Corp.
   
50,985
     
20,097,267
 

- 2 -

THE ALGER FUNDS

 

 ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS-98.8% (CONT.)
  SHARES
    VALUE
 
ELECTRICAL COMPONENTS & EQUIPMENT—1.1%
               
AMETEK, Inc.
   
82,122
   
$
11,419,064
 
Eaton Corp. PLC
   
161,451
     
25,517,331
 
             
36,936,395
 
FINANCIAL EXCHANGES & DATA—1.2%
               
CME Group, Inc., Cl. A
   
31,644
     
6,712,642
 
S&P Global, Inc.
   
75,139
     
32,213,592
 
             
38,926,234
 
FOOD DISTRIBUTORS—0.1%
               
Sysco Corp.
   
58,293
     
4,325,341
 
FOOTWEAR—1.3%
               
NIKE, Inc., Cl. B
   
254,875
     
42,694,111
 
GENERAL MERCHANDISE STORES—0.6%
               
Target Corp.
   
75,298
     
19,656,543
 
HEALTHCARE EQUIPMENT—4.9%
               
Danaher Corp.
   
271,007
     
80,621,872
 
Dexcom, Inc.*
   
23,887
     
12,313,987
 
Intuitive Surgical, Inc.*
   
47,407
     
47,002,144
 
Medtronic PLC
   
176,695
     
23,201,821
 
             
163,139,824
 
HEALTHCARE SERVICES—0.2%
               
Guardant Health, Inc.*
   
74,356
     
8,164,289
 
HEALTHCARE SUPPLIES—0.8%
               
Align Technology, Inc.*
   
36,793
     
25,600,569
 
HEALTHCARE TECHNOLOGY—0.1%
               
Veeva Systems, Inc., Cl. A*
   
14,947
     
4,973,016
 
HOME IMPROVEMENT RETAIL—0.7%
               
Lowe's Cos., Inc.
   
113,371
     
21,845,458
 
HOTELS RESORTS & CRUISE LINES—1.1%
               
Expedia Group, Inc.*
   
229,161
     
36,865,130
 
INDUSTRIAL GASES—0.2%
               
Air Products & Chemicals, Inc.
   
27,895
     
8,118,282
 
INTERACTIVE HOME ENTERTAINMENT—0.4%
               
Sea Ltd.#,*
   
43,021
     
11,880,679
 
INTERACTIVE MEDIA & SERVICES—10.1%
               
Alphabet, Inc., Cl. C*
   
62,659
     
169,456,253
 
Facebook, Inc., Cl. A*
   
307,922
     
109,712,608
 
Pinterest, Inc., Cl. A*
   
197,472
     
11,631,101
 
Snap, Inc., Cl. A*
   
611,167
     
45,483,048
 
             
336,283,010
 
INTERNET & DIRECT MARKETING RETAIL—7.1%
               
Altaba, Inc.*,@,(a)
   
259,825
     
3,058,140
 
Amazon.com, Inc.*
   
70,314
     
233,976,163
 
             
237,034,303
 
INTERNET SERVICES & INFRASTRUCTURE—2.9%
               
Shopify, Inc., Cl. A*
   
33,213
     
49,817,175
 
Snowflake, Inc., Cl. A*
   
39,447
     
10,481,857
 
Twilio, Inc., Cl. A*
   
93,995
     
35,115,592
 
             
95,414,624
 

- 3 -

THE ALGER FUNDS

 

 ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—98.8% (CONT.)
 
SHARES
   
VALUE
 
INVESTMENT BANKING & BROKERAGE—0.7%
           
Morgan Stanley
   
247,042
   
$
23,711,091
 
MANAGED HEALTHCARE—0.8%
               
UnitedHealth Group, Inc.
   
63,108
     
26,014,380
 
MOVIES & ENTERTAINMENT—2.3%
               
Live Nation Entertainment, Inc.*
   
264,611
     
20,875,162
 
Netflix, Inc.*
   
26,187
     
13,553,605
 
Roku, Inc., Cl. A*
   
96,252
     
41,225,694
 
             
75,654,461
 
OIL & GAS EQUIPMENT & SERVICES—0.1%
               
Schlumberger NV
   
77,765
     
2,241,965
 
OIL & GAS EXPLORATION & PRODUCTION—0.1%
               
Pioneer Natural Resources Co.
   
15,126
     
2,198,867
 
PERSONAL PRODUCTS—0.5%
               
The Estee Lauder Cos., Inc., Cl. A
   
50,730
     
16,935,196
 
PHARMACEUTICALS—1.0%
               
Eli Lilly & Co.
   
37,352
     
9,095,212
 
Zoetis, Inc., Cl. A
   
120,434
     
24,411,972
 
             
33,507,184
 
RAILROADS—0.7%
               
Union Pacific Corp.
   
99,956
     
21,866,375
 
REGIONAL BANKS—0.5%
               
Signature Bank
   
80,394
     
18,247,026
 
RESEARCH & CONSULTING SERVICES—0.3%
               
CoStar Group, Inc.*
   
108,533
     
9,643,157
 
RESTAURANTS—2.0%
               
Chipotle Mexican Grill, Inc., Cl. A*
   
19,912
     
37,104,817
 
Starbucks Corp.
   
231,576
     
28,120,274
 
             
65,225,091
 
SEMICONDUCTOR EQUIPMENT—2.5%
               
Applied Materials, Inc.
   
115,081
     
16,103,284
 
Enphase Energy, Inc.*
   
73,186
     
13,876,066
 
Lam Research Corp.
   
71,637
     
45,662,140
 
SolarEdge Technologies, Inc.*
   
35,048
     
9,094,255
 

           
84,735,745
 
SEMICONDUCTORS—7.2%
               
Advanced Micro Devices, Inc.*
   
401,607
     
42,646,647
 
Micron Technology, Inc.*
   
247,635
     
19,211,523
 
NVIDIA Corp.
   
358,732
     
69,949,153
 
NXP Semiconductors NV
   
164,339
     
33,917,926
 
QUALCOMM, Inc.
   
266,356
     
39,900,129
 
Taiwan Semiconductor Manufacturing Co., Ltd.#
   
293,492
     
34,232,907
 
             
239,858,285
 
SPECIALTY CHEMICALS—0.5%
               
The Sherwin-Williams Co.
   
60,610
     
17,639,328
 
SYSTEMS SOFTWARE—11.3%
               
Crowdstrike Holdings, Inc., Cl. A*
   
119,371
     
30,273,679
 
Microsoft Corp.
   
1,123,973
     
320,231,147
 
SentinelOne, Inc., Cl. A*
   
45,602
     
2,248,635
 

- 4 -

THE ALGER FUNDS

 

 ALGER CAPITAL APPRECIATION FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 

COMMON STOCKS—98.8% (CONT.)
  SHARES
    VALUE
 
SYSTEMS SOFTWARE—11.3% (CONT.)
           
ServiceNow, Inc.*
   
37,849
   
$
22,251,049
 
             
375,004,510
 
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—5.0%
               
Apple, Inc.
   
1,140,653
     
166,375,647
 
TRUCKING—0.5%
               
Lyft, Inc., Cl. A*
   
42,074
     
2,327,534
 
Uber Technologies, Inc.*
   
316,009
     
13,733,751
 
             
16,061,285
 
WIRELESS TELECOMMUNICATION SERVICES—0.7%
               
T-Mobile US, Inc.*
   
172,280
     
24,811,766
 
TOTAL COMMON STOCKS
               
(Cost $1,696,115,429)
           
3,285,628,822
 
REAL ESTATE INVESTMENT TRUST—0.2%
 
SHARES
   
VALUE
 
RETAIL—0.2%
           
Simon Property Group, Inc.
   
57,970
     
7,334,365
 
(Cost $5,217,588)
           
7,334,365
 
SPECIAL PURPOSE VEHICLE—0.1%
 
SHARES
   
VALUE
 
DATA PROCESSING & OUTSOURCED SERVICES—0.1%
               
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
   
111
     
4,351,644
 
(Cost $2,775,000)
           
4,351,644
 
Total Investments
               
(Cost $1,704,108,017)
   
99.1
%
 
$
3,297,314,831
 
Affiliated Securities (Cost $2,775,000)
           
4,351,644
 
Unaffiliated Securities (Cost $1,701,333,017)
           
3,292,963,187
 
Other Assets in Excess of Liabilities
   
0.9
%
   
30,489,810
 
NET ASSETS
   
100.0
%
 
$
3,327,804,641
 

#
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 5 - 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
7/31/2021
 
Altaba, Inc.
10/24/18
 
$
805,470
     
0.03
%
 
$
539,278
     
0.02
%
Altaba, Inc.
10/25/18
   
1,188,343
     
0.04
%
   
791,850
     
0.02
%
Altaba, Inc.
10/29/18
   
1,156,773
     
0.04
%
   
802,643
     
0.02
%
Altaba, Inc.
10/30/18
   
751,641
     
0.03
%
   
531,357
     
0.02
%
Altaba, Inc.
10/31/18
   
271,272
     
0.01
%
   
182,553
     
0.00
%
Altaba, Inc.
11/6/18
   
321,297
     
0.01
%
   
210,459
     
0.01
%
Crosslink Ventures Capital LLC, Cl. A 10/2/20     2,775,000
      0.08
%
    4,351,644
      0.13
%
Total
                    $
 7,409,784       0.22
%

See Notes to Financial Statements.

- 5 -

THE ALGER FUNDS

 

 ALGER 35 FUND

Schedule of Investments July 31, 2021 (Unaudited)
 
COMMON STOCKS-97.0%
  SHARES
    VALUE
 
AEROSPACE & DEFENSE—3.9%
             
HEICO Corp.
   
12,009
   
$
1,624,217
 
APPLICATION SOFTWARE—7.5%
               
Adobe, Inc.*
   
2,043
     
1,269,990
 
Datadog, Inc., Cl. A*
   
7,331
     
811,542
 
Paycom Software, Inc.*
   
1,681
     
672,400
 
The Trade Desk, Inc., Cl. A*
   
4,715
     
386,205
 
             
3,140,137
 
BIOTECHNOLOGY—2.2%
               
Natera, Inc.*
   
7,926
     
907,686
 
DATA PROCESSING & OUTSOURCED SERVICES—11.7%
               
Marqeta, Inc., Cl. A*
   
41,153
     
1,104,135
 
PayPal Holdings, Inc.*
   
5,920
     
1,631,138
 
Square, Inc., Cl. A*
   
2,289
     
565,978
 
Visa, Inc., Cl. A
   
6,349
     
1,564,330
 
             
4,865,581
 
FINANCIAL EXCHANGES & DATA—2.9%
               
S&P Global, Inc.
   
2,836
     
1,215,850
 
HEALTHCARE EQUIPMENT—7.0%
               
Dexcom, Inc.*
   
1,885
     
971,736
 
Intuitive Surgical, Inc.*
   
1,958
     
1,941,279
 
             
2,913,015
 
HEALTHCARE TECHNOLOGY—2.7%
               
Veeva Systems, Inc., Cl. A*
   
3,379
     
1,124,227
 
INTERACTIVE MEDIA & SERVICES—10.1%
               
Alphabet, Inc., Cl. C*
   
464
     
1,254,851
 
Genius Sports Ltd.*
   
54,324
     
930,027
 
Pinterest, Inc., Cl. A*
   
20,520
     
1,208,628
 
Snap, Inc., Cl. A*
   
11,098
     
825,913
 
             
4,219,419
 
INTERNET & DIRECT MARKETING RETAIL—9.7%
               
Amazon.com, Inc.*
   
1,046
     
3,480,659
 
MercadoLibre, Inc.*
   
367
     
575,713
 
             
4,056,372
 
INTERNET SERVICES & INFRASTRUCTURE—1.5%
               
Shopify, Inc., Cl. A*
   
409
     
613,471
 
LIFE SCIENCES TOOLS & SERVICES—2.6%
               
Bio-Techne Corp.
   
2,265
     
1,092,274
 
OIL & GAS EQUIPMENT & SERVICES—1.4%
               
Core Laboratories NV
   
17,419
     
581,098
 
PHARMACEUTICALS—2.0%
               
Catalent, Inc.*
   
7,047
     
844,301
 
RESEARCH & CONSULTING SERVICES—2.1%
               
CoStar Group, Inc.*
   
9,890
     
878,726
 
RESTAURANTS—2.0%
               
Shake Shack, Inc., Cl. A*
   
8,138
     
818,195
 
SEMICONDUCTOR EQUIPMENT—7.3%
               
Applied Materials, Inc.
   
15,622
     
2,185,986
 

- 6 -

THE ALGER FUNDS

 

 ALGER 35 FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—97.0% (CONT.)
 
SHARES
   
VALUE
 
SEMICONDUCTOR EQUIPMENT—7.3% (CONT.)
           
SolarEdge Technologies, Inc.*
   
3,239
   
$
840,456
 
             
3,026,442
 
SEMICONDUCTORS—6.9%
               
Advanced Micro Devices, Inc.*
   
8,017
     
851,325
 
QUALCOMM, Inc.
   
