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      2022-01-31
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        COSTCO WHOLESALE CORP
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        693.00000000
        NS
        USD
        350055.09000000
        0.975618641055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MONGODB INC
        549300TPTG69WKWE1Z37
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        60937P106
        
          
        
        471.00000000
        NS
        USD
        190806.81000000
        0.531786812973
        Long
        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        S&P GLOBAL INC
        Y6X4K52KMJMZE7I7MY94
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        78409V104
        
          
        
        1936.00000000
        NS
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        803865.92000000
        2.240409006653
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        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        ABBVIE INC
        FR5LCKFTG8054YNNRU85
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        00287Y109
        
          
        
        2958.00000000
        NS
        USD
        404920.62000000
        1.128531240667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLE INC
        HWUPKR0MPOU8FGXBT394
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        037833100
        
          
        
        15016.00000000
        NS
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        2624496.48000000
        7.314584939392
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        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADVANCED MICRO DEVICES
        R2I72C950HOYXII45366
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        2.552770574568
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        EC
        CORP
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        N
        
        1
        
          N
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          N
        
      
      
        AMAZON.COM INC
        ZXTILKJKG63JELOEG630
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        023135106
        
          
        
        577.00000000
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        4.810654397520
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        1
        
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        MICROSOFT CORP
        INR2EJN1ERAN0W5ZP974
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        2714855.40000000
        7.566419148509
        Long
        EC
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        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC-CL C
        5493006MHB84DD0ZWV18
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        605.00000000
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        1641951.85000000
        4.576190657804
        Long
        EC
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        US
        N
        
        1
        
          N
          N
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        ADOBE INC
        FU4LY2G4933NH2E1CP29
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        2485.00000000
        NS
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        1327735.50000000
        3.700456131606
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        US
        N
        
        1
        
          N
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        HEICO CORP
        529900O1DTDLCJ7L0I14
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        12833.00000000
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        1750292.87000000
        4.878141755567
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        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        MARQETA INC-A
        N/A
        MARQETA INC-A 0.00000000
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        57489.00000000
        NS
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        678370.20000000
        1.890647019748
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DATADOG INC - CLASS A
        549300F6JNO0KRPO1K63
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        6908.00000000
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        1009327.88000000
        2.813040355061
        Long
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        N
        
        1
        
          N
          N
          N
        
      
      
        CATALENT INC
        N/A
        CATALENT INC 0.00000000
        148806102
        
          
        
        8764.00000000
        NS
        USD
        910842.52000000
        2.538557407000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LIVE NATIONAL ENTERTAINMENT INC
        5493007B9BM9ZXJINO78
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        538034109
        
          
        
        6328.00000000
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        692979.28000000
        1.931363156104
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        N
        
        1
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTL CORP
        54930012H97VSM0I2R19
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        4947.00000000
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        902876.97000000
        2.516357075428
        Long
        RE
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        N
        
        1
        
          N
          N
          N
        
      
      
        SIGNATURE BANK
        VLP5AP0XK2GM6GKD1007
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        3094.00000000
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        942525.22000000
        2.626858459040
        Long
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        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QUALCOMM INC
        H1J8DDZKZP6H7RWC0H53
        QUALCOMM INC 0.00000000
        747525103
        
          
        
        7248.00000000
        NS
        USD
        1273908.48000000
        3.550437904177
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        INTUITIVE SURGICAL INC
        54930052SRG011710797
        INTUITIVE SURGICAL INC 0.00000000
        46120E602
        
          
        
        3792.00000000
        NS
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        1077610.56000000
        3.003347130687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DEXCOM INC
        549300YSK3QDSFR5EU59
        DEXCOM INC 0.00000000
        252131107
        
          
        
        1450.00000000
        NS
        USD
        624196.00000000
        1.739661186678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DIAMONDBACK ENERGY INC
        549300R22LSX6OHWEN64
        DIAMONDBACK ENERGY INC 0.00000000
        25278X109
        
          
        
        15909.00000000
        NS
        USD
        2007079.44000000
        5.593817006753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRSTSERVICE CORP
        5493000XUDIV75BCF118
        FIRSTSERVICE CORP 0.00000000
        33767E202
        
          
        
        4175.00000000
        NS
        USD
        665411.50000000
        1.854530563667
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        COSTAR GROUP INC
        N/A
        COSTAR GROUP INC 0.00000000
        22160N109
        
          
        
        11301.00000000
        NS
        USD
        792878.16000000
        2.209785645400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BLOCK INC
        549300OHIIUWSTIZME52
        BLOCK INC 0.00000000
        852234103
        
          
        
        5640.00000000
        NS
        USD
        689715.60000000
        1.922267139113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NATERA INC
        N/A
        NATERA INC 0.00000000
        632307104
        
          
        
        14740.00000000
        NS
        USD
        1041381.00000000
        2.902373783625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SHOPIFY INC - CLASS A
        549300HGQ43STJLLP808
        SHOPIFY INC - CLASS A 0.00000000
        82509L107
        
          
        
        1352.00000000
        NS
        USD
        1303652.48000000
        3.633335715660
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        NETFLIX INC
        549300Y7VHGU0I7CE873
        NETFLIX INC 0.00000000
        64110L106
        
          
        
        1639.00000000
        NS
        USD
        700082.46000000
        1.951160025274
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CROWDSTRIKE HOLDINGS INC - A
        549300YBY08K9KM4HX32
        CROWDSTRIKE HOLDINGS INC - A 0.00000000
        22788C105
        
          
        
        4214.00000000
        NS
        USD
        761216.96000000
        2.121544514788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UPSTART HOLDINGS INC
        549300WNB47JRNENIC75
        UPSTART HOLDINGS INC 0.00000000
        91680M107
        
          
        
        4974.00000000
        NS
        USD
        542215.74000000
        1.511178664528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLIED MATERIALS INC
        41BNNE1AFPNAZELZ6K07
        APPLIED MATERIALS INC 0.00000000
        038222105
        
          
        
        12613.00000000
        NS
        USD
        1742864.34000000
        4.857438121909
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VEEVA SYSTEMS INC-CLASS A
        549300YZEXPDB92M2F02
        VEEVA SYSTEMS INC-CLASS A 0.00000000
        922475108
        
          
        
        4154.00000000
        NS
        USD
        982587.16000000
        2.738512814532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BIO-TECHNE CORP
        54930073RLKQ51TILZ35
        BIO-TECHNE CORP 0.00000000
        09073M104
        
          
        
        2825.00000000
        NS
        USD
        1063358.25000000
        2.963625327715
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM RESORTS INTERNATIONAL
        54930066VBP7DZEGGJ87
        MGM RESORTS INTERNATIONAL 0.00000000
        552953101
        
          
        
        16632.00000000
        NS
        USD
        710519.04000000
        1.980247224083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-03-02
      Alger Funds
      Anthony Caputo
      Anthony Caputo
      Assistant Treasurer
    
  
  XXXX

THE ALGER FUNDS

QUARTERLY REPORT

JANUARY 31, 2022

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—99.2%	SHARES		VALUE
AEROSPACE & DEFENSE—1.7%		‌		‌
HEICO Corp.		70,347	$	9,594,628
TransDigm Group, Inc.*		61,780		38,068,218
				47,662,846
AIR FREIGHT & LOGISTICS—0.2%		‌		‌
GXO Logistics, Inc.*		66,268		5,381,624
APPAREL ACCESSORIES & LUXURY GOODS—2.3%		‌		‌
Capri Holdings Ltd.*		497,209		29,867,345
Lululemon Athletica, Inc.*		35,335		11,793,410
LVMH Moet Hennessy Louis Vuitton SE		28,769		23,628,104
				65,288,859
APPLICATION SOFTWARE—10.7%		‌		‌
Adobe, Inc.*		139,718		74,651,327
Atlassian Corp., PLC, Cl. A*		43,973		14,262,203
Avalara, Inc.*		100,532		11,020,318
Bill.com Holdings, Inc.*		136,287		25,650,576
Cadence Design Systems, Inc.*		124,286		18,908,872
Confluent, Inc., Cl. A*		355,298		23,232,936
Datadog, Inc., Cl. A*		20,683		3,021,993
Intuit, Inc.		138,362		76,822,733
salesforce.com, Inc.*		151,644		35,276,944
The Trade Desk, Inc., Cl. A*		39,824		2,769,361
Unity Software, Inc.*		178,125		18,729,844
				304,347,107
AUTOMOBILE MANUFACTURERS—3.7%		‌		‌
General Motors Co.*		519,754		27,406,628
Tesla, Inc.*		82,082		76,887,851
				104,294,479
AUTOMOTIVE RETAIL—0.2%		‌		‌
Carvana Co., Cl. A*		27,212		4,409,976
Lithia Motors, Inc., Cl. A		8,021		2,343,175
				6,753,151
BIOTECHNOLOGY—2.7%		‌		‌
AbbVie, Inc.		297,293		40,696,439
Horizon Therapeutics PLC*		107,662		10,048,095
Natera, Inc.*		161,633		11,419,371
Vertex Pharmaceuticals, Inc.*		62,499		15,190,382
				77,354,287
CASINOS & GAMING—1.9%		‌		‌
Flutter Entertainment PLC*		20,620		3,136,924
MGM Resorts International		1,187,219		50,717,996
				53,854,920
CONSUMER FINANCE—0.0%		‌		‌
Upstart Holdings, Inc.*		11,979		1,305,831

- 2 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.2% (CONT.)	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—5.8%		‌		‌
Block, Inc., Cl. A*		164,265	$	20,087,967
DLocal Ltd., Cl. A*		266,405		7,970,837
Marqeta, Inc., Cl. A*		1,006,341		11,874,824
PayPal Holdings, Inc.*		295,605		50,826,324
Visa, Inc., Cl. A		333,643		75,460,037
				166,219,989
DIVERSIFIED SUPPORT SERVICES—0.2%		‌		‌
Cintas Corp.		16,768		6,565,175
ELECTRICAL COMPONENTS & EQUIPMENT—2.7%		‌		‌
AMETEK, Inc.		210,515		28,792,136
Eaton Corp., PLC		309,090		48,969,129
				77,761,265
FINANCIAL EXCHANGES & DATA—1.5%		‌		‌
Coinbase Global, Inc., Cl. A*		26,892		5,113,514
S&P Global, Inc.		89,083		36,989,043
				42,102,557
FOOTWEAR—0.4%		‌		‌
NIKE, Inc., Cl. B		74,280		10,998,640
HEALTHCARE EQUIPMENT—2.0%		‌		‌
Abbott Laboratories		17,131		2,183,517
Dexcom, Inc.*		8,372		3,603,979
Edwards Lifesciences Corp.*		112,599		12,295,811
Intuitive Surgical, Inc.*		135,568		38,525,714
				56,609,021
HEALTHCARE FACILITIES—0.4%		‌		‌
Tenet Healthcare Corp.*		149,348		11,069,674
HEALTHCARE SUPPLIES—0.2%		‌		‌
Align Technology, Inc.*		11,172		5,529,693
HOME IMPROVEMENT RETAIL—0.6%		‌		‌
Lowe's Cos., Inc.		66,720		15,835,992
HOTELS RESORTS & CRUISE LINES—0.7%		‌		‌
Airbnb, Inc., Cl. A*		115,100		17,721,947
Booking Holdings, Inc.*		659		1,618,590
				19,340,537
INTERACTIVE HOME ENTERTAINMENT—1.1%		‌		‌
ROBLOX Corp., Cl. A*		142,802		9,404,940
Sea Ltd.#,*		23,443		3,523,717
Take-Two Interactive Software, Inc.*		109,841		17,941,429
				30,870,086
INTERACTIVE MEDIA & SERVICES—6.4%		‌		‌
Alphabet, Inc., Cl. C*		54,374		147,569,405
Meta Platforms, Inc., Cl. A*		79,044		24,761,323
Snap, Inc., Cl. A*		339,126		11,035,160
				183,365,888

