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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

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

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

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 -