5,633
     
843,824
 
Taiwan Semiconductor Manufacturing Co., Ltd.#
   
10,141
     
1,182,846
 
             
2,877,995
 
SYSTEMS SOFTWARE—10.4%
               
Crowdstrike Holdings, Inc., Cl. A*
   
3,429
     
869,629
 
Microsoft Corp.
   
12,164
     
3,465,645
 
             
4,335,274
 
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—3.1%
               
Apple, Inc.
   
8,756
     
1,277,150
 
TOTAL COMMON STOCKS
               
(Cost $32,220,727)
           
40,411,430
 
REAL ESTATE INVESTMENT TRUST—1.4%
 
SHARES
   
VALUE
 
RETAIL—1.4%
           
Simon Property Group, Inc.
   
4,455
     
563,647
 
(Cost $461,809)
           
563,647
 
Total Investments
               
(Cost $32,682,536)
   
98.4
%
 
$
40,975,077
 
Unaffiliated Securities (Cost $32,682,536)
           
40,975,077
 
Other Assets in Excess of Liabilities
   
1.6
%
   
684,788
 
NET ASSETS
   
100.0
%
 
$
41,659,865
 

*
Non-income producing security.
#
American Depositary Receipts.

See Notes to Financial Statements.

- 7 -

THE ALGER FUNDS

 

 ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2021 (Unaudited)
 
COMMON STOCKS—91.5%
 
SHARES
   
VALUE
 
AEROSPACE & DEFENSE—1.5%
           
General Dynamics Corp.
   
4,078
   
$
799,411
 
Raytheon Technologies Corp.
   
8,937
     
777,072
 
TransDigm Group, Inc.*
   
1,079
     
691,736
 
             
2,268,219
 
ASSET MANAGEMENT & CUSTODY BANKS—4.4%
               
BlackRock, Inc., Cl. A
   
3,473
     
3,011,681
 
The Blackstone Group, Inc.
   
21,938
     
2,528,793
 
The Carlyle Group, Inc.
   
22,818
     
1,151,625
 
             
6,692,099
 
AUTOMOBILE MANUFACTURERS—0.2%
               
General Motors Co.*
   
5,440
     
309,210
 
BIOTECHNOLOGY—2.3%
               
AbbVie, Inc.
   
19,027
     
2,212,840
 
Amgen, Inc.
   
2,814
     
679,693
 
Gilead Sciences, Inc.
   
9,368
     
639,741
 
             
3,532,274
 
BROADCASTING—0.2%
               
ViacomCBS, Inc., Cl. B
   
6,820
     
279,143
 
BUILDING PRODUCTS—0.6%
               
Johnson Controls International PLC
   
13,534
     
966,598
 
CABLE & SATELLITE—1.5%
               
Comcast Corp., Cl. A
   
37,618
     
2,213,067
 
COMMODITY CHEMICALS—0.4%
               
Dow, Inc.
   
8,651
     
537,746
 
COMMUNICATIONS EQUIPMENT—1.2%
               
Cisco Systems, Inc.
   
32,297
     
1,788,285
 
CONSTRUCTION MACHINERY & HEAVY TRUCKS—0.2%
               
PACCAR, Inc.
   
3,193
     
264,987
 
CONSUMER ELECTRONICS—0.7%
               
Garmin Ltd.
   
6,386
     
1,003,879
 
COPPER—0.4%
               
Southern Copper Corp.
   
10,006
     
656,794
 
DATA PROCESSING & OUTSOURCED SERVICES—1.3%
               
Visa, Inc., Cl. A
   
8,062
     
1,986,396
 
DIVERSIFIED BANKS—5.2%
               
Bank of America Corp.
   
53,089
     
2,036,494
 
JPMorgan Chase & Co.
   
38,426
     
5,832,298
 
             
7,868,792
 
ELECTRIC UTILITIES—0.7%
               
NextEra Energy, Inc.
   
13,080
     
1,018,932
 
ELECTRICAL COMPONENTS & EQUIPMENT—1.0%
               
Eaton Corp. PLC
   
9,753
     
1,541,462
 
FINANCIAL EXCHANGES & DATA—1.2%
               
CME Group, Inc., Cl. A
   
8,293
     
1,759,194
 
FOOD DISTRIBUTORS—0.5%
               
Sysco Corp.
   
10,761
     
798,466
 
HEALTHCARE EQUIPMENT—0.9%
               
Medtronic PLC
   
9,912
     
1,301,545
 

- 8 -

THE ALGER FUNDS

 

 ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)


 
COMMON STOCKS—91.5% (CONT.)
 
SHARES
   
VALUE
 
HEALTHCARE SERVICES—1.1%
           
CVS Health Corp.
   
20,050
   
$
1,651,318
 
HOME IMPROVEMENT RETAIL—2.8%
               
The Home Depot, Inc.
   
13,121
     
4,306,181
 
HOUSEHOLD PRODUCTS—1.5%
               
The Procter & Gamble Co.
   
16,518
     
2,349,355
 
HYPERMARKETS & SUPER CENTERS—0.8%
               
Walmart, Inc.
   
8,590
     
1,224,504
 
INDUSTRIAL CONGLOMERATES—2.2%
               
Honeywell International, Inc.
   
14,404
     
3,367,511
 
INDUSTRIAL GASES—1.1%
               
Air Products & Chemicals, Inc.
   
5,816
     
1,692,630
 
INTEGRATED OIL & GAS—2.1%
               
Chevron Corp.
   
15,195
     
1,547,003
 
Exxon Mobil Corp.
   
14,685
     
845,415
 
TotalEnergies SE#
   
18,551
     
809,380
 
             
3,201,798
 
INTEGRATED TELECOMMUNICATION SERVICES—2.0%
               
AT&T, Inc.
   
31,054
     
871,065
 
Verizon Communications, Inc.
   
37,786
     
2,107,703
 
             
2,978,768
 
INTERACTIVE MEDIA & SERVICES—9.7%
               
Alphabet, Inc., Cl. A*
   
2,072
     
5,583,066
 
Alphabet, Inc., Cl. C*
   
1,941
     
5,249,279
 
Facebook, Inc., Cl. A*
   
10,765
     
3,835,570
 
             
14,667,915
 
INTERNET & DIRECT MARKETING RETAIL—2.2%
               
Amazon.com, Inc.*
   
1,013
     
3,370,849
 
INVESTMENT BANKING & BROKERAGE—2.9%
               
Morgan Stanley
   
45,840
     
4,399,723
 
MANAGED HEALTHCARE—2.2%
               
UnitedHealth Group, Inc.
   
8,036
     
3,312,600
 
MULTI-LINE INSURANCE—0.4%
               
The Hartford Financial Services Group, Inc.
   
9,936
     
632,128
 
MULTI-UTILITIES—0.5%
               
Sempra Energy
   
5,566
     
727,198
 
OIL & GAS STORAGE & TRANSPORTATION—0.3%
               
ONEOK, Inc.
   
10,099
     
524,845
 
PHARMACEUTICALS—6.0%
               
AstraZeneca PLC#
   
14,699
     
841,371
 
Bristol-Myers Squibb Co.
   
13,462
     
913,666
 
Eli Lilly & Co.
   
4,391
     
1,069,209
 
GlaxoSmithKline PLC#,(a)
   
19,014
     
763,222
 
Johnson & Johnson
   
16,211
     
2,791,534
 
Merck & Co., Inc.
   
10,553
     
811,209
 
Novartis AG#
   
8,155
     
753,440
 
Pfizer, Inc.
   
28,623
     
1,225,351
 
             
9,169,002
 

- 9 -

THE ALGER FUNDS

 

 ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—91.5% (CONT.)
 
SHARES
   
VALUE
 
RAILROADS—0.7%
           
Union Pacific Corp.
   
4,822
   
$
1,054,861
 
RESTAURANTS—1.3%
               
McDonald's Corp.
   
4,437
     
1,076,904
 
Starbucks Corp.
   
7,343
     
891,661
 
             
1,968,565
 
SEMICONDUCTOR EQUIPMENT—2.1%
               
KLA Corp.
   
9,338
     
3,251,118
 
SEMICONDUCTORS—4.2%
               
Broadcom, Inc.
   
6,013
     
2,918,710
 
QUALCOMM, Inc.
   
15,442
     
2,313,212
 
Taiwan Semiconductor Manufacturing Co., Ltd.#
   
10,109
     
1,179,114
 
             
6,411,036
 
SOFT DRINKS—2.6%
               
PepsiCo, Inc.
   
13,893
     
2,180,506
 
The Coca-Cola Co.
   
31,149
     
1,776,428
 
             
3,956,934
 
SYSTEMS SOFTWARE—9.4%
               
Microsoft Corp.
   
50,311
     
14,334,107
 
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.9%
               
Apple, Inc.
   
82,465
     
12,028,345
 
TOBACCO—1.1%
               
Altria Group, Inc.
   
21,102
     
1,013,740
 
Philip Morris International, Inc.
   
7,160
     
716,644
 
             
1,730,384
 
TOTAL COMMON STOCKS
               
(Cost $49,594,752)
           
139,098,763
 
MASTER LIMITED PARTNERSHIP—0.5%
 
SHARES
   
VALUE
 
OIL & GAS STORAGE & TRANSPORTATION—0.5%
           
Cheniere Energy Partners LP
   
17,250
     
729,158
 
(Cost $584,259)
           
729,158
 
REAL ESTATE INVESTMENT TRUST—5.0%
 
SHARES
   
VALUE
 
HEALTHCARE—0.6%
           
Welltower, Inc.
   
10,370
     
900,738
 
INDUSTRIAL—0.5%
               
Americold Realty Trust
   
19,006
     
738,383
 
MORTGAGE—0.7%
               
Blackstone Mortgage Trust, Inc., Cl. A
   
33,724
     
1,093,332
 
RETAIL—0.7%
               
Simon Property Group, Inc.
   
8,560
     
1,083,011
 
SPECIALIZED—2.5%
               
Crown Castle International Corp.
   
11,708
     
2,260,698
 
CyrusOne, Inc.
   
9,552
     
680,771
 
Lamar Advertising Co., Cl. A
   
7,743
     
825,404
 

           
3,766,873
 
TOTAL REAL ESTATE INVESTMENT TRUST
               
(Cost $4,842,224)
           
7,582,337
 

- 10 -

THE ALGER FUNDS

 

 ALGER GROWTH & INCOME FUND

Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
SHORT—TERM INVESTMENTS—0.2%
 
SHARES
   
VALUE
 
MONEY MARKET FUND—0.2%
           
Invesco Government & Agency Portfolio, Cl. Institutional, 0.03%
   
246,483
   
$
246,483
 
(Cost $246,483)
           
246,483
 
Total Investments
               
(Cost $55,267,718)
   
97.2
%
 
$
147,656,741
 
Unaffiliated Securities (Cost $55,267,718)
           
147,656,741
 
Other Assets in Excess of Liabilities
   
2.8
%
   
4,261,486
 
NET ASSETS
   
100.0
%
 
$
151,918,227
 

#
American Depositary Receipts.
(a)
All or portion of the security is on loan.
*
Non-income producing security.

- 11 -

THE ALGER FUNDS
 
ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—95.9%
 
SHARES
   
VALUE
 
ADVERTISING—1.4%
           
Magnite, Inc.*
   
142,557
   
$
4,319,477
 
AEROSPACE & DEFENSE—2.0%
               
HEICO Corp.
   
32,776
     
4,432,954
 
Textron, Inc.
   
23,224
     
1,602,688
 
             
6,035,642
 
AIR FREIGHT & LOGISTICS—0.7%
               
XPO Logistics, Inc.*
   
16,367
     
2,269,939
 
APPAREL ACCESSORIES & LUXURY GOODS—3.0%
               
Capri Holdings Ltd.*
   
31,216
     
1,757,773
 
Lululemon Athletica, Inc.*
   
11,217
     
4,488,707
 
Moncler SpA
   
42,736
     
2,935,101
 
             
9,181,581
 
APPAREL RETAIL—0.4%
               
Burlington Stores, Inc.*
   
3,360
     
1,124,928
 
APPLICATION SOFTWARE—18.6%
               
ANSYS, Inc.*
   
7,297
     
2,688,652
 
Avalara, Inc.*
   
18,229
     
3,047,342
 
Bill.com Holdings, Inc.*
   
18,210
     
3,766,192
 
Cadence Design Systems, Inc.*
   
19,332
     
2,854,370
 
Coupa Software, Inc.*
   
8,309
     
1,803,053
 
Datadog, Inc., Cl. A*
   
28,124
     
3,113,327
 
DocuSign, Inc., Cl. A*
   
17,973
     
5,356,673
 
Dynatrace, Inc.*
   
49,475
     
3,159,968
 
Fair Isaac Corp.*
   
5,259
     
2,755,243
 
Five9, Inc.*
   
25,476
     
5,128,064
 
HubSpot, Inc.*
   
3,445
     
2,053,289
 
Manhattan Associates, Inc.*
   
29,091
     
4,643,796
 
Paycom Software, Inc.*
   
15,588
     
6,235,200
 
PTC, Inc.*
   
28,913
     
3,916,266
 
Sprout Social, Inc., Cl. A*
   
41,957
     
3,727,460
 
The Trade Desk, Inc., Cl. A*
   
36,742
     
3,009,537
 
             
57,258,432
 
AUTOMOTIVE RETAIL—1.7%
               
Advance Auto Parts, Inc.
   