- 3 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.2% (CONT.)	SHARES		VALUE
INTERNET & DIRECT MARKETING RETAIL—7.1%		‌		‌
Altaba, Inc.*^,@,(a)		259,825	$	963,951
Amazon.com, Inc.*		65,634		196,342,142
Etsy, Inc.*		20,579		3,232,549
				200,538,642
INTERNET SERVICES & INFRASTRUCTURE—3.3%		‌		‌
MongoDB, Inc., Cl. A*		27,366		11,086,241
Shopify, Inc., Cl. A*		44,005		42,431,381
Snowflake, Inc., Cl. A*		35,319		9,744,512
Twilio, Inc., Cl. A*		146,577		30,212,451
				93,474,585
INVESTMENT BANKING & BROKERAGE—0.0%		‌		‌
Morgan Stanley		14,275		1,463,758
LEISURE FACILITIES—0.9%		‌		‌
Vail Resorts, Inc.		97,483		27,012,539
LIFE SCIENCES TOOLS & SERVICES—2.1%		‌		‌
Danaher Corp.		204,615		58,476,921
MANAGED HEALTHCARE—1.7%		‌		‌
UnitedHealth Group, Inc.		101,403		47,920,016
MOVIES & ENTERTAINMENT—2.1%		‌		‌
Live Nation Entertainment, Inc.*		275,895		30,213,262
Netflix, Inc.*		25,102		10,722,068
Roku, Inc., Cl. A*		118,342		19,414,005
				60,349,335
OIL & GAS EXPLORATION & PRODUCTION—0.6%		‌		‌
Pioneer Natural Resources Co.		80,981		17,725,931
RAILROADS—0.1%		‌		‌
Union Pacific Corp.		11,550		2,824,552
REGIONAL BANKS—1.2%		‌		‌
Signature Bank		107,740		32,820,836
RESTAURANTS—1.3%		‌		‌
Chipotle Mexican Grill, Inc., Cl. A*		15,143		22,496,138
Shake Shack, Inc., Cl. A*		238,408		15,751,616
				38,247,754
SEMICONDUCTOR EQUIPMENT—2.1%		‌		‌
Applied Materials, Inc.		233,658		32,286,863
Lam Research Corp.		45,249		26,693,290
				58,980,153
SEMICONDUCTORS—11.2%		‌		‌
Advanced Micro Devices, Inc.*		490,385		56,026,486
Marvell Technology, Inc.		56,150		4,009,110
Micron Technology, Inc.		598,448		49,234,317
NVIDIA Corp.		426,179		104,354,190
QUALCOMM, Inc.		328,802		57,790,240
SiTime Corp.*		15,138		3,528,516
Taiwan Semiconductor Manufacturing Co., Ltd.#		215,658		26,446,141
Xilinx, Inc.		89,093		17,243,950
				318,632,950

- 4 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—99.2% (CONT.)	SHARES		VALUE
SPECIALTY CHEMICALS—0.3%		‌		‌
Albemarle Corp.		37,687	$	8,319,028
SYSTEMS SOFTWARE—12.2%		‌		‌
Crowdstrike Holdings, Inc., Cl. A*		58,502		10,567,801
Microsoft Corp.		1,070,631		332,944,829
ServiceNow, Inc.*		5,699		3,338,360
				346,850,990
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.1%		‌		‌
Apple, Inc.		998,384		174,497,556
TRUCKING—1.5%		‌		‌
Uber Technologies, Inc.*		781,879		29,242,275
XPO Logistics, Inc.*		186,449		12,337,330
				41,579,605
TOTAL COMMON STOCKS
(Cost $1,838,101,295)				2,822,226,772

PREFERRED STOCKS—0.1%	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.1%		‌		‌
Chime Financial, Inc., Series G*^,@,(a)		27,841		1,922,972
(Cost $1,922,972)				1,922,972

REAL ESTATE INVESTMENT TRUST—0.3%	SHARES		VALUE
RETAIL—0.3%		‌		‌
Simon Property Group, Inc.		56,027		8,247,175
(Cost $5,622,011)				8,247,175

SPECIAL PURPOSE VEHICLE—0.2%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.2%		‌			‌
Crosslink Ventures Capital LLC, Cl. A*^,@,(a),(b)		111			4,443,108
(Cost $2,775,000)					4,443,108
Total Investments
(Cost $1,848,421,278)		99.8	%	$	2,836,840,027
Affiliated Securities (Cost $2,775,000)					4,443,108
Unaffiliated Securities (Cost $1,845,646,278)					2,832,396,919
Other Assets in Excess of Liabilities		0.2	%		4,744,283
NET ASSETS		100.0	%	$	2,841,584,310

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.

- 5 -

THE ALGER FUNDS | ALGER CAPITAL APPRECIATION FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

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 1/31/2022
Altaba, Inc.	10/24/18	$507,365	0.02%	$169,985	0.01%
Altaba, Inc.	10/25/18	764,293	0.03%	249,598	0.01%
Altaba, Inc.	10/29/18	610,922	0.02%	253,000	0.01%
Altaba, Inc.	10/30/18	355,909	0.01%	167,488	0.00%
Altaba, Inc.	10/31/18	166,984	0.01%	57,542	0.00%
Altaba, Inc.	11/6/18	221,848	0.01%	66,338	0.00%
Chime Financial, Inc., Series G	8/24/21	1,922,972	0.06%	1,922,972	0.07%
Crosslink Ventures Capital LLC, Cl. A	10/2/20	2,775,000	0.08%	4,443,108	0.16%
Total				$7,330,031	0.26%

See Notes to Financial Statements.

- 6 -

THE ALGER FUNDS | ALGER 35 FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—96.6%	SHARES		VALUE
AEROSPACE & DEFENSE—4.9%		‌		‌
HEICO Corp.		12,833	$	1,750,293
APPLICATION SOFTWARE—6.5%		‌		‌
Adobe, Inc.*		2,485		1,327,735
Datadog, Inc., Cl. A*		6,908		1,009,328
				2,337,063
BIOTECHNOLOGY—4.0%		‌		‌
AbbVie, Inc.		2,958		404,921
Natera, Inc.*		14,740		1,041,381
				1,446,302
CASINOS & GAMING—2.0%		‌		‌
MGM Resorts International		16,632		710,519
CONSUMER FINANCE—1.5%		‌		‌
Upstart Holdings, Inc.*		4,974		542,216
DATA PROCESSING & OUTSOURCED SERVICES—3.8%		‌		‌
Block, Inc., Cl. A*		5,640		689,716
Marqeta, Inc., Cl. A*		57,489		678,370
				1,368,086
FINANCIAL EXCHANGES & DATA—2.2%		‌		‌
S&P Global, Inc.		1,936		803,866
HEALTHCARE EQUIPMENT—4.7%		‌		‌
Dexcom, Inc.*		1,450		624,196
Intuitive Surgical, Inc.*		3,792		1,077,611
				1,701,807
HEALTHCARE TECHNOLOGY—2.7%		‌		‌
Veeva Systems, Inc., Cl. A*		4,154		982,587
HYPERMARKETS & SUPER CENTERS—1.0%		‌		‌
Costco Wholesale Corp.		693		350,055
INTERACTIVE MEDIA & SERVICES—4.6%		‌		‌
Alphabet, Inc., Cl. C*		605		1,641,952
INTERNET & DIRECT MARKETING RETAIL—4.8%		‌		‌
Amazon.com, Inc.*		577		1,726,078
INTERNET SERVICES & INFRASTRUCTURE—4.2%		‌		‌
MongoDB, Inc., Cl. A*		471		190,807
Shopify, Inc., Cl. A*		1,352		1,303,652
				1,494,459
LIFE SCIENCES TOOLS & SERVICES—3.0%		‌		‌
Bio-Techne Corp.		2,825		1,063,358
MOVIES & ENTERTAINMENT—3.9%		‌		‌
Live Nation Entertainment, Inc.*		6,328		692,979
Netflix, Inc.*		1,639		700,083
				1,393,062
OIL & GAS EXPLORATION & PRODUCTION—5.6%		‌		‌
Diamondback Energy, Inc.		15,909		2,007,079
PHARMACEUTICALS—2.5%		‌		‌
Catalent, Inc.*		8,764		910,843
REAL ESTATE SERVICES—1.9%		‌		‌
FirstService Corp.		4,175		665,412

- 7 -

THE ALGER FUNDS | ALGER 35 FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.6% (CONT.)	SHARES		VALUE
REGIONAL BANKS—2.6%		‌		‌
Signature Bank		3,094	$	942,525
RESEARCH & CONSULTING SERVICES—2.2%		‌		‌
CoStar Group, Inc.*		11,301		792,878
SEMICONDUCTOR EQUIPMENT—4.9%		‌		‌
Applied Materials, Inc.		12,613		1,742,864
SEMICONDUCTORS—6.1%		‌		‌
Advanced Micro Devices, Inc.*		8,017		915,942
QUALCOMM, Inc.		7,248		1,273,909
				2,189,851
SYSTEMS SOFTWARE—9.7%		‌		‌
Crowdstrike Holdings, Inc., Cl. A*		4,214		761,217
Microsoft Corp.		8,730		2,714,855
				3,476,072
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.3%		‌		‌
Apple, Inc.		15,016		2,624,496
TOTAL COMMON STOCKS
(Cost $33,119,377)				34,663,723

REAL ESTATE INVESTMENT TRUST—2.5%	SHARES			VALUE
SPECIALIZED—2.5%		‌			‌
Crown Castle International Corp.		4,947			902,877
(Cost $975,808)					902,877
Total Investments
(Cost $34,095,185)		99.1	%	$	35,566,600
Unaffiliated Securities (Cost $34,095,185)					35,566,600
Other Assets in Excess of Liabilities		0.9	%		314,220
NET ASSETS		100.0	%	$	35,880,820

Non-income producing security.

See Notes to Financial Statements.

- 8 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—89.3%	SHARES		VALUE
AEROSPACE & DEFENSE—1.5%		‌		‌
General Dynamics Corp.		4,655	$	987,325
Raytheon Technologies Corp.		10,977		990,016
TransDigm Group, Inc.*		1,329		818,917
				2,796,258
ASSET MANAGEMENT & CUSTODY BANKS—3.5%		‌		‌
BlackRock, Inc., Cl. A		3,924		3,229,217
Blackstone, Inc.		18,966		2,502,943
The Carlyle Group, Inc.		16,707		852,892
				6,585,052
AUTOMOBILE MANUFACTURERS—0.3%		‌		‌
General Motors Co.*		8,849		466,608
BIOTECHNOLOGY—2.5%		‌		‌
AbbVie, Inc.		24,207		3,313,696
Amgen, Inc.		3,300		749,562
Gilead Sciences, Inc.		9,834		675,399
				4,738,657
BROADCASTING—0.4%		‌		‌
ViacomCBS, Inc., Cl. B		24,149		807,784
BUILDING PRODUCTS—0.6%		‌		‌
Johnson Controls International PLC		15,378		1,117,519
CABLE & SATELLITE—1.2%		‌		‌
Comcast Corp., Cl. A		44,422		2,220,656
COMMODITY CHEMICALS—0.3%		‌		‌
Dow, Inc.		10,624		634,572
COMMUNICATIONS EQUIPMENT—1.1%		‌		‌
Cisco Systems, Inc.		35,335		1,967,099
CONSUMER ELECTRONICS—0.5%		‌		‌
Garmin Ltd.		7,584		943,601
COPPER—0.4%		‌		‌
Southern Copper Corp.		12,988		829,803
DATA PROCESSING & OUTSOURCED SERVICES—1.5%		‌		‌
Visa, Inc., Cl. A		12,107		2,738,240
DIVERSIFIED BANKS—4.8%		‌		‌
Bank of America Corp.		61,982		2,859,850
JPMorgan Chase & Co.		40,339		5,994,375
				8,854,225
ELECTRIC UTILITIES—0.7%		‌		‌
NextEra Energy, Inc.		16,632		1,299,292
ELECTRICAL COMPONENTS & EQUIPMENT—1.1%		‌		‌
Eaton Corp., PLC		13,440		2,129,299
FINANCIAL EXCHANGES & DATA—1.3%		‌		‌
CME Group, Inc., Cl. A		10,131		2,325,064
FOOD DISTRIBUTORS—0.5%		‌		‌
Sysco Corp.		12,009		938,503
GENERAL MERCHANDISE STORES—0.4%		‌		‌
Target Corp.		3,626		799,279
GOLD—0.3%		‌		‌
Newmont Corp.		7,554		462,078

- 9 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—89.3% (CONT.)	SHARES		VALUE
HEALTHCARE EQUIPMENT—0.6%		‌		‌
Medtronic PLC		11,328	$	1,172,335
HEALTHCARE SERVICES—1.4%		‌		‌
CVS Health Corp.		24,751		2,636,229
HOME IMPROVEMENT RETAIL—2.7%		‌		‌
The Home Depot, Inc.		13,774		5,054,783
HOUSEHOLD PRODUCTS—1.6%		‌		‌
The Procter & Gamble Co.		18,445		2,959,500
HYPERMARKETS & SUPER CENTERS—0.8%		‌		‌
Walmart, Inc.		10,230		1,430,256
INDUSTRIAL CONGLOMERATES—1.8%		‌		‌
Honeywell International, Inc.		16,817		3,438,740
INDUSTRIAL GASES—1.0%		‌		‌
Air Products & Chemicals, Inc.		6,614		1,865,942
INTEGRATED OIL & GAS—3.0%		‌		‌
Chevron Corp.		19,970		2,622,660
Exxon Mobil Corp.		22,767		1,729,382
TotalEnergies SE#		23,374		1,327,643
				5,679,685
INTEGRATED TELECOMMUNICATION SERVICES—1.7%		‌		‌
AT&T, Inc.		35,545		906,398
Verizon Communications, Inc.		40,789		2,171,198
				3,077,596
INTERACTIVE MEDIA & SERVICES—7.6%		‌		‌
Alphabet, Inc., Cl. A*		2,175		5,885,702
Alphabet, Inc., Cl. C*		2,037		5,528,357
Meta Platforms, Inc., Cl. A*		8,566		2,683,385
				14,097,444
INTERNET & DIRECT MARKETING RETAIL—2.0%		‌		‌
Amazon.com, Inc.*		1,260		3,769,252
INVESTMENT BANKING & BROKERAGE—2.7%		‌		‌
Morgan Stanley		48,817		5,005,695
MANAGED HEALTHCARE—2.5%		‌		‌
UnitedHealth Group, Inc.		10,003		4,727,118
MULTI-LINE INSURANCE—0.4%		‌		‌
The Hartford Financial Services Group, Inc.		11,590		832,973
MULTI-UTILITIES—0.5%		‌		‌
Sempra Energy		6,597		911,442
OIL & GAS STORAGE & TRANSPORTATION—0.4%		‌		‌
ONEOK, Inc.		11,926		723,670