3,656
     
775,291
 
Carvana Co., Cl. A*
   
8,180
     
2,761,241
 
Lithia Motors, Inc., Cl. A
   
4,577
     
1,726,536
 
             
5,263,068
 
BIOTECHNOLOGY—6.6%
               
Alector, Inc.*
   
15,595
     
374,826
 
Celldex Therapeutics, Inc.*
   
34,085
     
1,491,219
 
DermTech, Inc.*
   
72,252
     
2,432,002
 
Forte Biosciences, Inc.*
   
159,745
     
4,785,960
 
Moderna, Inc.*
   
6,690
     
2,365,584
 
Morphic Holding, Inc.*
   
20,201
     
1,163,981
 
Natera, Inc.*
   
56,436
     
6,463,051
 
Novavax, Inc.*
   
7,412
     
1,329,194
 
             
20,405,817
 

- 12 -

THE ALGER FUNDS
 
ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—95.9% (CONT.)
 
SHARES
   
VALUE
 
BROADCASTING—0.8%
           
Discovery, Inc., Cl. A*
   
88,296
   
$
2,561,467
 
CASINOS & GAMING—2.4%
               
DraftKings, Inc., Cl. A*
   
30,664
     
1,487,204
 
Evolution AB
   
18,695
     
3,252,916
 
MGM Resorts International
   
69,309
     
2,601,167
 
             
7,341,287
 
CONSUMER FINANCE—1.0%
               
Upstart Holdings, Inc.*
   
25,928
     
3,131,065
 
DATA PROCESSING & OUTSOURCED SERVICES—1.9%
               
Marqeta, Inc., Cl. A*
   
102,543
     
2,751,229
 
Square, Inc., Cl. A*
   
12,347
     
3,052,919
 
             
5,804,148
 
DIVERSIFIED SUPPORT SERVICES—2.7%
               
Cintas Corp.
   
7,869
     
3,101,802
 
Copart, Inc.*
   
27,372
     
4,023,684
 
IAA, Inc.*
   
18,235
     
1,102,853
 
             
8,228,339
 
ELECTRICAL COMPONENTS & EQUIPMENT—1.8%
               
AMETEK, Inc.
   
28,384
     
3,946,795
 
Generac Holdings, Inc.*
   
3,646
     
1,528,987
 
             
5,475,782
 
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.3%
               
908 Devices, Inc.*
   
52,844
     
1,651,375
 
Trimble, Inc.*
   
27,208
     
2,326,284
 
             
3,977,659
 
HEALTHCARE DISTRIBUTORS—1.2%
               
McKesson Corp.
   
10,466
     
2,133,285
 
PetIQ, Inc., Cl. A*
   
41,431
     
1,465,000
 
             
3,598,285
 
HEALTHCARE EQUIPMENT—5.3%
               
CryoPort, Inc.*
   
38,528
     
2,377,948
 
Dexcom, Inc.*
   
6,787
     
3,498,767
 
IDEXX Laboratories, Inc.*
   
2,474
     
1,678,683
 
Inari Medical, Inc.*
   
13,730
     
1,232,817
 
Inmode Ltd.*
   
28,572
     
3,247,779
 
Insulet Corp.*
   
15,861
     
4,436,163
 
             
16,472,157
 
HEALTHCARE FACILITIES—0.8%
               
The Joint Corp.*
   
30,918
     
2,442,213
 
HEALTHCARE SERVICES—1.1%
               
Guardant Health, Inc.*
   
31,727
     
3,483,625
 
HEALTHCARE SUPPLIES—1.2%
               
Align Technology, Inc.*
   
3,779
     
2,629,428
 
SmileDirectClub, Inc., Cl. A*
   
129,054
     
911,121
 
             
3,540,549
 
HEALTHCARE TECHNOLOGY—2.6%
               
Doximity, Inc., Cl. A*
   
8,321
     
515,070
 
Inspire Medical Systems, Inc.*
   
6,835
     
1,251,899
 

- 13 -

THE ALGER FUNDS
 
ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—95.9% (CONT.)
 
SHARES
   
VALUE
 
HEALTHCARE TECHNOLOGY—2.6% (CONT.)
           
Veeva Systems, Inc., Cl. A*
   
19,199
   
$
6,387,699
 
             
8,154,668
 
HOMEFURNISHING RETAIL—0.7%
               
Williams-Sonoma, Inc.
   
14,054
     
2,131,992
 
HOTELS RESORTS & CRUISE LINES—0.7%
               
Expedia Group, Inc.*
   
14,014
     
2,254,432
 
HUMAN RESOURCE & EMPLOYMENT SERVICES—2.4%
               
Legalzoom.com, Inc.*
   
65,822
     
2,420,933
 
Upwork, Inc.*
   
93,348
     
4,834,493
 
             
7,255,426
 
INTERACTIVE HOME ENTERTAINMENT—0.9%
               
Take-Two Interactive Software, Inc.*
   
16,543
     
2,868,887
 
INTERACTIVE MEDIA & SERVICES—2.7%
               
Genius Sports Ltd.*
   
213,670
     
3,658,031
 
Pinterest, Inc., Cl. A*
   
81,538
     
4,802,588
 
             
8,460,619
 
INTERNET & DIRECT MARKETING RETAIL—1.1%
               
Etsy, Inc.*
   
18,545
     
3,403,193
 
INTERNET SERVICES & INFRASTRUCTURE—2.1%
               
BigCommerce Holdings, Inc.*
   
48,049
     
3,111,653
 
Okta, Inc., Cl. A*
   
13,297
     
3,294,864
 
             
6,406,517
 
LIFE SCIENCES TOOLS & SERVICES—4.4%
               
10X Genomics, Inc., Cl. A*
   
12,251
     
2,244,751
 
Bio-Techne Corp.
   
12,265
     
5,914,674
 
Repligen Corp.*
   
22,105
     
5,431,198
 
             
13,590,623
 
METAL & GLASS CONTAINERS—1.0%
               
Ball Corp.
   
37,200
     
3,008,736
 
MOVIES & ENTERTAINMENT—2.6%
               
Lions Gate Entertainment Corp., Cl. B*
   
44,376
     
592,863
 
Live Nation Entertainment, Inc.*
   
14,680
     
1,158,105
 
Roku, Inc., Cl. A*
   
14,524
     
6,220,775
 
             
7,971,743
 
OIL & GAS EXPLORATION & PRODUCTION—0.5%
               
Diamondback Energy, Inc.
   
18,779
     
1,448,424
 
PHARMACEUTICALS—3.2%
               
Catalent, Inc.*
   
52,268
     
6,262,229
 
Green Thumb Industries, Inc.*
   
120,923
     
3,592,703
 
             
9,854,932
 
REGIONAL BANKS—0.9%
               
Signature Bank
   
6,664
     
1,512,528
 
SVB Financial Group*
   
2,206
     
1,213,212
 
             
2,725,740
 
RESEARCH & CONSULTING SERVICES—1.3%
               
CoStar Group, Inc.*
   
44,370
     
3,942,275
 
RESTAURANTS—3.2%
               
Chipotle Mexican Grill, Inc., Cl. A*
   
1,567
     
2,920,010
 

- 14 -

THE ALGER FUNDS
 
ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—95.9% (CONT.)
 
SHARES
   
VALUE
 
RESTAURANTS—3.2% (CONT.)
           
Shake Shack, Inc., Cl. A*
   
43,518
   
$
4,375,300
 
The Cheesecake Factory, Inc.*
   
56,214
     
2,544,246
 
             
9,839,556
 
SEMICONDUCTOR EQUIPMENT—5.9%
               
Enphase Energy, Inc.*
   
8,468
     
1,605,533
 
KLA Corp.
   
15,115
     
5,262,438
 
Lam Research Corp.
   
7,348
     
4,683,689
 
MKS Instruments, Inc.
   
14,807
     
2,316,407
 
SolarEdge Technologies, Inc.*
   
16,866
     
4,376,390
 
             
18,244,457
 
SEMICONDUCTORS—0.8%
               
Universal Display Corp.
   
10,806
     
2,533,899
 
SYSTEMS SOFTWARE—2.0%
               
Crowdstrike Holdings, Inc., Cl. A*
   
24,456
     
6,202,286
 
TRUCKING—1.0%
               
Old Dominion Freight Line, Inc.
   
11,856
     
3,191,042
 
TOTAL COMMON STOCKS
               
(Cost $235,256,654)
           
295,404,907
 
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
 
RIGHTS—0.2%
 
SHARES
   
VALUE
 
BIOTECHNOLOGY—0.2%
           
Tolero CDR*,@,(a),(c)
   
590,059
     
454,345
 
(Cost $315,501)
           
454,345
 
REAL ESTATE INVESTMENT TRUST—2.5%
 
SHARES
   
VALUE
 
RETAIL—0.7%
           
Simon Property Group, Inc.
   
17,692
     
2,238,392
 
SPECIALIZED—1.8%
               
Crown Castle International Corp.
   
28,157
     
5,436,835
 
TOTAL REAL ESTATE INVESTMENT TRUST
               
(Cost $6,131,460)
           
7,675,227
 
SPECIAL PURPOSE VEHICLE—0.9%
 
SHARES
   
VALUE
 
DATA PROCESSING & OUTSOURCED SERVICES—0.9%
           
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
   
48
     
1,881,792
 
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
   
19
     
744,876
 
             
2,626,668
 
TOTAL SPECIAL PURPOSE VEHICLE
               
(Cost $1,675,000)
           
2,626,668
 
Total Investments
               
(Cost $244,366,860)
   
99.5
%
 
$
306,194,089
 
Affiliated Securities (Cost $2,663,245)
           
2,659,610
 
Unaffiliated Securities (Cost $241,703,615)
           
303,534,479
 
Other Assets in Excess of Liabilities
   
0.5
%
   
1,490,455
 
NET ASSETS
   
100.0
%
 
$
307,684,544
 

(a)
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures established by the Board.
 
- 15 -

THE ALGER FUNDS
 
ALGER MID CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

(b)
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note 5 - 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
7/31/2021
 
Crosslink Ventures Capital LLC, Cl. A 10/2/20  
$
1,200,000       0.50
%
 
$
1,881,792       0.61
%
Crosslink Ventures Capital LLC, Cl. B
12/16/20     475,000       0.19
%
    744,876      
0.24
%
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
%
    454,345      
0.15
%
Total
                    $
3,113,955       1.01
%

See Notes to Financial Statements.

- 16 -

THE ALGER FUNDS
 
ALGER MID CAP FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—95.3%
  SHARES
    VALUE
 
AIR FREIGHT & LOGISTICS—3.0%
     
XPO Logistics, Inc.*
   
165,257
   
$
22,919,493
 
APPAREL ACCESSORIES & LUXURY GOODS—2.0%
               
Lululemon Athletica, Inc.*
   
39,004
     
15,608,231
 
APPLICATION SOFTWARE—19.7%
               
Alteryx, Inc., Cl. A*
   
141,031
     
10,915,799
 
Anaplan, Inc.*
   
316,530
     
18,105,516
 
Bentley Systems, Inc., Cl. B
   
352,758
     
21,451,214
 
Blackbaud, Inc.*
   
155,097
     
11,063,069
 
Five9, Inc.*
   
94,716
     
19,065,384
 
HubSpot, Inc.*
   
44,429
     
26,480,573
 
Manhattan Associates, Inc.*
   
81,823
     
13,061,405
 
Splunk, Inc.*
   
102,845
     
14,601,933
 
The Trade Desk, Inc., Cl. A*
   
210,536
     
17,245,004
 
             
151,989,897
 
AUTOMOTIVE RETAIL—1.9%
               
Carvana Co., Cl. A*
   
43,283
     
14,610,610
 
BIOTECHNOLOGY—1.7%
               
DermTech, Inc.*
   
138,482
     
4,661,304
 
Novavax, Inc.*
   
49,063
     
8,798,468
 
             
13,459,772
 
CASINOS & GAMING—4.3%
               
DraftKings, Inc., Cl. A*
   
341,341
     
16,555,038
 
MGM Resorts International
   
441,839
     
16,582,218
 
             
33,137,256
 
DATA PROCESSING & OUTSOURCED SERVICES—2.0%
               
Square, Inc., Cl. A*
   
61,033
     
15,091,020
 
DISTRIBUTORS—1.5%
               
Pool Corp.
   
24,260
     
11,591,913
 
ELECTRICAL COMPONENTS & EQUIPMENT—2.5%
               
Generac Holdings, Inc.*
   
45,093
     
18,910,200
 
HEALTHCARE EQUIPMENT—9.0%
               
Danaher Corp.
   
28,426
     
8,456,451
 
Dexcom, Inc.*
   
24,874
     
12,822,796
 
IDEXX Laboratories, Inc.*
   
19,523
     
13,246,941
 
Inmode Ltd.*
   
202,356
     
23,001,806
 
Intuitive Surgical, Inc.*
   
12,174
     
12,070,034
 
             
69,598,028
 
HEALTHCARE FACILITIES—2.5%
               
The Joint Corp.*
   
248,675
     
19,642,838
 
HEALTHCARE TECHNOLOGY—5.6%
               
Renalytix PLC#,*
   
356,245
     
10,705,162
 
Veeva Systems, Inc., Cl. A*
   
63,997
     
21,292,442
 
Vocera Communications, Inc.*
   
273,277
     
11,466,703
 

           
43,464,307
 
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.1%
               
Legalzoom.com, Inc.*
   
223,278
     
8,212,165
 
INDUSTRIAL MACHINERY—4.7%
               
Helios Technologies, Inc.
   
214,047
     
17,305,700
 

- 17 -

THE ALGER FUNDS
 
ALGER MID CAP FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—95.3% (CONT.)
 
SHARES
   
VALUE
 
INDUSTRIAL MACHINERY—4.7% (CONT.)
           
The Middleby Corp.*
   
100,261
   
$
19,198,979
 
             
36,504,679
 
INTERACTIVE HOME ENTERTAINMENT—1.6%
               
Sea Ltd.#,*
   
44,728
     
12,352,084
 
INTERACTIVE MEDIA & SERVICES—2.0%
               
Pinterest, Inc., Cl. A*
   
98,836
     
5,821,440
 
ZoomInfo Technologies, Inc., Cl. A*
   
171,356
     
9,210,385
 
             
15,031,825
 
INTERNET & DIRECT MARKETING RETAIL—1.3%
               
Overstock.com, Inc.*
   
143,167
     
9,970,150
 
INTERNET SERVICES & INFRASTRUCTURE—3.6%
               
MongoDB, Inc., Cl. A*
   
32,327
     
11,602,807
 
Twilio, Inc., Cl. A*
   
42,208
     
15,768,487
 
             
27,371,294
 
LIFE SCIENCES TOOLS & SERVICES—1.9%
               
Avantor, Inc.*
   
384,314
     
14,442,520
 
MANAGED HEALTHCARE—1.4%
               
Progyny, Inc.*
   
199,295
     
11,098,739
 
REGIONAL BANKS—2.8%
               
Signature Bank
   
94,286
     
21,400,093
 
SEMICONDUCTOR EQUIPMENT—1.9%
               
SolarEdge Technologies, Inc.*
   
55,138
     
14,307,208
 
SEMICONDUCTORS—4.3%
               
Advanced Micro Devices, Inc.*
   
126,001
     
13,380,046
 
Universal Display Corp.
   
84,462
     
19,805,495
 
             
33,185,541
 
SPECIALTY CHEMICALS—0.9%
               
Amyris, Inc.*
   
450,112
     
6,562,633
 
SYSTEMS SOFTWARE—6.8%
               
Cloudflare, Inc., Cl. A*
   
178,984
     
21,232,872
 
Crowdstrike Holdings, Inc., Cl. A*
   
89,470
     
22,690,487
 
Telos Corp.*
   
296,126
     
8,297,450
 
             
52,220,809
 
TRADING COMPANIES & DISTRIBUTORS—5.3%
               
Herc Holdings, Inc.*
   
206,394
     
25,601,112
 
SiteOne Landscape Supply, Inc.*
   
87,605
     
15,311,602
 
             
40,912,714
 
TOTAL COMMON STOCKS
               
(Cost $623,578,792)
           
733,596,019
 
Total Investments
               
(Cost $623,578,792)
   
95.3
%
 
$
733,596,019
 
Unaffiliated Securities (Cost $623,578,792)
           
733,596,019
 
Other Assets in Excess of Liabilities
   
4.7
%
   
36,085,831
 
NET ASSETS
   
100.0
%
 
$
769,681,850
 
 
*
Non-income producing security.
#
American Depositary Receipts.

See Notes to Financial Statements.

- 18 -

THE ALGER FUNDS
 
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—97.6%
 
SHARES
   
VALUE
 
AEROSPACE & DEFENSE—0.4%
           
Kratos Defense & Security Solutions, Inc.*
   
247,020
   
$
6,718,944
 
APPAREL ACCESSORIES & LUXURY GOODS—0.6%
               
Canada Goose Holdings, Inc.*
   
213,759
     
9,069,794
 
APPAREL RETAIL—2.2%
               
MYT Netherlands Parent BV#,*
   
1,222,289
     
35,250,815
 
APPLICATION SOFTWARE—13.1%
               
Altair Engineering, Inc., Cl. A*
   
18,348
     
1,279,957
 
BTRS Holdings, Inc.*
   
625,162
     
7,320,647
 
Cerence, Inc.*
   
425,369
     
45,731,421
 
Ebix, Inc.
   
125,736
     
3,799,742
 
Everbridge, Inc.*
   
179,217
     
25,309,025
 
LivePerson, Inc.*
   
220,254
     
14,027,977
 
Paylocity Holding Corp.*
   
377,042
     
78,221,133
 
SEMrush Holdings, Inc., Cl. A*
   
244,157
     
4,880,698
 
SPS Commerce, Inc.*
   
98,501
     
10,731,684
 
Vertex, Inc., Cl. A*
   
788,162
     
14,896,262
 
             
206,198,546
 
ASSET MANAGEMENT & CUSTODY BANKS—5.8%
               
Hamilton Lane, Inc., Cl. A
   
421,561
     
39,205,173
 
StepStone Group, Inc., Cl. A
   
1,135,296
     
51,667,321
 
             
90,872,494
 
BIOTECHNOLOGY—8.2%
               
ACADIA Pharmaceuticals, Inc.*
   
1,058,455
     
22,894,382
 
Natera, Inc.*
   
809,477
     
92,701,306
 
Puma Biotechnology, Inc.*
   
1,007,534
     
7,576,656
 
Ultragenyx Pharmaceutical, Inc.*
   
75,275
     
6,009,203
 

           
129,181,547
 
CONSTRUCTION & ENGINEERING—0.9%
               
Ameresco, Inc., Cl. A*
   
214,082
     
14,671,039
 
CONSUMER FINANCE—6.5%
               
LendingTree, Inc.*
   
70,337
     
13,731,189
 
Upstart Holdings, Inc.*
   
731,188
     
88,298,263
 
             
102,029,452
 
EDUCATION SERVICES—5.8%
               
Chegg, Inc.*
   
1,026,955
     
91,019,022
 
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.3%
               
Novanta, Inc.*
   
31,239
     
4,386,268
 
ENVIRONMENTAL & FACILITIES SERVICES—4.7%
               
Casella Waste Systems, Inc., Cl. A*
   
467,538
     
32,157,264
 
Montrose Environmental Group, Inc.*
   
764,480
     
41,044,931
 
             
73,202,195
 
GENERAL MERCHANDISE STORES—4.7%
               
Ollie's Bargain Outlet Holdings, Inc.*
   
789,857
     
73,535,687
 
HEALTHCARE DISTRIBUTORS—3.1%
               
Apria, Inc.*
   
995,557
     
31,389,912
 
PetIQ, Inc., Cl. A*
   
506,677
     
17,916,099
 
             
49,306,011
 

- 19 -

THE ALGER FUNDS
 
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
COMMON STOCKS—97.6% (CONT.)
 
SHARES
   
VALUE
 
HEALTHCARE EQUIPMENT—6.5%
           
Eargo, Inc.*
   
397,705
   
$
14,317,380
 
Glaukos Corp.*
   
258,269
     
13,171,719
 
Nevro Corp.*
   
485,410
     
75,238,550
 
             
102,727,649
 
HEALTHCARE TECHNOLOGY—2.0%
               
Inspire Medical Systems, Inc.*
   
67,424
     
12,349,380
 
Tabula Rasa HealthCare, Inc.*
   
451,973
     
19,416,760
 
             
31,766,140
 
INSURANCE BROKERS—0.9%
               
Goosehead Insurance, Inc., Cl. A
   
120,008
     
14,423,761
 
IT CONSULTING & OTHER SERVICES—2.8%
               
Globant SA*
   
182,918
     
43,746,669
 
LEISURE FACILITIES—1.3%
               
Planet Fitness, Inc., Cl. A*
   
272,633
     
20,510,181
 
LEISURE PRODUCTS—1.3%
               
Latham Group, Inc.*
   
735,754
     
20,071,369
 
LIFE SCIENCES TOOLS & SERVICES—1.4%
               
NeoGenomics, Inc.*
   
471,583
     
21,739,976
 
MANAGED HEALTHCARE—4.8%
               
Progyny, Inc.*
   
1,368,352
     
76,203,523
 
OIL & GAS EQUIPMENT & SERVICES—2.8%
               
Core Laboratories NV
   
1,309,483
     
43,684,353
 
PAPER PACKAGING—0.3%
               
Ranpak Holdings Corp., Cl. A*
   
160,728
     
4,117,851
 
PHARMACEUTICALS—0.3%
               
Aerie Pharmaceuticals, Inc.*
   
330,818
     
5,220,308
 
REAL ESTATE SERVICES—5.9%
               
FirstService Corp.
   
497,249
     
92,468,424
 
REGIONAL BANKS—4.1%
               
Signature Bank
   
287,651
     
65,288,147
 
RESTAURANTS—0.7%
               
Wingstop, Inc.
   
61,576
     
10,548,585
 
SEMICONDUCTORS—1.2%
               
Impinj, Inc.*
   
413,787
     
19,034,202
 
SYSTEMS SOFTWARE—0.8%
               
Rapid7, Inc.*
   
107,495
     
12,227,556
 
THRIFTS & MORTGAGE FINANCE—1.3%
               
Axos Financial, Inc.*
   
428,139
     
20,486,451
 
TRADING COMPANIES & DISTRIBUTORS—2.9%
               
SiteOne Landscape Supply, Inc.*
   
265,433
     
46,392,380
 
TOTAL COMMON STOCKS
               
(Cost $1,115,883,594)
           
1,536,099,339
 
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
 

- 20 -

THE ALGER FUNDS
 
ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

     
      VALUE
 
Total Investments
               
(Cost $1,116,925,227)
   
97.6
%
 
$
1,536,134,060
 
Affiliated Securities (Cost $1,041,633)
           
34,721
 
Unaffiliated Securities (Cost $1,115,883,594)
           
1,536,099,339
 
Other Assets in Excess of Liabilities
   
2.4
%
   
38,562,662
 
NET ASSETS
   
100.0
%
 
$
1,574,696,722
 
 
#
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 5 - 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
7/31/2021
 
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.

- 21 -

THE ALGER FUNDS
 
ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—96.0%
 
SHARES
   
VALUE
 
ADVERTISING—2.9%
           
Cardlytics, Inc.*
   
52,307
   
$
6,588,590
 
Magnite, Inc.*
   
414,015
     
12,544,654
 
             
19,133,244
 
AEROSPACE & DEFENSE—1.6%
               
HEICO Corp.
   
39,011
     
5,276,238
 
Hexcel Corp.*
   
34,217
     
1,862,089
 
Mercury Systems, Inc.*
   
54,017
     
3,565,122
 
             
10,703,449
 
AGRICULTURAL & FARM MACHINERY—0.6%
               
Hydrofarm Holdings Group, Inc.*
   
86,644
     
4,275,015
 
ALTERNATIVE CARRIERS—1.4%
               
Bandwidth, Inc., Cl. A*
   
73,963
     
9,590,043
 
APPAREL ACCESSORIES & LUXURY GOODS—0.8%
               
Capri Holdings Ltd.*
   
98,662
     
5,555,657
 
APPLICATION SOFTWARE—21.3%
               
ACI Worldwide, Inc.*
   
403,866
     
13,852,604
 
Avalara, Inc.*
   
75,095
     
12,553,631
 
Bill.com Holdings, Inc.*
   
51,055
     
10,559,195
 
Blackbaud, Inc.*
   
77,836
     
5,552,042
 
Blackline, Inc.*
   
54,765
     
6,264,568
 
Digital Turbine, Inc.*
   
37,106
     
2,335,823
 
Everbridge, Inc.*
   
67,146
     
9,482,358
 
Guidewire Software, Inc.*
   
36,254
     
4,176,461
 
HubSpot, Inc.*
   
25,020
     
14,912,420
 
Manhattan Associates, Inc.*
   
69,357
     
11,071,458
 
Medallia, Inc.*
   
95,176
     
3,223,611
 
Paycom Software, Inc.*
   
20,907
     
8,362,800
 
Paycor HCM, Inc.*
   
9,606
     
264,165
 
Q2 Holdings, Inc.*
   
107,031
     
11,057,372
 
SEMrush Holdings, Inc., Cl. A*
   
92,706
     
1,853,193
 
Smartsheet, Inc., Cl. A*
   
80,094
     
5,810,820
 
Sophia Genetics SA*
   
78,274
     
1,224,988
 
Sprout Social, Inc., Cl. A*
   
72,233
     
6,417,180
 
SPS Commerce, Inc.*
   
70,859
     
7,720,088
 
Vertex, Inc., Cl. A*
   
255,743
     
4,833,543
 
Viant Technology, Inc., Cl. A*
   
53,392
     
923,148
 
             
142,451,468
 
ASSET MANAGEMENT & CUSTODY BANKS—1.2%
               
Affiliated Managers Group, Inc.
   