- 10 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—89.3% (CONT.)	SHARES		VALUE
PHARMACEUTICALS—5.6%		‌		‌
AstraZeneca PLC#		17,251	$	1,004,181
Bristol-Myers Squibb Co.		14,876		965,304
Eli Lilly & Co.		4,862		1,193,086
GlaxoSmithKline PLC#		21,036		942,833
Johnson & Johnson		17,474		3,010,595
Merck & Co., Inc.		12,218		995,523
Novartis AG#		9,116		792,272
Pfizer, Inc.		30,048		1,583,229
				10,487,023
RAILROADS—0.7%		‌		‌
Union Pacific Corp.		5,445		1,331,575
RESTAURANTS—1.4%		‌		‌
McDonald’s Corp.		5,344		1,386,501
Starbucks Corp.		11,827		1,162,830
				2,549,331
SEMICONDUCTOR EQUIPMENT—2.3%		‌		‌
KLA Corp.		11,019		4,289,366
SEMICONDUCTORS—4.9%		‌		‌
Broadcom, Inc.		6,829		4,000,974
QUALCOMM, Inc.		20,251		3,559,316
Taiwan Semiconductor Manufacturing Co., Ltd.#		12,452		1,526,989
				9,087,279
SOFT DRINKS—2.9%		‌		‌
PepsiCo, Inc.		17,285		2,999,293
The Coca-Cola Co.		38,465		2,346,750
				5,346,043
SYSTEMS SOFTWARE—8.7%		‌		‌
Microsoft Corp.		52,174		16,225,071
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—8.1%		‌		‌
Apple, Inc.		85,883		15,010,631
TOBACCO—1.1%		‌		‌
Altria Group, Inc.		23,648		1,203,210
Philip Morris International, Inc.		8,907		916,085
				2,119,295
TOTAL COMMON STOCKS
(Cost $70,943,609)				166,481,863

MASTER LIMITED PARTNERSHIP—0.5%	SHARES		VALUE
OIL & GAS STORAGE & TRANSPORTATION—0.5%		‌		‌
Cheniere Energy Partners LP		19,132		942,060
(Cost $672,536)				942,060
REAL ESTATE INVESTMENT TRUST—4.4%		SHARES		VALUE
HEALTHCARE—0.6%		‌		‌
Welltower, Inc.		12,555		1,087,640
INDUSTRIAL—0.4%		‌		‌
Prologis, Inc.		5,493		861,412
MORTGAGE—0.7%		‌		‌
Blackstone Mortgage Trust, Inc., Cl. A		39,694		1,247,185

- 11 -

THE ALGER FUNDS | ALGER GROWTH & INCOME FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

REAL ESTATE INVESTMENT TRUST—4.4% (CONT.)	SHARES			VALUE
RETAIL—0.8%		‌			‌
Simon Property Group, Inc.		10,161		$	1,495,699
SPECIALIZED—1.9%		‌			‌
Crown Castle International Corp.		14,245			2,599,855
Lamar Advertising Co., Cl. A		8,817			976,571
					3,576,426
TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $5,878,930)					8,268,362
Total Investments
(Cost $77,495,075)		94.2	%	$	175,692,285
Unaffiliated Securities (Cost $77,495,075)					175,692,285
Other Assets in Excess of Liabilities		5.8	%		10,738,993
NET ASSETS		100.0	%	$	186,431,278

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

See Notes to Financial Statements.

- 12 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—96.2%	SHARES		VALUE
AEROSPACE & DEFENSE—4.7%		‌		‌
HEICO Corp.		48,881	$	6,666,880
TransDigm Group, Inc.*		8,595		5,296,153
				11,963,033
AIR FREIGHT & LOGISTICS—1.5%		‌		‌
GXO Logistics, Inc.*		47,014		3,818,007
APPAREL ACCESSORIES & LUXURY GOODS—3.4%		‌		‌
Capri Holdings Ltd.*		37,321		2,241,873
Lululemon Athletica, Inc.*		7,890		2,633,366
Moncler SpA		59,434		3,814,108
				8,689,347
APPAREL RETAIL—2.1%		‌		‌
Aritzia, Inc.*		55,973		2,595,932
Victoria's Secret & Co.*		46,278		2,583,701
				5,179,633
APPLICATION SOFTWARE—15.7%		‌		‌
ANSYS, Inc.*		5,615		1,909,156
Avalara, Inc.*		34,444		3,775,751
Bill.com Holdings, Inc.*		22,407		4,217,222
Cadence Design Systems, Inc.*		19,546		2,973,728
Confluent, Inc., Cl. A*		61,412		4,015,731
Datadog, Inc., Cl. A*		28,780		4,205,046
Five9, Inc.*		11,458		1,440,271
HubSpot, Inc.*		6,788		3,317,974
Manhattan Associates, Inc.*		16,464		2,204,036
Paycom Software, Inc.*		10,151		3,403,630
Sprout Social, Inc., Cl. A*		37,986		2,615,336
The Trade Desk, Inc., Cl. A*		61,616		4,284,777
Unity Software, Inc.*		10,848		1,140,667
				39,503,325
AUTOMOTIVE RETAIL—1.5%		‌		‌
Advance Auto Parts, Inc.		10,523		2,436,180
Carvana Co., Cl. A*		7,657		1,240,893
				3,677,073
BIOTECHNOLOGY—3.5%		‌		‌
BioMarin Pharmaceutical, Inc.*		17,637		1,563,167
Celldex Therapeutics, Inc.*		48,637		1,508,234
Natera, Inc.*		83,114		5,872,004
				8,943,405
BUILDING PRODUCTS—0.5%		‌		‌
The AZEK Co., Inc., Cl. A*		35,396		1,169,130
CASINOS & GAMING—2.3%		‌		‌
MGM Resorts International		136,467		5,829,870
COMMUNICATIONS EQUIPMENT—0.7%		‌		‌
F5, Inc.*		8,310		1,725,322
CONSUMER FINANCE—2.1%		‌		‌
Upstart Holdings, Inc.*		49,369		5,381,715

- 13 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.2% (CONT.)	SHARES		VALUE
DATA PROCESSING & OUTSOURCED SERVICES—2.0%		‌		‌
DLocal Ltd., Cl. A*		91,611	$	2,741,001
Marqeta, Inc., Cl. A*		183,904		2,170,067
				4,911,068
DIVERSIFIED METALS & MINING—1.8%		‌		‌
MP Materials Corp.*		115,738		4,622,576
DIVERSIFIED SUPPORT SERVICES—0.5%		‌		‌
Cintas Corp.		3,471		1,359,001
ELECTRICAL COMPONENTS & EQUIPMENT—3.2%		‌		‌
AMETEK, Inc.		40,460		5,533,714
Generac Holdings, Inc.*		6,174		1,743,414
Vicor Corp.*		8,642		815,200
				8,092,328
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.6%		‌		‌
908 Devices, Inc.*		123,991		1,961,538
Trimble, Inc.*		28,297		2,041,911
				4,003,449
HEALTHCARE EQUIPMENT—5.5%		‌		‌
CryoPort, Inc.*		58,831		2,457,371
Dexcom, Inc.*		9,206		3,962,999
IDEXX Laboratories, Inc.*		7,127		3,615,527
Inmode Ltd.*		21,887		1,055,610
Insulet Corp.*		11,414		2,830,672
				13,922,179
HEALTHCARE FACILITIES—0.6%		‌		‌
The Joint Corp.*		29,553		1,597,044
HEALTHCARE SERVICES—1.4%		‌		‌
Guardant Health, Inc.*		50,442		3,508,241
HEALTHCARE TECHNOLOGY—1.1%		‌		‌
Veeva Systems, Inc., Cl. A*		11,292		2,671,010
HOMEFURNISHING RETAIL—1.0%		‌		‌
Williams-Sonoma, Inc.		15,512		2,490,296
HOTELS RESORTS & CRUISE LINES—1.6%		‌		‌
Airbnb, Inc., Cl. A*		13,456		2,071,820
Expedia Group, Inc.*		10,330		1,893,386
				3,965,206
INTERACTIVE HOME ENTERTAINMENT—0.9%		‌		‌
ROBLOX Corp., Cl. A*		13,653		899,187
Take-Two Interactive Software, Inc.*		7,610		1,243,017
				2,142,204
INTERACTIVE MEDIA & SERVICES—1.0%		‌		‌
Pinterest, Inc., Cl. A*		82,253		2,431,399
INTERNET & DIRECT MARKETING RETAIL—0.8%		‌		‌
Etsy, Inc.*		12,290		1,930,513
INTERNET SERVICES & INFRASTRUCTURE—2.4%		‌		‌
BigCommerce Holdings, Inc.*		114,859		3,754,741
MongoDB, Inc., Cl. A*		5,872		2,378,806
‌				6,133,547

- 14 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.2% (CONT.)	SHARES		VALUE
LEISURE FACILITIES—0.4%		‌		‌
Vail Resorts, Inc.		3,191	$	884,226
LIFE SCIENCES TOOLS & SERVICES—5.3%		‌		‌
10X Genomics, Inc., Cl. A*		26,993		2,598,616
Agilent Technologies, Inc.		8,858		1,234,096
Bio-Techne Corp.		13,326		5,016,040
Repligen Corp.*		16,038		3,180,977
West Pharmaceutical Services, Inc.		3,477		1,367,226
				13,396,955
MOVIES & ENTERTAINMENT—2.1%		‌		‌
Live Nation Entertainment, Inc.*		27,311		2,990,828
Roku, Inc., Cl. A*		13,270		2,176,943
				5,167,771
OIL & GAS EQUIPMENT & SERVICES—0.9%		‌		‌
ChampionX Corp.*		100,409		2,249,162
OIL & GAS EXPLORATION & PRODUCTION—2.5%		‌		‌
Diamondback Energy, Inc.		49,628		6,261,068
PHARMACEUTICALS—2.0%		‌		‌
Catalent, Inc.*		36,168		3,758,940
Green Thumb Industries, Inc.*		70,945		1,252,627
				5,011,567
REGIONAL BANKS—2.3%		‌		‌
Signature Bank		18,839		5,738,925
RESEARCH & CONSULTING SERVICES—1.1%		‌		‌
CoStar Group, Inc.*		41,063		2,880,980
RESTAURANTS—3.5%		‌		‌
Shake Shack, Inc., Cl. A*		67,376		4,451,532
The Cheesecake Factory, Inc.*		123,264		4,398,060
				8,849,592
SEMICONDUCTOR EQUIPMENT—4.3%		‌		‌
Azenta, Inc.		25,024		2,110,524
KLA Corp.		20,007		7,788,125
SolarEdge Technologies, Inc.*		3,868		921,435
				10,820,084
SEMICONDUCTORS—3.2%		‌		‌
Microchip Technology, Inc.		35,172		2,725,127
SiTime Corp.*		11,039		2,573,080
Xilinx, Inc.		14,573		2,820,604
				8,118,811
SYSTEMS SOFTWARE—3.5%		‌		‌
Crowdstrike Holdings, Inc., Cl. A*		17,507		3,162,464
Fortinet, Inc.*		6,330		1,881,529
Palo Alto Networks, Inc.*		7,507		3,884,122
‌				8,928,115

- 15 -

THE ALGER FUNDS | ALGER MID CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.2% (CONT.)	SHARES		VALUE
TRUCKING—1.7%		‌		‌
Old Dominion Freight Line, Inc.		7,881	$	2,379,510
Uber Technologies, Inc.*		53,735		2,009,689
				4,389,199
TOTAL COMMON STOCKS
(Cost $250,947,985)				242,356,376

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%		‌		‌
Prosetta Biosciences, Inc., Series D*^,@,(a),(b)		219,610		–
(Cost $988,245)				–

RIGHTS—0.2%	SHARES		VALUE
BIOTECHNOLOGY—0.2%		‌		‌
Tolero CDR*^,@,(a),(c)		590,059		436,644
(Cost $315,501)				436,644

REAL ESTATE INVESTMENT TRUST—2.2%	SHARES		VALUE
RETAIL—2.2%		‌		‌
Simon Property Group, Inc.		38,615		5,684,128
(Cost $6,319,378)				5,684,128

SPECIAL PURPOSE VEHICLE—1.1%	SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—1.1%		‌			‌
Crosslink Ventures Capital LLC, Cl. A*^,@,(a),(b)		48			1,921,344
Crosslink Ventures Capital LLC, Cl. B*^,@,(a),(b)		19			801,363
					2,722,707
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $1,675,000)					2,722,707
Total Investments
(Cost $260,246,109)		99.7	%	$	251,199,855
Affiliated Securities (Cost $2,663,245)					2,722,707
Unaffiliated Securities (Cost $257,582,864)					248,477,148
Other Assets in Excess of Liabilities		0.3	%		833,749
NET ASSETS		100.0	%	$	252,033,604

^(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.