49,942
     
7,912,810
 
BIOTECHNOLOGY—4.1%
               
CareDx, Inc.*
   
237,249
     
19,938,406
 
Cytek Biosciences, Inc.*
   
54,819
     
1,215,885
 
Forte Biosciences, Inc.*
   
90,936
     
2,724,443
 
Karuna Therapeutics, Inc.*
   
12,541
     
1,432,433
 
MaxCyte, Inc.*
   
47,277
     
803,709
 
Turning Point Therapeutics, Inc.*
   
19,032
     
1,214,622
 
             
27,329,498
 

- 22 -

THE ALGER FUNDS
 
ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—96.0% (CONT.)
 
SHARES
   
VALUE
 
CASINOS & GAMING—2.1%
           
DraftKings, Inc., Cl. A*
   
143,576
   
$
6,963,436
 
Penn National Gaming, Inc.*
   
103,307
     
7,064,133
 
             
14,027,569
 
DIVERSIFIED SUPPORT SERVICES—0.4%
               
IAA, Inc.*
   
41,858
     
2,531,572
 
ELECTRICAL COMPONENTS & EQUIPMENT—0.8%
               
Sunrun, Inc.*
   
104,635
     
5,542,516
 
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%
               
Cognex Corp.
   
75,217
     
6,800,369
 
FOOD DISTRIBUTORS—1.3%
               
The Chefs' Warehouse, Inc.*
   
92,890
     
2,686,379
 
US Foods Holding Corp.*
   
167,896
     
5,765,548
 
             
8,451,927
 
HEALTHCARE DISTRIBUTORS—0.3%
               
PetIQ, Inc., Cl. A*
   
60,960
     
2,155,546
 
HEALTHCARE EQUIPMENT—8.4%
               
CryoPort, Inc.*
   
113,772
     
7,022,008
 
Inmode Ltd.*
   
93,780
     
10,659,973
 
Inogen, Inc.*
   
111,357
     
8,882,948
 
Insulet Corp.*
   
45,582
     
12,748,829
 
Mesa Laboratories, Inc.
   
27,255
     
8,026,870
 
Tandem Diabetes Care, Inc.*
   
78,172
     
8,494,951
 
             
55,835,579
 
HEALTHCARE FACILITIES—1.8%
               
The Joint Corp.*
   
153,432
     
12,119,594
 
HEALTHCARE SERVICES—1.6%
               
1Life Healthcare, Inc.*
   
70,734
     
1,912,647
 
Biodesix, Inc.*
   
61,342
     
576,001
 
Guardant Health, Inc.*
   
53,968
     
5,925,687
 
Privia Health Group, Inc.*
   
47,492
     
1,970,918
 
             
10,385,253
 
HEALTHCARE SUPPLIES—4.5%
               
Neogen Corp.*
   
435,576
     
18,973,690
 
Quidel Corp.*
   
78,197
     
11,062,530
 
             
30,036,220
 
HEALTHCARE TECHNOLOGY—4.8%
               
Convey Holding Parent, Inc.*
   
132,872
     
1,193,190
 
Doximity, Inc., Cl. A*
   
17,954
     
1,111,353
 
Veeva Systems, Inc., Cl. A*
   
49,339
     
16,415,579
 
Vocera Communications, Inc.*
   
319,714
     
13,415,199
 
             
32,135,321
 
HOMEFURNISHING RETAIL—0.7%
               
Bed Bath & Beyond, Inc.*
   
171,248
     
4,887,418
 
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.6%
               
Legalzoom.com, Inc.*
   
141,628
     
5,209,078
 
Upwork, Inc.*
   
107,422
     
5,563,385
 
             
10,772,463
 

- 23 -

THE ALGER FUNDS
 
ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—96.0% (CONT.)
 
SHARES
   
VALUE
 
HYPERMARKETS & SUPER CENTERS—0.9%
           
BJ's Wholesale Club Holdings, Inc.*
   
125,425
   
$
6,351,522
 
INTERACTIVE HOME ENTERTAINMENT—0.4%
               
Take-Two Interactive Software, Inc.*
   
17,058
     
2,958,198
 
INTERACTIVE MEDIA & SERVICES—2.7%
               
Bumble, Inc., Cl. A*
   
42,439
     
2,159,296
 
Eventbrite, Inc., Cl. A*
   
114,151
     
2,028,463
 
Genius Sports Ltd.*
   
522,614
     
8,947,152
 
TripAdvisor, Inc.*
   
125,598
     
4,766,444
 
VTEX, Cl. A*
   
5,514
     
135,093
 
             
18,036,448
 
INTERNET & DIRECT MARKETING RETAIL—3.2%
               
Farfetch Ltd., Cl. A*
   
134,610
     
6,746,653
 
Fiverr International Ltd.*
   
33,015
     
8,217,764
 
Quotient Technology, Inc.*
   
372,956
     
4,050,302
 
The RealReal, Inc.*
   
159,003
     
2,625,140
 
             
21,639,859
 
INTERNET SERVICES & INFRASTRUCTURE—2.0%
               
BigCommerce Holdings, Inc.*
   
207,489
     
13,436,988
 
LEISURE FACILITIES—0.5%
               
Planet Fitness, Inc., Cl. A*
   
44,272
     
3,330,583
 
LIFE SCIENCES TOOLS & SERVICES—9.6%
               
10X Genomics, Inc., Cl. A*
   
31,518
     
5,775,043
 
Akoya Biosciences, Inc.*
   
137,239
     
2,379,724
 
Alpha Teknova, Inc.*
   
31,386
     
697,397
 
Bio-Techne Corp.
   
37,030
     
17,857,347
 
Codex DNA, Inc.*
   
78,170
     
1,234,304
 
ICON PLC*
   
9,414
     
2,290,144
 
Maravai LifeSciences Holdings, Inc., Cl. A*
   
38,051
     
1,673,103
 
NanoString Technologies, Inc.*
   
228,233
     
14,136,752
 
NeoGenomics, Inc.*
   
172,147
     
7,935,977
 
Personalis, Inc.*
   
73,494
     
1,542,639
 
Rapid Micro Biosystems, Inc., Cl. A*
   
63,537
     
1,409,886
 
Repligen Corp.*
   
30,514
     
7,497,290
 
             
64,429,606
 
MANAGED HEALTHCARE—1.0%
               
HealthEquity, Inc.*
   
94,675
     
7,004,057
 
MOVIES & ENTERTAINMENT—0.8%
               
Live Nation Entertainment, Inc.*
   
66,988
     
5,284,683
 
OIL & GAS EXPLORATION & PRODUCTION—1.3%
               
Magnolia Oil & Gas Corp., Cl. A*
   
600,189
     
8,402,646
 
PHARMACEUTICALS—0.2%
               
Aerie Pharmaceuticals, Inc.*
   
75,221
     
1,186,987
 
PRECIOUS METALS & MINERALS—0.0%
               
Xometry, Inc., Cl. A*
   
3,143
     
248,831
 
REGIONAL BANKS—0.6%
               
Webster Financial Corp.
   
78,373
     
3,769,741
 
RESTAURANTS—3.8%
               
Shake Shack, Inc., Cl. A*
   
130,962
     
13,166,920
 

- 24 -

THE ALGER FUNDS
 
ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—96.0% (CONT.)
 
SHARES
   
VALUE
 
RESTAURANTS—3.8% (CONT.)
           
The Cheesecake Factory, Inc.*
   
110,881
   
$
5,018,474
 
Wingstop, Inc.
   
43,100
     
7,383,461
 
             
25,568,855
 
SEMICONDUCTOR EQUIPMENT—0.7%
               
SolarEdge Technologies, Inc.*
   
17,162
     
4,453,196
 
SEMICONDUCTORS—0.8%
               
Universal Display Corp.
   
22,106
     
5,183,636
 
SPECIALTY CHEMICALS—2.1%
               
Balchem Corp.
   
102,381
     
13,810,173
 
SPECIALTY STORES—1.0%
               
Five Below, Inc.*
   
33,617
     
6,535,817
 
SYSTEMS SOFTWARE—1.2%
               
Proofpoint, Inc.*
   
46,305
     
8,087,631
 
TOTAL COMMON STOCKS
               
(Cost $455,154,575)
           
642,351,988
 
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
     
134,582
 
(Cost $94,483)
           
134,582
 
REAL ESTATE INVESTMENT TRUST—0.7%
 
SHARES
   
VALUE
 
RETAIL—0.7%
               
Tanger Factory Outlet Centers, Inc.
   
281,592
     
4,834,935
 
(Cost $4,640,403)
           
4,834,935
 
SPECIAL PURPOSE VEHICLE—0.5%
 
SHARES
   
VALUE
 
DATA PROCESSING & OUTSOURCED SERVICES—0.5%
               
Crosslink Ventures Capital LLC, Cl. A*,@,(a),(b)
   
72
     
2,822,688
 
Crosslink Ventures Capital LLC, Cl. B*,@,(a),(b)
   
19
     
744,876
 
             
3,567,564
 
TOTAL SPECIAL PURPOSE VEHICLE
               
(Cost $2,275,000)
           
3,567,564
 
Total Investments
               
(Cost $462,392,557)
   
97.2
%
 
$
650,896,672
 
Affiliated Securities (Cost $2,503,096)
           
3,575,167
 
Unaffiliated Securities (Cost $459,889,461)
           
647,321,505
 
Other Assets in Excess of Liabilities
   
2.8
%
   
18,885,583
 
NET ASSETS
   
100.0
%
 
$
669,782,255
 
 
(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 5 - 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.

- 25 -

THE ALGER FUNDS
 
ALGER SMALL CAP GROWTH FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)
 
Security
Acquisition
 Date(s)
 
Acquisition
Cost
   
% of net assets
(Acquisition
Date)
   
Market
Value
   
% of net assets
as of
7/31/2021
 
                           
Crosslink Ventures Capital LLC, Cl. A
10/2/20  
$
1,800,000
     
0.49
%
 
$
2,822,688
      0.42 %
Crosslink Ventures Capital LLC, Cl. B
10/16/20
    475,000      
0.10
%    
744,876
     
0.11
%
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
%
   
134,582
     
0.02
%
Total
             


 
$
3,709,749
     
0.55
%

See Notes to Financial Statements.

- 26 -

THE ALGER FUNDS
 
ALGER SMALL CAP FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—99.5%
 
SHARES
   
VALUE
 
ALTERNATIVE CARRIERS—1.6%
           
Bandwidth, Inc., Cl. A*
   
1,018,554
   
$
132,065,712
 
APPAREL ACCESSORIES & LUXURY GOODS—2.1%
               
Capri Holdings Ltd.*
   
2,961,028
     
166,735,487
 
APPLICATION SOFTWARE—17.7%
               
Avalara, Inc.*
   
1,237,844
     
206,930,381
 
Blackline, Inc.*
   
1,497,380
     
171,285,298
 
Everbridge, Inc.*
   
1,103,830
     
155,882,873
 
Guidewire Software, Inc.*
   
1,268,316
     
146,110,003
 
Paycom Software, Inc.*
   
444,580
     
177,832,000
 
PROS Holdings, Inc.*
   
3,438,300
     
149,290,986
 
Q2 Holdings, Inc.*
   
1,219,341
     
125,970,119
 
Smartsheet, Inc., Cl. A*
   
2,170,437
     
157,465,204
 
Sprout Social, Inc., Cl. A*
   
1,163,037
     
103,324,207
 
WM Technology, Inc.*
   
3,580,684
     
48,876,337
 
             
1,442,967,408
 
BIOTECHNOLOGY—7.7%
               
CareDx, Inc.*
   
2,433,693
     
204,527,560
 
Natera, Inc.*
   
2,348,417
     
268,940,715
 
Vericel Corp.*
   
2,841,805
     
150,445,156
 
             
623,913,431
 
BUILDING PRODUCTS—2.1%
               
Trex Co., Inc.*
   
1,744,432
     
169,384,347
 
DIVERSIFIED SUPPORT SERVICES—1.1%
               
IAA, Inc.*
   
1,410,359
     
85,298,512
 
EDUCATION SERVICES—2.1%
               
Chegg, Inc.*
   
1,892,841
     
167,762,498
 
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.7%
               
Cognex Corp.
   