Security	Acquisition Date(s)	Acquisition Cost	% of net assets (Acquisition Date)	Market Value	% of net assets as of 1/31/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$1,200,000	0.50%	$1,921,344	0.76%
Crosslink Ventures Capital LLC, Cl. B	12/16/20	475,000	0.19%	801,363	0.32%
Prosetta Biosciences, Inc., Series D	2/6/15	988,245	0.50%	0	0.00%
Tolero CDR	2/6/17	315,501	0.19%	436,644	0.17%
Total				$3,159,351	1.25%

See Notes to Financial Statements.

- 16 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—91.5%	SHARES		VALUE
AEROSPACE & DEFENSE—1.8%		‌		‌
Mercury Systems, Inc.*		231,198	$	13,159,790
AIR FREIGHT & LOGISTICS—2.1%		‌		‌
GXO Logistics, Inc.*		183,486		14,900,898
APPAREL ACCESSORIES & LUXURY GOODS—1.1%		‌		‌
Capri Holdings Ltd.*		132,685		7,970,388
APPAREL RETAIL—1.1%		‌		‌
Aritzia, Inc.*		167,555		7,770,915
APPLICATION SOFTWARE—14.4%		‌		‌
Alteryx, Inc., Cl. A*		205,099		11,705,000
Anaplan, Inc.*		313,850		15,152,678
Atlassian Corp., PLC, Cl. A*		18,716		6,070,348
Bentley Systems, Inc., Cl. B		509,500		20,466,615
Datadog, Inc., Cl. A*		48,739		7,121,255
HubSpot, Inc.*		22,493		10,994,578
Manhattan Associates, Inc.*		98,244		13,151,924
Paylocity Holding Corp.*		52,618		10,733,020
The Trade Desk, Inc., Cl. A*		109,050		7,583,337
				102,978,755
AUTOMOTIVE RETAIL—1.1%		‌		‌
O'Reilly Automotive, Inc.*		12,226		7,968,295
CASINOS & GAMING—4.0%		‌		‌
Las Vegas Sands Corp.*		133,571		5,850,410
MGM Resorts International		534,846		22,848,621
				28,699,031
COMMUNICATIONS EQUIPMENT—1.0%		‌		‌
Motorola Solutions, Inc.		30,584		7,093,653
DEPARTMENT STORES—0.9%		‌		‌
Kohl's Corp.		113,685		6,788,131
DISTRIBUTORS—2.3%		‌		‌
Pool Corp.		34,110		16,244,887
DIVERSIFIED METALS & MINING—1.2%		‌		‌
MP Materials Corp.*		207,382		8,282,837
ELECTRICAL COMPONENTS & EQUIPMENT—2.2%		‌		‌
AMETEK, Inc.		57,807		7,906,263
Eaton Corp., PLC		49,156		7,787,785
				15,694,048
ENVIRONMENTAL & FACILITIES SERVICES—1.1%		‌		‌
Waste Connections, Inc.		61,408		7,657,578
FOOD DISTRIBUTORS—3.6%		‌		‌
US Foods Holding Corp.*		736,990		25,986,267
HEALTHCARE EQUIPMENT—4.3%		‌		‌
Dexcom, Inc.*		19,190		8,260,911
Insulet Corp.*		43,312		10,741,376
Ortho Clinical Diagnostics Holdings PLC*		688,355		11,949,843
				30,952,130
HEALTHCARE SUPPLIES—3.2%		‌		‌
Neogen Corp.*		622,993		22,720,555

- 17 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—91.5% (CONT.)	SHARES		VALUE
HEALTHCARE TECHNOLOGY—3.1%		‌		‌
Omnicell, Inc.*		71,957	$	10,803,624
Veeva Systems, Inc., Cl. A*		48,609		11,497,973
				22,301,597
HOTELS RESORTS & CRUISE LINES—2.2%		‌		‌
Expedia Group, Inc.*		84,503		15,488,555
INDUSTRIAL MACHINERY—5.0%		‌		‌
Colfax Corp.*		319,074		13,120,323
The Middleby Corp.*		124,749		23,103,515
				36,223,838
LIFE SCIENCES TOOLS & SERVICES—5.8%		‌		‌
Avantor, Inc.*		632,398		23,607,417
Danaher Corp.		62,836		17,957,901
				41,565,318
MOVIES & ENTERTAINMENT—1.2%		‌		‌
Live Nation Entertainment, Inc.*		81,878		8,966,460
OIL & GAS EQUIPMENT & SERVICES—2.6%		‌		‌
ChampionX Corp.*		822,858		18,432,019
OIL & GAS EXPLORATION & PRODUCTION—1.8%		‌		‌
Diamondback Energy, Inc.		99,691		12,577,017
PHARMACEUTICALS—1.0%		‌		‌
Catalent, Inc.*		71,582		7,439,517
REGIONAL BANKS—4.6%		‌		‌
Signature Bank		108,155		32,947,258
SEMICONDUCTOR EQUIPMENT—4.2%		‌		‌
Azenta, Inc.		173,222		14,609,543
KLA Corp.		39,550		15,395,629
				30,005,172
SEMICONDUCTORS—2.8%		‌		‌
Advanced Micro Devices, Inc.*		96,133		10,983,195
Microchip Technology, Inc.		115,041		8,913,377
				19,896,572
TRADING COMPANIES & DISTRIBUTORS—9.2%		‌		‌
Herc Holdings, Inc.		180,518		28,964,113
SiteOne Landscape Supply, Inc.*		112,943		20,343,293
United Rentals, Inc.*		52,159		16,697,139
				66,004,545
TRUCKING—2.6%		‌		‌
XPO Logistics, Inc.*		285,874		18,916,283
TOTAL COMMON STOCKS
(Cost $652,566,537)				655,632,309

REAL ESTATE INVESTMENT TRUST—2.3%	SHARES		VALUE
RETAIL—2.3%		‌		‌
Simon Property Group, Inc.		112,669		16,584,877
(Cost $16,767,389)				16,584,877

- 18 -

THE ALGER FUNDS | ALGER MID CAP FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

			VALUE
Total Investments
(Cost $669,333,926)	93.8	%	$	672,217,186
Unaffiliated Securities (Cost $669,333,926)				672,217,186
Other Assets in Excess of Liabilities	6.2	%		44,795,403
NET ASSETS	100.0	%	$	717,012,589

Non-income producing security.

See Notes to Financial Statements.

- 19 -

THE ALGER FUNDS | ALGER WEATHERBIE ENDURING GROWTH FUND
Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—91.6%	SHARES	VALUE
AEROSPACE & DEFENSE—4.4%	‌		‌
TransDigm Group, Inc.*	342	$	210,737
APPLICATION SOFTWARE—17.8%	‌		‌
Avalara, Inc.*	510		55,906
HubSpot, Inc.*	350		171,080
Paylocity Holding Corp.*	1,814		370,020
SPS Commerce, Inc.*	1,175		145,524
The Trade Desk, Inc., Cl. A*	825		57,371
Vertex, Inc., Cl. A*	3,395		49,261
			849,162
ASSET MANAGEMENT & CUSTODY BANKS—7.4%	‌		‌
Hamilton Lane, Inc., Cl. A	1,946		176,035
StepStone Group, Inc., Cl. A	4,999		175,015
			351,050
BIOTECHNOLOGY—1.3%	‌		‌
Natera, Inc.*	899		63,514
CONSUMER FINANCE—2.7%	‌		‌
Upstart Holdings, Inc.*	1,191		129,831
EDUCATION SERVICES—5.5%	‌		‌
Chegg, Inc.*	9,850		260,730
ENVIRONMENTAL & FACILITIES SERVICES—14.3%	‌		‌
Casella Waste Systems, Inc., Cl. A*	3,442		261,523
Montrose Environmental Group, Inc.*	2,015		92,227
Waste Connections, Inc.	2,613		325,841
			679,591
GENERAL MERCHANDISE STORES—1.3%	‌		‌
Ollie's Bargain Outlet Holdings, Inc.*	1,326		63,568
HEALTHCARE EQUIPMENT—4.3%	‌		‌
Insulet Corp.*	510		126,480
Nevro Corp.*	1,204		79,103
			205,583
INTERNET & DIRECT MARKETING RETAIL—1.1%	‌		‌
Wayfair, Inc., Cl. A*	336		52,389
IT CONSULTING & OTHER SERVICES—2.0%	‌		‌
EPAM Systems, Inc.*	201		95,704
MANAGED HEALTHCARE—6.4%	‌		‌
Progyny, Inc.*	7,531		305,006
OIL & GAS EQUIPMENT & SERVICES—3.3%	‌		‌
Core Laboratories NV	5,896		157,246
REAL ESTATE SERVICES—8.8%	‌		‌
FirstService Corp.	2,647		421,879
REGIONAL BANKS—6.1%	‌		‌
Signature Bank	952		290,008
TRADING COMPANIES & DISTRIBUTORS—2.8%	‌		‌
SiteOne Landscape Supply, Inc.*	741		133,469

- 20 -

THE ALGER FUNDS | ALGER WEATHERBIE ENDURING GROWTH FUND
Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—91.6% (CONT.)	SHARES		VALUE
TRUCKING—2.1%	‌			‌
XPO Logistics, Inc.*	1,497		$	99,056
TOTAL COMMON STOCKS
(Cost $4,961,397)				4,368,523
Total Investments
(Cost $4,961,397)	91.6	%	$	4,368,523
Unaffiliated Securities (Cost $4,961,397)				4,368,523
Other Assets in Excess of Liabilities	8.4	%		402,817
NET ASSETS	100.0	%	$	4,771,340

^* Non-income producing security.

See Notes to Financial Statements.

- 21 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—96.0%	SHARES	VALUE
ADVERTISING—0.3%	‌		‌
TechTarget, Inc.*	48,941	$	4,059,167
AEROSPACE & DEFENSE—0.3%	‌		‌
Kratos Defense & Security Solutions, Inc.*	247,020		4,140,055
APPAREL ACCESSORIES & LUXURY GOODS—0.9%	‌		‌
Canada Goose Holdings, Inc.*	378,516		11,624,226
APPAREL RETAIL—1.9%	‌		‌
MYT Netherlands Parent BV#,*	1,369,012		23,451,176
APPLICATION SOFTWARE—8.5%	‌		‌
BTRS Holdings, Inc., Cl. A*	592,489		3,791,930
Cerence, Inc.*	91,801		5,828,445
Ebix, Inc.	125,736		3,821,117
Everbridge, Inc.*	90,085		4,605,145
LivePerson, Inc.*	178,341		5,327,046
SEMrush Holdings, Inc., Cl. A*	147,137		2,672,008
SPS Commerce, Inc.*	472,263		58,489,773
Vertex, Inc., Cl. A*	1,481,232		21,492,676
			106,028,140
ASSET MANAGEMENT & CUSTODY BANKS—9.3%	‌		‌
Hamilton Lane, Inc., Cl. A	665,967		60,243,375
StepStone Group, Inc., Cl. A	1,596,409		55,890,279
			116,133,654
BIOTECHNOLOGY—4.6%	‌		‌
ACADIA Pharmaceuticals, Inc.*	642,543		14,450,792
Natera, Inc.*	497,249		35,130,642
Ultragenyx Pharmaceutical, Inc.*	109,431		7,652,510
			57,233,944
CONSTRUCTION & ENGINEERING—1.9%	‌		‌
Ameresco, Inc., Cl. A*	480,550		24,320,635
CONSUMER FINANCE—1.0%	‌		‌
LendingTree, Inc.*	104,180		12,693,291
EDUCATION SERVICES—3.2%	‌		‌
Chegg, Inc.*	1,509,972		39,968,959
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.8%	‌		‌
Novanta, Inc.*	252,528		34,874,117
ENVIRONMENTAL & FACILITIES SERVICES—9.3%	‌		‌
Casella Waste Systems, Inc., Cl. A*	951,400		72,287,372
Montrose Environmental Group, Inc.*	950,843		43,520,084
			115,807,456
GENERAL MERCHANDISE STORES—1.3%	‌		‌
Ollie's Bargain Outlet Holdings, Inc.*	350,644		16,809,873
HEALTHCARE DISTRIBUTORS—0.5%	‌		‌
PetIQ, Inc., Cl. A*	303,453		6,202,579
HEALTHCARE EQUIPMENT—3.2%	‌		‌
Glaukos Corp.*	367,377		19,559,151
Inogen, Inc.*	60,386		1,795,276
Nevro Corp.*	283,936		18,654,595
			40,009,022

- 22 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.0% (CONT.)	SHARES	VALUE
HEALTHCARE SERVICES—3.2%	‌		‌
Apria, Inc.*	1,065,257	$	39,851,264
HEALTHCARE TECHNOLOGY—1.6%	‌		‌
Inspire Medical Systems, Inc.*	67,274		14,887,063
Tabula Rasa HealthCare, Inc.*	463,234		4,998,295
			19,885,358
INSURANCE BROKERS—0.9%	‌		‌
Goosehead Insurance, Inc., Cl. A	119,881		11,817,869
IT CONSULTING & OTHER SERVICES—5.0%	‌		‌
CI&T, Inc., Cl. A*	603,725		7,643,159
Globant SA*	204,339		52,143,226
Grid Dynamics Holdings, Inc.*	123,217		3,283,733
			63,070,118
LEISURE FACILITIES—2.1%	‌		‌
Planet Fitness, Inc., Cl. A*	291,689		25,855,313
LEISURE PRODUCTS—3.2%	‌		‌
Latham Group, Inc.*	2,426,002		40,465,713
LIFE SCIENCES TOOLS & SERVICES—0.4%	‌		‌
NeoGenomics, Inc.*	204,692		4,613,758
MANAGED HEALTHCARE—4.7%	‌		‌
Progyny, Inc.*	1,461,505		59,190,953
OIL & GAS EQUIPMENT & SERVICES—3.4%	‌		‌
Core Laboratories NV	1,572,484		41,938,148
PAPER PACKAGING—2.0%	‌		‌
Ranpak Holdings Corp., Cl. A*	939,887		25,245,365
PHARMACEUTICALS—0.1%	‌		‌
Aerie Pharmaceuticals, Inc.*	190,901		1,405,031
REAL ESTATE SERVICES—5.7%	‌		‌
FirstService Corp.	449,689		71,671,433
REGIONAL BANKS—2.3%	‌		‌
Seacoast Banking Corp. of Florida	774,181		28,257,607
RESTAURANTS—0.7%	‌		‌
Wingstop, Inc.	57,426		8,800,535
SEMICONDUCTORS—2.2%	‌		‌
Impinj, Inc.*	342,689		27,206,080
SYSTEMS SOFTWARE—0.6%	‌		‌
Rapid7, Inc.*	73,689		7,098,461
THRIFTS & MORTGAGE FINANCE—1.8%	‌		‌
Axos Financial, Inc.*	440,510		22,686,265
TRADING COMPANIES & DISTRIBUTORS—7.1%	‌		‌
SiteOne Landscape Supply, Inc.*	371,444		66,904,493
Transcat, Inc.*	226,233		21,471,774
			88,376,267
TOTAL COMMON STOCKS
(Cost $1,252,776,357)	‌		1,200,791,832

- 23 -

THE ALGER FUNDS | ALGER WEATHERBIE SPECIALIZED GROWTH FUND
Schedule of Investments January 31, 2022 (Unaudited) (Continued)

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%	‌			‌
Prosetta Biosciences, Inc., Series D*^,@,(a),(b)	231,474		$	–
(Cost $1,041,633)				–
Total Investments
(Cost $1,253,817,990)	96.0	%	$	1,200,791,832
Affiliated Securities (Cost $1,041,633)				–
Unaffiliated Securities (Cost $1,252,776,357)				1,200,791,832
Other Assets in Excess of Liabilities	4.0	%		49,912,259
NET ASSETS	100.0	%	$	1,250,704,091

^#	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.

			% of net assets		% of net assets
	Acquisition	Acquisition	(Acquisition	Market	as of
Security	Date(s)	Cost	Date)	Value	1/31/2022
Prosetta Biosciences, Inc., Series D	2/6/15	$1,041,633	0.10%	$0	0.00%
Total				$0	0.00%

See Notes to Financial Statements.

- 24 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—97.1%	SHARES		VALUE
ADVERTISING—0.6%		‌		‌
Magnite, Inc.*		230,784	$	3,131,739
AEROSPACE & DEFENSE—3.6%		‌		‌
HEICO Corp.		90,915		12,399,897
Hexcel Corp.*		35,283		1,840,714
Mercury Systems, Inc.*		72,121		4,105,127
				18,345,738
AGRICULTURAL & FARM MACHINERY—0.3%		‌		‌
Hydrofarm Holdings Group, Inc.*		89,343		1,752,016
APPAREL ACCESSORIES & LUXURY GOODS—1.6%		‌		‌
Capri Holdings Ltd.*		139,974		8,408,238
APPAREL RETAIL—1.7%		‌		‌
Aritzia, Inc.*		39,326		1,823,873
Victoria's Secret & Co.*		122,732		6,852,127
				8,676,000
APPLICATION SOFTWARE—21.5%		‌		‌
ACI Worldwide, Inc.*		260,589		8,956,444
Avalara, Inc.*		77,434		8,488,315
Bill.com Holdings, Inc.*		52,645		9,908,315
Blackbaud, Inc.*		80,261		5,468,984
Blackline, Inc.*		56,471		5,187,991
Digital Turbine, Inc.*		54,797		2,419,287
Everbridge, Inc.*		83,142		4,250,219
ForgeRock, Inc., Cl. A*		30,846		439,247
Guidewire Software, Inc.*		37,384		3,769,803
HubSpot, Inc.*		25,800		12,611,040
Manhattan Associates, Inc.*		71,517		9,573,981
Paycom Software, Inc.*		21,558		7,228,397
Paycor HCM, Inc.*		9,906		256,962
Q2 Holdings, Inc.*		110,365		7,201,316
SEMrush Holdings, Inc., Cl. A*		95,594		1,735,987
Smartsheet, Inc., Cl. A*		82,589		5,138,688
Sprout Social, Inc., Cl. A*		74,483		5,128,155
SPS Commerce, Inc.*		73,066		9,049,224
Vertex, Inc., Cl. A*		263,710		3,826,432
				110,638,787
ASSET MANAGEMENT & CUSTODY BANKS—1.5%		‌		‌
Affiliated Managers Group, Inc.		51,498		7,529,523
BIOTECHNOLOGY—2.6%		‌		‌
CareDx, Inc.*		262,342		10,965,895
Karuna Therapeutics, Inc.*		12,932		1,436,228
Turning Point Therapeutics, Inc.*		19,625		730,639
				13,132,762
DATA PROCESSING & OUTSOURCED SERVICES—0.2%		‌		‌
Marqeta, Inc., Cl. A*		71,313		841,493
DIVERSIFIED SUPPORT SERVICES—0.4%		‌		‌
IAA, Inc.*		43,162		1,982,431
ELECTRICAL COMPONENTS & EQUIPMENT—0.4%		‌		‌
Sunrun, Inc.*		82,175		2,130,798

- 25 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.1% (CONT.)		SHARES	VALUE
ELECTRONIC EQUIPMENT & INSTRUMENTS—1.0%	‌			‌
Cognex Corp.	77,560		$	5,154,638
FOOD DISTRIBUTORS—1.7%	‌			‌
The Chefs' Warehouse, Inc.*	95,783			2,858,164
US Foods Holding Corp.*	173,126			6,104,423
				8,962,587
HEALTHCARE DISTRIBUTORS—0.3%	‌			‌
PetIQ, Inc., Cl. A*	62,859			1,284,838
HEALTHCARE EQUIPMENT—8.7%	‌			‌
CryoPort, Inc.*	117,316			4,900,289
Inmode Ltd.*	193,402			9,327,779
Inogen, Inc.*	6,491			192,977
Insulet Corp.*	47,002			11,656,496
Mesa Laboratories, Inc.	28,104			7,990,810
Paragon 28, Inc.*	76,519			1,151,611
Tandem Diabetes Care, Inc.*	80,607			9,520,493
				44,740,455
HEALTHCARE FACILITIES—1.8%	‌			‌
The Joint Corp.*	167,422			9,047,485
HEALTHCARE SERVICES—1.0%	‌			‌
Biodesix, Inc.*	63,254			252,384
Guardant Health, Inc.*	55,649			3,870,388
Privia Health Group, Inc.*	48,972			1,042,124
				5,164,896
HEALTHCARE SUPPLIES—4.8%	‌			‌
Neogen Corp.*	449,145			16,380,318
Quidel Corp.*	80,633			8,334,227
				24,714,545
HEALTHCARE TECHNOLOGY—5.5%	‌			‌
Convey Health Solutions Holdings, Inc.*	137,010			1,067,308
Definitive Healthcare Corp., Cl. A*	34,409			752,869
Doximity, Inc., Cl. A*	18,514			843,683
Renalytix PLC#,*	167,540			2,119,381
Sophia Genetics SA*	80,712			944,330
Veeva Systems, Inc., Cl. A*	50,876			12,034,209
Vocera Communications, Inc.*	132,956			10,504,854
				28,266,634
HOMEFURNISHING RETAIL—0.7%	‌			‌
Arhaus, Inc., Cl. A*	51,287			455,428
Bed Bath & Beyond, Inc.*	181,161			2,942,055
				3,397,483
HUMAN RESOURCE & EMPLOYMENT SERVICES—1.2%	‌			‌
LegalZoom.com, Inc.*	146,039			2,319,099
Upwork, Inc.*	135,234			3,678,365
				5,997,464
HYPERMARKETS & SUPER CENTERS—1.5%	‌			‌
BJ's Wholesale Club Holdings, Inc.*	129,332			7,950,038
INDUSTRIAL MACHINERY—0.5%	‌			‌
Gates Industrial Corp., PLC*	163,155			2,524,008

- 26 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.1% (CONT.)	SHARES		VALUE
INTERACTIVE HOME ENTERTAINMENT—0.8%		‌		‌
Take-Two Interactive Software, Inc.*		26,180	$	4,276,241
INTERACTIVE MEDIA & SERVICES—1.9%		‌		‌
Bumble, Inc., Cl. A*		43,761		1,291,387
Eventbrite, Inc., Cl. A*		117,706		1,686,727
Genius Sports Ltd.*		538,894		3,492,033
Tripadvisor, Inc.*		129,510		3,516,197
				9,986,344
INTERNET & DIRECT MARKETING RETAIL—1.1%		‌		‌
Farfetch Ltd., Cl. A*		138,803		3,013,413
The RealReal, Inc.*		270,685		2,557,973
				5,571,386
INTERNET SERVICES & INFRASTRUCTURE—1.7%		‌		‌
BigCommerce Holdings, Inc.*		266,218		8,702,666
LEISURE FACILITIES—0.8%		‌		‌
Planet Fitness, Inc., Cl. A*		45,651		4,046,505
LIFE SCIENCES TOOLS & SERVICES—9.0%		‌		‌
10X Genomics, Inc., Cl. A*		32,500		3,128,775
Akoya Biosciences, Inc.*		141,514		1,607,599
Alpha Teknova, Inc.*		32,364		510,704
Bio-Techne Corp.		38,184		14,372,840
Codex DNA, Inc.*		80,605		631,943
Cytek Biosciences, Inc.*		56,527		823,033
ICON PLC*		9,708		2,579,610
Maravai LifeSciences Holdings, Inc., Cl. A*		39,236		1,134,705
MaxCyte, Inc.*		48,750		314,925
NanoString Technologies, Inc.*		235,342		8,171,074
NeoGenomics, Inc.*		177,510		4,001,076
Personalis, Inc.*		111,165		1,266,169
Rapid Micro Biosystems, Inc., Cl. A*		65,516		467,129
Repligen Corp.*		36,588		7,256,864
				46,266,446
MANAGED HEALTHCARE—1.0%		‌		‌
HealthEquity, Inc.*		97,624		5,217,027
MOVIES & ENTERTAINMENT—2.9%		‌		‌
Live Nation Entertainment, Inc.*		135,810		14,872,553
OIL & GAS EXPLORATION & PRODUCTION—3.1%		‌		‌
Magnolia Oil & Gas Corp., Cl. A		740,959		16,026,943
PERSONAL PRODUCTS—0.3%		‌		‌
The Beauty Health Co.*		124,143		1,762,831
PRECIOUS METALS & MINERALS—0.6%		‌		‌
Xometry, Inc., Cl. A*		63,018		3,251,729
REGIONAL BANKS—0.9%		‌		‌
Webster Financial Corp.		80,814		4,591,043

- 27 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.1% (CONT.)	SHARES			VALUE
RESTAURANTS—4.5%		‌			‌
Shake Shack, Inc., Cl. A*		135,041		$	8,922,159
Sweetgreen, Inc., Cl. A*		40,563			1,227,031
The Cheesecake Factory, Inc.*		176,680			6,303,942
Wingstop, Inc.		44,443			6,810,890
					23,264,022
SEMICONDUCTOR EQUIPMENT—0.5%		‌			‌
SolarEdge Technologies, Inc.*		10,950			2,608,509
SEMICONDUCTORS—0.7%		‌			‌
Universal Display Corp.		22,795			3,499,260
SPECIALTY CHEMICALS—3.0%		‌			‌
Balchem Corp.		105,570			15,512,456
SPECIALTY STORES—1.2%		‌			‌
Brilliant Earth Group, Inc., Cl. A*		23,896			316,383
Five Below, Inc.*		34,664			5,684,896
					6,001,279
TOTAL COMMON STOCKS
(Cost $456,292,756)					499,231,836
PREFERRED STOCKS—0.0%		SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Prosetta Biosciences, Inc., Series D*^,@,(a),(b)		50,688			–
(Cost $228,096)					–
RIGHTS—0.0%		SHARES			VALUE
BIOTECHNOLOGY—0.0%		‌			‌
Tolero CDR*^,@,(a),(c)		174,782			129,339
(Cost $94,483)					129,339
REAL ESTATE INVESTMENT TRUST—1.0%		SHARES			VALUE
RETAIL—1.0%		‌			‌
Tanger Factory Outlet Centers, Inc.		290,364			4,939,092
(Cost $4,789,568)					4,939,092
SPECIAL PURPOSE VEHICLE—0.7%		SHARES			VALUE
DATA PROCESSING & OUTSOURCED SERVICES—0.7%		‌			‌
Crosslink Ventures Capital LLC, Cl. A*^,@,(a),(b)		72			2,882,016
Crosslink Ventures Capital LLC, Cl. B*^,@,(a),(b)		19			801,363
					3,683,379
TOTAL SPECIAL PURPOSE VEHICLE
(Cost $2,275,000)					3,683,379
Total Investments
(Cost $463,679,903)		98.8	%	$	507,983,646
Affiliated Securities (Cost $2,503,096)					3,683,379
Unaffiliated Securities (Cost $461,176,807)					504,300,267
Other Assets in Excess of Liabilities		1.2	%		6,052,154
NET ASSETS		100.0	%	$	514,035,800

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.