2,395,292
     
216,558,350
 
HEALTHCARE DISTRIBUTORS—0.9%
               
PetIQ, Inc., Cl. A*
   
2,174,403
     
76,886,890
 
HEALTHCARE EQUIPMENT—17.2%
               
AtriCure, Inc.*
   
2,839,044
     
239,785,656
 
CryoPort, Inc.*
   
4,395,628
     
271,298,160
 
Eargo, Inc.*
   
3,160,384
     
113,773,824
 
Heska Corp.*
   
987,040
     
237,580,528
 
Insulet Corp.*
   
412,670
     
115,419,672
 
Nevro Corp.*
   
954,833
     
147,999,115
 
Shockwave Medical, Inc.*
   
1,004,112
     
182,748,384
 
Tactile Systems Technology, Inc.*
   
1,903,368
     
93,226,965
 
             
1,401,832,304
 
HEALTHCARE FACILITIES—1.1%
               
The Joint Corp.*
   
1,161,928
     
91,780,693
 
HEALTHCARE SERVICES—2.7%
               
Guardant Health, Inc.*
   
1,278,854
     
140,418,169
 
Signify Health, Inc., Cl. A*
   
2,916,480
     
76,761,754
 
             
217,179,923
 
HEALTHCARE SUPPLIES—4.0%
               
Neogen Corp.*
   
3,415,756
     
148,790,331
 

- 27 -

THE ALGER FUNDS
 
ALGER SMALL CAP FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—99.5% (CONT.)
 
SHARES
   
VALUE
 
HEALTHCARE SUPPLIES—4.0% (CONT.)
           
Quidel Corp.*
   
1,262,221
   
$
178,566,405
 
             
327,356,736
 
HEALTHCARE TECHNOLOGY—4.7%
               
Inspire Medical Systems, Inc.*
   
787,243
     
144,191,428
 
Veeva Systems, Inc., Cl. A*
   
722,212
     
240,287,154
 
             
384,478,582
 
INDUSTRIAL MACHINERY—3.3%
               
RBC Bearings, Inc.*
   
1,143,728
     
268,776,080
 
INTERACTIVE MEDIA & SERVICES—1.3%
               
Genius Sports Ltd.*
   
6,187,857
     
105,936,112
 
INTERNET SERVICES & INFRASTRUCTURE—2.3%
               
BigCommerce Holdings, Inc.*
   
2,941,260
     
190,475,997
 
LIFE SCIENCES TOOLS & SERVICES—9.3%
               
Berkeley Lights, Inc.*
   
2,522,470
     
114,974,183
 
Bio-Techne Corp.
   
505,130
     
243,593,891
 
NanoString Technologies, Inc.*
   
2,308,526
     
142,990,100
 
Repligen Corp.*
   
1,042,321
     
256,098,270
 
             
757,656,444
 
MANAGED HEALTHCARE—2.2%
               
HealthEquity, Inc.*
   
2,377,364
     
175,877,389
 
OIL & GAS EQUIPMENT & SERVICES—2.4%
               
ChampionX Corp.*
   
6,083,694
     
141,385,049
 
Core Laboratories NV
   
1,606,589
     
53,595,809
 
             
194,980,858
 
PACKAGED FOODS & MEATS—1.2%
               
Freshpet, Inc.*
   
669,806
     
98,093,089
 
RESTAURANTS—5.1%
               
Shake Shack, Inc., Cl. A*
   
2,260,038
     
227,224,220
 
Wingstop, Inc.
   
1,114,199
     
190,873,431
 
             
418,097,651
 
SEMICONDUCTORS—2.5%
               
Monolithic Power Systems, Inc.
   
455,607
     
204,686,001
 
TRADING COMPANIES & DISTRIBUTORS—2.2%
               
Herc Holdings, Inc.*
   
1,461,907
     
181,334,944
 
TOTAL COMMON STOCKS
               
(Cost $5,748,898,840)
           
8,100,115,438
 
RIGHTS—0.0%
 
SHARES
   
VALUE
 
BIOTECHNOLOGY—0.0%
               
Tolero CDR*,@,(a),(b)
   
11,905
     
9,167
 
(Cost $6,436)
           
9,167
 
Total Investments
               
(Cost $5,748,905,276)
   
99.5
%
 
$
8,100,124,605
 
Unaffiliated Securities (Cost $5,748,905,276)
           
8,100,124,605
 
Other Assets in Excess of Liabilities
   
0.5
%
   
43,829,220
 
NET ASSETS
   
100.0
%
 
$
8,143,953,825
 

(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.
*
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.

- 28 -

THE ALGER FUNDS
 
ALGER SMALL CAP FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

Security
Acquisition
Date(s)
 
Acquisition
Cost
   
% of net assets
(Acquisition
Date)
   
Market
Value
   
% of net assets
as of
7/31/2021
 
                           
Tolero CDR
2/6/17  
$
6,436
     
0.00
%
 
$
9,167
      0.00 %
Total
                   
$
9,167
      0.00 %

See Notes to Financial Statements.

- 29 -

THE ALGER FUNDS
 
ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—98.2%
 
SHARES
   
VALUE
 
ARGENTINA—1.5%
           
INTERNET & DIRECT MARKETING RETAIL—1.5%
           
MercadoLibre, Inc.*
   
1,950
   
$
3,058,965
 
(Cost $3,144,025)
               
AUSTRALIA—5.4%
               
APPLICATION SOFTWARE—2.4%
               
Xero Ltd.*
   
46,600
     
4,834,859
 
HEALTHCARE SUPPLIES—1.3%
               
Nanosonics Ltd.*
   
694,062
     
2,716,756
 
HEALTHCARE TECHNOLOGY—1.7%
               
Pro Medicus Ltd.
   
81,000
     
3,462,526
 
TOTAL AUSTRALIA
               
(Cost $7,093,135)
   
11,014,141
         
BELGIUM—1.1%
               
APPLICATION SOFTWARE—1.1%
               
Unifiedpost Group SA*
   
112,287
     
2,218,938
 
(Cost $2,879,104)
               
BRAZIL—1.5%
               
DATA PROCESSING & OUTSOURCED SERVICES—1.5%
               
StoneCo., Ltd., Cl. A*
   
50,800
     
2,989,072
 
(Cost $3,381,784)
               
CHINA—2.5%
               
AUTOMOBILE MANUFACTURERS—2.5%
               
BYD Co., Ltd., Cl. H
   
169,000
     
5,223,629
 
(Cost $3,942,643)
               
FRANCE—10.8%
               
APPAREL ACCESSORIES & LUXURY GOODS—3.1%
               
LVMH Moet Hennessy Louis Vuitton SE
   
8,000
     
6,405,069
 
ELECTRICAL COMPONENTS & EQUIPMENT—2.2%
               
Schneider Electric SE
   
27,500
     
4,605,740
 
LIFE SCIENCES TOOLS & SERVICES—2.9%
               
Eurofins Scientific SE
   
49,300
     
5,896,646
 
RESEARCH & CONSULTING SERVICES—2.6%
               
Teleperformance
   
12,557
     
5,296,280
 
TOTAL FRANCE
               
(Cost $11,692,437)
   
22,203,735
         
GERMANY—4.7%
               
FOOTWEAR—2.4%
               
Puma SE
   
40,600
     
4,980,170
 
OIL & GAS REFINING & MARKETING—2.3%
               
VERBIO Vereinigte BioEnergie AG
   
86,508
     
4,685,962
 
TOTAL GERMANY
               
(Cost $6,600,027)
   

     
9,666,132
 
HONG KONG—4.4%
               
APPAREL ACCESSORIES & LUXURY GOODS—2.4%
               
Samsonite International SA*
   
2,640,157
     
4,914,216
 

- 30 -

THE ALGER FUNDS
 
ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—98.2%(CONT.)
 
SHARES
   
VALUE
 
HONG KONG—4.4% (CONT.)
           
INDUSTRIAL MACHINERY—2.0%
           
Techtronic Industries Co., Ltd.
   
237,000
   
$
4,226,336
 
TOTAL HONG KONG
               
(Cost $4,616,687)
           
9,140,552
 
HUNGARY—2.1%
               
AIRLINES—2.1%                
Wizz Air Holdings PLC*
   
61,900
     
4,254,219
 
(Cost $3,931,643)
               
INDIA—5.9%
               
DIVERSIFIED BANKS—2.3%
               
HDFC Bank Ltd.#
   
66,800
     
4,714,076
 
DIVERSIFIED SUPPORT SERVICES—2.7%
               
Indian Railway Catering & Tourism Corp., Ltd.
   
177,000
     
5,561,795
 
THRIFTS & MORTGAGE FINANCE—0.9%
               
Indiabulls Housing Finance Ltd.
   
500,000
     
1,855,789
 
TOTAL INDIA
               
(Cost $8,883,096)
   

     
12,131,660
 
IRELAND—2.4%
               
PACKAGED FOODS & MEATS—2.4%
               
Kerry Group PLC, Cl. A
   
33,741
     
4,999,283
 
(Cost $3,756,243)
               
ITALY—10.5%
               
APPAREL ACCESSORIES & LUXURY GOODS—5.8%
               
Moncler SpA
   
102,586
     
7,045,589
 
PRADA SpA
   
630,000
     
4,936,608
 
 
           
11,982,197
 
AUTOMOBILE MANUFACTURERS—2.7%
               
Ferrari NV
   
25,662
     
5,601,758
 
DATA PROCESSING & OUTSOURCED SERVICES—2.0%
               
Nexi SpA*
   
188,000
     
4,027,786
 
TOTAL ITALY
               
(Cost $16,700,721)
           
21,611,741
 
JAPAN—12.1%
               
ELECTRONIC COMPONENTS—2.1%
               
Murata Manufacturing Co., Ltd.
   
52,200
     
4,331,855
 
HEALTHCARE SUPPLIES—2.2%
               
Hoya Corp.
   
31,600
     
4,460,960
 
INDUSTRIAL MACHINERY—5.2%
               
Ebara Corp.
   
111,000
     
5,490,618
 
FANUC Corp.
   
23,500
     
5,263,242
 
 
           
10,753,860
 
PERSONAL PRODUCTS—1.6%
               
Shiseido Co., Ltd.
   
48,000
     
3,208,115
 

- 31 -

THE ALGER FUNDS
 
ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—98.2% (CONT.)
 
SHARES
   
VALUE
 
JAPAN—12.1% (CONT.)
           
SEMICONDUCTOR EQUIPMENT—1.0%
           
Lasertec Corp.
   
10,799
   
$
2,027,315
 
TOTAL JAPAN
               
(Cost $20,505,352)
           
24,782,105
 
NETHERLANDS—10.2%
               
DATA PROCESSING & OUTSOURCED SERVICES—2.5%
               
Adyen NV*
   
1,875
     
5,081,132
 
HEAVY ELECTRICAL EQUIPMENT—2.4%
               
Alfen Beheer BV*
   
48,600
     
4,901,280
 
OIL & GAS EQUIPMENT & SERVICES—1.4%
               
Core Laboratories NV
   
86,000
     
2,868,960
 
SEMICONDUCTOR EQUIPMENT—3.9%
               
ASML Holding NV
   
10,500
     
8,025,701
 
TOTAL NETHERLANDS
               
(Cost $8,057,393)
           
20,877,073
 
NORWAY—1.7%
               
ENVIRONMENTAL & FACILITIES SERVICES—1.7%
               
Aker Carbon Capture ASA*
   
1,560,510
     
3,455,860
 
(Cost $3,626,911)
               
SINGAPORE—1.2%
               
INTERACTIVE HOME ENTERTAINMENT—1.2%
               
Sea Ltd.#,*
   
9,300
     
2,568,288
 
(Cost $2,401,700)
               
SOUTH KOREA—2.2%
               
SPECIALTY CHEMICALS—2.2%
               
Chunbo Co., Ltd.
   
22,800
     
4,473,605
 
(Cost $3,840,265)
               
SPAIN—1.6%
               
BIOTECHNOLOGY—1.6%
               
Grifols SA#
   
221,941
     
3,375,723
 
(Cost $4,393,108)
               
SWEDEN—2.6%
               
ASSET MANAGEMENT & CUSTODY BANKS—2.6%
               
EQT AB
   
110,298
     
5,316,570
 
(Cost $1,135,925)
               
SWITZERLAND—7.0%
               
ASSET MANAGEMENT & CUSTODY BANKS—2.1%
               
Partners Group Holding AG
   
2,584
     
4,414,169
 
LIFE SCIENCES TOOLS & SERVICES—2.0%
               
PolyPeptide Group AG*
   
36,906
     
4,022,829
 
SPECIALTY CHEMICALS—2.9%
               
Sika AG
   
16,700
     
5,882,593
 
TOTAL SWITZERLAND
               
(Cost $7,389,882)
           
14,319,591
 

- 32 -

THE ALGER FUNDS
 
ALGER INTERNATIONAL FOCUS FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—98.2% (CONT.)  
SHARES
   
VALUE
 
TAIWAN—2.6%
           
SEMICONDUCTORS—2.6%
           
Taiwan Semiconductor Manufacturing Co., Ltd.#
   
46,700
    $ 5,447,088  
(Cost $4,053,866)
               
UNITED KINGDOM—2.3%
               
FINANCIAL EXCHANGES & DATA—2.3%
               
London Stock Exchange Group PLC
   
45,200
     
4,712,552
 
(Cost $3,713,750)
               
UNITED STATES—1.9%
               
OIL & GAS EQUIPMENT & SERVICES—1.9%
               
Schlumberger NV
   
136,500
     
3,935,295
 
(Cost $4,331,321)
               
TOTAL COMMON STOCKS
               
(Cost $140,071,018)
            201,775,817  
Total Investments
               
(Cost $140,071,018)
   
98.2
%
 
$
201,775,817
 
Unaffiliated Securities (Cost $140,071,018)
           
201,775,817
 
Other Assets in Excess of Liabilities
   
1.8
%
   
3,785,463
 
NET ASSETS
   
100.0
%
 
$
205,561,280
 
 
#
American Depositary Receipts.
*
Non-income producing security.
 
See Notes to Financial Statements.

- 33 -

THE ALGER FUNDS
 
ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2021 (Unaudited)

COMMON STOCKS—96.4%
 
SHARES
   
VALUE
 
BIOTECHNOLOGY—27.3%
           
AbbVie, Inc.
   
91,233
   
$
10,610,398
 
Alector, Inc.*
   
79,186
     
1,903,235
 
Arrowhead Pharmaceuticals, Inc.*
   
26,554
     
1,839,927
 
CareDx, Inc.*
   
35,139
     
2,953,082
 
Celldex Therapeutics, Inc.*
   
327,829
     
14,342,519
 
Denali Therapeutics, Inc.*
   
74,209
     
3,786,885
 
DermTech, Inc.*
   
18,526
     
623,585
 
Forte Biosciences, Inc.*
   
352,236
     
10,552,991
 
Horizon Therapeutics PLC*
   
28,316
     
2,832,166
 
Intellia Therapeutics, Inc.*
   
20,015
     
2,839,128
 
Kadmon Holdings, Inc.*
   
799,110
     
3,004,654
 
Kymera Therapeutics, Inc.*
   
44,275
     
2,664,469
 
Moderna, Inc.*
   
48,068
     
16,996,845
 
Morphic Holding, Inc.*
   
65,881
     
3,796,063
 
Natera, Inc.*
   
66,837
     
7,654,173
 
PMV Pharmaceuticals, Inc.*
   
63,704
     
2,166,573
 
             
88,566,693
 
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.7%
               
908 Devices, Inc.*
   
71,903
     
2,246,969
 
HEALTHCARE DISTRIBUTORS—1.7%
               
McKesson Corp.
   
11,906
     
2,426,800
 
PetIQ, Inc., Cl. A*
   
91,116
     
3,221,862
 
             
5,648,662
 
HEALTHCARE EQUIPMENT—31.6%
               
Abbott Laboratories
   
36,771
     
4,448,556
 
ABIOMED, Inc.*
   
7,200
     
2,355,408
 
Boston Scientific Corp.*
   
122,606
     
5,590,834
 
ClearPoint Neuro, Inc.*
   
110,743
     
2,461,817
 
Danaher Corp.
   
35,714
     
10,624,558
 
Dexcom, Inc.*
   
22,042
     
11,362,871
 
Edwards Lifesciences Corp.*
   
61,150
     
6,865,310
 
IDEXX Laboratories, Inc.*
   
15,881
     
10,775,735
 
Inari Medical, Inc.*
   
25,123
     
2,255,794
 
Inmode Ltd.*
   
92,458
     
10,509,701
 
Insulet Corp.*
   
28,495
     
7,969,767
 
Intuitive Surgical, Inc.*
   
10,291
     
10,203,115
 
Masimo Corp.*
   
16,572
     
4,514,047
 
Nevro Corp.*
   
35,340
     
5,477,700
 
Sartorius AG
   
11,671
     
7,059,642
 
             
102,474,855
 
HEALTHCARE FACILITIES—4.4%
               
Encompass Health Corp.
   
39,645
     
3,300,446
 
HCA Healthcare, Inc.
   
10,206
     
2,533,129
 
Tenet Healthcare Corp.*
   
115,157
     
8,272,879
 
             
14,106,454
 
HEALTHCARE SERVICES—2.7%
               
Castle Biosciences, Inc.*
   
48,014
     
3,353,778
 

- 34 -

THE ALGER FUNDS
 
ALGER HEALTH SCIENCES FUND
Schedule of Investments July 31, 2021 (Unaudited) (Continued)

COMMON STOCKS—96.4% (CONT.)
 
SHARES
   
VALUE
 
HEALTHCARE SERVICES—2.7% (CONT.)
           
Guardant Health, Inc.*
   
50,267
   
$
5,519,316
 
             
8,873,094
 
HEALTHCARE SUPPLIES—3.7%
               
Align Technology, Inc.*
   
7,547
     
5,251,203
 
Quidel Corp.*
   
21,304
     
3,013,877
 
West Pharmaceutical Services, Inc.
   
9,161
     
3,771,858
 
             
12,036,938
 
HEALTHCARE TECHNOLOGY—4.4%
               
Inspire Medical Systems, Inc.*
   
11,918
     
2,182,901
 
Phreesia, Inc.*
   
29,849
     
2,040,179
 
Veeva Systems, Inc., Cl. A*
   
29,744
     
9,896,126
 
             
14,119,206
 
LIFE SCIENCES TOOLS & SERVICES—10.7%
               
10X Genomics, Inc., Cl. A*
   
25,464
     
4,665,769
 
Avantor, Inc.*
   
86,829
     
3,263,034
 
Bio-Techne Corp.
   
22,276
     
10,742,378
 
Bruker Corp.
   
39,470
     
3,246,407
 
NanoString Technologies, Inc.*
   
31,267
     
1,936,678
 
Quanterix Corp.*
   
24,261
     
1,289,472
 
Repligen Corp.*
   
31,386
     
7,711,540
 
Thermo Fisher Scientific, Inc.
   
3,293
     
1,778,253
 
             
34,633,531
 
MANAGED HEALTHCARE—5.6%
UnitedHealth Group, Inc.
   
43,724
     
18,023,907
 
PHARMACEUTICALS—3.6%
               
Catalent, Inc.*
   
41,401
     
4,960,254
 
Dechra Pharmaceuticals PLC
   
96,165
     
6,640,155
 
             
11,600,409
 
TOTAL COMMON STOCKS
               
(Cost $228,435,182)
           
312,330,718
 
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
 
RIGHTS—0.5%
 
SHARES
   
VALUE
 
BIOTECHNOLOGY—0.5%
               
Tolero CDR*,@,(a),(c)
   
1,956,996
     
1,506,887
 
(Cost $1,044,370)
           
1,506,887
 
Total Investments
               
(Cost $233,517,699)
   
96.9
%
 
$
313,972,210
 
Affiliated Securities (Cost $4,038,147)
           
134,605
 
Unaffiliated Securities (Cost $229,479,552)
           
313,837,605
 
Other Assets in Excess of Liabilities
   
3.1
%
   
10,060,912
 
NET ASSETS
   
100.0
%
 
$
324,033,122
 

(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 5 - 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.
 

Acquisition
Date(s)
 
Acquisition
Cost
   
% of net assets
(Acquisition
Date)
   

Market
Value
   
% of net assets
as of
7/31/2021
 
Security

                       
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
%
   
1,506,887
     
0.47
%
Total
                   
$
1,641,492
     
0.51
%

See Notes to Financial Statements.

- 35 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
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 ten series — Alger Capital Appreciation 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 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 be 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. Alger Mid Cap Focus Fund started offering Class A and C shares on July 29, 2021.

- 36 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

- 37 -

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.

- 38 -

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.
 
NOTE 3 — Fair Value Measurements:

 
The following is a summary of the inputs used as of July 31, 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.
 
Alger Capital Appreciation Fund  
TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
 

                   
Communication Services
 
$
448,629,916
   
$
448,629,916
   
$
   
$
 
Consumer Discretionary
   
645,954,129
     
605,692,265
     
37,203,724
     
3,058,140
 
Consumer Staples
   
21,260,537
     
21,260,537
     
     
 
Energy
   
4,440,832
     
4,440,832
     
     
 
Financials
   
84,171,197
     
84,171,197
     
     
 
Healthcare
   
290,447,405
     
290,447,405
     
     
 
Industrials
   
163,018,357
     
163,018,357
     
     
 
Information Technology
   
1,601,948,839
     
1,601,948,839
     
     
 
Materials
   
25,757,610
     
25,757,610
     
     
 
TOTAL COMMON STOCKS
 
$
3,285,628,822
   
$
3,245,366,958
   
$
37,203,724
   
$
3,058,140
 
REAL ESTATE INVESTMENT TRUST
                               
Real Estate
   
7,334,365
     
7,334,365
     
     
 
SPECIAL PURPOSE VEHICLE
                               
Information Technology
   
4,351,644
     
     
     
4,351,644
 
TOTAL INVESTMENTS IN SECURITIES
 
$
3,297,314,831
   
$
3,252,701,323
   
$
37,203,724
   
$
7,409,784
 

Alger 35 Fund  
TOTAL
   
LEVEL 1
   
LEVEL 2
    LEVEL 3
 
COMMON STOCKS
 

                   
Communication Services
 
$
4,219,419
   
$
4,219,419
   
$
    $  
Consumer Discretionary
   
4,874,567
     
4,874,567
     
     
 
Energy
   
581,098
     
581,098
     
     
 
Financials
   
1,215,850
     
1,215,850
     
     
 
Healthcare
   
6,881,503
     
6,881,503
     
     
 
Industrials
   
2,502,943
     
2,502,943
     
     
 
Information Technology
   
20,136,050
     
20,136,050
     
       
TOTAL COMMON STOCKS
 
$
40,411,430
   
$
40,411,430
   
$
   
$
 
REAL ESTATE INVESTMENT TRUST
                               
Real Estate
   
563,647
     
563,647
     
     
 
TOTAL INVESTMENTS IN SECURITIES
 
$
40,975,077
   
$
40,975,077
   
$
   
$
 

- 39 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Growth & Income Fund
 
TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
                       
Communication Services
 
$
20,138,893
   
$
20,138,893
   
$
    $  
Consumer Discretionary
   
10,958,684
     
10,958,684
     
       
Consumer Staples
   
10,059,643
     
10,059,643
     
       
Energy
   
3,726,643
     
3,726,643
     
       
Financials
   
21,351,936
     
21,351,936
     
       
Healthcare
   
18,966,739
     
18,966,739
     
       
Industrials
   
9,463,638
     
9,463,638
     
       
Information Technology
   
39,799,287
     
39,799,287
     
       
Materials
   
2,887,170
     
2,887,170
     
       
Utilities
   
1,746,130
     
1,746,130
     
       
TOTAL COMMON STOCKS
 
$
139,098,763
   
$
139,098,763
   
$
    $  
MASTER LIMITED PARTNERSHIP
                               
Energy
  $ 729,158    
$
729,158
   
$
    $  
REAL ESTATE INVESTMENT TRUST
                               
Financials
    1,093,332      
1,093,332
     
       
Real Estate
    6,489,005      
6,489,005
     
       
TOTAL REAL ESTATE INVESTMENT TRUST
  $ 7,582,337    
$
7,582,337
   
$
    $  
SHORT—TERM INVESTMENTS
                               
Money Market Fund
    246,483      
246,483
     
       
TOTAL INVESTMENTS IN SECURITIES
  $ 147,656,741    
$
147,656,741
   
$
    $  

Alger Mid Cap Growth Fund
  TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
                       
Communication Services
  $ 26,182,193    
$
26,182,193
   
$
   
$
 
Consumer Discretionary
    40,540,037      
34,352,020
     
6,188,017
     
 
Energy
    1,448,424      
1,448,424
     
     
 
Financials
    5,856,805      
5,856,805
     
     
 
Healthcare
    81,542,869      
81,542,869
     
     
 
Industrials
    36,398,445      
36,398,445
     
     
 
Information Technology
    100,427,398      
100,427,398
     
     
 
Materials
    3,008,736      
3,008,736
     
     
 
TOTAL COMMON STOCKS
  $ 295,404,907    
$
289,216,890
   
$
6,188,017
   
$
 
PREFERRED STOCKS
                               
Healthcare
    32,942      
     
     
32,942
 
RIGHTS
                               
Healthcare
    454,345      
     
     
454,345
 
REAL ESTATE INVESTMENT TRUST
                               
Real Estate
    7,675,227      
7,675,227
     
     
 
SPECIAL PURPOSE VEHICLE
                               
Information Technology
    2,626,668      
     
     
2,626,668
 
TOTAL INVESTMENTS IN SECURITIES
  $ 306,194,089    
$
296,892,117
   
$
6,188,017
   
$
3,113,955
 

- 40 -

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
 
$
27,383,909
   
$
27,383,909
   
$
    $  
Consumer Discretionary
   
84,918,160
     
84,918,160
     
       
Financials
   
21,400,093
     
21,400,093
     
       
Healthcare
   
171,706,204
     
171,706,204
     
       
Industrials
   
127,459,251
     
127,459,251
     
       
Information Technology
   
294,165,769
     
294,165,769
     
       
Materials
   
6,562,633
     
6,562,633
     
       
TOTAL COMMON STOCKS
 
$
733,596,019
   
$
733,596,019
   
$
    $  
TOTAL INVESTMENTS IN SECURITIES
 
$
733,596,019
   
$
733,596,019
   
$
    $  

Alger Weatherbie Specialized Growth Fund
 
TOTAL
   
LEVEL 1
   
LEVEL 2
    LEVEL 3  
COMMON STOCKS
                         
Consumer Discretionary
 
$
260,005,453
   
$
260,005,453
   
$
    $  
Energy
   
43,684,353
     
43,684,353
     
     
 