^(c)

Contingent Deferred Rights.

- 28 -

THE ALGER FUNDS | ALGER SMALL CAP GROWTH FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

Non-income producing security.

Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the investment may be restricted only to qualified buyers.

			% of net assets		% of net assets
	Acquisition	Acquisition	(Acquisition	Market	as of
Security	Date(s)	Cost	Date)	Value	1/31/2022
Crosslink Ventures Capital LLC, Cl. A	10/2/20	$1,800,000	0.49%	$2,882,016	0.56%
Crosslink Ventures Capital LLC, Cl. B	12/16/20	475,000	0.10%	801,363	0.16%
Prosetta Biosciences, Inc., Series D	2/6/15	228,096	0.10%	0	0.00%
Tolero CDR	2/6/17	94,483	0.08%	129,339	0.02%
Total				$3,812,718	0.74%

See Notes to Financial Statements.

- 29 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—96.9%	SHARES		VALUE
APPAREL ACCESSORIES & LUXURY GOODS—3.6%
Capri Holdings Ltd.*		3,031,336	$	182,092,354
APPAREL RETAIL—0.9%
Aritzia, Inc.*		779,773		36,164,541
Citi Trends, Inc.*		204,385		9,957,637
				46,122,178
APPLICATION SOFTWARE—15.6%
Avalara, Inc.*		351,033		38,480,238
Blackline, Inc.*		1,458,474		133,990,006
Everbridge, Inc.*		878,355		44,901,508
Guidewire Software, Inc.*		1,235,361		124,573,803
Paycom Software, Inc.*		306,201		102,669,195
PROS Holdings, Inc.*		3,436,480		95,224,861
Q2 Holdings, Inc.*		1,320,723		86,177,176
Smartsheet, Inc., Cl. A*		1,803,763		112,230,134
Sprout Social, Inc., Cl. A*		662,597		45,619,803
				783,866,724
BIOTECHNOLOGY—6.9%
CareDx, Inc.*		2,366,561		98,922,250
Natera, Inc.*		2,091,577		147,769,915
Vericel Corp.*		2,734,622		97,297,851
				343,990,016
BUILDING PRODUCTS—1.9%
Trex Co., Inc.*		1,038,520		94,993,424
DATA PROCESSING & OUTSOURCED SERVICES—1.1%
TaskUS, Inc., Cl. A*		1,739,708		55,670,656
DIVERSIFIED SUPPORT SERVICES—1.3%
IAA, Inc.*		1,373,714		63,094,684
ELECTRONIC EQUIPMENT & INSTRUMENTS—2.9%
Cognex Corp.		2,167,164		144,029,719
HEALTHCARE EQUIPMENT—14.1%
AtriCure, Inc.*		2,682,205		176,059,936
CryoPort, Inc.*		3,696,686		154,410,574
Heska Corp.*		833,571		114,682,698
Inmode Ltd.*		1,210,541		58,384,393
Insulet Corp.*		393,093		97,487,064
Shockwave Medical, Inc.*		727,490		105,464,225
				706,488,890
HEALTHCARE FACILITIES—1.9%
The Joint Corp.*		1,747,823		94,452,355
HEALTHCARE SUPPLIES—6.4%
BioLife Solutions, Inc.*		2,343,420		69,927,653
Neogen Corp.*		2,814,615		102,649,009
Quidel Corp.*		1,433,413		148,157,568
				320,734,230

- 30 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—96.9% (CONT.)	SHARES			VALUE
HEALTHCARE TECHNOLOGY—5.0%
Evolent Health, Inc., Cl. A*		2,090,661		$	49,569,572
Inspire Medical Systems, Inc.*		674,275			149,210,315
Veeva Systems, Inc., Cl. A*		219,604			51,945,130
					250,725,017
INDUSTRIAL MACHINERY—4.2%
Kornit Digital Ltd.*		78,041			8,198,988
RBC Bearings, Inc.*		1,114,011			201,045,565
					209,244,553
INTERACTIVE MEDIA & SERVICES—0.9%
Genius Sports Ltd.*		6,917,348			44,824,415
LIFE SCIENCES TOOLS & SERVICES—6.9%
Bio-Techne Corp.		465,033			175,043,071
NanoString Technologies, Inc.*		2,248,544			78,069,448
Repligen Corp.*		465,661			92,359,203
					345,471,722
MANAGED HEALTHCARE—1.8%
HealthEquity, Inc.*		1,720,785			91,958,750
OIL & GAS EQUIPMENT & SERVICES—2.7%
ChampionX Corp.*		5,932,933			132,897,699
OIL & GAS EXPLORATION & PRODUCTION—2.7%
PDC Energy, Inc.		1,276,360			75,649,857
Viper Energy Partners LP		2,298,736			62,157,822
					137,807,679
PACKAGED FOODS & MEATS—1.2%
Freshpet, Inc.*		655,781			61,007,306
REGIONAL BANKS—1.9%
Popular, Inc.		1,086,358			96,870,543
RESTAURANTS—4.5%
Shake Shack, Inc., Cl. A*		1,030,314			68,072,846
Wingstop, Inc.		1,043,256			159,878,982
					227,951,828
SEMICONDUCTORS—2.1%
Monolithic Power Systems, Inc.		267,309			107,706,815
TRADING COMPANIES & DISTRIBUTORS—4.2%
Herc Holdings, Inc.		1,306,548			209,635,627
TRUCKING—2.2%
Saia, Inc.*		385,607			109,620,358
TOTAL COMMON STOCKS
(Cost $4,421,192,183)					4,861,257,542
RIGHTS—0.0%	SHARES			VALUE
BIOTECHNOLOGY—0.0%
Tolero CDR*^,@,(a),(b)		11,905			8,810
(Cost $6,436)					8,810
Total Investments
(Cost $4,421,198,619)		96.9	%	$	4,861,266,352
Unaffiliated Securities (Cost $4,421,198,619)					4,861,266,352
Other Assets in Excess of Liabilities		3.1	%		153,590,569
NET ASSETS		100.0	%	$	5,014,856,921

- 31 -

THE ALGER FUNDS | ALGER SMALL CAP FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

^(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.

Security	Acquisition Date(s)		Acquisition Cost		% of net assets (Acquisition Date)		Market Value		% of net assets as of 1/31/2022
Tolero CDR		2/6/17		$6,436		0.00%		$8,810		0.00%
Total								$8,810		0.00%

See Notes to Financial Statements.

- 32 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—98.0%	SHARES		VALUE
ARGENTINA—1.7%
INTERNET & DIRECT MARKETING RETAIL—1.7%
MercadoLibre, Inc.*		2,700	$	3,056,562
(Cost $4,438,185)
AUSTRALIA—4.9%
APPLICATION SOFTWARE—2.1%
Xero Ltd.*		46,600		3,773,519
HEALTHCARE SUPPLIES—1.4%
Nanosonics Ltd.*		694,062		2,521,887
HEALTHCARE TECHNOLOGY—1.4%
Pro Medicus Ltd.		81,000		2,614,884
TOTAL AUSTRALIA
(Cost $7,093,135)				8,910,290
BELGIUM—0.7%
APPLICATION SOFTWARE—0.7%
Unifiedpost Group SA*		95,387		1,196,264
(Cost $2,405,372)
CHINA—9.6%
AUTOMOBILE MANUFACTURERS—2.0%
BYD Co., Ltd., Cl. H		126,084		3,729,219
DIVERSIFIED METALS & MINING—1.5%
Ganfeng Lithium Co., Ltd., Cl. H		167,000		2,653,703
FINANCIAL EXCHANGES & DATA—1.8%
East Money Information Co., Ltd., Cl. A		643,998		3,215,914
INTERNET & DIRECT MARKETING RETAIL—4.3%
JD Health International, Inc.*		522,000		4,216,311
Meituan, Cl. B*		124,000		3,699,482
				7,915,793
TOTAL CHINA
(Cost $18,435,731)				17,514,629
FRANCE—12.3%
APPAREL ACCESSORIES & LUXURY GOODS—4.9%
EssilorLuxottica SA		15,700		2,969,947
LVMH Moet Hennessy Louis Vuitton SE		7,250		5,954,456
				8,924,403
ELECTRICAL COMPONENTS & EQUIPMENT—2.1%
Schneider Electric SE		22,800		3,861,872
LIFE SCIENCES TOOLS & SERVICES—2.7%
Eurofins Scientific SE		49,300		4,949,420
RESEARCH & CONSULTING SERVICES—2.6%
Teleperformance		12,557		4,728,408
TOTAL FRANCE
(Cost $13,973,137)				22,464,103
GERMANY—5.0%
FOOTWEAR—2.4%
Puma SE		40,600		4,341,885

- 33 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—98.0% (CONT.)	SHARES		VALUE
GERMANY—5.0% (CONT.)
OIL & GAS REFINING & MARKETING—2.6%
VERBIO Vereinigte BioEnergie AG		76,066	$	4,848,085
TOTAL GERMANY
(Cost $6,068,713)				9,189,970
HONG KONG—5.1%
APPAREL ACCESSORIES & LUXURY GOODS—3.0%
Samsonite International SA*		2,640,157		5,518,054
INDUSTRIAL MACHINERY—2.1%
Techtronic Industries Co., Ltd.		237,000		3,910,549
TOTAL HONG KONG
(Cost $4,616,687)				9,428,603
INDIA—5.4%
DIVERSIFIED BANKS—2.5%
HDFC Bank Ltd.#		66,800		4,584,484
INTERNET & DIRECT MARKETING RETAIL—1.2%
FSN E-Commerce Ventures Ltd.*		98,000		2,170,299
INVESTMENT BANKING & BROKERAGE—1.7%
Angel One Ltd.		169,000		3,185,348
TOTAL INDIA
(Cost $8,614,828)				9,940,131
IRELAND—2.3%
PACKAGED FOODS & MEATS—2.3%
Kerry Group PLC, Cl. A		33,741		4,250,907
(Cost $3,756,243)
ITALY—8.2%
APPAREL ACCESSORIES & LUXURY GOODS—5.4%
Moncler SpA		94,386		6,057,113
PRADA SpA		630,000		3,852,380
				9,909,493
AUTOMOBILE MANUFACTURERS—2.8%
Ferrari NV		22,162		5,118,536
TOTAL ITALY
(Cost $11,722,947)				15,028,029
JAPAN—7.1%
HEALTHCARE SUPPLIES—1.9%
Hoya Corp.		26,900		3,488,230
INDUSTRIAL MACHINERY—5.2%
Ebara Corp.		81,000		3,970,116
FANUC Corp.		28,100		5,556,970
				9,527,086
TOTAL JAPAN
(Cost $12,208,150)				13,015,316
NETHERLANDS—10.2%
DATA PROCESSING & OUTSOURCED SERVICES—2.1%
Adyen NV*		1,875		3,815,093

- 34 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—98.0% (CONT.)	SHARES		VALUE
NETHERLANDS—10.2% (CONT.)
HEAVY ELECTRICAL EQUIPMENT—1.9%
Alfen Beheer BV*		48,600	$	3,623,866
INDUSTRIAL MACHINERY—2.3%
Aalberts NV		68,600		4,193,153
SEMICONDUCTOR EQUIPMENT—3.9%
ASML Holding NV		10,500		7,110,958
TOTAL NETHERLANDS
(Cost $9,120,810)				18,743,070
NORWAY—3.5%
ENVIRONMENTAL & FACILITIES SERVICES—1.9%
Aker Carbon Capture ASA*		1,560,510		3,482,656
INDUSTRIAL MACHINERY—1.6%
AutoStore Holdings Ltd.*^,(a)		1,058,036		2,985,593
TOTAL NORWAY
(Cost $7,961,055)				6,468,249
SOUTH KOREA—2.3%
SPECIALTY CHEMICALS—2.3%
Chunbo Co., Ltd.		19,400		4,248,329
(Cost $3,228,544)
SPAIN—2.0%
BIOTECHNOLOGY—2.0%
Grifols SA#		309,741		3,636,359
(Cost $5,399,542)
SWEDEN—1.6%
ASSET MANAGEMENT & CUSTODY BANKS—1.6%
EQT AB		74,298		2,911,872
(Cost $755,883)
SWITZERLAND—6.0%
ASSET MANAGEMENT & CUSTODY BANKS—1.7%
Partners Group Holding AG		2,284		3,184,178
LIFE SCIENCES TOOLS & SERVICES—1.7%
PolyPeptide Group AG*		30,906		3,081,154
SPECIALTY CHEMICALS—2.6%
Sika AG		13,500		4,723,048
TOTAL SWITZERLAND
(Cost $6,149,715)				10,988,380
TAIWAN—3.2%
SEMICONDUCTORS—3.2%
Taiwan Semiconductor Manufacturing Co., Ltd.#		48,400		5,935,292
(Cost $4,564,011)
UNITED KINGDOM—2.4%
FINANCIAL EXCHANGES & DATA—2.4%
London Stock Exchange Group PLC		45,200		4,425,030
(Cost $3,713,750)

- 35 -

THE ALGER FUNDS | ALGER INTERNATIONAL FOCUS FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—98.0% (CONT.)	SHARES			VALUE
UNITED STATES—4.5%
IT CONSULTING & OTHER SERVICES—1.6%
EPAM Systems, Inc.*		6,200		$	2,952,068
OIL & GAS EQUIPMENT & SERVICES—2.9%
Schlumberger NV		136,500			5,333,055
TOTAL UNITED STATES
(Cost $8,153,727)					8,285,123
TOTAL COMMON STOCKS
(Cost $142,380,165)					179,636,508
Total Investments
(Cost $142,380,165)		98.0	%	$	179,636,508
Unaffiliated Securities (Cost $142,380,165)					179,636,508
Other Assets in Excess of Liabilities		2.0	%		3,600,026
NET ASSETS		100.0	%	$	183,236,534

American Depositary Receipts.

^(a)

Pursuant to Securities and Exchange Commission Rule 144A, this security may be sold prior to its maturity only to qualified institutional buyers. This security represents 1.6% of the net assets of the Portfolio.

Non-income producing security.

Forward Foreign Currency Contracts Outstanding as of January 31, 2022:

Buy	Counterparty	Contract Amount	Settlement Date	Sell	Contract Amount	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
HKD	Brown Brothers Harriman & Co.	20,659,863	02/04/2022	USD	2,651,998	$	–	$	(2,282	)	$	(2,282	)
USD	Brown Brothers Harriman & Co.	372,449	02/07/2022	HKD	2,903,109		113		–			113
						$	113	$	(2,282	)	$	(2,169	)

See Notes to Financial Statements.

- 36 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments January 31, 2022 (Unaudited)

COMMON STOCKS—97.1%	SHARES		VALUE
BIOTECHNOLOGY—36.2%
AbbVie, Inc.		112,171	$	15,355,088
Abcam PLC*		253,662		4,568,451
Abivax SA*		53,578		1,424,168
Aerovate Therapeutics, Inc.*		167,007		1,974,023
BELLUS Health, Inc.*		357,152		2,207,199
BioMarin Pharmaceutical, Inc.*		87,937		7,793,856
Blueprint Medicines Corp.*		36,680		2,828,028
Celldex Therapeutics, Inc.*		196,544		6,094,829
ChemoCentryx, Inc.*		127,183		3,419,951
Coherus Biosciences, Inc.*		255,809		3,161,799
Compass Therapeutics, Inc.*		818,745		1,432,804
IVERIC bio, Inc.*		455,916		6,355,469
Kymera Therapeutics, Inc.*		60,022		2,520,924
Larimar Therapeutics, Inc.*		175,870		1,705,939
Mersana Therapeutics, Inc.*		300,979		1,435,670
Mirati Therapeutics, Inc.*		14,127		1,685,351
Morphic Holding, Inc.*		98,560		4,181,901
Natera, Inc.*		38,143		2,694,803
PDS Biotechnology Corp.*		119,082		709,729
PMV Pharmaceuticals, Inc.*		52,229		838,798
Prometheus Biosciences, Inc.*		172,421		6,195,087
Relay Therapeutics, Inc.*		109,445		2,422,018
Vertex Pharmaceuticals, Inc.*		19,500		4,739,475
				85,745,360
ELECTRONIC EQUIPMENT & INSTRUMENTS—0.6%
908 Devices, Inc.*		88,988		1,407,790
HEALTHCARE DISTRIBUTORS—3.7%
McKesson Corp.		34,220		8,784,959
HEALTHCARE EQUIPMENT—11.1%
ABIOMED, Inc.*		9,999		2,958,404
Baxter International, Inc.		79,782		6,816,574
Dexcom, Inc.*		5,857		2,521,321
Edwards Lifesciences Corp.*		30,286		3,307,231
Heska Corp.*		4,855		667,951
Inmode Ltd.*		69,903		3,371,422
Stryker Corp.		26,737		6,632,113
				26,275,016
HEALTHCARE FACILITIES—8.7%
Acadia Healthcare Co., Inc.*		79,184		4,169,038
Encompass Health Corp.		57,116		3,543,477
HCA Healthcare, Inc.		19,946		4,788,037
Tenet Healthcare Corp.*		108,971		8,076,930
				20,577,482
HEALTHCARE SERVICES—4.6%
CVS Health Corp.		103,008		10,971,382
HEALTHCARE TECHNOLOGY—3.1%
Inspire Medical Systems, Inc.*		33,270		7,362,318

- 37 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

COMMON STOCKS—97.1% (CONT.)	SHARES		VALUE
LIFE SCIENCES TOOLS & SERVICES—4.8%
Bio-Techne Corp.		6,676	$	2,512,913
Danaher Corp.		19,021		5,436,012
Fluidigm Corp.*		330,070		1,079,329
Olink Holding AB#,*		143,440		2,320,859
				11,349,113
MANAGED HEALTHCARE—5.7%
Centene Corp.*		97,259		7,562,860
UnitedHealth Group, Inc.		12,292		5,808,830
				13,371,690
PHARMACEUTICALS—15.8%
Bayer AG		160,995		9,780,197
Bristol-Myers Squibb Co.		157,651		10,229,973
Catalent, Inc.*		71,366		7,417,068
Edgewise Therapeutics, Inc.*		72,572		986,979
EyePoint Pharmaceuticals, Inc.*		108,692		1,018,444
Intra-Cellular Therapies, Inc.*		114,578		5,441,309
Jazz Pharmaceuticals PLC*		17,326		2,406,755
				37,280,725
SEMICONDUCTOR EQUIPMENT—2.8%
Azenta, Inc.		78,567		6,626,341
TOTAL COMMON STOCKS
(Cost $238,112,505)				229,752,176

PREFERRED STOCKS—0.0%	SHARES		VALUE
BIOTECHNOLOGY—0.0%
Prosetta Biosciences, Inc., Series D*^,@,(a),(b)		897,366		–
(Cost $4,038,147)				–

RIGHTS—0.6%	SHARES			VALUE
BIOTECHNOLOGY—0.6%
Tolero CDR*^,@,(b),(c)		1,956,996			1,448,177
(Cost $1,044,373)					1,448,177
Total Investments
(Cost $243,195,025)		97.7	%	$	231,200,353
Affiliated Securities (Cost $4,038,147)					–
Unaffiliated Securities (Cost $239,156,878)					231,200,353
Other Assets in Excess of Liabilities		2.3	%		5,529,918
NET ASSETS		100.0	%	$	236,730,271

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.

^(c)

Contingent Deferred Rights.

Non-income producing security.

- 38 -

THE ALGER FUNDS | ALGER HEALTH SCIENCES FUND

Schedule of Investments January 31, 2022 (Unaudited) (Continued)

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 1/31/2022
Prosetta Biosciences, Inc., Series D	2/6/15		$4,038,147		2.00%		$0		0.00%
Tolero CDR	2/6/17		1,044,370		0.90%		1,448,177		0.61%
Total							$1,448,177		0.61%

See Notes to Financial Statements.

- 39 -

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 eleven series – Alger Capital Appreciation Fund, Alger 35 Fund, Alger Growth & Income Fund, Alger Mid Cap Growth Fund, Alger Mid Cap Focus Fund, Alger Weatherbie Enduring Growth 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 Enduring Growth 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, 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. Class I, Y and Z shares are sold to investors without an initial or deferred sales charge. Each class has identical rights to assets and earnings, except that each share class bears the pro rata allocation of the Fund’s expenses other than a class expense (not including advisory or custodial fees or other expenses related to the management of the Fund’s assets).

The Board of Trustees of the Trust (the “Board”) has authorized a partial closing of the Alger Small Cap Focus Fund effective July 31, 2019. Class A, C, I and Z shares are available for purchase by existing shareholders who maintain open accounts and new investors that utilize certain retirement record keeping platforms identified by Fred Alger & Company, LLC, the Fund’s distributor (the “Distributor” or “Alger LLC”). 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 Y and Class Z Shares are generally subject to a minimum initial investment of $500,000.

Alger Weatherbie Enduring Growth Fund launched on December 17, 2021.

- 40 -

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.

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

- 41 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

While the meetings are held 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

- 42 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

In December 2020, the Securities and Exchange Commission adopted Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, which is intended to address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 will permit the Funds’ Board to designate the Funds’ primary investment adviser to perform the Funds’ fair value determinations, which will be subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Compliance with Rule 2a-5 will not be required until September 2022. The Adviser continues to review Rule 2a-5 and its impact on the Adviser’s and the Funds’ valuation policies and related practices.

(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 January 31, 2022 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	$	274,585,309	$	274,585,309	$	—	$	—
Consumer Discretionary		542,165,513		514,436,534		26,765,028		963,951
Energy		17,725,931		17,725,931		—		—
Financials		77,692,982		77,692,982		—		—
Healthcare		256,959,612		256,959,612		—		—
Industrials		181,775,067		181,775,067		—		—
Information Technology		1,463,003,330		1,463,003,330		—		—
Materials		8,319,028		8,319,028		—		—
TOTAL COMMON STOCKS	$	2,822,226,772	$	2,794,497,793	$	26,765,028	$	963,951
PREFERRED STOCKS
Information Technology		1,922,972		—		—		1,922,972
REAL ESTATE INVESTMENT TRUST
Real Estate		8,247,175		8,247,175		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		4,443,108		—		—		4,443,108
TOTAL INVESTMENTS IN SECURITIES	$	2,836,840,027	$	2,802,744,968	$	26,765,028	$	7,330,031

- 43 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger 35 Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	3,035,014	$	3,035,014	$	—	$	—
Consumer Discretionary		2,436,597		2,436,597		—		—
Consumer Staples		350,055		350,055		—		—
Energy		2,007,079		2,007,079		—		—
Financials		2,288,607		2,288,607		—		—
Healthcare		6,104,897		6,104,897		—		—
Industrials		2,543,171		2,543,171		—		—
Information Technology		15,232,891		15,232,891		—		—
Real Estate		665,412		665,412		—		—
TOTAL COMMON STOCKS	$	34,663,723	$	34,663,723	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		902,877		902,877		—		—
TOTAL INVESTMENTS IN SECURITIES	$	35,566,600	$	35,566,600	$	—	$	—

Alger Growth & Income Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		20,203,480		20,203,480		—		—
Consumer Discretionary		13,582,854		13,582,854		—		—
Consumer Staples		12,793,597		12,793,597		—		—
Energy		6,403,355		6,403,355		—		—
Financials		23,603,009		23,603,009		—		—
Healthcare		23,761,362		23,761,362		—		—
Industrials		10,813,391		10,813,391		—		—
Information Technology		49,317,686		49,317,686		—		—
Materials		3,792,395		3,792,395		—		—
Utilities		2,210,734		2,210,734		—		—
TOTAL COMMON STOCKS	$	166,481,863	$	166,481,863	$	—	$	—
MASTER LIMITED PARTNERSHIP
Energy		942,060		942,060		—		—
REAL ESTATE INVESTMENT TRUST
Financials		1,247,185		1,247,185		—		—
Real Estate		7,021,177		7,021,177		—		—
TOTAL REAL ESTATE INVESTMENT TRUST	$	8,268,362	$	8,268,362	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	175,692,285	$	175,692,285	$	—	$	—

Alger Mid Cap Growth Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		9,741,374		9,741,374		—		—
Consumer Discretionary		41,495,756		37,681,648		3,814,108		—
Energy		8,510,230		8,510,230		—		—
Financials		11,120,640		11,120,640		—		—
Healthcare		49,050,401		49,050,401		—		—
Industrials		33,671,678		33,671,678		—		—
Information Technology		84,143,721		84,143,721		—		—
Materials		4,622,576		4,622,576		—		—
TOTAL COMMON STOCKS	$	242,356,376	$	238,542,268	$	3,814,108	$	—

- 44 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Mid Cap Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
PREFERRED STOCKS
Healthcare	$	—	*	$	—	$	—	$	—	*
RIGHTS
Healthcare		436,644			—		—		436,644
REAL ESTATE INVESTMENT TRUST
Real Estate		5,684,128			5,684,128		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		2,722,707			—		—		2,722,707
TOTAL INVESTMENTS IN SECURITIES	$	251,199,855		$	244,226,396	$	3,814,108	$	3,159,351

Alger Mid Cap Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		8,966,460		8,966,460		—		—
Consumer Discretionary		90,930,202		90,930,202		—		—
Consumer Staples		25,986,267		25,986,267		—		—
Energy		31,009,036		31,009,036		—		—
Financials		32,947,258		32,947,258		—		—
Healthcare		124,979,117		124,979,117		—		—
Industrials		172,556,980		172,556,980		—		—
Information Technology		159,974,152		159,974,152		—		—
Materials		8,282,837		8,282,837		—		—
TOTAL COMMON STOCKS	$	655,632,309	$	655,632,309	$	—	$	—
REAL ESTATE INVESTMENT TRUST
Real Estate		16,584,877		16,584,877		—		—
TOTAL INVESTMENTS IN SECURITIES	$	672,217,186	$	672,217,186	$	—	$	—