Financials
   
293,100,305
     
293,100,305
     
     
 
Healthcare
   
416,145,154
     
416,145,154
     
     
 
Industrials
   
140,984,558
     
140,984,558
     
     
 
Information Technology
   
285,593,241
     
285,593,241
     
     
 
Materials
   
4,117,851
     
4,117,851
     
     
 
Real Estate
   
92,468,424
     
92,468,424
     
     
 
TOTAL COMMON STOCKS
 
$
1,536,099,339
   
$
1,536,099,339
   
$
    $  
PREFERRED STOCKS
                               
Healthcare
 
$
34,721
   
$
   
$
    $ 34,721  
TOTAL INVESTMENTS IN SECURITIES
 
$
1,536,134,060
   
$
1,536,099,339
   
$
    $ 34,721  

Alger Small Cap Growth Fund
  TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
                       
Communication Services
  $ 55,002,616    
$
55,002,616
   
$
   
$
 
Consumer Discretionary
    81,545,758      
81,545,758
     
     
 
Consumer Staples
    14,803,449      
14,803,449
     
     
 
Energy
    8,402,646      
8,402,646
     
     
 
Financials
    11,682,551      
11,682,551
     
     
 
Healthcare
    242,617,661      
241,813,952
     
803,709
     
 
Industrials
    33,825,015      
33,825,015
     
     
 
Information Technology
    180,413,288      
180,413,288
     
     
 
Materials
    14,059,004      
14,059,004
     
     
 
TOTAL COMMON STOCKS
  $ 642,351,988    
$
641,548,279
   
$
803,709
   
$
 
PREFERRED STOCKS
                               
Healthcare
    7,603      
     
     
7,603
 
RIGHTS
                               
Healthcare
    134,582      
     
     
134,582
 
REAL ESTATE INVESTMENT TRUST
                               
Real Estate
    4,834,935      
4,834,935
     
     
 
SPECIAL PURPOSE VEHICLE
                               
Information Technology
    3,567,564      
     
     
3,567,564
 
TOTAL INVESTMENTS IN SECURITIES
  $ 650,896,672    
$
646,383,214
   
$
803,709
   
$
3,709,749
 

- 41 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Small Cap Focus Fund
 
TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
                       
Communication Services
 
$
238,001,824
   
$
238,001,824
   
$

    $
 
Consumer Discretionary
   
752,595,636
     
752,595,636
     
     
 
Consumer Staples
   
98,093,089
     
98,093,089
     
     
 
Energy
   
194,980,858
     
194,980,858
     
     
 
Healthcare
   
4,056,962,392
     
4,056,962,392
     
     
 
Industrials
   
704,793,883
     
704,793,883
     
     
 
Information Technology
   
2,054,687,756
     
2,054,687,756
     
     
 
TOTAL COMMON STOCKS
 
$
8,100,115,438
   
$
8,100,115,438
   
$

    $
 
RIGHTS
                               
Healthcare
 
$
9,167
   
$
   
$

    $
9,167
 
TOTAL INVESTMENTS IN SECURITIES
 
$
8,100,124,605
   
$
8,100,115,438
   
$

    $
9,167
 
 
Alger International Focus Fund
 
TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
                       
Communication Services
 
$
2,568,288
   
$
2,568,288
   
$
   
$
 
Consumer Discretionary
   
42,166,004
     
8,660,723
     
33,505,281
     
 
Consumer Staples
   
8,207,398
     
     
8,207,398
     
 
Energy
   
11,490,217
     
6,804,255
     
4,685,962
     
 
Financials
   
21,013,156
     
4,714,076
     
16,299,080
     
 
Healthcare
   
23,935,440
     
3,375,723
     
20,559,717
     
 
Industrials
   
43,055,370
     
     
43,055,370
     
 
Information Technology
   
38,983,746
     
8,436,160
     
30,547,586
     
 
Materials
   
10,356,198
     
     
10,356,198
     
 
TOTAL COMMON STOCKS
 
$
201,775,817
   
$
34,559,225
   
$
167,216,592
   
$
 
TOTAL INVESTMENTS IN SECURITIES
 
$
201,775,817
   
$
34,559,225
   
$
167,216,592
   
$
 
 
Alger Health Sciences Fund
 
TOTAL
   
LEVEL 1
   
LEVEL 2
   
LEVEL 3
 
COMMON STOCKS
                       
Healthcare
 
$
310,083,749
   
$
296,383,952
   
$
13,699,797
   
$
 
Information Technology
   
2,246,969
     
2,246,969
     
     
 
TOTAL COMMON STOCKS
 
$
312,330,718
   
$
298,630,921
   
$
13,699,797
   
$
 
PREFERRED STOCKS
                               
Healthcare
   
134,605
     
     
     
134,605
 
RIGHTS
                               
Healthcare
   
1,506,887
     
     
     
1,506,887
 
TOTAL INVESTMENTS IN SECURITIES
 
$
313,972,210
   
$
298,630,921
   
$
13,699,797
   
$
1,641,492
 

- 42 -

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
   
(2,676,198
)
Purchases and sales
       
Purchases
   
 
Sales
   
 
Closing balance at July 31, 2021
   
3,058,140
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
(2,676,198
)

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
   
1,576,644
 
Purchases and sales
       
Purchases
   
 
Sales
   
 
Closing balance at July 31, 2021
   
4,351,644
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
1,576,644
 

- 43 -

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 July 31, 2021
   
32,942
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 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
   
47,204
 
Purchases and sales
       
Purchases
   
 
Sales
   
 
Closing balance at July 31, 2021
   
454,345
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
47,204
 

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
   
951,668
 
Purchases and sales
       
Purchases
   
475,000
 
Sales
   
 
Closing balance at July 31, 2021
   
2,626,668
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
951,668
 

- 44 -

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 July 31, 2021
   
34,721
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 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 July 31, 2021
   
7,603
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
 

- 45 -

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
   
13,982
 
Purchases and sales
       
Purchases
   
 
Sales
   
 
Closing balance at July 31, 2021
   
134,582
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
13,982
 

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
   
1,292,564
 
Purchases and sales
       
Purchases
   
475,000
 
Sales
   
 
Closing balance at July 31, 2021
   
3,567,564
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
1,292,564
 

- 46 -

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
   
953
 
Purchases and sales
       
Purchases
   
 
Sales
   
 
Closing balance at July 31, 2021
   
9,167
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
953
 

   
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 July 31, 2021
   
134,605
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
 

- 47 -

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
   
156,560
 
Purchases and sales
       
Purchases
   
 
Sales
   
 
Closing balance at July 31, 2021
   
1,506,887
 
Net change in unrealized appreciation (depreciation) attributable to investments still held at July 31, 2021
 
$
156,560
 

The following table provides quantitative information about each Fund's Level 3 fair value measurements of the Funds' investments as of July 31, 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
July 31, 2021
 
Valuation
Methodology
Unobservable
Input
 
Input/Range
   
Weighted
Average Inputs
 
Alger Capital Appreciation Fund
                     
Common Stocks
   
3,058,140
 
Income Approach
Discount Rate
   
0.00%-3.04
%
   
N/A
 
         
                 
Special Purpose Vehicle
   
4,351,644
 
Income Approach
Revenue Multiple
   
27x – 28
x
   
N/A
 
         
                 
Alger Mid Cap Growth Fund
                           
Preferred Stocks
   
32,942
 
Income Approach
Discount Rate
   
72.50%-77.50
%
   
N/A
 
         

                 
Rights
   
454,345
 
Income Approach
Discount Rate
   
3.26%-3.98
%
   
N/A
 
         

                 
         
Probability of Success
   
0.00%-100.00
%
   
N/A
 
Special Purpose Vehicle
   
2,626,668
 
Income Approach
Revenue Multiple
   
27x – 28
x
   
N/A
 
                             
Alger Weatherbie Specialized Growth Fund
                     
Preferred Stocks   $ 34,721   Income Approach Discount Rate     72.50%-77.50 %     N/A  

- 48 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

   
Fair Value
July 31, 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
   
134,582
 
Income Approach
Discount Rate
   
3.26%-3.98
%
     
N/A
 

   
 
Probability of  Success
   
0.00%-100.00
%
     
N/A
 
Special Purpose Vehicle
   
3,567,564
 
Income Approach
Revenue Multiple
   
27x – 28
x

   
N/A
 
                               
Alger Small Cap Focus Fund
       

                 
Rights
 
$
9,167
 
Income Approach
Discount Rate
   
3.26%-3.98
%
     
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  
                               
               Discount Rate     3.26%-3.98 %
      N/A  
Rights     1,506,887   Income Approach 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.

- 49 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


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 July 31, 2021, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

Cash, Foreign Cash and Cash Equivalents:
  TOTAL     LEVEL 1     LEVEL 2     LEVEL 3  
Alger Capital Appreciation Fund
 
$
9,156,860
   
$
(72,604
)
 
$
9,229,464
   
$
 
Alger 35 Fund
   
185,329
     
     
185,329
     
 
Alger Growth & Income Fund
   
4,386,560
     
     
4,386,560
     
 
Alger Mid Cap Growth Fund
   
2,120,923
     
     
2,120,923
     
 
Alger Mid Cap Focus Fund
   
34,216,345
     
     
34,216,345
     
 
Alger Weatherbie Specialized Growth Fund
   
32,172,839
     
     
32,172,839
     
 
Alger Small Cap Growth Fund
   
21,737,398
     
     
21,737,398
     
 
Alger Small Cap Focus Fund
   
40,301,668
     
     
40,301,668
     
 
Alger International Focus Fund
   
3,807,593
     
     
3,807,593
     
 
Alger Health Sciences Fund
   
24,676,223
     
     
24,676,223
     
 
 
NOTE 4 — 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.
 
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.

- 50 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)


There were no derivative instruments held by the Funds throughout the period or as of July 31, 2021.
 
NOTE 5 — 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 July 31, 2021. Information regarding the Funds’ holdings of such securities is set forth in the following table:
 
Security
 
Value at
October 31,
2020
   
Purchases/
Conversion
   
Sales/
Conversion
   
Dividend/
Interest
Income
   
Realized
Gain (Loss)
   
Net Change
in
Unrealized
App(Dep)
   
Value at
 July 31,
2021
 
Alger Capital Appreciation Fund                                          
Special Purpose Vehicle                                          
Crosslink Ventures Capital LLC, Cl. A
 
$
2,775,000
   
$
   
$
   
$
   
$
   
$
1,576,644    
$
4,351,644
 
Total
 
$
2,775,000
   
$
   
$
   
$
   
$
   
$
1,576,644    
$
4,351,644
 
 
Security
 
Value at
October 31,
2020
   
Purchases/
Conversion
   
Sales/
Conversion
   
Dividend/
Interest
Income
   
Realized
Gain (Loss)
   
Net Change
in
Unrealized
App(Dep)
   
Value at
July 31,
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
     
     
     
     
     
681,792
     
1,881,792
 
Crosslink Ventures Capital LLC, Cl. B
   
     
475,000
     
     
     
     
269,876
     
744,876
 
Total
 
$
1,232,942
   
$
475,000
   
$
   
$
   
$
   
$
951,668
   
$
2,659,610
 

Security
 
Value at
October 31,
2020
   
Purchases/
Conversion
   
Sales/
Conversion
   
Dividend/
Interest
Income
   
Realized
Gain (Loss)
   
Net Change
in
Unrealized
App(Dep)
   
Value at
July 31,
2021
 
Alger Weatherbie Specialized Growth Fund
                                         
Preferred Stocks                                          
Prosetta Biosciences, Inc., Series D
 
$
34,721
   
$
   
$
   
$
   
$
   
$
   
$
34,721
 
Total
 
$
34,721
   
$
   
$
   
$
   
$
   
$
   
$
34,721
 

- 51 -

THE ALGER FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security
 
Value at
October 31,
2020
   
Purchases/
Conversion
   
Sales/
Conversion
   
Dividend/
Interest
Income
   
Realized
Gain (Loss)
   
Net Change
in
Unrealized
App(Dep)
   
Value at
July 31,
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
     
     
     
     
     
1,022,688
     
2,822,688
 
Crosslink Ventures Capital LLC, Cl. B
   
      475,000      
     
     
     
269,876
     
744,876
 
Total
 
$
1,807,603
   
$
475,000
   
$
   
$
   
$
   
$
1,292,564
    $ 3,575,167  

Security
 
Value at
October 31,
2020
   
Purchases/
Conversion
   
Sales/
Conversion
   
Dividend/
Interest
Income
   
Realized
Gain (Loss)
   
Net Change
in
Unrealized
App(Dep)
   
Value at
July 31,
2021
 
Alger Health Sciences Fund
                                         
Preferred Stocks                                          
Prosetta Biosciences, Inc., Series D
 
$
134,605
   
$
   
$
   
$
   
$
   
$
   
$
134,605
 
Total
 
$
134,605
   
$
   
$
   
$
   
$
   
$
   
$
134,605
 


- 52 -