Alger Weatherbie Enduring Growth Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Consumer Discretionary		376,687		376,687		—		—
Energy		157,246		157,246		—		—
Financials		770,889		770,889		—		—
Healthcare		574,103		574,103		—		—
Industrials		1,122,853		1,122,853		—		—
Information Technology		944,866		944,866		—		—
Real Estate		421,879		421,879		—		—
TOTAL COMMON STOCKS	$	4,368,523	$	4,368,523	$	—	$	—
TOTAL INVESTMENTS IN SECURITIES	$	4,368,523	$	4,368,523	$	—	$	—

- 45 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Weatherbie Specialized Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services	$	4,059,167		$	4,059,167	$	—	$	—
Consumer Discretionary		166,975,795			166,975,795		—		—
Energy		41,938,148			41,938,148		—		—
Financials		191,588,686			191,588,686		—		—
Healthcare		228,391,909			228,391,909		—		—
Industrials		232,644,413			232,644,413		—		—
Information Technology		238,276,916			238,276,916		—		—
Materials		25,245,365			25,245,365		—		—
Real Estate		71,671,433			71,671,433		—		—
TOTAL COMMON STOCKS	$	1,200,791,832		$	1,200,791,832	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
TOTAL INVESTMENTS IN SECURITIES	$	1,200,791,832		$	1,200,791,832	$	—	$	—

Alger Small Cap Growth Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		32,266,877			32,266,877		—		—
Consumer Discretionary		59,364,913			59,364,913		—		—
Consumer Staples		18,675,456			18,675,456		—		—
Energy		16,026,943			16,026,943		—		—
Financials		12,120,566			12,120,566		—		—
Healthcare		177,835,088			177,835,088		—		—
Industrials		32,732,455			32,732,455		—		—
Information Technology		131,445,353			131,445,353		—		—
Materials		18,764,185			18,764,185		—		—
TOTAL COMMON STOCKS	$	499,231,836		$	499,231,836	$	—	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		129,339			—		—		129,339
REAL ESTATE INVESTMENT TRUST
Real Estate		4,939,092			4,939,092		—		—
SPECIAL PURPOSE VEHICLE
Information Technology		3,683,379			—		—		3,683,379
TOTAL INVESTMENTS IN SECURITIES	$	507,983,646		$	504,170,928	$	—	$	3,812,718

Alger Small Cap Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Communication Services		44,824,415		44,824,415		—		—
Consumer Discretionary		456,166,360		456,166,360		—		—
Consumer Staples		61,007,306		61,007,306		—		—
Energy		270,705,378		270,705,378		—		—
Financials		96,870,543		96,870,543		—		—
Healthcare		2,153,820,980		2,153,820,980		—		—
Industrials		686,588,646		686,588,646		—		—
Information Technology		1,091,273,914		1,091,273,914		—		—
TOTAL COMMON STOCKS	$	4,861,257,542	$	4,861,257,542	$	—	$	—

- 46 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Alger Small Cap Focus Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
RIGHTS
Healthcare	$	8,810	$	—	$	—	$	8,810
TOTAL INVESTMENTS IN SECURITIES	$	4,861,266,352	$	4,861,257,542	$	—	$	8,810

Alger International Focus Fund	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
COMMON STOCKS
Consumer Discretionary		50,684,244			10,345,397		40,338,847			—
Consumer Staples		4,250,907			—		4,250,907			—
Energy		10,181,140			5,333,055		4,848,085			—
Financials		21,506,826			4,584,484		16,922,342			—
Healthcare		20,291,934			3,636,359		16,655,575			—
Industrials		36,313,183			—		36,313,183			—
Information Technology		24,783,194			8,887,360		15,895,834			—
Materials		11,625,080			—		11,625,080			—
TOTAL COMMON STOCKS	$	179,636,508		$	32,786,655	$	146,849,853		$	—
TOTAL INVESTMENTS IN SECURITIES	$	179,636,508		$	32,786,655	$	146,849,853		$	—
FINANCIAL DERIVATIVE INSTRUMENTS - ASSETS
Forward Foreign Currency Contracts	$	113		$	—	$	113		$	—
FINANCIAL DERIVATIVE INSTRUMENTS - LIABILITIES
Forward Foreign Currency Contracts	$	(2,282	)	$	—	$	(2,282	)	$	—

Alger Health Sciences Fund	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
COMMON STOCKS
Healthcare		221,718,045			205,945,229		15,772,816		—
Information Technology		8,034,131			8,034,131		—		—
TOTAL COMMON STOCKS	$	229,752,176		$	213,979,360	$	15,772,816	$	—
PREFERRED STOCKS
Healthcare		—	*		—		—		—	*
RIGHTS
Healthcare		1,448,177			—		—		1,448,177
TOTAL INVESTMENTS IN SECURITIES	$	231,200,353		$	213,979,360	$	15,772,816	$	1,448,177

* Alger Mid Cap Growth Fund’s, Alger Weatherbie Specialized Growth Fund’s, Alger Small Cap Growth Fund’s and Alger Health Sciences Fund’s holdings of Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

- 47 -

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, 2021	$	1,015,916
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		(51,965	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2022		963,951
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(51,965	)

Alger Capital Appreciation Fund	Preferred Stocks
Opening balance at November 1, 2021	$	1,922,972
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 January 31, 2022		1,922,972
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

Alger Capital Appreciation Fund	Special Purpose Vehicle
Opening balance at November 1, 2021	$	4,443,108
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 January 31, 2022		4,443,108
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

- 48 -

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, 2021	$	—	*
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 January 31, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

Alger Mid Cap Growth Fund	Rights
Opening balance at November 1, 2021	$	442,544
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		(5,900	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2022		436,644
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(5,900	)

Alger Mid Cap Growth Fund	Special Purpose Vehicle
Opening balance at November 1, 2021	$	2,722,707
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 January 31, 2022		2,722,707
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

- 49 -

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, 2021	$	—	*
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 January 31, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Small Cap Growth Fund	Preferred Stocks
Opening balance at November 1, 2021	$	—	*
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 January 31, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

- 50 -

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, 2021	$	131,087
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		(1,748	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2022		129,339
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(1,748	)

Alger Small Cap Growth Fund	Special Purpose Vehicle
Opening balance at November 1, 2021	$	3,683,379
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 January 31, 2022		3,683,379
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

- 51 -

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, 2021	$	8,929
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		(119	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2022		8,810
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(119	)

	FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Alger Health Sciences Fund	Preferred Stocks
Opening balance at November 1, 2021	$	—	*
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 January 31, 2022		—	*
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	—

- 52 -

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, 2021	$	1,467,747
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		(19,570	)
Purchases and sales
Purchases		—
Sales		—
Closing balance at January 31, 2022		1,448,177
Net change in unrealized appreciation (depreciation) attributable to investments still held at January 31, 2022	$	(19,570	)

* Includes securities that are fair valued at zero.

The following table provides quantitative information about each Fund’s Level 3 fair value measurements of the Funds’ investments as of January 31, 2022. 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
January 31, 2022

Valuation
Methodology

Unobservable
Input

Input/Range

Weighted
Average Inputs

Alger Capital Appreciation Fund

Common Stocks

963,951

Income Approach

Discount Rate

3.66%

N/A

Probability of Success

15.00%-50.00%

N/A

Preferred Stocks

1,922,972

Cost Approach

Priced at Cost

N/A

Special Purpose Vehicle

4,443,108

Market Approach

Transaction Price

N/A

Revenue Multiple

29.25x-30.25x

N/A

Alger Mid Cap Growth Fund

Preferred Stocks

—

Income Approach

Discount Rate

100.00%

N/A

Rights

436,644

Income Approach

Discount Rate

4.11%-4.91%

N/A

Probability of Success

0.00%-100.00%

N/A

Special Purpose Vehicle

2,722,707

Market Approach

Transaction Price

N/A

Revenue Multiple

29.25x-30.25x

N/A

- 53 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Fair Value
January 31, 2022

Valuation
Methodology

Unobservable
Input

Input/Range

Weighted
Average Inputs

Alger Weatherbie Specialized Growth Fund

Preferred Stocks

—

Income Approach

Discount Rate

100.00%

N/A

Alger Small Cap Growth Fund

Preferred Stocks

—

Income Approach

Discount Rate

100.00%

N/A

Rights

129,339

Income Approach

Discount Rate

4.11%-4.91%

N/A

Probability of Success

0.00%-100.00%

N/A

Special Purpose Vehicle

3,683,379

Market Approach

Transaction Price

N/A

Revenue Multiple

29.25x-30.25x

N/A

Alger Small Cap Focus Fund

Rights

8,810

Income Approach

Discount Rate

4.11%-4.91%

N/A

Probability of Success

0.00%-100.00%

N/A

Alger Health Sciences Fund

Preferred Stocks

—

Income Approach

Discount Rate

100.00%

N/A

Rights

1,448,177

Income Approach

Discount Rate

4.11%-4.91%

N/A

Probability of Success

0.00%-100.00%

N/A

* Prosetta Biosciences, Inc., Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

The significant unobservable inputs used in the fair value measurement of each Fund’s securities are revenue and EBITDA multiples, discount rates, and the probabilities of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probabilities of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probabilities of success result in lower fair value measurements.

Certain of the Funds’ assets and liabilities are held at carrying amount or face value, which approximates fair value for financial statements purposes. As of January 31, 2022, such assets were categorized within the ASC 820 disclosure hierarchy as follows:

- 54 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

TOTAL

LEVEL 1

LEVEL 2

LEVEL 3

Cash, Foreign Cash and Cash Equivalents:

Alger Capital Appreciation Fund

17,138,458

–

17,138,458

–

Alger 35 Fund

333,233

–

333,233

–

Alger Growth & Income Fund

8,440,481

–

8,440,481

–

Alger Mid Cap Growth Fund

–

Bank overdraft

(109,793

)

–

(109,793

)

–

Alger Mid Cap Focus Fund

3,996,962

–

3,996,962

–

Alger Weatherbie Enduring Growth Fund

404,939

–

404,939

–

Alger Weatherbie Specialized Growth Fund

42,042,283

–

42,042,283

–

Alger Small Cap Growth Fund

6,892,543

–

6,892,543

–

Alger Small Cap Focus Fund

149,606,426

–

149,606,426

–

Alger International Focus Fund

4,848,838

–

4,848,838

–

Foreign cash

4,383

–

Alger Health Sciences Fund

6,896,157

–

6,896,157

–

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.

- 55 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Forward Foreign Currency Contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward foreign currency contracts. Additionally, each Fund may enter into such contracts to economically hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts and the related realized and unrealized foreign exchange gains and losses are included in the Statements of Operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations.

The Funds’ Forward Foreign Currency Contracts were not subject to any right of offset with any Counterparty.

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 January 31, 2022. Information regarding the Funds’ holdings of such securities is set forth in the following table:

Security	Value at October 31, 2021		Purchases/ Conversion		Sales/ Conversion		Dividend/ Interest Income		Realized Gain (Loss)		Net Change in Unrealized App(Dep)		Value at January 31, 2022
Alger Capital Appreciation Fund
Special Purpose Vehicle
Crosslink Ventures Capital LLC, Cl. A	$	4,443,108	$	–	$	–	$	–	$	–	$	–	$	4,443,108
Total	$	4,443,108	$	–	$	–	$	–	$	–	$	–	$	4,443,108

Security

Value at
October 31,
2021

Purchases/
Conversion

Sales/
Conversion

Dividend/
Interest
Income

Realized
Gain (Loss)

Net Change
in
Unrealized
App(Dep)

Value at
January 31,
2022

Alger Mid Cap Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

–

Special Purpose Vehicle

Crosslink Ventures Capital LLC, Cl. A

1,921,344

–

1,921,344

Crosslink Ventures Capital LLC, Cl. B

801,363

–

801,363

Total

2,722,707

–

2,722,707

Security

Value at
October 31,
2021

Purchases/
Conversion

Sales/
Conversion

Dividend/
Interest
Income

Realized
Gain (Loss)

Net Change
in
Unrealized
App(Dep)

Value at
January 31,
2022

Alger Weatherbie Specialized Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

–

Total

–

- 56 -

THE ALGER FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

Security

Value at
October 31,
2021

Purchases/
Conversion

Sales/
Conversion

Dividend/
Interest
Income

Realized
Gain (Loss)

Net Change
in
Unrealized
App(Dep)

Value at
January 31,
2022

Alger Small Cap Growth Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

–

Special Purpose Vehicle

Crosslink Ventures Capital LLC, Cl. A

2,882,016

–

2,882,016

Crosslink Ventures Capital LLC, Cl. B

801,363

–

801,363

Total

3,683,379

–

3,683,379

Security

Value at
October 31,
2021

Purchases/
Conversion

Sales/
Conversion

Dividend/
Interest
Income

Realized
Gain (Loss)

Net Change
in
Unrealized
App(Dep)

Value at
January 31,
2022

Alger Health Sciences Fund

Preferred Stocks

Prosetta Biosciences, Inc., Series D

–

Total

–

* Prosetta Bioscences, Inc. Series D shares are classified as a Level 3 investment and are fair valued at zero as of January 31, 2022.

- 57 -